United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated Hermes MDT Series
______________________________________________________________
(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: 07/31/22
Date of Reporting Period: Six months ended 01/31/22
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001623632-22-000433/img6a7c202f1.gif)
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Federated Hermes MDT All Cap Core Fund
A Portfolio of Federated Hermes MDT Series
![](https://capedge.com/proxy/N-CSRS/0001623632-22-000433/donahuechrissigsmall.jpg)
Sector Composition | Percentage of Total Net Assets |
Information Technology | 27.4% |
Health Care | 13.7% |
Financials | 12.8% |
Consumer Discretionary | 10.5% |
Communication Services | 9.2% |
Industrials | 7.5% |
Consumer Staples | 4.6% |
Real Estate | 4.4% |
Energy | 3.3% |
Materials | 3.1% |
Utilities | 1.4% |
Securities Lending Collateral2 | 0.1% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100% |
1 | Except for 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 Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser 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 cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 97.9% | |||
Communication Services— 9.2% | |||
9,663 | 1 | Alphabet, Inc., Class A | $ 26,148,754 |
65,486 | 1 | Cars.com, Inc. | 1,020,272 |
11,315 | Electronic Arts, Inc. | 1,501,048 | |
12,400 | 1 | Live Nation Entertainment, Inc. | 1,357,924 |
6,997 | 1 | Netflix, Inc. | 2,988,699 |
69,931 | News Corp., Inc., Class A | 1,555,266 | |
128,084 | 1 | Pinterest, Inc. | 3,786,163 |
3,171 | 1 | Take-Two Interactive Software, Inc. | 517,951 |
13,316 | 1 | Twitter, Inc. | 499,483 |
155,747 | ViacomCBS, Inc., Class B | 5,209,737 | |
TOTAL | 44,585,297 | ||
Consumer Discretionary— 10.5% | |||
5,124 | Advance Auto Parts, Inc. | 1,186,257 | |
488 | 1 | Amazon.com, Inc. | 1,459,837 |
564 | 1 | AutoZone, Inc. | 1,120,301 |
7,761 | 1 | Burlington Stores, Inc. | 1,838,814 |
5,677 | 1 | CROCs, Inc. | 582,574 |
12,266 | 2 | Dick’s Sporting Goods, Inc. | 1,415,496 |
11,289 | Domino’s Pizza, Inc. | 5,132,544 | |
3,329 | 1 | Expedia Group, Inc. | 610,172 |
3,734 | 1 | Floor & Decor Holdings, Inc. | 405,961 |
35,900 | Ford Motor Co. | 728,770 | |
53,197 | 1 | Goodyear Tire & Rubber Co. | 1,102,774 |
10,292 | Home Depot, Inc. | 3,776,958 | |
2,114 | 1 | LGI Homes, Inc. | 263,214 |
7,312 | Lowe’s Cos., Inc. | 1,735,503 | |
169,981 | Macy’s, Inc. | 4,351,514 | |
8,675 | McDonald’s Corp. | 2,250,729 | |
7,463 | 1 | O’Reilly Automotive, Inc. | 4,864,010 |
11,347 | 1 | SeaWorld Entertainment, Inc. | 676,054 |
16,211 | Starbucks Corp. | 1,593,866 | |
24,386 | Target Corp. | 5,375,406 | |
1,339 | 1 | Tesla, Inc. | 1,254,268 |
6,305 | 1 | Ulta Beauty, Inc. | 2,293,381 |
1,586 | Wingstop, Inc. | 243,055 | |
19,618 | 1 | YETI Holdings, Inc. | 1,286,548 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
40,584 | Yum! Brands, Inc. | $ 5,079,899 | |
TOTAL | 50,627,905 | ||
Consumer Staples— 4.6% | |||
14,239 | Albertsons Cos., Inc. | 400,828 | |
36,107 | 1 | BJ’s Wholesale Club Holdings, Inc. | 2,219,498 |
24,417 | Costco Wholesale Corp. | 12,333,759 | |
4,686 | Estee Lauder Cos., Inc., Class A | 1,461,048 | |
3,429 | Hershey Foods Corp. | 675,753 | |
42,853 | Kroger Co. | 1,867,962 | |
23,535 | Molson Coors Beverage Company, Class B | 1,121,678 | |
9,937 | PepsiCo, Inc. | 1,724,268 | |
3,084 | WalMart, Inc. | 431,174 | |
TOTAL | 22,235,968 | ||
Energy— 3.3% | |||
4,297 | Cheniere Energy, Inc. | 480,834 | |
2,079 | ConocoPhillips | 184,241 | |
14,278 | Continental Resources, Inc. | 741,599 | |
27,668 | EOG Resources, Inc. | 3,084,429 | |
17,376 | Helmerich & Payne, Inc. | 498,691 | |
63,055 | Marathon Oil Corp. | 1,227,681 | |
111,358 | Marathon Petroleum Corp. | 7,989,937 | |
37,711 | Occidental Petroleum Corp. | 1,420,573 | |
6,339 | Targa Resources, Inc. | 374,508 | |
TOTAL | 16,002,493 | ||
Financials— 12.8% | |||
765 | 1 | Alleghany Corp. | 507,960 |
35,937 | Allstate Corp. | 4,336,518 | |
57,314 | Ally Financial, Inc. | 2,735,024 | |
4,622 | American Express Co. | 831,128 | |
91,924 | Bank of New York Mellon Corp. | 5,447,416 | |
1,912 | Blackstone, Inc. | 252,327 | |
25,393 | Carlyle Group LP/The | 1,296,313 | |
35,424 | Fidelity National Financial, Inc. | 1,783,598 | |
9,833 | Houlihan Lokey, Inc. | 1,045,051 | |
35,342 | Interactive Brokers Group, Inc., Class A | 2,409,971 | |
21,051 | KKR & Co., Inc., Class Common | 1,497,989 | |
310 | 1 | Markel Corp. | 382,149 |
16,704 | MSCI, Inc., Class A | 8,955,348 | |
9,095 | NASDAQ, Inc. | 1,629,915 | |
43,356 | Northern Trust Corp. | 5,057,044 | |
39,113 | Prudential Financial, Inc. | 4,363,837 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
2,129 | Signature Bank | $ 648,557 | |
84,657 | State Street Corp. | 8,000,087 | |
25,604 | The Travelers Cos., Inc. | 4,254,873 | |
40,471 | Tradeweb Markets, Inc. | 3,430,727 | |
4,122 | VOYA Financial, Inc. | 280,131 | |
38,383 | Zions Bancorporation, N.A. | 2,603,135 | |
TOTAL | 61,749,098 | ||
Health Care— 13.7% | |||
95,207 | AbbVie, Inc. | 13,032,886 | |
22,608 | Amgen, Inc. | 5,135,181 | |
40,396 | 1 | AnaptysBio, Inc. | 1,291,460 |
920 | Anthem, Inc. | 405,711 | |
14,336 | 1 | Biogen, Inc. | 3,239,936 |
11,158 | Bruker Corp. | 743,123 | |
6,122 | 1 | Envista Holdings Corp. | 264,715 |
26,412 | 1 | IQVIA Holdings, Inc. | 6,468,299 |
26,793 | Johnson & Johnson | 4,616,166 | |
34,428 | McKesson Corp. | 8,838,356 | |
35,512 | Merck & Co., Inc. | 2,893,518 | |
37,635 | 1 | Myriad Genetics, Inc. | 989,424 |
65,266 | Pfizer, Inc. | 3,438,866 | |
6,423 | 1 | Progyny, Inc. | 260,131 |
5,032 | 1 | Shockwave Medical, Inc. | 729,489 |
3,995 | 1 | United Therapeutics Corp. | 806,471 |
27,211 | 1 | Vertex Pharmaceuticals, Inc. | 6,613,634 |
816 | 1 | Waters Corp. | 261,218 |
30,451 | Zoetis, Inc. | 6,083,805 | |
TOTAL | 66,112,389 | ||
Industrials— 7.5% | |||
10,871 | AGCO Corp. | 1,274,081 | |
13,990 | 1 | Alaska Air Group, Inc. | 765,813 |
18,086 | Allegion PLC | 2,219,695 | |
18,699 | 1 | Astronics Corp. | 224,949 |
4,156 | 1 | Builders Firstsource, Inc. | 282,566 |
4,956 | Caterpillar, Inc. | 998,931 | |
28,412 | 1 | CIRCOR International, Inc. | 789,001 |
2,677 | FedEx Corp. | 658,167 | |
12,880 | Fortune Brands Home & Security, Inc. | 1,212,910 | |
5,908 | 1 | Generac Holdings, Inc. | 1,668,301 |
7,614 | General Electric Co. | 719,371 | |
117,749 | 1 | KAR Auction Services, Inc. | 1,674,391 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
5,425 | Lennox International, Inc. | $ ��1,538,639 | |
10,652 | Manpower, Inc. | 1,117,075 | |
37,452 | Masco Corp. | 2,371,835 | |
113,140 | Otis Worldwide Corp. | 9,665,550 | |
37,735 | Ryder System, Inc. | 2,761,825 | |
11,956 | 1 | SPX Corp. | 623,864 |
7,179 | TransUnion | 740,298 | |
7,099 | United Parcel Service, Inc. | 1,435,489 | |
36,787 | 1 | XPO Logistics, Inc. | 2,434,196 |
10,948 | Xylem, Inc. | 1,149,759 | |
TOTAL | 36,326,706 | ||
Information Technology— 27.4% | |||
8,039 | Accenture PLC | 2,842,430 | |
16,358 | Alliance Data Systems Corp. | 1,129,356 | |
6,095 | 1 | Ambarella, Inc. | 854,214 |
152,726 | Apple, Inc. | 26,693,450 | |
46,501 | 1 | Arista Networks, Inc. | 5,780,539 |
35,739 | 1 | Arrow Electronics, Inc. | 4,431,636 |
1,628 | 1 | Atlassian Corp. PLC | 528,026 |
21,077 | Bentley Systems, Inc. | 846,663 | |
17,431 | Broadcom, Inc. | 10,212,474 | |
21,864 | 1 | Cirrus Logic, Inc. | 1,955,516 |
9,243 | 1 | Commvault Systems, Inc. | 623,533 |
29,188 | 1 | Datadog, Inc. | 4,264,659 |
77,586 | 1 | Dell Technologies, Inc. | 4,407,661 |
8,511 | 1 | Dropbox, Inc. | 210,647 |
91,114 | 1 | DXC Technology Co. | 2,740,709 |
13,224 | 1 | Dynatrace Holdings LLC | 725,469 |
13,422 | 1 | EPAM Systems, Inc. | 6,390,751 |
8,856 | 1 | FleetCor Technologies, Inc. | 2,110,031 |
23,600 | 1 | Fortinet, Inc. | 7,014,864 |
1,816 | 1 | Gartner, Inc., Class A | 533,704 |
4,262 | 1 | Globant SA | 1,087,577 |
17,451 | Hewlett Packard Enterprise Co. | 284,975 | |
50,473 | HP, Inc. | 1,853,873 | |
9,288 | 1 | HubSpot, Inc. | 4,539,974 |
15,825 | Intel Corp. | 772,576 | |
1,050 | KLA Corp. | 408,734 | |
8,352 | 1 | MA-COM Technology Solutions Holdings, Inc. | 511,226 |
59,474 | Microsoft Corp. | 18,495,225 | |
27,720 | 1 | ON Semiconductor Corp. | 1,635,480 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
11,475 | Oracle Corp. | $ 931,311 | |
2,182 | 1 | Palo Alto Networks, Inc. | 1,128,967 |
21,076 | Paychex, Inc. | 2,481,910 | |
9,396 | 1 | Paylocity Corp. | 1,916,596 |
40,911 | 1 | Plantronics, Inc. | 1,090,278 |
39,698 | 1 | Pure Storage, Inc. | 1,051,600 |
16,874 | Qualcomm, Inc. | 2,965,774 | |
2,415 | 1 | Rapid7, Inc. | 232,637 |
8,292 | 1 | Snowflake, Inc. | 2,287,763 |
13,388 | Texas Instruments, Inc. | 2,403,012 | |
66,109 | Western Union Co. | 1,250,121 | |
19,682 | Xerox Holdings Corp. | 415,487 | |
TOTAL | 132,041,428 | ||
Materials— 3.1% | |||
83,199 | Alcoa Corp. | 4,718,215 | |
55,896 | 1 | Berry Global Group, Inc. | 3,768,508 |
138,595 | Chemours Co./The | 4,533,443 | |
34,432 | Dow, Inc. | 2,056,623 | |
TOTAL | 15,076,789 | ||
Real Estate— 4.4% | |||
2,781 | Apartment Income REIT Corp. | 146,893 | |
28,237 | Extra Space Storage, Inc. | 5,596,291 | |
12,177 | Iron Mountain, Inc. | 559,168 | |
76,810 | Macerich Co. (The) | 1,270,437 | |
124,418 | National Storage Affiliates Trust | 7,659,172 | |
38,031 | Rexford Industrial Realty, Inc. | 2,782,728 | |
8,801 | SBA Communications, Corp. | 2,864,198 | |
8,113 | 2 | SL Green Realty Corp. | 588,331 |
TOTAL | 21,467,218 | ||
Utilities— 1.4% | |||
2,309 | Entergy Corp. | 258,077 | |
48,448 | Exelon Corp. | 2,807,562 | |
37,132 | OGE Energy Corp. | 1,408,045 | |
30,996 | Public Service Enterprises Group, Inc. | 2,062,164 | |
TOTAL | 6,535,848 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $375,577,669) | 472,761,139 | ||
INVESTMENT COMPANIES— 2.0% | |||
669,630 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%3 | 669,630 |
Shares | Value | ||
INVESTMENT COMPANIES— continued | |||
8,971,914 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%3 | $ 8,971,017 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $9,641,165) | 9,640,647 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $385,218,834)4 | 482,401,786 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 320,647 | ||
TOTAL NET ASSETS—100% | $482,722,433 |
Affiliated | Value as of 7/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
AnaptysBio, Inc. | $928,300 | $— | $— |
Affiliated issuers no longer in the portfolio at period end | $142,873 | $136,013 | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $1,071,173 | $136,013 | $— |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2022 | Shares Held as of 1/31/2022 | Dividend Income* |
$363,160 | $— | $1,291,460 | 40,396 | $— |
$(35,831) | $— | $243,055 | 1,586 | $411 |
$327,329 | $— | $1,534,515 | 41,982 | $411 |
* | A portion of the amount shown may have been recorded when the Fund did not have ownership of at least 5% of the voting shares. |
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 | $— | $7,662,074 | $7,662,074 |
Purchases at Cost | $12,397,734 | $64,130,154 | $76,527,888 |
Proceeds from Sales | $(11,728,104) | $(62,817,619) | $(74,545,723) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(518) | $(518) |
Net Realized Gain/(Loss) | N/A | $(3,074) | $(3,074) |
Value as of 1/31/2022 | $669,630 | $8,971,017 | $9,640,647 |
Shares Held as of 1/31/2022 | 669,630 | 8,971,914 | 9,641,544 |
Dividend Income | $38 | $1,693 | $1,731 |
* | 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. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $42.75 | $31.77 | $29.90 | $30.01 | $24.95 | $21.77 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.031 | 0.081 | 0.131 | 0.161 | 0.091 | 0.26 |
Net realized and unrealized gain (loss) | 1.04 | 11.90 | 2.69 | 1.81 | 5.08 | 3.11 |
Total From Investment Operations | 1.07 | 11.98 | 2.82 | 1.97 | 5.17 | 3.37 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.12) | (0.11) | (0.07) | (0.11) | (0.19) |
Distributions from net realized gain | (6.87) | (0.88) | (0.84) | (2.01) | — | — |
Total Distributions | (6.91) | (1.00) | (0.95) | (2.08) | (0.11) | (0.19) |
Net Asset Value, End of Period | $36.91 | $42.75 | $31.77 | $29.90 | $30.01 | $24.95 |
Total Return2 | 2.22% | 38.40% | 9.66% | 7.80% | 20.78% | 15.56% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.04%4 | 1.04% | 1.04% | 1.08% | 1.36% | 1.38% |
Net investment income | 0.12%4 | 0.23% | 0.44% | 0.57% | 0.31% | 0.69% |
Expense waiver/reimbursement5 | 0.14%4 | 0.17% | 0.20% | 0.24% | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $114,599 | $109,747 | $79,301 | $69,221 | $40,539 | $33,799 |
Portfolio turnover7 | 42% | 63% | 160% | 87% | 82% | 77% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $39.55 | $29.57 | $27.99 | $28.37 | $23.66 | $20.66 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.12)1 | (0.18)1 | (0.08)1 | (0.05)1 | (0.11)1 | (0.19) |
Net realized and unrealized gain (loss) | 0.98 | 11.04 | 2.50 | 1.68 | 4.82 | 3.23 |
Total From Investment Operations | 0.86 | 10.86 | 2.42 | 1.63 | 4.71 | 3.04 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | — | (0.04) |
Distributions from net realized gain | (6.87) | (0.88) | (0.84) | (2.01) | — | — |
Total Distributions | (6.87) | (0.88) | (0.84) | (2.01) | — | (0.04) |
Net Asset Value, End of Period | $33.54 | $39.55 | $29.57 | $27.99 | $28.37 | $23.66 |
Total Return2 | 1.87% | 37.37% | 8.86% | 6.96% | 19.91% | 14.72% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.80%4 | 1.79% | 1.79% | 1.85% | 2.09% | 2.13% |
Net investment income (loss) | (0.64)%4 | (0.52)% | (0.31)% | (0.20)% | (0.41)% | (0.06)% |
Expense waiver/reimbursement5 | 0.13%4 | 0.16% | 0.21% | 0.24% | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,519 | $38,028 | $31,030 | $32,178 | $39,625 | $36,440 |
Portfolio turnover7 | 42% | 63% | 160% | 87% | 82% | 77% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $43.40 | $32.22 | $30.29 | $30.37 | $25.24 | $22.02 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.091 | 0.191 | 0.221 | 0.251 | 0.161 | 0.39 |
Net realized and unrealized gain (loss) | 1.07 | 12.08 | 2.74 | 1.81 | 5.16 | 3.09 |
Total From Investment Operations | 1.16 | 12.27 | 2.96 | 2.06 | 5.32 | 3.48 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.21) | (0.19) | (0.13) | (0.19) | (0.26) |
Distributions from net realized gain | (6.87) | (0.88) | (0.84) | (2.01) | — | — |
Total Distributions | (7.01) | (1.09) | (1.03) | (2.14) | (0.19) | (0.26) |
Net Asset Value, End of Period | $37.55 | $43.40 | $32.22 | $30.29 | $30.37 | $25.24 |
Total Return2 | 2.39% | 38.83% | 10.01% | 8.08% | 21.15% | 15.90% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.74%4 | 0.74% | 0.74% | 0.78% | 1.07% | 1.08% |
Net investment income | 0.42%4 | 0.52% | 0.73% | 0.87% | 0.57% | 1.01% |
Expense waiver/reimbursement5 | 0.18%4 | 0.21% | 0.25% | 0.29% | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $309,608 | $283,822 | $243,490 | $215,799 | $95,290 | $52,169 |
Portfolio turnover7 | 42% | 63% | 160% | 87% | 82% | 77% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $42.56 | $31.62 | $29.75 | $29.89 | $24.85 | $21.46 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.092 | 0.202 | 0.212 | 0.232 | 0.182 | 0.21 |
Net realized and unrealized gain (loss) | 1.05 | 11.84 | 2.69 | 1.79 | 5.06 | 3.18 |
Total From Investment Operations | 1.14 | 12.04 | 2.90 | 2.02 | 5.24 | 3.39 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.22) | (0.19) | (0.15) | (0.20) | — |
Distributions from net realized gain | (6.87) | (0.88) | (0.84) | (2.01) | — | — |
Total Distributions | (7.01) | (1.10) | (1.03) | (2.16) | (0.20) | — |
Net Asset Value, End of Period | $36.69 | $42.56 | $31.62 | $29.75 | $29.89 | $24.85 |
Total Return3 | 2.40% | 38.84% | 10.00% | 8.08% | 21.17% | 15.80% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.73%5 | 0.73% | 0.73% | 0.81% | 1.02% | 1.07% |
Net investment income | 0.42%5 | 0.54% | 0.75% | 0.78% | 0.65% | 0.95% |
Expense waiver/reimbursement6 | 0.13%5 | 0.15% | 0.17% | 0.18% | 0.00%7 | 0.00%7 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $17,997 | $11,513 | $8,571 | $9,183 | $20,425 | $17,363 |
Portfolio turnover8 | 42% | 63% | 160% | 87% | 82% | 77% |
1 | Prior to September 1, 2016, the Fund’s Class R6 Shares were designated as Class R Shares. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than 0.01%. |
8 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $659,110 of securities loaned and $9,640,647 of investment in an affiliated holding and $1,534,515 of investment in affiliated companies* (identified cost $385,218,834) | $482,401,786 |
Income receivable | 267,443 |
Income receivable from an affiliated holding | 749 |
Receivable for investments sold | 5,911,907 |
Receivable for shares sold | 1,222,115 |
Total Assets | 489,804,000 |
Liabilities: | |
Payable for investments purchased | 6,044,524 |
Payable for shares redeemed | 184,211 |
Payable for collateral due to broker for securities lending (Note 2) | 669,630 |
Payable for investment adviser fee (Note 5) | 7,433 |
Payable for distribution services fee (Note 5) | 26,072 |
Payable for other service fees (Notes 2 and 5) | 46,544 |
Accrued expenses (Note 5) | 103,153 |
Total Liabilities | 7,081,567 |
Net assets for 13,049,542 shares outstanding | $482,722,433 |
Net Assets Consist of: | |
Paid-in capital | $374,436,919 |
Total distributable earnings (loss) | 108,285,514 |
Total Net Assets | $482,722,433 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($114,598,531 ÷ 3,104,857 shares outstanding), no par value, unlimited shares authorized | $36.91 |
Offering price per share (100/94.50 of $36.91) | $39.06 |
Redemption proceeds per share | $36.91 |
Class C Shares: | |
Net asset value per share ($40,519,149 ÷ 1,208,222 shares outstanding), no par value, unlimited shares authorized | $33.54 |
Offering price per share | $33.54 |
Redemption proceeds per share (99.00/100 of $33.54) | $33.20 |
Institutional Shares: | |
Net asset value per share ($309,608,131 ÷ 8,245,943 shares outstanding), no par value, unlimited shares authorized | $37.55 |
Offering price per share | $37.55 |
Redemption proceeds per share | $37.55 |
Class R6 Shares: | |
Net asset value per share ($17,996,622 ÷ 490,520 shares outstanding), no par value, unlimited shares authorized | $36.69 |
Offering price per share | $36.69 |
Redemption proceeds per share | $36.69 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $2,104 received from affiliated companies and an affiliated holding*) | $2,805,111 |
Net income on securities loaned (includes $38 received from affiliated holdings related to cash collateral balances) (Note 2) | 345 |
TOTAL INCOME | 2,805,456 |
Expenses: | |
Investment adviser fee (Note 5) | 1,682,438 |
Administrative fee (Note 5) | 189,312 |
Custodian fees | 16,962 |
Transfer agent fees (Note 2) | 191,080 |
Directors’/Trustees’ fees (Note 5) | 1,873 |
Auditing fees | 13,257 |
Legal fees | 4,292 |
Portfolio accounting fees | 64,813 |
Distribution services fee (Note 5) | 151,062 |
Other service fees (Notes 2 and 5) | 195,900 |
Share registration costs | 35,276 |
Printing and postage | 15,882 |
