Federated Hermes MDT Balanced IS NCSR Certified annual shareholder report (management investment company)

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, Pennsylvania 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: 07/31/22

Item 1.

Reports to Stockholders

Annual Shareholder Report

July 31, 2022

Share Class | Ticker

A | QAACX

C | QCACX

Institutional | QIACX

R6 | QKACX

Federated Hermes MDT All Cap Core Fund

Fund Established 2002

A Portfolio of Federated Hermes MDT Series

Dear Valued Shareholder,

We are pleased to present the Annual Shareholder Report for your fund covering the period from August 1, 2021 through July 31, 2022. This report includes Management’s Discussion of Fund Performance, a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes MDT All Cap Core Fund (the “Fund”), based on net asset value, for the 12-month reporting period ended July 31, 2022, was -4.95% for Class A Shares, -5.67% for Class C Shares, -4.67% for Institutional Shares and -4.66% for Class R6 Shares. The total return for the Russell 3000® Index (R3000),1 the Fund’s broad-based securities market index, was -7.35% for the same period. The total return of the Morningstar Large Blend Funds Average (MLBFA),2 a peer group average for the Fund, was -6.36% during the same period. The Fund’s and MLBFA’s total returns for the most recently completed fiscal year reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the R3000.

During the reporting period, the Fund’s investment strategy focused on stock selection. Stock selection was the most significant factor affecting the Fund’s performance relative to the R3000 during the period.

The following discussion will focus on the performance of the Fund’s Class R6 Shares relative to the R3000.

Market Overview

During the reporting period, the market was upset by a number of challenges: the Covid-19 pandemic moved from the Delta variant to the Omicron variant (late 2021), Russia attacked Ukraine (beginning in late February 2022), and inflation rose steadily to levels not seen in the last 40 years. Each challenge would first turn a positive market negative, then the market, after dropping, would become accustomed to the news and resume climbing until the next challenge arrived. It was a very volatile marketplace which, by the end of the reporting period, favored large capitalization stocks over small capitalization3 stocks. The mega-cap Russell Top 200 Index4 returned -5.80%, the Russell Midcap Index5 returned -9.83% and the small-cap Russell 2000 Index (R2000)6 returned -14.29%; the whole-market Russell 3000 Index (R3000) returned -7.35%. As often happens, during most of the market downdrafts, value was favored over growth: the Russell 3000 Value Index (R3000V)7 returned -1.65% during the reporting period while the Russell 3000 Growth Index (R3000G)8 returned -12.65%.

The reporting period did close on a more favorable note: the R3000 returned 9.38% in July 2022 and made it the most positive month of the period for that index–and for every one of its standard core, value and growth subindexes as well except the Russell Top 200 Value Index9 where December 2021 was slightly better than July 2022 (6.32% and 5.63%, respectively). July 2022 was also the most favorable month for growth versus value, with the R3000G returning 11.95% and the R3000V returning 6.81%, a growth advantage of 5.14%.

Annual Shareholder Report

The best performing sectors in the R3000 during the reporting period were Energy (66.72%), Utilities (14.97%) and Consumer Staples (6.37%). Underperforming sectors during the same period included Communication Services (-30.07%), Consumer Discretionary (-14.23%) and Information Technology (-10.07%).

STOCK SELECTION

When looking at the Fund’s outperformance in terms of fundamental and technical characteristics, most of the Fund’s outperformance relative to the R3000 was driven by an overweight allocation to and strong stock selection among stocks with high structural earnings and neutral to high analyst conviction. Mature stocks with strong recent returns and positive analyst conviction detracted the most from performance. The Fund’s sector exposures continued to remain close to R3000 weights; there were no significant overweight or underweight positions at the end of the reporting period. Favorable stock selection in the Health Care, Communication Services and Information Technology sectors contributed the most to the Fund’s outperformance versus the benchmark. The largest offsets were unfavorable stock selection in the Consumer Discretionary, Financials and Industrials sectors.

Individual stocks enhancing the Fund’s performance during the reporting period included Marathon Petroleum Corporation, McKesson Corporation and AbbVie, Inc.

Individual stocks detracting from the Fund’s performance during the reporting period included EPAM Systems, Inc., Expedia Group, Inc. and MSCI Inc. (Class A).

Please see the footnotes to the line graph below for definitions of, and further information about, the Russell 3000® Index.

Please see the footnotes to the line graph below for definitions of, and further information about, the Morningstar peer group average.

Small capitalization stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 70% of the total market capitalization of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.*

The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 26% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.*

Annual Shareholder Report

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 6% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.*

The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.*

The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.*

The Russell Top 200® Value Index measures the performance of the largest cap value segment of the U.S. equity universe. It includes those Russell Top 200 ® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Top 200® Value Index is constructed to provide an unbiased and stable barometer of the very large cap value market. The Russell Top 200® Value Index is completely reconstituted annually to ensure that new value-oriented equities are included and that the represented companies continue to reflect value characteristics.*

The index is unmanaged, and it is not possible to invest directly in an index.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes MDT All Cap Core Fund (the “Fund”) from July 31, 2012 to July 31, 2022, compared to the Russell 3000® Index (R3000)2 and the Morningstar Large Blend Funds Average (MLBFA).3 The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of July 31, 2022

◾ Total returns shown for the Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable.

The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses. See the Average Annual Total Return table below for the returns of additional classes not shown in the line graph above.

Average Annual Total Returns for the Period Ended 7/31/2022

(returns reflect all applicable sales charges and contingent deferred sales charges as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares	-10.18%	12.16%	13.59%
Class C Shares	-6.45%	12.59%	13.53%
Institutional Shares	-4.67%	13.77%	14.57%
Class R6 Shares4	-4.66%	13.78%	14.22%
R3000	-7.35%	12.18%	13.48%
MLBFA	-6.36%	11.16%	12.42%

Annual Shareholder Report

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The R3000 and MLBFA have been adjusted to reflect reinvestment of dividends on securities.

The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of a $10,000 Investment line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.

Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses.

Annual Shareholder Report

Portfolio of Investments Summary Table (unaudited)

At July 31, 2022, the Fund’s sector composition1 was as follows:

Sector Composition	Percentage of Total Net Assets
Information Technology	24.9%
Health Care	15.0%
Financials	12.2%
Consumer Discretionary	9.7%
Communication Services	8.5%
Industrials	7.9%
Consumer Staples	6.5%
Energy	5.4%
Materials	3.3%
Real Estate	2.7%
Utilities	1.8%
Securities Lending Collateral2	0.3%
Cash Equivalents3	2.0%
Other Assets and Liabilities—Net4	(0.2)%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2022

Shares			Value
		COMMON STOCKS— 97.9%
		Communication Services— 8.5%
69,080	1	Alphabet, Inc., Class A	$ 8,035,386
341,396	1	Altice USA, Inc.	3,588,072
65,486	1	Cars.com, Inc.	770,115
39,077	1	Meta Platforms, Inc.	6,217,151
10,869	1	Netflix, Inc.	2,444,438
132,030	1	Pinterest, Inc.	2,571,944
7,128	1	T-Mobile USA, Inc.	1,019,732
28,070	1	TripAdvisor, Inc.	533,611
120,496		Walt Disney Co.	12,784,625
		TOTAL	37,965,074
		Consumer Discretionary— 9.7%
1,511		Advance Auto Parts, Inc.	292,560
4,502	1	Amazon.com, Inc.	607,545
21,502	2	American Eagle Outfitters, Inc.	258,884
564	1	AutoZone, Inc.	1,205,488
18,660		Big Lots, Inc.	376,745
24,415	1	Bright Horizons Family Solutions, Inc.	2,286,953
136,713	1	Chegg, Inc.	2,911,987
8,073		Domino’s Pizza, Inc.	3,165,504
85,234	1	Expedia Group, Inc.	9,039,065
312,671		Gap (The), Inc.	3,007,895
5,958		Garmin Ltd.	581,620
53,197	1	Goodyear Tire & Rubber Co.	653,259
23,097	1,2	Groupon, Inc.	244,828
15,487		Home Depot, Inc.	4,660,658
138,355		Macy’s, Inc.	2,441,966
42,129		Nordstrom, Inc.	990,453
1,439		Target Corp.	235,104
1,713	1	Tesla, Inc.	1,527,054
10,296	1	Ulta Beauty, Inc.	4,004,217
39,026	1	Under Armour, Inc., Class A	361,381
61,479		V.F. Corp.	2,746,882
15,873	1,2	Wayfair, Inc.	855,713
19,618	1	YETI Holdings, Inc.	996,006
		TOTAL	43,451,767
		Consumer Staples— 6.5%
56,627		Albertsons Cos., Inc.	1,520,435
12,477		Costco Wholesale Corp.	6,753,800
26,337		Hershey Foods Corp.	6,003,783
89,728		Kroger Co.	4,166,968

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Consumer Staples— continued
26,177		PepsiCo, Inc.	$ 4,579,928
15,001	1	The Boston Beer Co., Inc., Class A	5,706,831
3,666		The Coca-Cola Co.	235,247
		TOTAL	28,966,992
		Energy— 5.4%
6,402		Cheniere Energy, Inc.	957,611
13,526		Chevron Corp.	2,215,288
4,911		ConocoPhillips	478,479
3,531		Diamondback Energy, Inc.	452,039
10,428		EOG Resources, Inc.	1,159,802
25,639		Exxon Mobil Corp.	2,485,188
63,055		Marathon Oil Corp.	1,563,764
99,970		Marathon Petroleum Corp.	9,163,250
58,493		Occidental Petroleum Corp.	3,845,915
25,984		Targa Resources, Inc.	1,795,754
		TOTAL	24,117,090
		Financials— 12.2%
103,312		Bank of New York Mellon Corp.	4,489,939
87,204		Berkley, W. R. Corp.	5,452,866
31,963		Carlyle Group LP/The	1,243,680
8,468		Cboe Global Markets, Inc.	1,044,782
6,758		CME Group, Inc.	1,348,086
15,752		Gallagher (Arthur J.) & Co.	2,819,450
22,626	1	Green Dot Corp.	635,791
26,160		Houlihan Lokey, Inc.	2,212,090
35,342		Interactive Brokers Group, Inc., Class A	2,074,222
7,637		JPMorgan Chase & Co.	881,004
310	1	Markel Corp.	402,113
16,827		Marketaxess Holdings, Inc.	4,556,415
25,152		NASDAQ, Inc.	4,549,997
43,356		Northern Trust Corp.	4,326,062
26,509	1	PROG Holdings, Inc.	488,296
31,698		State Street Corp.	2,251,826
34,803		T. Rowe Price Group, Inc.	4,297,126
38,409		The Travelers Cos., Inc.	6,095,508
142,729		Virtu Financial, Inc.	3,329,868
38,383		Zions Bancorporation, N.A.	2,093,793
		TOTAL	54,592,914
		Health Care— 15.0%
28,357		AbbVie, Inc.	4,069,513
30,236	1	Align Technology, Inc.	8,495,409
9,876		Amgen, Inc.	2,444,014
34,701	1,2	AnaptysBio, Inc.	726,639
40,925	1	Biogen, Inc.	8,801,330

