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Federated Index Trust

Filed: 28 Jun 21, 8:27am

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

 

 

 

 

811-6061

 

(Investment Company Act File Number)

 

 

Federated Hermes Index Trust

______________________________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 10/31/21

 

 

Date of Reporting Period: Six months ended 04/30/21

 

 

 

 

 

 

 

Item 1. Reports to Stockholders

Semi-Annual Shareholder Report
April 30, 2021
Share Class | Ticker
Institutional | FMCRX
Service | FMDCX
R6 | FMCLX
 

Federated Hermes Mid-Cap Index Fund
Fund Established 1992

A Portfolio of Federated Hermes Index Trust
Dear Valued Shareholder,
I am pleased to present the Semi-Annual Shareholder Report for your fund covering the period from November 1, 2020 through April 30, 2021.
While the pandemic continues to present challenges to our lives, families and businesses, I want you to know that Federated Hermes remains dedicated to helping you successfully navigate the markets ahead. You can count on us for the insights, investment management knowledge and client service that you have come to expect. Please refer to our website, FederatedInvestors.com, for timely updates on this and other economic and market matters.
Thank you for investing with us. I hope you find this information useful and look forward to keeping you informed.
Sincerely,
J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments Summary Table (unaudited)
At April 30, 2021, the Fund’s sector composition1 for its equity securities investments was as follows:
Sector Composition
Percentage of
Total Net Assets
Industrials
18.0%
Financials
15.4%
Consumer Discretionary
14.3%
Information Technology
13.5%
Health Care
11.5%
Real Estate
9.1%
Materials
6.1%
Consumer Staples
3.5%
Utilities
3.3%
Communication Services
1.7%
Energy
1.2%
Securities Lending Collateral2
0.5%
Cash Equivalents3
2.8%
Derivative Contracts4
0.0%
Other Assets and Liabilities—Net5
(0.9)%
TOTAL6
100%
1
Except for Securities Lending Collateral, Cash Equivalents, Derivative Contracts and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS), except that the Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager does not have access to the classification made by the GICS.
2
Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements.
3
Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral.
4
Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as, applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation) and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
5
Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.
6
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 Standard & Poor’s MidCap 400 Index (S&P 400) and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund’s effective total exposure to the S&P 400 is effectively 100.3%.
Semi-Annual Shareholder Report
1

Portfolio of Investments
April 30, 2021 (unaudited)
Shares
 
 
Value
 
1
COMMON STOCKS—97.6%
 
 
 
Communication Services—1.7%
 
1,073
 
Cable One, Inc.
$1,920,670
11,826
2
Cinemark Holdings, Inc.
250,711
24,407
2
Iridium Communications, Inc.
927,222
28,443
 
New York Times Co., Class A
1,291,597
41,101
 
Tegna, Inc.
824,486
19,033
 
Telephone and Data System, Inc.
437,378
19,385
2
TripAdvisor, Inc.
913,615
8,625
 
Wiley (John) & Sons, Inc., Class A
491,108
9,885
 
World Wrestling Entertainment, Inc.
544,762
19,136
2
Yelp, Inc.
752,045
 
 
TOTAL
8,353,594
 
 
Consumer Discretionary—14.3%
 
17,739
2
Adient PLC
822,025
10,564
2
Adtalem Global Education, Inc.
362,451
30,143
 
American Eagle Outfitters, Inc.
1,042,044
13,319
2
AutoNation, Inc.
1,364,931
46,747
 
Block (H&R), Inc.
1,040,588
16,090
2
Boyd Gaming Corp.
1,064,354
15,147
 
Brunswick Corp.
1,622,698
33,764
2
Capri Holdings Ltd.
1,859,721
9,180
2
Carter’s, Inc.
998,692
5,615
2
Choice Hotels International, Inc.
638,987
5,893
 
Churchill Downs, Inc.
1,246,369
6,436
 
Columbia Sportswear Co.
701,588
3,368
 
Cracker Barrel Old Country Store, Inc.
564,039
28,621
 
Dana, Inc.
724,111
5,566
2
Deckers Outdoor Corp.
1,882,421
12,722
 
Dick’s Sporting Goods, Inc.
1,050,583
11,005
2
Five Below, Inc.
2,214,976
20,379
 
Foot Locker, Inc.
1,201,953
6,545
2
Fox Factory Holding Corp.
1,002,890
48,928
 
Gentex Corp.
1,721,287
46,158
2
Goodyear Tire & Rubber Co.
794,379
722
 
Graham Holdings Co.
458,910
9,182
2
Grand Canyon Education, Inc.
994,319
Semi-Annual Shareholder Report
2

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
14,840
2
GrubHub, Inc.
$1,009,714
35,194
 
Harley-Davidson, Inc.
1,702,334
3,738
2
Helen of Troy Ltd.
789,503
4,404
 
Jack in the Box, Inc.
531,343
16,509
 
KB HOME
796,229
31,466
 
Kohl’s Corp.
1,845,796
10,888
 
Lear Corp.
2,001,650
5,165
 
Lithia Motors, Inc., Class A
1,985,323
8,148
2
Marriott Vacations Worldwide Corp.
1,447,329
68,856
2
Mattel, Inc.
1,477,650
4,656
 
Murphy USA, Inc.
649,046
16,234
2
Nordstrom, Inc.
595,463
11,114
2
Ollie’s Bargain Outlet Holding, Inc.
1,025,489
6,528
 
Papa Johns International, Inc.
631,388
11,584
 
Polaris, Inc., Class A
1,622,108
3,219
2,3
RH
2,214,736
15,383
2
Scientific Games Corp.
900,213
33,160
 
Service Corp. International
1,772,070
10,398
2
Six Flags Entertainment Corp.
488,498
21,597
2
Skechers USA, Inc., Class A
1,047,239
4,807
 
Strategic Education, Inc.
360,813
23,854
2
Taylor Morrison Home Corp.
744,483
37,719
 
Tempur Sealy International, Inc.
1,438,603
12,944
2
Texas Roadhouse, Inc.
1,385,267
35,521
 
The Wendy’s Co.
801,709
9,352
 
Thor Industries, Inc.
1,324,150
21,251
 
Toll Brothers, Inc.
1,332,438
6,378
2
TopBuild Corp.
1,418,340
20,383
 
Travel + Leisure Co.
1,315,315
21,216
2
Tri Pointe Homes, Inc.
505,365
13,753
2
Urban Outfitters, Inc.
493,733
5,633
2
Visteon Corp.
686,156
16,467
 
Williams-Sonoma, Inc.
2,811,740
5,946
 
Wingstop, Inc.
941,906
2,838
2
WW International, Inc.
78,726
18,579
 
Wyndham Hotels & Resorts, Inc.
1,358,311
17,817
2
YETI Holdings, Inc.
1,521,928
 
 
TOTAL
68,426,420
Semi-Annual Shareholder Report
3

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Staples—3.5%
 
26,739
2
BJ’s Wholesale Club Holdings, Inc.
$1,194,431
7,097
 
Casey’s General Stores, Inc.
1,576,882
57,397
2
Coty, Inc. - CL A
574,544
35,097
2
Darling Ingredients, Inc.
2,437,487
12,359
 
Energizer Holdings, Inc.
609,299
39,442
 
Flowers Foods, Inc.
945,030
17,034
2
Grocery Outlet Holding Corp.
688,003
21,219
2
Hain Celestial Group, Inc.
870,191
13,223
 
Ingredion, Inc.
1,235,160
3,789
 
Lancaster Colony Corp.
699,866
9,700
 
Nu Skin Enterprises, Inc., Class A
512,742
9,010
2
Pilgrim’s Pride Corp.
215,880
12,224
2
Post Holdings, Inc.
1,390,847
3,957
 
Sanderson Farms, Inc.
651,045
21,509
2
Sprouts Farmers Market, Inc.
550,846
1,643
2
The Boston Beer Co., Inc., Class A
1,998,693
11,122
2
TreeHouse Foods, Inc.
529,407
 
 
TOTAL
16,680,353
 
 
Energy—1.2%
 
55,983
 
Antero Midstream Corp.
483,693
34,756
2
Championx Corp.
730,223
23,980
 
Cimarex Energy Co.
1,587,476
44,010
2
CNX Resources Corp.
590,614
55,171
2
EQT Corp.
1,053,766
78,737
 
Equitrans Midstream Corp.
642,494
15,546
 
Murphy Oil Corp.
263,194
11,431
 
World Fuel Services Corp.
353,561
 
 
TOTAL
5,705,021
 
 
Financials—15.4%
 
8,618
 
Affiliated Managers Group
1,388,963
2,826
2
Alleghany Corp.
1,918,769
13,826
 
American Financial Group, Inc.
1,698,662
29,232
 
Associated Banc-Corp.
639,888
18,677
 
BancorpSouth Bank
552,652
8,198
 
Bank of Hawaii Corp.
745,116
23,952
 
Bank OZK
981,792
17,900
2
Brighthouse Financial, Inc.
837,541
46,992
 
Brown & Brown
2,499,035
Semi-Annual Shareholder Report
4

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Financials—continued
 
14,062
 
Cathay Bancorp, Inc.
$569,230
15,199
 
CIT Group Holdings, Inc.
809,955
17,862
 
CNO Financial Group, Inc.
456,017
21,318
 
Commerce Bancshares, Inc.
1,658,754
9,171
 
Cullen Frost Bankers, Inc.
1,101,070
30,732
 
East West Bancorp, Inc.
2,340,242
21,232
 
Essent Group Ltd.
1,116,379
8,264
 
Evercore, Inc., Class A
1,158,034
7,541
 
FactSet Research Systems
2,535,435
19,681
 
Federated Hermes, Inc.
566,813
25,777
 
First American Financial Corp.
1,662,617
8,096
 
First Cash, Inc.
583,155
27,667
 
First Financial Bankshares, Inc.
1,357,896
96,816
 
First Horizon Corp.
1,770,765
63,979
 
FNB Corp. (PA)
824,689
32,607
 
Fulton Financial Corp.
555,949
18,440
 
Glacier Bancorp, Inc.
1,087,038
22,049
 
Hancock Whitney Corp.
1,019,546
6,949
 
Hanover Insurance Group, Inc.
961,116
30,068
 
Home Bancshares, Inc.
836,792
16,112
 
Interactive Brokers Group, Inc., Class A
1,152,330
10,799
 
International Bancshares Corp.
511,765
35,006
 
Janus Henderson Group PLC
1,203,856
38,578
 
Jefferies Financial Group, Inc.
1,254,171
12,031
 
Kemper Corp.
939,140
4,281
 
Kinsale Capital Group, Inc.
744,937
1,119
2,3
LendingTree, Inc.
231,062
4,511
 
Mercury General Corp.
280,900
83,566
 
MGIC Investment Corp.
1,273,546
50,203
 
Navient Corp.
844,917
109,776
 
New York Community Bancorp, Inc.
1,312,921
54,074
 
Old Republic International Corp.
1,331,302
17,548
 
PacWest Bancorp
761,759
14,902
 
Pinnacle Financial Partners, Inc.
1,306,011
9,208
 
Primerica, Inc.
1,471,162
8,557
 
PROG Holdings, Inc.
435,894
21,091
 
Prosperity Bancshares, Inc.
1,547,236
13,451
 
Reinsurance Group of America
1,755,759
Semi-Annual Shareholder Report
5

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Financials—continued
 
8,680
 
RenaissanceRe Holdings Ltd.
$1,465,271
5,900
 
RLI Corp.
657,614
22,742
 
SEI Investments Co.
1,397,268
11,606
 
Selective Insurance Group, Inc.
883,681
11,375
 
Signature Bank
2,860,926
78,909
 
SLM Corp.
1,551,351
38,564
 
Sterling Bancorp
969,113
20,342
 
Stifel Financial Corp.
1,407,463
29,321
 
Synovus Financial Corp.
1,373,982
25,479
 
TCF Financial Corp.
1,159,804
7,435
2
Texas Capital Bancshares, Inc.
510,264
11,679
 
Trustmark Corp.
378,516
8,217
 
UMB Financial Corp.
797,296
44,343
 
Umpqua Holdings Corp.
826,554
25,431
 
United Bankshares, Inc.
998,675
78,925
 
Valley National Bancorp
1,086,797
15,283
 
Washington Federal, Inc.
497,462
21,450
 
Webster Financial Corp. Waterbury
1,134,920
11,162
 
Wintrust Financial Corp.
860,590
 
 
TOTAL
73,410,125
 
 
Health Care—11.5%
 
21,332
2
Acadia Healthcare Co., Inc.
1,299,545
6,441
2
Amedisys, Inc.
1,738,104
20,458
2
Arrowhead Pharmaceuticals, Inc.
1,488,524
9,542
2
Avanos Medical, Inc.
412,310
7,685
 
Bio-Techne Corp.
3,285,261
10,249
2
Cantel Medical Corp.
900,990
9,951
2
Charles River Laboratories International, Inc.
3,308,210
3,651
 
Chemed Corp.
1,740,103
9,040
2
Emergent BioSolutions, Inc.
551,259
19,555
 
Encompass Health Corp.
1,659,437
31,592
2
Envista Holdings Corp.
1,367,302
62,280
2
Exelixis, Inc.
1,533,334
15,647
2
Globus Medical, Inc.
1,122,985
10,091
2
Haemonetics Corp.
678,721
25,785
2
Halozyme Therapeutics, Inc.
1,287,961
16,581
2
HealthEquity Inc.
1,259,659
13,274
 