Miscellaneous (Note 5) | 15,564 |
TOTAL EXPENSES | 2,577,711 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (305,235) |
Reimbursement of other operating expenses (Notes 2 and 5) | (95,202) |
TOTAL WAIVER AND REIMBURSEMENTS | (400,437) |
Net expenses | 2,177,274 |
Net investment income | 628,182 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(3,074) on sales of investments in an affiliated holding*) | 31,094,636 |
Realized gain distribution from affiliated investment company shares | 1,383 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $326,811 of investments in affiliated companies and an affiliated holding*) | (22,037,883) |
Net realized and unrealized gain (loss) on investments | 9,058,136 |
Change in net assets resulting from operations | $9,686,318 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended 7/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $628,182 | $1,500,049 |
Net realized gain (loss) | 31,096,019 | 65,974,347 |
Net change in unrealized appreciation/depreciation | (22,037,883) | 66,920,393 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,686,318 | 134,394,789 |
Distributions to Shareholders: | ||
Class A Shares | (18,050,522) | (2,423,144) |
Class C Shares | (6,734,957) | (882,794) |
Institutional Shares | (48,461,721) | (8,071,148) |
Class R6 Shares | (2,859,720) | (290,075) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (76,106,920) | (11,667,161) |
Share Transactions: | ||
Proceeds from sale of shares | 94,555,748 | 138,525,280 |
Net asset value of shares issued to shareholders in payment of distributions declared | 70,184,727 | 10,673,152 |
Cost of shares redeemed | (58,707,595) | (191,208,255) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 106,032,880 | (42,009,823) |
Change in net assets | 39,612,278 | 80,717,805 |
Net Assets: | ||
Beginning of period | 443,110,155 | 362,392,350 |
End of period | $482,722,433 | $443,110,155 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $50,660 | $(8,000) |
Class C Shares | 17,019 | (656) |
Institutional Shares | 122,308 | (86,546) |
Class R6 Shares | 1,093 | — |
TOTAL | $191,080 | $(95,202) |
Other Service Fees Incurred | |
Class A Shares | $145,546 |
Class C Shares | 50,354 |
TOTAL | $195,900 |
Market Value of Securities Loaned | Collateral Received |
$659,110 | $669,630 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 323,383 | $13,187,865 | 516,489 | $19,262,460 |
Shares issued to shareholders in payment of distributions declared | 454,939 | 17,088,464 | 65,002 | 2,282,814 |
Shares redeemed | (240,889) | (9,768,445) | (510,501) | (18,302,996) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 537,433 | $20,507,884 | 70,990 | $3,242,278 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 186,789 | $6,994,095 | 150,210 | $5,136,189 |
Shares issued to shareholders in payment of distributions declared | 188,752 | 6,442,116 | 25,498 | 828,435 |
Shares redeemed | (128,749) | (4,806,383) | (263,607) | (8,987,701) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 246,792 | $8,629,828 | (87,899) | $(3,023,077) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,545,375 | $65,258,964 | 3,029,771 | $110,406,642 |
Shares issued to shareholders in payment of distributions declared | 1,163,096 | 44,573,724 | 206,534 | 7,372,239 |
Shares redeemed | (1,002,269) | (42,070,797) | (4,253,413) | (160,052,945) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,706,202 | $67,761,891 | (1,017,108) | $(42,274,064) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 214,362 | $9,114,824 | 101,756 | $3,719,989 |
Shares issued to shareholders in payment of distributions declared | 55,550 | 2,080,423 | 5,416 | 189,664 |
Shares redeemed | (49,892) | (2,061,970) | (107,736) | (3,864,613) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 220,020 | $9,133,277 | (564) | $45,040 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,710,447 | $106,032,880 | (1,034,581) | $(42,009,823) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $151,062 |
Purchases | $224,398,954 |
Sales | $195,349,598 |
Beginning Account Value 8/1/2021 | Ending Account Value 1/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,022.20 | $5.30 |
Class C Shares | $1,000 | $1,018.70 | $9.21 |
Institutional Shares | $1,000 | $1,023.90 | $3.78 |
Class R6 Shares | $1,000 | $1,024.00 | $3.72 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.96 | $5.30 |
Class C Shares | $1,000 | $1,016.08 | $9.20 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
Class R6 Shares | $1,000 | $1,021.53 | $3.72 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.81% |
Institutional Shares | 0.74% |
Class R6 Shares | 0.73% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
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Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Federated Hermes MDT Balanced Fund
A Portfolio of Federated Hermes MDT Series
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Portfolio Composition | Percentage of Total Net Assets |
Domestic Equity Securities | 56.0% |
Corporate Debt Securities | 10.3% |
International Equity Securities (including International Exchange-Traded Funds) | 8.5% |
Mortgage Core Fund | 6.9% |
U.S. Treasury Securities2 | 3.5% |
High Yield Bond Core Fund | 2.5% |
Project and Trade Finance Core Fund | 1.6% |
Emerging Markets Core Fund | 1.4% |
Asset-Backed Securities | 1.2% |
Bank Loan Core Fund | 0.9% |
Commercial Mortgage-Backed Securities | 0.7% |
Mortgage-Backed Securities | 0.2% |
Government Agency | 0.1% |
Municipal Bond3 | 0.0% |
Collateralized Mortgage Obligations3 | 0.0% |
Securities Lending Collateral4 | 3.6% |
Cash Equivalents5 | 5.9% |
Derivative Contracts3,6 | 0.0% |
Other Assets and Liabilities—Net7 | (3.3)% |
TOTAL | 100% |
Sector Composition | Percentage of Equity Securities |
Information Technology | 26.2% |
Health Care | 12.9% |
Financials | 12.4% |
Consumer Discretionary | 11.3% |
Communication Services | 9.4% |
Real Estate | 7.4% |
Industrials | 7.3% |
Consumer Staples | 5.8% |
Materials | 3.1% |
Energy | 2.9% |
Utilities | 1.3% |
Total | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets, are listed individually in the table. |
2 | Includes U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
3 | Represents less than 0.1%. |
4 | 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. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
6 | 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) or value 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), value 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. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
8 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares or Principal Amount | Value | ||
COMMON STOCKS— 57.1% | |||
Communication Services— 5.4% | |||
2,405 | 1 | Alphabet, Inc., Class A | $ 6,508,098 |
21,112 | 1 | Cars.com, Inc. | 328,925 |
348 | 1 | Charter Communications, Inc. | 206,482 |
1,197 | 1,2 | Discovery, Inc., Class A | 33,408 |
3,811 | Electronic Arts, Inc. | 505,567 | |
4,695 | 1 | Live Nation Entertainment, Inc. | 514,150 |
6,754 | Lumen Technologies, Inc. | 83,479 | |
1,719 | 1 | Netflix, Inc. | 734,254 |
19,249 | News Corp., Inc., Class A | 428,098 | |
29,737 | 1 | Pinterest, Inc. | 879,026 |
601 | 1 | Take-Two Interactive Software, Inc. | 98,167 |
3,699 | 1 | Twitter, Inc. | 138,750 |
39,014 | ViacomCBS, Inc., Class B | 1,305,018 | |
TOTAL | 11,763,422 | ||
Consumer Discretionary— 6.4% | |||
1,571 | Advance Auto Parts, Inc. | 363,702 | |
116 | 1 | Amazon.com, Inc. | 347,010 |
171 | 1 | AutoZone, Inc. | 339,666 |
2,327 | 1 | Burlington Stores, Inc. | 551,336 |
1,367 | 1 | Capri Holdings Ltd. | 82,116 |
1,098 | 1 | CROCs, Inc. | 112,677 |
3,479 | Dick’s Sporting Goods, Inc. | 401,477 | |
3,361 | Domino’s Pizza, Inc. | 1,528,079 | |
1,080 | 1 | Expedia Group, Inc. | 197,953 |
853 | 1 | Floor & Decor Holdings, Inc. | 92,738 |
24,635 | Ford Motor Co. | 500,090 | |
2,558 | 1 | G-III Apparel Group Ltd. | 69,501 |
15,297 | 1 | Goodyear Tire & Rubber Co. | 317,107 |
2,113 | Home Depot, Inc. | 775,429 | |
738 | Lowe’s Cos., Inc. | 175,164 | |
43,386 | Macy’s, Inc. | 1,110,682 | |
3,152 | McDonald’s Corp. | 817,786 | |
2,001 | 1 | O’Reilly Automotive, Inc. | 1,304,152 |
1,577 | 1 | SeaWorld Entertainment, Inc. | 93,958 |
3,976 | Starbucks Corp. | 390,920 | |
7,090 | Target Corp. | 1,562,849 | |
325 | 1 | Tesla, Inc. | 304,434 |
2,349 | 1 | Ulta Beauty, Inc. | 854,425 |
1,003 | Wingstop, Inc. | 153,710 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
5,837 | 1 | YETI Holdings, Inc. | $ 382,790 |
10,729 | Yum! Brands, Inc. | 1,342,949 | |
TOTAL | 14,172,700 | ||
Consumer Staples— 3.3% | |||
7,933 | Albertsons Cos., Inc. | 223,314 | |
7,804 | 1 | BJ’s Wholesale Club Holdings, Inc. | 479,712 |
271 | Coca-Cola Bottling Co. | 155,283 | |
6,936 | Costco Wholesale Corp. | 3,503,582 | |
5,554 | Hershey Foods Corp. | 1,094,527 | |
9,306 | Kroger Co. | 405,649 | |
861 | Molson Coors Beverage Company, Class B | 41,035 | |
4,995 | PepsiCo, Inc. | 866,732 | |
2,471 | 1 | Post Holdings, Inc. | 261,481 |
1,826 | WalMart, Inc. | 255,293 | |
TOTAL | 7,286,608 | ||
Energy— 1.6% | |||
13,000 | Continental Resources, Inc. | 675,220 | |
4,482 | EOG Resources, Inc. | 499,653 | |
5,348 | Helmerich & Payne, Inc. | 153,488 | |
21,158 | Marathon Oil Corp. | 411,946 | |
26,184 | Marathon Petroleum Corp. | 1,878,702 | |
TOTAL | 3,619,009 | ||
Financials— 7.1% | |||
285 | 1 | Alleghany Corp. | 189,240 |
9,384 | Allstate Corp. | 1,132,367 | |
17,829 | Ally Financial, Inc. | 850,800 | |
18,330 | Bank of New York Mellon Corp. | 1,086,236 | |
7,971 | Carlyle Group LP/The | 406,919 | |
627 | Equity Bancshares, Inc. | 20,102 | |
6,049 | Fidelity National Financial, Inc. | 304,567 | |
1,690 | Houlihan Lokey, Inc. | 179,613 | |
15,952 | Huntington Bancshares, Inc. | 240,237 | |
9,463 | Interactive Brokers Group, Inc., Class A | 645,282 | |
882 | Jefferies Financial Group, Inc. | 32,316 | |
1,649 | KKR & Co., Inc., Class Common | 117,343 | |
4,107 | MSCI, Inc., Class A | 2,201,845 | |
3,436 | NASDAQ, Inc. | 615,766 | |
44,000 | New Residential Investment Corp. | 468,600 | |
11,430 | Northern Trust Corp. | 1,333,195 | |
6,902 | Prudential Financial, Inc. | 770,056 | |
21,686 | State Street Corp. | 2,049,327 | |
9,961 | The Travelers Cos., Inc. | 1,655,319 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
9,566 | Tradeweb Markets, Inc. | $ 810,910 | |
1,006 | VOYA Financial, Inc. | 68,368 | |
5,580 | Zions Bancorporation, N.A. | 378,436 | |
TOTAL | 15,556,844 | ||
Health Care— 7.4% | |||
22,622 | AbbVie, Inc. | 3,096,725 | |
4,731 | Amgen, Inc. | 1,074,599 | |
11,086 | 1 | AnaptysBio, Inc. | 354,419 |
3,919 | 1 | Biogen, Inc. | 885,694 |
2,583 | Bruker Corp. | 172,028 | |
15,524 | 1 | Community Health Systems, Inc. | 196,999 |
1,634 | 1 | Envista Holdings Corp. | 70,654 |
6,932 | 1 | IQVIA Holdings, Inc. | 1,697,647 |
5,392 | Johnson & Johnson | 928,988 | |
7,830 | McKesson Corp. | 2,010,118 | |
9,478 | Merck & Co., Inc. | 772,267 | |
7,854 | 1 | Myriad Genetics, Inc. | 206,482 |
17,765 | Pfizer, Inc. | 936,038 | |
1,738 | 1 | Progyny, Inc. | 70,389 |
1,239 | 1 | SAGE Therapeutics, Inc. | 48,841 |
1,169 | 1 | Shockwave Medical, Inc. | 169,470 |
256 | 1 | United Therapeutics Corp. | 51,679 |
7,200 | 1 | Verastem, Inc. | 11,016 |
6,496 | 1 | Vertex Pharmaceuticals, Inc. | 1,578,853 |
191 | 1 | Waters Corp. | 61,143 |
8,877 | Zoetis, Inc. | 1,773,536 | |
TOTAL | 16,167,585 | ||
Industrials— 4.2% | |||
2,875 | AGCO Corp. | 336,950 | |
1,404 | 1 | Alaska Air Group, Inc. | 76,855 |
7,800 | Allegion PLC | 957,294 | |
480 | 1 | Builders Firstsource, Inc. | 32,635 |
7,124 | 1 | CIRCOR International, Inc. | 197,834 |
1,665 | Flowserve Corp. | 54,312 | |
3,032 | Fortune Brands Home & Security, Inc. | 285,523 | |
1,171 | 1 | Generac Holdings, Inc. | 330,667 |
976 | General Electric Co. | 92,213 | |
32,966 | 1 | KAR Auction Services, Inc. | 468,777 |
2,523 | Lennox International, Inc. | 715,573 | |
1,052 | Manpower, Inc. | 110,323 | |
9,134 | Masco Corp. | 578,456 | |
25,737 | Otis Worldwide Corp. | 2,198,712 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
10,000 | Pitney Bowes, Inc. | $ 61,600 | |
9,727 | Ryder System, Inc. | 711,919 | |
7,730 | 1 | SPX Corp. | 403,351 |
209 | Trane Technologies PLC | 36,178 | |
3,670 | TransUnion | 378,450 | |
1,458 | 1 | TriNet Group, Inc. | 124,222 |
1,701 | United Parcel Service, Inc. | 343,959 | |
5,216 | 1 | XPO Logistics, Inc. | 345,143 |
3,343 | Xylem, Inc. | 351,082 | |
TOTAL | 9,192,028 | ||
Information Technology— 14.9% | |||
2,136 | Accenture PLC | 755,247 | |
2,935 | Alliance Data Systems Corp. | 202,632 | |
1,705 | 1 | Ambarella, Inc. | 238,956 |
38,647 | Apple, Inc. | 6,754,723 | |
12,036 | 1 | Arista Networks, Inc. | 1,496,195 |
7,214 | 1 | Arrow Electronics, Inc. | 894,536 |
352 | 1 | Atlassian Corp. PLC | 114,168 |
6,061 | Bentley Systems, Inc. | 243,470 | |
3,823 | Broadcom, Inc. | 2,239,819 | |
4,701 | 1 | Cirrus Logic, Inc. | 420,457 |
2,931 | 1 | Commvault Systems, Inc. | 197,725 |
7,478 | 1 | Datadog, Inc. | 1,092,611 |
17,951 | 1 | Dell Technologies, Inc. | 1,019,796 |
4,697 | 1 | Dropbox, Inc. | 116,251 |
23,418 | 1 | DXC Technology Co. | 704,413 |
4,881 | 1 | Dynatrace Holdings LLC | 267,772 |
3,300 | 1 | EPAM Systems, Inc. | 1,571,262 |
2,067 | 1 | FleetCor Technologies, Inc. | 492,483 |
5,849 | 1 | Fortinet, Inc. | 1,738,557 |
705 | 1 | Gartner, Inc., Class A | 207,192 |
628 | 1 | Globant SA | 160,253 |
14,151 | Hewlett Packard Enterprise Co. | 231,086 | |
10,855 | HP, Inc. | 398,704 | |
2,245 | 1 | HubSpot, Inc. | 1,097,356 |
161 | KLA Corp. | 62,673 | |
3,825 | 1 | MA-COM Technology Solutions Holdings, Inc. | 234,128 |
14,192 | Microsoft Corp. | 4,413,428 | |
3,720 | 1 | ON Semiconductor Corp. | 219,480 |
1,121 | Oracle Corp. | 90,980 | |
395 | 1 | Palo Alto Networks, Inc. | 204,373 |
10,306 | Paychex, Inc. | 1,213,635 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
2,166 | 1 | Paylocity Corp. | $ 441,821 |
9,836 | 1 | Plantronics, Inc. | 262,129 |
9,446 | 1 | Pure Storage, Inc. | 250,225 |
3,314 | Qualcomm, Inc. | 582,469 | |
1,634 | 1 | Rapid7, Inc. | 157,403 |
2,183 | 1 | Snowflake, Inc. | 602,290 |
2,771 | Texas Instruments, Inc. | 497,367 | |
8,203 | Vishay Intertechnology, Inc. | 169,884 | |
31,056 | Western Union Co. | 587,269 | |
9,197 | Xerox Holdings Corp. | 194,149 | |
TOTAL | 32,839,367 | ||
Materials— 1.8% | |||
19,650 | Alcoa Corp. | 1,114,352 | |
6,760 | 1 | Allegheny Technologies, Inc. | 123,640 |
15,163 | 1 | Berry Global Group, Inc. | 1,022,289 |
44,373 | Chemours Co./The | 1,451,441 | |
2,373 | Dow, Inc. | 141,739 | |
TOTAL | 3,853,461 | ||
Real Estate— 4.2% | |||
14,400 | American Homes 4 Rent | 563,472 | |
26,900 | Braemar Hotels & Resorts, Inc. | 143,915 | |
14,500 | Brixmor Property Group, Inc. | 367,720 | |
1,081 | 1 | CBRE Group, Inc. | 109,549 |
15,600 | 1 | Chatham Lodging Trust | 207,012 |
8,000 | Duke Realty Corp. | 462,240 | |
2,300 | EastGroup Properties, Inc. | 459,793 | |
320 | Equinix, Inc. | 231,968 | |
4,400 | Equity Residential Properties Trust | 390,412 | |
1,200 | Essex Property Trust, Inc. | 399,000 | |
12,500 | Hudson Pacific Properties, Inc. | 295,375 | |
12,800 | Invitation Homes, Inc. | 537,344 | |
14,500 | Kimco Realty Corp. | 351,770 | |
17,000 | Kite Realty Group Trust | 354,960 | |
1,300 | Life Storage, Inc. | 175,435 | |
3,900 | National Storage Affiliates Trust | 240,084 | |
16,200 | Pebblebrook Hotel Trust | 350,730 | |
2,700 | ProLogis, Inc. | 423,414 | |
5,700 | Regency Centers Corp. | 408,975 | |
6,400 | Rexford Industrial Realty, Inc. | 468,288 | |
2,500 | 1 | Ryman Hospitality Properties | 221,000 |
2,100 | Simon Property Group, Inc. | 309,120 | |
11,000 | SITE Centers Corp. | 162,910 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
2,300 | Sun Communities, Inc. | $ 434,608 | |
2,850 | Terreno Realty Corp. | 213,094 | |
6,800 | UDR, Inc. | 386,512 | |
14,400 | 2 | VICI Properties, Inc. | 412,128 |
2,000 | Welltower, Inc. | 173,260 | |
TOTAL | 9,254,088 | ||
Utilities— 0.8% | |||
2,108 | Evergy, Inc. | 136,936 | |
12,828 | Exelon Corp. | 743,383 | |
1,098 | NextEra Energy, Inc. | 85,776 | |
19,281 | OGE Energy Corp. | 731,135 | |
TOTAL | 1,697,230 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $99,610,810) | 125,402,342 | ||
CORPORATE BONDS— 10.3% | |||
Basic Industry - Chemicals— 0.0% | |||
$ 10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 12,316 | |
Basic Industry - Metals & Mining— 0.1% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 17,794 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 62,597 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 102,860 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 27,018 | |
TOTAL | 210,269 | ||
Capital Goods - Aerospace & Defense— 0.6% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 183,577 | |
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 296,296 | |
5,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 5,221 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 115,511 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 276,513 | |
170,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 178,238 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 14,517 | |
40,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.891% (3-month USLIBOR +1.735%), 2/15/2042 | 33,600 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 53,205 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 52,390 | |
TOTAL | 1,209,068 | ||
Capital Goods - Building Materials— 0.1% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 205,448 | |
Capital Goods - Construction Machinery— 0.0% | |||
10,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022 | 10,062 | |
Capital Goods - Diversified Manufacturing— 0.1% | |||
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 57,633 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Capital Goods - Diversified Manufacturing— continued | |||
$ 175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | $ 162,938 | |
TOTAL | 220,571 | ||
Communications - Cable & Satellite— 0.2% | |||
300,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029 | 282,853 | |
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 129,648 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 16,150 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 11,445 | |
TOTAL | 440,096 | ||
Communications - Media & Entertainment— 0.2% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 39,077 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 430,620 | |
TOTAL | 469,697 | ||
Communications - Telecom Wireless— 0.2% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 157,465 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 233,285 | |
TOTAL | 390,750 | ||
Communications - Telecom Wirelines— 0.3% | |||
12,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | 11,426 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 294,063 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | 10,438 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 5,530 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 182,967 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 92,700 | |
