United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated Hermes MDT Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/23
Date of Reporting Period: Six months ended 01/31/23
Item 1. | Reports to Stockholders |
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Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Federated Hermes MDT All Cap Core Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Information Technology | 25.5% |
Health Care | 15.2% |
Financials | 13.1% |
Consumer Discretionary | 9.9% |
Industrials | 8.5% |
Consumer Staples | 7.0% |
Communication Services | 6.1% |
Energy | 5.9% |
Real Estate | 2.6% |
Materials | 2.4% |
Utilities | 1.8% |
Securities Lending Collateral2,3 | 0.0% |
Cash Equivalents4 | 2.4% |
Other Assets and Liabilities—Net5 | (0.4)% |
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 | Represents less than 0.1%. |
4 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.0% | |||
Communication Services— 6.1% | |||
49,872 | 1 | Alphabet, Inc., Class A | $ 4,929,348 |
341,396 | 1 | Altice USA, Inc. | 1,672,840 |
65,486 | 1 | Cars.com, Inc. | 1,119,811 |
15,554 | Comcast Corp., Class A | 612,050 | |
55,676 | 1 | Meta Platforms, Inc. | 8,294,054 |
5,364 | Shutterstock, Inc. | 403,748 | |
98,876 | 1 | Spotify Technology SA | 11,145,303 |
8,997 | 1 | T-Mobile USA, Inc. | 1,343,342 |
TOTAL | 29,520,496 | ||
Consumer Discretionary— 9.9% | |||
10,857 | 1 | Airbnb, Inc. | 1,206,321 |
564 | 1 | AutoZone, Inc. | 1,375,511 |
15,493 | Big Lots, Inc. | 253,466 | |
76,815 | 1 | Bright Horizons Family Solutions, Inc. | 5,897,856 |
47,545 | eBay, Inc. | 2,353,478 | |
108,432 | 1 | Expedia Group, Inc. | 12,393,778 |
312,671 | Gap (The), Inc. | 4,242,945 | |
53,197 | 1 | Goodyear Tire & Rubber Co. | 598,466 |
23,097 | 1,2 | Groupon, Inc. | 190,781 |
9,116 | Macy’s, Inc. | 215,411 | |
2,844 | Murphy USA, Inc. | 773,653 | |
1,418 | 1 | O’Reilly Automotive, Inc. | 1,123,552 |
87,475 | PVH Corp. | 7,864,003 | |
3,527 | Tractor Supply Co. | 804,121 | |
6,276 | 1 | Ulta Beauty, Inc. | 3,225,613 |
39,026 | 1 | Under Armour, Inc., Class A | 483,532 |
161,331 | V.F. Corp. | 4,991,581 | |
TOTAL | 47,994,068 | ||
Consumer Staples— 7.0% | |||
56,627 | Albertsons Cos., Inc. | 1,200,493 | |
20,034 | Archer-Daniels-Midland Co. | 1,659,817 | |
95,944 | 1 | Hain Celestial Group, Inc. | 1,968,771 |
40,008 | Hershey Foods Corp. | 8,985,797 | |
9,028 | Kellogg Co. | 619,140 | |
203,028 | Kroger Co. | 9,061,140 | |
14,597 | Lamb Weston Holdings, Inc. | 1,458,094 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
52,718 | PepsiCo, Inc. | $ 9,015,832 | |
TOTAL | 33,969,084 | ||
Energy— 5.9% | |||
5,708 | APA Corp. | 253,036 | |
5,614 | Cheniere Energy, Inc. | 857,763 | |
10,550 | Chevron Corp. | 1,835,911 | |
7,224 | Diamondback Energy, Inc. | 1,055,571 | |
23,059 | Exxon Mobil Corp. | 2,675,074 | |
63,055 | Marathon Oil Corp. | 1,732,121 | |
90,666 | Marathon Petroleum Corp. | 11,652,394 | |
35,673 | Occidental Petroleum Corp. | 2,311,254 | |
14,553 | Phillips 66 | 1,459,229 | |
20,283 | Targa Resources, Inc. | 1,521,631 | |
3,227 | Valero Energy Corp. | 451,877 | |
48,156 | 1 | Weatherford International PLC | 2,739,113 |
TOTAL | 28,544,974 | ||
Financials— 13.1% | |||
43,935 | American International Group, Inc. | 2,777,571 | |
2,679 | Ameriprise Financial, Inc. | 937,971 | |
122,738 | Bank of New York Mellon Corp. | 6,206,861 | |
92,814 | Berkley, W. R. Corp. | 6,509,974 | |
16,358 | Bread Financial Holdings, Inc. | 671,169 | |
9,573 | Cboe Global Markets, Inc. | 1,176,330 | |
18,131 | Chubb Ltd. | 4,124,621 | |
1,936 | CME Group, Inc. | 342,014 | |
4,338 | First Republic Bank | 611,137 | |
47,662 | 1 | Green Dot Corp. | 861,729 |
11,137 | Hartford Financial Services Group, Inc. | 864,342 | |
38,899 | Interactive Brokers Group, Inc., Class A | 3,109,586 | |
1,793 | LPL Financial Holdings, Inc. | 425,156 | |
310 | 1 | Markel Corp. | 436,784 |
5,561 | MarketAxess Holdings, Inc. | 2,023,370 | |
5,897 | NASDAQ, Inc. | 354,940 | |
43,356 | Northern Trust Corp. | 4,204,231 | |
31,747 | 1 | PROG Holdings, Inc. | 707,641 |
54,899 | Progressive Corp., OH | 7,485,479 | |
48,202 | Signature Bank | 6,215,648 | |
4,723 | State Street Corp. | 431,352 | |
3,145 | 1 | SVB Financial Group | 951,174 |
37,690 | The Travelers Cos., Inc. | 7,203,313 | |
142,729 | Virtu Financial, Inc. | 2,756,097 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
38,383 | Zions Bancorporation, N.A. | $ 2,040,440 | |
TOTAL | 63,428,930 | ||
Health Care— 15.2% | |||
18,690 | AbbVie, Inc. | 2,761,448 | |
16,106 | Amgen, Inc. | 4,065,154 | |
27,639 | 1 | AnaptysBio, Inc. | 687,935 |
6,439 | 1 | Biogen, Inc. | 1,873,105 |
24,787 | Bristol-Myers Squibb Co. | 1,800,776 | |
28,090 | 1 | Centene Corp. | 2,141,582 |
3,351 | CIGNA Corp. | 1,061,161 | |
30,410 | CVS Health Corp. | 2,682,770 | |
31,522 | Dentsply Sirona, Inc. | 1,160,955 | |
243,370 | 1 | Elanco Animal Health, Inc. | 3,341,470 |
3,255 | Elevance Health, Inc. | 1,627,467 | |
13,329 | Eli Lilly & Co. | 4,587,175 | |
53,404 | 1 | Enovis Corp. | 3,361,782 |
62,203 | Gilead Sciences, Inc. | 5,221,320 | |
13,289 | Humana, Inc. | 6,799,981 | |
44,250 | Johnson & Johnson | 7,231,335 | |
5,550 | McKesson Corp. | 2,101,674 | |
26,391 | Merck & Co., Inc. | 2,834,657 | |
1,265 | 1 | Molina Healthcare, Inc. | 394,465 |
37,635 | 1 | Myriad Genetics, Inc. | 742,162 |
70,523 | 1 | Nevro Corp. | 2,589,605 |
46,897 | 1 | Omnicell, Inc. | 2,601,377 |
33,284 | Pfizer, Inc. | 1,469,821 | |
50,230 | 1 | Syneos Health, Inc. | 1,804,262 |
6,814 | Teleflex, Inc. | 1,658,664 | |
2,274 | 1 | United Therapeutics Corp. | 598,449 |
7,697 | UnitedHealth Group, Inc. | 3,842,265 | |
8,151 | 1 | Vertex Pharmaceuticals, Inc. | 2,633,588 |
TOTAL | 73,676,405 | ||
Industrials— 8.5% | |||
4,212 | 3M Co. | 484,717 | |
9,652 | AGCO Corp. | 1,333,231 | |
22,011 | 1 | Alaska Air Group, Inc. | 1,130,045 |
4,807 | Allegion PLC | 565,063 | |
23,971 | Booz Allen Hamilton Holding Corp. | 2,268,615 | |
21,471 | Caterpillar, Inc. | 5,416,919 | |
28,412 | 1 | CIRCOR International, Inc. | 785,592 |
28,990 | 1 | KAR Auction Services, Inc. | 422,094 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
5,425 | Lennox International, Inc. | $ 1,413,863 | |
14,625 | Manpower, Inc. | 1,274,715 | |
39,303 | Pentair PLC | 2,176,600 | |
39,235 | Robert Half International, Inc. | 3,294,171 | |
9,688 | Ryder System, Inc. | 914,644 | |
19,159 | 1 | SkyWest, Inc. | 397,741 |
11,956 | 1 | SPX Technologies, Inc. | 896,820 |
38,405 | Stanley Black & Decker, Inc. | 3,429,950 | |
13,660 | Trane Technologies PLC | 2,446,779 | |
63,185 | 1 | Trex Co., Inc. | 3,331,113 |
53,230 | 1 | United Airlines Holdings, Inc. | 2,606,141 |
1,581 | 1 | United Rentals, Inc. | 697,142 |
17,174 | Waste Management, Inc. | 2,657,333 | |
4,548 | 1 | Willscot Corp. | 220,396 |
83,080 | 1 | XPO Logistics, Inc. | 3,311,569 |
TOTAL | 41,475,253 | ||
Information Technology— 25.5% | |||
7,472 | 1 | Adobe, Inc. | 2,767,180 |
88,204 | Apple, Inc. | 12,726,955 | |
11,725 | 1 | Arista Networks, Inc. | 1,477,584 |
31,684 | Automatic Data Processing, Inc. | 7,154,564 | |
10,106 | 1 | Box, Inc. | 323,291 |
15,731 | Broadcom, Inc. | 9,202,792 | |
4,106 | 1 | Cadence Design Systems, Inc. | 750,700 |
12,917 | 1 | Cerence, Inc. | 316,725 |
21,864 | 1 | Cirrus Logic, Inc. | 1,976,287 |
132,676 | Cisco Systems, Inc. | 6,457,341 | |
6,762 | Cognizant Technology Solutions Corp. | 451,363 | |
9,243 | 1 | Commvault Systems, Inc. | 575,192 |
111,989 | Dell Technologies, Inc. | 4,548,993 | |
81,019 | 1 | DXC Technology Co. | 2,327,676 |
20,913 | 1 | F5, Inc. | 3,088,014 |
13,191 | 1 | Fortinet, Inc. | 690,417 |
17,451 | Hewlett Packard Enterprise Co. | 281,485 | |
11,779 | 1 | IPG Photonics Corp. | 1,320,426 |
3,817 | Jabil, Inc. | 300,131 | |
52,203 | Microsoft Corp. | 12,936,425 | |
1,590 | Motorola Solutions, Inc. | 408,646 | |
15,372 | 1 | Nutanix, Inc. | 428,418 |
46,497 | Paychex, Inc. | 5,387,142 | |
156,774 | 1 | PayPal Holdings, Inc. | 12,775,513 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
93,083 | Pegasystems, Inc. | $ 3,619,067 | |
144,041 | 1 | Pure Storage, Inc. | 4,168,547 |
6,426 | 1 | Qorvo, Inc. | 698,249 |
5,075 | Qualcomm, Inc. | 676,041 | |
311,577 | 1 | Semtech Corp. | 10,291,388 |
50,265 | Skyworks Solutions, Inc. | 5,512,563 | |
2,969 | 1 | Synaptics, Inc. | 371,214 |
2,539 | Visa, Inc., Class A | 584,503 | |
66,109 | Western Union Co. | 936,765 | |
19,682 | Xerox Holdings Corp. | 322,391 | |
108,238 | 1 | Zoom Video Communications, Inc. | 8,117,850 |
TOTAL | 123,971,838 | ||
Materials— 2.4% | |||
13,604 | 1 | Berry Global Group, Inc. | 839,775 |
21,033 | CF Industries Holdings, Inc. | 1,781,495 | |
9,403 | Chemours Co./The | 342,175 | |
58,607 | Mosaic Co./The | 2,903,391 | |
30,096 | Newmont Corp. | 1,592,981 | |
9,713 | Nucor Corp. | 1,641,691 | |
15,653 | Steel Dynamics, Inc. | 1,888,378 | |
28,058 | United States Steel Corp. | 799,373 | |
TOTAL | 11,789,259 | ||
Real Estate— 2.6% | |||
13,328 | Crown Castle International Corp. | 1,974,010 | |
21,834 | Extra Space Storage, Inc. | 3,446,060 | |
76,810 | Macerich Co. (The) | 1,055,370 | |
9,480 | Public Storage | 2,885,143 | |
9,192 | SBA Communications, Corp. | 2,734,896 | |
8,112 | SL Green Realty Corp. | 333,809 | |
TOTAL | 12,429,288 | ||
Utilities— 1.8% | |||
8,369 | CMS Energy Corp. | 528,837 | |
39,097 | Exelon Corp. | 1,649,502 | |
69,684 | NRG Energy, Inc. | 2,384,587 | |
10,574 | Vistra Corp. | 243,836 | |
41,913 | WEC Energy Group, Inc. | 3,939,403 | |
TOTAL | 8,746,165 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $419,596,617) | 475,545,760 | ||
INVESTMENT COMPANIES— 2.4% | |||
200,021 | Federated Hermes Government Obligations Fund, Premier Shares, 4.19%3 | 200,021 |
Shares | Value | ||
INVESTMENT COMPANIES— continued | |||
11,544,380 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%3 | $ 11,544,380 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $11,741,026) | 11,744,401 | ||
TOTAL INVESTMENT IN SECURITIES—100.4% (IDENTIFIED COST $431,337,643)4 | 487,290,161 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.4)%5 | (1,930,789) | ||
TOTAL NET ASSETS—100% | $485,359,372 |
Affiliated | Value as of 7/31/2022 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
AnaptysBio, Inc.** | $726,639 | $— | $(173,056) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $726,639 | $— | $(173,056) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2023 | Shares Held as of 1/31/2023 | Dividend Income* |
$101,708 | $32,644 | $687,935 | 27,639 | $— |
$101,708 | $32,644 | $687,935 | 27,639 | $— |
* | 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. |
** | At January 31, 2023, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2022 | $1,540,198 | $8,858,235 | $10,398,433 |
Purchases at Cost | $16,437,278 | $59,468,480 | $75,905,758 |
Proceeds from Sales | $(17,777,455) | $(56,787,120) | $(74,564,575) |
Change in Unrealized Appreciation/ Depreciation | $— | $3,077 | $3,077 |
Net Realized Gain/(Loss) | $— | $1,708 | $1,708 |
Value as of 1/31/2023 | $200,021 | $11,544,380 | $11,744,401 |
Shares Held as of 1/31/2023 | 200,021 | 11,544,380 | 11,744,401 |
Dividend Income | $14,696 | $184,770 | $199,466 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $34.32 | $42.75 | $31.77 | $29.90 | $30.01 | $24.95 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.10 | 0.08 | 0.08 | 0.13 | 0.16 | 0.09 |
Net realized and unrealized gain (loss) | 2.14 | (1.60) | 11.90 | 2.69 | 1.81 | 5.08 |
Total From Investment Operations | 2.24 | (1.52) | 11.98 | 2.82 | 1.97 | 5.17 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.04) | (0.12) | (0.11) | (0.07) | (0.11) |
