Federated Hermes MDT Small Cap Core Fund
Portfolio of Investments
April 30, 2022 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.1% | |||
Communication Services—3.7% | |||
276,451 | 1 | AMC Networks, Inc. | $ 9,020,596 |
228,957 | 1 | Cars.com, Inc. | 2,546,002 |
21,443 | Cogent Communications Holdings, Inc. | 1,254,415 | |
124,311 | 1 | EverQuote, Inc. | 1,725,437 |
407,586 | 1,2 | GOGO, Inc. | 7,503,658 |
331,278 | 1 | iHeartMedia, Inc. | 5,297,135 |
47,763 | Shenandoah Telecommunications Co. | 964,813 | |
540,309 | 1 | Yelp, Inc. | 17,576,252 |
TOTAL | 45,888,308 | ||
Consumer Discretionary—10.5% | |||
128,899 | 1 | Abercrombie & Fitch Co., Class A | 4,457,328 |
41,674 | Academy Sports and Outdoors, Inc. | 1,556,941 | |
363,957 | 1 | American Axle & Manufacturing Holdings, Inc. | 2,409,395 |
421,154 | 2 | American Eagle Outfitters, Inc. | 6,363,637 |
23,319 | 2 | Big Lots, Inc. | 720,557 |
109,715 | Bloomin Brands, Inc. | 2,412,633 | |
53,266 | 1 | Boot Barn Holdings, Inc. | 4,797,136 |
19,207 | 1 | Brinker International, Inc. | 697,790 |
19,353 | Cheesecake Factory, Inc. | 714,319 | |
102,037 | 1,2 | Citi Trends, Inc. | 2,853,975 |
101,900 | 1,2 | Container Store Group, Inc. | 779,535 |
150,423 | 1 | Everi Holdings, Inc. | 2,611,343 |
115,053 | 1 | Funko, Inc. | 1,874,213 |
25,313 | 1 | Golden Entertainment, Inc. | 1,214,012 |
414,034 | 1,2 | Groupon, Inc. | 8,077,803 |
25,637 | 2 | Jack in the Box, Inc. | 2,121,718 |
15,247 | Kontoor Brands, Inc. | 605,763 | |
40,903 | 1,2 | Lands’ End, Inc. | 573,460 |
47,984 | 1 | Lumber Liquidators, Inc. | 662,659 |
660,668 | Macy’s, Inc. | 15,968,346 | |
12,207 | Movado Group, Inc. | 439,086 | |
7,265 | Murphy USA, Inc. | 1,697,104 | |
1,037,561 | 1,2 | Purple Innovation, Inc. | 4,274,751 |
164,616 | 1 | Quotient Technology, Inc. | 874,111 |
46,806 | 1 | Red Robin Gourmet Burgers | 617,371 |
161,781 | Red Rock Resorts, Inc. | 7,111,893 | |
292,766 | 1 | Sally Beauty Holdings, Inc. | 4,426,622 |
161,801 | 1 | SeaWorld Entertainment, Inc. | 10,911,860 |
102,713 | Smith & Wesson Brands, Inc. | 1,410,250 | |
285,243 | 1,2 | Sonos, Inc. | 6,509,245 |
1,304,114 | 1 | Stitch Fix, Inc. | 12,389,083 |
214,366 | 1 | Target Hospitality Corp. | 1,341,931 |
59,967 | 1 | Vista Outdoor, Inc. | 2,112,637 |
917,981 | 1 | WW International, Inc. | 8,987,034 |
42,457 | 1 | Xponential Fitness, Inc. | 879,709 |
64,578 | 1 | YETI Holdings, Inc. | 3,155,927 |
TOTAL | 128,611,177 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—3.0% | |||
87,959 | 1 | Bellring Brands, Inc. | $ 1,884,961 |
92,845 | 1 | Central Garden & Pet Co., Class A | 3,841,926 |
13,431 | Coca-Cola Bottling Co. | 5,929,786 | |
25,241 | Energizer Holdings, Inc. | 764,550 | |
323,052 | 1 | Hostess Brands, Inc. | 7,330,050 |
