Federated Hermes Mid-Cap Index Fund
Portfolio of Investments
January 31, 2021 (unaudited)
Shares | Value | ||
1 | COMMON STOCKS—95.9% | ||
Communication Services—1.7% | |||
1,058 | Cable One, Inc. | $2,116,000 | |
23,349 | Cinemark Holdings, Inc. | 472,584 | |
27,994 | New York Times Co., Class A | 1,388,223 | |
43,679 | Tegna, Inc. | 700,174 | |
21,647 | Telephone and Data Systems, Inc. | 405,881 | |
12,839 | 2 | TripAdvisor, Inc. | 397,624 |
8,662 | Wiley (John) & Sons, Inc., Class A | 395,074 | |
9,402 | World Wrestling Entertainment, Inc. | 529,615 | |
20,004 | 2 | Yelp, Inc. | 651,930 |
TOTAL | 7,057,105 | ||
Consumer Discretionary—14.8% | |||
19,943 | 2 | Adient PLC | 643,959 |
10,808 | 2 | Adtalem Global Education, Inc. | 417,081 |
30,831 | American Eagle Outfitters, Inc. | 699,555 | |
14,601 | 2 | AutoNation, Inc. | 1,040,759 |
38,855 | Block (H&R), Inc. | 669,472 | |
16,353 | 2 | Boyd Gaming Corp. | 738,501 |
15,502 | Brunswick Corp. | 1,340,303 | |
41,522 | 2 | Caesars Entertainment Corp. | 2,922,734 |
30,942 | 2 | Capri Holdings Ltd. | 1,289,044 |
8,375 | Carter's, Inc. | 737,335 | |
5,368 | Choice Hotels International, Inc. | 540,236 | |
5,992 | Churchill Downs, Inc. | 1,123,200 | |
5,579 | Columbia Sportswear Co. | 487,939 | |
3,208 | Cracker Barrel Old Country Store, Inc. | 434,074 | |
30,119 | Dana, Inc. | 583,104 | |
6,304 | 2 | Deckers Outdoor Corp. | 1,840,642 |
13,542 | Dick's Sporting Goods, Inc. | 907,449 | |
11,109 | 2 | Five Below, Inc. | 1,952,185 |
20,705 | Foot Locker, Inc. | 907,293 | |
6,585 | 2 | Fox Factory Holding Corp. | 787,829 |
47,872 | Gentex Corp. | 1,582,170 | |
65,923 | Goodyear Tire & Rubber Co. | 695,488 | |
806 | Graham Holdings Co. | 457,897 | |
11,816 | 2 | Grand Canyon Education, Inc. | 1,003,651 |
15,638 | 2 | GrubHub, Inc. | 1,177,072 |
30,925 | Harley-Davidson, Inc. | 1,239,783 | |
4,201 | 2 | Helen of Troy Ltd. | 1,026,094 |
4,705 | Jack in the Box, Inc. | 442,929 | |
16,525 | KB HOME | 688,101 | |
32,268 | Kohl's Corp. | 1,421,728 | |
10,951 | Lear Corp. | 1,650,973 | |
5,102 | Lithia Motors, Inc., Class A | 1,625,905 | |
8,312 | Marriott Vacations Worldwide Corp. | 1,020,381 | |
69,328 | 2 | Mattel, Inc. | 1,256,223 |
5,058 | Murphy USA, Inc. | 630,075 | |
15,893 | Nordstrom, Inc. | 563,407 |
1
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
11,375 | 2 | Ollie's Bargain Outlet Holding, Inc. | $1,077,554 |
6,620 | Papa Johns International, Inc. | 677,094 | |
31,298 | 2 | Penn National Gaming, Inc. | 3,246,229 |
11,624 | Polaris, Inc., Class A | 1,356,172 | |
3,116 | 2 | RH | 1,481,222 |
16,182 | 2 | Scientific Games Corp. | 634,658 |
33,526 | Service Corp. International | 1,690,716 | |
9,117 | Six Flags Entertainment Corp. | 311,801 | |
20,974 | 2 | Skechers USA, Inc., Class A | 723,184 |
5,043 | Strategic Education, Inc. | 445,650 | |
24,302 | 2 | Taylor Morrison Home Corp. | 631,366 |