29,000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 2.987%, 10/30/2056 | 25,453 | |
TOTAL | 622,577 | ||
Consumer Cyclical - Automotive— 0.1% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 14,543 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 171,514 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 10,408 | |
TOTAL | 196,465 | ||
Consumer Cyclical - Lodging— 0.0% | |||
20,000 | American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 | 21,071 | |
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 30,543 | |
TOTAL | 51,614 | ||
Consumer Cyclical - Retailers— 0.2% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 188,021 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 259,195 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 15,941 | |
TOTAL | 463,157 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Consumer Cyclical - Services— 0.2% | |||
$ 200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | $ 203,258 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 132,175 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 14,989 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 15,125 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 73,453 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 17,149 | |
TOTAL | 456,149 | ||
Consumer Non-Cyclical - Food/Beverage— 0.5% | |||
30,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 34,518 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 309,051 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 148,341 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 75,520 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 283,364 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 203,309 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 17,414 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 53,886 | |
TOTAL | 1,125,403 | ||
Consumer Non-Cyclical - Health Care— 0.1% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 135,144 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 185,215 | |
TOTAL | 320,359 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.3% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 557,696 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 16,580 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 11,268 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 16,424 | |
165,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 160,799 | |
TOTAL | 762,767 | ||
Consumer Non-Cyclical - Supermarkets— 0.0% | |||
10,000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 | 11,320 | |
Energy - Independent— 0.4% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 261,916 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 127,373 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 20,180 | |
475,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 445,152 | |
TOTAL | 854,621 | ||
Energy - Integrated— 0.6% | |||
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 324,917 | |
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 139,944 | |
5,000 | ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039 | 7,016 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 278,957 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Energy - Integrated— continued | |||
$ 240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | $ 259,943 | |
275,000 | Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051 | 279,132 | |
TOTAL | 1,289,909 | ||
Energy - Midstream— 0.4% | |||
20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 22,416 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 120,424 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 78,650 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 11,797 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 181,147 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 26,407 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 42,613 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 5,358 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 269,549 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 20,165 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | ��10,639 | |
TOTAL | 789,165 | ||
Energy - Refining— 0.0% | |||
15,000 | HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 16,485 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 16,321 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 13,071 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 16,170 | |
TOTAL | 62,047 | ||
Financial Institution - Banking— 1.8% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 75,118 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 316,717 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 210,574 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 15,846 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 16,217 | |
20,000 | Bank of New York Mellon, N.A., 3.400%, 5/15/2024 | 20,857 | |
40,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 | 40,331 | |
165,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 166,800 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 259,698 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 178,660 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 16,326 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 31,821 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 77,749 | |
350,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033 | 352,287 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 40,828 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 282,112 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 206,961 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 10,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | $ 10,619 |
25,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 25,453 |
400,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | 402,986 | |
20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | 20,529 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 16,205 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 410,571 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 345,148 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | 100,210 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 | 15,292 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 15,945 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 15,498 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 10,122 | |
45,000 | Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 | 45,850 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 227,734 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 10,687 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 10,616 | |
TOTAL | 3,992,367 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 85,008 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 76,501 | |
15,000 | XLIT Ltd., Sub., 4.450%, 3/31/2025 | 16,096 | |
TOTAL | 177,605 | ||
Financial Institution - Finance Companies— 0.2% | |||
150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 157,025 | |
325,000 | Air Lease Corp., Sr. Unsecd. Note, 2.875%, 1/15/2032 | 309,432 | |
TOTAL | 466,457 | ||
Financial Institution - Insurance - Life— 0.6% | |||
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 397,201 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 29,017 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 36,751 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 136,928 | |
220,000 | Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030 | 208,979 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,044 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 17,910 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,417 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 261,120 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 21,456 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,222 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,146 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - Life— continued | |||
$ 50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | $ 67,704 | |
TOTAL | 1,223,895 | ||
Financial Institution - Insurance - P&C— 0.3% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 11,446 | |
200,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 2.850%, 12/15/2051 | 188,914 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 59,233 | |
205,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.950%, 4/22/2044 | 235,518 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 108,666 | |
TOTAL | 603,777 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
10,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 10,124 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 184,348 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 71,988 | |
TOTAL | 266,460 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 189,834 | |
Financial Institution - REIT - Office— 0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 75,677 | |
Financial Institution - REIT - Other— 0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 113,369 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 79,011 | |
TOTAL | 192,380 | ||
Financial Institution - REIT - Retail— 0.2% | |||
300,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 | 296,204 | |
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 50,724 | |
TOTAL | 346,928 | ||
Financial Institution - REITs— 0.0% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 60,652 | |
Supranational— 0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 30,349 | |
Technology— 0.5% | |||
10,000 | Apple, Inc., 3.850%, 5/4/2043 | 11,073 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 30,490 | |
200,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 192,658 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 67,564 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 23,992 | |
240,000 | Dell International LLC / EMC Corp., 6.020%, 6/15/2026 | 272,575 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 114,276 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 277,233 | |
7,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 6,863 | |
8,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 8,726 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | $ 10,189 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 64,676 | |
TOTAL | 1,080,315 | ||
Technology Services— 0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 5,062 | |
Transportation - Airlines— 0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 29,649 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 120,133 | |
TOTAL | 149,782 | ||
Transportation - Railroads— 0.1% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 66,520 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 30,421 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 232,497 | |
TOTAL | 329,438 | ||
Transportation - Services— 0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 19,309 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 21,467 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 70,019 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 205,865 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 132,691 | |
TOTAL | 449,351 | ||
Utility - Electric— 1.0% | |||
200,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 185,919 | |
90,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 88,557 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 84,587 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 326,390 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 157,367 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 175,332 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 209,820 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 100,449 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 117,377 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 35,645 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 257,745 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 182,639 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 276,950 | |
TOTAL | 2,198,777 | ||
Utility - Natural Gas— 0.3% | |||
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 66,160 | |
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 488,352 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Utility - Natural Gas— continued | |||
$ 5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | $ 6,495 | |
TOTAL | 561,007 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $21,687,939) | 22,573,943 | ||
U.S. TREASURIES— 3.5% | |||
Treasury Inflation-Indexed Note— 0.3% | |||
585,832 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2031 | 638,270 |
U.S. Treasury Bond— 1.0% | |||
825,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 780,269 | |
1,400,000 | United States Treasury Bond, 2.000%, 8/15/2051 | 1,363,812 | |
TOTAL | 2,144,081 | ||
U.S. Treasury Note— 2.2% | |||
450,000 | United States Treasury Note, 0.125%, 8/31/2023 | 443,412 | |
1,150,000 | United States Treasury Note, 1.250%, 12/31/2026 | 1,130,435 | |
900,000 | United States Treasury Note, 1.250%, 8/15/2031 | 858,425 | |
2,625,000 | United States Treasury Note, 1.375%, 11/15/2031 | 2,527,794 | |
TOTAL | 4,960,066 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $7,835,354) | 7,742,417 | ||
ASSET-BACKED SECURITIES— 1.2% | |||
Auto Receivables— 0.2% | |||
400,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 401,119 | |
90,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 87,323 | |
TOTAL | 488,442 | ||
Credit Card— 0.2% | |||
400,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 400,436 | |
Equipment Lease— 0.5% | |||
500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 503,913 | |
500,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 499,681 | |
TOTAL | 1,003,594 | ||
Other— 0.2% | |||
450,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 445,178 | |
Student Loans— 0.1% | |||
305,510 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 299,710 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $2,645,055) | 2,637,360 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.7% | |||
Commercial Mortgage— 0.7% | |||
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 200,708 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.928%, 6/10/2046 | 204,053 | |
48,038 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 48,591 |
Shares or Principal Amount | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— continued | |||
Commercial Mortgage— continued | |||
$ 392,210 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | $ 390,078 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 361,178 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.620%, 11/25/2045 | 203,095 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 206,447 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,610,997) | 1,614,150 | ||
MORTGAGE-BACKED SECURITIES— 0.2% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
26,403 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 28,369 | |
Federal National Mortgage Association— 0.2% | |||
6,911 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 7,751 | |
787 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 874 | |
25,399 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 27,293 | |
43,424 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 46,082 | |
33,482 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 36,438 | |
16,229 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 16,881 | |
19,353 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 20,131 | |
15,604 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 16,153 | |
20,176 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 21,533 | |
10,165 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 10,451 | |
13,673 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 14,306 | |
16,308 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 17,111 | |
12,822 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 13,111 | |
9,525 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 9,931 | |
26,116 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 26,954 | |
11,723 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 12,243 | |
21,278 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 23,606 | |
22,961 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 25,078 | |
26,823 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 27,884 | |
29,255 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 29,944 | |
TOTAL | 403,755 | ||
Government National Mortgage Association— 0.0% | |||
15,783 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 16,807 | |
10,342 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 11,111 | |
TOTAL | 27,918 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $443,728) | 460,042 |
Shares or Principal Amount | Value | ||
GOVERNMENT AGENCY— 0.1% | |||
Federal National Mortgage Association— 0.1% | |||
$ 250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,666) | $ 243,792 | |
MUNICIPAL BOND— 0.0% | |||
30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $33,345) | 35,088 | |
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.0% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
86 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 87 | |
89 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 91 | |
2,242 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 2,489 | |
TOTAL | 2,667 | ||
Federal National Mortgage Association— 0.0% | |||
666 | 3 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%, Cap 9.749%), 7/25/2023 | 688 |
435 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 448 | |
TOTAL | 1,136 | ||
Non-Agency Mortgage— 0.0% | |||
93 | 6 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.320%, 3/25/2031 | 93 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $3,733) | 3,896 | ||
EXCHANGE-TRADED FUNDS— 7.4% | |||
33,100 | iShares Core MSCI Emerging Markets ETF | 1,972,098 | |
189,300 | 2 | iShares MSCI EAFE ETF | 14,352,726 |
Total Exchange-Traded Funds (IDENTIFIED COST $15,576,372) | 16,324,824 | ||
INVESTMENT COMPANIES— 22.8% | |||
200,934 | Bank Loan Core Fund | 1,930,978 | |
315,048 | Emerging Markets Core Fund | 3,005,560 | |
7,874,458 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%7 | 7,874,458 | |
12,921,919 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%7 | 12,920,627 | |
908,568 | High Yield Bond Core Fund | 5,587,696 | |
1,572,837 | Mortgage Core Fund | 15,099,234 |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANIES— continued | |||
409,307 | Project and Trade Finance Core Fund | $ 3,597,806 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $51,159,061) | 50,016,359 | ||
TOTAL INVESTMENT IN SECURITIES—103.3% (IDENTIFIED COST $200,856,060)8 | 227,054,213 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.3)%9 | (7,310,022) | ||
TOTAL NET ASSETS—100% | $219,744,191 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Short Futures: | ||||
1United States Treasury Notes 2-Year Short Futures | 42 | $9,099,563 | March 2022 | $58,271 |
1United States Treasury Notes 5-Year Short Futures | 7 | $834,422 | March 2022 | $(399) |
1United States Treasury Note 10-Year Short Futures | 4 | $511,875 | March 2022 | $4,225 |
