Federated Hermes Max-Cap Index Fund
Portfolio of Investments
January 31, 2022 (unaudited)
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—96.9% | ||
Communication Services—9.7% | |||
6,732 | Activision Blizzard, Inc. | $531,895 | |
2,429 | 2 | Alphabet, Inc., Class A | 6,573,044 |
2,260 | 2 | Alphabet, Inc., Class C | 6,133,572 |
55,683 | AT&T, Inc. | 1,419,916 | |
1,038 | 2 | Charter Communications, Inc. | 615,887 |
37,049 | Comcast Corp., Class A | 1,852,079 | |
1,102 | 2,3 | Discovery, Inc., Class A | 30,757 |
1,726 | 2,3 | Discovery, Inc., Class C | 47,206 |
1,017 | 2 | DISH Network Corp., Class A | 31,934 |
2,489 | Electronic Arts, Inc. | 330,191 | |
2,131 | Fox Corp., Class A | 86,540 | |
714 | Fox Corp., Class B | 26,547 | |
7,453 | Interpublic Group of Cos., Inc. | 264,880 | |
2,635 | 2 | Live Nation Entertainment, Inc. | 288,559 |
4,798 | Lumen Technologies, Inc. | 59,303 | |
2,514 | 2 | Match Group, Inc. | 283,328 |
18,987 | 2 | Meta Platforms, Inc. | 5,947,868 |
3,270 | 2 | Netflix, Inc. | 1,396,748 |
2,545 | News Corp., Inc., Class A | 56,601 | |
242 | News Corp., Inc., Class B | 5,382 | |
1,535 | Omnicom Group, Inc. | 115,678 | |
4,949 | 2 | T-Mobile USA, Inc. | 535,333 |
7 | 2 | Take-Two Interactive Software, Inc. | 1,143 |
7,116 | 2 | Twitter, Inc. | 266,921 |
33,654 | Verizon Communications, Inc. | 1,791,402 | |
13,447 | 2 | Walt Disney Co. | 1,922,518 |
TOTAL | 30,615,232 | ||
Consumer Discretionary—11.5% | |||
385 | Advance Auto Parts, Inc. | 89,131 | |
3,435 | 2 | Amazon.com, Inc. | 10,275,699 |
2,023 | 2 | Aptiv PLC | 276,301 |
156 | 2 | AutoZone, Inc. | 309,871 |
1,657 | Bath & Body Works, Inc. | 92,908 | |
1,515 | Best Buy Co., Inc. | 150,409 | |
401 | 2 | Booking Holdings, Inc. | 984,908 |
1,201 | BorgWarner, Inc. | 52,664 | |
1,686 | 2 | Caesars Entertainment Corp. | 128,372 |
146 | 2 | CarMax, Inc. | 16,231 |
243 | 2 | Chipotle Mexican Grill, Inc. | 360,996 |
2,904 | D. R. Horton, Inc. | 259,095 | |
822 | Darden Restaurants, Inc. | 114,973 | |
2,003 | Dollar General Corp. | 417,585 | |
1,567 | 2 | Dollar Tree, Inc. | 205,622 |
587 | Domino's Pizza, Inc. | 266,880 | |
4,505 | eBay, Inc. | 270,615 | |
924 | 2 | Etsy, Inc. | 145,142 |
1
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
2,017 | 2 | Expedia Group, Inc. | $369,696 |
29,790 | Ford Motor Co. | 604,737 | |
1,448 | Garmin Ltd. | 180,160 | |
11,051 | 2 | General Motors Co. | 582,719 |
2,297 | Genuine Parts Co. | 306,029 | |
1,218 | Hasbro, Inc. | 112,641 | |
1,998 | 2 | Hilton Worldwide Holdings, Inc. | 289,930 |
8,483 | Home Depot, Inc. | 3,113,091 | |
3,644 | 2 | Las Vegas Sands Corp. | 159,607 |
2,008 | Lennar Corp., Class A | 192,989 | |
4,925 | LKQ Corp. | 270,333 | |
5,653 | Lowe's Cos., Inc. | 1,341,740 | |
2,015 | 2 | Marriott International, Inc., Class A | 324,657 |
5,947 | McDonald's Corp. | 1,542,949 | |
2,334 | MGM Resorts International | 99,708 | |
256 | 2 | Mohawk Industries, Inc. | 40,415 |
1,615 | Newell Brands, Inc. | 37,484 | |
10,380 | Nike, Inc., Class B | 1,536,967 | |