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Health Care— continued
53,530		Bristol-Myers Squibb Co.	$ 3,949,443
7,819		CVS Health Corp.	748,122
15,877		Eli Lilly & Co.	5,234,488
55,866	1	Enovis Corp.	3,336,318
52,572		Gilead Sciences, Inc.	3,141,177
810	1	Illumina, Inc.	175,511
8,388		McKesson Corp.	2,865,173
52,895		Merck & Co., Inc.	4,725,639
9,635	1	Moderna, Inc.	1,581,007
37,635	1	Myriad Genetics, Inc.	992,811
75,540	1	Nevro Corp.	3,274,659
84,000		Pfizer, Inc.	4,242,840
3,995	1	United Therapeutics Corp.	923,125
8,928		UnitedHealth Group, Inc.	4,842,012
8,007	1	Vertex Pharmaceuticals, Inc.	2,245,243
		TOTAL	66,814,473
		Industrials— 7.9%
10,871		AGCO Corp.	1,184,069
22,011	1	Alaska Air Group, Inc.	975,748
18,086		Allegion PLC	1,911,690
18,699	1	Astronics Corp.	209,803
28,412	1	CIRCOR International, Inc.	494,653
28,069		Emerson Electric Co.	2,528,175
12,843		Expeditors International Washington, Inc.	1,364,569
6,043		Fortune Brands Home & Security, Inc.	421,076
11,207		General Electric Co.	828,310
28,990	1	KAR Auction Services, Inc.	495,729
5,425		Lennox International, Inc.	1,299,450
114,028	1	Lyft, Inc.	1,580,428
14,625		Manpower, Inc.	1,146,746
30,808		Masco Corp.	1,706,147
14,135		Robert Half International, Inc.	1,118,644
37,735		Ryder System, Inc.	2,955,405
3,475	1	Southwest Airlines Co.	132,467
11,956	1	SPX Corp.	706,958
18,447		Trane Technologies PLC	2,711,525
17,402	1	Trex Co., Inc.	1,122,777
9,980		Union Pacific Corp.	2,268,454
14,272		Waste Management, Inc.	2,348,600
83,080	1	XPO Logistics, Inc.	4,963,199
9,392		Xylem, Inc.	864,346
		TOTAL	35,338,968
		Information Technology— 24.9%
4,193		Accenture PLC	1,284,148

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Information Technology— continued
434	1	Adobe, Inc.	$ 177,992
107,414		Apple, Inc.	17,455,849
51,424	1	Arista Networks, Inc.	5,997,581
35,739	1	Arrow Electronics, Inc.	4,580,668
1,036		Automatic Data Processing, Inc.	249,800
10,106	1	Box, Inc.	287,415
16,358		Bread Financial Holdings, Inc.	647,940
1,551		Broadcom, Inc.	830,529
12,917	1	Cerence, Inc.	363,872
21,864	1	Cirrus Logic, Inc.	1,868,497
9,243	1	Commvault Systems, Inc.	518,440
164,148		Dell Technologies, Inc.	7,396,509
11,645	1	DocuSign, Inc.	745,047
81,019	1	DXC Technology Co.	2,560,200
25,554		Fidelity National Information Services, Inc.	2,610,597
1,816	1	Gartner, Inc., Class A	482,112
17,451		Hewlett Packard Enterprise Co.	248,502
5,499		HP, Inc.	183,612
15,825		Intel Corp.	574,606
91,877	1	IPG Photonics Corp.	9,792,251
8,352	1	MA-COM Technology Solutions Holdings, Inc.	483,915
45,750		Microsoft Corp.	12,843,855
43,390		Oracle Corp.	3,377,478
32,095		Paychex, Inc.	4,117,146
150,672	1	PayPal Holdings, Inc.	13,037,648
39,375		Pegasystems, Inc.	1,580,906
144,041	1	Pure Storage, Inc.	4,083,562
45,542	1	Qorvo, Inc.	4,739,556
17,952		Qualcomm, Inc.	2,604,117
7,271		Universal Display Corp.	839,510
66,109		Western Union Co.	1,125,175
22,778	1	Wix.com Ltd.	1,351,419
19,682		Xerox Holdings Corp.	337,153
16,807	1	Zoom Video Communications, Inc.	1,745,575
		TOTAL	111,123,182
		Materials— 3.3%
47,046		Alcoa Corp.	2,394,171
55,896	1	Berry Global Group, Inc.	3,222,404
4,282		CF Industries Holdings, Inc.	408,888
9,403		Chemours Co./The	334,653
32,594		Mosaic Co./The	1,716,400
38,652		Newmont Corp.	1,750,162
22,647		Nucor Corp.	3,075,463
15,653		Steel Dynamics, Inc.	1,219,056

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Materials— continued
28,058		United States Steel Corp.	$ 663,572
		TOTAL	14,784,769
		Real Estate— 2.7%
5,612		Crown Castle International Corp.	1,013,864
27,575		Extra Space Storage, Inc.	5,226,014
76,810		Macerich Co. (The)	814,954
9,192		SBA Communications, Corp.	3,086,582
8,112		SL Green Realty Corp.	402,761
46,776	1	Zillow Group, Inc.	1,637,160
		TOTAL	12,181,335
		Utilities— 1.8%
8,369		CMS Energy Corp.	575,202
2,309		Entergy Corp.	265,835
74,682		Exelon Corp.	3,471,966
10,943		NRG Energy, Inc.	413,098
37,132		OGE Energy Corp.	1,525,383
18,422		Public Service Enterprises Group, Inc.	1,209,773
7,488		WEC Energy Group, Inc.	777,329
		TOTAL	8,238,586
		TOTAL COMMON STOCKS (IDENTIFIED COST $397,238,689)	437,575,150
		INVESTMENT COMPANIES— 2.3%
1,540,198		Federated Hermes Government Obligations Fund, Premier Shares, 1.82%3	1,540,198
8,862,667		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%3	8,858,235
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $10,398,135)	10,398,433
		TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $407,636,824)4	447,973,583
		OTHER ASSETS AND LIABILITIES - NET—(0.2)%5	(894,114)
		TOTAL NET ASSETS—100%	$447,079,469

Annual Shareholder Report

An affiliated company is a company in which the Fund, alone or in combination with other Federated Hermes funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended July 31, 2022, were as follows:

Affiliated	Value as of 7/31/2021	Purchases at Cost*	Proceeds from Sales*
Health Care:
AnaptysBio, Inc.	$928,300	$—	$(129,160)
Affiliated issuers no longer in the portfolio at period end	$142,873	$136,013	$(203,499)
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS	$1,071,173	$136,013	$(332,659)

Annual Shareholder Report

Change in Unrealized Appreciation/ Depreciation*	Net Realized Gain/ (Loss)*	Value as of 7/31/2022	Shares Held as of 7/31/2022	Dividend Income*

$(86,706)	$14,205	$726,639	34,701	$—
$(29,271)	$(46,116)	$—	—	$681
$(115,977)	$(31,911)	$726,639	34,701	$681

*	A portion of the amount shown may have been recorded when the Fund no longer had ownership of at least 5% of the voting shares.

Annual Shareholder Report

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended July 31, 2022, were as follows:

	Federated Hermes Government Obligations Fund Premier Shares*	Federated Hermes Institutional Prime Value Obligations Fund Institutional Shares	Total of Affiliated Transactions
Value as of 7/31/2021	$—	$7,662,074	$7,662,074
Purchases at Cost	$40,444,074	$122,236,173	$162,680,247
Proceeds from Sales	$(38,903,876)	$(121,033,849)	$(159,937,725)
Change in Unrealized Appreciation/ Depreciation	N/A	$298	$298
Net Realized Gain/(Loss)	N/A	$(6,461)	$(6,461)
Value as of 7/31/2022	$1,540,198	$8,858,235	$10,398,433
Shares Held as of 7/31/2022	1,540,198	8,862,667	10,402,865
Dividend Income	$6,026	$26,296	$32,322
Gain Distributions Received	$—	$1,383	$1,383

*	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	The cost of investments for federal tax purposes amounts to $412,539,093.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2022.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of July 31, 2022, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$42.75	$31.77	$29.90	$30.01	$24.95
Income From Investment Operations:
Net investment income (loss)1	0.08	0.08	0.13	0.16	0.09
Net realized and unrealized gain (loss)	(1.60)	11.90	2.69	1.81	5.08
Total From Investment Operations	(1.52)	11.98	2.82	1.97	5.17
Less Distributions:
Distributions from net investment income	(0.04)	(0.12)	(0.11)	(0.07)	(0.11)
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)
Net Asset Value, End of Period	$34.32	$42.75	$31.77	$29.90	$30.01
Total Return2	(4.95)%	38.40%	9.66%	7.80%	20.78%
Ratios to Average Net Assets:
Net expenses3	1.04%	1.04%	1.04%	1.08%	1.36%
Net investment income	0.22%	0.23%	0.44%	0.57%	0.31%
Expense waiver/reimbursement4	0.16%	0.17%	0.20%	0.24%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$105,590	$109,747	$79,301	$69,221	$40,539
Portfolio turnover6	133%	63%	160%	87%	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.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$39.55	$29.57	$27.99	$28.37	$23.66
Income From Investment Operations:
Net investment income (loss)1	(0.19)	(0.18)	(0.08)	(0.05)	(0.11)
Net realized and unrealized gain (loss)	(1.43)	11.04	2.50	1.68	4.82
Total From Investment Operations	(1.62)	10.86	2.42	1.63	4.71
Less Distributions:
Distributions from net realized gain	(6.87)	(0.88)	(0.84)	(2.01)	—
Net Asset Value, End of Period	$31.06	$39.55	$29.57	$27.99	$28.37
Total Return2	(5.67)%	37.37%	8.86%	6.96%	19.91%
Ratios to Average Net Assets:
Net expenses3	1.81%	1.79%	1.79%	1.85%	2.09%
Net investment income (loss)	(0.55)%	(0.52)%	(0.31)%	(0.20)%	(0.41)%
Expense waiver/reimbursement4	0.14%	0.16%	0.21%	0.24%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$33,256	$38,028	$31,030	$32,178	$39,625
Portfolio turnover6	133%	63%	160%	87%	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.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$43.40	$32.22	$30.29	$30.37	$25.24
Income From Investment Operations:
Net investment income (loss)1	0.20	0.19	0.22	0.25	0.16
Net realized and unrealized gain (loss)	(1.63)	12.08	2.74	1.81	5.16
Total From Investment Operations	(1.43)	12.27	2.96	2.06	5.32
Less Distributions:
Distributions from net investment income	(0.14)	(0.21)	(0.19)	(0.13)	(0.19)
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)
Net Asset Value, End of Period	$34.96	$43.40	$32.22	$30.29	$30.37
Total Return2	(4.67)%	38.83%	10.01%	8.08%	21.15%
Ratios to Average Net Assets:
Net expenses3	0.74%	0.74%	0.74%	0.78%	1.07%
Net investment income	0.52%	0.52%	0.73%	0.87%	0.57%
Expense waiver/reimbursement4	0.20%	0.21%	0.25%	0.29%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$291,517	$283,822	$243,490	$215,799	$95,290
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$42.56	$31.62	$29.75	$29.89	$24.85
Income From Investment Operations:
Net investment income (loss)1	0.20	0.20	0.21	0.23	0.18
Net realized and unrealized gain (loss)	(1.59)	11.84	2.69	1.79	5.06
Total From Investment Operations	(1.39)	12.04	2.90	2.02	5.24
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	$34.16	$42.56	$31.62	$29.75	$29.89
Total Return2	(4.66)%	38.84%	10.00%	8.08%	21.17%
Ratios to Average Net Assets:
Net expenses3	0.73%	0.73%	0.73%	0.81%	1.02%
Net investment income	0.53%	0.54%	0.75%	0.78%	0.65%
Expense waiver/reimbursement4	0.13%	0.15%	0.17%	0.18%	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$16,717	$11,513	$8,571	$9,183	$20,425
Portfolio turnover6	133%	63%	160%	87%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Represents less than 0.01%.
6	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
July 31, 2022