21,258 | Ingles Markets, Inc., Class A | 1,979,545 | |
106,918 | Primo Water Corp. | 1,565,280 | |
235,792 | 1,2 | Rite Aid Corp. | 1,501,995 |
75,823 | SpartanNash Co. | 2,599,212 | |
37,739 | 1,2 | Sprouts Farmers Market, Inc. | 1,124,622 |
37,506 | 1,2 | The Duckhorn Portfolio, Inc. | 728,367 |
10,801 | 1 | The Simply Good Foods Co. | 449,862 |
83,877 | 1 | United Natural Foods, Inc. | 3,600,840 |
319,129 | Vector Group Ltd. | 4,059,321 | |
TOTAL | 37,360,317 | ||
Energy—7.1% | |||
308,540 | 1 | Antero Resources Corp. | 10,860,608 |
33,563 | Brigham Minerals, Inc. | 831,691 | |
49,405 | Cactus, Inc. | 2,466,792 | |
29,056 | 1 | Comstock Resources, Inc. | 494,824 |
302,365 | 1 | CONSOL Energy, Inc. | 14,377,456 |
48,502 | CVR Energy, Inc. | 1,215,945 | |
125,197 | 1 | Gulf Island Fabrication, Inc. | 465,733 |
51,072 | 1 | Kosmos Energy Ltd. | 345,247 |
10,304 | 1 | Laredo Petroleum | 733,748 |
373,148 | Magnolia Oil & Gas Corp. | 8,671,959 | |
16,538 | Matador Resources Co. | 807,385 | |
23,599 | 1 | Nabors Industries Ltd. | 3,648,877 |
284,634 | 1 | Newpark Resources, Inc. | 993,373 |
41,726 | 1 | Nextier Oilfield Solutions, Inc. | 460,238 |
12,250 | Oasis Petroleum, Inc. | 1,625,085 | |
66,420 | 1 | Oceaneering International, Inc. | 752,539 |
79,924 | Ovintiv, Inc. | 4,091,309 | |
493,466 | 1 | PBF Energy, Inc. | 14,340,122 |
158,076 | 1 | Propetro Holding Corp. | 2,235,195 |
161,233 | 1 | Range Resources Corp. | 4,827,316 |
79,849 | SFL Corporation Ltd. | 792,102 | |
56,600 | SM Energy Co. | 2,010,998 | |
106,226 | 1 | Southwestern Energy Co. | 796,695 |
431,330 | 1 | Talos Energy, Inc. | 7,837,266 |
113,068 | 1 | US Silica Holdings, Inc. | 2,100,803 |
TOTAL | 87,783,306 | ||
Financials—16.7% | |||
11,680 | 1st Source Corp. | 505,394 | |
12,077 | 1 | A-Mark Precious Metals, Inc. | 951,668 |
71,499 | Amerant Bancorp, Inc. | 1,901,158 | |
244,730 | 2 | Ares Commercial Real Estate Corp. | 3,688,081 |
174,868 | Artisan Partners Asset Management, Inc. | 5,620,257 | |
57,749 | Byline Bancorp, Inc. | 1,354,791 | |
724,503 | Chimera Investment Corp. | 7,259,520 | |
51,587 | Cowen Group, Inc. | 1,178,763 | |
272,480 | 1 | Customers Bancorp, Inc. | 11,463,234 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
181,108 | 1 | Donnelley Financial Solutions, Inc. | $ 5,301,031 |
1,166,844 | Eastern Bankshares, Inc. | 22,356,731 | |
393,274 | 1 | eHealth, Inc. | 3,165,856 |
13,650 | Equity Bancshares, Inc. | 416,734 | |
70,182 | Financial Institutions, Inc. | 1,953,867 | |
189,926 | First Bancorp, Inc. | 7,114,628 | |
39,208 | First Foundation, Inc. | 871,202 | |
68,252 | Fulton Financial Corp. | 1,035,383 | |
160,975 | Granite Point Mortgage Trust, Inc. | 1,566,287 | |
764,209 | 1 | Green Dot Corp. | 20,236,254 |
52,538 | Heartland Financial USA, Inc. | 2,299,588 | |
