Federated Hermes MDT All Cap Core Fund
Portfolio of Investments
April 30, 2021 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Communication Services—10.4% | |||
13,395 | Activision Blizzard, Inc. | $1,221,490 | |
9,446 | 1 | Alphabet, Inc., Class A | 22,231,161 |
81,453 | 1 | Altice USA, Inc. | 2,957,558 |
65,486 | 1 | Cars.com, Inc. | 865,070 |
189 | 1 | Charter Communications, Inc. | 127,282 |
13,344 | Electronic Arts, Inc. | 1,895,916 | |
11,705 | 1 | Facebook, Inc. | 3,805,061 |
2,955 | 1 | Netflix, Inc. | 1,517,304 |
69,931 | News Corp., Inc., Class A | 1,831,843 | |
18,694 | 1 | Pinterest, Inc. | 1,240,721 |
10,893 | 1 | Take-Two Interactive Software, Inc. | 1,910,414 |
13,839 | 1 | TripAdvisor, Inc. | 652,232 |
36,970 | Verizon Communications, Inc. | 2,136,496 | |
TOTAL | 42,392,548 | ||
Consumer Discretionary—11.4% | |||
624 | Advance Auto Parts, Inc. | 124,900 | |
3,295 | 1 | Amazon.com, Inc. | 11,425,149 |
1,388 | 1 | AutoZone, Inc. | 2,032,199 |
19,242 | 1 | Cooper-Standard Holding, Inc. | 558,788 |
5,917 | Domino’s Pizza, Inc. | 2,498,986 | |
49,006 | eBay, Inc. | 2,734,045 | |
7,315 | 1 | Etsy, Inc. | 1,454,149 |
3,282 | 1 | Five Below, Inc. | 660,568 |
35,900 | 1 | Ford Motor Co. | 414,286 |
53,197 | 1 | Goodyear Tire & Rubber Co. | 915,520 |
7,769 | Home Depot, Inc. | 2,514,592 | |
2,035 | 1 | L Brands, Inc. | 134,107 |
14,470 | Lowe’s Cos., Inc. | 2,839,737 | |
169,981 | 1 | Macy’s, Inc. | 2,818,285 |
7,196 | McDonald’s Corp. | 1,698,832 | |
1,267 | 1 | Mohawk Industries, Inc. | 260,368 |
2,682 | Nike, Inc., Class B | 355,687 | |
7,856 | 1 | O’Reilly Automotive, Inc. | 4,343,425 |
3,997 | 1 | PVH Corp. | 452,380 |
4,786 | 1 | SeaWorld Entertainment, Inc. | 262,081 |
2,668 | Starbucks Corp. | 305,459 | |
2,306 | 1 | Tesla, Inc. | 1,635,969 |
834 | Wingstop, Inc. | 132,114 | |
14,709 | 1 | YETI Holdings, Inc. | 1,256,443 |
39,886 | Yum! Brands, Inc. | 4,767,175 | |
TOTAL | 46,595,244 | ||
Consumer Staples—6.2% | |||
36,107 | 1 | BJ’s Wholesale Club Holdings, Inc. | 1,612,900 |
72,342 | Colgate-Palmolive Co. | 5,837,999 | |
5,439 | Costco Wholesale Corp. | 2,023,798 | |
22,231 | Hershey Foods Corp. | 3,652,553 | |
9,699 | 1 | Molson Coors Beverage Company, Class B | 532,960 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
18,951 | PepsiCo, Inc. | $2,731,976 | |
95,231 | Philip Morris International, Inc. | 9,046,945 | |
941 | Procter & Gamble Co. | 125,548 | |
TOTAL | 25,564,679 | ||
Energy—1.7% | |||
27,127 | Cimarex Energy Co. | 1,795,807 | |
14,278 | Continental Resources, Inc. | 388,933 | |
46,821 | EOG Resources, Inc. | 3,447,899 | |
17,376 | Helmerich & Payne, Inc. | 445,347 | |
63,055 | Marathon Oil Corp. | 709,999 | |
TOTAL | 6,787,985 | ||
Financials—12.8% | |||
945 | 1 | Alleghany Corp. | 641,627 |
44,999 | Allstate Corp. | 5,705,873 | |
28,214 | Ally Financial, Inc. | 1,451,610 | |
4,068 | Ameriprise Financial, Inc. | 1,051,171 | |
130,312 | Bank of New York Mellon Corp. | 6,499,962 | |
4,747 | Equitable Holdings, Inc. | 162,490 | |
2,685 | Fidelity National Financial, Inc. | 122,490 | |
18,518 | Interactive Brokers Group, Inc., Class A | 1,324,407 | |
13,333 | Intercontinental Exchange, Inc. | 1,569,427 | |
24,549 | MetLife, Inc. | 1,562,053 | |
10,736 | MSCI, Inc., Class A | 5,215,227 | |
13,379 | NASDAQ, Inc. | 2,161,244 | |
43,356 | Northern Trust Corp. | 4,933,913 | |
37,749 | Prudential Financial, Inc. | 3,788,490 | |
548 | Signature Bank | 137,827 | |
92,606 | State Street Corp. | 7,774,274 | |
30,595 | The Travelers Cos., Inc. | 4,731,823 | |
17,710 | Tradeweb Markets, Inc. | 1,439,469 | |
38,383 | Zions Bancorporation, N.A. | 2,141,771 | |
TOTAL | 52,415,148 | ||
