NPORT-EX 2 poi_fhmaxcapindexfund.htm POI - FEDERATED HERMES MAX-CAP INDEX FUND EDGAR HTML
Federated Hermes Max-Cap Index Fund
Portfolio of Investments
January 31, 2023 (unaudited) 
Shares
 
 
Value
 
1
COMMON STOCKS—96.4%
 
 
 
Communication Services—7.5%
 
3,570
 
Activision Blizzard, Inc.
$273,355
31,946
2
Alphabet, Inc., Class A
3,157,543
28,330
2
Alphabet, Inc., Class C
2,829,317
33,297
 
AT&T, Inc.
678,260
517
2
Charter Communications, Inc.
198,688
25,515
 
Comcast Corp., Class A
1,004,015
1,255
 
Electronic Arts, Inc.
161,493
3,029
 
Fox Corp., Class A
102,804
2,255
 
Fox Corp., Class B
71,484
1,719
 
Interpublic Group of Cos., Inc.
62,675
2,000
2
Live Nation Entertainment, Inc.
160,980
2,947
 
Lumen Technologies, Inc.
15,472
1,567
2
Match Group, Inc.
84,806
11,935
2
Meta Platforms, Inc.
1,777,957
2,369
2
Netflix, Inc.
838,294
1,550
 
News Corp., Inc., Class A
31,403
1,110
 
News Corp., Inc., Class B
22,688
3,308
2
T-Mobile USA, Inc.
493,918
681
2
Take-Two Interactive Software, Inc.
77,110
22,241
 
Verizon Communications, Inc.
924,558
9,914
2
Walt Disney Co.
1,075,570
4,810
2
Warner Bros. Discovery, Inc.
71,284
 
 
TOTAL
14,113,674
 
 
Consumer Discretionary—10.3%
 
199
 
Advance Auto Parts, Inc.
30,304
47,301
2
Amazon.com, Inc.
4,878,152
1,626
2
Aptiv PLC
183,884
93
2
AutoZone, Inc.
226,813
3,300
 
Bath & Body Works, Inc.
151,833
2,144
 
Best Buy Co., Inc.
190,216
243
2
Booking Holdings, Inc.
591,486
822
 
BorgWarner, Inc.
38,864
1,504
2
Caesars Entertainment Corp.
78,298
5,731
2
Carnival Corp.
62,009
206
2
Chipotle Mexican Grill, Inc.
339,154
1,517
 
D. R. Horton, Inc.
149,713
530
 
Darden Restaurants, Inc.
78,424
1,186
 
Dollar General Corp.
277,050
1,088
2
Dollar Tree, Inc.
163,396
140
 
Domino's Pizza, Inc.
49,420
2,483
 
eBay, Inc.
122,909
1,360
2
Etsy, Inc.
187,109
1,597
2
Expedia Group, Inc.
182,537
14,390
 
Ford Motor Co.
194,409
630
 
Garmin Ltd.
62,294
9,887
 
General Motors Co.
388,757
796
 
Genuine Parts Co.
133,585
1
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
399
 
Hasbro, Inc.
$23,609
1,572
 
Hilton Worldwide Holdings, Inc.
228,082
5,412
 
Home Depot, Inc.
1,754,408
1,858
2
Las Vegas Sands Corp.
109,622
1,186
 
Lennar Corp., Class A
121,446
3,728
 
Lowe's Cos., Inc.
776,356
875
 
Marriott International, Inc., Class A
152,408
3,881
 
McDonald's Corp.
1,037,779
1,822
 
MGM Resorts International
75,449
108
2
Mohawk Industries, Inc.
12,967
6,877
 
Nike, Inc., Class B
875,648
34
2
NVR, Inc.
179,180
312
2
O'Reilly Automotive, Inc.
247,213
263
 