32 | 2 | NVR, Inc. | 170,471 |
767 | 2 | O'Reilly Automotive, Inc. | 499,892 |
1,579 | 2 | Penn National Gaming, Inc. | 72,018 |
34 | Pool Corp. | 16,193 | |
239 | PVH Corp. | 22,707 | |
113 | Ralph Lauren Corp. | 12,525 | |
3,126 | Ross Stores, Inc. | 305,566 | |
9,699 | Starbucks Corp. | 953,606 | |
6,029 | Tapestry, Inc. | 228,801 | |
3,923 | Target Corp. | 864,747 | |
6,515 | 2 | Tesla, Inc. | 6,102,731 |
7,453 | TJX Cos., Inc. | 536,392 | |
773 | Tractor Supply Co. | 168,754 | |
844 | 2 | Ulta Beauty, Inc. | 306,997 |
5,198 | 2 | Under Armour, Inc., Class A | 97,878 |
6,055 | 2 | Under Armour, Inc., Class C | 96,819 |
423 | V.F. Corp. | 27,584 | |
353 | Whirlpool Corp. | 74,197 | |
449 | 2 | Wynn Resorts Ltd. | 38,367 |
2,104 | Yum! Brands, Inc. | 263,358 | |
TOTAL | 36,382,857 | ||
Consumer Staples—6.0% | |||
17,999 | Altria Group, Inc. | 915,789 | |
6,851 | Archer-Daniels-Midland Co. | 513,825 | |
1,497 | Brown-Forman Corp., Class B | 100,943 | |
2,002 | Campbell Soup Co. | 88,328 | |
2,260 | Church and Dwight, Inc. | 231,989 | |
1,158 | Clorox Co. | 194,382 | |
7,105 | Colgate-Palmolive Co. | 585,807 | |
1,181 | Constellation Brands, Inc., Class A | 280,783 | |
3,585 | Costco Wholesale Corp. | 1,810,891 | |
1,850 | Estee Lauder Cos., Inc., Class A | 576,811 |
2
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Consumer Staples—continued | |||
5,294 | General Mills, Inc. | $363,592 | |
1,325 | Hershey Foods Corp. | 261,118 | |
2,894 | Hormel Foods Corp. | 137,378 | |
2,911 | Kimberly-Clark Corp. | 400,699 | |
4,792 | Kraft Heinz Co./The | 171,554 | |
4,886 | Kroger Co. | 212,981 | |
324 | McCormick & Co., Inc. | 32,500 | |
803 | Molson Coors Beverage Company, Class B | 38,271 | |
11,618 | Mondelez International, Inc. | 778,754 | |
4,722 | 2 | Monster Beverage Corp. | 409,492 |
11,223 | PepsiCo, Inc. | 1,947,415 | |
12,095 | Philip Morris International, Inc. | 1,243,971 | |
19,517 | Procter & Gamble Co. | 3,131,503 | |
638 | Smucker (J.M.) Co. | 89,690 | |
3,971 | Sysco Corp. | 310,334 | |
33,728 | The Coca-Cola Co. | 2,057,745 | |
1,988 | Tyson Foods, Inc., Class A | 180,689 | |
5,096 | Walgreens Boots Alliance, Inc. | 253,577 | |
11,575 | WalMart, Inc. | 1,618,301 | |
TOTAL | 18,939,112 | ||
Energy—3.2% | |||
7,796 | APA Corp. | 258,905 | |
477 | Baker Hughes a GE Co. LLC | 13,089 | |
14,038 | Chevron Corp. | 1,843,611 | |
10,090 | ConocoPhillips | 894,176 | |
5,539 | Coterra Energy, Inc., Class A | 121,304 | |
8,262 | Devon Energy Corp. | 417,809 | |
2,579 | Diamondback Energy, Inc. | 325,367 | |
4,305 | EOG Resources, Inc. | 479,921 | |
33,287 | Exxon Mobil Corp. | 2,528,480 | |
6,859 | Halliburton Co. | 210,846 | |
1,784 | Hess Corp. | 164,645 | |
17,559 | Kinder Morgan, Inc. | 304,824 | |
14,759 | Marathon Oil Corp. | 287,358 | |
4,412 | Marathon Petroleum Corp. | 316,561 | |
5,972 | Occidental Petroleum Corp. | 224,965 | |
3,460 | ONEOK, Inc. | 209,953 | |
3,943 | Phillips 66 | 334,327 | |
1,635 | Pioneer Natural Resources, Inc. | 357,885 | |