Hill-Rom Holdings, Inc.
1,463,060
Semi-Annual Shareholder Report
6

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
3,958
2
ICU Medical, Inc.
$824,333
14,633
2
Integra Lifesciences Corp.
1,084,013
12,409
2
Jazz Pharmaceuticals Plc.
2,040,040
6,186
2
LHC Group, Inc.
1,288,358
1,838
2
Ligand Pharmaceuticals, Inc., Class B
268,146
6,652
2
Livanova PLC
564,555
10,166
2
Masimo Corp.
2,365,323
5,502
2
Medpace Holdings, Inc.
933,579
11,351
2
Molina Healthcare, Inc.
2,895,640
25,837
2
Nektar Therapeutics
506,664
10,977
2
Neogen Corp.
1,053,902
18,523
2
Neurocrine Biosciences, Inc.
1,750,238
10,612
2
NuVasive, Inc.
758,227
10,262
 
Patterson Cos., Inc.
329,821
5,879
2,3
Penumbra, Inc.
1,798,915
13,018
2
PRA Health Sciences, Inc.
2,172,574
7,230
2
Progyny, Inc.
411,459
5,937
2
Quidel Corp.
622,138
10,206
2
Repligen Corp.
2,160,712
9,184
2
Staar Surgical Co.
1,258,300
16,471
2
Syneos Health, Inc.
1,397,564
25,105
2
Tenet Healthcare Corp.
1,487,722
10,082
2
United Therapeutics Corp.
2,032,128
 
 
TOTAL
55,101,116
 
 
Industrials—18.0%
 
5,754
 
Acuity Brands, Inc.
1,067,482
29,083
2
AECOM
1,931,984
11,852
 
AGCO Corp.
1,729,444
10,000
2
ASGN, Inc.
1,051,800
12,871
2
Avis Budget Group, Inc.
1,153,370
10,979
2
Axon Enterprise, Inc.
1,664,526
7,060
 
Brinks Co. (The)
564,235
39,752
2
Builders Firstsource, Inc.
1,934,730
4,911
2
CACI International, Inc., Class A
1,251,618
10,317
 
Carlisle Cos., Inc.
1,977,253
9,846
2
Clean Harbors, Inc.
875,900
17,897
2
Colfax Corp.
808,765
17,219
 
CoreLogic, Inc.
1,372,354
Semi-Annual Shareholder Report
7

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
9,837
 
Crane Co.
$925,268
8,436
 
Curtiss Wright Corp.
1,078,964
24,979
 
Donaldson Co., Inc.
1,570,680
8,402
2
Dycom Industries, Inc.
788,192
12,762
 
Emcor Group, Inc.
1,528,888
8,472
 
EnerSys, Inc.
775,866
25,910
 
Flowserve Corp.
1,027,072
23,289
2
Fluor Corp.
535,181
5,056
2
FTI Consulting, Inc.
702,026
4,464
 
GATX Corp.
436,177
33,198
 
Graco, Inc.
2,549,606
14,725
 
Healthcare Services Group, Inc.
441,014
16,885
2
Hexcel Corp.
952,483
10,810
 
Hubbell, Inc.
2,075,628
26,437
2
IAA Spinco Inc.
1,660,508
6,865
 
Insperity, Inc.
600,962
19,559
 
ITT Corp.
1,844,609
51,529
2
Jet Blue Airways Corp.
1,049,130
28,445
2
KAR Auction Services, Inc.
426,391
28,148
 
KBR, Inc.
1,113,535
16,800
 
Kennametal, Inc.
674,688
11,934
2
Kirby Corp.
760,196
24,324
 
Knight-Swift Transportation Holdings, Inc.
1,146,147
7,494
 
Landstar System, Inc.
1,291,066
6,763
 
Lennox International, Inc.
2,267,904
11,806
 
Lincoln Electric Holdings
1,511,758
10,736
 
Manpower, Inc.
1,297,875
13,520
2
Mastec, Inc.
1,410,947
7,749
2
Mercury Systems, Inc.
583,035
10,992
2
Middleby Corp.
1,993,069
16,978
 
Miller Herman, Inc.
704,587
5,809
 
MSA Safety, Inc.
933,855
9,404
 
MSC Industrial Direct Co.
847,865
10,711
 
Nordson Corp.
2,264,413
34,671
 
nVent Electric PLC
1,055,732
13,668
 
OshKosh Truck Corp.
1,700,709
23,120
 
Owens Corning, Inc.
2,238,247
9,462
 
Regal Beloit Corp.
1,366,597
Semi-Annual Shareholder Report
8

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
10,606
 
Ryder System, Inc.
$846,783
11,382
 
Science Applications International Corp.
1,017,778
6,448
 
Simpson Manufacturing Co., Inc.
726,690
18,526
2
Stericycle, Inc.
1,413,163
27,215
2
SunRun, Inc.
1,333,535
13,779
 
Terex Corp.
647,475
10,775
 
Tetra Tech, Inc.
1,375,213
16,047
 
Timken Co.
1,345,862
23,328
 
Toro Co.
2,673,389
20,366
2
Trex Co., Inc.
2,199,324
17,636
 
Trinity Industries, Inc.
487,459
32,782
2
Univar, Inc.
765,460
3,997
 
Valmont Industries, Inc.
986,660
6,446
 
Watsco, Inc.
1,887,776
10,419
 
Werner Enterprises, Inc.
481,670
11,466
 
Woodward, Inc.
1,433,365
20,222
2
XPO Logistics, Inc.
2,813,285
 
 
TOTAL
85,949,218
 
 
Information Technology—13.5%
 
23,525
2
ACI Worldwide, Inc.
888,775
11,751
 
Alliance Data Systems Corp.
1,384,855
30,717
 
Amkor Technology, Inc.
621,098
14,288
2
Arrow Electronics, Inc.
1,629,832
19,056
 
Avnet, Inc.
836,940
9,418
 
Belden, Inc.
407,611
6,295
2
Blackbaud, Inc.
447,700
14,615
 
Brooks Automation, Inc.
1,480,938
24,441
 
CDK Global, Inc.
1,309,793
23,113
2
Ceridian HCM Holding, Inc.
2,183,716
30,618
2
Ciena Corp.
1,545,290
11,620
2
Cirrus Logic, Inc.
864,644
5,523
 
CMC Materials, Inc.
1,013,084
31,906
 
Cognex Corp.
2,747,745
4,903
2
Coherent, Inc.
1,274,731
9,629
2
Commvault Systems, Inc.
669,312
8,156
2
Concentrix Corp.
1,267,279
20,597
2
Cree, Inc.
2,047,754
5,814
2
Fair Isaac & Co., Inc.
3,031,478
Semi-Annual Shareholder Report
9

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
13,841
2
First Solar, Inc.
$1,059,252
34,540
 
Genpact Ltd.
1,641,686
20,785
2
II-VI, Inc.
1,395,505
8,580
2
j2 Global, Inc.
1,038,180
25,793
 
Jabil, Inc.
1,352,069
26,950
2
Lattice Semiconductor Corp.
1,355,854
4,831
 
Littelfuse, Inc.
1,281,374
13,381
2
LiveRamp Holdings, Inc.
655,401
15,212
2
Lumentum Holdings, Inc.
1,293,781
14,447
2
Manhattan Associates, Inc.
1,982,706
11,925
 
Maximus, Inc.
1,092,807
10,910
 
MKS Instruments, Inc.
1,954,090
26,081
 
National Instruments Corp.
1,080,014
31,584
2
NCR Corp.
1,444,968
15,492
2
NetScout Systems, Inc.
405,813
7,404
2
Paylocity Corp.
1,430,749
34,653
 
Perspecta, Inc.
1,014,293
6,770
2
Qualys, Inc.
686,207
48,674
2
Sabre Corp.
729,137
18,180
2
SailPoint Technologies Holding
887,729
16,036
2
Semtech Corp.
1,086,279
8,852
2
Silicon Laboratories, Inc.
1,247,689
10,176
2
Solaredge Technologies, Inc.
2,681,783
6,940
2
Synaptics, Inc.
970,698
10,280
 
Synnex Corp.
1,245,936
22,140
2
Teradata Corp.
1,095,266
8,472
 
Universal Display Corp.
1,895,102
8,623
2
ViaSat, Inc.
446,585
26,452
 
Vishay Intertechnology, Inc.
649,926
32,949
2
Vontier Corp.
1,032,622
9,719
2
WEX, Inc.
1,994,436
33,468
 
Xerox Holdings Corp.
807,918
 
 
TOTAL
64,588,430
 
 
Materials—6.1%
 
13,154
 
Aptargroup, Inc.
1,983,755
11,257
 
Ashland Global Holdings, Inc.
970,466
17,625
 
Avient Corp.
894,821
15,330
 
Cabot Corp.
841,310
Semi-Annual Shareholder Report
10

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Materials—continued
 
32,587
 
Chemours Co./The
$984,127
79,424
2,3
Cleveland-Cliffs, Inc.
1,418,513
25,118
 
Commercial Metals Corp.
733,948
3,371
 
Compass Minerals International, Inc.
228,958
9,956
 
Eagle Materials, Inc.
1,375,322
4,769
 
Greif, Inc., Class A
288,572
10,874
2
Ingevity Corp.
849,042
24,358
 
Louisiana-Pacific Corp.
1,604,705
6,355
 
Minerals Technologies, Inc.
496,580
882
 
Newmarket Corp.
305,692
28,397
 
Olin Corp.
1,221,923
14,020
 
Reliance Steel & Aluminum Co.
2,247,546
13,325
 
Royal Gold, Inc.
1,490,535
25,503
 
RPM International, Inc.
2,418,705
7,990
 
Scotts Miracle-Gro Co.
1,846,968
8,811
 
Sensient Technologies Corp.
724,617
14,657
 
Silgan Holdings, Inc.
618,086
20,496
 
Sonoco Products Co.
1,341,668
34,802
 
Steel Dynamics, Inc.
1,886,964
41,901
 
United States Steel Corp.
964,142
35,047
 
Valvoline, Inc.
1,100,476
6,533
 
Worthington Industries, Inc.
426,344
 
 
TOTAL
29,263,785
 
 
Real Estate—9.1%
 
27,660
 
American Campus Communities, Inc.
1,250,509
30,320
 
Apartment Income REIT Corp.
1,368,948
59,583
 
Brixmor Property Group, Inc.
1,331,084
21,231
 
Camden Property Trust
2,557,911
8,814
 
Coresite Realty Corp.
1,070,813
22,024
 
Corporate Office Properties Trust
617,553
29,034
 
Cousins Properties, Inc.
1,064,677
24,157
 
Cyrusone, Inc.
1,759,354
33,801
 
Douglas Emmett, Inc.
1,133,686
7,799
 
EastGroup Properties, Inc.
1,237,389
14,890
 
EPR PPTYS
710,402
25,199
 
First Industrial Realty Trust
1,254,154
34,808
 
Healthcare Realty Trust, Inc.
1,119,425
19,890
 
Highwoods Properties, Inc.
890,873
Semi-Annual Shareholder Report
11

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
31,330
 
Hudson Pacific Properties Inc.
$880,686
23,149
 
JBG Smith Properties
754,889
11,321
2
Jones Lang LaSalle, Inc.
2,127,329
17,606
 
Kilroy Realty Corp.
1,206,715
19,330
 
Lamar Advertising Co.
1,914,443
14,907
 
Life Storage, Inc.
1,431,967
6,193
 
Macerich Co. (The)
85,402
103,848
 
Medical PPTYS Trust, Inc.
2,289,848
34,698
 
National Retail Properties, Inc.
1,610,681
51,653
 
Omega Healthcare Investors, Inc.
1,962,814
47,856
2
Park Hotels & Resorts, Inc.
1,067,667
17,108
 
Pebblebrook Hotel Trust
408,539
29,404
 
Physicians Realty Trust
550,737
17,491
 
PotlatchDeltic Corp.
1,038,266
3,832
 
PS Business Parks, Inc.
622,202
25,776
 
Rayonier, Inc.
935,153
21,505
 
Rexford Industrial Realty, Inc.
1,194,603
41,431
 
Sabra Health Care REIT, Inc.
752,801
32,324
 
Service Properties Trust
398,070
14,257
 
SL Green Realty Corp.
1,055,161
22,988
 
Spirit Realty Capital, Inc.
1,092,850
40,621
 
STORE Capital Corp.
1,453,826
21,798
 
Urban Edge Properties
410,892
23,492
 
Weingarten Realty Investors
759,731
 
 
TOTAL
43,372,050
 
 
Utilities—3.3%
 
6,988
 
Allete, Inc.
491,676
12,569
 
Black Hills Corp.
867,010
38,764
 
Essential Utilities, Inc.
1,826,947
22,435
 
Hawaiian Electric Industries, Inc.
966,051
10,102
 
Idacorp, Inc.
1,035,253
46,700
 
MDU Resources Group, Inc.
1,562,582
18,728
 
National Fuel Gas Co.
930,033
18,715
 
New Jersey Resources Corp.
785,094
9,946
 
Northwestern Corp.
676,626
40,780
 
OGE Energy Corp.
1,368,577
10,236
 
ONE Gas, Inc.
823,691
17,518
 
PNM Resources, Inc.
864,688
Semi-Annual Shareholder Report
12

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Utilities—continued
 
11,001
 
Southwest Gas Holdings, Inc.
$766,990
10,430
 
Spire, Inc.
785,796
46,564
 
UGI Corp.
2,035,312
 
 
TOTAL
15,786,326
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $232,814,616)
466,636,438
 