Pool Corp.
101,415
177
 
Ralph Lauren Corp.
21,922
1,086
 
Ross Stores, Inc.
128,354
6,295
 
Starbucks Corp.
687,036
912
 
Tapestry, Inc.
41,560
1,865
 
Target Corp.
321,041
14,349
2
Tesla, Inc.
2,485,534
6,412
 
TJX Cos., Inc.
524,886
507
 
Tractor Supply Co.
115,591
235
2
Ulta Beauty, Inc.
120,781
1,843
 
V.F. Corp.
57,022
893
 
Whirlpool Corp.
138,942
492
2
Wynn Resorts Ltd.
50,991
1,438
 
Yum! Brands, Inc.
187,673
 
 
TOTAL
19,337,531
 
 
Consumer Staples—6.4%
 
9,186
 
Altria Group, Inc.
413,737
2,741
 
Archer-Daniels-Midland Co.
227,092
765
 
Campbell Soup Co.
39,727
1,211
 
Church and Dwight, Inc.
97,922
1,252
 
Clorox Co.
181,152
4,230
 
Colgate-Palmolive Co.
315,262
2,102
 
Conagra Brands, Inc.
78,173
1,235
 
Constellation Brands, Inc., Class A
285,927
2,397
 
Costco Wholesale Corp.
1,225,203
872
 
Estee Lauder Cos., Inc., Class A
241,614
4,165
 
General Mills, Inc.
326,369
710
 
Hershey Foods Corp.
159,466
1,507
 
Hormel Foods Corp.
68,282
1,125
 
Kellogg Co.
77,153
6,904
 
Keurig Dr Pepper, Inc.
243,573
1,673
 
Kimberly-Clark Corp.
217,507
6,428
 
Kraft Heinz Co./The
260,527
5,472
 
Kroger Co.
244,215
1,542
 
McCormick & Co., Inc.
115,835
666
 
Molson Coors Beverage Company, Class B
35,018
7,470
 
Mondelez International, Inc.
488,837
1,158
2
Monster Beverage Corp.
120,525
2
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Staples—continued
 
7,314
 
PepsiCo, Inc.
$1,250,840
8,303
 
Philip Morris International, Inc.
865,505
12,751
 
Procter & Gamble Co.
1,815,487
455
 
Smucker (J.M.) Co.
69,524
2,924
 
Sysco Corp.
226,493
21,029
 
The Coca-Cola Co.
1,289,498
155
 
Tyson Foods, Inc., Class A
10,191
1,628
 
Walgreens Boots Alliance, Inc.
60,008
7,621
 
WalMart Inc.
1,096,433
 
 
TOTAL
12,147,095
 
 
Energy—4.9%
 
1,329
 
APA Corp.
58,915
5,939
 
Baker Hughes a GE Co. LLC
188,504
9,403
 
Chevron Corp.
1,636,310
7,417
 
ConocoPhillips
903,910
7,637
 
Coterra Energy, Inc., Class A
191,154
2,074
 
Devon Energy Corp.
131,160
812
 
Diamondback Energy, Inc.
118,649
2,995
 
EOG Resources, Inc.
396,089
4,231
 
EQT Corp.
138,227
21,795
 
Exxon Mobil Corp.
2,528,438
2,472
 
Halliburton Co.
101,896
1,445
 
Hess Corp.
216,981
5,707
 
Kinder Morgan, Inc.
104,438
2,762
 
Marathon Oil Corp.
75,872
3,283
 
Marathon Petroleum Corp.
421,931
3,602
 
Occidental Petroleum Corp.
233,374
2,652
 
ONEOK, Inc.
181,609
1,664
 
Phillips 66
166,849
1,190
 
Pioneer Natural Resources, Inc.
274,117
7,789
 
Schlumberger Ltd.
443,817
1,452
 
Targa Resources, Inc.
108,929
1,440
2
TXO Energy Partners, LP
32,256
1,911
 
Valero Energy Corp.
267,597
6,718
 
Williams Cos., Inc.
216,588
 
 
TOTAL
9,137,610
 
 
Financials—11.3%
 
2,766
 
Aflac, Inc.
203,301
1,429
 
Allstate Corp.
183,584
3,204
 
American Express Co.
560,476
5,359
 
American International Group, Inc.
338,796
623
 
Ameriprise Financial, Inc.
218,125
1,160
 
Aon PLC
369,669
541
2
Arch Capital Group Ltd.
34,813
977
 
Assurant, Inc.
129,540
36,918
 
Bank of America Corp.
1,309,851
3,530
 
Bank of New York Mellon Corp.
178,512
9,320
2
Berkshire Hathaway, Inc., Class B
2,903,366
826
 