Assets:
Investment in securities, at value including $1,519,484 of securities loaned, $10,398,433 of investments in affiliated holdings and $726,639 of investments in affiliated companies* (identified cost $407,636,824)	$447,973,583
Income receivable	200,805
Income receivable from affiliated holdings	10,143
Receivable for investments sold	6,442,551
Receivable for shares sold	1,164,856
Total Assets	455,791,938
Liabilities:
Payable for investments purchased	6,436,224
Payable for shares redeemed	481,264
Payable for collateral due to broker for securities lending (Note 2)	1,540,198
Payable for investment adviser fee (Note 5)	20,086
Payable for administrative fee (Note 5)	2,858
Payable for distribution services fee (Note 5)	20,066
Payable for other service fees (Notes 2 and 5)	38,189
Accrued expenses (Note 5)	173,584
Total Liabilities	8,712,469
Net assets for 12,975,372 shares outstanding	$447,079,469
Net Assets Consist of:
Paid-in capital	$372,457,077
Total distributable earnings (loss)	74,622,392
Total Net Assets	$447,079,469

Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($105,589,538 ÷ 3,076,970 shares outstanding), no par value, unlimited shares authorized	$34.32
Offering price per share (100/94.50 of $34.32)	$36.32
Redemption proceeds per share	$34.32
Class C Shares:
Net asset value per share ($33,256,307 ÷ 1,070,687 shares outstanding), no par value, unlimited shares authorized	$31.06
Offering price per share	$31.06
Redemption proceeds per share (99.00/100 of $31.06)	$30.75
Institutional Shares:
Net asset value per share ($291,517,003 ÷ 8,338,405 shares outstanding), no par value, unlimited shares authorized	$34.96
Offering price per share	$34.96
Redemption proceeds per share	$34.96
Class R6 Shares:
Net asset value per share ($16,716,621 ÷ 489,310 shares outstanding), no par value, unlimited shares authorized	$34.16
Offering price per share	$34.16
Redemption proceeds per share	$34.16

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended July 31, 2022

Investment Income:
Dividends (including $26,977 received from affiliated companies and holdings*)	$5,881,851
Net income on securities loaned (includes $6,026 earned from affiliated holdings related to cash collateral balances*) (Note 2)	2,248
TOTAL INCOME	5,884,099
Expenses:
Investment adviser fee (Note 5)	3,251,922
Administrative fee (Note 5)	365,413
Custodian fees	32,812
Transfer agent fees (Note 2)	418,335
Directors’/Trustees’ fees (Note 5)	4,019
Auditing fees	26,299
Legal fees	7,423
Portfolio accounting fees	134,219
Distribution services fee (Note 5)	286,157
Other service fees (Notes 2 and 5)	373,797
Share registration costs	78,548
Printing and postage	31,453
Miscellaneous (Note 5)	33,046
TOTAL EXPENSES	5,043,443
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(621,778)
Reimbursement of other operating expenses (Notes 2 and 5)	(222,245)
TOTAL WAIVER AND REIMBURSEMENTS	(844,023)
Net expenses	4,199,420
Net investment income	1,684,679
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments (including net realized loss of $(38,372) on sales of investments in affiliated companies and holdings*)	53,221,210
Realized gain distribution from affiliated investment company shares*	1,383
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(115,679) of investments in affiliated companies and holdings*)	(78,884,076)
Net realized and unrealized gain (loss) on investments	(25,661,483)
Change in net assets resulting from operations	$(23,976,804)

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2022	2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,684,679	$1,500,049
Net realized gain (loss)	53,222,593	65,974,347
Net change in unrealized appreciation/depreciation	(78,884,076)	66,920,393
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(23,976,804)	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	160,200,101	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	(126,331,790)	(191,208,255)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	104,053,038	(42,009,823)
Change in net assets	3,969,314	80,717,805
Net Assets:
Beginning of period	443,110,155	362,392,350
End of period	$447,079,469	$443,110,155

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2022

1. ORGANIZATION

Federated Hermes MDT Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of five portfolios. The financial statements included herein are only those of Federated Hermes MDT All Cap Core Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is long-term capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾

Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

◾

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

◾

Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.

◾

Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

◾

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

Annual Shareholder Report

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

Annual Shareholder Report

that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

◾

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

◾

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

◾

Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waiver and reimbursements of $844,023 is disclosed in this Note 2 and Note 5.

Transfer Agent Fees

For the year ended July 31, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$111,910	$(28,164)
Class C Shares	35,791	(1,237)
Institutional Shares	268,111	(192,844)
Class R6 Shares	2,523	—
TOTAL	$418,335	$(222,245)

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares and Class C Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.

For the year ended July 31, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$278,412
Class C Shares	95,385
TOTAL	$373,797

Federal Taxes

Annual Shareholder Report

The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of July 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that is invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

Securities lending transactions are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. The chart below identifies the amount of collateral received as well as the market value of securities on loan. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.

Annual Shareholder Report

As of July 31, 2022, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Collateral Received
$1,519,484	$1,540,198

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Trustees.

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 7/31/2022		Year Ended 7/31/2021
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	612,974	$23,328,431	516,489	$19,262,460
Shares issued to shareholders in payment of distributions declared	454,940	17,088,464	65,002	2,282,814
Shares redeemed	(558,368)	(20,790,823)	(510,501)	(18,302,996)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	509,546	$19,626,072	70,990	$3,242,278

Annual Shareholder Report

	Year Ended 7/31/2022		Year Ended 7/31/2021
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	267,652	$9,556,354	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	(347,147)	(11,592,509)	(263,607)	(8,987,701)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	109,257	$4,405,961	(87,899)	$(3,023,077)
	Year Ended 7/31/2022		Year Ended 7/31/2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	2,935,348	$114,520,154	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	(2,299,780)	(88,189,501)	(4,253,413)	(160,052,945)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	1,798,664	$70,904,377	(1,017,108)	$(42,274,064)
	Year Ended 7/31/2022		Year Ended 7/31/2021
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	320,616	$12,795,162	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	(157,356)	(5,758,957)	(107,736)	(3,864,613)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	218,810	$9,116,628	(564)	$45,040
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	2,636,277	$104,053,038	(1,034,581)	$(42,009,823)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2022 and 2021, was as follows:

	2022	2021
Ordinary income1	$40,467,734	$7,381,835
Long-term capital gains	$35,639,186	$4,285,326

1	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of July 31, 2022, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income	$1,048,096
Net unrealized appreciation	$35,434,490
Undistributed long-term capital gains	$38,139,806

Annual Shareholder Report

The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales.

At July 31, 2022, the cost of investments for federal tax purposes was $412,539,093. The net unrealized appreciation of investments for federal tax purposes was $35,434,490. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $52,607,220 and net unrealized depreciation from investments for those securities having an excess of cost over value of $17,172,730.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.70% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended July 31, 2022, the Adviser voluntarily waived $614,619 of its fee and voluntarily reimbursed $222,245 of transfer agent fees. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended July 31, 2022, the Adviser reimbursed $7,159.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex�� is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2022, the annualized fee paid to FAS was 0.079% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class A Shares and Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class C Shares	0.75%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2022, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred
Class C Shares	$286,157

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the year ended July 31, 2022, FSC retained $34,287 of fees paid by the Fund. For the year ended July 31, 2022, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended July 31, 2022, FSC retained $22,905 in sales charges from the sale of Class A Shares. FSC also retained $1,373 of CDSC relating to redemptions of Class C Shares.

Other Service Fees

For the year ended July 31, 2022, FSSC received $7,107 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSSC, FAS and FSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective October 1, 2022, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.04%, 1.83%, 0.74% and 0.73% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 1, 2023; or (b) the date of the Fund’s next effective Prospectus. Prior to

Annual Shareholder Report

October 1, 2022, the Fee Limit for the Class C Shares was 1.81%. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended July 31, 2022, were as follows:

Purchases	$634,975,583
Sales	$606,210,083

7. CONCENTRATION OF RISK

The Fund may invest a portion of its assets in securities of companies that are deemed by the Fund’s management to be classified in similar business sectors. Economic developments may have an effect on the liquidity and volatility of the portfolio securities. A substantial portion of the Fund’s portfolio may be comprised of entities in the Information Technology sector. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of July 31, 2022, the Fund had no outstanding loans. During the year ended July 31, 2022, the Fund did not utilize the LOC.

Annual Shareholder Report

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2022, there were no outstanding loans. During the year ended July 31, 2022, the program was not utilized.

10. INDEMNIFICATIONS

Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

11. OTHER MATTERS

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may continue for an extended period of time and has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund’s investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.

12. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended July 31, 2022, the amount of long-term capital gains designated by the Fund was $35,639,186.

Of the ordinary income distributions made by the Fund during the year ended July 31, 2022, 10.73% qualify for the dividend received deduction available to corporate shareholders.

Annual Shareholder Report

For the fiscal year ended July 31, 2022, 10.75% of total ordinary income distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED HERMES MDT SERIES AND SHAREHOLDERS OF FEDERATED HERMES MDT ALL CAP CORE FUND:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes MDT All Cap Core Fund (the “Fund”) (one of the portfolios constituting Federated Hermes MDT Series (the “Trust”)), including the portfolio of investments, as of July 31, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes MDT Series) at July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Annual Shareholder Report

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
September 23, 2022

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2022 to July 31, 2022.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 2/1/2022	Ending Account Value 7/31/2022	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$929.80	$4.98
Class C Shares	$1,000	$926.30	$8.64
Institutional Shares	$1,000	$931.00	$3.54
Class R6 Shares	$1,000	$931.30	$3.50
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,019.64	$5.21
Class C Shares	$1,000	$1,015.82	$9.05
Institutional Shares	$1,000	$1,021.12	$3.71
Class R6 Shares	$1,000	$1,021.17	$3.66

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Class A Shares	1.04%
Class C Shares	1.81%
Institutional Shares	0.74%
Class R6 Shares	0.73%

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised five portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.

Interested TRUSTEES Background

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held and Previous Position(s)

J. Christopher Donahue*

Birth Date: April 11, 1949

President and Trustee

Indefinite Term

Began serving: May 2006

Principal Occupations: Principal Executive Officer and President of

certain of the Funds in the Federated Hermes Fund Family; Director or

Trustee of the Funds in the Federated Hermes Fund Family; President,

Chief Executive Officer and Director, Federated Hermes, Inc.;

Chairman and Trustee, Federated Investment Management Company;

Trustee, Federated Investment Counseling; Chairman and Director,

Federated Global Investment Management Corp.; Chairman and

Trustee, Federated Equity Management Company of Pennsylvania;

Trustee, Federated Shareholder Services Company; Director,

Federated Services Company.

Previous Positions: President, Federated Investment Counseling;

President and Chief Executive Officer, Federated Investment

Management Company, Federated Global Investment Management

Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.

Annual Shareholder Report

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held and Previous Position(s)

John B. Fisher*

Birth Date: May 16, 1956

Trustee

Indefinite Term

Began serving: May 2016

Principal Occupations: Principal Executive Officer and President of

certain of the Funds in the Federated Hermes Fund Family; Director or

Trustee of certain of the Funds in the Federated Hermes Fund Family;

Director and Vice President, Federated Hermes, Inc.; President,

Director/Trustee and CEO, Federated Advisory Services Company,

Federated Equity Management Company of Pennsylvania, Federated

Global Investment Management Corp., Federated Investment

Counseling, Federated Investment Management Company; President

of some of the Funds in the Federated Hermes Fund Family and

Director, Federated Investors Trust Company.