 
INVESTMENT COMPANIES—3.3%
 
2,654,666
 
Federated Hermes Government Obligations Fund,
Premier Shares, 0.02%4
2,654,666
13,413,777
 
Federated Hermes Institutional Prime Value Obligations Fund,
Institutional Shares, 0.05%4
13,416,460
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $16,071,126)
16,071,126
 
 
TOTAL INVESTMENT IN SECURITIES—100.9%
(IDENTIFIED COST $248,885,742)5
482,707,564
 
 
OTHER ASSETS AND LIABILITIES – NET—(0.9)%6
(4,436,503)
 
 
TOTAL NET ASSETS—100%
$478,271,061
At April 30, 2021, the Fund had the following outstanding futures contracts:
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures
2S&P MidCap 400 E-Mini Index
47
$12,785,410
June 2021
$401,097
Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Semi-Annual Shareholder Report
13

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 April 30, 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
$11,771,107
$116,972,413
$128,743,520
Proceeds from Sales
$(57,432)
$(10,194,362)
$(108,341,572)
$(118,593,366)
Change in Unrealized
Appreciation/
Depreciation
$89,141
N/A
$312
$89,453
Net
Realized Gain/(Loss)
$17,215
N/A
$(804)
$16,411
Value as of 4/30/2021
$566,813
$2,654,666
$13,416,460
$16,637,939
Shares Held as
of 4/30/2021
19,681
2,654,666
13,413,777
16,088,124
Dividend Income
$32,834
$170
$3,899
$36,903
*
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 $12,785,410 at April 30, 2021, which represents 2.7% 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 100.3%.
2
Non-income-producing security.
3
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
4
7-day net yield.
5
Also represents cost for federal tax purposes.
6
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2021.
Semi-Annual Shareholder Report
14

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 April 30, 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
Semi-Annual Shareholder Report
15

Financial Highlights–Institutional Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$18.35
$20.69
$23.69
$27.75
$25.13
$27.25
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.11
0.20
0.26
0.32
0.261
0.341
Net realized and unrealized gain (loss)
7.36
(0.44)
1.37
(0.01)
5.22
1.03
TOTAL FROM
INVESTMENT OPERATIONS
7.47
(0.24)
1.63
0.31
5.48
1.37
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.12)
(0.22)
(0.27)
(0.31)
(0.28)
(0.32)
Distributions from net realized gain
(2.86)
(1.88)
(4.36)
(4.06)
(2.58)
(3.17)
TOTAL DISTRIBUTIONS
(2.98)
(2.10)
(4.63)
(4.37)
(2.86)
(3.49)
Net Asset Value, End of Period
$22.84
$18.35
$20.69
$23.69
$27.75
$25.13
Total Return2
44.26%
(1.41)%
8.63%
0.83%
23.19%
5.85%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
0.31%4
0.31%
0.31%
0.31%
0.31%
0.30%
Net investment income
1.13%4
1.22%
1.31%
1.28%
1.01%
1.40%
Expense waiver/reimbursement5
0.14%4
0.15%
0.12%
0.10%
0.12%
0.10%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$111,607
$87,376
$161,149
$154,139
$166,962
$161,135
Portfolio turnover
15%
34%
31%
29%
35%
33%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
16

Financial Highlights–Service Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$18.37
$20.70
$23.71
$27.77
$25.15
$27.26
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.08
0.17
0.21
0.26
0.20
0.281
Net realized and unrealized gain (loss)
7.37
(0.45)
1.36
(0.02)
5.21
1.04
TOTAL FROM
INVESTMENT OPERATIONS
7.45
(0.28)
1.57
0.24
5.41
1.32
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.09)
(0.17)
(0.22)
(0.24)
(0.21)
(0.26)
Distributions from net realized gain
(2.86)
(1.88)
(4.36)
(4.06)
(2.58)
(3.17)
TOTAL DISTRIBUTIONS
(2.95)
(2.05)
(4.58)
(4.30)
(2.79)
(3.43)
Net Asset Value, End of Period
$22.87
$18.37
$20.70
$23.71
$27.77
$25.15
Total Return2
44.10%
(1.63)%
8.32%
0.56%
22.86%
5.64%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
0.56%4
0.56%
0.56%
0.56%
0.56%
0.55%
Net investment income
0.88%4
0.95%
1.08%
1.03%
0.76%
1.16%
Expense waiver/reimbursement5
0.12%4
0.13%
0.11%
0.10%
0.09%
0.10%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$314,324
$251,645
$336,868
$434,678
$639,787
$660,471
Portfolio turnover
15%
34%
31%
29%
35%
33%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
17

Financial Highlights–Class R6 Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
Period
Ended
10/31/20161
2020
2019
2018
2017
Net Asset Value, Beginning of Period
$18.38
$20.71
$23.72
$27.78
$25.15
$25.29
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.11
0.22
0.26
0.32
0.262
0.012
Net realized and unrealized gain (loss)
7.37
(0.45)
1.36
(0.01)
5.23
(0.15)
TOTAL FROM
INVESTMENT OPERATIONS
7.48
(0.23)
1.62
0.31
5.49
(0.14)
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.12)
(0.22)
(0.27)
(0.31)
(0.28)
Distributions from net realized gain
(2.86)
(1.88)
(4.36)
(4.06)
(2.58)
TOTAL DISTRIBUTIONS
(2.98)
(2.10)
(4.63)
(4.37)
(2.86)
Net Asset Value, End of Period
$22.88
$18.38
$20.71
$23.72
$27.78
$25.15
Total Return3
44.25%
(1.35)%
8.59%
0.83%
23.23%
(0.55)%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses4
0.30%5
0.30%
0.30%
0.30%
0.30%
0.26%5
Net investment income
1.13%5
1.21%
1.34%
1.26%
0.96%
0.52%5
Expense waiver/reimbursement6
0.10%5
0.11%
0.08%
0.07%
0.06%
—%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$52,340
$37,590
$53,991
$46,064
$29,384
$07
Portfolio turnover
15%
34%
31%
29%
35%
33%8
1
Reflects operations for the period from October 18, 2016 (date of initial investment) to October 31, 2016.
2
Per share numbers have been calculated using the average shares method.
3
Based on net asset value. Total returns for periods of less than one year are not annualized.
4
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5
Computed on an annualized basis.
6
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
7
Represents less than $1,000.
8
Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2016.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
18

Statement of Assets and LiabilitiesApril 30, 2021 (unaudited)
Assets:
 
 
Investment in securities, at value including $2,570,683 of securities
loaned and $16,637,939 of investment in affiliated holdings* (identified
cost $248,885,742)
 
$482,707,564
Due from broker
 
688,500
Receivable for investments sold
 
478,903
Receivable for shares sold
 
320,921
Income receivable
 
131,138
Income receivable from affiliated holding
 
17,241
TOTAL ASSETS
 
484,344,267
Liabilities:
 
 
Payable for collateral due to broker for securities lending
$2,654,666
 
Payable for investments purchased
1,641,686
 
Payable for shares redeemed
1,415,886
 
Payable to Bank
14,661
 
Payable for variation margin on futures contracts
174,840
 
Payable for other service fees (Notes 2 and 5)
65,986
 
Payable for management fee (Note 5)
3,692
 
Accrued expenses (Note 5)
101,789
 
TOTAL LIABILITIES
 
6,073,206
Net assets for 20,921,907 shares outstanding
 
$478,271,061
Net Assets Consists of:
 
 
Paid-in capital
 
$201,440,026
Total distributable earnings (loss)
 
276,831,035
TOTAL NET ASSETS
 
$478,271,061
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
 
Institutional Shares:
 
 
Net asset value per share ($111,607,441 ÷ 4,887,054 shares
outstanding) no par value, unlimited shares authorized
 
$22.84
Service Shares:
 
 
Net asset value per share ($314,323,990 ÷ 13,746,902 shares
outstanding) no par value, unlimited shares authorized
 
$22.87
Class R6 Shares:
 
 
Net asset value per share ($52,339,630 ÷ 2,287,951 shares outstanding)
no par value, unlimited shares authorized
 
$22.88
*
See information listed after the Fund’s Portfolio of Investments.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
19

Statement of OperationsSix Months Ended April 30, 2021 (unaudited)
Investment Income:
 
 
 
Dividends (including $36,733 received from
affiliated holdings*)
 
 
$3,196,760
Net Income on securities loaned (includes $170 earned from
affiliated holdings related to cash collateral balances*)
(Note 2)
 
 
4,170
TOTAL INCOME
 
 
3,200,930
Expenses:
 
 
 
Management fee (Note 5)
 
$663,284
 
Administrative fee (Note 5)
 
1,134
 
Custodian fees
 
16,267
 
Transfer agent fees
 
111,687
 
Directors’/Trustees’ fees (Note 5)
 
2,743
 
Auditing fees
 
12,794
 
Legal fees
 
7,198
 
Other service fees (Notes 2 and 5)
 
356,009
 
Portfolio accounting fees
 
67,918
 
Share registration costs
 
28,661
 
Printing and postage
 
16,035
 
Miscellaneous (Note 5)
 
53,894
 
TOTAL EXPENSES
 
1,337,624
 
Waiver and Reimbursements:
 
 
 
Waiver/reimbursement of management fee (Note 5)
$(228,530)
 
 
Reimbursement of other operating expenses (Notes 2 and 5)
(49,976)
 
 
TOTAL WAIVER AND REIMBURSEMENTS
 
(278,506)
 
Net expenses
 
 
1,059,118
Net investment income
 
 
2,141,812
Semi-Annual Shareholder Report
20

Statement of Operations–continued
Realized and Unrealized Gain (Loss) on Investments and
Futures Contracts:
 
 
 
Net realized gain on investments (including realized gain of
$16,411 on sales of investments in affiliated holdings*)
 
 
$43,968,070
Net realized gain on futures contracts
 
 
4,106,210
Net change in unrealized appreciation of investments
(including net change in unrealized appreciation of $89,453
of investments in an affiliated holdings*)
 
 
107,313,628
Net change in unrealized appreciation of futures contracts
 
 
383,185
Net realized and unrealized gain (loss) on investments and
futures contracts
 
 
155,771,093
Change in net assets resulting from operations
 
 
$157,912,905
*
See information listed after the Fund’s Portfolio of Investments.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
21

Statement of Changes in Net Assets
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended
10/31/2020
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$2,141,812
$4,537,207
Net realized gain
48,074,280
56,612,110
Net change in unrealized appreciation/depreciation
107,696,813
(72,752,933)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
157,912,905
(11,603,616)
Distributions to Shareholders:
 
 
Institutional Shares
(14,201,606)
(14,910,440)
Service Shares
(39,780,400)
(32,784,880)
Class R6 Shares
(6,161,768)
(5,026,616)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS
TO SHAREHOLDERS
(60,143,774)
(52,721,936)
Share Transactions:
 
 
Proceeds from sale of shares
33,812,823
65,446,293
Net asset value of shares issued to shareholders in payment of
distributions declared
58,421,189
51,192,413
Cost of shares redeemed
(88,344,068)
(227,708,829)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
3,889,944
(111,070,123)
Change in net assets
101,659,075
(175,395,675)
Net Assets:
 
 
Beginning of period
376,611,986
552,007,661
End of period
$478,271,061
$376,611,986
See Notes which are an integral part of the Financial Statements
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Notes to Financial Statements
April 30, 2021 (unaudited)
1. ORGANIZATION
Federated Hermes Index Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of two portfolios. The financial statements included herein are only those of Federated Hermes Mid-Cap Index Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolio are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide investment results generally corresponding to the aggregate price and dividend performance of the publicly traded common stocks that comprise the mid-level stock capitalization sector of the U.S. equity market. This group of stocks is known as the S&P MidCap 400 Index.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
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
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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;
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■ 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.
Repurchase Agreements
The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Manager and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Investment Income, Gains and Losses, Expenses and Distributions
Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except
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that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursements of $278,506 is disclosed in various locations in this Note 2 and Note 5. For the six months ended April 30, 2021, transfer agent fees for the Fund were as follows:
 
Transfer Agent
Fees Incurred
Transfer Agent
Fees Reimbursed
Institutional Shares
$31,193
$(18,395)
Service Shares
77,039
(31,581)
Class R6 Shares
3,455
TOTAL
$111,687
$(49,976)
Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Other Service Fees
The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended April 30, 2021, other service fees for the Fund were as follows:
 
Other Service
Fees Incurred
Service Shares
$356,009
Federal Taxes
It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2021, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2021, tax years 2017 through 2020 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Futures Contracts
The Fund purchases stock index futures contracts to manage cash flows, enhance yield and to maintain exposure to the S&P MidCap 400 Index and to potentially reduce transaction costs. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified
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amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearing house, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.
Futures contracts outstanding at the period end are listed after the Fund’s Portfolio of Investments.
The average notional value of long futures contracts held by the Fund throughout the period was $12,481,301. This is based on amounts held as of each month-end throughout fiscal period.
Securities Lending
The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Manager. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.
Securities lending transactions are subject to Master Netting Agreements which are agreements between the Fund and its counter parties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amount but gross. As indicated below, the cash collateral received by the Fund exceeds the market value of the securities loaned reducing the net settlement amount to zero. The chart below identifies the amount of collateral received as well as the market value of securities on loan. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.
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As of April 30, 2021, securities subject to this type of arrangement and related collateral were as follows:
Market Value of
Securities Loaned
Collateral
Received
$2,570,683
$2,654,666
Additional Disclosure Related to Derivative Instruments
Fair Value of Derivative Instruments
 