Health Care—14.4% | |||
6,343 | Abbott Laboratories | 761,667 | |
32,266 | AbbVie, Inc. | 3,597,659 | |
23,240 | Amgen, Inc. | 5,569,233 | |
40,396 | 1 | AnaptysBio, Inc. | 943,247 |
6,580 | Anthem, Inc. | 2,496,386 | |
47,299 | 1 | Avantor, Inc. | 1,515,460 |
5,128 | Cerner Corp. | 384,856 | |
15,619 | CVS Health Corp. | 1,193,292 | |
22,860 | 1 | Davita, Inc. | 2,663,876 |
4,250 | 1 | Denali Therapeutics, Inc. | 256,870 |
20,683 | Eli Lilly & Co. | 3,780,232 | |
3,926 | 1 | Haemonetics Corp. | 264,063 |
23,314 | 1 | Hologic, Inc. | 1,528,233 |
5,390 | Humana, Inc. | 2,399,844 | |
1,807 | 1 | IDEXX Laboratories, Inc. | 992,025 |
14,265 | 1 | IQVIA Holdings, Inc. | 3,347,853 |
10,787 | 1 | Jazz Pharmaceuticals PLC | 1,773,383 |
25,357 | Johnson & Johnson | 4,126,345 | |
38,540 | McKesson Corp. | 7,228,562 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
50,137 | Merck & Co., Inc. | $3,735,206 | |
37,635 | 1 | Myriad Genetics, Inc. | 1,137,330 |
4,732 | 1 | United Therapeutics Corp. | 953,782 |
6,649 | 1 | Veeva Systems, Inc. | 1,878,010 |
5,006 | 1 | Waters Corp. | 1,501,149 |
28,585 | Zoetis, Inc. | 4,946,062 | |
TOTAL | 58,974,625 | ||
Industrials—8.7% | |||
10,871 | AGCO Corp. | 1,586,296 | |
8,201 | Allegion PLC | 1,102,050 | |
18,699 | 1 | Astronics Corp. | 325,550 |
57,393 | Carrier Global Corp. | 2,501,187 | |
28,412 | 1 | CIRCOR International, Inc. | 976,520 |
4,260 | Curtiss Wright Corp. | 544,854 | |
11,623 | Flowserve Corp. | 460,736 | |
12,880 | Fortune Brands Home & Security, Inc. | 1,352,142 | |
5,908 | 1 | Generac Holdings, Inc. | 1,913,897 |
28,638 | 1 | IAA Spinco, Inc. | 1,798,753 |
182,700 | 1 | KAR Auction Services, Inc. | 2,738,673 |
736 | Lennox International, Inc. | 246,810 | |
33,501 | 1 | Lyft, Inc. | 1,864,666 |
37,452 | Masco Corp. | 2,392,434 | |
134,208 | Otis Worldwide Corp. | 10,450,777 | |
34,819 | Ryder System, Inc. | 2,779,949 | |
30,349 | Spirit AeroSystems Holdings, Inc., Class A | 1,386,646 | |
11,956 | 1 | SPX Corp. | 725,251 |
1,461 | United Parcel Service, Inc. | 297,839 | |
TOTAL | 35,445,030 | ||
Information Technology—25.1% | |||
2,339 | 1 | Adobe, Inc. | 1,189,007 |
16,358 | Alliance Data Systems Corp. | 1,927,790 | |
6,095 | 1 | Ambarella, Inc. | 594,202 |
107,832 | Apple, Inc. | 14,175,595 | |
16,812 | Applied Materials, Inc. | 2,231,120 | |
3,768 | 1 | Arista Networks, Inc. | 1,187,561 |
35,739 | 1 | Arrow Electronics, Inc. | 4,076,748 |
8,490 | Broadcom, Inc. | 3,873,138 | |
6,249 | 1 | Cadence Design Systems, Inc. | 823,431 |
23,369 | 1 | Cirrus Logic, Inc. | 1,738,887 |
890 | Citrix Systems, Inc. | 110,226 | |
15,259 | 1 | Crowdstrike Holdings, Inc. | 3,181,654 |
15,126 | 1 | Dell Technologies, Inc. | 1,487,340 |
115,569 | 1 | DXC Technology Co. | 3,803,376 |
5,492 | 1 | EPAM Systems, Inc. | 2,513,963 |
27,998 | 1 | Fortinet, Inc. | 5,718,031 |
1,816 | 1 | Gartner, Inc., Class A | 355,718 |
50,473 | HP, Inc. | 1,721,634 | |
7,214 | 1 | HubSpot, Inc. | 3,797,810 |
46,303 | Intel Corp. | 2,663,812 | |
8,352 | 1 | MA-COM Technology Solutions Holdings, Inc. | 472,807 |
5,562 | Mastercard, Inc. | 2,125,018 | |
45,610 | Microsoft Corp. | 11,501,930 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,283 | Motorola, Inc. | $241,589 | |
7,153 | NVIDIA Corp. | 4,294,518 | |
31,510 | Oracle Corp. | 2,388,143 | |
6,678 | 1 | Palo Alto Networks, Inc. | 2,359,938 |
25,886 | Paychex, Inc. | 2,523,626 | |
631 | 1 | Paycom Software, Inc. | 242,563 |
9,396 | 1 | Paylocity Corp. | 1,815,683 |
15,923 | 1 | PayPal Holdings, Inc. | 4,176,444 |
40,911 | 1 | Plantronics, Inc. | 1,636,031 |
37,764 | Qualcomm, Inc. | 5,241,643 | |
8,530 | 1 | ServiceNow, Inc. | 4,319,336 |
