Federated Hermes MDT Small Cap Core Fund
(formerly, Federated MDT Small Cap Core Fund)
Portfolio of Investments
October 31, 2020 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Communication Services—1.7% | |||
103,653 | 1,2 | AMC Networks, Inc. | $2,202,626 |
9,961 | 1,2 | Bandwidth, Inc. | 1,597,296 |
9,920 | 1 | CarGurus, Inc. | 197,706 |
297,002 | 1 | Cars.com, Inc. | 2,194,845 |
210,392 | 1,2 | Consolidated Communications Holdings, Inc. | 982,531 |
759,544 | 2 | Emerald Holding, Inc. | 1,990,005 |
88,839 | 1 | Yelp, Inc. | 1,747,463 |
TOTAL | 10,912,472 | ||
Consumer Discretionary—13.6% | |||
29,428 | 1 | 1-800-FLOWERS.COM, Inc. | 583,557 |
99,319 | Aaron’s Holdings Company, Inc. | 5,190,411 | |
354,304 | 1 | American Axle & Manufacturing Holdings, Inc. | 2,380,923 |
26,092 | 1,2 | Asbury Automotive Group, Inc. | 2,686,954 |
22,678 | 1 | At Home Group, Inc. | 369,425 |
8,181 | Bed Bath & Beyond, Inc. | 161,984 | |
41,193 | Big Lots, Inc. | 1,960,787 | |
40,309 | Bluegreen Vacations Holding Corp. | 328,518 | |
181,481 | Camping World Holdings, Inc. | 4,798,358 | |
36,288 | 1 | Chegg, Inc. | 2,664,991 |
11,008 | 2 | Children’s Place, Inc./The | 278,172 |
86,612 | 1,2 | Fossil, Inc. | 494,555 |
270,504 | 1,2 | Funko, Inc. | 1,714,995 |
199,205 | 1,2 | G-III Apparel Group Ltd. | 2,685,283 |
14,171 | 1 | Immunovant, Inc. | 618,139 |
78,537 | 1 | Installed Building Products, Inc. | 7,110,740 |
47,007 | Jack in the Box, Inc. | 3,763,380 | |
23,171 | 1 | Meritage Corp. | 2,017,962 |
41,404 | 1 | Michaels COS, Inc. | 335,786 |
462,310 | 1 | Modine Manufacturing Co. | 2,958,784 |
84,118 | Movado Group, Inc. | 917,727 | |
7,149 | Murphy USA, Inc. | 874,251 | |
4,761 | 1 | National Vision Holdings, Inc. | 192,011 |
15,014 | 1 | Nautilus, Inc. | 325,654 |
62,693 | ODP Corp./The | 1,222,514 | |
23,807 | Papa Johns International, Inc. | 1,823,616 | |
125,714 | 1 | Perdoceo Education Corp. | 1,419,311 |
180,615 | Rent-A-Center, Inc. | 5,581,004 | |
18,211 | Shutterstock, Inc. | 1,191,910 | |
46,624 | Sonic Automotive, Inc. | 1,681,262 | |
294,138 | Steven Madden Ltd. | 7,062,253 | |
1,173 | 1 | TopBuild Corp. | 179,715 |
72,550 | Tupperware Brands Corp. | 2,301,286 | |
11,134 | 1 | Turtle Beach Corp. | 200,635 |
10,912 | 1 | Vista Outdoor, Inc. | 215,730 |
58,408 | 2 | Wingstop, Inc. | 6,794,603 |
143,043 | 1 | WW International, Inc. | 3,026,790 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
14,229 | 1,3 | XPEL, Inc. | $352,595 |
198,944 | 1 | YETI Holdings, Inc. | 9,843,749 |
TOTAL | 88,310,320 | ||
Consumer Staples—3.6% | |||
121,712 | 2 | B&G Foods, Inc., Class A | 3,232,671 |
187,418 | 1 | BJ’s Wholesale Club Holdings, Inc. | 7,176,235 |
57,731 | 1 | Central Garden & Pet Co., Class A | 2,043,100 |
140,348 | 1 | elf Beauty, Inc. | 2,844,854 |
13,217 | 1 | Freshpet, Inc. | 1,513,347 |