Previous Positions: President and Director of the Institutional Sales

Division of Federated Securities Corp.; President and Director of

Federated Investment Counseling; President and CEO of Passport

Research, Ltd.; Director, Edgewood Securities Corp.; Director,

Federated Services Company; Chairman and Director, Southpointe

Distribution Services, Inc. and President, Technology, Federated

Services Company.

Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held, Previous Position(s) and Qualifications

John T. Collins

Birth Date: January 24, 1947

Trustee

Indefinite Term

Began serving: October 2013

Principal Occupations: Director or Trustee, and Chair of the Board

of Directors or Trustees, of the Federated Hermes Fund Family;

formerly, Chairman and CEO, The Collins Group, Inc. (a private equity

firm) (Retired).

Other Directorships Held: Director, KLX Energy Services Holdings,

Inc. (oilfield services); former Director of KLX Corp. (aerospace).

Qualifications: Mr. Collins has served in several business and financial

management roles and directorship positions throughout his career.

Mr. Collins previously served as Chairman and CEO of The Collins

Group, Inc. (a private equity firm) and as a Director of KLX Corp.

Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins

previously served as Director and Audit Committee Member, Bank of

America Corp.; Director, FleetBoston Financial Corp.; and Director,

Beth Israel Deaconess Medical Center (Harvard University

Affiliate Hospital).

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, The Golisano Children’s Museum of Naples, Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy Hospital.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors).

Annual Shareholder Report

OFFICERS

Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012	Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

Annual Shareholder Report

Name

Birth Date

Address

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years

and Previous Position(s)

Stephen Van Meter

Birth Date: June 5, 1975

CHIEF COMPLIANCE

OFFICER AND SENIOR

VICE PRESIDENT

Officer since: July 2015

Principal Occupations: Senior Vice President and Chief Compliance

Officer of the Federated Hermes Fund Family; Vice President and

Chief Compliance Officer of Federated Hermes, Inc. and Chief

Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined

Federated Hermes, Inc. in October 2011. He holds FINRA licenses

under Series 3, 7, 24 and 66.

Previous Positions: Mr. Van Meter previously held the position of

Compliance Operating Officer, Federated Hermes, Inc. Prior to joining

Federated Hermes, Inc., Mr. Van Meter served at the United States

Securities and Exchange Commission in the positions of Senior

Counsel, Office of Chief Counsel, Division of Investment Management

and Senior Counsel, Division of Enforcement.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2022

Federated Hermes MDT All Cap Core Fund (the “Fund”)

At its meetings in May 2022 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated MDTA LLC (the “Adviser”) with respect to the Fund (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer” prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

Annual Shareholder Report

reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Advisers and their affiliates; Federated Hermes’ business and operations; the Adviser’s investment philosophy, personnel and processes; the Fund’s investment objectives and strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements

Annual Shareholder Report

regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Annual Shareholder Report

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment program.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters. The Board considered Federated Hermes’ oversight of the securities lending program for the Federated Hermes Funds that engage in securities lending and noted the income earned by the Federated Hermes Funds that participate in such program. In addition, the Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated

Annual Shareholder Report

Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.

The Board also considered the implementation of Federated Hermes’ business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

Fund Investment Performance

The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s

Annual Shareholder Report

gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group. In this connection, the Board considered that the quantitative focus of the management of the Fund makes fee and expense comparisons particularly difficult as the funds in the Performance Peer Group varied widely in terms of the complexity of their management, and the management of the Fund is among the more complex relative to its Performance Peer Group. The Board also considered a report comparing the performance of the Fund solely to other funds with a quantitative focus in the Performance Peer Group.

For the one-year, three-year and five-year periods ended December 31, 2021, the Fund’s performance was above the median of the Performance Peer Group. In addition, the Board was informed by the Adviser that, for the same periods, the Fund outperformed its benchmark index for the one-year, three-year and five-year periods.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities to manage the Fund.

Fund Expenses

The Board considered the advisory fee, and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

Annual Shareholder Report

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board. In this regard, the Board considered that, while comparisons to the Fund’s Expense Peer Group are relevant in judging the reasonableness of advisory fees, the quantitative focus of the management of the Fund makes fee and expense comparisons to the Expense Group particularly difficult. The Board further considered that, although the Fund’s advisory fee was above the median of the Expense Peer Group, the funds in the Expense Peer Group varied widely in terms of the complexity of their management, and the management of the Fund is among the more complex funds relative to the Expense Peer Group.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information

Annual Shareholder Report

regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Profitability

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

In 2019, the Board approved a reduction of 5 basis points in the contractual advisory fee.

Annual Shareholder Report

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

Annual Shareholder Report

Other Benefits

The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Conclusions

The Board considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Annual Shareholder Report

Liquidity Risk Management Program–
Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes MDT Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes MDT All Cap Core Fund (the “Fund” and, collectively with the other non-money market open-end funds advised by Federated Hermes, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of each Federated Hermes Fund’s investment adviser as the administrator for the Program (the “Administrator”) with respect to that Fund. The Administrator, in turn, has delegated day-to-day responsibility for the administration of the Program to multiple Liquidity Risk Management Committees, which are comprised of representatives from certain divisions within Federated Hermes.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

At its meetings in May 2022, the Board received and reviewed a written report (the “Report”) from the Federated Hermes Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from April 1, 2021 through March 31, 2022 (the “Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness, including, where applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund’s access to other available funding sources such as the Federated Hermes Funds’ interfund lending facility, redemptions in-kind, reverse repurchase agreement transactions, redemptions

Annual Shareholder Report

delayed beyond the normal T+1 settlement, but within seven days of the redemption request, and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:

◾ confirmation that it was not necessary for the Fund to utilize, and the Fund did not utilize, alternative funding sources during the Period;

◾ the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;

◾ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;

◾ the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;

◾ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit;

◾ the fact that there were no liquidity events during the Period, that materially affected the Fund’s liquidity risk;

◾ the impact on liquidity and management of liquidity risk caused by extended non-U.S. market closures and confirmation that there were no issues for any of the affected Federated Hermes Funds in meeting shareholder redemptions at any time during these temporary non-U.S. market closures;

◾ circumstances during the Period under which the Administrator convened meetings of the Liquidity Risk Management Committees more frequently than normal to conduct enhanced liquidity risk monitoring, including prior to the Russian invasion of Ukraine.

Based on this review, the Administrator concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.

Annual Shareholder Report

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated Hermes MDT All Cap Core Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31421R106
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718

37309 (9/22)

Annual Shareholder Report

July 31, 2022

Share Class | Ticker

A | QABGX

C | QCBGX

Institutional | QIBGX

R6 | QKBGX

Federated Hermes MDT Balanced Fund

Fund Established 2002

A Portfolio of Federated Hermes MDT Series

Dear Valued Shareholder,

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Management’s Discussion of Fund Performance (unaudited)

Federated Hermes MDT Balanced Fund’s (the “Fund”) total return, based on net asset value, for the 12-month reporting period ended July 31, 2022, was -7.05% for Class A Shares, -7.76% for Class C Shares, -6.82% for Institutional Shares and -6.81% for Class R6 Shares. Over the same period, the Fund’s custom blended benchmark (“Blended Index”),1 which consists of a 60%/40% blend of the S&P 500 Index(S&P 500)2 and the Bloomberg US Aggregate Bond Index (BAB),3 returned -6.16%. The total return of the Morningstar US Allocation 50% - 70% Equity Category Average (MA50-70),4 a peer group average for the Fund, was -7.35% during the period. The Fund’s and the MA50-70’s total return for the most recently completed fiscal year reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the Blended Index.

During the reporting period, the Fund’s investment strategy focused on overall asset allocation, duration position within the fixed income segment of the portfolio and security selection within the domestic equity segment of the portfolio. These were the most significant factors affecting the Fund’s performance relative to the Blended Index during the period.

The following discussion will focus on the performance of the Fund’s R6 Shares relative to the Blended Index.

MArket Overview

During the reporting period, the market was upset by a number of challenges: the Covid-19 pandemic moved from the Delta variant to the Omicron variant (late 2021), Russia attacked Ukraine (beginning in late February 2022), and inflation rose steadily to levels not seen in the last 40 years. Each challenge would first turn a positive market negative, then the market, after dropping, would become accustomed to the news and resume climbing until the next challenge arrived. It was a very volatile marketplace which, by the end of the reporting period, favored large-cap equities over small-caps. This was reflected in the -4.64% return of the S&P 500, which outperformed the returns of indexes for smaller cap equities. For example, the Russell Midcap® Index5 returned -9.83%, and the small-cap Russell 2000® Index6returned -14.29%. As often happens, during most of the market downdrafts, value was favored over growth: the Russell 3000® Value Index7returned -1.65% during the reporting period while the Russell 3000® Growth Index8 returned -12.65%.

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International equities9 in developed markets had a weak result underperforming the domestic equity market during the reporting period with the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index10 returning -14.32%. Emerging market11 equity results were even more challenged, with the MSCI Emerging Markets Index12 returning -20.09%.

Interest rates increased across the maturity spectrum as the U.S. Federal Reserve embarked on an aggressive rate hiking campaign to confront the spike in inflation resulting in a loss of -9.12% for the BAB Index during the reporting period.13

ASSET ALLOCATION

Both equity and fixed income performance was significantly negative during the reporting period, reducing the normal benefits of diversification; a significant overweight to cash throughout the 12-month period contributed positively to relative results.

Duration

During the reporting period, the fixed income portion of the portfolio outperformed the BAB. A short duration position contributed positively to relative results as rates increased as did security selection within investment grade instruments.

security selection

Domestic equity investments finished ahead of their benchmark, the Russell 3000® Index14 (which returned -7.35%), during the reporting period. Investments in the Health Care, Communication Services and Materials sectors were the most significant positive factors, while investments in the Consumer Discretionary, Industrials and Financials sectors were the most significant negative contributors to relative results.

Annual Shareholder Report

The Fund’s Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund’s broad-based securities market index, the Fund’s Adviser believes it is more reflective of the Fund’s balanced investment style.

Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500 Index, one of the Fund’s broad-based securities market indices. The S&P 500’s return for the 12-month reporting period was -4.64%.

Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund’s broad-based securities market indices. The BAB’s return for the 12-month reporting period was -9.12%.

Please see the footnotes to the line graphs below for definitions of, and further information about, the Morningstar peer group.

The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.*

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.*

The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.*

International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

The MSCI EAFE Index measures international equity performance. It comprises 21 MSCI country indices, representing the developed markets outside of North America.*

Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets.

The MSCI Emerging Markets Index is an unmanaged index consisting of 24 emerging market countries.*

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.*

The index is unmanaged, and it is not possible to invest directly in an index.

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FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes MDT Balanced Fund (the “Fund”) from July 31, 2012 to July 31, 2022, compared to the S&P 500 Index (S&P 500),2 the Bloomberg US Aggregate Bond Index (BAB),3 60% S&P 500/40% BAB (Blended Index) and the Morningstar Allocation -50% to 70% Equity Funds Average (MA50-70).4 The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of July 31, 2022

◾ Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable.

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Average Annual Total Returns for the Periods Ended 7/31/2022

(returns reflect all applicable sales charges and contingent deferred sales charges as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares	-12.17%	6.84%	8.01%
Class C Shares	-8.60%	7.25%	7.97%
Institutional Shares	-6.82%	8.32%	8.89%
Class R6 Shares5	-6.81%	8.34%	8.66%
S&P 500	-4.64%	12.83%	13.80%
BAB	-9.12%	1.28%	1.65%
Blended Index	-6.16%	8.43%	9.03%
MA50-70	-7.35%	6.07%	7.14%

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500, BAB and MA50-70 have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance.