Distributions from net realized gain | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) | — |
Total Distributions | (3.31) | (6.91) | (1.00) | (0.95) | (2.08) | (0.11) |
Net Asset Value, End of Period | $33.25 | $34.32 | $42.75 | $31.77 | $29.90 | $30.01 |
Total Return2 | 7.22% | (4.95)% | 38.40% | 9.66% | 7.80% | 20.78% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.04%4 | 1.04% | 1.04% | 1.04% | 1.08% | 1.36% |
Net investment income | 0.62%4 | 0.22% | 0.23% | 0.44% | 0.57% | 0.31% |
Expense waiver/reimbursement5 | 0.16%4 | 0.16% | 0.17% | 0.20% | 0.24% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $121,268 | $105,590 | $109,747 | $79,301 | $69,221 | $40,539 |
Portfolio turnover7 | 97% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $31.06 | $39.55 | $29.57 | $27.99 | $28.37 | $23.66 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | (0.19) | (0.18) | (0.08) | (0.05) | (0.11) |
Net realized and unrealized gain (loss) | 1.92 | (1.43) | 11.04 | 2.50 | 1.68 | 4.82 |
Total From Investment Operations | 1.90 | (1.62) | 10.86 | 2.42 | 1.63 | 4.71 |
Less Distributions: | ||||||
Distributions from net realized gain | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) | — |
Net Asset Value, End of Period | $29.77 | $31.06 | $39.55 | $29.57 | $27.99 | $28.37 |
Total Return2 | 6.82% | (5.67)% | 37.37% | 8.86% | 6.96% | 19.91% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.82%4 | 1.81% | 1.79% | 1.79% | 1.85% | 2.09% |
Net investment income (loss) | (0.16)%4 | (0.55)% | (0.52)% | (0.31)% | (0.20)% | (0.41)% |
Expense waiver/reimbursement5 | 0.15%4 | 0.14% | 0.16% | 0.21% | 0.24% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $29,543 | $33,256 | $38,028 | $31,030 | $32,178 | $39,625 |
Portfolio turnover7 | 97% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $34.96 | $43.40 | $32.22 | $30.29 | $30.37 | $25.24 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.20 | 0.19 | 0.22 | 0.25 | 0.16 |
Net realized and unrealized gain (loss) | 2.19 | (1.63) | 12.08 | 2.74 | 1.81 | 5.16 |
Total From Investment Operations | 2.34 | (1.43) | 12.27 | 2.96 | 2.06 | 5.32 |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.14) | (0.21) | (0.19) | (0.13) | (0.19) |
Distributions from net realized gain | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) | — |
Total Distributions | (3.40) | (7.01) | (1.09) | (1.03) | (2.14) | (0.19) |
Net Asset Value, End of Period | $33.90 | $34.96 | $43.40 | $32.22 | $30.29 | $30.37 |
Total Return2 | 7.40% | (4.67)% | 38.83% | 10.01% | 8.08% | 21.15% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.74%4 | 0.74% | 0.74% | 0.74% | 0.78% | 1.07% |
Net investment income | 0.91%4 | 0.52% | 0.52% | 0.73% | 0.87% | 0.57% |
Expense waiver/reimbursement5 | 0.21%4 | 0.20% | 0.21% | 0.25% | 0.29% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $311,014 | $291,517 | $283,822 | $243,490 | $215,799 | $95,290 |
Portfolio turnover7 | 97% | 133% | 63% | 160% | 87% | 82% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $34.16 | $42.56 | $31.62 | $29.75 | $29.89 | $24.85 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.20 | 0.20 | 0.21 | 0.23 | 0.18 |
Net realized and unrealized gain (loss) | 2.14 | (1.59) | 11.84 | 2.69 | 1.79 | 5.06 |
Total From Investment Operations | 2.29 | (1.39) | 12.04 | 2.90 | 2.02 | 5.24 |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (0.14) | (0.22) | (0.19) | (0.15) | (0.20) |
Distributions from net realized gain | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) | — |
Total Distributions | (3.41) | (7.01) | (1.10) | (1.03) | (2.16) | (0.20) |
Net Asset Value, End of Period | $33.04 | $34.16 | $42.56 | $31.62 | $29.75 | $29.89 |
Total Return2 | 7.41% | (4.66)% | 38.84% | 10.00% | 8.08% | 21.17% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.73%4 | 0.73% | 0.73% | 0.73% | 0.81% | 1.02% |
Net investment income | 0.93%4 | 0.53% | 0.54% | 0.75% | 0.78% | 0.65% |
Expense waiver/reimbursement5 | 0.14%4 | 0.13% | 0.15% | 0.17% | 0.18% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $23,535 | $16,717 | $11,513 | $8,571 | $9,183 | $20,425 |
Portfolio turnover7 | 97% | 133% | 63% | 160% | 87% | 82% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $188,873 of securities loaned and $12,432,336 of investments in affiliated holdings* (identified cost $431,337,643, including $12,252,226 of identified cost in affiliated holdings) | $487,290,161 |
Income receivable | 284,010 |
Income receivable from affiliated holdings | 77,684 |
Receivable for investments sold | 2,099,478 |
Receivable for shares sold | 1,091,917 |
Total Assets | 490,843,250 |
Liabilities: | |
Payable for investments purchased | 4,691,766 |
Payable for shares redeemed | 428,526 |
Payable for collateral due to broker for securities lending (Note 2) | 200,021 |
Payable for investment adviser fee (Note 5) | 7,311 |
Payable for administrative fee (Note 5) | 1,022 |
Payable for Directors’/Trustees’ fees (Note 5) | 735 |
Payable for distribution services fee (Note 5) | 18,036 |
Payable for other service fees (Notes 2 and 5) | 41,169 |
Accrued expenses (Note 5) | 95,292 |
Total Liabilities | 5,483,878 |
Net assets for 14,528,013 shares outstanding | $485,359,372 |
Net Assets Consist of: | |
Paid-in capital | $421,332,967 |
Total distributable earnings (loss) | 64,026,405 |
Total Net Assets | $485,359,372 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($121,267,734 ÷ 3,647,451 shares outstanding), no par value, unlimited shares authorized | $33.25 |
Offering price per share (100/94.50 of $33.25) | $35.19 |
Redemption proceeds per share | $33.25 |
Class C Shares: | |
Net asset value per share ($29,542,954 ÷ 992,510 shares outstanding), no par value, unlimited shares authorized | $29.77 |
Offering price per share | $29.77 |
Redemption proceeds per share (99.00/100 of $29.77) | $29.47 |
Institutional Shares: | |
Net asset value per share ($311,013,618 ÷ 9,175,695 shares outstanding), no par value, unlimited shares authorized | $33.90 |
Offering price per share | $33.90 |
Redemption proceeds per share | $33.90 |
Class R6 Shares: | |
Net asset value per share ($23,535,066 ÷ 712,357 shares outstanding), no par value, unlimited shares authorized | $33.04 |
Offering price per share | $33.04 |
Redemption proceeds per share | $33.04 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2023 (unaudited)
Investment Income: | |
Dividends (including $184,770 received from affiliated holdings*) | $3,684,401 |
Net income on securities loaned (includes $14,696 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 1,234 |
TOTAL INCOME | 3,685,635 |
Expenses: | |
Investment adviser fee (Note 5) | 1,553,303 |
Administrative fee (Note 5) | 174,545 |
Custodian fees | 19,847 |
Transfer agent fees (Note 2) | 208,536 |
Directors’/Trustees’ fees (Note 5) | 1,937 |
Auditing fees | 14,337 |
Legal fees | 5,167 |
Portfolio accounting fees | 63,187 |
Distribution services fee (Note 5) | 113,745 |
Other service fees (Notes 2 and 5) | 173,285 |
Share registration costs | 44,210 |
Printing and postage | 17,636 |
Miscellaneous (Note 5) | 16,690 |
TOTAL EXPENSES | 2,406,425 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (320,598) |
Reimbursement of other operating expenses (Notes 2 and 5) | (107,930) |
TOTAL WAIVER AND REIMBURSEMENTS | (428,528) |
Net expenses | 1,977,897 |
Net investment income | 1,707,738 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $34,352 on sales of investments in affiliated holdings*) | 15,635,299 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $104,785 of investments in affiliated holdings*) | 15,615,759 |
Net realized and unrealized gain (loss) on investments | 31,251,058 |
Change in net assets resulting from operations | $32,958,796 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended 7/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,707,738 | $1,684,679 |
Net realized gain (loss) | 15,635,299 | 53,222,593 |
Net change in unrealized appreciation/depreciation | 15,615,759 | (78,884,076) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 32,958,796 | (23,976,804) |
Distributions to Shareholders: | ||
Class A Shares | (10,875,927) | (18,050,522) |
Class C Shares | (2,939,123) | (6,734,957) |
Institutional Shares | (27,856,268) | (48,461,721) |
Class R6 Shares | (1,883,465) | (2,859,720) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (43,554,783) | (76,106,920) |
Share Transactions: | ||
Proceeds from sale of shares | 87,437,035 | 160,200,101 |
Net asset value of shares issued to shareholders in payment of distributions declared | 40,448,043 | 70,184,727 |
Cost of shares redeemed | (79,009,188) | (126,331,790) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 48,875,890 | 104,053,038 |
Change in net assets | 38,279,903 | 3,969,314 |
Net Assets: | ||
Beginning of period | 447,079,469 | 443,110,155 |
End of period | $485,359,372 | $447,079,469 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $52,341 | $(9,933) |
Class C Shares | 16,159 | (273) |
Institutional Shares | 138,405 | (97,724) |
Class R6 Shares | 1,631 | — |
TOTAL | $208,536 | $(107,930) |
Other Service Fees Incurred | |
Class A Shares | $135,370 |
Class C Shares | 37,915 |
TOTAL | $173,285 |
Fair Value of Securities Loaned | Collateral Received |
$188,873 | $200,021 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 724,551 | $23,246,109 | 612,974 | $23,328,431 |
Shares issued to shareholders in payment of distributions declared | 308,622 | 9,607,113 | 454,940 | 17,088,464 |
Shares redeemed | (462,692) | (15,101,860) | (558,368) | (20,790,823) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 570,481 | $17,751,362 | 509,546 | $19,626,072 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 117,314 | $3,449,938 | 267,652 | $9,556,354 |
Shares issued to shareholders in payment of distributions declared | 99,258 | 2,761,357 | 188,752 | 6,442,116 |
Shares redeemed | (294,749) | (8,645,414) | (347,147) | (11,592,509) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (78,177) | $(2,434,119) | 109,257 | $4,405,961 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,545,765 | $51,349,615 | 2,935,348 | $114,520,154 |
Shares issued to shareholders in payment of distributions declared | 836,543 | 26,592,484 | 1,163,096 | 44,573,724 |
Shares redeemed | (1,545,018) | (51,615,196) | (2,299,780) | (88,189,501) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 837,290 | $26,326,903 | 1,798,664 | $70,904,377 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 285,813 | $9,391,373 | 320,616 | $12,795,162 |
Shares issued to shareholders in payment of distributions declared | 47,982 | 1,487,089 | 55,550 | 2,080,423 |
Shares redeemed | (110,748) | (3,646,718) | (157,356) | (5,758,957) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 223,047 | $7,231,744 | 218,810 | $9,116,628 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,552,641 | $48,875,890 | 2,636,277 | $104,053,038 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $113,745 |
Purchases | $426,302,718 |
Sales | $419,569,029 |
Beginning Account Value 8/1/2022 | Ending Account Value 1/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,072.20 | $5.43 |
Class C Shares | $1,000 | $1,068.20 | $9.49 |
Institutional Shares | $1,000 | $1,074.00 | $3.87 |
Class R6 Shares | $1,000 | $1,074.10 | $3.82 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.96 | $5.30 |
Class C Shares | $1,000 | $1,016.03 | $9.25 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
Class R6 Shares | $1,000 | $1,021.53 | $3.72 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.82% |