276,781 | HomeStreet, Inc. | 11,234,541 | |
185,531 | Houlihan Lokey, Inc. | 15,452,877 | |
43,353 | Independent Bank Corp.- Michigan | 855,788 | |
513,527 | 1 | LendingClub Corp. | 7,831,287 |
39,041 | 1 | LendingTree, Inc. | 3,100,636 |
2,926 | 1 | Metropolitan Bank Holding Corp. | 260,560 |
13,936 | Midland States Bancorp, Inc. | 367,353 | |
349,007 | Moelis & Co. | 15,447,050 | |
130,654 | 1 | Open Lending | 1,782,121 |
48,266 | Peapack-Gladstone Financial Corp. | 1,495,763 | |
31,753 | Piper Jaffray Cos., Inc. | 3,650,960 | |
20,118 | Preferred Bank Los Angeles, CA | 1,350,320 | |
311,789 | ProAssurance Corp. | 7,660,656 | |
15,061 | 1 | PROG Holdings, Inc. | 398,665 |
165,410 | QCR Holdings, Inc. | 8,980,109 | |
135,429 | Sculptor Capital Management, Inc. | 1,416,587 | |
9,966 | Selective Insurance Group, Inc. | 820,800 | |
508,438 | 1,2 | SelectQuote, Inc. | 1,047,382 |
38,593 | ServisFirst Bancshares, Inc. | 3,099,790 | |
104,464 | StepStone Group, Inc. | 2,676,368 | |
47,206 | TriCo Bancshares | 1,772,585 | |
66,124 | 1 | Triumph Bancorp, Inc. | 4,591,650 |
137,433 | Veritex Holdings, Inc. | 4,514,674 | |
169,446 | Waterstone Financial, Inc. | 2,721,303 | |
150,981 | Western New England Bancorp, Inc. | 1,296,927 | |
193,499 | 2 | WisdomTree Investments, Inc. | 1,128,099 |
TOTAL | 205,195,278 | ||
Health Care—16.1% | |||
66,205 | 3 | Adeptus Health, Inc. | 0 |
32,838 | 1 | Agios Pharmaceuticals, Inc. | 721,451 |
968,698 | 1,2 | Akebia Therapeutics, Inc. | 402,203 |
67,694 | 1 | Akero Therapeutics, Inc. | 710,110 |
754,444 | 1 | Alector, Inc. | 7,242,662 |
485,857 | 1,2 | Allakos, Inc. | 1,831,681 |
283,982 | 1 | Allogene Therapeutics, Inc. | 2,371,250 |
178,927 | 1 | Allscripts Healthcare Solutions, Inc. | 3,696,632 |
1,574,797 | 1 | American Well Corp. | 4,929,115 |
38,498 | 1 | AMN Healthcare Services, Inc. | 3,763,179 |
125,546 | 1 | Amphastar Pharmaceuticals, Inc. | 4,453,117 |
113,662 | 1,2 | ANI Pharmaceuticals, Inc. | 3,354,166 |
1,563,302 | 1 | Atea Pharmaceuticals, Inc. | 9,176,583 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
39,892 | 1 | Avanos Medical, Inc. | $ 1,163,251 |
229,153 | 1 | Avrobio, Inc. | 211,485 |
1,430,512 | 1,2 | Berkeley Lights, Inc. | 7,116,797 |
141,558 | 1,2 | Black Diamond Therapeutics, Inc. | 343,986 |
1,081,295 | 1 | Bluebird Bio, Inc. | 3,925,101 |
47,036 | 1 | Cardiovascular Systems, Inc. | 879,573 |
16,293 | 1,2 | Cassava Sciences, Inc. | 340,035 |
270,529 | 1 | Catalyst Pharmaceutical Partners, Inc. | 2,061,431 |
30,555 | 1,2 | ChemoCentryx, Inc. | 564,045 |
143,142 | 1 | Collegium Pharmaceutical, Inc. | 2,304,586 |
470,668 | 1 | Community Health Systems, Inc. | 3,610,024 |
198,811 | 1,2 | Cortexyme, Inc. | 727,648 |
156,936 | 1 | Covetrus, Inc. | 2,165,717 |