6,818 | Schlumberger Ltd. | 266,379 | |
1,371 | Valero Energy Corp. | 113,752 | |
10,908 | Williams Cos., Inc. | 326,586 | |
TOTAL | 10,000,743 | ||
Financials—10.8% | |||
4,314 | Aflac, Inc. | 271,005 | |
2,016 | Allstate Corp. | 243,271 | |
4,815 | American Express Co. | 865,833 | |
9,484 | American International Group, Inc. | 547,701 | |
788 | Ameriprise Financial, Inc. | 239,796 | |
1,866 | Aon PLC | 515,837 |
3
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
250 | Assurant, Inc. | $38,128 | |
56,800 | Bank of America Corp. | 2,620,752 | |
5,526 | Bank of New York Mellon Corp. | 327,471 | |
14,727 | 2 | Berkshire Hathaway, Inc., Class B | 4,609,846 |
1,135 | BlackRock, Inc. | 934,037 | |
4,464 | Capital One Financial Corp. | 655,003 | |
1,090 | Cboe Global Markets, Inc. | 129,198 | |
10,122 | Charles Schwab Corp. | 887,699 | |
3,278 | Chubb Ltd. | 646,684 | |
927 | Cincinnati Financial Corp. | 109,228 | |
18,426 | Citigroup, Inc. | 1,199,901 | |
2,733 | Citizens Financial Group, Inc. | 140,668 | |
3,007 | CME Group, Inc. | 690,106 | |
685 | Comerica, Inc. | 63,554 | |
2,067 | Discover Financial Services | 239,255 | |
198 | Everest Re Group Ltd. | 56,113 | |
367 | FactSet Research Systems | 154,834 | |
4,734 | Fifth Third Bancorp | 211,278 | |
1,585 | First Republic Bank | 275,140 | |
1,320 | Franklin Resources, Inc. | 42,200 | |
705 | Gallagher (Arthur J.) & Co. | 111,348 | |
398 | Globe Life, Inc. | 40,715 | |
3,107 | Goldman Sachs Group, Inc. | 1,101,991 | |
1,289 | Huntington Bancshares, Inc. | 19,412 | |
3,338 | Intercontinental Exchange, Inc. | 422,791 | |
9,673 | Invesco Ltd. | 219,190 | |
23,792 | JPMorgan Chase & Co. | 3,535,491 | |
6,080 | KeyCorp | 152,365 | |
3,705 | Lincoln National Corp. | 259,276 | |
1,055 | Loews Corp. | 62,941 | |
177 | M & T Bank Corp. | 29,980 | |
4,217 | Marsh & McLennan Cos., Inc. | 647,900 | |
8,279 | MetLife, Inc. | 555,190 | |
1,371 | Moody's Corp. | 470,253 | |
9,888 | Morgan Stanley | 1,013,916 | |
711 | MSCI, Inc., Class A | 381,181 | |
965 | NASDAQ, Inc. | 172,938 | |
1,393 | Northern Trust Corp. | 162,480 | |
1,622 | People's United Financial, Inc. | 31,434 | |
3,286 | PNC Financial Services Group | 676,883 | |
1,537 | Principal Financial Group, Inc. | 112,293 | |
3,139 | Progressive Corp., OH | 341,084 | |
4,478 | Prudential Financial, Inc. | 499,610 | |
1,160 | Raymond James Financial, Inc. | 122,809 | |
14,797 | Regions Financial Corp. | 339,443 | |
1,990 | S&P Global, Inc. | 826,288 | |
397 | Signature Bank | 120,938 | |
2,579 | State Street Corp. | 243,716 | |
237 | 2 | SVB Financial Group | 138,384 |
7,683 | Synchrony Financial | 327,219 |
4
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
1,629 | T. Rowe Price Group, Inc. | $251,566 | |
2,261 | The Hartford Financial Services Group, Inc. | 162,498 | |
2,018 | The Travelers Cos., Inc. | 335,351 | |
11,191 | Truist Financial Corp. | 703,019 | |
10,987 | U.S. Bancorp | 639,334 | |
31,207 | Wells Fargo & Co. | 1,678,937 | |
1,130 | Willis Towers Watson PLC | 264,375 | |