38,137 | 2 | Tempur Sealy International, Inc. | 1,006,817 |
12,802 | Texas Roadhouse, Inc. | 975,640 | |
36,630 | The Wendy's Co. | 747,252 | |
9,290 | Thor Industries, Inc. | 1,124,183 | |
22,270 | Toll Brothers, Inc. | 1,137,997 | |
6,408 | 2 | TopBuild Corp. | 1,281,280 |
23,196 | 2 | Tri Pointe Homes, Inc. | 468,559 |
13,919 | 2 | Urban Outfitters, Inc. | 381,798 |
5,671 | 2 | Visteon Corp. | 722,939 |
16,792 | Williams-Sonoma, Inc. | 2,164,825 | |
7,264 | Wingstop, Inc. | 1,089,963 | |
1,495 | 2 | WW International, Inc. | 39,707 |
17,584 | Wyndham Destinations, Inc. | 777,916 | |
19,226 | Wyndham Hotels & Resorts, Inc. | 1,118,376 | |
17,925 | 2 | YETI Holdings, Inc. | 1,179,824 |
TOTAL | 63,037,293 | ||
Consumer Staples—3.6% | |||
26,879 | 2 | BJ's Wholesale Club Holdings, Inc. | 1,130,800 |
7,131 | Casey's General Stores, Inc. | 1,336,920 | |
59,267 | Coty, Inc. – Class A | 377,531 | |
32,133 | 2 | Darling Ingredients, Inc. | 1,992,567 |
10,877 | Edgewell Personal Care Co. | 363,292 | |
12,051 | Energizer Holdings, Inc. | 528,316 | |
39,513 | Flowers Foods, Inc. | 907,218 | |
16,447 | 2 | Grocery Outlet Holding Corp. | 702,122 |
21,382 | 2 | Hain Celestial Group, Inc. | 889,170 |
13,866 | Ingredion, Inc. | 1,046,467 | |
2,703 | Lancaster Colony Corp. | 471,890 | |
10,075 | Nu Skin Enterprises, Inc., Class A | 583,040 | |
9,613 | 2 | Pilgrim's Pride Corp. | 186,300 |
12,615 | 2 | Post Holdings, Inc. | 1,196,533 |
4,175 | Sanderson Farms, Inc. | 568,593 | |
22,845 | 2 | Sprouts Farmers Market, Inc. | 517,439 |
1,793 | 2 | The Boston Beer Co., Inc., Class A | 1,643,984 |
16,178 | 2 | TreeHouse Foods, Inc. | 683,197 |
TOTAL | 15,125,379 | ||
Energy—1.1% | |||
58,185 | Antero Midstream Corp. | 471,299 | |
39,624 | 2 | Championx Corp. | 605,851 |
25,044 | Cimarex Energy Co. | 1,056,356 |
2
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Energy—continued | |||
46,979 | 2 | CNX Resources Corp. | $595,224 |
55,582 | EQT Corp. | 906,542 | |
83,708 | Equitrans Midstream Corp. | 556,658 | |
12,542 | Murphy Oil Corp. | 155,145 | |
12,170 | World Fuel Services Corp. | 372,280 | |
TOTAL | 4,719,355 | ||
Financials—14.5% | |||
9,388 | Affiliated Managers Group | 1,034,464 | |
2,918 | Alleghany Corp. | 1,654,068 | |
16,223 | American Financial Group, Inc. | 1,527,233 | |
32,828 | Associated Banc-Corp. | 588,934 | |
26,561 | BancorpSouth Bank | 734,412 | |
7,796 | Bank of Hawaii Corp. | 609,569 | |
24,163 | Bank OZK | 897,897 | |
18,928 | 2 | Brighthouse Financial, Inc. | 669,294 |
51,650 | Brown & Brown | 2,225,598 | |
14,936 | Cathay Bancorp, Inc. | 505,136 | |
14,065 | CIT Group Holdings, Inc. | 518,998 | |
28,801 | CNO Financial Group, Inc. | 610,869 | |
20,347 | Commerce Bancshares, Inc. | 1,360,197 | |
10,854 | Cullen Frost Bankers, Inc. | 1,001,173 | |
27,938 | East West Bancorp, Inc. | 1,674,604 | |