122,223 | 1 | Cross Country Healthcare, Inc. | 2,290,459 |
280,409 | 1 | Curis, Inc. | 256,210 |
128,305 | 1 | Cutera, Inc. | 6,968,245 |
1,058,746 | 1 | Deciphera Pharmaceuticals, Inc. | 10,714,509 |
57,668 | 1 | Eagle Pharmaceuticals, Inc. | 2,544,889 |
155,620 | 1 | Emergent BioSolutions, Inc. | 5,038,976 |
438,607 | 1 | Endo International PLC | 877,214 |
1,228,696 | 1 | FibroGen, Inc. | 11,426,873 |
60,364 | 1 | Forma Therapeutics Holdings | 456,352 |
522,579 | 1,2 | Frequency Therapeutics, Inc. | 679,353 |
23,491 | 1 | Haemonetics Corp. | 1,190,289 |
1,009,944 | 1 | Immunovant, Inc. | 4,655,842 |
40,431 | 1 | Innovage Holding Corp. | 185,578 |
148,386 | 1 | Inogen, Inc. | 3,751,198 |
205,571 | 1 | iTeos Therapeutics, Inc. | 5,486,690 |
46,568 | 1,2 | Kezar Life Sciences, Inc. | 553,228 |
127,262 | 1,2 | Kodiak Sciences, Inc. | 766,117 |
17,859 | LeMaitre Vascular, Inc. | 771,687 | |
219,441 | 1 | MacroGenics, Inc. | 1,569,003 |
193,974 | 1 | Magenta Therapeutics, Inc. | 277,383 |
263,056 | 1 | Mersana Therapeutics, Inc. | 915,435 |
989,764 | 1,2 | MiMedx Group, Inc. | 3,909,568 |
52,783 | 1 | Mirum Pharmaceuticals, Inc. | 1,255,180 |
37,078 | 1 | Myriad Genetics, Inc. | 760,099 |
19,113 | 1 | NanoString Technologies, Inc. | 358,942 |
46,761 | 1 | NeoGenomics, Inc. | 441,891 |
92,482 | 1 | Nevro Corp. | 5,705,215 |
137,674 | 1 | NextCure, Inc. | 572,724 |
73,923 | 1 | NuVasive, Inc. | 3,802,599 |
553,671 | 1 | Ocular Therapeutix, Inc. | 1,976,605 |
633,925 | 1 | Organogenesis Holdings, Inc. | 4,082,477 |
22,713 | 1 | Orthofix Medical, Inc. | 704,103 |
41,634 | 1 | Pacira BioSciences, Inc. | 3,104,647 |
42,681 | Patterson Cos., Inc. | 1,313,294 | |
27,735 | 1 | Praxis Precision Medicines, Inc. | 224,653 |
129,139 | 1 | Prestige Consumer Healthcare, Inc. | 7,058,738 |
137,082 | 1 | Puma Biotechnology, Inc. | 323,513 |
355,457 | 1 | Rocket Pharmaceuticals, Inc. | 3,654,098 |
339,055 | 1,2 | Sangamo BioSciences, Inc. | 1,407,078 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
121,441 | Select Medical Holdings Corp. | $ 2,745,781 | |
933,864 | 1 | Seres Therapeutics, Inc. | 4,417,177 |
93,065 | 1 | Supernus Pharmaceuticals, Inc. | 2,596,513 |
857,012 | 1,2 | Tg Therapeutics, Inc. | 5,947,663 |
25,081 | 1,2 | Travere Therapeutics, Inc. | 630,286 |
299,805 | 1 | Vanda Pharmaceuticals, Inc. | 2,974,066 |
320,742 | 1 | Varex Imaging Corp. | 6,366,729 |
286,650 | 1 | Voyager Therapeutics, Inc. | 2,101,144 |
TOTAL | 197,876,141 | ||
Industrials—15.6% | |||
29,587 | ArcBest Corp. | 2,134,998 | |
244,629 | 1 | Astronics Corp. | 2,370,455 |
173,374 | 1,2 | Atkore, Inc. | 16,661,241 |
74,991 | 1 | Atlas Air Worldwide Holdings, Inc. | 5,169,879 |
211,457 | 1 | Beacon Roofing Supply, Inc. | 12,609,181 |