The BAB, a broad-based securities market index of the Fund, is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. Effective August 24, 2021, the name of the index changed from Bloomberg Barclays U.S. Aggregate Bond Index to Bloomberg U.S. Aggregate Bond Index. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund’s performance.

Annual Shareholder Report

Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.

Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2022, the Fund’s portfolio composition1 was as follows:

Portfolio Composition	Percentage of Total Net Assets
Domestic Equity Securities	49.7%
U.S. Treasury Securities2	10.8%
Corporate Debt Securities	8.7%
Mortgage Core Fund	7.7%
International Equity Securities (including International Exchange-Traded Funds)	7.3%
Project and Trade Finance Core Fund	1.8%
Asset-Backed Securities	1.2%
Emerging Markets Core Fund	1.1%
High Yield Bond Core Fund	1.0%
Collateralized Mortgage Obligations	0.5%
Commercial Mortgage-Backed Securities	0.3%
Mortgage-Backed Securities	0.2%
Government Agency	0.1%
Bank Loan Core Fund	0.1%
Municipal Bond3	0.0%
Securities Lending Collateral4	3.6%
Cash Equivalents5	11.1%
Derivative Contracts3,6	0.0%
Other Assets and Liabilities—Net7	(5.2)%
TOTAL	100%

Annual Shareholder Report

At July 31, 2022, the Fund’s sector composition8 for its equity securities (excluding exchange-traded funds) was as follows:

Sector Composition	Percentage of Equity Securities
Information Technology	25.0%
Health Care	14.5%
Financials	12.0%
Consumer Discretionary	9.5%
Communication Services	8.0%
Industrials	7.8%
Consumer Staples	6.7%
Real Estate	6.0%
Energy	5.2%
Materials	3.2%
Utilities	2.1%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2022

Shares or Principal Amount			Value
		COMMON STOCKS— 50.6%
		Communication Services— 4.1%
14,220	1	Alphabet, Inc., Class A	$ 1,654,070
83,798	1	Altice USA, Inc.	880,717
21,112	1	Cars.com, Inc.	248,277
6,754		Lumen Technologies, Inc.	73,551
5,761	1	Meta Platforms, Inc.	916,575
3,043	1	Netflix, Inc.	684,371
2,608		News Corp., Inc., Class A	44,701
27,680	1	Pinterest, Inc.	�� 539,206
815	1	T-Mobile USA, Inc.	116,594
4,947	1	TripAdvisor, Inc.	94,043
25,424		Walt Disney Co.	2,697,487
		TOTAL	7,949,592
		Consumer Discretionary— 4.8%
1,947	1	1-800-FLOWERS.COM, Inc.	19,412
952	1	Amazon.com, Inc.	128,472
7,491	2	American Eagle Outfitters, Inc.	90,192
171	1	AutoZone, Inc.	365,494
750		Big Lots, Inc.	15,142
5,387	1	Bright Horizons Family Solutions, Inc.	504,600
27,986	1	Chegg, Inc.	596,102
1,874		Domino’s Pizza, Inc.	734,814
17,643	1	Expedia Group, Inc.	1,871,040
22,641		Ford Motor Co.	332,596
67,493		Gap (The), Inc.	649,283
923		Garmin Ltd.	90,103
15,297	1	Goodyear Tire & Rubber Co.	187,847
3,815	1,2	Groupon, Inc.	40,439
2,558		Home Depot, Inc.	769,805
36,199		Macy’s, Inc.	638,912
4,619		Nordstrom, Inc.	108,593
276	1	Tesla, Inc.	246,040
2,547	1	Ulta Beauty, Inc.	990,554
12,680	1	Under Armour, Inc., Class A	117,417
10,590		V.F. Corp.	473,161
3,456	1	Wayfair, Inc.	186,313
5,837	1	YETI Holdings, Inc.	296,344
		TOTAL	9,452,675
		Consumer Staples— 3.4%
11,638		Albertsons Cos., Inc.	312,480

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Consumer Staples— continued
535		Archer-Daniels-Midland Co.	$ 44,282
271		Coca-Cola Bottling Co.	139,023
2,602		Costco Wholesale Corp.	1,408,463
8,621		Hershey Foods Corp.	1,965,243
16,332		Kroger Co.	758,458
4,986		PepsiCo, Inc.	872,350
3,039	1	The Boston Beer Co., Inc., Class A	1,156,127
		TOTAL	6,656,426
		Energy— 2.6%
714		Cheniere Energy, Inc.	106,800
1,952		Chevron Corp.	319,698
549		ConocoPhillips	53,489
999		Diamondback Energy, Inc.	127,892
6,504		Exxon Mobil Corp.	630,433
21,158		Marathon Oil Corp.	524,718
20,998		Marathon Petroleum Corp.	1,924,677
12,989		Occidental Petroleum Corp.	854,027
8,933		Targa Resources, Inc.	617,360
		TOTAL	5,159,094
		Financials— 6.0%
17,364		Bank of New York Mellon Corp.	754,640
18,942		Berkley, W. R. Corp.	1,184,443
9,359		Carlyle Group LP/The	364,159
1,206		Cboe Global Markets, Inc.	148,796
420		CME Group, Inc.	83,782
6,106		Gallagher (Arthur J.) & Co.	1,092,913
5,940		Houlihan Lokey, Inc.	502,286
15,952		Huntington Bancshares, Inc.	212,002
9,463		Interactive Brokers Group, Inc., Class A	555,384
313		JPMorgan Chase & Co.	36,108
1,061	1	LendingTree, Inc.	48,360
3,972		Marketaxess Holdings, Inc.	1,075,538
4,928		NASDAQ, Inc.	891,475
16,500		New Residential Investment Corp.	180,015
11,430		Northern Trust Corp.	1,140,485
1,477	1	PROG Holdings, Inc.	27,206
683		State Street Corp.	48,520
6,744		T. Rowe Price Group, Inc.	832,682
9,980		The Travelers Cos., Inc.	1,583,826
33,023		Virtu Financial, Inc.	770,427
5,580		Zions Bancorporation, N.A.	304,389
		TOTAL	11,837,436

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Health Care— 7.4%
5,635		AbbVie, Inc.	$ 808,679
2,247	1	Agios Pharmaceuticals, Inc.	48,468
6,554	1	Align Technology, Inc.	1,841,477
259	1	Amedisys, Inc.	31,041
2,387		Amgen, Inc.	590,711
9,516	1	AnaptysBio, Inc.	199,265
9,016	1	Biogen, Inc.	1,938,981
10,554		Bristol-Myers Squibb Co.	778,674
501	1,2	Cassava Sciences, Inc.	8,181
15,524	1	Community Health Systems, Inc.	46,262
3,864		Eli Lilly & Co.	1,273,922
13,008	1	Enovis Corp.	776,838
11,541		Gilead Sciences, Inc.	689,575
1,349		McKesson Corp.	460,791
12,907		Merck & Co., Inc.	1,153,111
2,172	1	Moderna, Inc.	356,403
7,854	1	Myriad Genetics, Inc.	207,189
17,237	1	Nevro Corp.	747,224
15,888		Pfizer, Inc.	802,503
91	1	Regeneron Pharmaceuticals, Inc.	52,934
256	1	United Therapeutics Corp.	59,154
1,940		UnitedHealth Group, Inc.	1,052,140
1,589	1	Vertex Pharmaceuticals, Inc.	445,571
93	1	Waters Corp.	33,855
		TOTAL	14,402,949
		Industrials— 4.0%
2,875		AGCO Corp.	313,145
1,315	1	Alaska Air Group, Inc.	58,294
7,800		Allegion PLC	824,460
7,124	1	CIRCOR International, Inc.	124,029
2,261		Emerson Electric Co.	203,648
6,271		Expeditors International Washington, Inc.	666,294
603		General Electric Co.	44,568
2,507	1	KAR Auction Services, Inc.	42,870
2,523		Lennox International, Inc.	604,334
26,331	1	Lyft, Inc.	364,948
1,342		Manpower, Inc.	105,226
4,039		Masco Corp.	223,680
10,000		Pitney Bowes, Inc.	32,700
3,316		Robert Half International, Inc.	262,428
9,727		Ryder System, Inc.	761,819
7,730	1	SPX Corp.	457,075

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Industrials— continued
2,111		Trane Technologies PLC	$ 310,296
4,476	1	Trex Co., Inc.	288,791
1,458	1	TriNet Group, Inc.	120,285
1,763		Union Pacific Corp.	400,730
3,914		Waste Management, Inc.	644,088
11,921	1	XPO Logistics, Inc.	712,160
1,886		Xylem, Inc.	173,568
		TOTAL	7,739,436
		Information Technology— 12.6%
353		Accenture PLC	108,110
71	1	Adobe, Inc.	29,119
22,738		Apple, Inc.	3,695,152
12,842	1	Arista Networks, Inc.	1,497,763
7,214	1	Arrow Electronics, Inc.	924,618
117		Automatic Data Processing, Inc.	28,211
2,290	1	Box, Inc.	65,128
2,935		Bread Financial Holdings, Inc.	116,255
167		Broadcom, Inc.	89,425
3,677	1	Cerence, Inc.	103,581
4,701	1	Cirrus Logic, Inc.	401,747
2,925		Cognex Corp.	149,117
2,931	1	Commvault Systems, Inc.	164,400
31,572		Dell Technologies, Inc.	1,422,634
2,355	1	DocuSign, Inc.	150,673
1,977	1	Dropbox, Inc.	44,957
14,042	1	DXC Technology Co.	443,727
4,250		Fidelity National Information Services, Inc.	434,180
705	1	Gartner, Inc., Class A	187,163
14,151		Hewlett Packard Enterprise Co.	201,510
19,760	1	IPG Photonics Corp.	2,106,021
3,226	1	MA-COM Technology Solutions Holdings, Inc.	186,914
9,425		Microsoft Corp.	2,645,975
10,192		Oracle Corp.	793,345
13,526		Paychex, Inc.	1,735,115
31,875	1	PayPal Holdings, Inc.	2,758,144
7,369		Pegasystems, Inc.	295,865
30,666	1	Pure Storage, Inc.	869,381
8,981	1	Qorvo, Inc.	934,653
2,994		Qualcomm, Inc.	434,310
1,837		Universal Display Corp.	212,100
8,203		Vishay Intertechnology, Inc.	169,474
31,056		Western Union Co.	528,573

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Information Technology— continued
5,129	1	Wix.com Ltd.	$ 304,304
9,197		Xerox Holdings Corp.	157,545
3,398	1	Zoom Video Communications, Inc.	352,916
		TOTAL	24,742,105
		Materials— 1.6%
9,687		Alcoa Corp.	492,971
14,656	1	Berry Global Group, Inc.	844,918
1,607		CF Industries Holdings, Inc.	153,452
7,013		Mosaic Co./The	369,305
7,885		Newmont Corp.	357,033
4,542		Nucor Corp.	616,804
2,962		Steel Dynamics, Inc.	230,681
5,688		United States Steel Corp.	134,521
		TOTAL	3,199,685
		Real Estate— 3.0%
6,600		American Homes 4 Rent	250,008
26,900		Braemar Hotels & Resorts, Inc.	139,611
14,500		Brixmor Property Group, Inc.	336,110
4,309	1	Cushman & Wakefield PLC	72,391
3,000		EastGroup Properties, Inc.	511,620
7,700		EPR PPTYS	414,337
4,400		Equity Residential Properties Trust	344,916
14,000		Host Hotels & Resorts, Inc.	249,340
14,500		Kimco Realty Corp.	320,595
9,000		Kite Realty Group Trust	179,010
3,900		National Storage Affiliates Trust	213,876
16,200		Pebblebrook Hotel Trust	316,872
900		Public Storage	293,769
8,000		Rexford Industrial Realty, Inc.	523,280
2,900	1	Ryman Hospitality Properties	256,766
6,800		UDR, Inc.	329,120
9,500		VICI Properties, Inc.	324,805
4,400		Welltower, Inc.	379,896
12,320	1	Zillow Group, Inc.	431,200
		TOTAL	5,887,522
		Utilities— 1.1%
22,689		Exelon Corp.	1,054,812
8,295		NRG Energy, Inc.	313,136
8,911		OGE Energy Corp.	366,064