1United States Treasury Notes 10-Year Ultra Short Futures | 1 | $142,828 | March 2022 | $(158) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $61,939 |
Affiliates | Value as of 7/31/2021 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $4,255,287 | $439,802 | $(2,760,600) |
Emerging Markets Core Fund | $2,857,224 | $738,961 | $(380,000) |
Federated Hermes Government Obligations Fund, Premier Shares* | $168,995 | $73,065,683 | $(65,360,220) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $16,947,898 | $21,946,532 | $(25,965,276) |
High Yield Bond Core Fund | $5,962,186 | $1,433,286 | $(1,563,000) |
Mortgage Core Fund | $6,610,200 | $8,935,510 | $— |
Project and Trade Finance Core Fund | $3,205,801 | $421,191 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $40,007,591 | $106,980,965 | $(96,029,096) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 1/31/2022 | Shares Held as of 1/31/2022 | Dividend Income | Gain Distributions Received |
$(119,132) | $115,621 | $1,930,978 | 200,934 | $53,801 | $— |
$(161,764) | $(48,861) | $3,005,560 | 315,048 | $92,414 | $— |
N/A | N/A | $7,874,458 | 7,874,458 | $218 | $— |
$(3,172) | $(5,355) | $12,920,627 | 12,921,919 | $3,042 | $2,479 |
$(204,479) | $(40,297) | $5,587,696 | 908,568 | $161,299 | $— |
$(446,476) | $— | $15,099,234 | 1,572,837 | $131,712 | $— |
$(29,186) | $— | $3,597,806 | 409,307 | $69,612 | $— |
$(964,209) | $21,108 | $50,016,359 | 24,203,071 | $512,098 | $2,479 |
* | 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. |
3 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | Perpetual Bond Security. The maturity date reflects the next call date. |
5 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities. |
7 | 7-day net yield. |
8 | Also represents cost of investments for federal tax purposes. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 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 | $123,058,130 | $— | $— | $123,058,130 |
International | 2,344,212 | — | — | 2,344,212 |
Debt Securities: | ||||
Corporate Bonds | — | 22,573,943 | — | 22,573,943 |
U.S. Treasuries | — | 7,742,417 | — | 7,742,417 |
Asset-Backed Securities | — | 2,637,360 | — | 2,637,360 |
Commercial Mortgage-Backed Securities | — | 1,614,150 | — | 1,614,150 |
Mortgage-Backed Securities | — | 460,042 | — | 460,042 |
Government Agency | — | 243,792 | — | 243,792 |
Municipal Bond | — | 35,088 | — | 35,088 |
Collateralized Mortgage Obligations | — | 3,896 | — | 3,896 |
Exchange-Traded Funds | 16,324,824 | — | — | 16,324,824 |
Investment Companies1 | 46,418,553 | — | — | 50,016,359 |
TOTAL SECURITIES | $188,145,719 | $35,310,688 | $— | $227,054,213 |
Other Financial Instruments:2 | ||||
Assets | $62,496 | $— | $— | $62,496 |
Liabilities | (557) | — | — | (557) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $61,939 | $— | $— | $61,939 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $3,597,806 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above, but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
ETF | —Exchange-Traded Fund | |
FREMF | —Freddie Mac Multifamily K-Deals | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.18 | $19.59 | $18.71 | $19.59 | $17.74 | $16.52 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.07 | 0.16 | 0.19 | 0.25 | 0.21 | 0.26 |
Net realized and unrealized gain (loss) | (0.03) | 4.30 | 1.46 | 0.57 | 1.89 | 1.23 |
Total From Investment Operations | 0.04 | 4.46 | 1.65 | 0.82 | 2.10 | 1.49 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.07) | (0.24) | (0.19) | (0.25) | (0.27) |
Distributions from net realized gain | (2.04) | (0.80) | (0.53) | (1.51) | — | — |
Total Distributions | (2.17) | (0.87) | (0.77) | (1.70) | (0.25) | (0.27) |
Net Asset Value, End of Period | $21.05 | $23.18 | $19.59 | $18.71 | $19.59 | $17.74 |
Total Return2 | (0.02)% | 23.31% | 9.08% | 5.28% | 11.91% | 9.11% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.29%4 | 1.31% | 1.31% | 1.31% | 1.32% | 1.26% |
Net investment income | 0.59%4 | 0.77% | 1.04% | 1.35% | 1.11% | 1.51% |
Expense waiver/reimbursement5 | 0.01%4 | 0.04% | 0.07% | 0.08% | 0.06% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $127,217 | $124,559 | $95,559 | $84,243 | $61,553 | $61,405 |
Portfolio turnover6 | 38% | 61% | 152% | 92% | 89% | 82% |
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 | 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. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.78 | $19.35 | $18.50 | $19.31 | $17.49 | $16.30 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | 0.002 | 0.05 | 0.11 | 0.06 | 0.13 |
Net realized and unrealized gain (loss) | (0.03) | 4.23 | 1.43 | 0.59 | 1.87 | 1.20 |
Total From Investment Operations | (0.05) | 4.23 | 1.48 | 0.70 | 1.93 | 1.33 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.10) | (0.00)2 | (0.11) | (0.14) |
Distributions from net realized gain | (2.04) | (0.80) | (0.53) | (1.51) | — | — |
Total Distributions | (2.04) | (0.80) | (0.63) | (1.51) | (0.11) | (0.14) |
Net Asset Value, End of Period | $20.69 | $22.78 | $19.35 | $18.50 | $19.31 | $17.49 |
Total Return3 | (0.39)% | 22.37% | 8.25% | 4.54% | 11.09% | 8.23% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 2.05%5 | 2.06% | 2.06% | 2.06% | 2.07% | 2.01% |
Net investment income (loss) | (0.17)%5 | 0.01% | 0.29% | 0.60% | 0.35% | 0.75% |
Expense waiver/reimbursement6 | 0.01%5 | 0.05% | 0.09% | 0.10% | 0.04% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,261 | $16,941 | $15,043 | $15,492 | $27,577 | $29,007 |
Portfolio turnover7 | 38% | 61% | 152% | 92% | 89% | 82% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | 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. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.28 | $19.67 | $18.78 | $19.64 | $17.79 | $16.57 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.10 | 0.22 | 0.24 | 0.30 | 0.26 | 0.30 |
Net realized and unrealized gain (loss) | (0.03) | 4.30 | 1.46 | 0.58 | 1.89 | 1.23 |
Total From Investment Operations | 0.07 | 4.52 | 1.70 | 0.88 | 2.15 | 1.53 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.11) | (0.28) | (0.23) | (0.30) | (0.31) |
Distributions from net realized gain | (2.04) | (0.80) | (0.53) | (1.51) | — | — |
Total Distributions | (2.22) | (0.91) | (0.81) | (1.74) | (0.30) | (0.31) |
Net Asset Value, End of Period | $21.13 | $23.28 | $19.67 | $18.78 | $19.64 | $17.79 |
Total Return2 | 0.10% | 23.59% | 9.33% | 5.61% | 12.15% | 9.36% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.05%4 | 1.06% | 1.06% | 1.06% | 1.07% | 1.00% |
Net investment income | 0.84%4 | 1.02% | 1.29% | 1.62% | 1.35% | 1.77% |
Expense waiver/reimbursement5 | 0.01%4 | 0.04% | 0.07% | 0.08% | 0.02% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $73,905 | $73,997 | $54,440 | $53,035 | $54,358 | $39,136 |
Portfolio turnover6 | 38% | 61% | 152% | 92% | 89% | 82% |
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. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 20171 | ||
Net Asset Value, Beginning of Period | $23.24 | $19.61 | $18.74 | $19.62 | $17.76 | $16.49 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | 0.10 | 0.22 | 0.24 | 0.27 | 0.26 | 0.28 |
Net realized and unrealized gain (loss) | (0.03) | 4.31 | 1.44 | 0.60 | 1.90 | 1.24 |
Total From Investment Operations | 0.07 | 4.53 | 1.68 | 0.87 | 2.16 | 1.52 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.10) | (0.28) | (0.24) | (0.30) | (0.25) |
Distributions from net realized gain | (2.04) | (0.80) | (0.53) | (1.51) | — | — |
Total Distributions | (2.22) | (0.90) | (0.81) | (1.75) | (0.30) | (0.25) |
Net Asset Value, End of Period | $21.09 | $23.24 | $19.61 | $18.74 | $19.62 | $17.76 |
Total Return3 | 0.12% | 23.70% | 9.26% | 5.56% | 12.24% | 9.32% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.00%5 | 1.05% | 1.05% | 1.05% | 1.06% | 1.05% |
Net investment income | 0.89%5 | 1.03% | 1.29% | 1.40% | 1.36% | 1.64% |
Expense waiver/reimbursement6 | 0.01%5 | 0.01% | 0.03% | 0.06% | 0.02% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,362 | $1,836 | $1,516 | $3,165 | $12,178 | $10,439 |
Portfolio turnover7 | 38% | 61% | 152% | 92% | 89% | 82% |
1 | Effective September 1, 2016, the Fund’s Class R Shares were redesignated as Class R6 Shares. |
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 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $7,803,202 of securities loaned and $50,016,359 of investment in affiliated holdings* (identified cost $200,856,060) | $227,054,213 |
Cash denominated in foreign currencies (identified cost $3,373) | 3,424 |
Income receivable | 388,129 |
Income receivable from affiliated holdings | 1,241 |
Receivable for investments sold | 1,954,542 |
Receivable for shares sold | 335,348 |
Total Assets | 229,736,897 |
Liabilities: | |
Payable for investments purchased | 1,817,490 |
Payable for shares redeemed | 116,768 |
Payable for variation margin on futures contracts | 1,834 |
Payable for collateral due to broker for securities lending (Note 2) | 7,874,458 |
Payable for investment adviser fee (Note 5) | 4,429 |
Payable for auditing fees | 16,434 |
Payable for custodian fees | 15,776 |
Payable for legal fees | 2,655 |
Payable for portfolio accounting fees | 38,671 |
Payable for transfer agent fees (Note 2) | 9,330 |
Payable for distribution services fee (Note 5) | 10,653 |
Payable for other service fees (Notes 2 and 5) | 60,126 |
Accrued expenses (Note 5) | 24,082 |
Total Liabilities | 9,992,706 |
Net assets for 10,439,334 shares outstanding | $219,744,191 |
Net Assets Consist of: | |
Paid-in capital | $190,494,877 |
Total distributable earnings (loss) | 29,249,314 |
Total Net Assets | $219,744,191 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($127,216,791 ÷ 6,044,024 shares outstanding), no par value, unlimited shares authorized | $21.05 |
Offering price per share (100/94.50 of $21.05) | $22.28 |
Redemption proceeds per share | $21.05 |
Class C Shares: | |
Net asset value per share ($16,260,529 ÷ 786,025 shares outstanding), no par value, unlimited shares authorized | $20.69 |
Offering price per share | $20.69 |
Redemption proceeds per share (99.00/100 of $20.69) | $20.48 |
Institutional Shares: | |
Net asset value per share ($73,904,709 ÷ 3,497,259 shares outstanding), no par value, unlimited shares authorized | $21.13 |
Offering price per share | $21.13 |
Redemption proceeds per share | $21.13 |
Class R6 Shares: | |
Net asset value per share ($2,362,162 ÷ 112,026 shares outstanding), no par value, unlimited shares authorized | $21.09 |
Offering price per share | $21.09 |
Redemption proceeds per share | $21.09 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $511,880 received from affiliated holdings*) | $1,619,753 |
Interest | 496,436 |
Net income on securities loaned (includes $218 earned from an affiliated holding related to cash collateral balances) (Note 2) | 1,226 |
TOTAL INCOME | 2,117,415 |
Expenses: | |
Investment adviser fee (Note 5) | 843,167 |
Administrative fee (Note 5) | 91,528 |
Custodian fees | 17,204 |
Transfer agent fees (Note 2) | 92,250 |
Directors’/Trustees’ fees (Note 5) | 1,279 |
Auditing fees | 16,434 |
Legal fees | 4,568 |
Portfolio accounting fees | 57,964 |
Distribution services fee (Note 5) | 66,194 |
Other service fees (Notes 2 and 5) | 176,582 |
Share registration costs | 34,164 |
Printing and postage | 11,455 |
Miscellaneous (Note 5) | 16,346 |
TOTAL EXPENSES | 1,429,135 |
Reimbursement of investment adviser fee (Note 5) | (6,041) |
Net expenses | 1,423,094 |
Net investment income | 694,321 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized gain of $21,108 on sales of investments in affiliated holdings*) | $10,714,350 |
Net realized loss on futures contracts | (84,069) |
Realized gain distribution from affiliated investment company shares* | 2,479 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $(964,209) on investments in affiliated holdings*) | (11,550,261) |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | (216) |
Net change in unrealized depreciation of futures contracts | 147,938 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | (769,779) |
Change in net assets resulting from operations | $(75,458) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended 7/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $694,321 | $1,495,183 |
Net realized gain (loss) | 10,632,760 | 16,160,443 |
Net change in unrealized appreciation/depreciation | (11,402,539) | 21,885,500 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (75,458) | 39,541,126 |
Distributions to Shareholders: | ||
Class A Shares | (11,860,120) | (4,237,449) |
Class C Shares | (1,532,399) | (600,829) |
Institutional Shares | (7,174,769) | (2,568,687) |
Class R6 Shares | (217,778) | (74,229) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (20,785,066) | (7,481,194) |
Share Transactions: | ||
Proceeds from sale of shares | 20,669,851 | 36,726,310 |
Net asset value of shares issued to shareholders in payment of distributions declared | 19,978,864 | 7,145,158 |
Cost of shares redeemed | (17,377,129) | (25,156,864) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 23,271,586 | 18,714,604 |
Change in net assets | 2,411,062 | 50,774,536 |
Net Assets: | ||
Beginning of period | 217,333,129 | 166,558,593 |
End of period | $219,744,191 | $217,333,129 |
Transfer Agent Fees Incurred | |
Class A Shares | $53,804 |
Class C Shares | 7,585 |
Institutional Shares | 30,529 |
Class R6 Shares | 332 |
TOTAL | $92,250 |
Other Service Fees Incurred | |
Class A Shares | $154,669 |
Class C Shares | 21,913 |
TOTAL | $176,582 |
Market Value of Securities Loaned | Collateral Received |
$7,803,202 | $7,874,458 |
Fair Value of Derivative Instruments | ||
Liabilities | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for variation margin on futures contracts | $(61,939)* |
* | Includes net 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. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(84,069) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $147,938 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 514,519 | $11,625,444 | 871,492 | $18,715,026 |
Shares issued to shareholders in payment of distributions declared | 521,906 | 11,255,032 | 194,924 | 3,995,498 |
Shares redeemed | (366,184) | (8,251,549) | (571,167) | (12,038,249) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 670,241 | $14,628,927 | 495,249 | $10,672,275 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 82,852 | $1,877,676 | 194,456 | $4,082,733 |
Shares issued to shareholders in payment of distributions declared | 69,335 | 1,460,199 | 27,279 | 549,947 |
Shares redeemed | (109,815) | (2,440,356) | (255,679) | (5,368,466) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 42,372 | $897,519 | (33,944) | $(735,786) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 273,857 | $6,271,286 | 629,515 | $13,538,386 |
Shares issued to shareholders in payment of distributions declared | 324,794 | 7,045,867 | 122,521 | 2,525,489 |
Shares redeemed | (279,575) | (6,319,097) | (342,167) | (7,302,718) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 319,076 | $6,998,056 | 409,869 | $8,761,157 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 39,380 | $895,445 | 18,465 | $390,165 |
Shares issued to shareholders in payment of distributions declared | 10,056 | 217,766 | 3,611 | 74,224 |
Shares redeemed | (16,444) | (366,127) | (20,326) | (447,431) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 32,992 | $747,084 | 1,750 | $16,958 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,064,681 | $23,271,586 | 872,924 | $18,714,604 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $66,194 |
Purchases | $73,704,903 |
Sales | $67,404,387 |
Beginning Account Value 8/1/2021 | Ending Account Value 1/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $999.80 | $6.50 |
Class C Shares | $1,000 | $996.10 | $10.31 |
Institutional Shares | $1,000 | $1,001.00 | $5.30 |
Class R6 Shares | $1,000 | $1,001.20 | $5.04 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.70 | $6.56 |
Class C Shares | $1,000 | $1,014.87 | $10.41 |
Institutional Shares | $1,000 | $1,019.91 | $5.35 |
Class R6 Shares | $1,000 | $1,020.16 | $5.09 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.29% |
Class C Shares | 2.05% |
Institutional Shares | 1.05% |
Class R6 Shares | 1.00% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
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Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Federated Hermes MDT Large Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Information Technology | 45.0% |
Consumer Discretionary | 16.5% |
Communication Services | 12.1% |
Health Care | 9.1% |
Industrials | 4.8% |
Consumer Staples | 3.9% |
Financials | 3.4% |
Materials | 1.7% |
Energy | 1.2% |
Real Estate | 0.6% |
Cash Equivalents2 | 1.6% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100% |
1 | Except for 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 Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.3% | |||
Communication Services— 12.1% | |||
4,637 | 1 | Alphabet, Inc., Class A | $ 12,548,047 |
630 | 1 | Charter Communications, Inc. | 373,804 |
3,054 | Electronic Arts, Inc. | 405,144 | |
14,452 | 1 | Live Nation Entertainment, Inc. | 1,582,638 |
5,867 | 1 | Meta Platforms, Inc. | 1,837,896 |
7,448 | 1 | Netflix, Inc. | 3,181,339 |
90,786 | 1 | Pinterest, Inc. | 2,683,634 |
1,739 | 1 | Spotify Technology SA | 341,296 |
3,200 | 1 | Take-Two Interactive Software, Inc. | 522,688 |
30,109 | 1 | Twitter, Inc. | 1,129,389 |
TOTAL | 24,605,875 | ||
Consumer Discretionary— 16.5% | |||
2,334 | 1 | Amazon.com, Inc. | 6,982,091 |
97 | 1 | AutoZone, Inc. | 192,676 |
2,978 | 1 | Burlington Stores, Inc. | 705,578 |
4,966 | Domino’s Pizza, Inc. | 2,257,792 | |
1,984 | eBay, Inc. | 119,179 | |
1,267 | 1 | Expedia Group, Inc. | 232,228 |
9,328 | 1 | Floor & Decor Holdings, Inc. | 1,014,140 |
7,785 | Home Depot, Inc. | 2,856,939 | |
8,823 | Lowe’s Cos., Inc. | 2,094,139 | |
503 | McDonald’s Corp. | 130,503 | |
15,806 | 1 | Nordstrom, Inc. | 355,635 |
3,115 | 1 | O’Reilly Automotive, Inc. | 2,030,201 |
9,254 | Starbucks Corp. | 909,853 | |
10,160 | Target Corp. | 2,239,569 | |
6,054 | 1 | Tesla, Inc. | 5,670,903 |
5,335 | 1 | Ulta Beauty, Inc. | 1,940,553 |
25,944 | 1 | YETI Holdings, Inc. | 1,701,408 |
17,629 | Yum! Brands, Inc. | 2,206,622 | |
TOTAL | 33,640,009 | ||
Consumer Staples— 3.9% | |||
11,840 | Costco Wholesale Corp. | 5,980,739 | |
12,712 | Energizer Holdings, Inc. | 478,098 | |
3,134 | Estee Lauder Cos., Inc., Class A | 977,150 | |
15,326 | Flowers Foods, Inc. | 431,121 | |
TOTAL | 7,867,108 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Energy— 1.2% | |||
21,146 | Continental Resources, Inc. | $ 1,098,323 | |
34,507 | Occidental Petroleum Corp. | 1,299,879 | |
TOTAL | 2,398,202 | ||
Financials— 3.4% | |||
7,831 | 1 | Arch Capital Group Ltd. | 362,732 |
7,111 | Blackstone, Inc. | 938,439 | |
6,953 | MSCI, Inc., Class A | 3,727,642 | |
4,672 | The Travelers Cos., Inc. | 776,393 | |
11,870 | Tradeweb Markets, Inc. | 1,006,220 | |
TOTAL | 6,811,426 | ||
Health Care— 9.1% | |||
40,308 | AbbVie, Inc. | 5,517,762 | |
6,563 | Amgen, Inc. | 1,490,720 | |
3,540 | Bruker Corp. | 235,764 | |
10,903 | 1 | IQVIA Holdings, Inc. | 2,670,145 |
6,928 | McKesson Corp. | 1,778,556 | |