Institutional Shares | 0.74% |
Class R6 Shares | 0.73% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
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Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Federated Hermes MDT Balanced Fund
A Portfolio of Federated Hermes MDT Series
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Portfolio Composition | Percentage of Total Net Assets |
Domestic Equity Securities | 43.7% |
International Equity Securities (including International Exchange-Traded Funds) | 12.1% |
U.S. Treasury Securities2 | 10.6% |
Corporate Debt Securities | 9.9% |
Mortgage Core Fund | 8.6% |
Project and Trade Finance Core Fund | 1.9% |
Emerging Markets Core Fund | 1.5% |
Asset-Backed Securities | 1.5% |
High Yield Bond Core Fund | 1.0% |
Commercial Mortgage-Backed Securities | 0.5% |
Collateralized Mortgage Obligations | 0.5% |
Mortgage-Backed Securities | 0.2% |
Government Agency | 0.1% |
Bank Loan Core Fund3 | 0.0% |
Municipal Bond3 | 0.0% |
Securities Lending Collateral4 | 5.1% |
Cash Equivalents5 | 7.4% |
Derivative Contracts3,6 | 0.0% |
Other Assets and Liabilities—Net7 | (4.6)% |
TOTAL | 100% |
Sector Composition | Percentage of Equity Securities |
Information Technology | 24.8% |
Health Care | 14.8% |
Financials | 12.5% |
Consumer Discretionary | 10.2% |
Industrials | 8.3% |
Consumer Staples | 6.8% |
Communication Services | 6.0% |
Energy | 5.7% |
Real Estate | 5.4% |
Materials | 2.8% |
Utilities | 2.7% |
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 long futures contracts. |
3 | Represents less than 0.1%. |
4 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
8 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares or Principal Amount | Value | ||
COMMON STOCKS— 45.5% | |||
Communication Services— 2.7% | |||
9,409 | 1 | Alphabet, Inc., Class A | $ 929,985 |
83,798 | 1 | Altice USA, Inc. | 410,610 |
21,112 | 1 | Cars.com, Inc. | 361,015 |
358 | 1 | Charter Communications, Inc. | 137,583 |
2,819 | Comcast Corp., Class A | 110,928 | |
6,754 | 1 | Lumen Technologies, Inc. | 35,458 |
8,307 | 1 | Meta Platforms, Inc. | 1,237,494 |
16,362 | 1 | Spotify Technology SA | 1,844,325 |
2,758 | 1 | T-Mobile USA, Inc. | 411,797 |
TOTAL | 5,479,195 | ||
Consumer Discretionary— 4.7% | |||
2,679 | 1 | 1-800-FLOWERS.COM, Inc. | 26,710 |
1,757 | 1 | Airbnb, Inc. | 195,220 |
2,494 | American Eagle Outfitters, Inc. | 40,253 | |
171 | 1 | AutoZone, Inc. | 417,043 |
15,854 | 1 | Bright Horizons Family Solutions, Inc. | 1,217,270 |
5,475 | eBay, Inc. | 271,013 | |
20,202 | 1 | Expedia Group, Inc. | 2,309,089 |
22,641 | Ford Motor Co. | 305,880 | |
64,047 | Gap (The), Inc. | 869,118 | |
705 | General Motors Co. | 27,721 | |
15,297 | 1 | Goodyear Tire & Rubber Co. | 172,091 |
3,815 | 1,2 | Groupon, Inc. | 31,512 |
184 | McDonald’s Corp. | 49,202 | |
644 | Murphy USA, Inc. | 175,187 | |
280 | 1 | O’Reilly Automotive, Inc. | 221,858 |
16,006 | PVH Corp. | 1,438,939 | |
358 | Tractor Supply Co. | 81,620 | |
813 | 1 | Ulta Beauty, Inc. | 417,849 |
12,680 | 1 | Under Armour, Inc., Class A | 157,105 |
29,270 | V.F. Corp. | 905,614 | |
TOTAL | 9,330,294 | ||
Consumer Staples— 3.1% | |||
11,638 | Albertsons Cos., Inc. | 246,726 | |
2,767 | Archer-Daniels-Midland Co. | 229,246 | |
271 | Coca-Cola Bottling Co. | 137,337 | |
20,502 | 1 | Hain Celestial Group, Inc. | 420,701 |
8,796 | Hershey Foods Corp. | 1,975,581 | |
800 | Kellogg Co. | 54,864 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
36,347 | Kroger Co. | $ 1,622,167 | |
1,203 | Lamb Weston Holdings, Inc. | 120,168 | |
8,001 | PepsiCo, Inc. | 1,368,331 | |
TOTAL | 6,175,121 | ||
Energy— 2.6% | |||
803 | Cheniere Energy, Inc. | 122,690 | |
1,426 | Chevron Corp. | 248,153 | |
591 | Diamondback Energy, Inc. | 86,357 | |
4,683 | Exxon Mobil Corp. | 543,275 | |
21,158 | Marathon Oil Corp. | 581,210 | |
16,634 | Marathon Petroleum Corp. | 2,137,802 | |
7,151 | Occidental Petroleum Corp. | 463,313 | |
1,150 | PBF Energy, Inc. | 48,288 | |
647 | Phillips 66 | ��� 64,875 | |
4,870 | Targa Resources, Inc. | 365,347 | |
1,228 | Valero Energy Corp. | 171,957 | |
6,734 | 1 | Weatherford International PLC | 383,030 |
TOTAL | 5,216,297 | ||
Financials— 5.7% | |||
4,991 | American International Group, Inc. | 315,531 | |
450 | Ameriprise Financial, Inc. | 157,554 | |
21,707 | Bank of New York Mellon Corp. | 1,097,723 | |
19,295 | Berkley, W. R. Corp. | 1,353,351 | |
1,225 | Carlyle Group LP/The | 44,063 | |
1,512 | Cboe Global Markets, Inc. | 185,795 | |
2,946 | Chubb Ltd. | 670,186 | |
792 | 1,2 | Coinbase Global, Inc. | 46,316 |
679 | First Republic Bank | 95,658 | |
9,581 | 1 | Green Dot Corp. | 173,225 |
861 | Hartford Financial Services Group, Inc. | 66,822 | |
15,952 | Huntington Bancshares, Inc. | 241,992 | |
9,784 | Interactive Brokers Group, Inc., Class A | 782,133 | |
1,061 | 1 | LendingTree, Inc. | 42,079 |
281 | LPL Financial Holdings, Inc. | 66,631 | |
904 | MarketAxess Holdings, Inc. | 328,920 | |
11,430 | Northern Trust Corp. | 1,108,367 | |
1,477 | 1 | PROG Holdings, Inc. | 32,922 |
9,522 | Progressive Corp., OH | 1,298,325 | |
6,277 | Signature Bank | 809,419 | |
256 | 1 | SVB Financial Group | 77,425 |
7,352 | The Travelers Cos., Inc. | 1,405,114 | |
669 | 1 | Triumph Bancorp, Inc. | 37,283 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
33,023 | Virtu Financial, Inc. | $ 637,674 | |
5,580 | Zions Bancorporation, N.A. | 296,633 | |
TOTAL | 11,371,141 | ||
Health Care— 6.7% | |||
2,241 | AbbVie, Inc. | 331,108 | |
2,640 | Amgen, Inc. | 666,336 | |
7,913 | 1 | AnaptysBio, Inc. | 196,955 |
1,306 | 1 | Biogen, Inc. | 379,915 |
4,372 | Bristol-Myers Squibb Co. | 317,626 | |
4,593 | 1 | Centene Corp. | 350,170 |
500 | CIGNA Corp. | 158,335 | |
15,524 | 1 | Community Health Systems, Inc. | 81,035 |
3,972 | CVS Health Corp. | 350,410 | |
6,143 | Dentsply Sirona, Inc. | 226,247 | |
51,357 | 1 | Elanco Animal Health, Inc. | 705,132 |
561 | Elevance Health, Inc. | 280,494 | |
2,483 | Eli Lilly & Co. | 854,525 | |
2,176 | 1 | Emergent BioSolutions, Inc. | 28,701 |
10,058 | 1 | Enovis Corp. | 633,151 |
878 | 1 | Fulgent Genetics, Inc. | 29,659 |
11,951 | Gilead Sciences, Inc. | 1,003,167 | |
2,999 | Humana, Inc. | 1,534,588 | |
6,423 | Johnson & Johnson | 1,049,647 | |
843 | McKesson Corp. | 319,227 | |
6,430 | Merck & Co., Inc. | 690,646 | |
407 | 1 | Molina Healthcare, Inc. | 126,915 |
6,587 | 1 | Myriad Genetics, Inc. | 129,896 |
16,210 | 1 | Nevro Corp. | 595,231 |
9,022 | 1 | Omnicell, Inc. | 500,450 |
2,759 | Pfizer, Inc. | 121,837 | |
9,481 | 1 | Syneos Health, Inc. | 340,558 |
1,825 | 1 | Teladoc Health, Inc. | 53,655 |
1,138 | Teleflex, Inc. | 277,012 | |
1,159 | UnitedHealth Group, Inc. | 578,561 | |
1,626 | 1 | Vertex Pharmaceuticals, Inc. | 525,361 |
TOTAL | 13,436,550 | ||
Industrials— 3.8% | |||
459 | 3M Co. | 52,822 | |
1,710 | AGCO Corp. | 236,202 | |
1,315 | 1 | Alaska Air Group, Inc. | 67,512 |
2,231 | Allegion PLC | 262,254 | |
4,120 | Booz Allen Hamilton Holding Corp. | 389,917 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
3,178 | Caterpillar, Inc. | $ 801,778 | |
7,124 | 1 | CIRCOR International, Inc. | 196,979 |
2,523 | Lennox International, Inc. | 657,544 | |
1,342 | Manpower, Inc. | 116,969 | |
6,852 | Pentair PLC | 379,464 | |
10,000 | Pitney Bowes, Inc. | 43,100 | |
6,929 | Robert Half International, Inc. | 581,759 | |
984 | Ryder System, Inc. | 92,899 | |
2,538 | 1 | SkyWest, Inc. | 52,689 |
7,730 | 1 | SPX Technologies, Inc. | 579,827 |
6,859 | Stanley Black & Decker, Inc. | 612,577 | |
1,034 | Trane Technologies PLC | 185,210 | |
11,566 | 1 | Trex Co., Inc. | 609,759 |
1,458 | 1 | TriNet Group, Inc. | 110,006 |
8,249 | 1 | United Airlines Holdings, Inc. | 403,871 |
195 | 1 | United Rentals, Inc. | 85,985 |
3,020 | Waste Management, Inc. | 467,285 | |
1,443 | 1 | Willscot Corp. | 69,928 |
11,425 | 1 | XPO Logistics, Inc. | 455,400 |
TOTAL | 7,511,736 | ||
Information Technology— 11.3% | |||
3,377 | 1 | Adobe, Inc. | 1,250,638 |
16,251 | Apple, Inc. | 2,344,857 | |
3,146 | 1 | Arista Networks, Inc. | 396,459 |
4,830 | Automatic Data Processing, Inc. | 1,090,662 | |
2,290 | 1 | Box, Inc. | 73,257 |
2,935 | Bread Financial Holdings, Inc. | 120,423 | |
2,173 | Broadcom, Inc. | 1,271,227 | |
3,677 | 1 | Cerence, Inc. | 90,160 |
4,701 | 1 | Cirrus Logic, Inc. | 424,923 |
17,337 | Cisco Systems, Inc. | 843,792 | |
854 | Cognizant Technology Solutions Corp. | 57,004 | |
2,931 | 1 | Commvault Systems, Inc. | 182,396 |
19,153 | Dell Technologies, Inc. | 777,995 | |
14,042 | 1 | DXC Technology Co. | 403,427 |
3,650 | 1 | F5, Inc. | 538,959 |
14,151 | Hewlett Packard Enterprise Co. | 228,256 | |
1,033 | 1 | IPG Photonics Corp. | 115,799 |
1,416 | 1 | LiveRamp Holdings, Inc. | 37,892 |
8,649 | Microsoft Corp. | 2,143,309 | |
9,954 | Paychex, Inc. | 1,153,270 | |
28,480 | 1 | PayPal Holdings, Inc. | 2,320,835 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
18,478 | Pegasystems, Inc. | $ 718,425 | |
30,666 | 1 | Pure Storage, Inc. | 887,474 |
261 | Qualcomm, Inc. | 34,768 | |
61,443 | 1 | Semtech Corp. | 2,029,462 |
8,508 | Skyworks Solutions, Inc. | 933,072 | |
354 | 1 | Synaptics, Inc. | 44,261 |
8,203 | Vishay Intertechnology, Inc. | 187,767 | |
31,056 | Western Union Co. | 440,064 | |
9,197 | Xerox Holdings Corp. | 150,647 | |
17,576 | 1 | Zoom Video Communications, Inc. | 1,318,200 |
TOTAL | 22,609,680 | ||
Materials— 1.3% | |||
4,301 | 1 | Berry Global Group, Inc. | 265,501 |
4,889 | CF Industries Holdings, Inc. | 414,098 | |
12,399 | Mosaic Co./The | 614,247 | |
9,190 | Newmont Corp. | 486,427 | |
1,950 | Nucor Corp. | 329,589 | |
2,688 | Steel Dynamics, Inc. | 324,280 | |
5,688 | United States Steel Corp. | 162,051 | |
TOTAL | 2,596,193 | ||
Real Estate— 2.4% | |||
6,600 | American Homes 4 Rent | 226,314 | |
700 | American Tower Corp. | 156,373 | |
14,500 | Brixmor Property Group, Inc. | 341,185 | |
4,309 | 1 | Cushman & Wakefield PLC | 62,179 |
2,200 | EastGroup Properties, Inc. | 370,150 | |
7,700 | EPR PPTYS | 327,096 | |
1,600 | Equity Residential Properties Trust | 101,840 | |
7,700 | Gaming and Leisure Properties, Inc. | 412,412 | |
3,100 | Invitation Homes, Inc. | 100,750 | |
14,500 | Kimco Realty Corp. | 325,670 | |
9,000 | Kite Realty Group Trust | 195,300 | |
3,400 | National Retail Properties, Inc. | 160,990 | |
20,000 | Pebblebrook Hotel Trust | 328,000 | |
1,250 | Public Storage | 380,425 | |
6,500 | Rexford Industrial Realty, Inc. | 412,555 | |
2,900 | Ryman Hospitality Properties | 269,381 | |
2,500 | UDR, Inc. | 106,475 | |
12,900 | VICI Properties, Inc. | 440,922 | |
2,100 | Welltower, Inc. | 157,584 | |
TOTAL | 4,875,601 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Utilities— 1.2% | |||
2,819 | American Electric Power Co., Inc. | $ 264,873 | |
11,611 | Exelon Corp. | 489,868 | |
17,433 | NRG Energy, Inc. | 596,558 | |
10,778 | WEC Energy Group, Inc. | 1,013,024 | |
779 | Xcel Energy, Inc. | 53,572 | |
TOTAL | 2,417,895 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $79,587,480) | 91,019,703 | ||
U.S. TREASURIES— 10.6% | |||
U.S. Treasury Bond— 1.7% | |||
$ 610,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 417,489 | |
1,200,000 | 3 | United States Treasury Bond, 2.000%, 8/15/2051 | 848,320 |
880,000 | United States Treasury Bond, 2.250%, 2/15/2052 | 659,352 | |
425,000 | United States Treasury Bond, 2.875%, 5/15/2052 | 365,357 | |
125,000 | United States Treasury Bond, 3.000%, 8/15/2052 | 110,317 | |
50,000 | United States Treasury Bond, 3.250%, 5/15/2042 | 46,323 | |
225,000 | United States Treasury Bond, 3.375%, 8/15/2042 | 212,466 | |
645,000 | United States Treasury Bond, 4.000%, 11/15/2052 | 687,690 | |