23,130 | Eaton Vance Corp. | 1,552,948 | |
23,315 | Essent Group Ltd. | 975,266 | |
8,316 | Evercore, Inc., Class A | 907,276 | |
7,420 | FactSet Research Systems | 2,243,363 | |
19,681 | Federated Hermes, Inc. | 531,387 | |
22,008 | First American Financial Corp. | 1,150,798 | |
7,799 | First Cash, Inc. | 459,205 | |
22,887 | First Financial Bankshares, Inc. | 866,960 | |
95,616 | First Horizon Corp. | 1,328,106 | |
68,266 | FNB Corp. (PA) | 673,103 | |
34,324 | Fulton Financial Corp. | 459,942 | |
102,194 | 2 | Genworth Financial, Inc., Class A | 290,231 |
14,621 | Glacier Bancorp, Inc. | 682,070 | |
23,080 | Hancock Whitney Corp. | 787,951 | |
7,366 | Hanover Insurance Group, Inc. | 828,454 | |
29,709 | Home Bancshares, Inc. | 629,831 | |
16,104 | Interactive Brokers Group, Inc., Class A | 985,404 | |
11,451 | International Bancshares Corp. | 432,962 | |
30,872 | Janus Henderson Group PLC | 949,623 | |
49,899 | Jefferies Financial Group, Inc. | 1,165,142 | |
11,888 | Kemper Corp. | 836,321 | |
3,136 | Kinsale Capital Group, Inc. | 588,188 | |
1,526 | 2 | LendingTree, Inc. | 496,744 |
4,671 | Mercury General Corp. | 247,610 | |
84,318 | MGIC Investment Corp. | 988,207 | |
55,149 | Navient Corp. | 620,702 | |
111,780 | New York Community Bancorp, Inc. | 1,169,219 | |
58,513 | Old Republic International Corp. | 1,059,085 | |
24,571 | PacWest Bancorp | 741,798 |
3
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
15,005 | Pinnacle Financial Partners, Inc. | $1,028,293 | |
7,521 | Primerica, Inc. | 1,047,751 | |
9,126 | PROG Holdings, Inc. | 430,565 | |
21,476 | Prosperity Bancshares, Inc. | 1,448,341 | |
11,627 | Reinsurance Group of America | 1,221,416 | |
8,691 | RenaissanceRe Holdings Ltd. | 1,307,474 | |
7,638 | RLI Corp. | 739,206 | |
23,087 | SEI Investments Co. | 1,220,148 | |
11,653 | Selective Insurance Group, Inc. | 757,212 | |
10,670 | Signature Bank | 1,762,577 | |
75,242 | SLM Corp. | 1,044,359 | |
40,827 | Sterling Bancorp | 753,666 | |
20,855 | Stifel Financial Corp. | 1,080,706 | |
30,501 | Synovus Financial Corp. | 1,134,637 | |
25,079 | TCF Financial Corp. | 974,570 | |
6,683 | 2 | Texas Capital Bancshares, Inc. | 402,450 |
11,269 | Trustmark Corp. | 309,559 | |
8,113 | UMB Financial Corp. | 575,780 | |
45,162 | Umpqua Holdings Corp. | 655,301 | |
26,112 | United Bankshares, Inc. | 826,706 | |
80,031 | Valley National Bancorp | 817,117 | |
16,035 | Washington Federal, Inc. | 419,796 | |
22,310 | Webster Financial Corp. Waterbury | 1,042,992 | |
12,048 | Wintrust Financial Corp. | 725,169 | |
TOTAL | 61,986,133 | ||
Health Care—11.2% | |||
17,777 | 2 | Acadia Healthcare Co., Inc. | 900,938 |
7,250 | 2 | Amedisys, Inc. | 2,082,998 |
20,467 | 2 | Arrowhead Pharmaceuticals, Inc. | 1,579,438 |
9,295 | 2 | Avanos Medical, Inc. | 421,064 |
7,562 | Bio-Techne Corp. | 2,456,969 | |
8,003 | 2 | Cantel Medical Corp. | 631,997 |