61,353 | Western Union Co. | 1,580,453 | |
19,682 | Xerox Holdings Corp. | 475,123 | |
TOTAL | 102,565,888 | ||
Materials—3.9% | |||
83,199 | 1 | Alcoa Corp. | 3,048,411 |
46,545 | 1 | Allegheny Technologies, Inc. | 1,082,637 |
40,973 | 1 | Berry Global Group, Inc. | 2,606,702 |
142,366 | Chemours Co./The | 4,299,453 | |
44,257 | 1 | Domtar, Corp. | 1,744,611 |
31,700 | Dow, Inc | 1,981,250 | |
4,283 | 1 | Ingevity Corp. | 334,417 |
7,551 | RPM International, Inc. | 716,137 | |
TOTAL | 15,813,618 | ||
Real Estate—2.2% | |||
11,565 | Coresite Realty Corp. | 1,405,032 | |
11,256 | Extra Space Storage, Inc. | 1,673,655 | |
12,177 | 2 | Iron Mountain, Inc. | 488,541 |
76,810 | Macerich Co. (The) | 1,059,210 | |
14,125 | Public Storage | 3,971,385 | |
8,122 | SL Green Realty Corp. | 601,109 | |
TOTAL | 9,198,932 | ||
Utilities—1.5% | |||
44,295 | Exelon Corp. | 1,990,617 | |
44,479 | OGE Energy Corp. | 1,492,715 | |
27,373 | Public Service Enterprises Group, Inc. | 1,728,879 | |
46,471 | Vistra Corp. | 783,966 | |
TOTAL | 5,996,177 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $299,957,688) | 401,749,874 | ||
INVESTMENT COMPANIES—1.9% | |||
497,268 | Federated Hermes Government Obligations Fund, Premier Shares, 0.02%3 | 497,268 | |
7,112,839 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%3 | 7,114,261 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $7,611,529) | 7,611,529 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $307,569,217) | 409,361,403 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%4 | (847,324) | ||
TOTAL NET ASSETS—100% | $408,514,079 |
4
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 the affiliated companies during the period ended April 30, 2021, were as follows:
Value as of 7/31/2020 | Purchases at Cost* | Proceeds from Sales* | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 4/30/2021 | Shares Held as of 4/30/2021 | Dividend Income* | |
Consumer Discretionary: | ||||||||
Wingstop, Inc.** | $3,630,781 | $— | $(3,030,489) | $(767,773) | $299,595 | $132,114 | 834 | $101,256 |
Health Care: | ||||||||
AnaptysBio, Inc.** | $759,600 | $— | $(41,092) | $212,224 | $12,515 | $943,247 | 40,396 | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $4,390,381 | $— | $(3,071,581) | $(555,549) | $312,110 | $1,075,361 | 41,230 | $101,256 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At April 30, 2021, 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 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 of Affiliated Transactions | |
Value as of 7/31/2020 | $7,296,777 | $5,679,483 | $12,976,260 |
Purchases at Cost | $15,774,467 | $122,516,169 | $138,290,636 |
Proceeds from Sales | $(22,573,976) | $(121,081,186) | $(143,655,162) |
Change in Unrealized Appreciation/Depreciation | N/A | $521 | $521 |
Net Realized Gain/(Loss) | N/A | $(726) | $(726) |
Value as of 4/30/2021 | $497,268 | $7,114,261 | $7,611,529 |
Shares Held as of 4/30/2021 | 497,268 | 7,112,839 | 7,610,107 |
Dividend Income | $1,407 | $5,293 | $6,700 |
* | 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 April 30, 2021, securities subject to this type of arrangement and related collateral were as follows: |
Market Value of Securities Loaned | Collateral Received |
$483,647 | $497,268 |
3 | 7-day net yield. |
4 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2021.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ 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 Fund’s Board of Trustees (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.
■ 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.
As of April 30, 2021, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.