27,990 | Ingles Markets, Inc., Class A | 1,003,721 | |
101,184 | Inter Parfums, Inc. | 4,154,615 | |
67,693 | SpartanNash Co. | 1,246,228 | |
27,430 | 1 | United Natural Foods, Inc. | 399,655 |
TOTAL | 23,614,426 | ||
Energy—2.9% | |||
53,808 | Arch Resources, Inc. | 1,643,834 | |
234,484 | 1,2 | CONSOL Energy, Inc. | 888,694 |
248,955 | CVR Energy, Inc. | 2,740,995 | |
104,653 | Delek US Holdings, Inc. | 1,052,809 | |
111,305 | 1 | Gulf Island Fabrication, Inc. | 362,854 |
25,828 | Nabors Industries Ltd. | 734,032 | |
362,889 | 1 | Newpark Resources, Inc. | 259,502 |
415,128 | 1 | Oceaneering International, Inc. | 1,693,722 |
765,919 | 1 | Oil States International, Inc. | 1,907,138 |
66,376 | Ovintiv, Inc. | 610,659 | |
1,005,702 | 1 | Peabody Energy Corp. | 1,297,356 |
74,170 | 1 | Renewable Energy Group, Inc. | 4,183,188 |
178,925 | SFL Corporation Ltd. | 1,164,802 | |
TOTAL | 18,539,585 | ||
Financials—16.6% | |||
35,148 | 1st Source Corp. | 1,177,107 | |
3,586 | A-Mark Precious Metals, Inc. | 111,453 | |
36,399 | Argo Group International Holdings Ltd. | 1,298,716 | |
202,051 | Artisan Partners Asset Management, Inc. | 8,094,163 | |
49,775 | Berkshire Hills Bancorp, Inc. | 648,568 | |
228,231 | Brightsphere Investment Group, Inc. | 3,149,588 | |
22,921 | 1 | BRP Group, Inc. | 584,486 |
80,471 | CNO Financial Group, Inc. | 1,428,360 | |
95,190 | Donegal Group, Inc., Class A | 1,381,207 | |
45,420 | Eagle Bancorp, Inc. | 1,358,966 | |
41,227 | Employers Holdings, Inc. | 1,319,676 | |
272,495 | 1 | Ezcorp, Inc., Class A | 1,215,328 |
54,486 | Financial Institutions, Inc. | 966,037 | |
465,338 | First BanCorp | 3,020,044 | |
264,637 | First Bancorp, Inc. | 6,375,105 | |
145,788 | First Foundation, Inc. | 2,167,868 | |
40,431 | 1 | Focus Financial Partners, Inc. | 1,476,136 |
20,487 | 1 | Goosehead Insurance, Inc. | 2,510,477 |
75,692 | 1 | Green Dot Corp. | 4,035,897 |
46,590 | Heartland Financial USA, Inc. | 1,534,675 | |
31,028 | HomeStreet, Inc. | 964,040 | |
110,084 | Horace Mann Educators Corp. | 3,732,948 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
38,484 | Independent Bank Corp.- Michigan | $576,106 | |
707,766 | Investors Bancorp, Inc. | 5,987,700 | |
37,573 | Kinsale Capital Group, Inc. | 7,043,810 | |
88,257 | Live Oak Bancshares, Inc. | 3,290,221 | |
215,531 | Meridian Bancorp, Inc. | 2,683,361 | |
35,290 | 1 | Mr. Cooper Group, Inc. | 743,913 |
196,932 | Northwest Bancshares, Inc. | 2,101,264 | |
123,618 | Peapack-Gladstone Financial Corp. | 2,086,672 | |
82,704 | Pennymac Financial Services, Inc. | 4,203,017 | |
277,040 | ProAssurance Corp. | 4,274,727 | |
146,879 | QCR Holdings, Inc. | 4,557,655 | |
218,958 | Selective Insurance Group, Inc. | 11,398,954 | |
69,635 | State Auto Financial Corp. | 859,296 | |
41,900 | TriCo Bancshares | 1,212,167 | |