3,735 | Zions Bancorporation, N.A. | 253,308 | |
TOTAL | 34,142,385 | ||
Health Care—12.8% | |||
14,350 | Abbott Laboratories | 1,829,051 | |
14,354 | AbbVie, Inc. | 1,964,919 | |
413 | 2 | Abiomed, Inc. | 122,194 |
1,371 | Agilent Technologies, Inc. | 191,008 | |
621 | 2 | Align Technology, Inc. | 307,370 |
1,204 | AmerisourceBergen Corp. | 163,985 | |
3,788 | Amgen, Inc. | 860,406 | |
2,290 | Anthem, Inc. | 1,009,867 | |
2,117 | Baxter International, Inc. | 180,876 | |
2,416 | Becton Dickinson & Co. | 614,002 | |
382 | Bio-Techne Corp. | 143,789 | |
1,197 | 2 | Biogen, Inc. | 270,522 |
11,893 | 2 | Boston Scientific Corp. | 510,210 |
20,260 | Bristol-Myers Squibb Co. | 1,314,671 | |
1,737 | Cardinal Health, Inc. | 89,577 | |
124 | 2 | Catalent, Inc. | 12,887 |
6,560 | 2 | Centene Corp. | 510,106 |
2,746 | Cerner Corp. | 250,435 | |
431 | 2 | Charles River Laboratories International, Inc. | 142,127 |
2,502 | CIGNA Corp. | 576,611 | |
346 | Cooper Cos., Inc. | 137,812 | |
10,228 | CVS Health Corp. | 1,089,384 | |
5,177 | Danaher Corp. | 1,479,535 | |
511 | 2 | Davita, Inc. | 55,377 |
1,324 | Dentsply Sirona, Inc. | 70,728 | |
476 | 2 | Dexcom, Inc. | 204,909 |
6,304 | 2 | Edwards Lifesciences Corp. | 688,397 |
6,226 | Eli Lilly & Co. | 1,527,798 | |
10,247 | Gilead Sciences, Inc. | 703,764 | |
1,291 | HCA Healthcare, Inc. | 309,905 | |
679 | 2 | Henry Schein, Inc. | 51,129 |
2,269 | 2 | Hologic, Inc. | 159,375 |
681 | Humana, Inc. | 267,293 | |
729 | 2 | IDEXX Laboratories, Inc. | 369,822 |
1,331 | 2 | Illumina, Inc. | 464,279 |
3,691 | 2 | Incyte Genomics, Inc. | 274,352 |
3,322 | 2 | Intuitive Surgical, Inc. | 944,046 |
2,117 | 2 | IQVIA Holdings, Inc. | 518,453 |
21,201 | Johnson & Johnson | 3,652,720 | |
1,273 | 2 | Laboratory Corp. of America Holdings | 345,441 |
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Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
1,898 | McKesson Corp. | $487,255 | |
10,693 | Medtronic PLC | 1,106,619 | |
20,396 | Merck & Co., Inc. | 1,661,866 | |
204 | 2 | Mettler-Toledo International, Inc. | 300,427 |
2,865 | 2 | Moderna, Inc. | 485,130 |
7,227 | Organon & Co. | 230,614 | |
1,176 | PerkinElmer, Inc. | 202,472 | |
47,390 | Pfizer, Inc. | 2,496,979 | |
978 | Quest Diagnostics, Inc. | 132,050 | |
894 | 2 | Regeneron Pharmaceuticals, Inc. | 544,079 |
542 | ResMed, Inc. | 123,901 | |
911 | STERIS PLC | 204,428 | |
2,806 | Stryker Corp. | 696,028 | |
473 | Teleflex, Inc. | 146,720 | |
3,194 | Thermo Fisher Scientific, Inc. | 1,856,672 | |
7,456 | UnitedHealth Group, Inc. | 3,523,482 | |
2,178 | 2 | Vertex Pharmaceuticals, Inc. | 529,363 |
7,232 | Viatris, Inc. | 108,263 | |
37 | 2 | Waters Corp. | 11,844 |
237 | West Pharmaceutical Services, Inc. | 93,193 | |
1,513 | Zimmer Biomet Holdings, Inc. | 186,129 | |
3,642 | Zoetis, Inc. | 727,635 | |
TOTAL | 40,234,281 | ||
Industrials—7.6% | |||
4,778 | 3M Co. | 793,244 | |
4,206 | 2 | Alaska Air Group, Inc. | 230,236 |
956 | Allegion PLC | 117,330 | |