TOTAL | 3,347,314 | ||
U.S. Treasury Note— 8.9% | |||
800,000 | United States Treasury Note, 1.250%, 12/31/2026 | 728,367 | |
600,000 | United States Treasury Note, 1.875%, 2/28/2027 | 558,507 | |
2,090,000 | United States Treasury Note, 1.875%, 2/15/2032 | 1,832,960 | |
1,025,000 | United States Treasury Note, 2.375%, 3/31/2029 | 955,732 | |
800,000 | United States Treasury Note, 2.500%, 3/31/2027 | 763,091 | |
25,000 | United States Treasury Note, 2.625%, 4/15/2025 | 24,216 | |
345,000 | United States Treasury Note, 2.625%, 5/31/2027 | 330,527 | |
400,000 | United States Treasury Note, 2.625%, 7/31/2029 | 377,874 | |
725,000 | United States Treasury Note, 2.750%, 4/30/2027 | 698,160 | |
400,000 | United States Treasury Note, 2.750%, 7/31/2027 | 384,852 | |
500,000 | United States Treasury Note, 2.750%, 5/31/2029 | 476,089 | |
670,000 | United States Treasury Note, 2.750%, 8/15/2032 | 629,793 | |
850,000 | United States Treasury Note, 2.875%, 4/30/2029 | 815,422 | |
1,420,000 | United States Treasury Note, 2.875%, 5/15/2032 | 1,351,751 | |
400,000 | United States Treasury Note, 3.000%, 6/30/2024 | 391,417 | |
500,000 | United States Treasury Note, 3.125%, 8/31/2027 | 489,064 | |
1,050,000 | United States Treasury Note, 3.125%, 8/31/2029 | 1,021,688 | |
800,000 | United States Treasury Note, 3.250%, 8/31/2024 | 785,472 | |
1,100,000 | United States Treasury Note, 3.250%, 6/30/2029 | 1,078,077 | |
300,000 | United States Treasury Note, 3.875%, 11/30/2027 | 303,382 | |
300,000 | United States Treasury Note, 3.875%, 11/30/2029 | 305,297 | |
600,000 | United States Treasury Note, 4.125%, 9/30/2027 | 611,996 |
Shares or Principal Amount | Value | ||
U.S. TREASURIES— continued | |||
U.S. Treasury Note— continued | |||
$ 100,000 | United States Treasury Note, 4.125%, 10/31/2027 | $ 102,058 | |
950,000 | United States Treasury Note, 4.125%, 11/15/2032 | 998,834 | |
700,000 | United States Treasury Note, 4.250%, 9/30/2024 | 698,307 | |
1,150,000 | United States Treasury Note, 4.500%, 11/30/2024 | 1,153,610 | |
TOTAL | 17,866,543 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $22,290,433) | 21,213,857 | ||
CORPORATE BONDS— 9.9% | |||
Basic Industry - Chemicals— 0.0% | |||
10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 10,356 | |
Basic Industry - Metals & Mining— 0.0% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 14,826 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 22,829 | |
TOTAL | 37,655 | ||
Capital Goods - Aerospace & Defense— 0.5% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 140,914 | |
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 275,135 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 106,738 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 242,002 | |
170,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 165,001 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 12,630 | |
40,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 6.341% (3-month USLIBOR +1.735%), 2/15/2042 | 31,050 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 48,706 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 49,613 | |
TOTAL | 1,071,789 | ||
Capital Goods - Building Materials— 0.1% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 193,527 | |
Capital Goods - Construction Machinery— 0.1% | |||
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 205,912 | |
Capital Goods - Diversified Manufacturing— 0.1% | |||
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 52,577 | |
175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 145,953 | |
TOTAL | 198,530 | ||
Communications - Cable & Satellite— 0.2% | |||
300,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029 | 251,690 | |
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 100,771 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 13,729 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 9,806 | |
TOTAL | 375,996 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Communications - Media & Entertainment— 0.3% | |||
$ 30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | $ 31,456 | |
500,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 4.450%, 8/15/2052 | 437,310 | |
178,000 | Paramount Global, Sr. Unsecd. Note, 4.750%, 5/15/2025 | 176,697 | |
TOTAL | 645,463 | ||
Communications - Telecom Wireless— 0.1% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 144,800 | |
Communications - Telecom Wirelines— 0.2% | |||
12,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | 8,868 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 231,222 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | 8,079 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 4,757 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 137,852 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 81,809 | |
TOTAL | 472,587 | ||
Consumer Cyclical - Automotive— 0.1% | |||
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 145,144 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 9,874 | |
10,000 | Mercedes-Benz Finance NA LLC, Company Guarantee, 8.500%, 1/18/2031 | 12,779 | |
TOTAL | 167,797 | ||
Consumer Cyclical - Retailers— 0.2% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 159,677 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 241,855 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 14,882 | |
TOTAL | 416,414 | ||
Consumer Cyclical - Services— 0.2% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 198,429 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 124,161 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 13,199 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 4/1/2023 | 10,389 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 68,014 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 14,841 | |
TOTAL | 429,033 | ||
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 | 29,762 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 283,923 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 133,690 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 60,348 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 261,323 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 199,085 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 49,234 | |
TOTAL | 1,017,365 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Health Care— 0.2% | |||
$ 135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | $ 119,970 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 158,408 | |
105,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 144A, 6.377%, 11/22/2052 | 121,427 | |
TOTAL | 399,805 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.3% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 448,278 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 13,412 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 9,421 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 14,043 | |
TOTAL | 485,154 | ||
Consumer Non-Cyclical - Tobacco— 0.2% | |||
450,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 473,631 | |
Energy - Independent— 0.4% | |||
250,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.900%, 2/1/2025 | 244,659 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 113,734 | |
400,000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2053 | 419,044 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 18,996 | |
TOTAL | 796,433 | ||
Energy - Integrated— 0.5% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 129,821 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 294,640 | |
5,000 | ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062 | 4,323 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 262,619 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 225,471 | |
TOTAL | 916,874 | ||
Energy - Midstream— 0.4% | |||
125,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 108,781 | |
20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 20,313 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 112,776 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 74,720 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 10,015 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 166,706 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 22,656 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 38,807 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 4,549 | |
190,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 199,981 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 63,498 | |
TOTAL | 822,802 | ||
Energy - Refining— 0.0% | |||
15,000 | HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 15,140 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 12,782 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Energy - Refining— continued | |||
$ 10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | $ 10,970 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 14,816 | |
TOTAL | 53,708 | ||
Financial Institution - Banking— 1.6% | |||
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 292,040 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 196,760 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 14,841 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 14,872 | |
20,000 | Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024 | 19,681 | |
165,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 141,465 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 242,399 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 163,826 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 272,032 | |
370,000 | Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026 | 376,063 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 14,727 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 29,072 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 74,096 | |
250,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 249,180 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 39,963 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 170,244 | |
10,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | 9,981 |
25,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 24,328 |
20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | 19,927 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 13,231 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 398,640 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | 85,476 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 14,769 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 14,963 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 8,788 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 202,861 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 9,834 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 9,614 | |
TOTAL | 3,123,673 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 77,870 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 67,508 | |
TOTAL | 145,378 | ||
Financial Institution - Finance Companies— 0.2% | |||
150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 149,180 | |
220,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 224,668 | |
TOTAL | 373,848 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - Health— 0.2% | |||
$ 300,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052 | $ 297,514 | |
Financial Institution - Insurance - Life— 0.3% | |||
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 305,426 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 15,298 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 13,760 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 247,270 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 17,004 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 9,954 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 54,203 | |