Annual Shareholder Report

Shares or Principal Amount		Value
	COMMON STOCKS— continued
	Utilities— continued
3,406	WEC Energy Group, Inc.	$ 353,577
	TOTAL	2,087,589
	TOTAL COMMON STOCKS (IDENTIFIED COST $90,097,857)	99,114,509
	U.S. TREASURIES— 10.8%
	U.S. Treasury Bond— 2.0%
$ 610,000	United States Treasury Bond, 1.875%, 11/15/2051	469,509
1,200,000	United States Treasury Bond, 2.000%, 8/15/2051	951,375
1,180,000	United States Treasury Bond, 2.250%, 2/15/2052	994,887
1,425,000	United States Treasury Bond, 2.875%, 5/15/2052	1,380,469
50,000	United States Treasury Bond, 3.250%, 5/15/2042	50,094
	TOTAL	3,846,334
	U.S. Treasury Note— 8.8%
800,000	United States Treasury Note, 1.250%, 12/31/2026	751,250
600,000	United States Treasury Note, 1.875%, 2/28/2027	578,810
2,090,000	United States Treasury Note, 1.875%, 2/15/2032	1,952,191
1,025,000	United States Treasury Note, 2.375%, 3/31/2029	1,003,859
800,000	United States Treasury Note, 2.500%, 3/31/2027	792,938
25,000	United States Treasury Note, 2.625%, 4/15/2025	24,851
570,000	United States Treasury Note, 2.625%, 5/31/2027	568,443
600,000	United States Treasury Note, 2.625%, 7/31/2029	597,563
725,000	United States Treasury Note, 2.750%, 4/30/2027	726,580
1,000,000	United States Treasury Note, 2.750%, 7/31/2027	1,003,203
500,000	United States Treasury Note, 2.750%, 5/31/2029	501,415
850,000	United States Treasury Note, 2.875%, 4/30/2029	859,060
3,950,000	United States Treasury Note, 2.875%, 5/15/2032	4,022,830
700,000	United States Treasury Note, 3.000%, 6/30/2024	701,205
2,075,000	United States Treasury Note, 3.000%, 7/31/2024	2,079,702
1,100,000	United States Treasury Note, 3.250%, 6/30/2029	1,138,448
	TOTAL	17,302,348
	TOTAL U.S. TREASURIES (IDENTIFIED COST $21,373,640)	21,148,682
	CORPORATE BONDS— 8.7%
	Basic Industry - Chemicals— 0.0%
10,000	DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038	10,249
	Basic Industry - Metals & Mining— 0.1%
15,000	Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040	14,434
100,000	Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023	100,512
20,000	Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040	22,919
	TOTAL	137,865
	Capital Goods - Aerospace & Defense— 0.6%
200,000	BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050	151,934
275,000	Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025	279,348

Annual Shareholder Report

Shares or Principal Amount			Value
		CORPORATE BONDS— continued
		Capital Goods - Aerospace & Defense— continued
$ 110,000		Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025	$ 108,905
300,000		Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031	248,269
170,000		Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025	168,294
15,000		Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028	12,559
40,000	3	Textron Financial Corp., Jr. Sub. Note, 144A, 3.146% (3-month USLIBOR +1.735%), 2/15/2042	30,700
50,000		Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026	49,946
50,000		Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024	50,459
		TOTAL	1,100,414
		Capital Goods - Building Materials— 0.1%
200,000		Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024	195,925
		Capital Goods - Diversified Manufacturing— 0.1%
60,000		Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027	53,359
175,000		Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030	146,710
		TOTAL	200,069
		Communications - Cable & Satellite— 0.2%
300,000		Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029	256,108
145,000		Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051	107,991
15,000		Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038	14,150
10,000		Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035	10,230
		TOTAL	388,479
		Communications - Media & Entertainment— 0.1%
30,000		Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046	33,001
178,000		Paramount Global, Sr. Unsecd. Note, 4.750%, 5/15/2025	180,991
		TOTAL	213,992
		Communications - Telecom Wireless— 0.1%
150,000		Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026	148,101
		Communications - Telecom Wirelines— 0.3%
12,000		AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053	9,501
300,000		AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051	244,946
11,000		AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059	8,585
5,000		AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035	4,969
150,000		Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049	142,186
90,000		Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030	85,041
		TOTAL	495,228
		Consumer Cyclical - Automotive— 0.1%
10,000		DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031	13,032
175,000		General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032	146,626
10,000		General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024	9,985
		TOTAL	169,643

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Consumer Cyclical - Lodging— 0.0%
$ 20,000	American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024	$ 20,159
30,000	Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023	29,668
	TOTAL	49,827
	Consumer Cyclical - Retailers— 0.2%
170,000	AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030	164,533
250,000	AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025	247,194
	TOTAL	411,727
	Consumer Cyclical - Services— 0.2%
200,000	Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023	198,524
125,000	Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024	127,331
15,000	Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030	12,967
10,000	University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111	10,726
70,000	Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025	70,052
15,000	Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035	15,728
	TOTAL	435,328
	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	30,887
300,000	Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026	291,644
140,000	Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026	136,734
80,000	General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051	61,624
270,000	Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028	268,185
200,000	Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023	198,703
50,000	Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025	50,818
	TOTAL	1,038,595
	Consumer Non-Cyclical - Health Care— 0.1%
135,000	Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029	122,166
15,000	CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025	15,225
180,000	Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030	153,980
	TOTAL	291,371
	Consumer Non-Cyclical - Pharmaceuticals— 0.3%
500,000	AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049	470,505
15,000	Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045	14,554
10,000	Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039	9,950
15,000	Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036	14,932
	TOTAL	509,941
	Energy - Independent— 0.2%
250,000	Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.900%, 2/1/2025	249,090
125,000	Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027	116,053
20,000	EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027	19,495
	TOTAL	384,638

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Energy - Integrated— 0.5%
$ 135,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026	$ 133,480
300,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028	303,974
5,000	ConocoPhillips Co., Sr. Unsecd. Note, 144A, 4.025%, 3/15/2062	4,465
270,000	Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025	269,178
240,000	Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029	237,820
	TOTAL	948,917
	Energy - Midstream— 0.3%
125,000	Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032	109,982
20,000	Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027	20,664
115,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025	114,108
75,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024	75,625
10,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045	9,932
170,000	Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027	171,184
20,000	Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038	22,249
40,000	MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027	39,700
5,000	MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038	4,557
70,000	Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033	65,818
20,000	Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022	19,955
10,000	Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028	9,787
	TOTAL	663,561
	Energy - Refining— 0.0%
15,000	HF Sinclair Corp., Sr. Unsecd. Note, 144A, 5.875%, 4/1/2026	15,395
15,000	Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048	13,136
10,000	Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041	11,149
15,000	Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028	15,090
	TOTAL	54,770
	Financial Institution - Banking— 1.5%
74,000	American Express Co., Sr. Unsecd. Note, 2.650%, 12/2/2022	73,961
300,000	Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026	299,073
200,000	Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025	200,294
15,000	Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024	15,160
15,000	Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026	15,227
20,000	Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024	19,999
165,000	Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033	146,772
250,000	Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025	249,414
170,000	Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026	167,444
300,000	Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033	283,151
15,000	Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027	15,044
30,000	Comerica, Inc., 3.800%, 7/22/2026	29,871
75,000	Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024	74,989

Annual Shareholder Report

Shares or Principal Amount			Value
		CORPORATE BONDS— continued
		Financial Institution - Banking— continued
$ 40,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023	$ 40,011
275,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023	275,789
150,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041	174,494
400,000		JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023	400,821
20,000		JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024	19,970
15,000		JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038	13,991
25,000	4	JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2171	23,240
10,000	4	JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2171	10,012
100,000		Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033	89,387
15,000		Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023	15,010
15,000		Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025	15,138
15,000		Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023	15,062
10,000		State Street Corp., Sub. Deb., 3.031%, 11/1/2034	8,976
45,000		Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023	44,981
250,000		US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030	207,728
10,000		Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026	10,037
10,000		Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031	9,726
		TOTAL	2,964,772
		Financial Institution - Broker/Asset Mgr/Exchange— 0.1%
80,000		Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026	79,809
70,000		Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028	70,087
		TOTAL	149,896
		Financial Institution - Finance Companies— 0.1%
150,000		AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024	150,199
		Financial Institution - Insurance - Health— 0.2%
300,000		UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052	318,522
		Financial Institution - Insurance - Life— 0.4%
400,000		AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040	321,389
10,000		MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039	13,843
250,000		MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024	252,205
15,000		MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036	15,648
15,000		Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040	17,852
10,000		Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023	9,980
10,000		Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022	10,001
50,000		Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040	55,550
		TOTAL	696,468
		Financial Institution - Insurance - P&C— 0.0%
10,000		Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048	9,865
55,000		Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050	47,850
		TOTAL	57,715

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Financial Institution - REIT - Apartment— 0.1%
$ 10,000	Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022	$ 10,001
200,000	UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032	160,762
70,000	UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026	66,842
	TOTAL	237,605
	Financial Institution - REIT - Healthcare— 0.1%
185,000	Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027	174,835
	Financial Institution - REIT - Office— 0.0%
70,000	Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028	69,181
	Financial Institution - REIT - Other— 0.0%
75,000	WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024	75,625
	Financial Institution - REITs— 0.0%
60,000	Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030	54,728
	Food & Beverage— 0.0%
15,000	Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045	14,963
	Technology— 0.5%
30,000	Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023	29,876
10,000	Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043	9,721
70,000	Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051	54,643
220,000	Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032	207,155
20,000	Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042	19,368
240,000	Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026	255,155
110,000	Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029	104,362
265,000	Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025	266,101
7,000	Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052	5,863
8,000	Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036	7,992
10,000	Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022	10,011
	TOTAL	970,247
	Technology Services— 0.0%
5,000	Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029	4,453
	Transportation - Airlines— 0.1%
30,000	Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024	28,573
110,000	Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025	113,428
	TOTAL	142,001
	Transportation - Railroads— 0.1%
30,000	Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023	29,878
225,000	Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026	220,986
	TOTAL	250,864
	Transportation - Services— 0.2%
15,000	Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042	15,671
20,000	FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035	18,918
200,000	Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023	199,872

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Transportation - Services— continued
$ 125,000	United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025	$ 127,155
	TOTAL	361,616
	Utility - Electric— 1.0%
200,000	Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052	157,184
90,000	Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027	82,388
300,000	Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028	301,346
70,000	Electricite de France SA, Note, 144A, 5.600%, 1/27/2040	69,291
140,000	Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046	129,174
170,000	EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026	166,735
200,000	Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026	198,348
110,000	National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046	103,345
25,000	National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032	32,085
250,000	PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026	242,195
175,000	Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026	172,230
300,000	WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030	252,541
	TOTAL	1,906,862
	Utility - Natural Gas— 0.3%
65,000	National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023	65,068
445,000	National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026	455,607
5,000	TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037	5,698
	TOTAL	526,373
	TOTAL CORPORATE BONDS (IDENTIFIED COST $17,748,674)	16,975,565
	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	390,478
90,000	World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027	84,180
	TOTAL	474,658
	Credit Card— 0.2%
400,000	Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028	369,404
	Equipment Lease— 0.5%
500,000	HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030	496,011
500,000	HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029	474,884
	TOTAL	970,895
	Other— 0.2%
450,000	PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026	428,100
	Student Loans— 0.1%
251,824	Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069	229,794
	TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $2,591,383)	2,472,851