305 | 1 | Mettler-Toledo International, Inc. | 449,167 |
1,468 | 1 | Molina Healthcare, Inc. | 426,425 |
11,084 | 1 | Vertex Pharmaceuticals, Inc. | 2,693,966 |
15,713 | Zoetis, Inc. | 3,139,300 | |
TOTAL | 18,401,805 | ||
Industrials— 4.8% | |||
10,118 | Allegion PLC | 1,241,782 | |
4,089 | Caterpillar, Inc. | 824,179 | |
2,054 | FedEx Corp. | 504,996 | |
6,405 | Flowserve Corp. | 208,931 | |
2,172 | 1 | Generac Holdings, Inc. | 613,329 |
5,748 | Huntington Ingalls Industries, Inc. | 1,076,026 | |
20,996 | 1 | KAR Auction Services, Inc. | 298,563 |
5,318 | TransUnion | 548,392 | |
944 | Union Pacific Corp. | 230,855 | |
7,645 | United Parcel Service, Inc. | 1,545,896 | |
31,710 | 1 | XPO Logistics, Inc. | 2,098,251 |
5,796 | Xylem, Inc. | 608,696 | |
TOTAL | 9,799,896 | ||
Information Technology— 45.0% | |||
6,025 | Accenture PLC | 2,130,320 | |
1,150 | 1 | Adobe, Inc. | 614,445 |
14,516 | 1 | Advanced Micro Devices, Inc. | 1,658,453 |
128,517 | Apple, Inc. | 22,462,201 | |
36,516 | 1 | Arista Networks, Inc. | 4,539,304 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,955 | 1 | Atlassian Corp. PLC | $ 634,085 |
9,545 | Broadcom, Inc. | 5,592,225 | |
17,507 | 1 | Datadog, Inc. | 2,557,948 |
50,296 | 1 | Dell Technologies, Inc. | 2,857,316 |
20,659 | 1 | Dropbox, Inc. | 511,310 |
17,611 | 1 | Dynatrace Holdings LLC | 966,140 |
6,180 | 1 | EPAM Systems, Inc. | 2,942,545 |
11,942 | 1 | Fortinet, Inc. | 3,549,640 |
1,056 | 1 | Globant SA | 269,470 |
5,900 | 1 | HubSpot, Inc. | 2,883,920 |
1,937 | 1 | Keysight Technologies, Inc. | 327,004 |
4,309 | KLA Corp. | 1,677,365 | |
2,192 | Mastercard, Inc. | 846,945 | |
52,247 | Microsoft Corp. | 16,247,772 | |
15,574 | 1 | Nutanix, Inc. | 425,793 |
712 | NVIDIA Corp. | 174,340 | |
3,578 | NXP Semiconductors NV | 735,064 | |
31,069 | 1 | ON Semiconductor Corp. | 1,833,071 |
8,174 | Oracle Corp. | 663,402 | |
1,401 | 1 | Palo Alto Networks, Inc. | 724,877 |
3,305 | Paychex, Inc. | 389,197 | |
4,483 | 1 | Paylocity Corp. | 914,442 |
10,664 | 1 | PayPal Holdings, Inc. | 1,833,568 |
46,920 | 1 | Pure Storage, Inc. | 1,242,911 |
15,157 | Qualcomm, Inc. | 2,663,994 | |
2,403 | 1 | ServiceNow, Inc. | 1,407,629 |
6,277 | 1 | Snowflake, Inc. | 1,731,824 |
21,877 | 1 | StoneCo Ltd. | 340,844 |
10,416 | Texas Instruments, Inc. | 1,869,568 | |
2,287 | Visa, Inc., Class A | 517,251 | |
35,773 | Western Union Co. | 676,467 | |
TOTAL | 91,412,650 | ||
Materials— 1.7% | |||
34,203 | 1 | Berry Global Group, Inc. | 2,305,966 |
20,567 | Dow, Inc. | 1,228,467 | |
TOTAL | 3,534,433 | ||
Real Estate— 0.6% | |||
2,155 | Crown Castle International Corp. | 393,309 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
4,601 | Extra Space Storage, Inc. | $ 911,872 | |
TOTAL | 1,305,181 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $139,290,756) | 199,776,585 | ||
INVESTMENT COMPANY— 1.6% | |||
3,282,453 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%2 (IDENTIFIED COST $3,282,198) | 3,282,125 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $142,572,954)3 | 203,058,710 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%4 | 268,631 | ||
TOTAL NET ASSETS—100% | $203,327,341 |
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 | $— | $3,687,321 | $3,687,321 |
Purchases at Cost | $2,252,770 | $17,046,440 | $19,299,210 |
Proceeds from Sales | $(2,252,770) | $(17,450,080) | $(19,702,850) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(697) | $(697) |
Net Realized Gain/(Loss) | N/A | $(859) | $(859) |
Value as of 1/31/2022 | $— | $3,282,125 | $3,282,125 |
Shares Held as of 1/31/2022 | — | 3,282,453 | 3,282,453 |
Dividend Income | $19 | $730 | $749 |
* | 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 | 7-day net yield. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $31.22 | $25.03 | $20.81 | $20.66 | $17.46 | $15.18 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.07) | (0.04) | (0.05) | (0.07) | 0.01 |
Net realized and unrealized gain (loss) | 0.43 | 8.36 | 5.37 | 2.01 | 4.67 | 2.36 |
Total From Investment Operations | 0.37 | 8.29 | 5.33 | 1.96 | 4.60 | 2.37 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) |
Net Asset Value, End of Period | $25.66 | $31.22 | $25.03 | $20.81 | $20.66 | $17.46 |
Total Return2 | 0.21% | 35.00% | 26.91% | 11.28% | 27.38% | 15.66% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.99%4 | 0.99% | 1.11% | 1.48% | 1.52% | 1.52% |
Net investment income (loss) | (0.36)%4 | (0.27)% | (0.19)% | (0.27)% | (0.38)% | 0.02% |
Expense waiver/reimbursement5 | 0.32%4 | 0.38% | 0.30% | 0.00%6 | 0.02% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $121,038 | $123,486 | $93,740 | $67,513 | $59,355 | $49,794 |
Portfolio turnover7 | 53% | 39% | 220% | 97% | 104% | 104% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $27.09 | $22.13 | $18.66 | $18.85 | $16.16 | $14.16 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.24) | (0.18) | (0.18) | (0.20) | (0.11) |
Net realized and unrealized gain (loss) | 0.42 | 7.30 | 4.76 | 1.80 | 4.29 | 2.20 |
Total From Investment Operations | 0.27 | 7.06 | 4.58 | 1.62 | 4.09 | 2.09 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) |
Net Asset Value, End of Period | $21.43 | $27.09 | $22.13 | $18.66 | $18.85 | $16.16 |
Total Return2 | (0.14)% | 33.97% | 25.95% | 10.51% | 26.38% | 14.81% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.74% | 1.90% | 2.23% | 2.27% | 2.27% |
Net investment income (loss) | (1.11)%4 | (1.01)% | (0.96)% | (1.02)% | (1.13)% | (0.71)% |
Expense waiver/reimbursement5 | 0.32%4 | 0.38% | 0.27% | 0.00%6 | 0.02% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,252 | $8,233 | $9,662 | $12,612 | $14,432 | $13,654 |
Portfolio turnover7 | 53% | 39% | 220% | 97% | 104% | 104% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $26.16 | $21.43 | $18.10 | $18.35 | $15.76 | $13.81 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.14) | (0.23) | (0.17) | (0.18) | (0.19) | (0.11) |
Net realized and unrealized gain (loss) | 0.40 | 7.06 | 4.61 | 1.74 | 4.18 | 2.15 |
Total From Investment Operations | 0.26 | 6.83 | 4.44 | 1.56 | 3.99 | 2.04 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) |
Net Asset Value, End of Period | $20.49 | $26.16 | $21.43 | $18.10 | $18.35 | $15.76 |
Total Return2 | (0.20)% | 34.01% | 25.99% | 10.46% | 26.42% | 14.82% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.74% | 1.88% | 2.23% | 2.27% | 2.27% |
Net investment income (loss) | (1.11)%4 | (1.02)% | (0.95)% | (1.03)% | (1.13)% | (0.72)% |
Expense waiver/reimbursement5 | 0.32%4 | 0.38% | 0.29% | 0.00%6 | 0.02% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,965 | $17,671 | $14,536 | $12,445 | $10,685 | $9,672 |
Portfolio turnover7 | 53% | 39% | 220% | 97% | 104% | 104% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $33.14 | $26.39 | $21.83 | $21.52 | $18.10 | $15.69 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | 0.002 | 0.03 | (0.01) | (0.03) | 0.05 |
Net realized and unrealized gain (loss) | 0.43 | 8.85 | 5.64 | 2.13 | 4.85 | 2.45 |
Total From Investment Operations | 0.41 | 8.85 | 5.67 | 2.12 | 4.82 | 2.50 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) |
Net Asset Value, End of Period | $27.62 | $33.14 | $26.39 | $21.83 | $21.52 | $18.10 |
Total Return3 | 0.33% | 35.33% | 27.22% | 11.59% | 27.65% | 15.98% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.74%5 | 0.74% | 0.81% | 1.22% | 1.27% | 1.27% |
Net investment income (loss) | (0.12)%5 | 0.01% | 0.13% | (0.04)% | (0.14)% | 0.27% |
Expense waiver/reimbursement6 | 0.32%5 | 0.37% | 0.34% | 0.00%7 | 0.02% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $59,072 | $53,631 | $90,113 | $37,076 | $11,966 | $7,649 |
Portfolio turnover8 | 53% | 39% | 220% | 97% | 104% | 104% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than 0.01%. |
8 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $3,282,125 of investments in an affiliated holding* (identified cost $142,572,954) | $203,058,710 |
Cash | 9,908 |
Income receivable | 93,827 |
Income receivable from an affiliated holding | 354 |
Receivable for investments sold | 3,741,295 |
Receivable for shares sold | 339,024 |
Total Assets | 207,243,118 |
Liabilities: | |
Payable for investments purchased | 3,708,176 |
Payable for shares redeemed | 30,823 |
Payable for investment adviser fee (Note 5) | 2,255 |
Payable for distribution services fee (Note 5) | 15,163 |
Payable for other service fees (Notes 2 and 5) | 60,327 |
Accrued expenses (Note 5) | 99,033 |
Total Liabilities | 3,915,777 |
Net assets for 7,974,722 shares outstanding | $203,327,341 |
Net Assets Consist of: | |
Paid-in capital | $122,031,859 |
Total distributable earnings (loss) | 81,295,482 |
Total Net Assets | $203,327,341 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($121,038,344 ÷ 4,716,494 shares outstanding), no par value, unlimited shares authorized | $25.66 |
Offering price per share (100/94.50 of $25.66) | $27.15 |
Redemption proceeds per share | $25.66 |
Class B Shares: | |
Net asset value per share ($6,251,617 ÷ 291,785 shares outstanding), no par value, unlimited shares authorized | $21.43 |
Offering price per share | $21.43 |
Redemption proceeds per share (94.50/100 of $21.43) | $20.25 |
Class C Shares: | |
Net asset value per share ($16,965,118 ÷ 827,792 shares outstanding), no par value, unlimited shares authorized | $20.49 |
Offering price per share | $20.49 |
Redemption proceeds per share (99.00/100 of $20.49) | $20.29 |
Institutional Shares: | |
Net asset value per share ($59,072,262 ÷ 2,138,651 shares outstanding), no par value, unlimited shares authorized | $27.62 |
Offering price per share | $27.62 |
Redemption proceeds per share | $27.62 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $730 received from an affiliated holding* and net of foreign taxes withheld of $302) | $664,404 |
Net income on securities loaned (includes $19 received from affiliated holdings related to cash collateral balances) (Note 2) | 121 |
TOTAL INCOME | 664,525 |
Expenses: | |
Investment adviser fee (Note 5) | 788,720 |
Administrative fee (Note 5) | 82,968 |
Custodian fees | 9,893 |
Transfer agent fees | 111,296 |
Directors’/Trustees’ fees (Note 5) | 1,237 |
Auditing fees | 13,258 |
Legal fees | 4,568 |
Portfolio accounting fees | 48,562 |
Distribution services fee (Note 5) | 95,140 |
Other service fees (Notes 2 and 5) | 192,428 |
Share registration costs | 32,745 |
Printing and postage | 14,438 |
Miscellaneous (Note 5) | 14,482 |
TOTAL EXPENSES | 1,409,735 |
Waiver/reimbursement of investment adviser fee (Note 5) | (338,810) |
Net expenses | 1,070,925 |
Net investment loss | (406,400) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(859) on sales of investments in an affiliated holding*) | 28,797,166 |
Realized gain distribution from affiliated investment company shares | 586 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(697) on investments in an affiliated holding*) | (28,441,015) |
Net realized and unrealized gain (loss) on investments | 356,737 |
Change in net assets resulting from operations | $(49,663) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended 7/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(406,400) | $(535,031) |
Net realized gain (loss) | 28,797,752 | 31,959,465 |
Net change in unrealized appreciation/depreciation | (28,441,015) | 25,038,051 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (49,663) | 56,462,485 |
Distributions to Shareholders: | ||
Class A Shares | (23,366,731) | (7,852,771) |
Class B Shares | (1,547,488) | (806,820) |
Class C Shares | (3,760,356) | (1,466,534) |
Institutional Shares | (9,192,433) | (3,474,993) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (37,867,008) | (13,601,118) |
Share Transactions: | ||
Proceeds from sale of shares | 26,146,620 | 27,778,342 |
Net asset value of shares issued to shareholders in payment of distributions declared | 35,506,206 | 12,716,551 |
Cost of shares redeemed | (23,429,597) | (88,385,510) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 38,223,229 | (47,890,617) |
Change in net assets | 306,558 | (5,029,250) |
Net Assets: | ||
Beginning of period | 203,020,783 | 208,050,033 |
End of period | $203,327,341 | $203,020,783 |
Other Service Fees Incurred | |
Class A Shares | $160,715 |
Class B Shares | 9,513 |
Class C Shares | 22,200 |
TOTAL | $192,428 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 277,281 | $8,252,699 | 582,106 | $15,708,186 |
Shares issued to shareholders in payment of distributions declared | 799,548 | 21,619,785 | 282,938 | 7,231,879 |
Shares redeemed | (315,533) | (9,266,970) | (654,609) | (17,644,211) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 761,296 | $20,605,514 | 210,435 | $5,295,854 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 217 | $5,226 | 9,308 | $212,138 |
Shares issued to shareholders in payment of distributions declared | 65,285 | 1,475,427 | 34,632 | 771,950 |
Shares redeemed | (77,636) | (1,977,762) | (176,631) | (4,193,531) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (12,134) | $(497,109) | (132,691) | $(3,209,443) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 89,162 | $2,070,610 | 141,379 | $3,201,533 |
Shares issued to shareholders in payment of distributions declared | 173,682 | 3,755,009 | 67,645 | 1,455,733 |
Shares redeemed | (110,636) | (2,723,495) | (211,687) | (4,821,813) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 152,208 | $3,102,124 | (2,663) | $(164,547) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 529,984 | $15,818,085 | 302,157 | $8,656,485 |
Shares issued to shareholders in payment of distributions declared | 297,559 | 8,655,985 | 120,229 | 3,256,989 |
Shares redeemed | (307,431) | (9,461,370) | (2,218,569) | (61,725,955) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 520,112 | $15,012,700 | (1,796,183) | $(49,812,481) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,421,482 | $38,223,229 | (1,721,102) | $(47,890,617) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $28,539 |
Class C Shares | 66,601 |
TOTAL | $95,140 |
Purchases | $109,423,384 |
Sales | $109,517,773 |
Beginning Account Value 8/1/2021 | Ending Account Value 1/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,002.10 | $5.00 |
Class B Shares | $1,000 | $998.60 | $8.77 |
Class C Shares | $1,000 | $998.00 | $8.76 |
Institutional Shares | $1,000 | $1,003.30 | $3.74 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.21 | $5.04 |
Class B Shares | $1,000 | $1,016.43 | $8.84 |
Class C Shares | $1,000 | $1,016.43 | $8.84 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.99% |
Class B Shares | 1.74% |
Class C Shares | 1.74% |
Institutional Shares | 0.74% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
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Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Federated Hermes MDT Small Cap Core Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Financials | 17.8% |
Health Care | 16.5% |
Industrials | 15.7% |
Information Technology | 12.3% |
Consumer Discretionary | 12.0% |
Real Estate | 8.5% |
Energy | 4.3% |
Communication Services | 3.6% |
Consumer Staples | 3.3% |
Materials | 2.9% |
Utilities | 1.2% |
Securities Lending Collateral2 | 1.2% |
Cash Equivalents3 | 2.3% |
Other Assets and Liabilities—Net4 | (1.6)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, 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 System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser 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 cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.1% | |||
Communication Services— 3.6% | |||
325,646 | 1 | AMC Networks, Inc. | $ 13,882,289 |
259,753 | 1 | Cars.com, Inc. | 4,046,952 |
57,154 | Cogent Communications Holdings, Inc. | 3,635,566 | |
331,278 | 1 | iHeartMedia, Inc. | 6,675,251 |
562,524 | 1 | Yelp, Inc. | 19,429,579 |
TOTAL | 47,669,637 | ||
Consumer Discretionary— 12.0% | |||
28,024 | 1 | 2U, Inc. | 452,307 |
227,983 | 1 | Abercrombie & Fitch Co., Class A | 8,891,337 |
218,930 | 1 | Academy Sports and Outdoors, Inc. | 8,516,377 |
363,957 | 1 | American Axle & Manufacturing Holdings, Inc. | 2,962,610 |
244,242 | 1 | Bloomin Brands, Inc. | 4,965,440 |
78,046 | 1 | Boot Barn Holdings, Inc. | 7,177,891 |
148,327 | 2 | Camping World Holdings, Inc. | 4,924,456 |
19,353 | 1 | Cheesecake Factory, Inc. | 690,515 |
43,157 | 1 | Citi Trends, Inc. | 2,102,609 |
101,900 | 1 | Container Store Group, Inc. | 1,039,380 |
46,443 | 1 | CROCs, Inc. | 4,765,981 |
238,382 | 1 | Everi Holdings, Inc. | 4,712,812 |
115,053 | 1 | Funko, Inc. | 1,988,116 |
202,131 | 1,2 | Groupon, Inc. | 6,173,081 |
269,873 | 1 | Houghton Mifflin Harcourt Co. | 4,860,413 |
181,262 | International Game Technology PLC | 4,852,384 | |
16,780 | 1 | iRobot Corp. | 1,099,426 |
29,934 | Jack in the Box, Inc. | 2,725,491 | |
70,823 | Kontoor Brands, Inc. | 3,490,866 | |
25,313 | 1 | Lakes Gaming, Inc. | 1,138,579 |
24,424 | 1 | Lands’ End, Inc. | 447,692 |
785,429 | Macy’s, Inc. | 20,106,982 | |
26,741 | Movado Group, Inc. | 991,289 | |
42,310 | 1 | Perdoceo Education Corp. | 466,256 |
35,115 | 1 | Purple Innovation, Inc. | 292,157 |
20,064 | 1 | Red Robin Gourmet Burgers | 295,944 |
276,955 | Red Rock Resorts, Inc. | 12,330,036 | |
96,070 | 1 | Revolve Group, Inc. | 4,738,172 |
292,766 | 1 | Sally Beauty Holdings, Inc. | 5,026,792 |
63,178 | 1 | SeaWorld Entertainment, Inc. | 3,764,145 |
58,044 | Shutterstock, Inc. | 5,628,527 | |
52,613 | Sonic Automotive, Inc. | 2,683,789 | |
210,604 | 1 | Sonos, Inc. | 5,311,433 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
426,312 | 1 | Stitch Fix, Inc. | $ 7,004,306 |
38,208 | 1 | Tenneco, Inc. | 401,184 |
10,790 | The Aaron’s Company, Inc. | 228,424 | |
29,241 | 1 | Tilly’s, Inc. | 385,396 |
147,682 | 1 | Vista Outdoor, Inc. | 5,697,571 |
399,392 | 1,2 | Workhorse Group, Inc. | 1,349,945 |
77,179 | 1 | YETI Holdings, Inc. | 5,061,399 |
TOTAL | 159,741,510 | ||
Consumer Staples— 3.3% | |||
87,959 | 1 | Bellring Brands, Inc. | 2,142,681 |
185,108 | 1 | BJ’s Wholesale Club Holdings, Inc. | 11,378,589 |
92,845 | 1 | Central Garden & Pet Co., Class A | 4,022,974 |
20,819 | Coca-Cola Bottling Co. | 11,929,287 | |
19,682 | 1 | elf Beauty, Inc. | 581,800 |
25,241 | Energizer Holdings, Inc. | 949,314 | |
29,692 | Ingles Markets, Inc., Class A | 2,284,205 | |
106,918 | Primo Water Corp. | 1,785,531 | |
75,823 | SpartanNash Co. | 1,862,971 | |
37,506 | 1 | The Duckhorn Portfolio, Inc. | 748,620 |
10,801 | 1 | The Simply Good Foods Co. | 380,519 |
83,877 | 1 | United Natural Foods, Inc. | 3,252,750 |
205,957 | Vector Group Ltd. | 2,288,182 | |
TOTAL | 43,607,423 | ||
Energy— 4.3% | |||
339,954 | 1 | Antero Resources Corp. | 6,639,302 |
33,563 | Brigham Minerals, Inc. | 726,303 | |
27,184 | Cactus, Inc. | 1,317,337 | |
54,543 | 1,2 | Callon Petroleum Corp. | 2,696,606 |
10,977 | Civitas Resources, Inc. | 598,247 | |
82,601 | 1 | Comstock Resources, Inc. | 642,636 |
219,276 | 1 | CONSOL Energy, Inc. | 4,767,060 |
48,502 | CVR Energy, Inc. | 947,244 | |
78,313 | 1 | Expro Group Holdings NV | 1,226,382 |
125,197 | 1 | Gulf Island Fabrication, Inc. | 494,528 |
26,146 | 1 | Laredo Petroleum | 1,755,965 |
681,657 | Magnolia Oil & Gas Corp. | 14,744,241 | |
63,482 | Matador Resources Co. | 2,842,089 | |