3,259 | 2 | American Airlines Group, Inc. | 53,676 |
2,033 | Ametek, Inc. | 278,053 | |
3,724 | 2 | Boeing Co. | 745,694 |
3,990 | Carrier Global Corp. | 190,243 | |
4,472 | Caterpillar, Inc. | 901,376 | |
355 | Cintas Corp. | 138,993 | |
2,783 | 2 | Copart, Inc. | 359,703 |
18,442 | CSX Corp. | 631,085 | |
1,204 | Cummins, Inc. | 265,940 | |
2,343 | Deere & Co. | 881,905 | |
4,228 | 2 | Delta Air Lines, Inc. | 167,809 |
2,065 | Dover Corp. | 350,864 | |
2,995 | Eaton Corp. PLC | 474,498 | |
6,454 | Emerson Electric Co. | 593,445 | |
1,518 | Equifax, Inc. | 363,956 | |
189 | Expeditors International Washington, Inc. | 21,637 | |
5,089 | Fastenal Co. | 288,445 | |
2,084 | FedEx Corp. | 512,372 | |
2,497 | Fortive Corp. | 176,138 | |
527 | 2 | Generac Holdings, Inc. | 148,814 |
2,616 | General Dynamics Corp. | 554,854 | |
8,426 | General Electric Co. | 796,089 | |
5,647 | Honeywell International, Inc. | 1,154,699 |
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Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
1,999 | Howmet Aerospace, Inc. | $62,149 | |
510 | Hunt (J.B.) Transportation Services, Inc. | 98,195 | |
1,156 | Huntington Ingalls Industries, Inc. | 216,403 | |
739 | IDEX Corp. | 159,210 | |
3,192 | IHS Markit Ltd. | 372,794 | |
1,637 | Illinois Tool Works, Inc. | 382,927 | |
3,121 | Ingersoll-Rand, Inc. | 175,431 | |
879 | Jacobs Engineering Group, Inc. | 114,428 | |
5,259 | Johnson Controls International PLC | 382,172 | |
1,433 | L3Harris Technologies, Inc. | 299,913 | |
2,051 | Lockheed Martin Corp. | 798,106 | |
4,244 | Masco Corp. | 268,773 | |
1,311 | Nielsen Holdings PLC | 24,725 | |
1,943 | Norfolk Southern Corp. | 528,477 | |
773 | Northrop Grumman Corp. | 285,933 | |
654 | Old Dominion Freight Lines, Inc. | 197,462 | |
3,756 | Otis Worldwide Corp. | 320,875 | |
935 | PACCAR, Inc. | 86,946 | |
930 | Parker-Hannifin Corp. | 288,309 | |
886 | Pentair PLC | 56,438 | |
11,569 | Raytheon Technologies Corp. | 1,043,408 | |
1,444 | Republic Services, Inc. | 184,341 | |
596 | Robert Half International, Inc. | 67,503 | |
966 | Rockwell Automation, Inc. | 279,387 | |
2,765 | Rollins, Inc. | 85,300 | |
1,166 | Roper Technologies, Inc. | 509,729 | |
1,200 | Smith (A.O.) Corp. | 91,704 | |
283 | Snap-On, Inc. | 58,935 | |
8,718 | 2 | Southwest Airlines Co. | 390,218 |
1,177 | Stanley Black & Decker, Inc. | 205,563 | |
3,874 | Textron, Inc. | 263,664 | |
2,053 | Trane Technologies PLC | 355,374 | |
692 | 2 | Transdigm Group, Inc. | 426,403 |
5,260 | Union Pacific Corp. | 1,286,333 | |
1,797 | 2 | United Airlines Holdings, Inc. | 77,055 |
5,973 | United Parcel Service, Inc. | 1,207,800 | |
484 | 2 | United Rentals, Inc. | 154,938 |
1,424 | Verisk Analytics, Inc. | 279,289 | |
35 | W.W. Grainger, Inc. | 17,329 | |
1,139 | Wabtec Corp. | 101,257 | |
3,263 | Waste Management, Inc. | 490,886 | |
1,324 | Xylem, Inc. | 139,046 | |
TOTAL | 24,026,226 | ||
Information Technology—27.8% | |||
4,964 | Accenture PLC | 1,755,171 | |
3,782 | 2 | Adobe, Inc. | 2,020,723 |