TOTAL | 662,915 | ||
Financial Institution - Insurance - P&C— 0.0% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 9,376 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 44,951 | |
TOTAL | 54,327 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 53,921 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 157,270 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 65,655 | |
TOTAL | 276,846 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 169,775 | |
Financial Institution - REIT - Office— 0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 67,332 | |
Financial Institution - REIT - Other— 0.0% | |||
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 74,238 | |
Food & Beverage— 0.0% | |||
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 14,692 | |
Midstream— 0.0% | |||
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 9,435 | |
Technology— 0.7% | |||
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 29,833 | |
10,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | 9,105 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 52,116 | |
220,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | 200,940 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 19,000 | |
240,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | 246,932 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 102,528 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 258,901 | |
7,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 5,360 | |
8,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 7,415 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 500,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | $ 543,927 | |
TOTAL | 1,476,057 | ||
Technology Services— 0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 4,445 | |
Transportation - Airlines— 0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 28,646 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 110,776 | |
TOTAL | 139,422 | ||
Transportation - Railroads— 0.1% | |||
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 29,856 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 214,319 | |
TOTAL | 244,175 | ||
Transportation - Services— 0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 15,334 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 18,044 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 199,030 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 123,849 | |
TOTAL | 356,257 | ||
Utility - Electric— 1.2% | |||
200,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 142,952 | |
90,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 81,036 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 67,216 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 293,545 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 117,939 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 162,311 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 192,249 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 102,691 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 30,506 | |
300,000 | Oncor Electric Delivery Co. LLC, Sec. Fac. Bond, 4.950%, 9/15/2052 | 306,033 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 237,336 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 166,536 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 243,332 | |
170,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | 173,878 | |
TOTAL | 2,317,560 | ||
Utility - Natural Gas— 0.4% | |||
45,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 44,942 | |
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 447,170 | |
230,000 | ONE Gas, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2032 | 224,962 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Utility - Natural Gas— continued | |||
$ 5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | $ 5,471 | |
TOTAL | 722,545 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $21,006,352) | 19,866,065 | ||
ASSET-BACKED SECURITIES— 1.5% | |||
Auto Receivables— 0.6% | |||
405,138 | Santander Bank Auto Credit-Linked Notes 2022-B, Class D, 6.793%, 8/16/2032 | 403,550 | |
300,000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | 300,730 | |
400,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 388,073 | |
90,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 82,756 | |
TOTAL | 1,175,109 | ||
Credit Card— 0.2% | |||
400,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 360,696 | |
Equipment Lease— 0.4% | |||
280,735 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 279,746 | |
500,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 469,951 | |
TOTAL | 749,697 | ||
Other— 0.2% | |||
450,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 430,684 | |
Student Loans— 0.1% | |||
227,236 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 201,615 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,052,635) | 2,917,801 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.5% | |||
Commercial Mortgage— 0.3% | |||
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 178,981 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.892%, 6/10/2046 | 191,706 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 186,678 | |
TOTAL | 557,365 | ||
Federal Home Loan Mortgage Corporation— 0.2% | |||
1,883 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 1,955 | |
28,266 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 27,421 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 331,711 | |
TOTAL | 361,087 | ||
Federal National Mortgage Association— 0.0% | |||
123 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury +48.285%, Cap 9.749%), 7/25/2023 | 123 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— continued | |||
Federal National Mortgage Association— continued | |||
$ 305 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | $ 298 | |
TOTAL | 421 | ||
Non-Agency Mortgage— 0.0% | |||
41 | 6 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.465%, 3/25/2031 | 40 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $998,270) | 918,913 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.5% | |||
Commercial Mortgage— 0.3% | |||
200,000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | 206,549 | |
400,000 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | 358,511 | |
TOTAL | 565,060 | ||
Federal Home Loan Mortgage Corporation— 0.2% | |||
387,132 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | 346,299 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $954,807) | 911,359 | ||
MORTGAGE-BACKED SECURITIES— 0.2% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
21,768 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 21,622 | |
Federal National Mortgage Association— 0.2% | |||
5,616 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 5,853 | |
599 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 620 | |
22,095 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 21,889 | |
38,503 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 37,155 | |
29,086 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 29,381 | |
13,169 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 12,293 | |
16,137 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 15,074 | |
10,772 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 10,496 | |
15,929 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 15,684 | |
8,547 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 7,893 | |
11,169 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 10,649 | |
13,464 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 12,846 | |
10,334 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 9,414 | |
8,196 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 7,804 | |
22,253 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 20,600 | |
10,184 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 9,729 | |
16,236 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 16,671 | |
18,809 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 19,015 | |
23,039 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 21,521 | |
23,232 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 22,096 | |
TOTAL | 306,683 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Government National Mortgage Association— 0.0% | |||
$ 13,185 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | $ 12,713 | |
8,444 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 8,391 | |
TOTAL | 21,104 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $368,331) | 349,409 | ||
GOVERNMENT AGENCY— 0.1% | |||
Federal National Mortgage Association— 0.1% | |||
250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,769) | 231,868 | |
MUNICIPAL BOND— 0.0% | |||
30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $32,986) | 31,210 | |
EXCHANGE-TRADED FUNDS— 10.3% | |||
64,500 | iShares Core MSCI Emerging Markets ETF | 3,281,115 | |
241,500 | 2 | iShares MSCI EAFE ETF | 17,279,325 |
Total Exchange-Traded Funds (IDENTIFIED COST $19,576,414) | 20,560,440 | ||
INVESTMENT COMPANIES— 25.5% | |||
20,315 | Bank Loan Core Fund | 178,774 | |
369,547 | Emerging Markets Core Fund | 3,048,764 | |
10,169,520 | Federated Hermes Government Obligations Fund, Premier Shares, 4.19%7 | 10,169,520 | |
14,707,477 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%7 | 14,707,477 | |
384,295 | High Yield Bond Core Fund | 2,079,036 | |
1,981,343 | Mortgage Core Fund | 17,079,175 | |
434,398 | Project and Trade Finance Core Fund | 3,792,292 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $52,923,566) | 51,055,038 | ||
TOTAL INVESTMENT IN SECURITIES—104.6% (IDENTIFIED COST $201,041,043)8 | 209,075,663 | ||
OTHER ASSETS AND LIABILITIES - NET—(4.6)%9 | (9,243,671) | ||
TOTAL NET ASSETS—100% | $199,831,992 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
United States Treasury Long Bond Long Futures | 2 | $259,750 | March 2023 | $8,231 |
United States Treasury Notes 2-Year Long Futures | 24 | $4,935,563 | March 2023 | $10,824 |
United States Treasury Notes 5-Year Long Futures | 16 | $1,747,875 | March 2023 | $14,575 |
United States Treasury Notes 10-Year Ultra Long Futures | 23 | $2,787,672 | March 2023 | $305 |
Short Futures: | ||||
United States Treasury Notes 10-Year Short Futures | 11 | $1,259,672 | March 2023 | $(9,979) |
United States Treasury Ultra Bond Short Futures | 3 | $425,250 | March 2023 | $649 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $24,605 |
Affiliates | Value as of 7/31/2022 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $174,026 | $6,853 | $— |
Emerging Markets Core Fund | $2,048,880 | $1,556,588 | $(782,950) |
Federated Hermes Government Obligations Fund, Premier Shares* | $7,041,989 | $164,436,692 | $(161,309,161) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $21,788,196 | $24,351,768 | $(31,440,120) |
High Yield Bond Core Fund | $1,960,618 | $1,179,349 | $(1,000,000) |
Mortgage Core Fund | $15,133,883 | $5,541,010 | $(3,000,000) |
Project and Trade Finance Core Fund | $3,586,221 | $155,183 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $51,733,813 | $197,227,443 | $(197,532,231) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 1/31/2023 | Shares Held as of 1/31/2023 | Dividend Income |
$(2,105) | $— | $178,774 | 20,315 | $6,854 |
$339,219 | $(112,973) | $3,048,764 | 369,547 | $85,244 |
$— | $— | $10,169,520 | 10,169,520 | $63,934 |
$8,311 | $(678) | $14,707,477 | 14,707,477 | $287,129 |
$110,247 | $(171,178) | $2,079,036 | 384,295 | $61,140 |
$(448,665) | $(147,053) | $17,079,175 | 1,981,343 | $309,644 |
$50,888 | $— | $3,792,292 | 434,398 | $155,024 |