32,030 | 1 | Nabors Industries Ltd. | 3,315,425 |
284,634 | 1 | Newpark Resources, Inc. | 1,010,451 |
12,250 | Oasis Petroleum, Inc. | 1,659,017 | |
66,420 | 1 | Oceaneering International, Inc. | 865,453 |
191,508 | 1 | PBF Energy, Inc. | 3,033,487 |
190,786 | 1 | Range Resources Corp. | 3,672,630 |
45,425 | SM Energy Co. | 1,490,394 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
35,407 | 1 | Whiting Petroleum Corp. | $ 2,628,970 |
TOTAL | 57,073,767 | ||
Financials— 17.8% | |||
11,680 | 1st Source Corp. | 582,598 | |
71,499 | Amerant Bancorp, Inc. | 2,430,966 | |
244,730 | Ares Commercial Real Estate Corp. | 3,595,084 | |
213,636 | Artisan Partners Asset Management, Inc. | 9,231,212 | |
42,518 | Byline Bancorp, Inc. | 1,105,468 | |
724,503 | Chimera Investment Corp. | 10,505,294 | |
51,587 | Cowen Group, Inc. | 1,634,276 | |
272,480 | 1 | Customers Bancorp, Inc. | 15,885,584 |
107,750 | Donegal Group, Inc., Class A | 1,546,213 | |
181,108 | 1 | Donnelley Financial Solutions, Inc. | 6,740,840 |
1,007,806 | Eastern Bankshares, Inc. | 21,456,190 | |
1,584 | 1 | Enstar Group Ltd. | 419,887 |
13,650 | Equity Bancshares, Inc. | 437,619 | |
70,182 | Financial Institutions, Inc. | 2,262,668 | |
189,926 | First Bancorp, Inc. | 8,339,651 | |
149,197 | First Foundation, Inc. | 3,901,502 | |
160,975 | Granite Point Mortgage Trust, Inc. | 1,947,798 | |
648,057 | 1 | Green Dot Corp. | 20,549,887 |
52,538 | Heartland Financial USA, Inc. | 2,733,552 | |
276,781 | HomeStreet, Inc. | 13,493,074 | |
119,343 | Horace Mann Educators Corp. | 4,536,227 | |
115,227 | Houlihan Lokey, Inc. | 12,246,326 | |
43,353 | Independent Bank Corp.- Michigan | 1,061,281 | |
221,640 | 1 | LendingClub Corp. | 4,157,966 |
13,832 | 1 | LendingTree, Inc. | 1,685,291 |
13,936 | Midland States Bancorp, Inc. | 402,332 | |
349,007 | Moelis & Co. | 19,708,425 | |
243,928 | Navient Corp. | 4,251,665 | |
57,430 | 1 | Palomar Holdings, Inc. | 3,029,433 |
48,266 | Peapack-Gladstone Financial Corp. | 1,778,119 | |
26,760 | Pennymac Financial Services, Inc. | 1,677,852 | |
29,370 | PJT Partners, Inc. | 2,035,928 | |
20,118 | Preferred Bank Los Angeles, CA | 1,570,411 | |
311,789 | ProAssurance Corp. | 7,470,464 | |
165,410 | QCR Holdings, Inc. | 9,434,986 | |
52,580 | Sculptor Capital Management, Inc. | 1,030,568 | |
14,604 | Selective Insurance Group, Inc. | 1,152,256 | |
38,593 | ServisFirst Bancshares, Inc. | 3,275,388 | |
141,023 | StepStone Group, Inc. | 4,937,215 | |
47,206 | TriCo Bancshares | 2,052,045 | |
87,183 | 1 | Triumph Bancorp, Inc. | 7,626,769 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
137,433 | Veritex Holdings, Inc. | $ 5,517,935 | |
10,940 | Walker & Dunlop, Inc. | 1,448,565 | |
169,446 | Waterstone Financial, Inc. | 3,460,087 | |
150,981 | Western New England Bancorp, Inc. | 1,370,907 | |
193,499 | 2 | WisdomTree Investments, Inc. | 1,085,529 |
TOTAL | 236,803,333 | ||
Health Care— 16.5% | |||
585,023 | 1 | Acadia Pharmaceuticals, Inc. | 13,157,167 |
66,205 | 3 | Adeptus Health, Inc. | 0 |
968,698 | 1 | Akebia Therapeutics, Inc. | 1,927,709 |
239,638 | 1 | Alector, Inc. | 3,800,659 |
129,301 | 1 | Alkermes, Inc. | 3,297,175 |
216,468 | 1 | Allscripts Healthcare Solutions, Inc. | 4,376,983 |
1,647,264 | 1 | American Well Corp. | 7,791,559 |
26,285 | 1 | AMN Healthcare Services, Inc. | 2,663,722 |
125,546 | 1 | Amphastar Pharmaceuticals, Inc. | 2,898,857 |
129,380 | 1 | ANI Pharmaceuticals, Inc. | 5,229,540 |
188,422 | 1 | Antigenics, Inc. | 520,045 |
161,576 | 1 | Assembly Biosciences, Inc. | 300,531 |
26,328 | 1 | Avanos Medical, Inc. | 796,685 |
31,016 | 1 | Avid Bioservices, Inc. | 585,272 |
229,153 | 1 | Avrobio, Inc. | 444,557 |
378,771 | 1 | Berkeley Lights, Inc. | 3,677,866 |
141,558 | 1,2 | Black Diamond Therapeutics, Inc. | 590,297 |
560,398 | 1 | Bluebird Bio, Inc. | 4,421,540 |
148,071 | 1 | Brookdale Senior Living, Inc. | 783,296 |
270,529 | 1 | Catalyst Pharmaceutical Partners, Inc. | 1,558,247 |
30,555 | 1 | ChemoCentryx, Inc. | 821,624 |
143,142 | 1 | Collegium Pharmaceutical, Inc. | 2,555,085 |
470,668 | 1 | Community Health Systems, Inc. | 5,972,777 |
49,207 | 1 | Corcept Therapeutics, Inc. | 923,615 |
70,408 | 1,2 | Cortexyme, Inc. | 428,081 |
156,936 | 1 | Covetrus, Inc. | 2,835,833 |
21,653 | 1 | Crinetics Pharmaceuticals, Inc. | 409,025 |
138,645 | 1 | Cross Country Healthcare, Inc. | 2,982,254 |
136,098 | 1 | Cutera, Inc. | 4,955,328 |
105,387 | 1 | Cymabay Therapeutics, Inc. | 314,053 |
79,118 | 1 | Cytokinetics, Inc. | 2,625,926 |
121,183 | 1 | Cytomx Therapeutics, Inc. | 557,442 |
427,344 | 1 | Deciphera Pharmaceuticals, Inc. | 3,602,510 |
138,700 | 1 | Denali Therapeutics, Inc. | 4,746,314 |
57,668 | 1 | Eagle Pharmaceuticals, Inc. | 2,649,268 |
8,552 | 1 | Emergent BioSolutions, Inc. | 400,234 |
260,441 | 1 | Endo International PLC | 830,807 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
122,776 | 1 | Evolent Health, Inc. | $ 2,911,019 |
48,316 | 1,2 | Evolus, Inc. | 358,505 |
1,019,093 | 1 | FibroGen, Inc. | 15,378,113 |
488,094 | 1 | Frequency Therapeutics, Inc. | 2,621,065 |
237,582 | 1 | Haemonetics Corp. | 11,487,090 |
75,175 | 1 | IDEAYA Biosciences, Inc. | 1,245,650 |
882,266 | 1,2 | Immunovant, Inc. | 6,167,039 |
27,997 | 1 | Inogen, Inc. | 832,351 |
166,922 | 1 | Ironwood Pharmaceuticals, Inc. | 1,861,180 |
171,892 | 1 | iTeos Therapeutics, Inc. | 6,294,685 |
46,568 | 1 | Kezar Life Sciences, Inc. | 613,766 |
51,149 | 1 | Kura Oncology, Inc. | 720,689 |
29,770 | LeMaitre Vascular, Inc. | 1,259,569 | |
142,023 | 1 | Magenta Therapeutics, Inc. | 464,415 |
152,094 | 1 | Mersana Therapeutics, Inc. | 725,488 |
37,078 | 1 | Myriad Genetics, Inc. | 974,781 |
61,026 | 1 | Nevro Corp. | 4,009,408 |
137,674 | 1 | NextCure, Inc. | 766,844 |
81,438 | 1 | NuVasive, Inc. | 4,235,590 |
297,740 | 1 | Organogenesis Holdings, Inc. | 2,289,621 |
22,713 | 1 | Orthofix Medical, Inc. | 690,475 |
97,712 | Owens & Minor, Inc. | 4,112,698 | |
41,634 | 1 | Pacira BioSciences, Inc. | 2,613,366 |
17,137 | Patterson Cos., Inc. | 491,661 | |
70,767 | 1 | PMV Pharmaceuticals, Inc. | 1,136,518 |
129,139 | 1 | Prestige Consumer Healthcare, Inc. | 7,289,897 |
52,098 | 1 | Prothena Corp. PLC | 1,775,500 |
137,082 | 1 | Puma Biotechnology, Inc. | 337,222 |
339,055 | 1 | Sangamo BioSciences, Inc. | 2,044,502 |
188,975 | Select Medical Holdings Corp. | 4,389,889 | |
174,218 | 1 | Selecta Biosciences, Inc. | 435,545 |
461,226 | 1 | Seres Therapeutics, Inc. | 3,846,625 |
11,671 | 1 | Shockwave Medical, Inc. | 1,691,945 |
48,354 | 1,2 | Stoke Therapeutics, Inc. | 916,308 |
119,475 | 1 | Supernus Pharmaceuticals, Inc. | 3,685,804 |
109,268 | 1 | The Joint Corp. | 5,904,843 |
39,288 | 1 | Travere Therapeutics, Inc. | 1,080,420 |
299,805 | 1 | Vanda Pharmaceuticals, Inc. | 4,545,044 |
320,742 | 1 | Varex Imaging Corp. | 8,371,366 |
286,650 | 1,2 | Voyager Therapeutics, Inc. | 819,819 |
16,750 | 1 | Xencor, Inc. | 575,697 |
TOTAL | 218,403,895 | ||
Industrials— 15.7% | |||
72,815 | Advanced Drainage System, Inc. | 8,234,648 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
10,969 | 1 | Allegiant Travel Co. | $ 1,959,722 |
29,587 | ArcBest Corp. | 2,616,674 | |
244,629 | 1 | Astronics Corp. | 2,942,887 |
173,374 | 1 | Atkore, Inc. | 18,686,250 |
86,089 | 1 | Atlas Air Worldwide Holdings, Inc. | 6,915,529 |
185,662 | 1 | Beacon Roofing Supply, Inc. | 10,187,274 |
245,496 | Boise Cascade Co. | 17,238,729 | |
231,025 | 1 | CECO Environmental Corp. | 1,457,768 |
28,479 | 1 | Daseke, Inc. | 318,395 |
23,203 | EnPro Industries, Inc. | 2,436,779 | |
115,722 | 1 | Franklin Covey Co. | 5,416,947 |
92,414 | 1 | Fuelcell Energy, Inc. | 391,835 |
410,756 | 1 | GMS, Inc. | 21,022,492 |
41,261 | Heidrick & Struggles International, Inc. | 1,805,994 | |
63,044 | Herc Holdings, Inc. | 10,115,410 | |
269,193 | Hillenbrand, Inc. | 12,512,091 | |
83,808 | Hurco Co., Inc. | 2,699,456 | |
278,137 | 1 | Mistras Group, Inc. | 1,869,081 |
325,042 | 1 | MRC Global, Inc. | 2,408,561 |
93,000 | 1 | MYR Group, Inc. | 8,744,790 |
222,171 | 1 | Now, Inc. | 1,975,100 |
601,494 | Pitney Bowes, Inc. | 3,705,203 | |
16,472 | Powell Industries, Inc. | 491,854 | |
233,369 | 1 | Proto Labs, Inc. | 11,710,456 |
20,305 | 1 | Saia, Inc. | 5,772,305 |
11,745 | Tennant Co. | 906,362 | |
52,119 | Terex Corp. | 2,174,405 | |
215,713 | 1 | Titan Machinery, Inc. | 6,643,960 |
429,950 | 1 | TPI Composites, Inc. | 5,189,497 |
85,010 | 1 | TriNet Group, Inc. | 7,242,852 |
13,682 | 1 | TrueBlue, Inc. | 363,941 |
60,791 | 1 | Veritiv Corp. | 5,658,426 |
16,072 | 1 | WESCO International, Inc. | 1,959,016 |
380,172 | 1 | Willscot Corp. | 14,081,571 |
TOTAL | 207,856,260 | ||
Information Technology— 12.3% | |||
714,742 | 1 | 3D Systems Corp. | 12,793,882 |
31,795 | 1 | Altair Engineering, Inc. | 2,000,541 |
40,697 | 1 | Ambarella, Inc. | 5,703,685 |
40,813 | 1 | Appian Corp. | 2,300,629 |
82,470 | 1 | Axcelis Technologies, Inc. | 5,163,447 |
25,505 | 1 | Blackbaud, Inc. | 1,737,911 |
402,142 | 1 | Box, Inc. | 10,507,970 |
695,638 | 1 | Brightcove, Inc. | 6,559,866 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
98,524 | 1 | Cambium Networks Corp. | $ 2,382,310 |
257,759 | 1 | Commvault Systems, Inc. | 17,388,422 |
466,259 | 1 | Conduent, Inc. | 2,205,405 |
16,658 | Evertec, Inc. | 726,955 | |
120,484 | 1 | Evo Payments, Inc. | 2,906,074 |
80,064 | 1 | Exlservice Holding, Inc. | 9,649,313 |
195,712 | 1 | Extreme Networks, Inc. | 2,483,585 |
247,457 | 1 | Grid Dynamics Holdings, Inc. | 6,594,729 |
139,669 | 1 | MA-COM Technology Solutions Holdings, Inc. | 8,549,139 |
141,379 | 1 | MaxLinear, Inc. | 8,485,568 |
49,183 | 1 | ON24, Inc. | 809,552 |
7,971 | 1 | OSI Systems, Inc. | 661,115 |
20,211 | 1 | Qualys, Inc. | 2,589,838 |
35,514 | 1 | Rapid7, Inc. | 3,421,064 |
136,591 | 1 | Ribbon Communications, Inc. | 614,660 |
152,759 | 1 | Secureworks Corp. | 2,253,195 |
18,793 | 1 | SMART Global Holdings, Inc. | 1,077,966 |
71,862 | 1 | SPS Commerce, Inc. | 8,900,109 |
654,675 | 1,2 | SunPower Corp. | 10,985,447 |
6,119 | 1 | Synaptics, Inc. | 1,287,132 |
188,108 | 1 | Synchronoss Technologies, Inc. | 383,740 |
274,486 | 1 | TTM Technologies, Inc. | 3,694,582 |
29,577 | 1 | Turtle Beach Corp. | 601,005 |
103,024 | 1 | Verint Systems, Inc. | 5,288,222 |
42,633 | 1 | Workiva, Inc. | 5,042,631 |
456,561 | 1 | Zuora, Inc. | 7,592,609 |
TOTAL | 163,342,298 | ||
Materials— 2.9% | |||
171,516 | Alcoa Corp. | 9,726,672 | |
68,194 | Commercial Metals Corp. | 2,280,407 | |
403,561 | 1 | Constellium SE | 7,058,282 |
13,277 | Greif, Inc., Class A | 785,467 | |
76,227 | 1 | Koppers Holdings, Inc. | 2,277,663 |
100,654 | Myers Industries, Inc. | 1,818,818 | |
198,533 | 1 | O-I Glass, Inc. | 2,642,474 |
235,025 | 1 | Ranpak Holdings Corp. | 6,312,772 |
60,695 | Ryerson Holding Corp. | 1,244,248 | |
10,524 | 1 | Summit Materials, Inc. | 374,233 |
397,430 | SunCoke Energy, Inc. | 2,722,396 | |
50,687 | Trox Holdings PLC | 1,150,595 | |
TOTAL | 38,394,027 | ||
Real Estate— 8.5% | |||
647,251 | 1 | Cushman & Wakefield PLC | 13,585,798 |
96,944 | 1 | DigitalBridge Group, Inc. | 707,691 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
46,508 | Gladstone Land Corp. | $ 1,417,564 | |
675,827 | Independence Realty Trust | 15,537,263 | |
103,713 | 1 | Marcus & Millichap Co., Inc. | 4,854,806 |
521,342 | National Storage Affiliates Trust | 32,093,814 | |
311,437 | Newmark Group, Inc. | 4,768,100 | |
177,387 | NexPoint Residential Trust, Inc. | 14,066,789 | |
347,222 | Plymouth Industrial REIT, Inc. | 9,982,633 | |
260,696 | Preferred Apartment Communities, Inc. | 4,348,409 | |
236,537 | RMR Group, Inc./The | 7,571,549 | |
22,424 | Terreno Realty Corp. | 1,676,642 | |
148,097 | Uniti Group, Inc. | 1,786,050 | |
TOTAL | 112,397,108 | ||
Utilities— 1.2% | |||
8,756 | Chesapeake Utilities Corp. | 1,192,655 | |
156,613 | Clearway Energy, Inc. | 4,831,511 | |
59,441 | Consolidated Water Co. | 603,921 | |
169,363 | Portland General Electric Co. | 8,898,332 | |
TOTAL | 15,526,419 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,148,736,878) | 1,300,815,677 | ||
INVESTMENT COMPANIES— 3.5% | |||
15,738,152 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%4 | 15,738,152 | |
30,648,602 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%4 | 30,645,537 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $46,387,984) | 46,383,689 | ||
TOTAL INVESTMENT IN SECURITIES—101.6% (IDENTIFIED COST $1,195,124,862)5 | 1,347,199,366 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.6)%6 | (21,633,915) | ||
TOTAL NET ASSETS—100% | $1,325,565,451 |
Affiliated | Value as of 7/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Financials: | |||
StepStone Group, Inc. | $3,732,503 | $2,668,113 | $— |
Health Care: | |||
Alector, Inc. | $659,520 | $4,121,947 | $— |
Amphastar Pharmaceuticals, Inc. | $2,019,727 | $662,516 | $— |
Avrobio, Inc. | $— | $1,066,552 | $— |
Frequency Therapeutics, Inc. | $431,744 | $2,723,888 | $— |
IDEAYA Biosciences, Inc. | $1,279,904 | $784,450 | $(172,686) |
Seres Therapeutics, Inc. | $— | $3,948,866 | $— |
Information Technology: | |||
Grid Dynamics Holdings, Inc.** | $4,629,442 | $810,413 | $— |
Affiliated issuers no longer in the portfolio at period end | $16,329,002 | $5,214,796 | $(18,450,137) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $29,081,842 | $22,001,541 | $(18,622,823) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2022 | Shares Held as of 1/31/2022 | Dividend Income* |
$(1,463,401) | $— | $4,937,215 | 141,023 | $29,379 |
$(980,808) | $— | $3,800,659 | 239,638 | $— |
$216,614 | $— | $2,898,857 | 125,546 | $— |
$(621,995) | $— | $444,557 | 229,153 | $— |
$(534,567) | $— | $2,621,065 | 488,094 | $— |
$(598,644) | $(47,374) | $1,245,650 | 75,175 | $— |
$(102,241) | $— | $3,846,625 | 461,226 | $— |
$1,154,874 | $— | $6,594,729 | 247,457 | $— |
$1,520,743 | $(4,614,404) | $— | — | $20,184 |
$(1,409,425) | $(4,661,778) | $26,389,357 | 2,007,312 | $49,563 |
* | A portion of the amount shown may have been recorded when the Fund did not have ownership of at least 5% of the voting shares. |
** | At January 31, 2022, the Fund no longer has ownership of at least 5% of the voting shares. |
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 | $118,654,662 | $294,063,430 | $412,718,092 |
Proceeds from Sales | $(107,202,182) | $(282,987,032) | $(390,189,214) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(7,166) | $(7,166) |
Net Realized Gain/(Loss) | N/A | $(10,107) | $(10,107) |
Value as of 1/31/2022 | $15,738,152 | $30,645,537 | $46,383,689 |
Shares Held as of 1/31/2022 | 15,738,152 | 30,648,602 | 46,386,754 |
Dividend Income | $1,663 | $5,775 | $7,438 |
Gain Distributions Received | $— | $1,499 | $1,499 |
* | 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. |
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 | Also represents cost of investments for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 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 | $1,251,750,029 | $— | $0 | $1,251,750,029 |
International | 49,065,648 | — | — | 49,065,648 |
Investment Companies | 46,383,689 | — | — | 46,383,689 |
TOTAL SECURITIES | $1,347,199,366 | $— | $0 | $1,347,199,366 |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $26.48 | $17.19 | $18.87 | $21.19 | $18.69 | $15.08 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | (0.01) | 0.04 | 0.01 | (0.01) | (0.02) |
Net realized and unrealized gain (loss) | 0.56 | 9.35 | (1.68) | (1.70) | 3.38 | 3.78 |
Total From Investment Operations | 0.60 | 9.34 | (1.64) | (1.69) | 3.37 | 3.76 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.05) | (0.04) | — | — | — |
Distributions from net realized gain | (3.96) | — | — | (0.63) | (0.87) | (0.15) |
Total Distributions | (4.00) | (0.05) | (0.04) | (0.63) | (0.87) | (0.15) |
Net Asset Value, End of Period | $23.08 | $26.48 | $17.19 | $18.87 | $21.19 | $18.69 |
Total Return2 | 1.50% | 54.38% | (8.71)% | (7.69)% | 18.49% | 24.97% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.13% | 1.14% | 1.14% |
Net investment income (loss) | 0.32%4 | (0.03)% | 0.24% | 0.07% | (0.06)% | (0.13)% |
Expense waiver/reimbursement5 | 0.19%4 | 0.29% | 0.31% | 0.22% | 0.37% | 0.55% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $152,875 | $101,026 | $78,347 | $68,546 | $74,396 | $37,031 |
Portfolio turnover6 | 50% | 150% | 223% | 121% | 88% | 91% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.02 | $15.03 | $16.58 | $18.84 | $16.83 | $13.70 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.15) | (0.08) | (0.12) | (0.14) | (0.14) |
Net realized and unrealized gain (loss) | 0.51 | 8.14 | (1.47) | (1.51) | 3.02 | 3.42 |
Total From Investment Operations | 0.46 | 7.99 | (1.55) | (1.63) | 2.88 | 3.28 |
Less Distributions: | ||||||
Distributions from net realized gain | (3.96) | — | — | (0.63) | (0.87) | (0.15) |
Net Asset Value, End of Period | $19.52 | $23.02 | $15.03 | $16.58 | $18.84 | $16.83 |
Total Return2 | 1.09% | 53.16% | (9.35)% | (8.35)% | 17.60% | 23.98% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.94%4 | 1.88% | 1.88% | 1.88% | 1.89% | 1.89% |
Net investment income (loss) | (0.44)%4 | (0.78)% | (0.51)% | (0.69)% | (0.81)% | (0.89)% |
Expense waiver/reimbursement5 | 0.08%4 | 0.18% | 0.23% | 0.28% | 0.38% | 0.57% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $30,967 | $29,567 | $22,720 | $28,411 | $30,072 | $15,223 |
Portfolio turnover6 | 50% | 150% | 223% | 121% | 88% | 91% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $27.53 | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.08 | 0.05 | 0.09 | 0.06 | 0.03 | 0.02 |
Net realized and unrealized gain (loss) | 0.58 | 9.71 | (1.74) | (1.76) | 3.50 | 3.90 |
Total From Investment Operations | 0.66 | 9.76 | (1.65) | (1.70) | 3.53 | 3.92 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.10) | (0.07) | (0.02) | (0.02) | — |
Distributions from net realized gain | (3.96) | — | — | (0.63) | (0.87) | (0.16) |
Total Distributions | (4.05) | (0.10) | (0.07) | (0.65) | (0.89) | (0.16) |
Net Asset Value, End of Period | $24.14 | $27.53 | $17.87 | $19.59 | $21.94 | $19.30 |
Total Return2 | 1.63% | 54.73% | (8.45)% | (7.45)% | 18.78% | 25.24% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.88% | 0.89% | 0.89% |
Net investment income | 0.59%4 | 0.21% | 0.49% | 0.31% | 0.13% | 0.10% |
Expense waiver/reimbursement5 | 0.13%4 | 0.15% | 0.18% | 0.22% | 0.34% | 0.53% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,070,752 | $843,803 | $574,041 | $842,221 | $708,805 | $179,219 |
Portfolio turnover6 | 50% | 150% | 223% | 121% | 88% | 91% |
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. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $27.54 | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.09 | 0.06 | 0.09 | 0.06 | 0.02 | 0.01 |
Net realized and unrealized gain (loss) | 0.57 | 9.71 | (1.74) | (1.76) | 3.51 | 3.91 |
Total From Investment Operations | 0.66 | 9.77 | (1.65) | (1.70) | 3.53 | 3.92 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.10) | (0.07) | (0.02) | (0.02) | — |
Distributions from net realized gain | (3.96) | — | — | (0.63) | (0.87) | (0.16) |
Total Distributions | (4.05) | (0.10) | (0.07) | (0.65) | (0.89) | (0.16) |