9,840 | 2 | Charles River Laboratories International, Inc. | 2,549,052 |
3,574 | Chemed Corp. | 1,850,975 | |
9,012 | 2 | Emergent BioSolutions, Inc. | 962,932 |
19,255 | Encompass Health Corp. | 1,548,102 | |
61,817 | 2 | Exelixis, Inc. | 1,372,956 |
15,509 | 2 | Globus Medical, Inc. | 956,750 |
10,121 | 2 | Haemonetics Corp. | 1,156,729 |
25,313 | 2 | Halozyme Therapeutics, Inc. | 1,204,646 |
12,774 | 2 | HealthEquity Inc. | 1,067,268 |
13,423 | Hill-Rom Holdings, Inc. | 1,289,145 | |
3,878 | 2 | ICU Medical, Inc. | 792,973 |
14,397 | 2 | Integra Lifesciences Corp. | 950,778 |
12,361 | 2 | Jazz Pharmaceuticals Plc. | 1,922,136 |
7,322 | 2 | LHC Group, Inc. | 1,458,689 |
2,107 | 2 | Ligand Pharmaceuticals, Inc., Class B | 390,532 |
6,427 | 2 | Livanova PLC | 404,258 |
9,913 | 2 | Masimo Corp. | 2,536,935 |
5,424 | 2 | Medpace Holdings, Inc. | 720,253 |
11,602 | 2 | Molina Healthcare, Inc. | 2,478,303 |
4
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
24,338 | 2 | Nektar Therapeutics | $479,459 |
10,415 | 2 | Neogen Corp. | 842,261 |
10,950 | 2 | NuVasive, Inc. | 588,453 |
10,823 | Patterson Cos., Inc. | 342,873 | |
5,923 | 2 | Penumbra, Inc. | 1,546,436 |
12,763 | 2 | PRA Health Sciences, Inc. | 1,572,912 |
7,598 | 2 | Quidel Corp. | 1,906,870 |
9,923 | 2 | Repligen Corp. | 1,984,600 |
9,143 | 2 | Staar Surgical Co. | 937,889 |
15,332 | 2 | Syneos Health, Inc. | 1,139,934 |
25,289 | 2 | Tenet Healthcare Corp. | 1,195,411 |
10,110 | 2 | United Therapeutics Corp. | 1,656,220 |
TOTAL | 47,880,134 | ||
Industrials—16.9% | |||
7,474 | Acuity Brands, Inc. | 898,674 | |
29,488 | 2 | AECOM | 1,477,349 |
14,074 | AGCO Corp. | 1,560,807 | |
10,038 | 2 | ASGN, Inc. | 832,251 |
15,319 | 2 | Avis Budget Group, Inc. | 633,287 |
11,363 | 2 | Axon Enterprise, Inc. | 1,865,350 |
9,839 | Brinks Co. (The) | 670,331 | |
40,726 | 2 | Builders Firstsource, Inc. | 1,557,769 |
10,333 | Carlisle Cos., Inc. | 1,497,562 | |
9,945 | 2 | Clean Harbors, Inc. | 770,340 |
14,618 | 2 | Colfax Corp. | 542,620 |
18,248 | CoreLogic, Inc. | 1,373,892 | |
10,372 | Crane Co. | 784,953 | |
8,239 | Curtiss Wright Corp. | 855,126 | |
24,858 | Donaldson Co., Inc. | 1,477,559 | |
8,806 | 2 | Dycom Industries, Inc. | 714,519 |
13,218 | Emcor Group, Inc. | 1,167,149 | |
8,654 | EnerSys, Inc. | 711,618 | |
24,121 | Fluor Corp. | 417,052 | |
6,890 | 2 | FTI Consulting, Inc. | 757,693 |
4,594 | GATX Corp. | 426,323 | |
13,324 | 2 | Generac Holdings, Inc. | 3,283,300 |
32,725 | Graco, Inc. | 2,256,061 | |
8,516 | Healthcare Services Group, Inc. | 276,089 | |
17,544 | Hexcel Corp. | 765,971 | |
8,754 | HNI Corp. | 282,404 | |
10,616 | Hubbell, Inc. | 1,651,850 | |
26,672 | 2 | IAA Spinco Inc. | 1,524,038 |
6,964 | Insperity, Inc. | 546,604 | |
17,072 | ITT Corp. | 1,275,449 | |
48,264 | 2 | Jet Blue Airways Corp. | 692,106 |