251,153 | Boise Cascade Co. | 18,982,144 | |
231,025 | 1 | CECO Environmental Corp. | 1,097,369 |
435,991 | 1 | Daseke, Inc. | 3,662,324 |
23,203 | EnPro Industries, Inc. | 2,162,752 | |
297,970 | 1 | Evoqua Water Technologies Corp. | 12,422,369 |
115,722 | 1 | Franklin Covey Co. | 4,636,981 |
294,859 | 1 | Gibraltar Industries, Inc. | 11,157,465 |
395,032 | 1 | GMS, Inc. | 18,941,784 |
41,261 | Heidrick & Struggles International, Inc. | 1,318,702 | |
269,193 | Hillenbrand, Inc. | 10,988,458 | |
83,808 | Hurco Co., Inc. | 2,377,633 | |
391,473 | 1,2 | Mistras Group, Inc. | 2,227,481 |
464,886 | 1 | MRC Global, Inc. | 5,573,983 |
93,000 | 1 | MYR Group, Inc. | 7,355,370 |
222,171 | 1 | Now, Inc. | 2,421,664 |
601,494 | Pitney Bowes, Inc. | 3,169,873 | |
249,320 | 1 | Proto Labs, Inc. | 10,623,525 |
24,148 | 1 | Saia, Inc. | 4,973,522 |
69,803 | 1 | SkyWest, Inc. | 2,034,757 |
11,745 | Tennant Co. | 758,492 | |
63,217 | Terex Corp. | 2,149,378 | |
215,713 | 1 | Titan Machinery, Inc. | 5,086,513 |
13,682 | 1 | TrueBlue, Inc. | 349,849 |
60,791 | 1 | Veritiv Corp. | 8,543,567 |
35,968 | 1 | WESCO International, Inc. | 4,433,416 |
177,186 | 1 | Willscot Corp. | 6,219,229 |
TOTAL | 192,614,354 | ||
Information Technology—12.1% | |||
375,528 | 1,2 | 3D Systems Corp. | 4,258,488 |
217,679 | 1,2 | 8x8, Inc. | 1,996,116 |
68,697 | 1 | Axcelis Technologies, Inc. | 3,740,552 |
98,814 | 1 | Benefitfocus, Inc. | 1,052,369 |
691,746 | 1 | Box, Inc. | 21,181,263 |
1,430,859 | 1 | Brightcove, Inc. | 10,087,556 |
146,626 | 1 | Cambium Networks Corp. | 2,238,979 |
30,885 | 1 | Cerence, Inc. | 911,107 |
33,589 | 1 | Ceva, Inc. | 1,220,624 |
5
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
91,922 | 1 | Cohu, Inc. | $ 2,441,448 |
257,759 | 1 | Commvault Systems, Inc. | 15,723,299 |
466,259 | 1 | Conduent, Inc. | 2,625,038 |
6,719 | CSG Systems International, Inc. | 413,017 | |
119,042 | 1 | Diebold Nixdorf, Inc. | 488,072 |
16,658 | Evertec, Inc. | 656,325 | |
120,484 | 1 | Evo Payments, Inc. | 2,714,505 |
90,615 | 1 | Exlservice Holding, Inc. | 12,337,232 |
195,712 | 1 | Extreme Networks, Inc. | 1,878,835 |
245,910 | 1 | Itron, Inc. | 11,749,580 |
96,115 | 1 | MA-COM Technology Solutions Holdings, Inc. | 4,897,059 |
141,379 | 1 | MaxLinear, Inc. | 6,767,813 |
343,667 | 1 | ON24, Inc. | 4,354,261 |
36,154 | 1,2 | OneSpan, Inc. | 510,856 |
7,971 | 1 | OSI Systems, Inc. | 630,506 |
46,453 | 1,2 | Rackspace Technology, Inc. | 459,420 |
1,269,728 | 1 | Ribbon Communications, Inc. | 4,380,562 |
152,759 | 1 | Secureworks Corp. | 1,686,459 |
37,586 | 1,2 | SMART Global Holdings, Inc. | 851,699 |
39,789 | 1 | SPS Commerce, Inc. | 4,759,958 |
10,493 | 1 | Synaptics, Inc. | 1,557,581 |
118,858 | 1 | Telos Corp. | 925,904 |
159,712 | 1 | TTM Technologies, Inc. | 2,227,982 |