BlackRock, Inc.
627,107
1,561
 
Brown & Brown
91,412
2,802
 
Capital One Financial Corp.
333,438
3
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Financials—continued
 
8,270
 
Charles Schwab Corp.
$640,263
2,279
 
Chubb Ltd.
518,450
1,006
 
Cincinnati Financial Corp.
113,829
12,276
 
Citigroup, Inc.
641,053
2,172
 
Citizens Financial Group, Inc.
94,091
1,818
 
CME Group, Inc.
321,168
2,063
 
Comerica, Inc.
151,238
2,336
 
Discover Financial Services
272,681
175
 
Everest Re Group Ltd.
61,196
163
 
FactSet Research Systems
68,939
3,116
 
Fifth Third Bancorp
113,080
252
 
First Republic Bank
35,502
848
 
Franklin Resources, Inc.
26,458
662
 
Gallagher (Arthur J.) & Co.
129,567
1,756
 
Goldman Sachs Group, Inc.
642,362
1,461
 
Hartford Financial Services Group, Inc.
113,388
6,427
 
Huntington Bancshares, Inc.
97,498
2,946
 
Intercontinental Exchange, Inc.
316,842
1,510
 
Invesco Ltd.
27,950
15,697
 
JPMorgan Chase & Co.
2,196,952
3,941
 
KeyCorp
75,628
3,641
 
Lincoln National Corp.
129,001
759
 
Loews Corp.
46,663
304
 
M&T Bank Corp.
47,424
2,749
 
Marsh & McLennan Cos., Inc.
480,827
3,271
 
MetLife, Inc.
238,848
901
 
Moody's Corp.
290,798
8,020
 
Morgan Stanley
780,587
463
 
MSCI, Inc., Class A
246,112
2,069
 
NASDAQ, Inc.
124,533
970
 
Northern Trust Corp.
94,061
2,213
 
PNC Financial Services Group
366,097
2,223
 
Principal Financial Group, Inc.
205,739
3,256
 
Progressive Corp., OH
443,956
1,788
 
Prudential Financial, Inc.
187,633
226
 
Raymond James Financial, Inc.
25,486
9,158
 
Regions Financial Corp.
215,579
1,523
 
S&P Global, Inc.
571,034
350
 
Signature Bank
45,132
1,231
2
Skyward Specialty Insurance Group, Inc.
22,786
1,735
 
State Street Corp.
158,457
4,990
 
Synchrony Financial
183,283
1,968
 
T. Rowe Price Group, Inc.
229,213
1,155
 
The Travelers Cos., Inc.
220,744
6,656
 
Truist Financial Corp.
328,740
6,924
 
U.S. Bancorp
344,815
20,398
 
Wells Fargo & Co.
956,054
648
 
Willis Towers Watson PLC
164,715
427
 
Zions Bancorporation, N.A.
22,699
 
 
TOTAL
21,311,141
4
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Health Care—14.2%
 
9,457
 
Abbott Laboratories
$1,045,471
9,323
 
AbbVie, Inc.
1,377,473
1,694
 
Agilent Technologies, Inc.
257,623
759
 
AmerisourceBergen Corp.
128,241
2,780
 
Amgen, Inc.
701,672
4,401
 
Baxter International, Inc.
201,082
1,590
 
Becton Dickinson & Co.
401,030
156
2
Bio-Rad Laboratories, Inc., Class A
72,924
1,044
 
Bio-Techne Corp.
83,165
1,074
2
Biogen, Inc.
312,427
5,761
2
Boston Scientific Corp.
266,446
11,106
 
Bristol-Myers Squibb Co.
806,851
2,504
 
Cardinal Health, Inc.
193,434
4,102
2
Centene Corp.
312,736
250
2
Charles River Laboratories International, Inc.
60,812
1,578
 