27,449 | KAR Auction Services, Inc. | 506,708 | |
11,150 | Kennametal, Inc. | 422,362 | |
12,739 | 2 | Kirby Corp. | 646,632 |
25,053 | Knight-Swift Transportation Holdings, Inc. | 1,002,120 | |
7,847 | Landstar System, Inc. | 1,093,872 | |
7,662 | Lennox International, Inc. | 2,110,804 |
5
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
11,470 | Lincoln Electric Holdings | $1,313,315 | |
10,980 | Manpower, Inc. | 971,071 | |
11,001 | 2 | Mastec, Inc. | 848,727 |
10,979 | 2 | Mercury Systems, Inc. | 780,168 |
9,550 | 2 | Middleby Corp. | 1,296,126 |
17,536 | Miller Herman, Inc. | 600,608 | |
5,887 | MSA Safety, Inc. | 919,078 | |
9,126 | MSC Industrial Direct Co. | 707,904 | |
10,620 | Nordson Corp. | 1,900,874 | |
35,662 | nVent Electric PLC | 798,116 | |
13,674 | OshKosh Truck Corp. | 1,252,402 | |
24,198 | Owens Corning, Inc. | 1,877,765 | |
9,733 | Regal Beloit Corp. | 1,221,297 | |
10,801 | Ryder System, Inc. | 676,035 | |
8,194 | Simpson Manufacturing Co., Inc. | 753,848 | |
17,862 | 2 | Stericycle, Inc. | 1,169,604 |
28,123 | 2 | SunRun, Inc. | 1,948,080 |
14,242 | Terex Corp. | 509,294 | |
10,366 | Tetra Tech, Inc. | 1,260,195 | |
16,198 | Timken Co. | 1,225,541 | |
20,902 | Toro Co. | 1,970,013 | |
20,753 | 2 | Trex Co., Inc. | 1,904,503 |
9,263 | Trinity Industries, Inc. | 257,604 | |
35,558 | 2 | Univar, Inc. | 661,023 |
4,013 | Valmont Industries, Inc. | 774,188 | |
6,361 | Watsco, Inc. | 1,517,035 | |
12,589 | Werner Enterprises, Inc. | 493,992 | |
11,741 | Woodward, Inc. | 1,314,405 | |
18,418 | 2 | XPO Logistics, Inc. | 2,033,531 |
TOTAL | 72,284,936 | ||
Information Technology—15.0% | |||
23,688 | 2 | ACI Worldwide, Inc. | 909,382 |
12,444 | Alliance Data Systems Corp. | 841,837 | |
14,610 | 2 | Arrow Electronics, Inc. | 1,426,374 |
19,918 | Avnet, Inc. | 703,305 | |
4,359 | Belden, Inc. | 205,919 | |
6,747 | Blackbaud, Inc. | 448,608 | |
12,003 | Brooks Automation, Inc. | 909,347 | |
4,852 | 2 | CACI International, Inc., Class A | 1,170,399 |
24,666 | CDK Global, Inc. | 1,230,833 | |
25,784 | 2 | Ceridian HCM Holding, Inc. | 2,395,592 |
30,904 | 2 | Ciena Corp. | 1,649,965 |
11,677 | 2 | Cirrus Logic, Inc. | 1,094,018 |
5,646 | CMC Materials, Inc. | 831,712 | |
37,294 | Cognex Corp. | 3,062,956 | |
4,964 | 2 | Coherent, Inc. | 996,970 |
9,487 | 2 | Commvault Systems, Inc. | 595,594 |
7,833 | 2 | Concentrix Corp. | 837,504 |
19,947 | 2 | Cree, Inc. | 2,016,243 |
6,212 | 2 | Fair Isaac & Co., Inc. | 2,796,083 |
17,033 | 2 | First Solar, Inc. | 1,688,822 |
6
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
20,689 | 2 | II-VI, Inc. | $1,739,324 |
2,980 | InterDigital, Inc. | 191,346 | |
8,601 | 2 | j2 Global, Inc. | 882,807 |
26,333 | Jabil, Inc. | 1,089,396 | |
28,358 | KBR, Inc. | 823,800 | |
4,912 | Littelfuse, Inc. | 1,195,434 | |
13,248 | 2 | LiveRamp Holdings, Inc. | 1,003,006 |
17,204 | 2 | Lumentum Holdings, Inc. | 1,613,735 |
