Federated Hermes Kaufmann Large Cap Fund
Portfolio of Investments
July 31, 2026 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—97.9%
 
Communication Services—12.2%
210,903
 
Alphabet, Inc., Class A
$   75,108,886
43,872
 
Meta Platforms, Inc.
   24,423,981
51,865
1
Netflix, Inc.
    3,719,239
169,179
1,2
Space Exploration Technologies Corp.
   18,333,928
27,355
1
Spotify Technology S.A.
   13,675,859
 
TOTAL
135,261,893
 
Consumer Discretionary—8.9%
207,600
1
Amazon.com, Inc.
   56,380,008
13,000
 
Home Depot, Inc.
    4,315,480
20
1,3
New Cotai LLC/Capital
            0
50,100
 
Starbucks Corp.
    5,273,025
24,656
1
Tesla, Inc.
    7,673,194
154,500
 
TJX Cos., Inc.
   24,309,030
 
TOTAL
97,950,737
 
Consumer Staples—2.7%
24,800
 
Costco Wholesale Corp.
   23,606,872
52,500
 
WalMart, Inc.
    5,838,000
 
TOTAL
29,444,872
 
Financials—5.5%
14,456
 
BlackRock, Inc.
   15,762,678
26,927
 
JPMorgan Chase & Co.
    9,472,649
31,950
 
S&P Global, Inc.
   13,161,164
62,350
 
Visa, Inc., Class A
   22,828,205
 
TOTAL
61,224,696
 
Health Care—5.9%
15,000
1
Alnylam Pharmaceuticals, Inc.
    3,082,800
42,040
1
Argenx SE, ADR
   35,894,593
64,990
 
AstraZeneca PLC
   11,091,705
7,700
1
Intuitive Surgical, Inc.
    2,720,641
13,950
 
Stryker Corp.
    4,543,515
29,813
 
UCB S.A.
    7,676,748
 
TOTAL
65,010,002
 
Industrials—14.7%
135,200
 
GE Aerospace
   48,681,464
19,910
 
GE Vernova, Inc.
   19,716,674
10,635
 
Parker-Hannifin Corp.
   10,385,397
84,140
 
Quanta Services, Inc.
   56,151,670
40,550
 
Trane Technologies PLC
   18,448,222
122,053
1
Uber Technologies, Inc.
    8,587,649
 
TOTAL
161,971,076
 
Information Technology—46.4%
51,539
1
Advanced Micro Devices, Inc.
   24,540,295
164,954
 
Apple, Inc.
   50,955,940
126,000
 
Broadcom, Inc.
   49,049,280
16,300
1
Celestica, Inc.
    5,402,472
72,000
1
Crowdstrike Holdings, Inc.
   13,741,920
77,528
1
Datadog, Inc.
   20,775,178
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Information Technology—continued
68,400
 
KLA Corp.
$   12,504,888
53,260
 
Micron Technology, Inc.
   43,834,578
98,300
 
Microsoft Corp.
   45,681,976
530,500
 
NVIDIA Corp.
  106,497,875
23,822
 
Oracle Corp.
    3,093,763
112,900
 
Samsung Electronics Co. Ltd.
   20,333,020
17,726
 
Seagate Technology Holdings PLC
   15,175,761
111,500
1
ServiceNow, Inc.
   12,402,145
133,894
1
Shopify, Inc.
   15,685,682
87,250
1
Snowflake, Inc.
   25,588,680
113,700
 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
   45,963,225
 
TOTAL
511,226,678
 
Materials—0.6%
23,869
 
Ecolab, Inc.
    6,626,750
 
Utilities—1.0%
125,525
 
NextEra Energy, Inc.
   10,910,633
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $404,394,865)
1,079,627,337
 
INVESTMENT COMPANY—3.6%
39,896,313
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.57%4
(IDENTIFIED COST $39,896,313)
39,896,313
 
TOTAL INVESTMENT IN SECURITIES—101.5%
(IDENTIFIED COST $444,291,178)
1,119,523,650
 
OTHER ASSETS AND LIABILITIES - NET—(1.5)%5
(17,004,615)
 
NET ASSETS—100%
$1,102,519,035
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended July 31, 2026, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares*
Value as of 10/31/2025
$11,571,294
Purchases at Cost
$374,458,809
Proceeds from Sales
$(346,133,790)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 7/31/2026
$39,896,313
Shares Held as of 7/31/2026
39,896,313
Dividend Income
$471,036
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of July 31, 2026, securities subject to this type of arrangement and
related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$18,792,041
$19,183,312
 
3
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.
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, 2026.
2
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.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Fed Global (the “Adviser”).
■ 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 Adviser.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from
3
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.

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
$923,904,033
$—
$0
$923,904,033
International
116,621,831
39,101,473
—
155,723,304
Investment Company
39,896,313
—
—
39,896,313
TOTAL SECURITIES
$1,080,422,177
$39,101,473
$0
$1,119,523,650
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
4