9,869 | 2 | Advanced Micro Devices, Inc. | 1,127,533 |
1,567 | 2 | Akamai Technologies, Inc. | 179,500 |
2,886 | Amphenol Corp., Class A | 229,697 | |
4,474 | Analog Devices, Inc. | 733,602 |
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Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
645 | 2 | Ansys, Inc. | $219,307 |
123,524 | Apple, Inc. | 21,589,525 | |
7,424 | Applied Materials, Inc. | 1,025,848 | |
1,548 | 2 | Arista Networks, Inc. | 192,432 |
1,872 | 2 | Autodesk, Inc. | 467,607 |
3,288 | Automatic Data Processing, Inc. | 677,887 | |
3,322 | Broadcom, Inc. | 1,946,293 | |
1,003 | Broadridge Financial Solutions | 159,698 | |
2,037 | 2 | Cadence Design Systems, Inc. | 309,909 |
244 | CDW Corp. | 46,128 | |
1,052 | 2 | Ceridian HCM Holding, Inc. | 79,763 |
33,150 | Cisco Systems, Inc. | 1,845,461 | |
3,821 | Cognizant Technology Solutions Corp. | 326,390 | |
6,983 | Corning, Inc. | 293,565 | |
250 | 2 | Enphase Energy, Inc. | 35,118 |
701 | 2 | EPAM Systems, Inc. | 333,774 |
347 | 2 | F5, Inc. | 72,044 |
5,042 | Fidelity National Information Services, Inc. | 604,637 | |
3,239 | 2 | Fiserv, Inc. | 342,362 |
1,572 | 2 | Fortinet, Inc. | 467,261 |
1,140 | 2 | Gartner, Inc., Class A | 335,035 |
2,565 | Global Payments, Inc. | 384,442 | |
782 | Henry Jack & Associates, Inc. | 131,227 | |
20,999 | Hewlett Packard Enterprise Co. | 342,914 | |
8,817 | HP, Inc. | 323,848 | |
6,909 | IBM Corp. | 922,835 | |
35,576 | Intel Corp. | 1,736,820 | |
2,510 | Intuit, Inc. | 1,393,627 | |
7,311 | Juniper Networks, Inc. | 254,569 | |
2,265 | 2 | Keysight Technologies, Inc. | 382,377 |
1,290 | KLA Corp. | 502,158 | |
889 | Lam Research Corp. | 524,439 | |
6,962 | Mastercard, Inc. | 2,689,978 | |
4,156 | Microchip Technology, Inc. | 322,007 | |
9,072 | Micron Technology, Inc. | 746,353 | |
59,957 | Microsoft Corp. | 18,645,428 | |
389 | Monolithic Power Systems | 156,740 | |
1,228 | Motorola, Inc. | 284,822 | |
3,576 | NetApp, Inc. | 309,360 | |
10,828 | NortonLifeLock, Inc. | 281,636 | |
19,906 | NVIDIA Corp. | 4,874,183 | |
1,978 | NXP Semiconductors NV | 406,360 | |
11,349 | Oracle Corp. | 921,085 | |
1,296 | Paychex, Inc. | 152,617 | |
423 | 2 | Paycom Software, Inc. | 141,832 |
9,548 | 2 | PayPal Holdings, Inc. | 1,641,683 |
1,948 | 2 | Qorvo, Inc. | 267,421 |
9,828 | Qualcomm, Inc. | 1,727,369 | |
7,913 | 2 | Salesforce.com, Inc. | 1,840,801 |
1,538 | Seagate Technology Holdings PLC | 164,797 |
8
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
1,848 | 2 | ServiceNow, Inc. | $1,082,522 |
1,534 | Skyworks Solutions, Inc. | 224,762 | |
529 | 2 | Solaredge Technologies, Inc. | 126,018 |
1,128 | 2 | Synopsys, Inc. | 350,244 |
2,408 | TE Connectivity Ltd. | 344,368 | |
401 | 2 | Teledyne Technologies, Inc. | 168,993 |
305 | Teradyne, Inc. | 35,816 | |
6,535 | Texas Instruments, Inc. | 1,172,967 | |
2,376 | 2 | Trimble, Inc. | 171,452 |
264 | 2 | Tyler Technologies, Inc. | 125,083 |
903 | 2 | Verisign, Inc. | 196,114 |
13,536 | Visa, Inc., Class A | 3,061,437 | |
1,932 | 2 | Western Digital Corp. | 99,962 |