14,439 | 2 | Manhattan Associates, Inc. | 1,634,928 |
11,705 | Maximus, Inc. | 878,577 | |
10,962 | MKS Instruments, Inc. | 1,732,763 | |
8,999 | Monolithic Power Systems | 3,197,255 | |
26,659 | National Instruments Corp. | 1,103,683 | |
26,270 | 2 | NCR Corp. | 876,367 |
14,611 | 2 | NetScout Systems, Inc. | 427,153 |
7,353 | 2 | Paylocity Corp. | 1,378,393 |
27,764 | Perspecta, Inc. | 803,768 | |
20,597 | 2 | PTC, Inc. | 2,737,547 |
6,575 | 2 | Qualys, Inc. | 910,440 |
44,592 | Sabre Corp. | 480,702 | |
18,045 | 2 | SailPoint Technologies Holding | 998,069 |
11,490 | Science Applications International Corp. | 1,103,385 | |
15,712 | 2 | Semtech Corp. | 1,114,766 |
8,886 | 2 | Silicon Laboratories, Inc. | 1,165,577 |
10,097 | 2 | Solaredge Technologies, Inc. | 2,911,268 |
6,918 | 2 | Synaptics, Inc. | 686,404 |
7,706 | Synnex Corp. | 628,964 | |
13,908 | 2 | Teradata Corp. | 374,125 |
8,519 | Universal Display Corp. | 1,966,356 | |
8,056 | 2,3 | ViaSat, Inc. | 350,758 |
27,271 | Vishay Intertechnology, Inc. | 587,690 | |
9,842 | 2 | WEX, Inc. | 1,856,201 |
TOTAL | 64,255,450 | ||
Materials—5.3% | |||
12,562 | Aptargroup, Inc. | 1,670,369 | |
8,276 | Ashland Global Holdings, Inc. | 661,997 | |
12,925 | Avient Corp. | 496,708 | |
12,152 | Cabot Corp. | 533,594 | |
40,314 | Chemours Co./The | 1,061,871 | |
25,987 | Commercial Metals Corp. | 511,684 | |
7,458 | Compass Minerals International, Inc. | 434,503 | |
12,400 | Domtar, Corp. | 371,628 | |
10,178 | Eagle Materials, Inc. | 1,119,885 | |
4,975 | Greif, Inc., Class A | 224,671 | |
8,443 | 2 | Ingevity Corp. | 554,621 |
21,353 | Louisiana-Pacific Corp. | 811,628 | |
6,977 | Minerals Technologies, Inc. | 429,993 | |
1,371 | Newmarket Corp. | 537,693 | |
29,744 | O-I Glass, Inc. | 375,964 | |
28,822 | Olin Corp. | 689,134 | |
14,457 | Reliance Steel & Aluminum Co. | 1,678,169 |
7
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Materials—continued | |||
11,042 | Royal Gold, Inc. | $1,180,169 | |
28,312 | RPM International, Inc. | 2,334,891 | |
7,923 | Scotts Miracle-Gro Co. | 1,754,231 | |
9,004 | Sensient Technologies Corp. | 635,052 | |
14,480 | Silgan Holdings, Inc. | 527,506 | |
20,268 | Sonoco Products Co. | 1,173,720 | |
33,797 | Steel Dynamics, Inc. | 1,158,223 | |
32,668 | 3 | United States Steel Corp. | 580,184 |
37,233 | Valvoline, Inc. | 883,911 | |
7,913 | Worthington Industries, Inc. | 414,166 | |
TOTAL | 22,806,165 | ||
Real Estate—8.6% | |||
28,081 | American Campus Communities, Inc. | 1,155,814 | |
30,694 | 2 | Apartment Income REIT Corp. | 1,190,006 |
61,321 | Brixmor Property Group, Inc. | 1,038,165 | |
19,262 | Camden Property Trust | 1,967,613 | |
8,278 | Coresite Realty Corp. | 1,112,894 | |
23,263 | Corporate Office Properties Trust | 611,119 | |
29,989 | Cousins Properties, Inc. | 945,853 | |
26,844 | Cyrusone, Inc. | 1,958,270 | |