9,009 | 1,2 | Trupanion, Inc. | 644,504 |
21,310 | UMB Financial Corp. | 1,297,140 | |
97,578 | Waddell & Reed Financial, Inc., Class A | 1,497,822 | |
135,296 | Waterstone Financial, Inc. | 2,283,797 | |
134,084 | Western New England Bancorp, Inc. | 772,324 | |
171,039 | 2 | WisdomTree Investments, Inc. | 622,582 |
8,853 | 1,2 | World Acceptance Corp. | 743,563 |
TOTAL | 107,431,440 | ||
Health Care—19.9% | |||
5,614 | 1 | Acceleron Pharma, Inc. | 587,112 |
627,148 | 1,2 | Acorda Therapeutics, Inc. | 548,253 |
66,205 | 1,4 | Adeptus Health, Inc., Class A | 0 |
96,407 | 1 | Amphastar Pharmaceuticals, Inc. | 1,888,613 |
178,605 | 1 | AnaptysBio, Inc. | 5,261,703 |
118,378 | 1 | ANI Pharmaceuticals, Inc. | 3,017,455 |
70,799 | 1,2 | Anika Therapeutics, Inc. | 2,309,463 |
545,846 | 1 | Assertio Holdings, Inc. | 338,425 |
18,880 | 1,2 | Axonics Modulation Technologies, Inc. | 885,283 |
8,090 | 1,2 | Beam Therapeutics, Inc. | 276,435 |
17,229 | 1 | Biohaven Pharmaceutical Holding Co. Ltd. | 1,334,558 |
12,109 | 1 | Blueprint Medicines Corp. | 1,238,509 |
43,113 | 1 | Castle Biosciences, Inc. | 2,001,737 |
239,793 | 1 | Catalyst Pharmaceutical Partners, Inc. | 712,185 |
9,504 | 1 | ChemoCentryx, Inc. | 456,192 |
190,305 | 1,2 | Community Health Systems, Inc. | 1,187,503 |
9,386 | 2 | CONMED Corp. | 731,826 |
111,823 | 1 | Cytomx Therapeutics, Inc. | 740,268 |
63,086 | 1 | Denali Therapeutics, Inc. | 2,698,819 |
21,704 | 1 | Emergent BioSolutions, Inc. | 1,952,709 |
12,455 | 1 | Enanta Pharmaceuticals, Inc. | 543,412 |
58,289 | 1 | Fate Therapeutics, Inc. | 2,588,032 |
19,290 | 1 | FibroGen, Inc. | 740,350 |
173,820 | 1 | G1 Therapeutics, Inc. | 1,910,282 |
129,377 | 1 | GlycoMimetics, Inc. | 362,256 |
58,258 | 1 | Gossamer Bio, Inc. | 483,541 |
160,340 | 1 | Halozyme Therapeutics, Inc. | 4,489,520 |
91,390 | 1 | Inogen, Inc. | 2,669,502 |
138,131 | 1 | Inovalon Holdings, Inc. | 2,623,108 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
40,547 | 1,2 | Inspire Medical Systems, Inc. | $4,842,528 |
38,927 | 1,2 | Intellia Therapeutics, Inc. | 931,912 |
3,848 | 1 | iRhythm Technologies, Inc. | 813,660 |
148,250 | 1,2 | Ironwood Pharmaceuticals, Inc. | 1,464,710 |
2,958 | 1 | Karuna Therapeutics, Inc. | 240,160 |
71,801 | 1 | Kiniksa Pharmaceuticals Ltd. | 1,124,404 |
19,440 | 1 | Kodiak Sciences, Inc. | 1,765,346 |
111,467 | 1 | Kura Oncology, Inc. | 3,483,344 |
90,347 | 1,2 | Lannett Co., Inc. | 580,931 |
13,841 | LeMaitre Vascular, Inc. | 449,556 | |
628,152 | 1,2 | Lexicon Pharmaceuticals, Inc. | 697,249 |
5,003 | 1 | Ligand Pharmaceuticals, Inc., Class B | 412,497 |
105,374 | 1 | MEDNAX, Inc. | 1,343,519 |
53,757 | 1 | Medpace Holdings, Inc. | 5,963,802 |
19,047 | 1 | Mirati Therapeutics, Inc. | 4,135,866 |
316,029 | 1 | Myriad Genetics, Inc. | 3,928,240 |
14,470 | 1 | Natera, Inc. | 973,252 |