$57,895 | $(431,882) | $51,055,038 | 28,066,895 | $968,969 |
* | 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 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | Perpetual Bond Security. The maturity date reflects the next call date. |
6 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities. |
7 | 7-day net yield. |
8 | Also represents cost of investments for federal tax purposes. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 2023, 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 | $87,233,055 | $— | $— | $87,233,055 |
International | 3,786,648 | — | — | 3,786,648 |
Debt Securities: | ||||
U.S. Treasuries | — | 21,213,857 | — | 21,213,857 |
Corporate Bonds | — | 19,866,065 | — | 19,866,065 |
Asset-Backed Securities | — | 2,917,801 | — | 2,917,801 |
Collateralized Mortgage Obligations | — | 918,913 | — | 918,913 |
Commercial Mortgage-Backed Securities | — | 911,359 | — | 911,359 |
Mortgage-Backed Securities | — | 349,409 | — | 349,409 |
Government Agency | — | 231,868 | — | 231,868 |
Municipal Bond | — | 31,210 | — | 31,210 |
Exchange-Traded Funds | 20,560,440 | — | — | 20,560,440 |
Investment Companies1 | 47,262,746 | — | — | 51,055,038 |
TOTAL SECURITIES | $158,842,889 | $46,440,482 | $— | $209,075,663 |
Other Financial Instruments:2 | ||||
Assets | $34,584 | $— | $— | $34,584 |
Liabilities | (9,979) | — | — | (9,979) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $24,605 | $— | $— | $24,605 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $3,792,292 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above, but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
ETF | —Exchange-Traded Fund | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.57 | $23.18 | $19.59 | $18.71 | $19.59 | $17.74 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.13 | 0.16 | 0.16 | 0.19 | 0.25 | 0.21 |
Net realized and unrealized gain (loss) | 0.45 | (1.60) | 4.30 | 1.46 | 0.57 | 1.89 |
Total From Investment Operations | 0.58 | (1.44) | 4.46 | 1.65 | 0.82 | 2.10 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.13) | (0.07) | (0.24) | (0.19) | (0.25) |
Distributions from net realized gain | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) | — |
Total Distributions | (1.19) | (2.17) | (0.87) | (0.77) | (1.70) | (0.25) |
Net Asset Value, End of Period | $18.96 | $19.57 | $23.18 | $19.59 | $18.71 | $19.59 |
Total Return2 | 3.28% | (7.05)% | 23.31% | 9.08% | 5.28% | 11.91% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.31%4 | 1.30% | 1.31% | 1.31% | 1.31% | 1.32% |
Net investment income | 1.35%4 | 0.73% | 0.77% | 1.04% | 1.35% | 1.11% |
Expense waiver/reimbursement5 | 0.03%4 | 0.01% | 0.04% | 0.07% | 0.08% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $116,524 | $114,889 | $124,559 | $95,559 | $84,243 | $61,553 |
Portfolio turnover6 | 63% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.16 | $22.78 | $19.35 | $18.50 | $19.31 | $17.49 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | (0.01) | 0.002 | 0.05 | 0.11 | 0.06 |
Net realized and unrealized gain (loss) | 0.45 | (1.57) | 4.23 | 1.43 | 0.59 | 1.87 |
Total From Investment Operations | 0.50 | (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 | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) | — |
Total Distributions | (1.10) | (2.04) | (0.80) | (0.63) | (1.51) | (0.11) |
Net Asset Value, End of Period | $18.56 | $19.16 | $22.78 | $19.35 | $18.50 | $19.31 |
Total Return3 | 2.90% | (7.76)% | 22.37% | 8.25% | 4.54% | 11.09% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 2.09%5 | 2.06% | 2.06% | 2.06% | 2.06% | 2.07% |
Net investment income (loss) | 0.57%5 | (0.05)% | 0.01% | 0.29% | 0.60% | 0.35% |
Expense waiver/reimbursement6 | 0.02%5 | 0.01% | 0.05% | 0.09% | 0.10% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $12,791 | $13,503 | $16,941 | $15,043 | $15,492 | $27,577 |
Portfolio turnover7 | 63% | 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. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.67 | $23.28 | $19.67 | $18.78 | $19.64 | $17.79 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.21 | 0.22 | 0.24 | 0.30 | 0.26 |
Net realized and unrealized gain (loss) | 0.46 | (1.60) | 4.30 | 1.46 | 0.58 | 1.89 |
Total From Investment Operations | 0.61 | (1.39) | 4.52 | 1.70 | 0.88 | 2.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.18) | (0.11) | (0.28) | (0.23) | (0.30) |
Distributions from net realized gain | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) | — |
Total Distributions | (1.24) | (2.22) | (0.91) | (0.81) | (1.74) | (0.30) |
Net Asset Value, End of Period | $19.04 | $19.67 | $23.28 | $19.67 | $18.78 | $19.64 |
Total Return2 | 3.42% | (6.82)% | 23.59% | 9.33% | 5.61% | 12.15% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.06%4 | 1.06% | 1.06% | 1.06% | 1.06% | 1.07% |
Net investment income | 1.60%4 | 0.97% | 1.02% | 1.29% | 1.62% | 1.35% |
Expense waiver/reimbursement5 | 0.04%4 | 0.01% | 0.04% | 0.07% | 0.08% | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $68,222 | $65,157 | $73,997 | $54,440 | $53,035 | $54,358 |
Portfolio turnover6 | 63% | 110% | 61% | 152% | 92% | 89% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.63 | $23.24 | $19.61 | $18.74 | $19.62 | $17.76 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.22 | 0.22 | 0.24 | 0.27 | 0.26 |
Net realized and unrealized gain (loss) | 0.46 | (1.61) | 4.31 | 1.44 | 0.60 | 1.90 |
Total From Investment Operations | 0.61 | (1.39) | 4.53 | 1.68 | 0.87 | 2.16 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.18) | (0.10) | (0.28) | (0.24) | (0.30) |
Distributions from net realized gain | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) | — |
Total Distributions | (1.26) | (2.22) | (0.90) | (0.81) | (1.75) | (0.30) |
Net Asset Value, End of Period | $18.98 | $19.63 | $23.24 | $19.61 | $18.74 | $19.62 |
Total Return2 | 3.43% | (6.81)% | 23.70% | 9.26% | 5.56% | 12.24% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.04%4 | 1.01% | 1.05% | 1.05% | 1.05% | 1.06% |
Net investment income | 1.62%4 | 1.05% | 1.03% | 1.29% | 1.40% | 1.36% |
Expense waiver/reimbursement5 | 0.01%4 | 0.01% | 0.01% | 0.03% | 0.06% | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,294 | $2,286 | $1,836 | $1,516 | $3,165 | $12,178 |
Portfolio turnover6 | 63% | 110% | 61% | 152% | 92% | 89% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $10,022,488 of securities loaned and $51,055,038 of investments in affiliated holdings* (identified cost $201,041,043, including $52,923,566 of identified cost in affiliated holdings) | $209,075,663 |
Income receivable | 470,436 |
Income receivable from affiliated holdings | 160,037 |
Receivable for investments sold | 624,702 |
Receivable for shares sold | 836,375 |
Receivable for variation margin on futures contracts | 10,810 |
Total Assets | 211,178,023 |
Liabilities: | |
Payable for investments purchased | 1,005,210 |
Payable for shares redeemed | 17,554 |
Payable for collateral due to broker for securities lending (Note 2) | 10,169,520 |
Payable for investment adviser fee (Note 5) | 4,002 |
Payable for administrative fee (Note 5) | 424 |
Payable for Directors’/Trustees’ fees (Note 5) | 495 |
Payable for distribution services fee (Note 5) | 7,890 |
Payable for other service fees (Notes 2 and 5) | 50,486 |
Accrued expenses (Note 5) | 90,450 |
Total Liabilities | 11,346,031 |
Net assets for 10,540,449 shares outstanding | $199,831,992 |
Net Assets Consist of: | |
Paid-in capital | $191,791,691 |
Total distributable earnings (loss) | 8,040,301 |
Total Net Assets | $199,831,992 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($116,524,407 ÷ 6,146,562 shares outstanding), no par value, unlimited shares authorized | $18.96 |
Offering price per share (100/94.50 of $18.96) | $20.06 |
Redemption proceeds per share | $18.96 |
Class C Shares: | |
Net asset value per share ($12,791,345 ÷ 689,372 shares outstanding), no par value, unlimited shares authorized | $18.56 |
Offering price per share | $18.56 |
Redemption proceeds per share (99.00/100 of $18.56) | $18.37 |
Institutional Shares: | |
Net asset value per share ($68,221,960 ÷ 3,583,638 shares outstanding), no par value, unlimited shares authorized | $19.04 |
Offering price per share | $19.04 |
Redemption proceeds per share | $19.04 |
Class R6 Shares: | |
Net asset value per share ($2,294,280 ÷ 120,877 shares outstanding), no par value, unlimited shares authorized | $18.98 |
Offering price per share | $18.98 |
Redemption proceeds per share | $18.98 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2023 (unaudited)
Investment Income: | |
Dividends (including $904,540 received from affiliated holdings*) | $1,781,262 |
Interest | 770,013 |
Net income on securities loaned (includes $64,429 earned from an affiliated holding related to cash collateral balances*) (Note 2) | 4,656 |
TOTAL INCOME | 2,555,931 |
Expenses: | |
Investment adviser fee (Note 5) | 720,016 |
Administrative fee (Note 5) | 77,180 |
Custodian fees | 23,709 |
Transfer agent fees (Note 2) | 96,692 |
Directors’/Trustees’ fees (Note 5) | 1,268 |
Auditing fees | 18,106 |
Legal fees | 5,568 |
Portfolio accounting fees | 53,724 |
Distribution services fee (Note 5) | 47,346 |
Other service fees (Notes 2 and 5) | 149,904 |
Share registration costs | 34,983 |
Printing and postage | 13,792 |
Miscellaneous (Note 5) | 16,659 |
TOTAL EXPENSES | 1,258,947 |
Reimbursements: | |
Reimbursement of investment adviser fee (Note 5) | (10,593) |
Reimbursement of other operating expenses (Notes 2 and 5) | (22,012) |
TOTAL REIMBURSEMENTS | (32,605) |
Net expenses | 1,226,342 |
Net investment income | 1,329,589 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized loss of $(431,882) on sales of investments in affiliated holdings*) | $1,927,424 |
Net realized loss on futures contracts | (104,832) |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $57,895 on investments in affiliated holdings*) | 3,181,436 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 85 |
Net change in unrealized depreciation of futures contracts | 30,323 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | 5,034,436 |
Change in net assets resulting from operations | $6,364,025 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended 7/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,329,589 | $1,611,997 |
Net realized gain (loss) | 1,822,592 | 15,639,630 |
Net change in unrealized appreciation/depreciation | 3,211,844 | (32,815,373) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,364,025 | (15,563,746) |
Distributions to Shareholders: | ||
Class A Shares | (6,948,204) | (11,860,120) |
Class C Shares | (731,258) | (1,532,399) |
Institutional Shares | (4,265,616) | (7,174,769) |
Class R6 Shares | (142,728) | (217,778) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (12,087,806) | (20,785,066) |
Share Transactions: | ||
Proceeds from sale of shares | 19,758,344 | 32,654,133 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,678,829 | 19,978,864 |
Cost of shares redeemed | (21,716,222) | (37,782,492) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 9,720,951 | 14,850,505 |
Change in net assets | 3,997,170 | (21,498,307) |
Net Assets: | ||
Beginning of period | 195,834,822 | 217,333,129 |
End of period | $199,831,992 | $195,834,822 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $58,086 | $(13,014) |
Class C Shares | 6,688 | (504) |
Institutional Shares | 31,428 | (8,494) |
Class R6 Shares | 490 | — |
TOTAL | $96,692 | $(22,012) |
Other Service Fees Incurred | |
Class A Shares | $134,155 |
Class C Shares | 15,749 |
TOTAL | $149,904 |
Fair Value of Securities Loaned | Collateral Received |