32,861 | Douglas Emmett, Inc. | 910,578 | |
9,391 | EastGroup Properties, Inc. | 1,269,100 | |
9,812 | EPR PPTYS | 388,948 | |
24,638 | First Industrial Realty Trust | 1,001,288 | |
34,015 | Healthcare Realty Trust, Inc. | 1,020,790 | |
21,347 | Highwoods Properties, Inc. | 800,299 | |
32,014 | Hudson Pacific Properties Inc. | 750,408 | |
22,989 | JBG Smith Properties | 686,452 | |
11,562 | 2 | Jones Lang LaSalle, Inc. | 1,690,480 |
21,594 | Kilroy Realty Corp. | 1,222,868 | |
19,684 | Lamar Advertising Co. | 1,590,074 | |
14,204 | Life Storage, Inc. | 1,158,762 | |
11,295 | 3 | Macerich Co. (The) | 177,331 |
112,933 | Medical PPTYS Trust, Inc. | 2,384,016 | |
35,382 | National Retail Properties, Inc. | 1,379,898 | |
46,280 | Omega Healthcare Investors, Inc. | 1,676,262 | |
34,922 | Park Hotels & Resorts, Inc. | 582,499 | |
15,224 | Pebblebrook Hotel Trust | 279,817 | |
29,604 | Physicians Realty Trust | 521,919 | |
17,496 | PotlatchDeltic Corp. | 835,609 | |
3,684 | PS Business Parks, Inc. | 501,466 | |
20,424 | Rayonier, Inc. | 628,038 | |
25,102 | Rexford Industrial Realty, Inc. | 1,228,492 | |
43,441 | Sabra Health Care REIT, Inc. | 729,374 | |
36,536 | Service Properties Trust | 387,647 | |
23,777 | Spirit Realty Capital, Inc. | 916,841 | |
40,447 | STORE Capital Corp. | 1,254,666 | |
24,706 | Urban Edge Properties | 340,696 | |
25,137 | Weingarten Realty Investors | 565,834 | |
TOTAL | 36,860,186 |
8
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Utilities—3.2% | |||
6,988 | Allete, Inc. | $439,126 | |
13,180 | Black Hills Corp. | 779,202 | |
44,070 | Essential Utilities, Inc. | 2,040,441 | |
22,962 | Hawaiian Electric Industries, Inc. | 759,124 | |
10,504 | Idacorp, Inc. | 927,503 | |
47,659 | MDU Resources Group, Inc. | 1,252,955 | |
18,121 | National Fuel Gas Co. | 729,551 | |
19,341 | New Jersey Resources Corp. | 677,128 | |
10,268 | Northwestern Corp. | 559,298 | |
41,129 | OGE Energy Corp. | 1,255,257 | |
10,045 | ONE Gas, Inc. | 734,591 | |
11,535 | PNM Resources, Inc. | 559,678 | |
11,149 | Southwest Gas Holdings, Inc. | 668,494 | |
10,530 | Spire, Inc. | 644,331 | |
47,190 | UGI Corp. | 1,698,368 | |
TOTAL | 13,725,047 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $224,606,804) | 409,737,183 | ||
INVESTMENT COMPANIES—0.5% | |||
670,641 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%4 | 670,641 | |
1,758,633 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%4 | 1,759,161 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $2,429,677) | 2,429,802 | ||
TOTAL INVESTMENT IN SECURITIES—96.4% (IDENTIFIED COST $227,036,481) | 412,166,985 | ||
OTHER ASSETS AND LIABILITIES - NET—3.6%5 | 15,171,750 | ||
TOTAL NET ASSETS—100% | $427,338,735 |
At January 31, 2021, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized (Depreciation) |
Long Futures | ||||