263,543 | 1 | Upland Software, Inc. | 3,932,062 |
303,228 | 1 | Velodyne Lidar, Inc. | 570,069 |
118,647 | 1 | Verint Systems, Inc. | 6,473,380 |
330,890 | 1 | Verra Mobility Corp. | 4,642,387 |
373,284 | 1 | Yext, Inc. | 2,161,314 |
TOTAL | 149,503,677 | ||
Materials—2.9% | |||
7,975 | AdvanSix, Inc. | 355,207 | |
42,899 | Alcoa Corp. | 2,908,552 | |
78,301 | Commercial Metals Corp. | 3,210,341 | |
403,561 | 1 | Constellium SE | 6,735,433 |
13,277 | Greif, Inc., Class A | 805,648 | |
55,213 | Koppers Holdings, Inc. | 1,339,467 | |
100,654 | Myers Industries, Inc. | 2,207,342 | |
226,250 | 1 | O-I Glass, Inc. | 3,049,850 |
235,025 | 1 | Ranpak Holdings Corp. | 3,544,177 |
60,695 | Ryerson Holding Corp. | 2,234,183 | |
736,720 | SunCoke Energy, Inc. | 6,129,511 | |
29,567 | Trox Holdings PLC | 508,552 | |
88,268 | Warrior Met Coal, Inc. | 3,007,291 | |
TOTAL | 36,035,554 | ||
Real Estate—8.9% | |||
756,071 | 1 | Cushman & Wakefield PLC | 13,533,671 |
96,944 | 1 | DigitalBridge Group, Inc. | 674,730 |
46,508 | Gladstone Land Corp. | 1,692,891 | |
741,710 | 2 | Independence Realty Trust | 20,219,015 |
118,121 | Marcus & Millichap Co., Inc. | 5,290,640 | |
282,222 | National Storage Affiliates Trust | 15,973,765 | |
169,754 | Newmark Group, Inc. | 2,062,511 |
6
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
243,390 | NexPoint Residential Trust, Inc. | $ 21,700,653 | |
361,630 | Outfront Media, Inc. | 9,257,728 | |
347,222 | 2 | Plymouth Industrial REIT, Inc. | 8,374,995 |
236,537 | RMR Group, Inc./The | 6,452,729 | |
309,685 | Uniti Group, Inc. | 3,836,997 | |
TOTAL | 109,070,325 | ||
Utilities—1.5% | |||
11,857 | Chesapeake Utilities Corp. | 1,484,141 | |
156,613 | Clearway Energy, Inc. | 4,450,941 | |
59,441 | Consolidated Water Co. | 646,718 | |
7,997 | ONE Gas, Inc. | 674,707 | |
28,548 | Otter Tail Corp. | 1,654,642 | |
195,575 | Portland General Electric Co. | 9,256,565 | |
TOTAL | 18,167,714 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,206,331,285) | 1,208,106,151 | ||
INVESTMENT COMPANIES—5.5% | |||
24,491,913 | Federated Hermes Government Obligations Fund, Premier Shares, 0.26%4 | 24,491,913 | |
43,452,069 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%4 | 43,439,033 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $67,927,044) | 67,930,946 | ||
TOTAL INVESTMENT IN SECURITIES—103.6% (IDENTIFIED COST $1,274,258,329) | 1,276,037,097 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.6)%5 | (44,286,316) | ||
TOTAL NET ASSETS—100% | $1,231,750,781 |
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, 2022, were as follows:
Affiliated | Value as of 7/31/2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income |
Consumer Discretionary: | ||||||||