CIGNA Corp.
499,705
317
 
Cooper Cos., Inc.
110,611
6,828
 
CVS Health Corp.
602,366
3,558
 
Danaher Corp.
940,664
1,484
2
Davita, Inc.
122,267
1,627
 
Dentsply Sirona, Inc.
59,922
2,807
2
Dexcom, Inc.
300,602
3,533
2
Edwards Lifesciences Corp.
270,981
1,239
 
Elevance Health, Inc.
619,488
4,237
 
Eli Lilly & Co.
1,458,164
2,015
2
GE HealthCare Technologies, Inc.
140,083
7,693
 
Gilead Sciences, Inc.
645,750
1,058
 
HCA Healthcare, Inc.
269,864
511
2
Henry Schein, Inc.
44,023
1,410
2
Hologic, Inc.
114,732
846
 
Humana, Inc.
432,898
232
2
IDEXX Laboratories, Inc.
111,476
906
2
Illumina, Inc.
194,065
850
2
Incyte Genomics, Inc.
72,369
1,559
2
Intuitive Surgical, Inc.
383,031
1,073
2
IQVIA Holdings, Inc.
246,157
13,956
 
Johnson & Johnson
2,280,689
397
 
Laboratory Corp. of America Holdings
100,092
709
 
McKesson Corp.
268,484
7,311
 
Medtronic PLC
611,858
13,361
 
Merck & Co., Inc.
1,435,105
132
2
Mettler-Toledo International, Inc.
202,345
1,342
2
Moderna, Inc.
236,273
260
2
Molina Healthcare, Inc.
81,076
707
 
PerkinElmer, Inc.
97,234
29,608
 
Pfizer, Inc.
1,307,489
491
 
Quest Diagnostics, Inc.
72,904
690
2
Regeneron Pharmaceuticals, Inc.
523,344
376
 
ResMed, Inc.
85,867
625
 
STERIS PLC
129,069
1,441
 
Stryker Corp.
365,740
5
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
320
 
Teleflex, Inc.
$77,894
1,934
 
Thermo Fisher Scientific, Inc.
1,103,018
5,147
 
UnitedHealth Group, Inc.
2,569,331
211
 
Universal Health Services, Inc., Class B
31,272
1,650
2
Vertex Pharmaceuticals, Inc.
533,115
14,270
 
Viatris, Inc.
173,523
63
2
Waters Corp.
20,701
468
 
West Pharmaceutical Services, Inc.
124,301
434
 
Zimmer Biomet Holdings, Inc.
55,266
1,901
 
Zoetis, Inc.
314,596
 
 
TOTAL
26,661,191
 
 
Industrials—8.1%
 
2,237
 
3M Co.
257,434
1,073
2
Alaska Air Group, Inc.
55,088
496
 
Allegion PLC
58,305
1,351
 
Ametek, Inc.
195,787
2,945
2
Boeing Co.
627,285
444
 
C.H. Robinson Worldwide, Inc.
44,475
4,395
 
Carrier Global Corp.
200,104
2,398
 
Caterpillar, Inc.
604,991
500
 
Cintas Corp.
221,870
2,573
2
Copart, Inc.
171,388
2,392
2
CoStar Group, Inc.
186,337
11,393
 
CSX Corp.
352,272
691
 
Cummins, Inc.
172,432
1,262
 
Deere & Co.
533,624
805
2
Delta Air Lines, Inc.
31,475
103
 
Dover Corp.
15,638
2,226
 
Eaton Corp. PLC
361,079
3,086
 
Emerson Electric Co.
278,419
214
 
Equifax, Inc.
47,551
1,643
 
Expeditors International Washington, Inc.
177,690
3,417
 
Fastenal Co.
172,729
1,177
 
FedEx Corp.
228,173
1,919
 
Fortive Corp.
130,550
348
2
Generac Holdings, Inc.
41,969
1,555
 
General Dynamics Corp.
362,408
6,047
 
General Electric Co.
486,663
3,643
 
Honeywell International, Inc.
759,493
2,040
 
Howmet Aerospace, Inc.
83,008
453
 
Hunt (J.B.) Transportation Services, Inc.
85,640
593
 
Huntington Ingalls Industries, Inc.
130,780
478
 
IDEX Corp.
114,567
1,570
 
Illinois Tool Works, Inc.
370,583
2,420
 
Ingersoll-Rand, Inc.
135,520
535
 
Jacobs Solutions, Inc.
66,099
3,793
 
Johnson Controls International PLC
263,879
1,417
 
L3Harris Technologies Inc.
304,400
1,555
 
Leidos Holdings, Inc.
153,696
1,425
 
Lockheed Martin Corp.
660,145
318
 
Nordson Corp.
77,369
6
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
1,304
 