Annual Shareholder Report

Shares or Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS— 0.5%
		Commercial Mortgage— 0.3%
$ 190,000		Bank, Class A4, 3.488%, 11/15/2050	$ 186,533
200,000		Commercial Mortgage Trust 2013-CR8, Class B, 3.918%, 6/10/2046	196,112
200,000		JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049	193,153
		TOTAL	575,798
		Federal Home Loan Mortgage Corporation— 0.0%
2		Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022	3
2,039		Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032	2,175
		TOTAL	2,178
		Federal Home Loan Mortgage Corporation REMIC— 0.2%
35,185		Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025	34,571
350,000		Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026	343,581
		TOTAL	378,152
		Federal National Mortgage Association— 0.0%
373		Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury +48.285%), 7/25/2023	377
357		Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033	360
		TOTAL	737
		Non-Agency Mortgage— 0.0%
65	5	Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.339%, 3/25/2031	64
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,005,827)	956,929
		COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.3%
		Commercial Mortgage— 0.3%
389,780		Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029	363,622
200,000		FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.594%, 11/25/2045	199,498
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $592,549)	563,120
		MORTGAGE-BACKED SECURITIES— 0.2%
		Federal Home Loan Mortgage Corporation— 0.0%
23,148		Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044	23,808
		Federal National Mortgage Association— 0.2%
6,105		Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035	6,603
683		Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033	732
23,351		Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040	24,011
39,963		Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043	40,426
31,032		Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040	32,548
13,920		Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042	13,717

Annual Shareholder Report

Shares or Principal Amount			Value
		MORTGAGE-BACKED SECURITIES— continued
		Federal National Mortgage Association— continued
$ 16,842		Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043	$ 16,580
12,654		Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028	12,681
16,483		Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048	16,825
9,065		Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048	8,836
11,788		Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048	11,792
14,554		Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047	14,564
11,004		Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049	10,621
8,620		Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049	8,629
23,514		Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047	23,001
10,526		Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049	10,547
17,816		Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040	18,931
20,326		Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041	21,340
24,466		Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043	24,085
25,765		Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031	25,507
		TOTAL	341,976
		Government National Mortgage Association— 0.0%
14,088		Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042	14,241
9,070		Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043	9,304
		TOTAL	23,545
		TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $392,865)	389,329
		GOVERNMENT AGENCY— 0.1%
		Federal National Mortgage Association— 0.1%
250,000		0.625%, 4/22/2025 (IDENTIFIED COST $249,717)	234,744
		MUNICIPAL BOND— 0.0%
30,000		Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $33,169)	32,669
		EXCHANGE-TRADED FUNDS— 6.4%
19,100		iShares Core MSCI Emerging Markets ETF	937,046
175,500	2	iShares MSCI EAFE ETF	11,533,860
		Total Exchange-Traded Funds (IDENTIFIED COST $13,494,016)	12,470,906
		INVESTMENT COMPANIES— 26.4%
19,532		Bank Loan Core Fund	174,026
258,697		Emerging Markets Core Fund	2,048,880
7,041,989		Federated Hermes Government Obligations Fund, Premier Shares, 1.82%6	7,041,989
21,799,096		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%6	21,788,196
355,184		High Yield Bond Core Fund	1,960,618
1,664,894		Mortgage Core Fund	15,133,883

Annual Shareholder Report

Shares or Principal Amount		Value
	INVESTMENT COMPANIES— continued
416,518	Project and Trade Finance Core Fund	$ 3,586,221
	TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $53,660,236)	51,733,813
	TOTAL INVESTMENT IN SECURITIES—105.2% (IDENTIFIED COST $201,239,933)7	206,093,117
	OTHER ASSETS AND LIABILITIES - NET—(5.2)%8	(10,258,295)
	TOTAL NET ASSETS—100%	$195,834,822

At July 31, 2022, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation (Depreciation)
Long Futures:
1United States Treasury Long Bond Long Futures	2	$288,000	September 2022	$8,558
1United States Treasury Notes 2-Year Long Futures	41	$8,628,898	September 2022	$42,358
1United States Treasury Notes 5-Year Long Futures	8	$909,813	September 2022	$14,790
Short Futures:
1United States Treasury Notes 10-Year Short Futures	7	$847,984	September 2022	$(10,407)
1United States Treasury Ultra Bond Short Futures	15	$1,968,750	September 2022	$(44,953)
1United States Treasury Ultra Bond Short Futures	4	$633,250	September 2022	$(16,064)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(5,718)

Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”

Annual Shareholder Report

Affiliates	Value as of 7/31/2021	Purchases at Cost	Proceeds from Sales
Bank Loan Core Fund	$4,255,287	$473,115	$(4,435,600)
Emerging Markets Core Fund	$2,857,224	$1,548,623	$(1,759,580)
Federated Hermes Government Obligations Fund, Premier Shares*	$168,995	$179,513,258	$(172,640,264)
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares*	$16,947,898	$60,818,502	$(55,990,093)
High Yield Bond Core Fund	$5,962,186	$1,933,915	$(5,332,800)
Mortgage Core Fund	$6,610,200	$15,045,254	$(5,229,000)
Project and Trade Finance Core Fund	$3,205,801	$483,567	$—
TOTAL OF AFFILIATED TRANSACTIONS	$40,007,591	$259,816,234	$(245,387,337)

Annual Shareholder Report

Change in Unrealized Appreciation/ Depreciation	Net Realized Gain/ (Loss)	Value as of 7/31/2022	Shares Held as of 7/31/2022	Dividend Income	Gain Distributions Received
$(103,614)	$(15,162)	$174,026	19,532	$87,116	$—
$(267,853)	$(329,534)	$2,048,880	258,697	$162,422	$—
$—	$—	$7,041,989	7,041,989	$15,791	$—
$(639)	$12,528	$21,788,196	21,799,096	$58,662	$2,479
$(301,148)	$(301,535)	$1,960,618	355,184	$262,615	$—
$(971,529)	$(321,042)	$15,133,883	1,664,894	$352,703	$—
$(103,147)	$—	$3,586,221	416,518	$131,967	$—
$(1,747,930)	$(954,745)	$51,733,813	31,555,910	$1,071,276	$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	JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities.
6	7-day net yield.
7	The cost of investments for federal tax purposes amounts to $202,542,892.
8	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2022.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Annual Shareholder Report

The following is a summary of the inputs used, as of July 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	$97,404,845	$—	$—	$97,404,845
International	1,709,664	—	—	1,709,664
Debt Securities:
U.S. Treasuries	—	21,148,682	—	21,148,682
Corporate Bonds	—	16,975,565	—	16,975,565
Asset-Backed Securities	—	2,472,851	—	2,472,851
Collateralized Mortgage Obligations	—	956,929	—	956,929
Commercial Mortgage-Backed Securities	—	563,120	—	563,120
Mortgage-Backed Securities	—	389,329	—	389,329
Government Agency	—	234,744	—	234,744
Municipal Bond	—	32,669	—	32,669
Exchange-Traded Funds	12,470,906	—	—	12,470,906
Investment Companies1	48,147,592	—	—	51,733,813
TOTAL SECURITIES	$159,733,007	$42,773,889	$—	$206,093,117
Other Financial Instruments:2
Assets	$65,706	$—	$—	$65,706
Liabilities	(71,424)	—	—	(71,424)
TOTAL OTHER FINANCIAL INSTRUMENTS	$(5,718)	$—	$—	$(5,718)

As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company

valued at $3,586,221 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.

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

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.18	$19.59	$18.71	$19.59	$17.74
Income From Investment Operations:
Net investment income (loss)1	0.16	0.16	0.19	0.25	0.21
Net realized and unrealized gain (loss)	(1.60)	4.30	1.46	0.57	1.89
Total From Investment Operations	(1.44)	4.46	1.65	0.82	2.10
Less Distributions:
Distributions from net investment income	(0.13)	(0.07)	(0.24)	(0.19)	(0.25)
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)
Net Asset Value, End of Period	$19.57	$23.18	$19.59	$18.71	$19.59
Total Return2	(7.05)%	23.31%	9.08%	5.28%	11.91%
Ratios to Average Net Assets:
Net expenses3	1.30%	1.31%	1.31%	1.31%	1.32%
Net investment income	0.73%	0.77%	1.04%	1.35%	1.11%
Expense waiver/reimbursement4	0.01%	0.04%	0.07%	0.08%	0.06%
Supplemental Data:
Net assets, end of period (000 omitted)	$114,889	$124,559	$95,559	$84,243	$61,553
Portfolio turnover5	110%	61%	152%	92%	89%

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.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$22.78	$19.35	$18.50	$19.31	$17.49
Income From Investment Operations:
Net investment income (loss)1	(0.01)	0.002	0.05	0.11	0.06
Net realized and unrealized gain (loss)	(1.57)	4.23	1.43	0.59	1.87
Total From Investment Operations	(1.58)	4.23	1.48	0.70	1.93
Less Distributions:
Distributions from net investment income	—	—	(0.10)	(0.00)2	(0.11)
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)
Net Asset Value, End of Period	$19.16	$22.78	$19.35	$18.50	$19.31
Total Return3	(7.76)%	22.37%	8.25%	4.54%	11.09%
Ratios to Average Net Assets:
Net expenses4	2.06%	2.06%	2.06%	2.06%	2.07%
Net investment income (loss)	(0.05)%	0.01%	0.29%	0.60%	0.35%
Expense waiver/reimbursement5	0.01%	0.05%	0.09%	0.10%	0.04%
Supplemental Data:
Net assets, end of period (000 omitted)	$13,503	$16,941	$15,043	$15,492	$27,577
Portfolio turnover6	110%	61%	152%	92%	89%

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.
4	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
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.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.28	$19.67	$18.78	$19.64	$17.79
Income From Investment Operations:
Net investment income (loss)1	0.21	0.22	0.24	0.30	0.26
Net realized and unrealized gain (loss)	(1.60)	4.30	1.46	0.58	1.89
Total From Investment Operations	(1.39)	4.52	1.70	0.88	2.15
Less Distributions:
Distributions from net investment income	(0.18)	(0.11)	(0.28)	(0.23)	(0.30)
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)
Net Asset Value, End of Period	$19.67	$23.28	$19.67	$18.78	$19.64
Total Return2	(6.82)%	23.59%	9.33%	5.61%	12.15%
Ratios to Average Net Assets:
Net expenses3	1.06%	1.06%	1.06%	1.06%	1.07%
Net investment income	0.97%	1.02%	1.29%	1.62%	1.35%
Expense waiver/reimbursement4	0.01%	0.04%	0.07%	0.08%	0.02%
Supplemental Data:
Net assets, end of period (000 omitted)	$65,157	$73,997	$54,440	$53,035	$54,358
Portfolio turnover5	110%	61%	152%	92%	89%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.24	$19.61	$18.74	$19.62	$17.76
Income From Investment Operations:
Net investment income (loss)1	0.22	0.22	0.24	0.27	0.26
Net realized and unrealized gain (loss)	(1.61)	4.31	1.44	0.60	1.90
Total From Investment Operations	(1.39)	4.53	1.68	0.87	2.16
Less Distributions:
Distributions from net investment income	(0.18)	(0.10)	(0.28)	(0.24)	(0.30)
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)
Net Asset Value, End of Period	$19.63	$23.24	$19.61	$18.74	$19.62
Total Return2	(6.81)%	23.70%	9.26%	5.56%	12.24%
Ratios to Average Net Assets:
Net expenses3	1.01%	1.05%	1.05%	1.05%	1.06%
Net investment income	1.05%	1.03%	1.29%	1.40%	1.36%
Expense waiver/reimbursement4	0.01%	0.01%	0.03%	0.06%	0.02%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,286	$1,836	$1,516	$3,165	$12,178
Portfolio turnover5	110%	61%	152%	92%	89%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	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.
5	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
July 31, 2022