1,821 | Xilinx, Inc. | 352,455 | |
480 | 2 | Zebra Technologies Corp., Class A | 244,378 |
TOTAL | 87,646,569 | ||
Materials—2.4% | |||
1,871 | Air Products & Chemicals, Inc. | 527,846 | |
797 | Albemarle Corp. | 175,930 | |
10,495 | Amcor PLC | 126,045 | |
518 | Avery Dennison Corp. | 106,408 | |
877 | Ball Corp. | 85,157 | |
4,166 | CF Industries Holdings, Inc. | 286,912 | |
5,148 | Corteva, Inc. | 247,516 | |
5,327 | Dow, Inc. | 318,182 | |
2,132 | DuPont de Nemours, Inc. | 163,311 | |
811 | Eastman Chemical Co. | 96,452 | |
2,128 | Ecolab, Inc. | 403,150 | |
15,847 | Freeport-McMoRan, Inc. | 589,825 | |
1,874 | International Flavors & Fragrances, Inc. | 247,218 | |
6,449 | International Paper Co. | 311,164 | |
4,185 | Linde PLC | 1,333,676 | |
3,870 | LyondellBasell Industries N.V. | 374,345 | |
426 | Martin Marietta Materials | 165,765 | |
2,092 | Mosaic Co./The | 83,575 | |
5,832 | Newmont Corp. | 356,743 | |
2,005 | Nucor Corp. | 203,307 | |
2,024 | PPG Industries, Inc. | 316,149 | |
704 | Sealed Air Corp. | 47,816 | |
2,017 | Sherwin-Williams Co. | 577,891 | |
906 | Vulcan Materials Co. | 172,421 | |
5,637 | WestRock Co. | 260,204 | |
TOTAL | 7,577,008 | ||
Real Estate—2.6% | |||
397 | Alexandria Real Estate Equities, Inc. | 77,351 | |
3,749 | American Tower Corp. | 942,873 | |
987 | Avalonbay Communities, Inc. | 241,055 | |
861 | Boston Properties, Inc. | 96,501 | |
4,162 | 2 | CBRE Group, Inc. | 421,777 |
2,664 | Crown Castle International Corp. | 486,207 |
9
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
2,449 | Digital Realty Trust, Inc. | $365,464 | |
519 | Duke Realty Corp. | 29,988 | |
527 | Equinix, Inc. | 382,022 | |
2,367 | Equity Residential Properties Trust | 210,024 | |
508 | Essex Property Trust, Inc. | 168,910 | |
1,013 | Extra Space Storage, Inc. | 200,766 | |
313 | Federal Realty Investment Trust | 39,904 | |
5,212 | Healthpeak Properties, Inc. | 184,348 | |
3,661 | 2 | Host Hotels & Resorts, Inc. | 63,482 |
1,627 | Mid-American Apartment Communities, Inc. | 336,268 | |
6,096 | ProLogis, Inc. | 955,975 | |
1,305 | Public Storage | 467,882 | |
4,255 | Realty Income Corp. | 295,340 | |
3,433 | Regency Centers Corp. | 246,318 | |
954 | SBA Communications Corp. | 310,470 | |
3,664 | Simon Property Group, Inc. | 539,341 | |
2,858 | UDR, Inc. | 162,449 | |
2,545 | Ventas, Inc. | 134,936 | |
5,171 | Vornado Realty Trust L.P. | 212,063 | |
3,095 | Welltower, Inc. | 268,120 | |
5,184 | Weyerhaeuser Co. | 209,589 | |
TOTAL | 8,049,423 | ||
Utilities—2.5% | |||
4,324 | AES Corp. | 95,906 | |
2,109 | Alliant Energy Corp. | 126,245 | |
277 | Ameren Corp. | 24,581 | |
3,663 | American Electric Power Co., Inc. | 331,135 | |
1,622 | American Water Works Co., Inc. | 260,818 | |
2,795 | CMS Energy Corp. | 179,942 | |
2,452 | Consolidated Edison Co. | 211,975 | |
6,868 | Dominion Energy, Inc. | 553,973 | |
2,858 | DTE Energy Co. | 344,189 | |
7,651 | Duke Energy Corp. | 803,814 | |
711 | Edison International | 44,644 | |
179 | Entergy Corp. | 20,007 | |