Norfolk Southern Corp.
$320,536
607
 
Northrop Grumman Corp.
271,960
541
 
Old Dominion Freight Lines, Inc.
180,283
3,324
 
Otis Worldwide Corp.
273,333
1,677
 
PACCAR, Inc.
183,313
985
 
Parker-Hannifin Corp.
321,110
1,362
 
Quanta Services, Inc.
207,283
7,663
 
Raytheon Technologies Corp.
765,151
1,746
 
Republic Services, Inc.
217,936
592
 
Rockwell Automation, Inc.
166,962
1,209
 
Rollins, Inc.
44,008
371
 
Smith (A.O.) Corp.
25,117
208
 
Snap-On, Inc.
51,736
835
 
Southwest Airlines Co.
29,868
2,360
 
Textron Inc.
171,926
1,301
 
Trane Technologies PLC
233,035
134
 
Transdigm Group, Inc.
96,178
3,320
 
Union Pacific Corp.
677,911
3,595
2
United Airlines Holdings, Inc.
176,011
3,820
 
United Parcel Service, Inc.
707,579
331
2
United Rentals, Inc.
145,954
932
 
Verisk Analytics, Inc.
169,428
240
 
W.W. Grainger, Inc.
141,475
1,085
 
Wabtec Corp.
112,634
1,885
 
Waste Management, Inc.
291,666
1,118
 
Xylem, Inc.
116,283
 
 
TOTAL
15,319,591
 
 
Information Technology—25.6%
 
3,051
 
Accenture PLC
851,382
2,744
2
Adobe, Inc.
1,016,213
8,733
2
Advanced Micro Devices, Inc.
656,285
1,854
2
Akamai Technologies, Inc.
164,913
3,396
 
Amphenol Corp., Class A
270,899
2,755
 
Analog Devices, Inc.
472,400
508
2
Ansys, Inc.
135,311
79,866
 
Apple, Inc.
11,523,865
4,658
 
Applied Materials, Inc.
519,320
628
2
Arista Networks, Inc.
79,141
1,599
2
Autodesk, Inc.
344,041
2,282
 
Automatic Data Processing, Inc.
515,298
2,134
 
Broadcom, Inc.
1,248,411
697
 
Broadridge Financial Solutions
104,801
1,430
2
Cadence Design Systems, Inc.
261,447
733
 
CDW Corp.
143,690
1,084
2
Ceridian HCM Holding, Inc.
78,352
22,255
 
Cisco Systems, Inc.
1,083,151
2,432
 
Cognizant Technology Solutions Corp.
162,336
3,654
 
Corning, Inc.
126,465
4,446
2
DXC Technology Co.
127,734
1,001
2
Enphase Energy, Inc.
221,601
48
2
EPAM Systems, Inc.
15,967
7
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
438
2
F5, Inc.
$64,675
2,915
 
Fidelity National Information Services, Inc.
218,742
483
2
First Solar, Inc.
85,781
3,210
2
Fiserv, Inc.
342,443
362
2
FleetCor Technologies, Inc.
75,589
1,792
2
Fortinet, Inc.
93,793
467
2
Gartner, Inc., Class A
157,911
2,298
 