27,771 | 1 | NextCure, Inc. | 268,268 |
3,472 | 1 | Novavax, Inc. | 280,225 |
17,468 | 1 | Omnicell, Inc. | 1,511,855 |
15,441 | 1 | Orthofix Medical, Inc. | 482,686 |
19,992 | Owens & Minor, Inc. | 502,199 | |
157,373 | 1 | Pacific Biosciences of California, Inc. | 2,063,160 |
55,809 | 1 | Pacira BioSciences, Inc. | 2,918,811 |
75,361 | 1 | Personalis, Inc. | 1,863,678 |
22,379 | 1 | Prestige Consumer Healthcare, Inc. | 739,178 |
48,711 | 1,2 | Prevail Therapeutics, Inc. | 476,881 |
151,214 | 1 | Puma Biotechnology, Inc. | 1,265,661 |
62,756 | 1 | Retrophin, Inc. | 1,270,181 |
75,837 | 1,2 | Rocket Pharmaceuticals, Inc. | 2,118,886 |
34,785 | 1,2 | Scholar Rock Holding Corp. | 1,353,136 |
194,091 | 1 | Select Medical Holdings Corp. | 4,072,029 |
28,541 | 1 | Seres Therapeutics, Inc. | 796,008 |
95,357 | 1 | Shockwave Medical, Inc. | 6,514,790 |
37,398 | 1 | SI-BONE, Inc. | 784,236 |
96,397 | 1 | Silk Road Medical, Inc. | 5,841,658 |
54,107 | 1 | Supernus Pharmaceuticals, Inc. | 993,405 |
35,918 | 1 | Surgery Partners, Inc. | 783,731 |
8,085 | 1 | Syneos Health, Inc. | 429,152 |
12,331 | 1 | TCR2 Therapeutics, Inc. | 242,551 |
32,120 | 1 | Turning Point Therapeutics, Inc. | 2,961,143 |
5,205 | 1 | Twist Bioscience Corp. | 398,911 |
30,713 | 1 | Ultragenyx Pharmaceutical, Inc. | 3,086,656 |
228,468 | 1 | Vanda Pharmaceuticals, Inc. | 2,442,323 |
19,962 | 1 | Vocera Communications, Inc. | 654,354 |
168,255 | 1,2 | Voyager Therapeutics, Inc. | 1,788,551 |
33,049 | 1 | Xencor, Inc. | 1,268,421 |
48,399 | 1 | Zogenix, Inc. | 1,031,867 |
19,474 | 1 | Zynex, Inc. | 249,462 |
TOTAL | 129,182,080 | ||
Industrials—13.7% | |||
78,768 | AAR Corp. | 1,532,825 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
124,356 | Advanced Drainage System, Inc. | $7,887,901 | |
68,772 | 1 | Aerojet Rocketdyne Holdings, Inc. | 2,229,588 |
189,762 | Albany International Corp., Class A | 9,666,476 | |
277,424 | Apogee Enterprises, Inc. | 6,627,659 | |
20,219 | ArcBest Corp. | 617,084 | |
7,914 | Arcosa, Inc. | 365,389 | |
388,060 | 1 | Astronics Corp. | 2,483,584 |
133,792 | 1 | Atlas Air Worldwide Holdings, Inc. | 7,915,135 |
72,033 | 1 | Builders Firstsource, Inc. | 2,182,600 |
255,877 | 1 | CECO Environmental Corp. | 1,811,609 |
22,668 | 1 | Cimpress PLC | 1,663,831 |
284,514 | Costamare, Inc. | 1,618,885 | |
164,541 | 1 | Echo Global Logistics, Inc. | 4,437,671 |
46,464 | Exponent, Inc. | 3,233,430 | |
341,049 | 1 | Foundation Building Materials, Inc. | 4,965,674 |
94,660 | 1 | Franklin Covey Co. | 1,601,647 |
147,169 | 1 | GMS, Inc. | 3,326,019 |
69,230 | 1 | Great Lakes Dredge & Dock Corp. | 715,146 |
36,625 | Heidrick & Struggles International, Inc. | 836,881 | |
33,816 | Helios Technologies, Inc. | 1,414,861 | |
81,951 | Hurco Co., Inc. | 2,445,418 | |
15,941 | KAR Auction Services, Inc. | 232,101 | |