 
Liability
 
Statement of
Assets and
Liabilities
Location
Fair
Value
Derivatives not accounted for as hedging
instruments under ASC Topic 815
 
 
Equity contracts
Payable for variation margin on
futures contracts
$(401,097)*
*
Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2021
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
 
Futures
Contracts
Equity Contracts
$4,106,210
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
 
Futures
Contracts
Equity Contracts
$383,185
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could materially differ from those estimated. The Fund applies investment company accounting and reporting guidance.
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3. SHARES OF BENEFICIAL INTEREST
The following tables summarize share activity:
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Institutional Shares:
Shares
Amount
Shares
Amount
Shares sold
558,322
$11,635,862
1,210,184
$21,267,418
Shares issued to shareholders in payment of
distributions declared
726,711
13,696,722
759,734
14,462,392
Shares redeemed
(1,159,149)
(23,890,823)
(4,998,532)
(91,016,876)
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE TRANSACTIONS
125,884
$1,441,761
(3,028,614)
$(55,287,066)
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Service Shares:
Shares
Amount
Shares
Amount
Shares sold
786,219
$16,557,990
2,192,153
$37,888,157
Shares issued to shareholders in payment of
distributions declared
2,054,441
38,744,279
1,666,166
31,823,950
Shares redeemed
(2,791,216)
(57,303,750)
(6,433,367)
(115,084,626)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
49,444
$(2,001,481)
(2,575,048)
$(45,372,519)
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Class R6 Shares:
Shares
Amount
Shares
Amount
Shares sold
266,454
$5,618,971
358,585
$6,290,718
Shares issued to shareholders in payment of
distributions declared
316,734
5,980,188
257,662
4,906,071
Shares redeemed
(340,513)
(7,149,495)
(1,177,349)
(21,607,327)
NET CHANGE RESULTING FROM
CLASS R6 SHARE TRANSACTIONS
242,675
$4,449,664
(561,102)
$(10,410,538)
NET CHANGE RESULTING FROM
TOTAL FUND SHARE TRANSACTIONS
418,003
$3,889,944
(6,164,764)
$(111,070,123)
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29

4. FEDERAL TAX INFORMATION
At April 30, 2021, the cost of investments for federal tax purposes was $248,885,742. The net unrealized appreciation of investments for federal tax purposes was $234,222,919. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $237,277,609 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,054,690. The amounts presented are inclusive of derivative contracts.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Management Fee
The management agreement between the Fund and the Manager provides for an annual fee equal to 0.30% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Manager may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2021, the Manager voluntarily waived $224,878 of its fee and reimbursed $49,976 of transfer agent fees.
The Manager has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended April 30, 2021, the Manager reimbursed $3,652.
Other Service Fees
For the six months ended April 30, 2021, FSSC received $7,292 of the other service fees disclosed in Note 2.
Expense Limitation
The Manager and certain of its affiliates (which may include FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares, Service Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.31%, 0.56% and 0.30% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Manager and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the six months ended April 30, 2021, the Fund engaged in a sale transaction with a fund that has a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. This sale transaction complied with Rule 17a-7 under the Act and amounted to $226,565. Net realized gain recognized on this transaction was $150,507.
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Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Manager which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended April 30, 2021, were as follows:
Purchases
$61,451,897
Sales
$117,963,252
7. LINE OF CREDIT
The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 24, 2020. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of April 30, 2021, the Fund had no outstanding loans. During the six months ended April 30, 2021, the Fund did not utilize the LOC.
8. INTERFUND LENDING
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2021, there were no outstanding loans. During the six months ended April 30, 2021, the program was not utilized.
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9. OTHER MATTERS
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short-term or may last for an extended period of time and has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies, (including certain Fund service providers and issuers of the Fund’s investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.
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Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020 to April 30, 2021.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
 
Beginning
Account Value
11/1/2020
Ending
Account Value
4/30/2021
Expenses Paid
During Period1
Actual:
 
 
 
Institutional Shares
$ 1,000.00
$ 1,442.60
$ 1.88
Service Shares
$ 1,000.00
$ 1,441.00
$ 3.39
Class R6 Shares
$ 1,000.00
$ 1,442.50
$ 1.82
Hypothetical (assuming a 5% return
before expenses):
 
 
 
Institutional Shares
$ 1,000.00
$ 1,023.26
$ 1.56
Service Shares
$ 1,000.00
$ 1,022.02
$ 2.81
Class R6 Shares
$ 1,000.00
$ 1,023.31
$1.51
1
Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:
Institutional Shares
0.31%
Service Shares
0.56%
Class R6 Shares
0.30%
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Evaluation and Approval of Advisory Contract–May 2020
Federated mid-cap index fund (the “Fund”)
(EFFECTIVE CLOSE OF BUSINESS ON JUNE 26, 2020, THE FUND’S NAME CHANGED TO FEDERATED HERMES MID-CAP INDEX FUND)
At its meetings in May 2020 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including a majority of those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Equity Management Company of Pennsylvania (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to continue the existing arrangements. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
Information Received and Review Process
At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer” prior to the elimination of the Senior Officer position in December 2017.
In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year
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35

and in between regularly scheduled meetings on particular matters as the need arose, as well as information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the Adviser’s and sub-adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund”), which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and the Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. In addition, the Board received and considered information furnished by Federated Hermes on the impacts of the coronavirus (COVID-19) outbreak on Federated Hermes generally and the Fund in particular, including, among other information, the current and anticipated impacts on the management, operations and performance of the Fund. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of
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compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been shared with a fund and its shareholders or the family of funds; (4) any “fall-out” financial benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contracts generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below.
The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.
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Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser’s personnel, experience and track record, as well as the financial resources and overall reputation of Federated Hermes and its willingness to invest in personnel and infrastructure that benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to incorporate environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.
In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board noted the compliance program of the Adviser and the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC such as the liquidity risk management program rules. In addition, the Board considered the response by the Adviser to recent market conditions and considered the overall performance of the Adviser in this context. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund’s investment program. The Adviser’s ability to execute this program was one of the Board’s considerations in reaching a conclusion that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.
Fund Investment Performance
In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board also considered the Fund’s performance in light of the overall recent market conditions. The Board considered detailed investment reports on the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings and evaluated the Adviser’s analysis of the Fund’s performance for these time periods. The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful,
Semi-Annual Shareholder Report
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though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the periods ended December 31, 2019, the Fund’s performance for the five-year period was above the median of the relevant Performance Peer Group, and the Fund’s performance fell below the median of the relevant Performance Peer Group for the one-year and three-year periods. The Board discussed the Fund’s performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.
Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.
Fund Expenses
While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board has found the use of such comparisons to be relevant to its deliberations. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because such comparisons are believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s investors. The Board noted that the range of their fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.
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The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the relevant Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.
For comparison, the Board received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-mutual fund clients such as institutional separate accounts and third-party unaffiliated mutual funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-mutual fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) and the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing, addressing different administrative responsibilities, and addressing different degrees of risk associated with management; and (vi) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s mutual fund, noting that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party mutual fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.
Profitability and Other Benefits
The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated
Semi-Annual Shareholder Report
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Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered the fact that, in order for the Federated Hermes Funds to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements.
The Board received and considered information furnished by Federated Hermes, as requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable, because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. The allocation information, including the CCO’s view that fund-by-fund estimations may be unreliable, was considered in the evaluation by the Board. In addition, the Board considered that, during the prior year, an independent consultant conducted a review of the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract. The Board noted the consultant’s view that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
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Economies of Scale
The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that the Adviser has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management, trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the Federated Hermes Fund family as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. Federated Hermes, as it does throughout the year, and specifically in connection with the Board’s review of the Contract, furnished information relative to adviser-paid fees (commonly referred to as revenue sharing). The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as a fund attains a certain size.
Conclusions
The Board considered the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable and the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and subadvisory arrangements is a continuing and on-going process that is informed by the information that the Board requests and receives from
Semi-Annual Shareholder Report
42

management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its on-going oversight of the Federated Hermes Funds.
In its determination to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an investment advisory contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of the Adviser’s industry standing and reputation and with the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board’s approval of the Contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors summarized above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the Contract was appropriate.
The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to continue the existing arrangement.
Semi-Annual Shareholder Report
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Liquidity Risk Management Program
Annual Evaluation of Adequacy and Effectiveness
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Index Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes Mid-Cap Index Fund (the “Fund” and, collectively with the Federated Hermes funds, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s investment adviser as the administrator for the Program for the Fund. Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program for each Federated Hermes Fund they manage (each an “Administrator”). The Administrator in turn has delegated daily responsibility for the administration of the Program to multiple Liquidity Risk Management Committees (the “Committees”). The Committees, which are comprised of representatives of Enterprise Risk Management, Compliance, Investment Management and Trading, must review and assess certain information related to the liquidity of the Federated Hermes Funds, including the Fund.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.
At its meetings in May 2020, the Board received and reviewed a written report (the “Report”) from the Federated Hermes Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from the Program’s inception on December 1, 2018 through March 31, 2020 (the “Period”). The Report
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addressed the operation of the Program and assessed its adequacy and effectiveness, including, where applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund’s access to other available funding sources such as the Federated Hermes Funds’ interfund lending facility, redemptions in-kind and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:
■ confirmation that the Fund did not utilize alternative funding sources during the Period;
■ the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;
■ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;
■ the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;
■ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and
■ liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.
Based on this review, the Fund’s investment adviser, in its role as Administrator, collectively with the other investment advisers to the Federated Hermes Funds, concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.
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Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Quarterly Portfolio Schedule
Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.
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Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY 
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the “householding” program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of “householding.” Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of “householding” at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.
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Federated Hermes Mid-Cap Index Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 31420E882
CUSIP 31420E205
CUSIP 31420E874
3042108 (6/21)
© 2021 Federated Hermes, Inc.

Semi-Annual Shareholder Report
April 30, 2021
Share Class | Ticker
C | MXCCX
R | FMXKX
Institutional | FISPX
Service | FMXSX

Federated Hermes Max-Cap Index Fund
Fund Established 1990

A Portfolio of Federated Hermes Index Trust
Dear Valued Shareholder,
I am pleased to present the Semi-Annual Shareholder Report for your fund covering the period from November 1, 2020 through April 30, 2021.
While the pandemic continues to present challenges to our lives, families and businesses, I want you to know that Federated Hermes remains dedicated to helping you successfully navigate the markets ahead. You can count on us for the insights, investment management knowledge and client service that you have come to expect. Please refer to our website, FederatedInvestors.com, for timely updates on this and other economic and market matters.
Thank you for investing with us. I hope you find this information useful and look forward to keeping you informed.
Sincerely,
J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments Summary Table (unaudited)
At April 30, 2021, the Fund’s sector composition1 for its equity securities investments was as follows:
Sector
Percentage of
Total Net Assets
Information Technology
25.8%
Health Care
12.4%
Consumer Discretionary
12.1%
Financials
11.0%
Communication Services
10.8%
Industrials
8.4%
Consumer Staples
5.9%
Utilities
2.6%
Real Estate
2.5%
Materials
2.5%
Energy
2.5%
Derivative Contracts2,3
0.0%
Cash Equivalents4
3.5%
Other Assets and Liabilities—Net3,5
(0.0)%
TOTAL6
100%
1
Except for Derivative Contracts, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager does not have access to the classification made by the GICS.
2
Based upon net unrealized appreciation (depreciation) or value of the derivative contracts, as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) may indicate. In many cases, the notional value or notional principal amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation) and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
3
Represents less than 0.1%.
4
Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements.
5
Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.
6
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 Standard & Poor’s 500 Composite Stock Price (S&P 500) Index and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund’s effective total exposure to the S&P 500 Index is 100.2%.
Semi-Annual Shareholder Report
1

Portfolio of Investments
April 30, 2021 (unaudited)
Shares
 
 
Value
 
1
COMMON STOCKS—96.5%
 
 
 
Communication Services—10.8%
 
5,004
 
Activision Blizzard, Inc.
$456,315
2,559
2
Alphabet, Inc., Class A
6,022,606
2,453
2
Alphabet, Inc., Class C
5,912,024
61,445
 
AT&T, Inc.
1,929,987
1,245
2
Charter Communications, Inc.
838,445
36,268
 
Comcast Corp., Class A
2,036,448
1,194
2
Discovery, Inc., Class A
44,966
2,238
2
Discovery, Inc., Class C
72,310
1,863
2
DISH Network Corp., Class A
83,444
2,660
 
Electronic Arts, Inc.
377,933
20,510
2
Facebook, Inc.
6,667,391
2,985
 
Fox Corp., Class A
111,699
1,652
 
Fox Corp., Class B
60,100
8,051
 
Interpublic Group of Cos., Inc.
255,619
10,389
 
Lumen Technologies, Inc.
133,291
3,479
2
Netflix, Inc.
1,786,362
5,906
 
News Corp., Inc., Class A
154,708
3,822
 
News Corp., Inc., Class B
92,913
2,188
 
Omnicom Group, Inc.
179,985
5,060
2
T-Mobile USA, Inc.
668,578
1,145
2
Take-Two Interactive Software, Inc.
200,810
6,351
2
Twitter, Inc.
350,702
35,609
 