Assets:
Investment in securities, at value including $6,906,558 of securities loaned and $51,733,813 of investments in affiliated holdings* (identified cost $201,239,933)	$206,093,117
Income receivable	435,550
Income receivable from affiliated holdings	21,235
Receivable for investments sold	2,290,127
Receivable for shares sold	79,895
Total Assets	208,919,924
Liabilities:
Payable for investments purchased	5,507,614
Payable for shares redeemed	296,637
Payable for variation margin on futures contracts	17,129
Payable for collateral due to broker for securities lending (Note 2)	7,041,989
Payable for investment adviser fee (Note 5)	11,866
Payable for administrative fee (Note 5)	1,257
Payable for distribution services fee (Note 5)	8,334
Payable for other service fees (Notes 2 and 5)	50,953
Accrued expenses (Note 5)	149,323
Total Liabilities	13,085,102
Net assets for 10,005,142 shares outstanding	$195,834,822
Net Assets Consist of:
Paid-in capital	$182,070,740
Total distributable earnings (loss)	13,764,082
Total Net Assets	$195,834,822

Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($114,888,926 ÷ 5,871,237 shares outstanding), no par value, unlimited shares authorized	$19.57
Offering price per share (100/94.50 of $19.57)	$20.71
Redemption proceeds per share	$19.57
Class C Shares:
Net asset value per share ($13,502,837 ÷ 704,754 shares outstanding), no par value, unlimited shares authorized	$19.16
Offering price per share	$19.16
Redemption proceeds per share (99.00/100 of $19.16)	$18.97
Institutional Shares:
Net asset value per share ($65,157,062 ÷ 3,312,710 shares outstanding), no par value, unlimited shares authorized	$19.67
Offering price per share	$19.67
Redemption proceeds per share	$19.67
Class R6 Shares:
Net asset value per share ($2,285,997 ÷ 116,441 shares outstanding), no par value, unlimited shares authorized	$19.63
Offering price per share	$19.63
Redemption proceeds per share	$19.63

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended July 31, 2022

Investment Income:
Dividends (including $1,053,899 received from affiliated holdings*)	$3,279,883
Interest	1,047,669
Net income on securities loaned (includes $17,377 earned from an affiliated holding related to cash collateral balances*) (Note 2)	10,296
TOTAL INCOME	4,337,848
Expenses:
Investment adviser fee (Note 5)	1,603,002
Administrative fee (Note 5)	172,052
Custodian fees	34,558
Transfer agent fees (Note 2)	192,716
Directors’/Trustees’ fees (Note 5)	2,640
Auditing fees	30,400
Legal fees	9,625
Portfolio accounting fees	116,022
Distribution services fee (Note 5)	119,988
Other service fees (Notes 2 and 5)	335,644
Share registration costs	69,960
Printing and postage	21,870
Miscellaneous (Note 5)	32,045
TOTAL EXPENSES	2,740,522
Reimbursements:
Reimbursement of investment adviser fee (Note 5)	(14,293)
Reimbursement of other operating expenses (Notes 2 and 5)	(378)
TOTAL REIMBURSEMENTS	(14,671)
Net expenses	2,725,851
Net investment income	1,611,997

Annual Shareholder Report

Statement of Operations–continued

Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts:
Net realized gain on investments (including net realized loss of $(954,745) on sales of investments in affiliated holdings*)	$15,662,012
Net realized gain on foreign currency transactions	96
Net realized loss on futures contracts	(24,957)
Realized gain distribution from affiliated investment company shares*	2,479
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $(1,747,930) on investments in affiliated holdings*)	(32,895,230)
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency	(424)
Net change in unrealized depreciation of futures contracts	80,281
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	(17,175,743)
Change in net assets resulting from operations	$(15,563,746)

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2022	2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,611,997	$1,495,183
Net realized gain (loss)	15,639,630	16,160,443
Net change in unrealized appreciation/depreciation	(32,815,373)	21,885,500
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(15,563,746)	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	32,654,133	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	(37,782,492)	(25,156,864)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	14,850,505	18,714,604
Change in net assets	(21,498,307)	50,774,536
Net Assets:
Beginning of period	217,333,129	166,558,593
End of period	$195,834,822	$217,333,129

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2022

1. ORGANIZATION

Federated Hermes MDT Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of five portfolios. The financial statements included herein are only those of Federated Hermes MDT Balanced Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is the possibility of long-term growth of capital and income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with GAAP.

Investment Valuation

In calculating its NAV, the Fund generally values investments as follows:

◾

Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

◾

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

◾

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾

Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.

◾

Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

◾

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Fair Valuation and Significant Events Procedures

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◾

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

◾

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

◾

Repurchase Agreements

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Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Amortization/accretion of premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Positive or negative inflation adjustments on Treasury Inflation-Protected Securities are included in interest income. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense reimbursement of $14,671 is disclosed in various locations in this Note 2 and Note 5.

Transfer Agent Fees

For the year ended July 31, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$113,502	$(175)
Class C Shares	14,899	(3)
Institutional Shares	63,573	(200)
Class R6 Shares	742	—
TOTAL	$192,716	$(378)

Other Service Fees

For the year ended July 31, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$295,897
Class C Shares	39,747
TOTAL	$335,644

Annual Shareholder Report

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended July 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of July 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

When-Issued and Delayed-Delivery Transactions

Futures Contracts

The Fund purchases and sells financial futures contracts to seek to increase return and to manage currency, duration, market, sector/asset class and yield curve risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund’s Portfolio of Investments.

The average notional value of long and short futures contracts held by the Fund throughout the period was $3,795,763 and $3,435,938, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of

Annual Shareholder Report

exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

Securities lending transactions are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated below, the cash collateral received by the Fund exceeds the market value of the securities loaned reducing the net settlement amount to zero. The chart below identifies the amount of collateral received as well as the market value of securities on loan. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.

Annual Shareholder Report

As of July 31, 2022, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Collateral Received
$6,906,558	$7,041,989

Restricted Securities

Additional Disclosure Related to Derivative Instruments

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	$5,718*

*	Includes cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended July 31, 2022

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$(24,957)

Annual Shareholder Report

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$80,281

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 7/31/2022		Year Ended 7/31/2021
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	857,601	$18,515,772	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	(882,053)	(18,462,673)	(571,167)	(12,038,249)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	497,454	$11,308,131	495,249	$10,672,275
	Year Ended 7/31/2022		Year Ended 7/31/2021
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	109,522	$2,394,823	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	(217,756)	(4,550,083)	(255,679)	(5,368,466)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(38,899)	$(695,061)	(33,944)	$(735,786)
	Year Ended 7/31/2022		Year Ended 7/31/2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	471,410	$10,255,976	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	(661,677)	(13,914,894)	(342,167)	(7,302,718)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	134,527	$3,386,949	409,869	$8,761,157

Annual Shareholder Report

	Year Ended 7/31/2022		Year Ended 7/31/2021
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	68,781	$1,487,562	18,465	$390,165
Shares issued to shareholders in payment of distributions declared	10,056	217,766	3,611	74,224
Shares redeemed	(41,430)	(854,842)	(20,326)	(447,431)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	37,407	$850,486	1,750	$16,958
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	630,489	$14,850,505	872,924	$18,714,604

4. FEDERAL TAX INFORMATION

The accounting treatment of certain items in accordance with income tax regulations may differ from the accounting treatment in accordance with GAAP which may result in permanent differences. In the case of the Fund, such differences primarily result from fair fund litigation payments.

For the year ended July 31, 2022, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Total Distributable Earnings (Loss)
$(3,056)	$3,056

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2022 and 2021, was as follows:

	2022	2021
Ordinary income1	$9,557,979	$5,122,149
Long-term capital gains	$11,227,087	$2,359,045

1	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of July 31, 2022, the components of distributable earnings on a tax-basis were as follows:

Net unrealized appreciation	$3,540,514
Undistributed long-term capital gains	$10,223,568

The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales, mark to market of futures contracts, deferral of paydown losses and straddle loss deferrals.

Annual Shareholder Report

At July 31, 2022, the cost of investments for federal tax purposes was $202,542,892. The net unrealized appreciation of investments for federal tax purposes was $3,540,693. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $12,693,674 and net unrealized depreciation from investments for those securities having an excess of cost over value of $9,152,981. The amounts presented are inclusive of derivative contracts.

At July 31, 2022, for federal income tax purposes, the Fund had $9,532 in straddle loss deferrals.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.75% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended July 31, 2022, the Adviser voluntarily reimbursed $378 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended July 31, 2022, the Adviser reimbursed $14,293.

Certain of the Fund’s assets are managed by Federated Investment Management Company (the “Sub-Adviser”). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an allocable portion of the Fund’s adviser fee. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. For the year ended July 31, 2022, the Sub-Adviser earned a fee of $185,451.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Annual Shareholder Report

Distribution Services Fee

	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	$119,988

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the year ended July 31, 2022, FSC retained $19,194 of fees paid by the Fund. For the year ended July 31, 2022, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended July 31, 2022, FSC retained $17,160 in sales charges from the sale of Class A Shares. FSC also retained $5,543 of CDSC relating to redemptions of Class C Shares.

Other Service Fees

For the year ended July 31, 2022, FSSC received $17,587 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective October 1, 2022, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.31%, 2.10%, 1.06% and 1.05% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 1, 2023; or (b) the date of the Fund’s next effective Prospectus. Prior to October 1, 2022, the Fee Limit for the Class C Shares was 2.07%. While the Adviser and

Annual Shareholder Report

its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended July 31, 2022, were as follows:

Purchases	$179,176,776
Sales	$199,176,988

7. CONCENTRATION OF RISK

8. LINE OF CREDIT

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9. INTERFUND LENDING

10. INDEMNIFICATIONS

11. OTHER MATTERS

12. Recent Accounting Pronouncements

In January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-01 “Reference Rate Reform (Topic 848)”. ASU No. 2021-01 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered

Annual Shareholder Report

reference rates. The temporary relief provided by ASU No. 2021-01 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2022. Management does not expect ASU No. 2021-01 to have a material impact on the financial statements.

13. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2022, 24.48% of total ordinary income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended July 31, 2022, 21.16% qualify for the dividend received deduction available to corporate shareholders.

For the year ended July 31, 2022, the amount of long-term capital gains designated by the Fund was $11,227,087.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE board of trustees OF federated Hermes MDT Series and shareholders of Federated Hermes MDT Balanced Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes MDT Balanced Fund (the “Fund”) (one of the portfolios constituting Federated Hermes MDT Series (the “Trust”)), including the portfolio of investments, as of July 31, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes MDT Series) at July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
September 23, 2022

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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	Beginning Account Value 2/1/2022	Ending Account Value 7/31/2022	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$929.70	$6.32
Class C Shares	$1,000	$926.10	$9.93
Institutional Shares	$1,000	$930.90	$5.12
Class R6 Shares	$1,000	$930.80	$4.84
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,018.25	$6.61
Class C Shares	$1,000	$1,014.48	$10.39
Institutional Shares	$1,000	$1,019.49	$5.36
Class R6 Shares	$1,000	$1,019.79	$5.06

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Class A Shares	1.32%
Class C Shares	2.08%
Institutional Shares	1.07%
Class R6 Shares	1.01%