10,634 | 1,2 | Mastec, Inc. | 527,872 |
246,857 | 1 | Mistras Group, Inc. | 918,308 |
271,687 | 1 | MRC Global, Inc. | 1,157,387 |
328,534 | 1 | Now, Inc. | 1,337,133 |
61,297 | Powell Industries, Inc. | 1,448,448 | |
27,793 | Scorpio Bulkers, Inc. | 305,167 | |
38,599 | 1 | Siteone Landscape Supply, Inc. | 4,612,195 |
69,574 | Steelcase, Inc., Class A | 726,353 | |
242,834 | 1 | Team, Inc. | 1,301,590 |
6,832 | Tennant Co. | 407,324 | |
17,532 | The Shyft Group, Inc. | 338,543 | |
175,241 | 1 | Titan Machinery, Inc. | 2,626,863 |
10,993 | 1 | TriNet Group, Inc. | 757,638 |
247,212 | Triumph Group, Inc. | 1,631,599 | |
39,465 | 1 | Veritiv Corp. | 568,296 |
TOTAL | 88,476,130 | ||
Information Technology—14.5% | |||
79,092 | Amkor Technology, Inc. | 937,240 | |
144,896 | 1 | Avaya Holdings Corp. | 2,492,211 |
8,514 | 1 | Axcelis Technologies, Inc. | 187,904 |
28,963 | Benchmark Electronics, Inc. | 603,299 | |
95,173 | Blackbaud, Inc. | 4,695,836 | |
126,610 | 1 | Box, Inc. | 1,962,455 |
18,254 | 1 | Calix, Inc. | 427,326 |
70,770 | 1 | Commvault Systems, Inc. | 2,801,784 |
698,160 | 1 | Conduent, Inc. | 2,433,088 |
94,342 | 1 | Domo, Inc. | 2,997,245 |
49,525 | 1 | Endurance International Group Holdings, Inc. | 287,740 |
13,813 | 1 | Envestnet, Inc. | 1,060,010 |
43,986 | Evertec, Inc. | 1,463,854 |
5
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
106,772 | 1 | Evo Payments, Inc. | $2,249,686 |
13,488 | 1 | Five9, Inc. | 2,046,399 |
82,152 | 1 | FormFactor, Inc. | 2,329,009 |
63,226 | 1 | Inphi Corp. | 8,836,466 |
21,508 | 1,2 | Intelligent Systems Corp. | 815,583 |
30,035 | 1 | International Money Express, Inc. | 417,787 |
163,796 | 1 | MA-COM Technology Solutions Holdings, Inc. | 5,978,554 |
67,172 | ManTech International Corp., Class A | 4,358,119 | |
41,509 | 1 | MaxLinear, Inc. | 1,097,498 |
114,130 | 1 | Model N, Inc. | 4,020,800 |
77,924 | 1 | NeoPhotonics Corp. | 530,663 |
13,244 | 1 | Netgear, Inc. | 408,180 |
16,775 | 1 | OSI Systems, Inc. | 1,294,359 |
33,331 | Perspecta, Inc. | 597,625 | |
169,386 | 2 | Plantronics, Inc. | 3,306,415 |
14,660 | 1 | Qualys, Inc. | 1,287,881 |
170,348 | 1 | SailPoint Technologies Holding | 7,071,146 |
133,238 | 1 | Secureworks Corp. | 1,385,675 |
32,927 | 1 | Sitime Corp. | 2,749,075 |
33,668 | 1 | Sprout Social, Inc. | 1,471,292 |
77,987 | 1 | SPS Commerce, Inc. | 6,674,907 |
66,124 | 1 | SVMK, Inc. | 1,383,975 |
7,591 | 1 | Synaptics, Inc. | 582,002 |
198,829 | 1,2 | Synchronoss Technologies, Inc. | 550,756 |
69,219 | 1 | Tenable Holdings, Inc. | 2,361,060 |
32,780 | TTEC Holdings, Inc. | 1,795,689 | |
38,410 | 1 | Varonis Systems, Inc. | 4,439,044 |
24,247 | 1 | Workiva, Inc. | 1,341,102 |
TOTAL | 93,730,739 | ||
Materials—3.8% | |||
375,015 | 1 | Allegheny Technologies, Inc. | 3,453,888 |
22,035 | 1 | Arconic Corp. | 479,041 |
123,730 | Boise Cascade Co. | 4,748,757 | |