Verizon Communications, Inc.
2,057,844
4,525
 
ViacomCBS Inc., Class B
185,616
15,460
2
Walt Disney Co.
2,875,869
 
 
TOTAL
33,555,965
 
 
Consumer Discretionary—12.1%
 
3,585
2
Amazon.com, Inc.
12,430,701
2,102
2
Aptiv PLC
302,457
167
2
AutoZone, Inc.
244,508
3,195
 
Best Buy Co., Inc.
371,483
288
2
Booking Holdings, Inc.
710,231
1,444
 
BorgWarner, Inc.
70,150
1,488
2
Caesars Entertainment Corp.
145,586
1,170
2
CarMax, Inc.
155,891
Semi-Annual Shareholder Report
2

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
6,670
2
Carnival Corp.
$186,493
258
2
Chipotle Mexican Grill, Inc.
384,944
1,108
 
D. R. Horton, Inc.
108,905
2,110
 
Darden Restaurants, Inc.
309,579
2,236
 
Dollar General Corp.
480,181
1,728
2
Dollar Tree, Inc.
198,547
406
 
Domino’s Pizza, Inc.
171,470
5,363
 
eBay, Inc.
299,202
1,740
2
Etsy, Inc.
345,895
396
2
Expedia Group, Inc.
69,787
30,905
2
Ford Motor Co.
356,644
835
 
Gap (The), Inc.
27,639
1,492
 
Garmin Ltd.
204,762
10,284
2
General Motors Co.
588,450
983
 
Genuine Parts Co.
122,846
1,580
 
Hanesbrands, Inc.
33,275
790
 
Hasbro, Inc.
78,566
2,579
2
Hilton Worldwide Holdings, Inc.
331,917
9,035
 
Home Depot, Inc.
2,924,358
4,318
2
L Brands, Inc.
284,556
617
2
Las Vegas Sands Corp.
37,797
3,814
 
Lennar Corp., Class A
395,130
1,723
2
LKQ Corp.
80,481
7,006
 
Lowe’s Cos., Inc.
1,374,927
3,168
2
Marriott International, Inc., Class A
470,511
6,452
 
McDonald’s Corp.
1,523,188
2,773
 
MGM Resorts International
112,917
1,267
2
Mohawk Industries, Inc.
260,368
2,137
 
Newell Brands, Inc.
57,614
10,591
 
Nike, Inc., Class B
1,404,578
4,053
2
Norwegian Cruise Line Holdings Ltd.
125,846
23
2
NVR, Inc.
115,416
540
2
O’Reilly Automotive, Inc.
298,555
1,010
2
Penn National Gaming, Inc.
90,011
258
 
Pool Corp.
109,010
1,673
 
Pulte Group, Inc.
98,908
1,937
2
PVH Corp.
219,230
180
2
Ralph Lauren Corp.
23,992
Semi-Annual Shareholder Report
3

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
2,792
 
Ross Stores, Inc.
$365,584
268
2
Royal Caribbean Cruises, Ltd.
23,303
10,250
 
Starbucks Corp.
1,173,522
1,738
2
Tapestry, Inc.
83,163
4,237
 
Target Corp.
878,161
6,472
2
Tesla, Inc.
4,591,496
9,860
 
TJX Cos., Inc.
700,060
821
 
Tractor Supply Co.
154,841
390
2
Ulta Beauty, Inc.
128,446
1,002
2
Under Armour, Inc., Class A
24,359
930
2
Under Armour, Inc., Class C
18,516
3,080
 
V.F. Corp.
269,993
402
 
Whirlpool Corp.
95,053
1,100
2
Wynn Resorts Ltd.
141,240
2,805
 
Yum! Brands, Inc.
335,254
 
 
TOTAL
37,720,493
 
 
Consumer Staples—5.9%
 
16,326
 
Altria Group, Inc.
779,566
2,298
 
Archer-Daniels-Midland Co.
145,073
1,515
 
Brown-Forman Corp., Class B
115,564
2,290
 
Campbell Soup Co.
109,347
2,404
 
Church and Dwight, Inc.
206,119
1,220
 
Clorox Co.
222,650
7,569
 
Colgate-Palmolive Co.
610,818
4,212
 
Conagra Brands, Inc.
156,223
2,051
 
Constellation Brands, Inc., Class A
492,896
3,843
 
Costco Wholesale Corp.
1,429,942
1,930
 
Estee Lauder Cos., Inc., Class A
605,634
5,657
 
General Mills, Inc.
344,285
343
 
Hershey Foods Corp.
56,355
2,965
 
Hormel Foods Corp.
136,983
2,623
 
Kellogg Co.
163,728
3,080
 
Kimberly-Clark Corp.
410,626
4,778
 
Kraft Heinz Co./The
197,284
7,270
 
Kroger Co.
265,646
3,000
 
Lamb Weston Holdings, Inc.
241,500
1,787
 
McCormick & Co., Inc.
161,473
1,025
2
Molson Coors Beverage Company, Class B
56,324
Semi-Annual Shareholder Report
4

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Consumer Staples—continued
 
9,554
 
Mondelez International, Inc.
$580,979
4,735
2
Monster Beverage Corp.
459,532
11,917
 
PepsiCo, Inc.
1,717,955
11,661
 
Philip Morris International, Inc.
1,107,795
21,111
 
Procter & Gamble Co.
2,816,630
1,157
 
Smucker (J.M.) Co.
151,555
3,974
 
Sysco Corp.
336,717
33,462
 
The Coca-Cola Co.
1,806,279
4,327
 
Tyson Foods, Inc., Class A
335,126
6,204
 
Walgreens Boots Alliance, Inc.
329,432
11,979
 
WalMart, Inc.
1,675,982
 
 
TOTAL
18,226,018
 
 
Energy—2.5%
 
10,511
 
APA Corp.
210,220
4,962
 
Baker Hughes a GE Co. LLC
99,637
16,555
 
Chevron Corp.
1,706,324
10,968
 
ConocoPhillips
560,903
11,311
 
Devon Energy Corp.
264,451
3,404
 
Diamondback Energy, Inc.
278,209
4,543
 
EOG Resources, Inc.
334,546
36,413
 
Exxon Mobil Corp.
2,084,280
13,879
 
Halliburton Co.
271,473
1,901
 
Hess Corp.
141,643
14,734
 
Kinder Morgan, Inc.
251,215
4,066
 
Marathon Oil Corp.
45,783
4,994
 
Marathon Petroleum Corp.
277,916
1,438
2
NOV, Inc.
21,498
6,057
 
Occidental Petroleum Corp.
153,606
3,192
 
ONEOK, Inc.
167,069
1,979
 
Phillips 66
160,121
1,572
 
Pioneer Natural Resources, Inc.
241,821
10,832
 
Schlumberger Ltd.
293,006
1,559
 
Valero Energy Corp.
115,304
9,063
 
Williams Cos., Inc.
220,775
 
 
TOTAL
7,899,800
 
 
Financials—11.0%
 
8,148
 
Aflac, Inc.
437,792
3,781
 
Allstate Corp.
479,431
Semi-Annual Shareholder Report
5

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Financials—continued
 
4,551
 
American Express Co.
$697,896
6,749
 
American International Group, Inc.
326,989
1,610
 
Ameriprise Financial, Inc.
416,024
2,543
 
Aon PLC
639,412
610
 
Assurant, Inc.
94,916
64,458
 
Bank of America Corp.
2,612,483
6,976
 
Bank of New York Mellon Corp.
347,963
1,557
 
Berkley, W. R. Corp.
124,124
16,289
2
Berkshire Hathaway, Inc., Class B
4,478,661
1,166
 
BlackRock, Inc.
955,304
3,677
 
Capital One Financial Corp.
548,167
1,184
 
Cboe Global Markets, Inc.
123,574
10,570
 
Charles Schwab Corp.
744,128
3,987
 
Chubb Ltd.
684,129
17,329
 
Citigroup, Inc.
1,234,518
2,987
 
Citizens Financial Group, Inc.
138,238
3,183
 
CME Group, Inc.
642,934
3,171
 
Comerica, Inc.
238,332
4,071
 
Discover Financial Services
464,094
451
 
Everest Re Group Ltd.
124,904
5,312
 
Fifth Third Bancorp
215,348
670
 
First Republic Bank
122,771
1,385
 
Franklin Resources, Inc.
41,550
533
 
Gallagher (Arthur J.) & Co.
77,258
525
 
Globe Life, Inc.
53,807
2,838
 
Goldman Sachs Group, Inc.
988,901
6,912
 
Huntington Bancshares, Inc.
105,892
5,018
 
Intercontinental Exchange, Inc.
590,669
2,075
 
Invesco Ltd.
56,025
26,068
 
JPMorgan Chase & Co.
4,009,519
15,003
 
KeyCorp
326,465
1,095
 
Lincoln National Corp.
70,222
1,394
 
Loews Corp.
77,716
1,272
 
M & T Bank Corp.
200,582
290
 
MarketAxess Holdings, Inc.
141,653
3,134
 
Marsh & McLennan Cos., Inc.
425,284
5,923
 
MetLife, Inc.
376,881
1,463
 
Moody’s Corp.
477,977
Semi-Annual Shareholder Report
6

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Financials—continued
 
11,058
 
Morgan Stanley
$912,838
1,047
 
MSCI, Inc., Class A
508,601
785
 
NASDAQ, Inc.
126,809
2,038
 
Northern Trust Corp.
231,924
11,397
 
People’s United Financial, Inc.
206,628
3,441
 
PNC Financial Services Group
643,295
1,687
 
Principal Financial Group, Inc.
107,749
5,281
 
Progressive Corp., OH
532,008
3,066
 
Prudential Financial, Inc.
307,704
806
 
Raymond James Financial, Inc.
105,409
6,841
 
Regions Financial Corp.
149,134
1,639
 
S&P Global, Inc.
639,849
2,655
 
State Street Corp.
222,887
186
2
SVB Financial Group
106,360
8,014
 
Synchrony Financial
350,532
2,098
 
T. Rowe Price Group, Inc.
375,962
971
 
The Hartford Financial Services Group, Inc.
64,047
2,319
 
The Travelers Cos., Inc.
358,657
10,956
 
Truist Financial Corp.
649,800
12,097
 
U.S. Bancorp
717,957
6,665
 
Unum Group
188,353
31,632
 
Wells Fargo & Co.
1,425,022
1,221
 
Willis Towers Watson PLC
316,068
903
 
Zions Bancorporation, N.A.
50,387
 
 
TOTAL
34,210,513
 
 
Health Care—12.4%
 
15,268
 
Abbott Laboratories
1,833,381
15,203
 
AbbVie, Inc.
1,695,135
290
2
Abiomed, Inc.
93,012
3,732
 
Agilent Technologies, Inc.
498,745
2,794
2
Alexion Pharmaceuticals, Inc.
471,292
338
2
Align Technology, Inc.
201,289
1,159
 
AmerisourceBergen Corp.
140,007
5,015
 
Amgen, Inc.
1,201,795
2,139
 
Anthem, Inc.
811,515
2,526
 
Baxter International, Inc.
216,453
2,583
 
Becton Dickinson & Co.
642,676
1,400
2
Biogen, Inc.
374,262
Semi-Annual Shareholder Report
7

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
8,344
2
Boston Scientific Corp.
$363,798
21,264
 
Bristol-Myers Squibb Co.
1,327,299
2,974
 
Cardinal Health, Inc.
179,451
1,174
2
Catalent, Inc.
132,040
7,145
2
Centene Corp.
441,132
4,558
 
Cerner Corp.
342,078
2,937
 
CIGNA Corp.
731,342
46
 
Cooper Cos., Inc.
18,901
11,503
 
CVS Health Corp.
878,829
5,508
 
Danaher Corp.
1,398,702
417
2
Davita, Inc.
48,593
1,919
 
Dentsply Sirona, Inc.
129,552
787
2
Dexcom, Inc.
303,861
3,512
2
Edwards Lifesciences Corp.
335,466
6,902
 
Eli Lilly & Co.
1,261,479
11,100
 
Gilead Sciences, Inc.
704,517
2,997
 
HCA Healthcare, Inc.
602,577
1,624
2
Henry Schein, Inc.
117,740
1,789
2
Hologic, Inc.
117,269
1,024
 
Humana, Inc.
455,926
1,015
2
IDEXX Laboratories, Inc.
557,225
1,169
2
Illumina, Inc.
459,230
1,200
2
Intuitive Surgical, Inc.
1,038,000
1,472
2
IQVIA Holdings, Inc.
345,464
22,478
 
Johnson & Johnson
3,657,845
711
2
Laboratory Corp. of America Holdings
189,034
2,097
 
McKesson Corp.
393,313
10,255
 
Medtronic PLC
1,342,585
19,649
 
Merck & Co., Inc.
1,463,851
173
2
Mettler-Toledo International, Inc.
227,204
2,061
 
PerkinElmer, Inc.
267,167
1,802
 
Perrigo Co. PLC
75,017
48,109
 
Pfizer, Inc.
1,859,413
1,358
 
Quest Diagnostics, Inc.
179,093
597
2
Regeneron Pharmaceuticals, Inc.
287,336
1,386
 