$10,022,488 | $10,169,520 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for variation margin on futures contracts | $24,605* |
* | Includes net cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(104,832) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $30,323 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 397,440 | $7,353,624 | 857,601 | $18,515,772 |
Shares issued to shareholders in payment of distributions declared | 364,911 | 6,649,533 | 521,906 | 11,255,032 |
Shares redeemed | (487,026) | (9,094,292) | (882,053) | (18,462,673) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 275,325 | $4,908,865 | 497,454 | $11,308,131 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 47,019 | $859,792 | 109,522 | $2,394,823 |
Shares issued to shareholders in payment of distributions declared | 39,419 | 701,785 | 69,335 | 1,460,199 |
Shares redeemed | (101,820) | (1,875,195) | (217,756) | (4,550,083) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (15,382) | $(313,618) | (38,899) | $(695,061) |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 577,001 | $10,769,334 | 471,410 | $10,255,976 |
Shares issued to shareholders in payment of distributions declared | 228,391 | 4,184,790 | 324,794 | 7,045,867 |
Shares redeemed | (534,464) | (9,914,023) | (661,677) | (13,914,894) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 270,928 | $5,040,101 | 134,527 | $3,386,949 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 41,316 | $775,594 | 68,781 | $1,487,562 |
Shares issued to shareholders in payment of distributions declared | 7,809 | 142,721 | 10,056 | 217,766 |
Shares redeemed | (44,689) | (832,712) | (41,430) | (854,842) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 4,436 | $85,603 | 37,407 | $850,486 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 535,307 | $9,720,951 | 630,489 | $14,850,505 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $47,346 |
Purchases | $102,582,643 |
Sales | $102,143,785 |
Beginning Account Value 8/1/2022 | Ending Account Value 1/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,032.80 | $6.71 |
Class C Shares | $1,000 | $1,029.00 | $10.69 |
Institutional Shares | $1,000 | $1,034.20 | $5.43 |
Class R6 Shares | $1,000 | $1,034.30 | $5.33 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.60 | $6.67 |
Class C Shares | $1,000 | $1,014.67 | $10.61 |
Institutional Shares | $1,000 | $1,019.86 | $5.40 |
Class R6 Shares | $1,000 | $1,019.96 | $5.30 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.09% |
Institutional Shares | 1.06% |
Class R6 Shares | 1.04% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
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Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Federated Hermes MDT Large Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Information Technology | 43.5% |
Consumer Discretionary | 13.7% |
Health Care | 12.9% |
Industrials | 6.5% |
Communication Services | 6.1% |
Consumer Staples | 6.0% |
Financials | 4.1% |
Materials | 1.9% |
Real Estate | 1.7% |
Energy | 1.5% |
Securities Lending Collateral2 | 0.1% |
Cash Equivalents3 | 2.1% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 97.9% | |||
Communication Services— 6.1% | |||
101,346 | 1 | Alphabet, Inc., Class A | $ 10,017,038 |
131,432 | 1 | Altice USA, Inc. | 644,017 |
8,006 | 1 | Meta Platforms, Inc. | 1,192,654 |
62,822 | 1 | Spotify Technology SA | 7,081,296 |
TOTAL | 18,935,005 | ||
Consumer Discretionary— 13.7% | |||
12,420 | 1 | Airbnb, Inc. | 1,379,986 |
65,827 | 1 | Amazon.com, Inc. | 6,788,738 |
50,108 | 1 | Bright Horizons Family Solutions, Inc. | 3,847,292 |
49,403 | eBay, Inc. | 2,445,448 | |
68,382 | 1 | Expedia Group, Inc. | 7,816,063 |
2,881 | Lowe’s Cos., Inc. | 599,968 | |
3,833 | 1 | Lululemon Athletica, Inc. | 1,176,271 |
37,763 | 2 | Nordstrom, Inc. | 737,889 |
3,705 | 1 | O’Reilly Automotive, Inc. | 2,935,657 |
4,467 | Ross Stores, Inc. | 527,955 | |
10,986 | Starbucks Corp. | 1,199,012 | |
18,930 | 1 | Tesla, Inc. | 3,279,055 |
12,043 | Tractor Supply Co. | 2,745,684 | |
12,587 | 1 | Ulta Beauty, Inc. | 6,469,214 |
29,273 | V.F. Corp. | 905,707 | |
TOTAL | 42,853,939 | ||
Consumer Staples— 6.0% | |||
7,261 | 1 | BJ’s Wholesale Club Holdings, Inc. | 526,205 |
4,969 | Costco Wholesale Corp. | 2,539,855 | |
15,326 | Flowers Foods, Inc. | 424,377 | |
16,974 | Hershey Foods Corp. | 3,812,360 | |
24,540 | Lamb Weston Holdings, Inc. | 2,451,300 | |
52,902 | PepsiCo, Inc. | 9,047,300 | |
TOTAL | 18,801,397 | ||
Energy— 1.5% | |||
8,460 | Cheniere Energy, Inc. | 1,292,603 | |
5,547 | Diamondback Energy, Inc. | 810,528 | |
20,005 | Occidental Petroleum Corp. | 1,296,124 | |
12,100 | Ovintiv, Inc. | 595,683 | |
10,990 | Targa Resources, Inc. | 824,470 | |
TOTAL | 4,819,408 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— 4.1% | |||
6,761 | Ameriprise Financial, Inc. | $ 2,367,161 | |
2,816 | Gallagher (Arthur J.) & Co. | 551,147 | |
3,375 | LPL Financial Holdings, Inc. | 800,280 | |
4,068 | MarketAxess Holdings, Inc. | 1,480,142 | |
26,979 | Progressive Corp., OH | 3,678,587 | |
26,191 | Signature Bank | 3,377,329 | |
2,074 | 1 | SVB Financial Group | 627,261 |
TOTAL | 12,881,907 | ||
Health Care— 12.9% | |||
33,317 | AbbVie, Inc. | 4,922,587 | |
8,293 | 1 | Align Technology, Inc. | 2,236,871 |
15,718 | Amgen, Inc. | 3,967,223 | |
2,192 | CIGNA Corp. | 694,141 | |
4,279 | Elevance Health, Inc. | 2,139,457 | |
11,189 | Eli Lilly & Co. | 3,850,694 | |
10,988 | Humana, Inc. | 5,622,560 | |
12,010 | Merck & Co., Inc. | 1,289,994 | |
3,153 | 1 | Molina Healthcare, Inc. | 983,200 |
46,990 | 1 | Syneos Health, Inc. | 1,687,881 |
76,352 | 1 | Teladoc Health, Inc. | 2,244,749 |
15,664 | UnitedHealth Group, Inc. | 7,819,312 | |
8,869 | 1 | Vertex Pharmaceuticals, Inc. | 2,865,574 |
TOTAL | 40,324,243 | ||
Industrials— 6.5% | |||
48,198 | Allison Transmission Holdings, Inc. | 2,172,766 | |
11,255 | Booz Allen Hamilton Holding Corp. | 1,065,173 | |
18,879 | Caterpillar, Inc. | 4,762,983 | |
2,057 | Deere & Co. | 869,782 | |
32,803 | Robert Half International, Inc. | 2,754,140 | |
5,871 | Trane Technologies PLC | 1,051,613 | |
76,276 | 1 | Trex Co., Inc. | 4,021,271 |
2,561 | 1 | United Rentals, Inc. | 1,129,273 |
14,511 | 1 | Willscot Corp. | 703,203 |
43,284 | 1 | XPO Logistics, Inc. | 1,725,300 |
TOTAL | 20,255,504 | ||
Information Technology— 43.5% | |||
4,422 | Accenture PLC | 1,233,959 | |
15,595 | 1 | Adobe, Inc. | 5,775,452 |
5,619 | Analog Devices, Inc. | 963,490 | |
2,735 | 1 | Ansys, Inc. | 728,495 |
213,844 | Apple, Inc. | 30,855,551 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
31,886 | 1 | Arista Networks, Inc. | $ 4,018,274 |
27,400 | Automatic Data Processing, Inc. | 6,187,194 | |
10,948 | Broadcom, Inc. | 6,404,689 | |
9,235 | 1 | Cadence Design Systems, Inc. | 1,688,435 |
12,095 | Cognex Corp. | 662,080 | |
64,757 | Dell Technologies, Inc. | 2,630,429 | |
1,052 | 1 | EPAM Systems, Inc. | 349,948 |
32,902 | 1 | Fortinet, Inc. | 1,722,091 |
14,328 | 1 | IPG Photonics Corp. | 1,606,169 |
30,187 | Jabil, Inc. | 2,373,604 | |
7,261 | Mastercard, Inc. | 2,690,927 | |
37,250 | Microchip Technology, Inc. | 2,891,345 | |
99,880 | Microsoft Corp. | 24,751,263 | |
18,300 | NetApp, Inc. | 1,212,009 | |
28,277 | 1 | Nutanix, Inc. | 788,080 |
4,784 | 1 | Palo Alto Networks, Inc. | 758,934 |
41,313 | Paychex, Inc. | 4,786,524 | |
86,157 | 1 | PayPal Holdings, Inc. | 7,020,934 |
89,653 | Pegasystems, Inc. | 3,485,709 | |
79,951 | 1 | Pure Storage, Inc. | 2,313,782 |
41,411 | Qualcomm, Inc. | 5,516,359 | |
88,060 | 1 | StoneCo Ltd. | 982,750 |
2,864 | 1 | Synopsys, Inc. | 1,013,140 |
3,924 | Teradyne, Inc. | 399,071 | |
10,723 | 1 | Twilio, Inc. | 641,664 |
10,164 | Visa, Inc., Class A | 2,339,854 | |
35,773 | Western Union Co. | 506,903 | |
85,351 | 1 | Zoom Video Communications, Inc. | 6,401,325 |
TOTAL | 135,700,433 | ||
Materials— 1.9% | |||
8,813 | 1 | Berry Global Group, Inc. | 544,027 |
11,299 | CF Industries Holdings, Inc. | 957,025 | |
44,251 | Mosaic Co./The | 2,192,195 | |
18,132 | Steel Dynamics, Inc. | 2,187,444 | |
TOTAL | 5,880,691 | ||
Real Estate— 1.7% | |||
18,054 | Crown Castle International Corp. | 2,673,978 | |
4,765 | Extra Space Storage, Inc. | 752,060 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
6,097 | Public Storage | $ 1,855,561 | |
TOTAL | 5,281,599 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $262,823,076) | 305,734,126 | ||
INVESTMENT COMPANIES— 2.2% | |||
412,205 | Federated Hermes Government Obligations Fund, Premier Shares, 4.19%3 | 412,205 | |
6,622,794 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%3 | 6,622,794 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $7,033,730) | 7,034,999 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $269,856,806)4 | 312,769,125 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (428,056) | ||
TOTAL NET ASSETS—100% | $312,341,069 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2022 | $— | $1,375,258 | $1,375,258 |
Purchases at Cost | $4,634,517 | $96,319,568 | $100,954,085 |
Proceeds from Sales | $(4,222,312) | $(91,074,502) | $(95,296,814) |
Change in Unrealized Appreciation/ Depreciation | $— | $1,269 | $1,269 |
Net Realized Gain/(Loss) | $— | $1,201 | $1,201 |
Value as of 1/31/2023 | $412,205 | $6,622,794 | $7,034,999 |
Shares Held as of 1/31/2023 | 412,205 | 6,622,794 | 7,034,999 |
Dividend Income | $6,661 | $122,719 | $129,380 |
* | 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 this security is temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $23.32 | $31.22 | $25.03 | $20.81 | $20.66 | $17.46 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.002 | (0.08) | (0.07) | (0.04) | (0.05) | (0.07) |
Net realized and unrealized gain (loss) | (0.09) | (1.89) | 8.36 | 5.37 | 2.01 | 4.67 |
Total From Investment Operations | (0.09) | (1.97) | 8.29 | 5.33 | 1.96 | 4.60 |
Less Distributions: | ||||||
Distributions from net realized gain | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) |
Net Asset Value, End of Period | $20.48 | $23.32 | $31.22 | $25.03 | $20.81 | $20.66 |
Total Return3 | 0.46% | (8.93)% | 35.00% | 26.91% | 11.28% | 27.38% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.99%5 | 0.99% | 0.99% | 1.11% | 1.48% | 1.52% |
Net investment income (loss) | 0.04%5 | (0.30)% | (0.27)% | (0.19)% | (0.27)% | (0.38)% |
Expense waiver/reimbursement6 | 0.33%5 | 0.33% | 0.38% | 0.30% | 0.00%7 | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $109,869 | $106,863 | $123,486 | $93,740 | $67,513 | $59,355 |
Portfolio turnover8 | 101% | 147% | 39% | 220% | 97% | 104% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than 0.01%. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.40 | $27.09 | $22.13 | $18.66 | $18.85 | $16.16 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.24) | (0.24) | (0.18) | (0.18) | (0.20) |
Net realized and unrealized gain (loss) | (0.12) | (1.52) | 7.30 | 4.76 | 1.80 | 4.29 |
Total From Investment Operations | (0.18) | (1.76) | 7.06 | 4.58 | 1.62 | 4.09 |
Less Distributions: | ||||||
Distributions from net realized gain | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) |
Net Asset Value, End of Period | $16.47 | $19.40 | $27.09 | $22.13 | $18.66 | $18.85 |
Total Return2 | 0.07% | (9.60)% | 33.97% | 25.95% | 10.51% | 26.38% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.74% | 1.74% | 1.90% | 2.23% | 2.27% |
Net investment income (loss) | (0.71)%4 | (1.05)% | (1.01)% | (0.96)% | (1.02)% | (1.13)% |
Expense waiver/reimbursement5 | 0.33%4 | 0.33% | 0.38% | 0.27% | 0.00%6 | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,869 | $3,936 | $8,233 | $9,662 | $12,612 | $14,432 |