2S&P MidCap 400 E-Mini Index | 75 | $17,517,750 | March 2021 | $(61,106) |
The average notional value of long futures contracts held by the Fund throughout the period was $11,977,215. 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.”
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Affiliated fund holdings are investment companies which are managed by the Manager or an affiliate of the Manager. Transactions with affiliated fund holdings during the period ended January 31, 2021, were as follows:
Federated Hermes, Inc. | Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $517,889 | $1,077,921 | $4,786,111 | $ 6,381,921 |
Purchases at Cost | $— | $5,562,818 | $ 82,028,639 | $ 87,591,457 |
Proceeds from Sales | $(57,432) | $(5,970,098) | $(85,055,907) | $(91,083,437) |
Change in Unrealized Appreciation/Depreciation | $53,715 | N/A | $437 | $ 54,152 |
Net Realized Gain/(Loss) | $17,215 | N/A | $(119) | $ 17,096 |
Value as of 1/31/2021 | $531,387 | $670,641 | $1,759,161 | $ 2,961,189 |
Shares Held as of 1/31/2021 | 19,681 | 670,641 | 1,758,633 | 2,448,955 |
Dividend Income | $27,520 | $74 | $518 | $28,112 |
*
All or a portion of the balance/activity for the fund relates to cash collateral on security 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 $17,517,750 at January 31, 2021, which represents 4.1% of total 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 these securities are temporarily on loan to unaffiliated broker/dealers.
Market Value of Securities on Loan | Collateral Received |
$670,641 | $736,544 |
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 total net assets at January 31, 2021.
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 the Fund's Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ 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 asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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 Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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.
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Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Hermes Equity Management Company of Pennsylvania (the “Manager”) and certain of the Manager’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and 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 asked 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 Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Manager 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 Trustees have 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 Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
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, 2021, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
The following acronym is used throughout this portfolio:
REIT | —Real Estate Investment Trust |
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