Net Asset Value, End of Period | $24.15 | $27.54 | $17.87 | $19.59 | $21.94 | $19.30 |
Total Return2 | 1.64% | 54.79% | (8.44)% | (7.45)% | 18.78% | 25.24% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.87%4 | 0.87% | 0.87% | 0.87% | 0.88% | 0.88% |
Net investment income | 0.61%4 | 0.24% | 0.49% | 0.32% | 0.08% | 0.04% |
Expense waiver/reimbursement5 | 0.05%4 | 0.08% | 0.08% | 0.12% | 0.26% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $70,971 | $64,191 | $47,631 | $33,753 | $13,374 | $1,017 |
Portfolio turnover6 | 50% | 150% | 223% | 121% | 88% | 91% |
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. |
6 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $22,377,632 of securities loaned and $46,383,689 of investment in affiliated holdings and $26,389,357 of investment in affiliated companies* (identified cost $1,195,124,862) | $1,347,199,366 |
Cash | 4,315 |
Income receivable | 244,944 |
Income receivable from affiliated holdings | 2,991 |
Receivable for investments sold | 19,504,023 |
Receivable for shares sold | 2,422,442 |
Total Assets | 1,369,378,081 |
Liabilities: | |
Payable for investments purchased | 20,737,890 |
Payable for shares redeemed | 846,128 |
Payable for collateral due to broker for securities lending (Note 2) | 21,958,152 |
Payable for investment adviser fee (Note 5) | 26,303 |
Payable for distribution services fee (Note 5) | 20,138 |
Payable for other service fees (Notes 2 and 5) | 74,641 |
Accrued expenses (Note 5) | 149,378 |
Total Liabilities | 43,812,630 |
Net assets for 55,511,574 shares outstanding | $1,325,565,451 |
Net Assets Consist of: | |
Paid-in capital | $1,154,997,194 |
Total distributable earnings (loss) | 170,568,257 |
Total Net Assets | $1,325,565,451 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($152,874,720 ÷ 6,623,438 shares outstanding), no par value, unlimited shares authorized | $23.08 |
Offering price per share (100/94.50 of $23.08) | $24.42 |
Redemption proceeds per share | $23.08 |
Class C Shares: | |
Net asset value per share ($30,967,134 ÷ 1,586,394 shares outstanding), no par value, unlimited shares authorized | $19.52 |
Offering price per share | $19.52 |
Redemption proceeds per share (99.00/100 of $19.52) | $19.32 |
Institutional Shares: | |
Net asset value per share ($1,070,752,142 ÷ 44,362,500 shares outstanding), no par value, unlimited shares authorized | $24.14 |
Offering price per share | $24.14 |
Redemption proceeds per share | $24.14 |
Class R6 Shares: | |
Net asset value per share ($70,971,455 ÷ 2,939,242 shares outstanding), no par value, unlimited shares authorized | $24.15 |
Offering price per share | $24.15 |
Redemption proceeds per share | $24.15 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $54,864 received from affiliated companies and holdings* and net of foreign taxes withheld of $1,015) | $9,176,404 |
Net income on securities loaned (includes $2,137 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 51,123 |
TOTAL INCOME | 9,227,527 |
Expenses: | |
Investment adviser fee (Note 5) | 5,003,076 |
Administrative fee (Note 5) | 491,171 |
Custodian fees | 33,553 |
Transfer agent fees (Note 2) | 602,529 |
Directors’/Trustees’ fees (Note 5) | 3,683 |
Auditing fees | 13,813 |
Legal fees | 4,292 |
Portfolio accounting fees | 86,345 |
Distribution services fee (Note 5) | 119,995 |
Other service fees (Notes 2 and 5) | 226,682 |
Share registration costs | 53,309 |
Printing and postage | 30,823 |
Miscellaneous (Note 5) | 17,056 |
TOTAL EXPENSES | 6,686,327 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (335,006) |
Reimbursement of other operating expenses (Notes 2 and 5) | (464,670) |
TOTAL WAIVER AND REIMBURSEMENTS | (799,676) |
Net expenses | 5,886,651 |
Net investment income | 3,340,876 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(4,671,885) on sales of investments in affiliated companies and holdings*) | 94,131,342 |
Realized gain distribution from affiliated investment company shares* | 1,499 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,416,591) of investments in affiliated companies and holdings*) | (94,089,818) |
Net realized and unrealized gain (loss) on investments | 43,023 |
Change in net assets resulting from operations | $3,383,899 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended 7/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,340,876 | $1,339,882 |
Net realized gain (loss) | 94,132,841 | 219,512,886 |
Net change in unrealized appreciation/depreciation | (94,089,818) | 129,381,772 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,383,899 | 350,234,540 |
Distributions to Shareholders: | ||
Class A Shares | (23,745,432) | (196,391) |
Class C Shares | (5,171,780) | — |
Institutional Shares | (141,205,590) | (2,867,383) |
Class R6 Shares | (10,318,256) | (226,555) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (180,441,058) | (3,290,329) |
Share Transactions: | ||
Proceeds from sale of shares | 354,735,615 | 309,924,317 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 139,265,487 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 167,654,191 | 2,877,418 |
Cost of shares redeemed | (197,619,347) | (343,897,658) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 464,035,946 | (31,095,923) |
Change in net assets | 286,978,787 | 315,848,288 |
Net Assets: | ||
Beginning of period | 1,038,586,664 | 722,738,376 |
End of period | $1,325,565,451 | $1,038,586,664 |
Hancock Fund | Share Class Exchanged | Fund Shares Received |
Hancock Horizon Burkenroad Small Cap Fund | Investor Class | 1.214 Class A Shares |
Class D | 1.098 Class A Shares | |
Institutional Class | 1.180 Institutional Shares | |
Hancock Horizon Microcap Fund | Investor Class | 0.648 Class A Shares |
Institutional Class | 0.629 Institutional Shares |
Shares of the Fund Issued | Acquired Funds’ Net Assets Received | Unrealized Appreciation | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,503,084 | $139,265,487 | $63,521,835 | $1,127,473,055 | $1,266,738,542 |
Net investment income | $3,238,273 |
Net realized and unrealized gain (loss) on investments | (368,726) |
Net increase in net assets resulting from operations | $2,869,547 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $116,057 | $(100,324) |
Class C Shares | 17,621 | (4,632) |
Institutional Shares | 464,781 | (359,714) |
Class R6 Shares | 4,070 | — |
TOTAL | $602,529 | $(464,670) |
Other Service Fees Incurred | |
Class A Shares | $187,185 |
Class C Shares | 39,497 |
TOTAL | $226,682 |
Market Value of Securities Loaned | Collateral Received |
$22,377,632 | $21,958,152 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 828,567 | $12,080,682 | 842,707 | $20,026,192 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 1,971,395 | 65,576,215 | — | — |
Shares issued to shareholders in payment of distributions declared | 886,629 | 21,632,986 | 7,630 | 172,214 |
Shares redeemed | (878,282) | (23,153,698) | (1,591,861) | (35,663,870) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 2,808,309 | $76,136,185 | (741,524) | $(15,465,464) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 185,597 | $4,144,983 | 205,908 | $4,350,950 |
Shares issued to shareholders in payment of distributions declared | 240,715 | 4,963,547 | — | — |
Shares redeemed | (124,355) | (2,828,495) | (433,456) | (7,859,418) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 301,957 | $6,280,035 | (227,548) | $(3,508,468) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,028,728 | $323,794,450 | 10,605,368 | $264,872,807 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 2,531,689 | 73,689,272 | — | — |
Shares issued to shareholders in payment of distributions declared | 5,169,136 | 132,113,172 | 107,874 | 2,526,411 |
Shares redeemed | (6,022,519) | (164,172,842) | (12,187,496) | (273,756,445) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 13,707,034 | $365,424,052 | (1,474,254) | $(6,357,227) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 529,372 | $14,715,500 | 851,601 | $20,674,368 |
Shares issued to shareholders in payment of distributions declared | 349,823 | 8,944,486 | 7,631 | 178,793 |
Shares redeemed | (271,171) | (7,464,312) | (1,193,084) | (26,617,925) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 608,024 | $16,195,674 | (333,852) | $(5,764,764) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 17,425,324 | $464,035,946 | (2,777,178) | $(31,095,923) |
Short-Term | Long-Term | Total |
$721,640 | $— | $721,640 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $119,995 |
Purchases | $766,376,304 |
Sales | $621,008,783 |
Beginning Account Value 8/1/2021 | Ending Account Value 1/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,015.00 | $5.74 |
Class C Shares | $1,000 | $1,010.90 | $9.83 |
Institutional Shares | $1,000 | $1,016.30 | $4.47 |
Class R6 Shares | $1,000 | $1,016.40 | $4.42 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.43 | $9.86 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.94% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
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Share Class | Ticker | A | QASGX | C | QCSGX | Institutional | QISGX | R6 | QLSGX |
Federated Hermes MDT Small Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Health Care | 23.7% |
Information Technology | 21.1% |
Industrials | 16.2% |
Consumer Discretionary | 15.3% |
Financials | 6.6% |
Real Estate | 4.3% |
Communication Services | 3.8% |
Consumer Staples | 2.9% |
Energy | 2.1% |
Materials | 2.0% |
Securities Lending Collateral2 | 3.0% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (2.9)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, 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 Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser 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 cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.0% | |||
Communication Services— 3.8% | |||
254,295 | 1 | AMC Networks, Inc. | $ 10,840,596 |
209,983 | 1 | Cars.com, Inc. | 3,271,535 |
23,309 | Cogent Communications Holdings, Inc. | 1,482,685 | |
15,610 | 1 | EverQuote, Inc. | 256,941 |
145,989 | 1 | iHeartMedia, Inc. | 2,941,678 |
361,131 | 1 | Yelp, Inc. | 12,473,465 |
TOTAL | 31,266,900 | ||
Consumer Discretionary— 15.3% | |||
158,026 | 1 | 2U, Inc. | 2,550,540 |
140,206 | 1 | Abercrombie & Fitch Co., Class A | 5,468,034 |
135,086 | 1 | Academy Sports and Outdoors, Inc. | 5,254,845 |
149,580 | 1 | Bloomin Brands, Inc. | 3,040,961 |
84,866 | 1 | Boot Barn Holdings, Inc. | 7,805,126 |
112,030 | 2 | Camping World Holdings, Inc. | 3,719,396 |
59,492 | 1 | CROCs, Inc. | 6,105,069 |
19,127 | 1 | Designer Brands, Inc., Class A | 251,903 |
241,070 | 1 | Everi Holdings, Inc. | 4,765,954 |
26,550 | 1 | Fox Factory Holding Corp. | 3,533,008 |
37,605 | 1 | Funko, Inc. | 649,814 |
95,963 | 1,2 | Groupon, Inc. | 2,930,710 |
168,764 | 1 | Houghton Mifflin Harcourt Co. | 3,039,440 |
140,741 | International Game Technology PLC | 3,767,637 | |
42,776 | 1 | iRobot Corp. | 2,802,684 |
14,753 | Jack in the Box, Inc. | 1,343,261 | |
33,030 | 1,2 | Kirkland’s, Inc. | 559,198 |
4,953 | Kontoor Brands, Inc. | 244,133 | |
51,427 | 1 | Lakes Gaming, Inc. | 2,313,186 |
8,085 | 1 | Onewater Marine, Inc. | 418,075 |
5,882 | 1,2 | Overstock.com, Inc. | 281,983 |
15,766 | Papa Johns International, Inc. | 1,946,313 | |
239,681 | 1 | Party City Holdco, Inc. | 1,133,691 |
139,473 | 1 | Perdoceo Education Corp. | 1,536,992 |
52,191 | 1 | Purple Innovation, Inc. | 434,229 |
182,486 | 1 | Red Rock Resorts, Inc. | 8,124,277 |
99,887 | 1 | Revolve Group, Inc. | 4,926,427 |
305,639 | 1 | Sally Beauty Holdings, Inc. | 5,247,822 |
27,854 | 1 | Scientific Games Corp. | 1,607,176 |
25,830 | 1 | SeaWorld Entertainment, Inc. | 1,538,951 |
99,032 | Shutterstock, Inc. | 9,603,133 | |
15,189 | 1 | Sleep Number Corp. | 1,086,013 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
25,214 | Smith & Wesson Brands, Inc. | $ 430,655 | |
247,254 | 1 | Sonos, Inc. | 6,235,746 |
420,390 | 1 | Stitch Fix, Inc. | 6,907,008 |
9,072 | 1 | Taylor Morrison Home Corp. | 278,420 |
23,257 | 1 | Tenneco, Inc. | 244,199 |
8,686 | The Aaron’s Company, Inc. | 183,883 | |
32,063 | Wingstop, Inc. | 4,913,655 | |
522,446 | 1,2 | Workhorse Group, Inc. | 1,765,867 |
7,547 | 1,3 | XPEL, Inc. | 470,631 |
80,297 | 1 | YETI Holdings, Inc. | 5,265,877 |
TOTAL | 124,725,922 | ||
Consumer Staples— 2.9% | |||
152,352 | 1 | BJ’s Wholesale Club Holdings, Inc. | 9,365,077 |
22,096 | 1 | Central Garden & Pet Co., Class A | 957,420 |
18,776 | Coca-Cola Bottling Co. | 10,758,648 | |
13,694 | 1 | The Duckhorn Portfolio, Inc. | 273,332 |
9,250 | 1 | The Simply Good Foods Co. | 325,877 |
41,161 | 1 | United Natural Foods, Inc. | 1,596,224 |
TOTAL | 23,276,578 | ||
Energy— 2.1% | |||
118,927 | 1 | Antero Resources Corp. | 2,322,644 |
17,721 | 1 | Aspen Aerogels, Inc. | 526,314 |
48,549 | 1,2 | Callon Petroleum Corp. | 2,400,263 |
46,793 | 1 | Centennial Resource Development, Inc. | 365,453 |
20,835 | 1 | Expro Group Holdings NV | 326,276 |
5,489 | 1 | Laredo Petroleum | 368,641 |
452,539 | Magnolia Oil & Gas Corp. | 9,788,419 | |
6,721 | Oasis Petroleum, Inc. | 910,225 | |
TOTAL | 17,008,235 | ||
Financials— 6.6% | |||
44,148 | Artisan Partners Asset Management, Inc. | 1,907,635 | |
24,541 | CNB Financial Corp. | 655,490 | |
33,873 | Cowen Group, Inc. | 1,073,097 | |
41,289 | 1 | Customers Bancorp, Inc. | 2,407,149 |
127,301 | 1 | Donnelley Financial Solutions, Inc. | 4,738,143 |
335,730 | Eastern Bankshares, Inc. | 7,147,692 | |
302,701 | 1 | Green Dot Corp. | 9,598,649 |
36,685 | Guaranty Bancshares, Inc. | 1,303,785 | |
68,929 | Houlihan Lokey, Inc. | 7,325,774 | |
8,969 | 1 | LendingTree, Inc. | 1,092,783 |
210,484 | Moelis & Co. | 11,886,031 | |
11,502 | Origin Bancorp, Inc. | 491,365 | |
40,330 | 1 | Palomar Holdings, Inc. | 2,127,408 |
65,604 | StepStone Group, Inc. | 2,296,796 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
1,759 | Walker & Dunlop, Inc. | $ 232,909 | |
TOTAL | 54,284,706 | ||
Health Care— 23.7% | |||
466,534 | 1 | Acadia Pharmaceuticals, Inc. | 10,492,350 |
51,904 | 1,4 | Adeptus Health, Inc. | 0 |
962,850 | 1 | Akebia Therapeutics, Inc. | 1,916,072 |
332,610 | 1 | Alector, Inc. | 5,275,195 |
105,846 | 1 | Alkermes, Inc. | 2,699,073 |
141,047 | 1,2 | Allovir, Inc. | 1,150,944 |
16,485 | 1 | AMN Healthcare Services, Inc. | 1,670,590 |
33,798 | 1 | Amphastar Pharmaceuticals, Inc. | 780,396 |
23,779 | 1 | AnaptysBio, Inc. | 760,215 |
125,681 | 1 | ANI Pharmaceuticals, Inc. | 5,080,026 |
420,968 | 1 | Antigenics, Inc. | 1,161,872 |
362,368 | 1 | Assembly Biosciences, Inc. | 674,004 |
150,219 | 1 | Atea Pharmaceuticals, Inc. | 1,072,564 |
13,490 | 1 | Avid Bioservices, Inc. | 254,556 |
318,027 | 1 | Berkeley Lights, Inc. | 3,088,042 |
373,362 | 1 | Catalyst Pharmaceutical Partners, Inc. | 2,150,565 |
9,290 | 1 | ChemoCentryx, Inc. | 249,808 |
48,932 | 1,2 | Co-Diagnostics, Inc. | 347,417 |
111,511 | 1 | Collegium Pharmaceutical, Inc. | 1,990,471 |
282,125 | 1 | Community Health Systems, Inc. | 3,580,166 |
66,197 | 1 | Corcept Therapeutics, Inc. | 1,242,518 |
82,015 | 1,2 | Cortexyme, Inc. | 498,651 |
42,026 | 1 | Crinetics Pharmaceuticals, Inc. | 793,871 |
281,779 | 1 | Cross Country Healthcare, Inc. | 6,061,066 |
120,144 | 1 | Cutera, Inc. | 4,374,443 |
106,065 | 1 | Cytokinetics, Inc. | 3,520,297 |
173,972 | 1 | Cytomx Therapeutics, Inc. | 800,271 |
417,656 | 1 | Deciphera Pharmaceuticals, Inc. | 3,520,840 |
194,646 | 1 | Denali Therapeutics, Inc. | 6,660,786 |
73,633 | 1 | Eagle Pharmaceuticals, Inc. | 3,382,700 |
145,593 | 1 | Evolent Health, Inc. | 3,452,010 |
70,764 | 1,2 | Evolus, Inc. | 525,069 |
745,911 | 1 | FibroGen, Inc. | 11,255,797 |
26,505 | 1,2 | G1 Therapeutics, Inc. | 267,170 |
212,114 | 1,2 | GlycoMimetics, Inc. | 252,416 |
170,336 | 1 | Haemonetics Corp. | 8,235,746 |
86,165 | 1 | Harpoon Therapeutics, Inc. | 455,813 |
113,666 | 1,2 | Hookipa Pharma, Inc. | 170,499 |
42,897 | 1 | IDEAYA Biosciences, Inc. | 710,803 |
587,369 | 1,2 | Immunovant, Inc. | 4,105,709 |
64,200 | 1 | Inogen, Inc. | 1,908,666 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
6,398 | 1 | Inspire Medical Systems, Inc. | $ 1,415,813 |
64,431 | 1,2 | Intercept Group, Inc. | 1,056,024 |
316,943 | 1 | Ironwood Pharmaceuticals, Inc. | 3,533,914 |
11,804 | 1 | Lantheus Holdings, Inc. | 299,940 |
96,760 | LeMaitre Vascular, Inc. | 4,093,916 | |
9,007 | 1 | Ligand Pharmaceuticals, Inc., Class B | 1,122,542 |
118,409 | 1 | Magenta Therapeutics, Inc. | 387,197 |
1,325 | 1 | Medpace Holdings, Inc. | 235,135 |
45,557 | 1 | MeiraGTx Holdings PLC | 682,899 |
14,699 | 1 | Merit Medical Systems, Inc. | 815,060 |
271,515 | 1 | Mersana Therapeutics, Inc. | 1,295,127 |
292,187 | 1 | MiMedx Group, Inc. | 1,449,248 |
11,120 | 1 | Morphic Holding, Inc. | 471,822 |
58,464 | 1 | Nevro Corp. | 3,841,085 |
374,788 | 1 | NextCure, Inc. | 2,087,569 |
42,419 | 1 | NextGen Healthcare, Inc. | 819,111 |
61,430 | 1 | NuVasive, Inc. | 3,194,974 |
125,166 | 1 | Ontrak, Inc. | 433,074 |
5,899 | 1 | OptimizeRX Corp. | 265,042 |
316,530 | 1 | Organogenesis Holdings, Inc. | 2,434,116 |
34,780 | 1 | Orthofix Medical, Inc. | 1,057,312 |
75,035 | Owens & Minor, Inc. | 3,158,223 | |
32,067 | 1 | Pacira BioSciences, Inc. | 2,012,846 |
81,579 | 1,2 | Pliant Therapeutics, Inc. | 956,922 |
99,287 | 1 | PMV Pharmaceuticals, Inc. | 1,594,549 |
167,660 | 1 | Precision Biosciences, Inc. | 799,738 |
42,207 | 1 | Prestige Consumer Healthcare, Inc. | 2,382,585 |
29,294 | 1 | Progyny, Inc. | 1,186,407 |
54,552 | 1 | Prothena Corp. PLC | 1,859,132 |
178,395 | 1 | Puma Biotechnology, Inc. | 438,852 |
682,915 | 1 | Sangamo BioSciences, Inc. | 4,117,977 |
27,865 | 1 | Schrodinger, Inc. | 789,973 |
123,527 | Select Medical Holdings Corp. | 2,869,532 | |
225,611 | 1 | Selecta Biosciences, Inc. | 564,028 |
328,910 | 1,2 | Senseonics Holdings, Inc. | 881,479 |
518,455 | 1 | Seres Therapeutics, Inc. | 4,323,915 |
33,092 | 1 | Shockwave Medical, Inc. | 4,797,347 |
110,691 | 1,2 | Stoke Therapeutics, Inc. | 2,097,594 |
234,008 | 1 | Syros Pharmaceuticals, Inc. | 463,336 |
63,899 | 1 | The Joint Corp. | 3,453,102 |
45,369 | 1 | Travere Therapeutics, Inc. | 1,247,648 |
207,043 | 1 | Vanda Pharmaceuticals, Inc. | 3,138,772 |
243,534 | 1 | Varex Imaging Corp. | 6,356,237 |
51,759 | 1 | Vaxart, Inc. | 256,207 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
97,295 | 1 | Verastem, Inc. | $ 148,861 |
11,264 | 1 | Vocera Communications, Inc. | 889,969 |
321,127 | 1,2 | Voyager Therapeutics, Inc. | 918,423 |
82,987 | 1 | Xencor, Inc. | 2,852,263 |
18,232 | 1 | Zentalis Pharmaceuticals, LLC | 1,040,683 |
37,510 | 1,2 | Zynex, Inc. | 297,082 |
TOTAL | 193,474,069 | ||
Industrials— 16.2% | |||
88,836 | Advanced Drainage System, Inc. | 10,046,463 | |
48,837 | Apogee Enterprises, Inc. | 2,180,572 | |
122,543 | 1 | Atkore, Inc. | 13,207,685 |
69,585 | 1 | Atlas Air Worldwide Holdings, Inc. | 5,589,763 |
92,752 | 1 | Beacon Roofing Supply, Inc. | 5,089,302 |
3,145 | 1 | BlueLinx Holdings, Inc. | 225,308 |
192,961 | Boise Cascade Co. | 13,549,721 | |
42,103 | 1 | Daseke, Inc. | 470,712 |
27,823 | 1 | Evoqua Water Technologies Corp. | 1,126,832 |
108,824 | 1 | Franklin Covey Co. | 5,094,051 |
299,616 | 1,2 | Fuelcell Energy, Inc. | 1,270,372 |