1,368 | Evergy, Inc. | 88,865 | |
3,092 | EverSource Energy | 276,703 | |
10,714 | Exelon Corp. | 620,876 | |
8,261 | FirstEnergy Corp. | 346,631 | |
16,008 | NextEra Energy, Inc. | 1,250,545 | |
1,963 | NiSource, Inc. | 57,280 | |
1,163 | NRG Energy, Inc. | 46,439 | |
439 | Pinnacle West Capital Corp. | 30,559 | |
11,346 | PPL Corp. | 336,749 | |
4,207 | Public Service Enterprises Group, Inc. | 279,892 | |
2,304 | Sempra Energy | 318,321 | |
7,994 | Southern Co. | 555,503 | |
2,839 | WEC Energy Group, Inc. | 275,497 |
10
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Utilities—continued | |||
4,759 | Xcel Energy, Inc. | $331,512 | |
TOTAL | 7,812,601 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $76,789,450) | 305,426,437 | ||
INVESTMENT COMPANIES—3.0% | |||
58,847 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%4 | 58,847 | |
9,563,916 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%4 | 9,562,960 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $9,622,602) | 9,621,807 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $86,412,052) | 315,048,244 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 301,674 | ||
TOTAL NET ASSETS—100% | $315,349,918 |
At January 31, 2022, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized (Depreciation) |
Long Futures: | ||||
2S&P 500 E-Mini Index | 46 | $10,359,775 | March 2022 | $(297,958) |
Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
The average notional value of long futures contracts held by the Fund throughout the period was $11,177,075. This is based on amounts held as of each month-end throughout the three month fiscal period.
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, 2022, 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 10/31/2021 | $35,250 | $8,622,325 | $8,657,575 |
Purchases at Cost | $702,360 | $12,426,596 | $13,128,956 |
Proceeds from Sales | $(678,763) | $(11,483,330) | $(12,162,093) |
Change in Unrealized Appreciation/Depreciation | N/A | $(2,540) | $(2,540) |
Net Realized Gain/(Loss) | N/A | $(91) | $(91) |
Value as of 1/31/2022 | $58,847 | $9,562,960 | $9,621,807 |
Shares Held as of 1/31/2022 | 58,847 | 9,563,916 | 9,622,763 |
Dividend Income | $3 | $1,194 | $1,197 |
*
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 $10,359,775 at January 31, 2022, which represents 3.3% 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%.
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 |
$59,119 | $58,847 |
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
11
Note: The categories of investments are shown as a percentage of total net assets at January 31, 2022.
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, 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 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.
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 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.
12
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, 2022, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
13