ResMed, Inc.
260,526
874
 
STERIS PLC
184,431
2,899
 
Stryker Corp.
761,364
Semi-Annual Shareholder Report
8

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
465
 
Teleflex, Inc.
$196,453
3,278
 
Thermo Fisher Scientific, Inc.
1,541,414
8,098
 
UnitedHealth Group, Inc.
3,229,482
459
 
Universal Health Services, Inc., Class B
68,120
2,337
2
Vertex Pharmaceuticals, Inc.
509,933
9,642
2
Viatris, Inc.
128,239
423
2
Waters Corp.
126,845
106
 
West Pharmaceutical Services, Inc.
34,823
1,587
 
Zimmer Biomet Holdings, Inc.
281,153
4,146
 
Zoetis, Inc.
717,382
 
 
TOTAL
38,452,056
 
 
Industrials—8.4%
 
5,060
 
3M Co.
997,528
656
2
Alaska Air Group, Inc.
45,356
1,000
 
Allegion PLC
134,380
1,725
 
Ametek, Inc.
232,754
4,106
2
Boeing Co.
962,077
3,505
 
Carrier Global Corp.
152,748
4,505
 
Caterpillar, Inc.
1,027,636
665
 
Cintas Corp.
229,518
3,054
2
Copart, Inc.
380,254
6,350
 
CSX Corp.
639,762
1,151
 
Cummins, Inc.
290,098
3,029
 
Deere & Co.
1,123,305
4,843
2
Delta Air Lines, Inc.
227,234
1,424
 
Dover Corp.
212,447
3,172
 
Eaton Corp. PLC
453,374
4,777
 
Emerson Electric Co.
432,271
986
 
Equifax, Inc.
226,021
1,708
 
Expeditors International Washington, Inc.
187,641
5,465
 
Fastenal Co.
285,710
1,962
 
FedEx Corp.
569,588
4,931
 
Fortive Corp.
349,213
870
 
Fortune Brands Home & Security, Inc.
91,333
442
2
Generac Holdings, Inc.
143,186
1,183
 
General Dynamics Corp.
225,042
63,784
 
General Electric Co.
836,846
5,247
 
Honeywell International, Inc.
1,170,291
Semi-Annual Shareholder Report
9

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
2,426
2
Howmet Aerospace, Inc.
$77,535
766
 
Hunt (J.B.) Transportation Services, Inc.
130,764
483
 
Huntington Ingalls Industries, Inc.
102,551
784
 
IDEX Corp.
175,773
1,691
 
IHS Markit Ltd.
181,918
2,572
 
Illinois Tool Works, Inc.
592,743
5,988
2
Ingersoll-Rand, Inc.
295,867
878
 
Jacobs Engineering Group, Inc.
117,310
8,396
 
Johnson Controls International PLC
523,407
645
 
Kansas City Southern Industries, Inc.
188,475
1,887
 
L3Harris Technologies, Inc.
394,817
1,421
 
Leidos Holdings, Inc.
143,919
1,699
 
Lockheed Martin Corp.
646,571
1,689
 
Masco Corp.
107,893
3,115
 
Nielsen Holdings PLC
79,900
2,030
 
Norfolk Southern Corp.
566,857
869
 
Northrop Grumman Corp.
308,008
1,424
 
Old Dominion Freight Lines, Inc.
367,121
3,727
 
Otis Worldwide Corp.
290,221
2,648
 
PACCAR, Inc.
238,002
1,541
 
Parker-Hannifin Corp.
483,581
950
 
Pentair PLC
61,285
2,812
 
Quanta Services, Inc.
271,752
11,089
 
Raytheon Technologies Corp.
923,048
2,076
 
Republic Services, Inc.
220,679
2,773
 
Robert Half International, Inc.
242,943
1,093
 
Rockwell Automation, Inc.
288,836
2,730
 
Rollins, Inc.
101,774
960
 
Roper Technologies, Inc.
428,582
1,566
 
Smith (A.O.) Corp.
106,096
1,083
 
Snap-On, Inc.
257,321
4,550
2
Southwest Airlines Co.
285,649
1,223
 
Stanley Black & Decker, Inc.
252,880
386
2
Teledyne Technologies, Inc.
172,831
1,417
 
Textron, Inc.
91,028
2,191
 
Trane Technologies PLC
380,862
229
2
Transdigm Group, Inc.
140,546
5,643
 
Union Pacific Corp.
1,253,254
Semi-Annual Shareholder Report
10

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
2,240
2
United Airlines Holdings, Inc.
$121,856
6,982
 
United Parcel Service, Inc.
1,423,351
1,054
2
United Rentals, Inc.
337,227
1,546
 
Verisk Analytics, Inc.
290,957
328
 
W.W. Grainger, Inc.
142,201
1,138
 
Wabtec Corp.
93,396
2,150
 
Waste Management, Inc.
296,635
1,800
 
Xylem, Inc.
199,170
 
 
TOTAL
26,023,005
 
 
Information Technology—25.8%
 
5,908
 
Accenture PLC
1,713,143
4,131
2
Adobe, Inc.
2,099,953
8,482
2
Advanced Micro Devices, Inc.
692,301
4,651
 
Amphenol Corp., Class A
313,198
2,189
 
Analog Devices, Inc.
335,267
781
2
Ansys, Inc.
285,581
133,657
 
Apple, Inc.
17,570,549
7,565
 
Applied Materials, Inc.
1,003,951
1,759
2
Autodesk, Inc.
513,470
3,782
 
Automatic Data Processing, Inc.
707,196
3,766
 
Broadcom, Inc.
1,718,049
16
 
Broadridge Financial Solutions
2,538
3,500
2
Cadence Design Systems, Inc.
461,195
1,017
 
CDW Corp.
181,362
36,395
 
Cisco Systems, Inc.
1,852,869
1,257
 
Citrix Systems, Inc.
155,679
4,194
 
Cognizant Technology Solutions Corp.
337,198
5,840
 
Corning, Inc.
258,186
1,162
2
DXC Technology Co.
38,241
930
2
Enphase Energy, Inc.
129,503
1,225
2
F5 Networks, Inc.
228,781
5,466
 
Fidelity National Information Services, Inc.
835,751
5,114
2
Fiserv, Inc.
614,294
739
2
FleetCor Technologies, Inc.
212,625
987
2
Fortinet, Inc.
201,575
1,520
2
Gartner, Inc., Class A
297,738
2,369
 
Global Payments, Inc.
508,459
835
 
Henry Jack & Associates, Inc.
135,963
Semi-Annual Shareholder Report
11

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
9,235
 
Hewlett Packard Enterprise Co.
$147,945
9,700
 
HP, Inc.
330,867
7,798
 
IBM Corp.
1,106,380
36,678
 
Intel Corp.
2,110,085
2,291
 
Intuit, Inc.
944,259
171
2
IPG Photonics Corp.
37,126
1,669
 
Juniper Networks, Inc.
42,376
1,372
2
Keysight Technologies, Inc.
198,048
1,309
 
KLA Corp.
412,793
952
 
Lam Research Corp.
590,668
7,056
 
Mastercard, Inc.
2,695,815
2,593
 
Maxim Integrated Products, Inc.
243,742
3,251
 
Microchip Technology, Inc.
488,593
9,258
2
Micron Technology, Inc.
796,836
63,382
 
Microsoft Corp.
15,983,673
370
 
Monolithic Power Systems
133,711
1,571
 
Motorola, Inc.
295,819
1,489
 
NetApp, Inc.
111,213
5,244
 
NVIDIA Corp.
3,148,393
2,492
 
NXP Semiconductors NV
479,735
16,158
 
Oracle Corp.
1,224,615
2,434
 
Paychex, Inc.
237,291
339
2
Paycom Software, Inc.
130,315
10,526
2
PayPal Holdings, Inc.
2,760,865
892
2
PTC, Inc.
116,799
917
2
Qorvo, Inc.
172,552
9,831
 
Qualcomm, Inc.
1,364,543
7,652
2
Salesforce.com, Inc.
1,762,409
2,085
 
Seagate Technology PLC
193,571
1,965
2
ServiceNow, Inc.
995,017
1,416
 
Skyworks Solutions, Inc.
256,763
1,911
2
Synopsys, Inc.
472,132
3,873
 
TE Connectivity Ltd.
520,802
1,164
 
Teradyne, Inc.
145,593
7,002
 
Texas Instruments, Inc.
1,263,931
4,013
2
Trimble, Inc.
329,066
412
2
Tyler Technologies, Inc.
175,042
99
2
Verisign, Inc.
21,658
Semi-Annual Shareholder Report
12

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
14,518
 
Visa, Inc., Class A
$3,390,824
2,191
2
Western Digital Corp.
154,750
4,611
 
Western Union Co.
118,779
2,315
 
Xilinx, Inc.
296,227
758
2
Zebra Technologies Corp., Class A
369,707
 
 
TOTAL
80,175,943
 
 
Materials—2.5%
 
1,355
 
Air Products & Chemicals, Inc.
390,890
805
 
Albemarle Corp.
135,377
881
 
Amcor PLC
10,352
575
 
Avery Dennison Corp.
123,148
1,081
 
Ball Corp.
101,225
23
 
Celanese Corp.
3,603
1,258
 
CF Industries Holdings, Inc.
61,177
6,193
 
Corteva, Inc.
301,971
6,125
 
Dow, Inc.
382,812
6,361
 
DuPont de Nemours, Inc.
490,497
903
 
Eastman Chemical Co.
104,197
1,439
 
Ecolab, Inc.
322,509
1,353
 
FMC Corp.
159,979
16,342
2
Freeport-McMoRan, Inc.
616,257
2,314
 
International Flavors & Fragrances, Inc.
328,981
3,199
 
International Paper Co.
185,542
4,541
 
Linde PLC
1,297,999
1,923
 
LyondellBasell Industries N.V.
199,492
446
 
Martin Marietta Materials
157,491
2,087
 
Mosaic Co./The
73,421
9,048
 
Newmont Corp.
564,686
2,129
 
Nucor Corp.
175,132
871
 
Packaging Corp. of America
128,603
2,132
 
PPG Industries, Inc.
365,084
4,376
 
Sealed Air Corp.
216,174
2,142
 
Sherwin-Williams Co.
586,629
957
 
Vulcan Materials Co.
170,576
4,926
 
WestRock Co.
274,624
 
 
TOTAL
7,928,428
Semi-Annual Shareholder Report
13

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Real Estate—2.5%
 
246
 
Alexandria Real Estate Equities, Inc.
$44,551
3,897
 
American Tower Corp.
992,839
1,298
 
Avalonbay Communities, Inc.
249,216
1,055
 
Boston Properties, Inc.
115,364
4,641
2
CBRE Group, Inc.
395,413
3,830
 
Crown Castle International Corp.
724,100
1,338
 
Digital Realty Trust, Inc.
206,467
3,847
 
Duke Realty Corp.
178,962
975
 
Equinix, Inc.
702,741
997
 
Equity Residential Properties Trust
74,007
650
 
Essex Property Trust, Inc.
188,838
1,333
 
Extra Space Storage, Inc.
198,204
357
 
Federal Realty Investment Trust
40,284
4,673
 
Healthpeak Properties, Inc.
160,471
1,780
 
Iron Mountain, Inc.
71,414
1,163
 
Mid-American Apartment Communities, Inc.
182,975
6,549
 
ProLogis, Inc.
763,155
1,406
 
Public Storage
395,311
2,723
 
Realty Income Corp.
188,295
851
 
Regency Centers Corp.
54,175
1,453
 
SBA Communications Corp.
435,493
2,547
 
Simon Property Group, Inc.
310,072
3,143
 
UDR, Inc.
145,992
5,732
 
Ventas, Inc.
317,897
3,150
 
Welltower, Inc.
236,344
10,422
 
Weyerhaeuser Co.
404,061
 
 
TOTAL
7,776,641
 
 
Utilities—2.6%
 
11,074
 
AES Corp.
308,079
2,663
 
Alliant Energy Corp.
149,581
360
 
Ameren Corp.
30,542
4,554
 
American Electric Power Co., Inc.
403,985
1,337
 
American Water Works Co., Inc.
208,559
787
 
Atmos Energy Corp.
81,525
11,086
 
CenterPoint Energy, Inc.
271,496
30
 
CMS Energy Corp.
1,932
3,294
 
Consolidated Edison Co.
254,989
7,218
 
Dominion Energy, Inc.
576,718
Semi-Annual Shareholder Report
14

Shares
 
 
Value
 
1
COMMON STOCKS—continued
 
 
 
Utilities—continued
 
2,725
 
DTE Energy Co.
$381,554
8,044
 
Duke Energy Corp.
809,950
3,140
 
Edison International
186,673
268
 
Entergy Corp.
29,290
1,583
 
Evergy, Inc.
101,265
3,256
 
EverSource Energy
280,732
8,350
 
Exelon Corp.
375,249
550
 
FirstEnergy Corp.
20,856
16,233
 
NextEra Energy, Inc.
1,258,220
4,397
 
NiSource, Inc.
114,410
5,937
 
NRG Energy, Inc.
212,663
1,309
 
Pinnacle West Capital Corp.
110,807
5,578
 
PPL Corp.
162,487
4,226
 
Public Service Enterprises Group, Inc.
266,914
2,784
 
Sempra Energy
382,995
9,430
 
Southern Co.
623,983
2,996
 
WEC Energy Group, Inc.
291,121
2,309
 
Xcel Energy, Inc.
164,632
 
 
TOTAL
8,061,207
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $70,956,787)
300,030,069
 
 
INVESTMENT COMPANY—3.5%
 
10,879,269
 
Federated Hermes Institutional Prime Value Obligations Fund,
Institutional Shares, 0.05%3
(IDENTIFIED COST $10,880,755)
10,881,444
 