224,095 | Carpenter Technology Corp. | 3,917,181 | |
18,890 | 1 | Clearwater Paper Corp. | 701,764 |
107,817 | Commercial Metals Corp. | 2,226,421 | |
58,434 | Fuller (H.B.) Co. | 2,644,138 | |
27,762 | Haynes International, Inc. | 450,022 | |
10,252 | 1 | Ingevity Corp. | 562,630 |
67,665 | 1 | Koppers Holdings, Inc. | 1,517,726 |
155,575 | Myers Industries, Inc. | 2,230,945 | |
76,006 | O-I Glass, Inc. | 716,737 | |
178,898 | SunCoke Energy, Inc. | 624,354 | |
48,583 | Verso Corp. | 377,976 | |
TOTAL | 24,651,580 | ||
Real Estate—6.0% | |||
25,963 | Alexander and Baldwin, Inc. | 333,625 | |
38,011 | CareTrust REIT, Inc. | 649,988 | |
121,557 | CIM Commercial Trust Corp. | 972,456 | |
73,667 | 2 | CorEnergy Infrastructure Trust, Inc. | 344,762 |
99,653 | Easterly Government Properties, Inc. | 2,082,748 | |
40,085 | 1 | eXp World Holdings, Inc. | 1,699,203 |
6
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
489,041 | Independence Realty Trust | $5,941,848 | |
50,305 | LTC Properties, Inc. | 1,660,568 | |
506,719 | 2 | Macerich Co. (The) | 3,526,764 |
29,162 | PotlatchDeltic Corp. | 1,211,681 | |
104,399 | 2 | QTS Realty Trust, Inc. | 6,421,582 |
92,164 | 1 | Redfin Corp. | 3,849,690 |
228,864 | RMR Group, Inc./The | 6,101,514 | |
296,791 | Sabra Health Care REIT, Inc. | 3,905,770 | |
69,093 | Whitestone Project | 411,794 | |
TOTAL | 39,113,993 | ||
Utilities—2.0% | |||
3,675 | Chesapeake Utilities Corp. | 357,247 | |
171,167 | Clearway Energy, Inc. | 4,486,287 | |
26,488 | Consolidated Water Co. | 266,469 | |
183,297 | Portland General Electric Co. | 7,203,572 | |
28,054 | 1 | Sunnova Energy International, Inc. | 674,979 |
TOTAL | 12,988,554 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $604,645,906) | 636,951,319 | ||
INVESTMENT COMPANIES—6.0% | |||
19,432,488 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5 | 19,432,488 | |
19,573,627 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%5 | 19,581,456 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $39,013,944) | 39,013,944 | ||
TOTAL INVESTMENT IN SECURITIES—104.3% (IDENTIFIED COST $643,659,850) | 675,965,263 | ||
OTHER ASSETS AND LIABILITIES - NET—(4.3)%6 | (27,689,807) | ||
TOTAL NET ASSETS—100% | $648,275,456 |
7
An affiliated company is a company in which the Fund, alone or in combination with other funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the year ended October 31, 2020, were as follows:
Value as of 7/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Consumer Discretionary: | |||
Wingstop, Inc.** | $16,774,687 | $— | $(7,193,124) |
Health Care: | |||
Amphastar Pharmaceuticals, Inc. | $1,702,621 | $229,700 | $— |
AnaptysBio, Inc. | $4,555,051 | $— | $(1,942,001) |
Ultragenyx Pharmaceutical, Inc. | $2,220,838 | $470,460 | $(246,339) |
Information Technology: | |||