Xponential Fitness, Inc. | $— | $981,500 | $— | $(101,791) | $— | $879,709 | 42,457 | $— |
Financials: | ||||||||
StepStone Group, Inc. | $3,732,503 | $2,668,114 | $(1,212,283) | $(2,034,512) | $(477,454) | $2,676,368 | 104,464 | $50,533 |
Health Care: | ||||||||
Alector, Inc. | $659,520 | $10,417,868 | $— | $(3,834,726) | $— | $7,242,662 | 754,444 | $— |
Amphastar Pharmaceuticals, Inc. | $2,019,727 | $662,516 | $— | $1,770,874 | $— | $4,453,117 | 125,546 | $— |
Avrobio, Inc. | $— | $1,066,551 | $— | $(855,066) | $— | $211,485 | 229,153 | $— |
Frequency Therapeutics, Inc. | $431,744 | $2,840,200 | $— | $(2,592,591) | $— | $679,353 | 522,579 | $— |
Seres Therapeutics, Inc. | $— | $7,242,535 | $— | $(2,825,358) | $— | $4,417,177 | 933,864 | $— |
Information Technology: | ||||||||
Brightcove, Inc. | $1,560,104 | $11,542,981 | $(190,549) | $(2,789,365) | $(35,615) | $10,087,556 | 1,430,859 | $— |
Affiliated issuers no longer in the portfolio at period end | $22,238,348 | $11,934,213 | $(28,010,115) | $267,921 | $(6,430,366) | $— | — | $20,184 |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $30,641,946 | $49,356,478 | $(29,412,947) | $(12,994,614) | $(6,943,435) | $30,647,427 | 4,143,366 | $70,717 |
7
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, 2022, 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 7/31/2021 | $4,285,672 | $19,586,412 | $23,872,084 |
Purchases at Cost | $167,801,529 | $431,359,296 | $599,160,825 |
Proceeds from Sales | $(147,595,288) | $(407,484,921) | $(555,080,209) |
Change in Unrealized Appreciation/Depreciation | N/A | $1,031 | $1,031 |
Net Realized Gain/(Loss) | N/A | $(22,785) | $(22,785) |
Value as of 4/30/2022 | $24,491,913 | $43,439,033 | $67,930,946 |
Shares Held as of 4/30/2022 | 24,491,913 | 43,452,069 | 67,943,982 |
Dividend Income | $3,387 | $24,477 | $27,864 |
* | 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, 2022, securities subject to this type of arrangement and related collateral were as follows: |
Market Value of Securities Loaned | Collateral Received |
$45,766,373 | $49,311,913 |
3 | 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”). |
4 | 7-day net yield. |
5 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ 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.
◾ 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
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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.
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $1,176,362,379 | $— | $0 | $1,176,362,379 |
International | 31,743,772 | — | — | 31,743,772 |
Investment Companies | 67,930,946 | — | — | 67,930,946 |
TOTAL SECURITIES | $1,276,037,097 | $— | $0 | $1,276,037,097 |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
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