 
TOTAL INVESTMENT IN SECURITIES—100.0%
(IDENTIFIED COST $81,837,542)4
310,911,513
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.0)%5
(15,855)
 
 
TOTAL NET ASSETS—100%
$310,895,658
At April 30, 2021, the Fund had the following outstanding futures contracts:
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures
 
 
 
 
2S&P 500 E-Mini Index
55
$11,479,875
June 2021
$682,956
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Semi-Annual Shareholder Report
15

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 April 30, 2021, 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 10/31/2020
$
$4,231,867
$4,231,867
Purchases at Cost
296,751
32,717,011
33,013,762
Proceeds from Sales
(296,751)
(26,066,066)
(26,362,817)
Change in
Unrealized Appreciation/Depreciation
N/A
$(81)
$(81)
Net Realized Gain/(Loss)
N/A
$(1,287)
$(1,287)
Value as of 4/30/2021
$
$10,881,444
$10,881,444
Shares Held as of 4/30/2021
10,879,269
10,879,269
Dividend Income
$
$3,345
$3,345
*
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 $11,479,875 at April 30, 2021, which represents 3.7% 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
7-day net yield.
4
The cost of investments for federal tax purposes amounts to $81,887,478.
5
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2021.
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 April 30, 2021, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
Semi-Annual Shareholder Report
16

Financial Highlights–Class C Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$9.21
$9.91
$12.74
$15.09
$14.54
$16.06
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.011
0.041
0.061
0.061
0.09
0.11
Net realized and unrealized gain
2.31
0.68
1.03
0.75
2.75
0.32
TOTAL FROM INVESTMENT OPERATIONS
2.32
0.72
1.09
0.81
2.84
0.43
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.02)
(0.05)
(0.06)
(0.07)
(0.09)
(0.11)
Distributions from net realized gain
(1.99)
(1.37)
(3.86)
(3.09)
(2.20)
(1.84)
TOTAL DISTRIBUTIONS
(2.01)
(1.42)
(3.92)
(3.16)
(2.29)
(1.95)
Net Asset Value, End of Period
$9.52
$9.21
$9.91
$12.74
$15.09
$14.54
Total Return2
28.00%
8.04%
12.59%
6.09%
22.22%
3.19%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
1.41%4
1.42%5
1.41%
1.41%
1.42%
1.42%
Net investment income
0.20%4
0.46%
0.61%
0.48%
0.60%
0.75%
Expense waiver/reimbursement6
0.11%4
0.12%
0.10%
0.06%
0.05%
0.05%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$33,617
$30,451
$35,742
$37,324
$41,904
$36,956
Portfolio turnover
16%
29%
32%
30%
31%
31%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.42% for the year ended October 31, 2020, after taking into account this expense reduction.
6
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
17

Financial Highlights–Class R Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$9.44
$10.12
$12.92
$15.27
$14.68
$16.19
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.021
0.071
0.091
0.101
0.12
0.15
Net realized and unrealized gain
2.38
0.70
1.06
0.74
2.80
0.34
TOTAL FROM INVESTMENT OPERATIONS
2.40
0.77
1.15
0.84
2.92
0.49
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.03)
(0.08)
(0.09)
(0.10)
(0.13)
(0.16)
Distributions from net realized gain
(1.99)
(1.37)
(3.86)
(3.09)
(2.20)
(1.84)
TOTAL DISTRIBUTIONS
(2.02)
(1.45)
(3.95)
(3.19)
(2.33)
(2.00)
Net Asset Value, End of Period
$9.82
$9.44
$10.12
$12.92
$15.27
$14.68
Total Return2
28.24%
8.39%
13.00%
6.31%
22.65%
3.56%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
1.07%4
1.11%5
1.08%
1.11%
1.11%
1.10%
Net investment income
0.53%4
0.75%
0.94%
0.79%
0.92%
1.07%
Expense waiver/reimbursement6
0.11%4
0.12%
0.11%
0.07%
0.07%
0.08%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$42,150
$35,879
$38,142
$41,765
$47,867
$47,998
Portfolio turnover
16%
29%
32%
30%
31%
31%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.11% for the year ended October 31, 2020, after taking into account this expense reduction.
6
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
18

Financial Highlights–Institutional Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$9.64
$10.31
$13.09
$15.42
$14.80
$16.31
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.061
0.141
0.161
0.211
0.25
0.28
Net realized and unrealized gain
2.44
0.70
1.08
0.75
2.80
0.31
TOTAL FROM
INVESTMENT OPERATIONS
2.50
0.84
1.24
0.96
3.05
0.59
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.06)
(0.14)
(0.16)
(0.20)
(0.23)
(0.26)
Distributions from net realized gain
(1.99)
(1.37)
(3.86)
(3.09)
(2.20)
(1.84)
TOTAL DISTRIBUTIONS
(2.05)
(1.51)
(4.02)
(3.29)
(2.43)
(2.10)
Net Asset Value, End of Period
$10.09
$9.64
$10.31
$13.09
$15.42
$14.80
Total Return2
28.83%
9.16%
13.76%
7.16%
23.55%
4.30%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
0.36%4
0.36%5
0.36%
0.36%
0.36%
0.35%
Net investment income
1.23%4
1.50%
1.66%
1.56%
1.67%
1.82%
Expense waiver/reimbursement6
0.15%4
0.16%
0.13%
0.11%
0.08%
0.09%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$147,607
$119,545
$133,835
$137,792
$201,836
$208,577
Portfolio turnover
16%
29%
32%
30%
31%
31%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.36% for the year ended October 31, 2020, after taking into account this expense reduction.
6
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
19

Financial Highlights–Service Shares
(For a Share Outstanding Throughout Each Period)
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended October 31,
2020
2019
2018
2017
2016
Net Asset Value, Beginning of Period
$9.46
$10.14
$12.94
$15.28
$14.69
$16.20
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.041
0.111
0.131
0.161
0.17
0.21
Net realized and unrealized gain
2.39
0.70
1.06
0.75
2.81
0.34
TOTAL FROM
INVESTMENT OPERATIONS
2.43
0.81
1.19
0.91
2.98
0.55
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.05)
(0.12)
(0.13)
(0.16)
(0.19)
(0.22)
Distributions from net realized gain
(1.99)
(1.37)
(3.86)
(3.09)
(2.20)
(1.84)
TOTAL DISTRIBUTIONS
(2.04)
(1.49)
(3.99)
(3.25)
(2.39)
(2.06)
Net Asset Value, End of Period
$9.85
$9.46
$10.14
$12.94
$15.28
$14.69
Total Return2
28.55%
8.87%
13.41%
6.85%
23.14%
4.01%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses3
0.66%4
0.66%5
0.66%
0.66%
0.66%
0.65%
Net investment income
0.94%4
1.23%
1.36%
1.24%
1.39%
1.52%
Expense waiver/reimbursement6
0.40%4
0.41%
0.39%
0.35%
0.35%
0.36%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$87,522
$72,477
$107,852
$110,443
$144,226
$180,503
Portfolio turnover
16%
29%
32%
30%
31%
31%
1
Per share numbers have been calculated using the average shares method.
2
Based on net asset value. Total returns for periods of less than one year are not annualized.
3
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4
Computed on an annualized basis.
5
The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.66% for the year ended October 31, 2020, after taking into account this expense reduction.
6
This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
20

Statement of Assets and LiabilitiesApril 30, 2021 (unaudited)
Assets:
 
 
Investment in securities, at value including $10,881,444 of investment in
an affiliated holding* (identified cost $81,837,542)
 
$310,911,513
Due from broker (Note 2)
 
605,000
Income receivable
 
216,862
Receivable for shares sold
 
122,948
Income receivable from affiliated holding
 
448
TOTAL ASSETS
 
311,856,771
Liabilities:
 
 
Payable for shares redeemed
$692,752
 
Payable for variation margin on futures contracts
79,750
 
Payable for portfolio accounting fees
48,908
 
Payable for distribution services fee (Note 5)
41,964
 
Payable for transfer agent fees (Note 2)
36,970
 
Payable for other service fees (Notes 2 and 5)
33,407
 
Payable for management fee (Note 5)
3,344
 
Accrued expenses (Note 5)
24,018
 
TOTAL LIABILITIES
 
961,113
Net assets for 31,337,267 shares outstanding
 
$310,895,658
Net Assets Consists of:
 
 
Paid-in capital
 
$55,104,274
Total distributable earnings
 
255,791,384
TOTAL NET ASSETS
 
$310,895,658
Semi-Annual Shareholder Report
21

Statement of Assets and Liabilities–continued
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
 
Class C Shares:
 
 
Net asset value per share ($33,617,370 ÷ 3,529,737 shares outstanding)
no par value, unlimited shares authorized
 
$9.52
Offering price per share
 
$9.52
Redemption proceeds per share (99.00/100 of $9.52)
 
$9.42
Class R Shares:
 
 
Net asset value per share ($42,149,569 ÷ 4,291,365 shares outstanding)
no par value, unlimited shares authorized
 
$9.82
Offering price per share
 
$9.82
Redemption proceeds per share
 
$9.82
Institutional Shares:
 
 
Net asset value per share ($147,606,557 ÷ 14,633,581 shares outstanding)
no par value, unlimited shares authorized
 
$10.09
Offering price per share
 
$10.09
Redemption proceeds per share
 
$10.09
Service Shares:
 
 
Net asset value per share ($87,522,162 ÷ 8,882,584 shares outstanding)
no par value, unlimited shares authorized
 
$9.85
Offering price per share
 
$9.85
Redemption proceeds per share
 
$9.85
*
See information listed after the Fund’s Portfolio of Investments.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
22

Statement of OperationsSix Months Ended April 30, 2021 (unaudited)
Investment Income:
 
 
 
Dividends (including $3,345 received from an affiliated
holding*)
 
 
$2,311,969
Net Income on securities loaned (Note 2)
 
 
364
TOTAL INCOME
 
 
2,312,333
Expenses:
 
 
 
Management fee (Note 5)
 
$432,901
 
Custodian fees
 
17,803
 
Transfer agent fees (Note 2)
 
138,662
 
Directors’/Trustees’ fees (Note 5)
 
2,429
 
Auditing fees
 
12,794
 
Legal fees
 
8,123
 
Distribution services fee (Note 5)
 
342,150
 
Other service fees (Notes 2 and 5)
 
139,790
 
Portfolio accounting fees
 
71,651
 
Share registration costs
 
35,436
 
Printing and postage
 
14,232
 
Miscellaneous (Note 5)
 
42,291
 
TOTAL EXPENSES
 
1,258,262
 
Waivers and Reimbursements:
 
 
 
Waiver/reimbursement of management fee (Note 5)
$(157,867)
 
 
Waiver/reimbursement of other operating expenses
(Notes 2 and 5)
(142,183)
 
 
TOTAL WAIVERS AND REIMBURSEMENTS
 
(300,050)
 
Net expenses
 
 
958,212
Net investment income
 
 
$1,354,121
Semi-Annual Shareholder Report
23

Statement of Operations–continued
Realized and Unrealized Gain (Loss) on Investments,
Foreign Currency Transactions and Futures Contracts:
 
 
 
Net realized gain on investments and foreign currency
transactions (including realized loss of $(1,287) on sales of
investments in an affiliated holding*)
 
 
$27,184,376
Net realized gain on futures contracts
 
 
1,354,535
Net change in unrealized appreciation of investments
(including net change in unrealized gain of $(81) of
investments in an affiliated holding*)
 
 
41,070,035
Net change in unrealized depreciation of futures contracts
 
 
769,401
Net realized and unrealized gain on investments and
futures contracts
 
 
70,378,347
Change in net assets resulting from operations
 
 
$71,732,468
*
See information listed after the Fund’s Portfolio of Investments.
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
24

Statement of Changes in Net Assets
 
Six Months
Ended
(unaudited)
4/30/2021
Year Ended
10/31/2020
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$1,354,121
$3,341,446
Net realized gain
28,538,911
55,207,983
Net change in unrealized appreciation/depreciation
41,839,436
(35,253,295)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
71,732,468
23,296,134
Distributions to Shareholders:
 
 
Class C Shares
(6,400,546)
(5,045,055)
Class R Shares
(7,682,143)
(5,432,608)
Institutional Shares
(26,201,823)
(19,916,477)
Service Shares
(15,865,310)
(13,487,436)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS
TO SHAREHOLDERS
(56,149,822)
(43,881,576)
Share Transactions:
 
 
Proceeds from sale of shares
22,387,983
39,077,307
Net asset value of shares issued to shareholders in payment of
distributions declared
54,400,841
42,492,427
Cost of shares redeemed
(39,827,513)
(118,203,823)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
36,961,311
(36,634,089)
Change in net assets
52,543,957
(57,219,531)
Net Assets:
 
 
Beginning of period
258,351,701
315,571,232
End of period
$310,895,658
$258,351,701
See Notes which are an integral part of the Financial Statements
Semi-Annual Shareholder Report
25

Notes to Financial Statements
April 30, 2021 (unaudited)
1. ORGANIZATION
Federated Hermes Index Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of two portfolios. The financial statements included herein are only those of Federated Hermes Max-Cap Index Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Class C Shares, Class R Shares, Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide investment results that generally correspond to the aggregate price and performance of publicly traded common stocks comprising the Standard & Poor’s 500 Index (S&P 500).
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
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.
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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.
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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.
Repurchase Agreements
The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
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28