International Money Express, Inc. | $— | $ 467,657 | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $25,253,197 | $1,167,817 | $(9,381,464) |
8
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 10/31/2020 | Shares Held as of 10/31/2020 | Dividend Income* |
$(5,057,641) | $2,270,681 | $6,794,603 | 58,408 | $11,953 |
$(43,708) | $— | $1,888,613 | 96,407 | $— |
$2,172,933 | $475,720 | $5,261,703 | 178,605 | $— |
$689,077 | $(47,380) | $3,086,656 | 30,713 | $— |
$(49,870) | $— | $ 417,787 | 30,035 | $— |
$(2,289,209) | $2,699,021 | $17,449,362 | 394,168 | $11,953 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At October 31, 2020, the Fund no longer has ownership of at least 5% voting shares. |
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended October 31, 2020, were as follows:
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | ||
Value as of 7/31/2020 | $31,624,077 | $44,520,839 | $76,144,916 | |
Purchases at Cost | $32,597,607 | $84,588,572 | $117,186,179 | |
Proceeds from Sales | $(44,789,196) | $(109,526,013) | $(154,315,209) | |
Change in Unrealized Appreciation/Depreciation | N/A | $(2,178) | $(2,178) | |
Net Realized Gain/(Loss) | N/A | $236 | $236 | |
Value as of 10/31/2020 | $19,432,488 | $19,581,456 | $39,013,944 | |
Shares Held as of 10/31/2020 | 19,432,488 | 19,573,627 | 39,006,115 | |
Dividend Income | $0 | $3,700 | $3,700 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of October 31, 2020, securities subject to this type of arrangement and related collateral were as follows: |
Market Value of Securities Loaned | Collateral Received |
$27,667,734 | $29,152,488 |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2020, this restricted security amounted to $352,595, which represented 0.1% of total net assets. |
4 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
5 | 7-day net yield. |
6 | Assets, other than investments in securities, less liabilities. |
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ 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.
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■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation 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 MDTA LLC (the “Adviser”) and certain of the Adviser’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 Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the 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.
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.
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $627,440,455 | $— | $0 | $627,440,455 |
International | 9,510,864 | — | — | 9,510,864 |
Investment Companies | 39,013,944 | — | — | 39,013,944 |
TOTAL SECURITIES | $675,965,263 | $— | $0 | $675,965,263 |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
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