Gen Digital, Inc.
52,877
1,275
 
Global Payments, Inc.
143,718
301
 
Henry Jack & Associates, Inc.
54,207
12,377
 
Hewlett Packard Enterprise Co.
199,641
7,959
 
HP, Inc.
231,925
4,210
 
IBM Corp.
567,213
18,805
 
Intel Corp.
531,429
1,722
 
Intuit, Inc.
727,838
1,052
2
Keysight Technologies, Inc.
188,676
749
 
KLA Corp.
293,968
700
 
Lam Research Corp.
350,070
4,577
 
Mastercard, Inc.
1,696,236
4,128
 
Microchip Technology, Inc.
320,415
7,467
 
Micron Technology, Inc.
450,260
39,819
 
Microsoft Corp.
9,867,546
5
 
Monolithic Power Systems
2,133
554
 
Motorola Solutions, Inc.
142,384
876
 
NetApp, Inc.
58,018
12,764
 
NVIDIA Corp.
2,493,703
1,392
 
NXP Semiconductors NV
256,560
2,336
2
ON Semiconductor Corp.
171,579
7,109
 
Oracle Corp.
628,862
968
 
Paychex, Inc.
112,153
315
2
Paycom Software, Inc.
102,041
7,325
2
PayPal Holdings, Inc.
596,914
1,267
2
PTC, Inc.
170,893
1,438
2
Qorvo, Inc.
156,253
5,984
 
Qualcomm, Inc.
797,129
363
 
Roper Technologies, Inc.
154,910
5,314
2
Salesforce, Inc.
892,593
753
 
Seagate Technology Holdings PLC
51,038
1,112
2
ServiceNow, Inc.
506,105
704
 
Skyworks Solutions, Inc.
77,208
33
2
Solaredge Technologies, Inc.
10,531
843
2
Synopsys, Inc.
298,211
1,843
 
TE Connectivity Ltd.
234,337
249
2
Teledyne Technologies, Inc.
105,641
970
 
Teradyne, Inc.
98,649
4,852
 
Texas Instruments, Inc.
859,823
1,650
2
Trimble, Inc.
95,799
253
2
Tyler Technologies, Inc.
81,661
443
2
Verisign, Inc.
96,596
8,802
 
Visa, Inc., Class A
2,026,308
8
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
3,833
2
Western Digital Corp.
$168,460
 
 
TOTAL
48,284,468
 
 
Materials—2.7%
 
1,164
 
Air Products & Chemicals, Inc.
373,074
263
 
Albemarle Corp.
74,021
7,658
 
Amcor PLC
92,356
481
 
Avery Dennison Corp.
91,121
362
 
Celanese Corp.
44,598
1,966
 
CF Industries Holdings, Inc.
166,520
3,554
 
Corteva, Inc.
229,055
3,401
 
Dow, Inc.
201,849
1,367
 
DuPont de Nemours, Inc.
101,090
1,441
 
Ecolab, Inc.
223,110
532
 
FMC Corp.
70,825
7,166
 
Freeport-McMoRan, Inc.
319,747
1,486
 
International Flavors & Fragrances, Inc.
167,116
2,899
 
Linde PLC
959,395
1,139
 
LyondellBasell Industries N.V.
110,130
339
 
Martin Marietta Materials
121,918
3,735
 
Mosaic Co./The
185,032
3,851
 
Newmont Corp.
203,833
1,898
 
Nucor Corp.
320,800
363
 
Packaging Corp. of America
51,800
1,388
 
PPG Industries, Inc.
180,912
644
 
Sealed Air Corp.
35,266
1,329
 
Sherwin-Williams Co.
314,428
890
 
Steel Dynamics, Inc.
107,370
806
 
Vulcan Materials Co.
147,764
3,785
 
WestRock Co.
148,523
 
 
TOTAL
5,041,653
 
 
Real Estate—2.6%
 
1,374
 
Alexandria Real Estate Equities, Inc.
220,857
2,084
 
American Tower Corp.
465,545
849
 
Avalonbay Communities, Inc.
150,647
2,018
 
Boston Properties, Inc.
150,422
479
 
Camden Property Trust
59,018
1,743
2
CBRE Group, Inc.
149,044
2,372
 
Crown Castle, Inc.
351,317
1,384
 
Digital Realty Trust, Inc.
158,634
519
 
Equinix, Inc.
383,089
2,091
 
Equity Residential Properties Trust
133,092
743
 
Essex Property Trust, Inc.
167,970
689
 
Extra Space Storage, Inc.
108,745
423
 
Federal Realty Investment Trust
47,177
2,185
 
Healthpeak Properties, Inc.
60,044
8,890
 
Host Hotels & Resorts, Inc.
167,576
313
 
Invitation Homes, Inc.
10,172
2,491
 
Kimco Realty Corp.
55,948
664
 
Mid-American Apartment Communities, Inc.
110,702
5,069
 
ProLogis Inc.
655,320
552
 
Public Storage
167,996
9
Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
2,000
 