99,652 | 1 | GMS, Inc. | 5,100,189 |
108,685 | Heidrick & Struggles International, Inc. | 4,757,142 | |
43,059 | Herc Holdings, Inc. | 6,908,817 | |
140,959 | 1,2 | Infrastructure and Energy Alternatives, Inc. | 1,271,450 |
11,060 | 1 | JELD-WEN Holding, Inc. | 261,016 |
196,159 | 1 | Mistras Group, Inc. | 1,318,189 |
303,184 | 1 | MRC Global, Inc. | 2,246,593 |
58,981 | 1 | MYR Group, Inc. | 5,545,983 |
328,978 | Pitney Bowes, Inc. | 2,026,505 | |
169,599 | 1 | Proto Labs, Inc. | 8,510,478 |
81,329 | REV Group, Inc. | 1,092,248 | |
26,061 | 1 | Saia, Inc. | 7,408,621 |
28,082 | Tennant Co. | 2,167,088 | |
6,217 | Terex Corp. | 259,373 | |
333,988 | 1 | TPI Composites, Inc. | 4,031,235 |
93,384 | 1 | TriNet Group, Inc. | 7,956,317 |
1,946 | Watts Industries, Inc., Class A | 298,147 | |
23,813 | 1 | WESCO International, Inc. | 2,902,567 |
268,959 | 1 | Willscot Corp. | 9,962,241 |
TOTAL | 131,874,980 | ||
Information Technology— 21.1% | |||
628,756 | 1 | 3D Systems Corp. | 11,254,732 |
91,104 | 1 | Altair Engineering, Inc. | 5,732,264 |
55,078 | 1 | Ambarella, Inc. | 7,719,182 |
49,899 | 1 | Appian Corp. | 2,812,807 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
146,834 | 1 | Axcelis Technologies, Inc. | $ 9,193,277 |
311,533 | 1 | Box, Inc. | 8,140,357 |
553,216 | 1 | Brightcove, Inc. | 5,216,827 |
112,015 | 1 | Cambium Networks Corp. | 2,708,523 |
31,429 | 1 | Ceva, Inc. | 1,183,930 |
150,254 | 1 | ChannelAdvisor Corp. | 3,176,370 |
84,532 | 1,2 | Coda Octopus Group, Inc. | 568,055 |
158,811 | 1 | Commvault Systems, Inc. | 10,713,390 |
12,877 | 1,2 | Corsair Gaming, Inc. | 251,617 |
14,330 | Evertec, Inc. | 625,361 | |
21,248 | 1 | Evo Payments, Inc. | 512,502 |
36,011 | 1 | Exlservice Holding, Inc. | 4,340,046 |
228,585 | 1 | Extreme Networks, Inc. | 2,900,744 |
215,794 | 1 | Grid Dynamics Holdings, Inc. | 5,750,910 |
39,502 | 1 | JFrog Ltd. | 1,055,493 |
22,523 | Kulicke & Soffa Industries | 1,231,783 | |
43,556 | 1 | Lattice Semiconductor Corp. | 2,405,162 |
172,083 | 1 | MA-COM Technology Solutions Holdings, Inc. | 10,533,200 |
166,494 | 1 | MaxLinear, Inc. | 9,992,970 |
61,920 | 1 | ON24, Inc. | 1,019,203 |
50,650 | 1 | Qualys, Inc. | 6,490,291 |
85,217 | 1 | Rapid7, Inc. | 8,208,954 |
142,210 | 1 | Secureworks Corp. | 2,097,597 |
9,700 | 1 | Silicon Laboratories, Inc. | 1,602,343 |
19,376 | 1 | Sitime Corp. | 4,516,352 |
31,270 | 1 | SMART Global Holdings, Inc. | 1,793,647 |
77,679 | 1 | Sprout Social, Inc. | 5,348,199 |
53,831 | 1 | SPS Commerce, Inc. | 6,666,969 |
43,483 | 1 | Sumo Logic, Inc. | 517,882 |
479,323 | 1,2 | SunPower Corp. | 8,043,040 |
7,636 | 1 | Synaptics, Inc. | 1,606,233 |
66,658 | 1 | Workiva, Inc. | 7,884,308 |
534,113 | 1 | Zuora, Inc. | 8,882,299 |
TOTAL | 172,696,819 | ||
Materials— 2.0% | |||
29,749 | Avient Corp. | 1,480,608 | |
39,191 | Greif, Inc., Class A | 2,318,540 | |
132,089 | 1 | Koppers Holdings, Inc. | 3,946,819 |
15,427 | Louisiana-Pacific Corp. | 1,024,970 | |
19,079 | Myers Industries, Inc. | 344,757 | |
114,888 | 1 | O-I Glass, Inc. | 1,529,159 |
201,218 | Orion Engineered Carbons S.A. | 3,440,828 | |
86,100 | 1,4 | Rentech, Inc. | 0 |
103,128 | Ryerson Holding Corp. | 2,114,124 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
8,217 | Trinseo PLC | $ 439,938 | |
TOTAL | 16,639,743 | ||
Real Estate— 4.3% | |||
192,911 | 1 | Cushman & Wakefield PLC | 4,049,202 |
33,971 | 2 | eXp World Holdings, Inc. | 921,973 |
13,697 | 1 | Marcus & Millichap Co., Inc. | 641,157 |
230,379 | National Storage Affiliates Trust | 14,182,131 | |
67,644 | NexPoint Residential Trust, Inc. | 5,364,169 | |
117,017 | Plymouth Industrial REIT, Inc. | 3,364,239 | |
194,694 | RMR Group, Inc./The | 6,232,155 | |
TOTAL | 34,755,026 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $721,933,545) | 800,002,978 | ||
INVESTMENT COMPANIES— 4.9% | |||
16,354,293 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5 | 16,354,293 | |
23,482,980 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.06%5 | 23,480,632 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $39,835,828) | 39,834,925 | ||
TOTAL INVESTMENT IN SECURITIES—102.9% (IDENTIFIED COST $761,769,373)6 | 839,837,903 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.9)%7 | (23,318,224) | ||
TOTAL NET ASSETS—100% | $816,519,679 |
Affiliated | Value as of 7/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Financials: | |||
StepStone Group, Inc. | $3,292,011 | $— | $(258,159) |
Health Care: | |||
Alector, Inc. | $904,990 | $5,777,732 | $— |
Amphastar Pharmaceuticals, Inc. | $708,068 | $— | $— |
AnaptysBio, Inc. | $546,441 | $— | $— |
IDEAYA Biosciences, Inc. | $936,610 | $825,866 | $(597,980) |
Information Technology: | |||
Grid Dynamics Holdings, Inc.** | $4,542,464 | $— | $— |
Affiliated issuers no longer in the portfolio at period end | $18,511,852 | $— | $(15,599,350) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $29,442,436 | $6,603,598 | $(16,455,489) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2022 | Shares Held as of 1/31/2022 | Dividend Income* |
$(688,704) | $(48,352) | $2,296,796 | 65,604 | $15,914 |
$(1,407,527) | $— | $5,275,195 | 332,610 | $— |
$72,328 | $— | $780,396 | 33,798 | $— |
$213,774 | $— | $760,215 | 23,779 | $— |
$(338,934) | $(114,759) | $710,803 | 42,897 | $— |
$1,208,446 | $— | $5,750,910 | 215,794 | $— |
$(3,228,540) | $316,038 | $— | — | $— |
$(4,169,157) | $152,927 | $15,574,315 | 714,482 | $15,914 |
* | A portion of the amount shown may have been recorded when the Fund did not have ownership of at least 5% of the voting shares. |
** | At January 31, 2022, the Fund no longer has ownership of at least 5% of the voting shares. |
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 | $6,436,827 | $16,730,982 | $23,167,809 |
Purchases at Cost | $64,266,428 | $167,106,517 | $231,372,945 |
Proceeds from Sales | $(54,348,962) | $(160,348,441) | $(214,697,403) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(903) | $(903) |
Net Realized Gain/(Loss) | N/A | $(7,523) | $(7,523) |
Value as of 1/31/2022 | $16,354,293 | $23,480,632 | $39,834,925 |
Shares Held as of 1/31/2022 | 16,354,293 | 23,482,980 | 39,837,273 |
Dividend Income | $1,250 | $3,008 | $4,258 |
* | 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. |
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 January 31, 2022, these restricted securities amounted to $470,631, 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 | Also represents cost of investments for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 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 | $769,461,148 | $— | $0 | $769,461,148 |
International | 30,541,830 | — | — | 30,541,830 |
Investment Companies | 39,834,925 | — | — | 39,834,925 |
TOTAL SECURITIES | $839,837,903 | $— | $0 | $839,837,903 |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $33.76 | $23.89 | $23.30 | $25.67 | $21.89 | $17.66 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.00)2 | (0.15) | (0.07) | (0.08) | (0.11) | (0.08) |
Net realized and unrealized gain (loss) | (0.77) | 10.16 | 0.66 | (0.84) | 5.09 | 4.63 |
Total From Investment Operations | (0.77) | 10.01 | 0.59 | (0.92) | 4.98 | 4.55 |
Less Distributions: | ||||||
Distributions from net realized gain | (8.58) | (0.14) | — | (1.45) | (1.20) | (0.32) |
Net Asset Value, End of Period | $24.41 | $33.76 | $23.89 | $23.30 | $25.67 | $21.89 |
Total Return3 | (4.30)% | 42.03% | 2.53% | (2.83)% | 23.50% | 26.00% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.13%5 | 1.13% | 1.13% | 1.13% | 1.14% | 1.15% |
Net investment income (loss) | (0.01)%5 | (0.50)% | (0.32)% | (0.36)% | (0.48)% | (0.39)% |
Expense waiver/reimbursement6 | 0.20%5 | 0.23% | 0.30% | 0.29% | 0.44% | 0.70% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $116,694 | $129,226 | $92,389 | $82,170 | $82,953 | $47,681 |
Portfolio turnover7 | 52% | 163% | 227% | 142% | 129% | 118% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than 0.01%. |
3 | 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. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $28.99 | $20.69 | $20.32 | $22.77 | $19.69 | $16.03 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.11) | (0.33) | (0.21) | (0.23) | (0.26) | (0.21) |
Net realized and unrealized gain (loss) | (0.56) | 8.77 | 0.58 | (0.77) | 4.54 | 4.19 |
Total From Investment Operations | (0.67) | 8.44 | 0.37 | (1.00) | 4.28 | 3.98 |
Less Distributions: | ||||||
Distributions from net realized gain | (8.58) | (0.14) | — | (1.45) | (1.20) | (0.32) |
Net Asset Value, End of Period | $19.74 | $28.99 | $20.69 | $20.32 | $22.77 | $19.69 |
Total Return2 | (4.70)% | 40.93% | 1.82% | (3.58)% | 22.54% | 25.08% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.95%4 | 1.88% | 1.88% | 1.88% | 1.89% | 1.90% |
Net investment income (loss) | (0.83)%4 | (1.25)% | (1.07)% | (1.12)% | (1.23)% | (1.15)% |
Expense waiver/reimbursement5 | 0.11%4 | 0.15% | 0.20% | 0.29% | 0.41% | 0.66% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $24,407 | $28,084 | $17,481 | $22,639 | $18,008 | $10,007 |
Portfolio turnover6 | 52% | 163% | 227% | 142% | 129% | 118% |
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 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $35.50 | $25.05 | $24.37 | $26.71 | $22.67 | $18.24 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | (0.08) | (0.02) | (0.02) | (0.06) | (0.03) |
Net realized and unrealized gain (loss) | (0.85) | 10.67 | 0.70 | (0.87) | 5.30 | 4.78 |
Total From Investment Operations | (0.81) | 10.59 | 0.68 | (0.89) | 5.24 | 4.75 |
Less Distributions: | ||||||
Distributions from net realized gain | (8.58) | (0.14) | — | (1.45) | (1.20) | (0.32) |
Net Asset Value, End of Period | $26.11 | $35.50 | $25.05 | $24.37 | $26.71 | $22.67 |
Total Return2 | (4.20)% | 42.40% | 2.79% | (2.60)% | 23.85% | 26.27% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.88% | 0.89% | 0.90% |
Net investment income (loss) | 0.24%4 | (0.25)% | (0.07)% | (0.10)% | (0.25)% | (0.15)% |
Expense waiver/reimbursement5 | 0.16%4 | 0.16% | 0.19% | 0.25% | 0.41% | 0.63% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $393,320 | $428,578 | $354,204 | $455,597 | $364,248 | $112,742 |
Portfolio turnover6 | 52% | 163% | 227% | 142% | 129% | 118% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended July 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $35.51 | $25.06 | $24.36 | $26.70 | $22.67 | $18.24 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | (0.08) | (0.02) | (0.02) | (0.06) | (0.01) |
Net realized and unrealized gain (loss) | (0.84) | 10.67 | 0.72 | (0.87) | 5.29 | 4.76 |
Total From Investment Operations | (0.80) | 10.59 | 0.70 | (0.89) | 5.23 | 4.75 |
Less Distributions: | ||||||
Distributions from net realized gain | (8.58) | (0.14) | — | (1.45) | (1.20) | (0.32) |
Net Asset Value, End of Period | $26.13 | $35.51 | $25.06 | $24.36 | $26.70 | $22.67 |
Total Return2 | (4.16)% | 42.38% | 2.87% | (2.60)% | 23.81% | 26.27% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.87%4 | 0.87% | 0.87% | 0.87% | 0.88% | 0.88% |
Net investment income (loss) | 0.25%4 | (0.24)% | (0.07)% | (0.07)% | (0.24)% | (0.04)% |
Expense waiver/reimbursement5 | 0.08%4 | 0.09% | 0.09% | 0.15% | 0.30% | 0.42% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $282,099 | $309,117 | $283,103 | $333,059 | $89,307 | $24,795 |
Portfolio turnover6 | 52% | 163% | 227% | 142% | 129% | 118% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $24,393,679 of securities loaned and $39,834,925 of investment in affiliated holdings and $15,574,315 of investment in affiliated companies* (identified cost $761,769,373) | $839,837,903 |
Cash | 16,316 |
Income receivable | 89,422 |
Income receivable from affiliated holdings | 1,126 |
Receivable for investments sold | 14,609,655 |
Receivable for shares sold | 3,130,129 |
Total Assets | 857,684,551 |
Liabilities: | |
Payable for investments purchased | 15,966,020 |
Payable for shares redeemed | 850,905 |
Payable for collateral due to broker for securities lending (Note 2) | 24,054,293 |
Payable for investment adviser fee (Note 5) | 15,317 |
Payable for distribution services fee (Note 5) | 16,364 |
Payable for other service fees (Notes 2 and 5) | 73,913 |
Accrued expenses (Note 5) | 188,060 |
Total Liabilities | 41,164,872 |
Net assets for 31,874,724 shares outstanding | $816,519,679 |
Net Assets Consist of: | |
Paid-in capital | $711,136,478 |
Total distributable earnings (loss) | 105,383,201 |
Total Net Assets | $816,519,679 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($116,694,062 ÷ 4,780,346 shares outstanding), no par value, unlimited shares authorized | $24.41 |
Offering price per share (100/94.50 of $24.41) | $25.83 |
Redemption proceeds per share | $24.41 |
Class C Shares: | |
Net asset value per share ($24,406,551 ÷ 1,236,163 shares outstanding), no par value, unlimited shares authorized | $19.74 |
Offering price per share | $19.74 |
Redemption proceeds per share (99.00/100 of $19.74) | $19.54 |
Institutional Shares: | |
Net asset value per share ($393,320,041 ÷ 15,062,152 shares outstanding), no par value, unlimited shares authorized | $26.11 |
Offering price per share | $26.11 |
Redemption proceeds per share | $26.11 |
Class R6 Shares: | |
Net asset value per share ($282,099,025 ÷ 10,796,063 shares outstanding), no par value, unlimited shares authorized | $26.13 |
Offering price per share | $26.13 |
Redemption proceeds per share | $26.13 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $18,773 received from affiliated companies and holdings* and net of foreign taxes withheld of $4,813) | $5,117,667 |
Net income on securities loaned (includes $1,399 received from affiliated holdings related to cash collateral balances*) (Note 2) | 29,530 |
TOTAL INCOME | 5,147,197 |
Expenses: | |
Investment adviser fee (Note 5) | 3,663,508 |
Administrative fee (Note 5) | 359,875 |
Custodian fees | 35,641 |
Transfer agent fees (Note 2) | 420,131 |
Directors’/Trustees’ fees (Note 5) | 3,115 |
Auditing fees | 13,258 |
Legal fees | 4,292 |
Portfolio accounting fees | 79,515 |
Distribution services fee (Note 5) | 106,372 |
Other service fees (Notes 2 and 5) | 199,685 |
Share registration costs | 37,176 |
Printing and postage | 37,145 |
Miscellaneous (Note 5) | 16,694 |
TOTAL EXPENSES | 4,976,407 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (350,604) |
Reimbursement of other operating expenses (Notes 2 and 5) | (271,097) |
TOTAL WAIVER AND REIMBURSEMENTS | (621,701) |
Net expenses | 4,354,706 |
Net investment income | 792,491 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $145,404 on sales of investments in affiliated companies and holdings*) | 47,260,555 |
Realized gain distribution from affiliated investment company shares | 3,021 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(4,170,060) of investments in affiliated companies and holdings*) | (81,611,335) |
Net realized and unrealized gain (loss) on investments | (34,347,759) |
Change in net assets resulting from operations | $(33,555,268) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2022 | Year Ended 7/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $792,491 | $(2,579,155) |
Net realized gain (loss) | 47,263,576 | 237,616,876 |
Net change in unrealized appreciation/depreciation | (81,611,335) | 50,774,142 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (33,555,268) | 285,811,863 |
Distributions to Shareholders: | ||
Class A Shares | (32,079,795) | (548,250) |
Class C Shares | (7,866,562) | (104,815) |
Institutional Shares | (99,337,616) | (1,863,850) |
Class R6 Shares | (72,484,125) | (1,369,095) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (211,768,098) | (3,886,010) |
Share Transactions: | ||
Proceeds from sale of shares | 162,225,874 | 235,454,733 |
Net asset value of shares issued to shareholders in payment of distributions declared | 192,640,426 | 3,462,937 |
Cost of shares redeemed | (188,028,285) | (373,015,518) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 166,838,015 | (134,097,848) |
Change in net assets | (78,485,351) | 147,828,005 |
Net Assets: | ||
Beginning of period | 895,005,030 | 747,177,025 |
End of period | $816,519,679 | $895,005,030 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $107,521 | $(82,450) |
Class C Shares | 19,017 | (4,859) |
Institutional Shares | 256,547 | (183,788) |
Class R6 Shares | 37,046 | — |
TOTAL | $420,131 | $(271,097) |
Other Service Fees Incurred | |
Class A Shares | $164,228 |
Class C Shares | 35,457 |
TOTAL | $199,685 |
Market Value of Securities Loaned | Collateral Received |
$24,393,679 | $24,054,293 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 445,916 | $13,376,713 | 998,380 | $30,777,217 |
Shares issued to shareholders in payment of distributions declared | 985,701 | 26,130,926 | 14,857 | 426,682 |
Shares redeemed | (479,154) | (15,106,568) | (1,052,585) | (32,379,214) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 952,463 | $24,401,071 | (39,348) | $(1,175,315) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 60,797 | $1,563,782 | 443,130 | $12,346,176 |
Shares issued to shareholders in payment of distributions declared | 359,807 | 7,725,066 | 4,048 | 100,360 |
Shares redeemed | (153,160) | (3,925,955) | (323,452) | (8,035,514) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 267,444 | $5,362,893 | 123,726 | $4,411,022 |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,281,932 | $99,284,236 | 3,584,938 | $119,334,739 |
Shares issued to shareholders in payment of distributions declared | 3,232,168 | 91,631,959 | 56,977 | 1,717,850 |
Shares redeemed | (3,525,922) | (110,321,258) | (5,706,924) | (181,239,928) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,988,178 | $80,594,937 | (2,065,009) | $(60,187,339) |
Six Months Ended 1/31/2022 | Year Ended 7/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,516,571 | $48,001,143 | 2,252,100 | $72,996,601 |
Shares issued to shareholders in payment of distributions declared | 2,367,859 | 67,152,475 | 40,386 | 1,218,045 |
Shares redeemed | (1,792,696) | (58,674,504) | (4,884,633) | (151,360,862) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 2,091,734 | $56,479,114 | (2,592,147) | $(77,146,216) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 6,299,819 | $166,838,015 | (4,572,778) | $(134,097,848) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $106,372 |
Purchases | $464,262,148 |
Sales | $510,851,058 |
Beginning Account Value 8/1/2021 | Ending Account Value 1/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $957.00 | $5.57 |
Class C Shares | $1,000 | $953.00 | $9.60 |
Institutional Shares | $1,000 | $958.00 | $4.34 |
Class R6 Shares | $1,000 | $958.40 | $4.29 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.38 | $9.91 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.95% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
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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 period covered by this 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 MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 24, 2022
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 March 24, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 24, 2022