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Manager and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Investment Income, Gains and Losses, Expenses and Distributions
Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The details of the total fund expense waivers and reimbursements of $300,050 are disclosed in various locations in this Note 2 and Note 5. For the six months ended April 30, 2021, transfer agent fees for the Fund were as follows:
 
Transfer Agent
Fees Incurred
Transfer Agent
Fees Reimbursed
Class C Shares
$12,799
$
Class R Shares
48,369
(42)
Institutional Shares
47,766
(25,823)
Service Shares
29,728
(16,622)
TOTAL
$138,662
$(42,487)
Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Semi-Annual Shareholder Report
29

Other Service Fees
The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class C Shares, Institutional Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended April 30, 2021, other service fees for the Fund were as follows:
 
Other Service
Fees Incurred
Class C Shares
$40,100
Service Shares
99,690
TOTAL
$139,790
For the six months ended April 30, 2021, the Fund’s Institutional Shares did not incur other service fees.
Federal Taxes
It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2021, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2021, tax years 2017 through 2020 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Futures Contracts
The Fund purchases and sells financial futures contracts to manage market risk and maintain exposure to the S&P 500 Index. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation
Semi-Annual Shareholder Report
30

margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.
Futures contracts outstanding at period end are listed after the Fund’s Portfolio of Investments.
The average notional value of long futures contracts held by the Fund throughout the period was $8,956,936. This is based on amounts held as of each month-end throughout the fiscal period.
Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.
Securities Lending
The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Manager. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.
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31

As of April 30, 2021, the Fund has no outstanding securities on loan.
Additional Disclosure Related to Derivative Instruments
Fair Value of Derivative Instruments
 
 
Liability
 
Statement of
Assets and
Liabilities
Location
Fair
Value
Derivatives not accounted for as hedging instruments under ASC
Topic 815
 
 
Equity contracts
Payable for
variation margin
$(682,956)*
*
Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2021
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
 
Futures
Contracts
Equity Contracts
$1,354,535
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
 
Futures
Contracts
Equity Contracts
$769,401
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.
Semi-Annual Shareholder Report
32

3. SHARES OF BENEFICIAL INTEREST
The following tables summarize share activity:
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Class C Shares:
Shares
Amount
Shares
Amount
Shares sold
144,730
$1,285,420
339,481
$2,955,462
Shares issued to shareholders in payment of
distributions declared
712,742
6,008,783
543,476
4,770,810
Shares redeemed
(635,131)
(5,696,122)
(1,183,684)
(10,363,587)
NET CHANGE RESULTING FROM
CLASS C SHARE TRANSACTIONS
222,341
$1,598,081
(300,727)
$(2,637,315)
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Class R Shares:
Shares
Amount
Shares
Amount
Shares sold
383,220
$3,582,013
1,008,505
$8,846,131
Shares issued to shareholders in payment of
distributions declared
878,822
7,647,424
595,458
5,358,343
Shares redeemed
(772,636)
(7,133,094)
(1,571,488)
(13,847,680)
NET CHANGE RESULTING FROM
CLASS R SHARE TRANSACTIONS
489,406
$4,096,343
32,475
$356,794
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Institutional Shares:
Shares
Amount
Shares
Amount
Shares sold
1,160,325
$11,634,661
1,765,717
$16,766,160
Shares issued to shareholders in payment of
distributions declared
2,816,480
25,192,767
2,079,777
19,074,736
Shares redeemed
(1,741,941)
(16,343,153)
(4,430,055)
(41,088,239)
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE TRANSACTIONS
2,234,864
$20,484,275
(584,561)
$(5,247,343)
 
Six Months Ended
4/30/2021
Year Ended
10/31/2020
Service Shares:
Shares
Amount
Shares
Amount
Shares sold
611,559
$5,885,889
1,170,774
$10,509,554
Shares issued to shareholders in payment of
distributions declared
1,780,744
15,551,867
1,476,137
13,288,538
Shares redeemed
(1,170,068)
(10,655,144)
(5,620,962)
(52,904,317)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
1,222,235
$10,782,612
(2,974,051)
$(29,106,225)
NET CHANGE RESULTING FROM
TOTAL FUND SHARE TRANSACTIONS
4,168,846
$36,961,311
(3,826,864)
$(36,634,089)
Semi-Annual Shareholder Report
33

4. FEDERAL TAX INFORMATION
At April 30, 2021, the cost of investments for federal tax purposes was $81,887,478. The net unrealized appreciation of investments for federal tax purposes was $229,706,991. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $230,003,095 and net unrealized depreciation from investments for those securities having an excess of cost over value of $296,104. The amounts presented are inclusive of derivative contracts.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Management Fee
The management agreement between the Fund and the Manager provides for an annual fee equal to 0.30% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Manager may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2021, the Manager voluntarily waived $154,818 of its fee.
The Manager has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended April 30, 2021, the Manager reimbursed $3,049.
Distribution Services Fee
The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class C Shares, Class R Shares and Service Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
Share Class Name
Percentage of Average Daily
Net Assets of Class
Class C Shares
0.75%
Class R Shares
0.50%
Service Shares
0.30%
Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2021, distribution services fees for the Fund were as follows:
 
Distribution Services
Fees Incurred
Distribution Services
Fees Waived
Class C Shares
$120,776
$
Class R Shares
100,027
Service Shares
121,347
(99,696)
TOTAL
$342,150
$(99,696)
When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2021, FSC retained $66,256 of fees paid by the Fund.
Semi-Annual Shareholder Report
34

Sales Charges
Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable.
Other Service Fees
For the six months ended April 30, 2021, FSSC received $2,684 of the other service fees disclosed in Note 2.
Expense Limitation
The Manager and certain of its affiliates (which may include FSC and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Class C Shares, Class R Shares, Institutional Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.44%, 1.11%, 0.36% and 0.66% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Manager and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the six months ended April 30, 2021, the Fund engaged in purchase transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase transactions complied with Rule 17a-7 under the Act and amounted to $226,565.
Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Manager which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended April 30, 2021, were as follows:
Purchases
$45,127,054
Sales
$67,486,024
Semi-Annual Shareholder Report
35

7. LINE OF CREDIT
The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 24, 2020. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of April 30, 2021, the Fund had no outstanding loans. During the six months ended April 30, 2021, the Fund did not utilize the LOC.
8. INTERFUND LENDING
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2021, there were no outstanding loans. During the six months ended April 30, 2021, the program was not utilized.
9. OTHER MATTERS
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short-term or may last for an extended period of time and has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of Fund’s investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.
Semi-Annual Shareholder Report
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Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020 to April 30, 2021.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
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37

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
 
Beginning
Account Value
11/1/2020
Ending
Account Value
4/30/2021
Expenses Paid
During Period1
Actual:
 
 
 
Class C Shares
$1,000
$1,280.00
$7.97
Class R Shares
$1,000
$1,282.40
$6.06
Institutional Shares
$1,000
$1,288.30
$2.04
Service Shares
$1,000
$1,285.50
$3.74
Hypothetical (assuming a 5% return
before expenses):
 
 
 
Class C Shares
$1,000
$1,017.80
$7.05
Class R Shares
$1,000
$1,019.49
$5.36
Institutional Shares
$1,000
$1,023.01
$1.81
Service Shares
$1,000
$1,021.52
$3.31
1
Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:
Class C Shares
1.41%
Class R Shares
1.07%
Institutional Shares
0.36%
Service Shares
0.66%
Semi-Annual Shareholder Report
38

Evaluation and Approval of Advisory Contract–May 2020
federated max-cap index fund (the “Fund”)
(EFFECTIVE CLOSE OF BUSINESS ON JUNE 26, 2020, THE FUND’S NAME CHANGED TO FEDERATED HERMES MAX-CAP INDEX FUND)
At its meetings in May 2020 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including a majority of those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Equity Management Company of Pennsylvania (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to continue the existing arrangements. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
Information Received and Review Process
At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer” prior to the elimination of the Senior Officer position in December 2017.
In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year
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and in between regularly scheduled meetings on particular matters as the need arose, as well as information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the Adviser’s and sub-adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund”), which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and the Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. In addition, the Board received and considered information furnished by Federated Hermes on the impacts of the coronavirus (COVID-19) outbreak on Federated Hermes generally and the Fund in particular, including, among other information, the current and anticipated impacts on the management, operations and performance of the Fund. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of
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compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been shared with a fund and its shareholders or the family of funds; (4) any “fall-out” financial benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contracts generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below.
The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.
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Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser’s personnel, experience and track record, as well as the financial resources and overall reputation of Federated Hermes and its willingness to invest in personnel and infrastructure that benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to incorporate environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.
In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board noted the compliance program of the Adviser and the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC such as the liquidity risk management program rules. In addition, the Board considered the response by the Adviser to recent market conditions and considered the overall performance of the Adviser in this context. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund’s investment program. The Adviser’s ability to execute this program was one of the Board’s considerations in reaching a conclusion that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.
Fund Investment Performance
In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board also considered the Fund’s performance in light of the overall recent market conditions. The Board considered detailed investment reports on the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings and evaluated the Adviser’s analysis of the Fund’s performance for these time periods. The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful,
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though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the one-year, three-year and five-year periods ended December 31, 2019, the Fund’s performance was above the median of the relevant Performance Peer Group.
Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.
Fund Expenses
While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board has found the use of such comparisons to be relevant to its deliberations. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because such comparisons are believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s investors. The Board noted that the range of their fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.
The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group and the Board was satisfied that the overall expense structure of the Fund remained competitive.
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For comparison, the Board received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-mutual fund clients such as institutional separate accounts and third-party unaffiliated mutual funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-mutual fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) and the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing, addressing different administrative responsibilities, and addressing different degrees of risk associated with management; and (vi) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s mutual fund, noting that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party mutual fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.
Profitability and Other Benefits
The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for
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the Federated Hermes Funds. In addition, the Board considered the fact that, in order for the Federated Hermes Funds to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements.
The Board received and considered information furnished by Federated Hermes, as requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable, because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. The allocation information, including the CCO’s view that fund-by-fund estimations may be unreliable, was considered in the evaluation by the Board. In addition, the Board considered that, during the prior year, an independent consultant conducted a review of the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract. The Board noted the consultant’s view that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
Economies of Scale
The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that the Adviser has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management, trading operations,
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issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the Federated Hermes Fund family as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. Federated Hermes, as it does throughout the year, and specifically in connection with the Board’s review of the Contract, furnished information relative to adviser-paid fees (commonly referred to as revenue sharing). The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as a fund attains a certain size.
Conclusions
The Board considered the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable and the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and subadvisory arrangements is a continuing and on-going process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its on-going oversight of the Federated Hermes Funds.
In its determination to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an investment advisory contract. In particular, the Board recognized that many shareholders have invested in the
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Fund on the strength of the Adviser’s industry standing and reputation and with the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board’s approval of the Contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors summarized above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the Contract was appropriate.
The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to continue the existing arrangement.
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Liquidity Risk Management Program
Annual Evaluation of Adequacy and Effectiveness
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Index Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes Max-Cap Index Fund (the “Fund” and, collectively with the Federated Hermes funds, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s investment adviser as the administrator for the Program for the Fund. Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program for each Federated Hermes Fund they manage (each an “Administrator”). The Administrator in turn has delegated daily responsibility for the administration of the Program to multiple Liquidity Risk Management Committees (the “Committees”). The Committees, which are comprised of representatives of Enterprise Risk Management, Compliance, Investment Management and Trading, must review and assess certain information related to the liquidity of the Federated Hermes Funds, including the Fund.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.
At its meetings in May 2020, the Board received and reviewed a written report (the “Report”) from the Federated Hermes Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from the Program’s inception on December 1, 2018 through March 31, 2020 (the “Period”). The Report
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addressed the operation of the Program and assessed its adequacy and effectiveness, including, where applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund’s access to other available funding sources such as the Federated Hermes Funds’ interfund lending facility, redemptions in-kind and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:
■ confirmation that the Fund did not utilize alternative funding sources during the Period;
■ the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;
■ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;
■ the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;
■ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and
■ liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.
Based on this review, the Fund’s investment adviser, in its role as Administrator, collectively with the other investment advisers to the Federated Hermes Funds, concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.
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Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Quarterly Portfolio Schedule
Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.
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Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY 
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the “householding” program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of “householding.” Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of “householding” at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.
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Federated Hermes Max-Cap Index Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 31420E502
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2052905 (6/21)
© 2021 Federated Hermes, Inc.

Item 2.Code of Ethics

 

Not Applicable

Item 3.Audit Committee Financial Expert

 

Not Applicable

Item 4.Principal Accountant Fees and Services

 

Not Applicable

 

Item 5.Audit Committee of Listed Registrants

 

Not Applicable

 

Item 6.Schedule of Investments

 

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

 

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

 

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not Applicable

 

Item 8.Portfolio Managers of Closed-End Management Investment Companies

 

Not Applicable

 

Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not Applicable

 

Item 10.Submission of Matters to a Vote of Security Holders

 

No Changes to Report

 

Item 11.Controls and Procedures

 

(a) The registrant’s President and Treasurer have concluded that the

registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not Applicable

 

Item 13.Exhibits

 

(a)(1) Code of Ethics- Not Applicable to this Report.

 

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

 

(a)(3) Not Applicable.

 

(b) Certifications pursuant to 18 U.S.C. Section 1350.

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Hermes Index Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date June 22, 2021

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date June 22, 2021

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date June 22, 2021