Realty Income Corp.
$135,660
763
 
Regency Centers Corp.
50,839
877
 
SBA Communications, Corp.
260,934
1,596
 
Simon Property Group, Inc.
205,022
1,202
 
UDR, Inc.
51,193
2,055
 
Ventas, Inc.
106,469
2,575
 
VICI Properties, Inc.
88,013
2,625
 
Welltower, Inc.
196,980
3,376
 
Weyerhaeuser Co.
116,236
 
 
TOTAL
4,984,661
 
 
Utilities—2.8%
 
4,167
 
AES Corp.
114,217
1,024
 
Alliant Energy Corp.
55,327
2,365
 
Ameren Corp.
205,448
3,650
 
American Electric Power Co., Inc.
342,954
414
 
American Water Works Co., Inc.
64,787
744
 
Atmos Energy Corp.
87,450
519
 
CenterPoint Energy, Inc.
15,632
1,273
 
CMS Energy Corp.
80,441
2,788
 
Consolidated Edison Co.
265,724
775
 
Constellation Energy Corp.
66,154
4,405
 
Dominion Energy, Inc.
280,334
1,763
 
DTE Energy Co.
205,160
3,937
 
Duke Energy Corp.
403,346
2,034
 
Edison International
140,143
341
 
Entergy Corp.
36,923
947
 
Evergy, Inc.
59,330
1,932
 
EverSource Energy
159,062
4,889
 
Exelon Corp.
206,267
2,482
 
FirstEnergy Corp.
101,638
10,798
 
NextEra Energy, Inc.
805,855
1,532
 
NiSource, Inc.
42,513
3,216
2
P G & E Corp.
51,134
382
 
Pinnacle West Capital Corp.
28,478
6,887
 
PPL Corp.
203,855
2,440
 
Public Service Enterprises Group, Inc.
151,109
1,783
 
Sempra Energy
285,868
6,052
 
Southern Co.
409,599
1,793
 
WEC Energy Group, Inc.
168,524
4,150
 
Xcel Energy, Inc.
285,395
 
 
TOTAL
5,322,667
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $42,884,105)
181,661,282
 
 
INVESTMENT COMPANY—3.4%
 
6,306,132
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%3
(IDENTIFIED COST $6,305,292)
6,306,132
 
 
TOTAL INVESTMENT IN SECURITIES—99.8%
(IDENTIFIED COST $49,189,397)
187,967,414
 
 
OTHER ASSETS AND LIABILITIES - NET—0.2%4
410,526
 
 
TOTAL NET ASSETS—100%
$188,377,940
10
At January 31, 2023, 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
33
$6,748,500
March 2023
$239,397
The average notional value of long futures contracts held by the Fund throughout the period was $6,728,000. This is based on amounts held as of each month-end throughout the three-month fiscal period.
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 January 31, 2023, were as follows: 
 
Federated
Hermes Government
Obligations Fund,
Premier Shares*
Federated
Hermes Institutional
Prime Value
Obligations Fund,
Institutional Shares
Total
Affiliated
Transactions
Value as of 10/31/2022
$—
$5,472,794
$5,472,794
Purchases at Cost
$75,262
$55,268,535
$55,268,535
Proceeds from Sales
$(75,262)
$(54,439,009)
$(54,439,009)
Change in Unrealized Appreciation/Depreciation
$—
$1,150
$1,150
Net Realized Gain/(Loss)
$—
$2,662
$2,662
Value as of 1/31/2023
$—
$6,306,132
$6,306,132
Shares Held as of 1/31/2023
$—
6,306,132
6,306,132
Dividend Income
$95
$110,408
$110,503
*
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 $6,748,500 at January 31, 2023, which represents 3.6% of total 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
7-day net yield.
4
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.
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, 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.
As of January 31, 2023, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
12