Portfolio turnover7 | 101% | 147% | 39% | 220% | 97% | 104% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $18.56 | $26.16 | $21.43 | $18.10 | $18.35 | $15.76 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.23) | (0.23) | (0.17) | (0.18) | (0.19) |
Net realized and unrealized gain (loss) | (0.12) | (1.44) | 7.06 | 4.61 | 1.74 | 4.18 |
Total From Investment Operations | (0.18) | (1.67) | 6.83 | 4.44 | 1.56 | 3.99 |
Less Distributions: | ||||||
Distributions from net realized gain | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) |
Net Asset Value, End of Period | $15.63 | $18.56 | $26.16 | $21.43 | $18.10 | $18.35 |
Total Return2 | 0.08% | (9.60)% | 34.01% | 25.99% | 10.46% | 26.42% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.74% | 1.74% | 1.88% | 2.23% | 2.27% |
Net investment income (loss) | (0.71)%4 | (1.05)% | (1.02)% | (0.95)% | (1.03)% | (1.13)% |
Expense waiver/reimbursement5 | 0.33%4 | 0.33% | 0.38% | 0.29% | 0.00%6 | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $14,146 | $14,743 | $17,671 | $14,536 | $12,445 | $10,685 |
Portfolio turnover7 | 101% | 147% | 39% | 220% | 97% | 104% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $25.13 | $33.14 | $26.39 | $21.83 | $21.52 | $18.10 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | (0.01) | 0.002 | 0.03 | (0.01) | (0.03) |
Net realized and unrealized gain (loss) | (0.08) | (2.07) | 8.85 | 5.64 | 2.13 | 4.85 |
Total From Investment Operations | (0.05) | (2.08) | 8.85 | 5.67 | 2.12 | 4.82 |
Less Distributions: | ||||||
Distributions from net realized gain | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) | (1.40) |
Net Asset Value, End of Period | $22.33 | $25.13 | $33.14 | $26.39 | $21.83 | $21.52 |
Total Return3 | 0.59% | (8.72)% | 35.33% | 27.22% | 11.59% | 27.65% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.74%5 | 0.74% | 0.74% | 0.81% | 1.22% | 1.27% |
Net investment income (loss) | 0.29%5 | (0.04)% | 0.01% | 0.13% | (0.04)% | (0.14)% |
Expense waiver/reimbursement6 | 0.33%5 | 0.33% | 0.37% | 0.34% | 0.00%7 | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $185,457 | $74,192 | $53,631 | $90,113 | $37,076 | $11,966 |
Portfolio turnover8 | 101% | 147% | 39% | 220% | 97% | 104% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than 0.01%. |
8 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $419,504 of securities loaned and $7,034,999 of investments in affiliated holdings* (identified cost $269,856,806, including $7,033,730 of identified cost in affiliated holdings) | $312,769,125 |
Income receivable | 125,844 |
Income receivable from affiliated holdings | 51,413 |
Receivable for investments sold | 3,359,216 |
Receivable for shares sold | 903,713 |
Total Assets | 317,209,311 |
Liabilities: | |
Payable for investments purchased | 4,213,383 |
Payable for shares redeemed | 118,820 |
Payable for collateral due to broker for securities lending (Note 2) | 412,205 |
Payable for investment adviser fee (Note 5) | 4,042 |
Payable for administrative fee (Note 5) | 657 |
Payable for Directors’/Trustees’ fees (Note 5) | 522 |
Payable for distribution services fee (Note 5) | 10,274 |
Payable for other service fees (Notes 2 and 5) | 46,215 |
Accrued expenses (Note 5) | 62,124 |
Total Liabilities | 4,868,242 |
Net assets for 14,748,040 shares outstanding | $312,341,069 |
Net Assets Consist of: | |
Paid-in capital | $267,287,580 |
Total distributable earnings (loss) | 45,053,489 |
Total Net Assets | $312,341,069 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($109,868,802 ÷ 5,364,333 shares outstanding), no par value, unlimited shares authorized | $20.48 |
Offering price per share (100/94.50 of $20.48) | $21.67 |
Redemption proceeds per share | $20.48 |
Class B Shares: | |
Net asset value per share ($2,869,471 ÷ 174,227 shares outstanding), no par value, unlimited shares authorized | $16.47 |
Offering price per share | $16.47 |
Redemption proceeds per share (94.50/100 of $16.47) | $15.56 |
Class C Shares: | |
Net asset value per share ($14,145,635 ÷ 905,179 shares outstanding), no par value, unlimited shares authorized | $15.63 |
Offering price per share | $15.63 |
Redemption proceeds per share (99.00/100 of $15.63) | $15.47 |
Institutional Shares: | |
Net asset value per share ($185,457,161 ÷ 8,304,301 shares outstanding), no par value, unlimited shares authorized | $22.33 |
Offering price per share | $22.33 |
Redemption proceeds per share | $22.33 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2023 (unaudited)
Investment Income: | |
Dividends (including $122,719 received from affiliated holdings*) | $1,153,451 |
Net income on securities loaned (includes $6,661 earned from affiliated holdings related to cash collateral balances) (Note 2) | 208 |
TOTAL INCOME | 1,153,659 |
Expenses: | |
Investment adviser fee (Note 5) | 838,063 |
Administrative fee (Note 5) | 87,953 |
Custodian fees | 14,472 |
Transfer agent fees | 125,001 |
Directors’/Trustees’ fees (Note 5) | 1,266 |
Auditing fees | 14,336 |
Legal fees | 5,167 |
Portfolio accounting fees | 46,647 |
Distribution services fee (Note 5) | 63,388 |
Other service fees (Notes 2 and 5) | 147,477 |
Share registration costs | 35,705 |
Printing and postage | 16,317 |
Miscellaneous (Note 5) | 14,683 |
TOTAL EXPENSES | 1,410,475 |
Waiver/reimbursement of investment adviser fee (Note 5) | (367,245) |
Net expenses | 1,043,230 |
Net investment income (loss) | 110,429 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $1,201 on sales of investments in affiliated holdings*) | 6,649,726 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,269 on investments in affiliated holdings*) | 659,642 |
Net realized and unrealized gain (loss) on investments | 7,309,368 |
Change in net assets resulting from operations | $7,419,797 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended 7/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $110,429 | $(608,684) |
Net realized gain (loss) | 6,649,726 | 28,856,119 |
Net change in unrealized appreciation/depreciation | 659,642 | (46,674,094) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,419,797 | (18,426,659) |
Distributions to Shareholders: | ||
Class A Shares | (12,198,895) | (23,366,731) |
Class B Shares | (446,127) | (1,547,488) |
Class C Shares | (2,054,902) | (3,760,356) |
Institutional Shares | (10,905,464) | (9,192,433) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (25,605,388) | (37,867,008) |
Share Transactions: | ||
Proceeds from sale of shares | 147,698,000 | 68,545,728 |
Net asset value of shares issued to shareholders in payment of distributions declared | 24,565,870 | 35,506,205 |
Cost of shares redeemed | (41,471,372) | (51,044,887) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 130,792,498 | 53,007,046 |
Change in net assets | 112,606,907 | (3,286,621) |
Net Assets: | ||
Beginning of period | 199,734,162 | 203,020,783 |
End of period | $312,341,069 | $199,734,162 |
Other Service Fees Incurred | |
Class A Shares | $126,348 |
Class B Shares | 3,984 |
Class C Shares | 17,145 |
TOTAL | $147,477 |
Fair Value of Securities Loaned | Collateral Received |
$419,504 | $412,205 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 720,616 | $14,274,299 | 523,985 | $13,963,185 |
Shares issued to shareholders in payment of distributions declared | 601,155 | 11,500,103 | 799,548 | 21,619,784 |
Shares redeemed | (539,851) | (11,283,292) | (696,318) | (18,045,455) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 781,920 | $14,491,110 | 627,215 | $17,537,514 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 4,791 | $96,048 |
Shares issued to shareholders in payment of distributions declared | 28,540 | 439,514 | 65,284 | 1,475,427 |
Shares redeemed | (57,207) | (1,004,793) | (171,100) | (3,842,107) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (28,667) | $(565,279) | (101,025) | $(2,270,632) |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 105,314 | $1,669,127 | 148,016 | $3,144,716 |
Shares issued to shareholders in payment of distributions declared | 140,427 | 2,051,638 | 173,682 | 3,755,009 |
Shares redeemed | (135,068) | (2,223,063) | (202,776) | (4,403,692) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 110,673 | $1,497,702 | 118,922 | $2,496,033 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,035,476 | $131,754,574 | 1,975,979 | $51,341,779 |
Shares issued to shareholders in payment of distributions declared | 507,176 | 10,574,615 | 297,559 | 8,655,985 |
Shares redeemed | (1,190,610) | (26,960,224) | (939,818) | (24,753,633) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 5,352,042 | $115,368,965 | 1,333,720 | $35,244,131 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 6,215,968 | $130,792,498 | 1,978,832 | $53,007,046 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $11,954 |
Class C Shares | 51,434 |
TOTAL | $63,388 |
Purchases | $330,257,474 |
Sales | $227,850,255 |
Beginning Account Value 8/1/2022 | Ending Account Value 1/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,004.60 | $5.00 |
Class B Shares | $1,000 | $1,000.70 | $8.77 |
Class C Shares | $1,000 | $1,000.80 | $8.78 |
Institutional Shares | $1,000 | $1,005.90 | $3.74 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.21 | $5.04 |
Class B Shares | $1,000 | $1,016.43 | $8.84 |
Class C Shares | $1,000 | $1,016.43 | $8.84 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.99% |
Class B Shares | 1.74% |
Class C Shares | 1.74% |
Institutional Shares | 0.74% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
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Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Federated Hermes MDT Small Cap Core Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Health Care | 17.4% |
Financials | 17.3% |
Industrials | 15.6% |
Information Technology | 12.2% |
Consumer Discretionary | 9.8% |
Energy | 7.2% |
Real Estate | 5.4% |
Consumer Staples | 4.6% |
Materials | 3.9% |
Communication Services | 2.9% |
Utilities | 2.0% |
Securities Lending Collateral2 | 1.1% |
Cash Equivalents3 | 1.6% |
Other Assets and Liabilities—Net4 | (1.0)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.3% | |||
Communication Services— 2.9% | |||
1,141,289 | 1 | Advantage Solutions, Inc. | $ 2,955,938 |
23,352 | 1 | AMC Networks, Inc. | 432,246 |
91,842 | 1,2 | Cardlytics, Inc. | 688,815 |
1,148,762 | 1 | CarGurus, Inc. | 20,275,649 |
541,685 | 1 | Eventbrite, Inc. | 4,815,580 |
4,979 | 1 | EverQuote, Inc. | 77,672 |
68,064 | 1 | iHeartMedia, Inc. | 527,496 |
6,042 | 1 | Iridium Communications, Inc. | 361,553 |
51,048 | 1 | Liberty Braves Group | 1,770,345 |
846,337 | 1 | Vimeo Holdings, Inc. | 3,842,370 |
TOTAL | 35,747,664 | ||
Consumer Discretionary— 9.8% | |||
695,117 | 1 | 1-800-FLOWERS.COM, Inc. | 6,930,317 |
201,225 | 1 | 2U, Inc. | 1,736,572 |
243,417 | 1 | Abercrombie & Fitch Co., Class A | 7,049,356 |
603,707 | 1,2 | Bed Bath & Beyond, Inc. | 1,702,454 |
96,193 | 1 | Children’s Place, Inc./The | 4,364,276 |
170,499 | 1 | Citi Trends, Inc. | 5,367,309 |
373,788 | 1 | Container Store Group, Inc. | 1,947,436 |
543,392 | 1 | Goodyear Tire & Rubber Co. | 6,113,160 |
109,840 | 1,2 | Groupon, Inc. | 907,278 |
31,412 | 1 | Inspired Entertainment, Inc. | 468,039 |
121,962 | International Game Technology PLC | 3,225,895 | |
53,687 | 1 | Life Time Group Holdings, Inc. | 1,008,779 |
100,213 | 1 | MarineMax, Inc. | 3,131,656 |
95,589 | Murphy USA, Inc. | 26,003,076 | |
272,696 | 1 | Overstock.com, Inc. | 6,601,970 |
767,214 | 1 | Qurate Retail, Inc. | 1,979,412 |
211,645 | 1,2 | Red Robin Gourmet Burgers | 1,892,106 |
15,978 | Red Rock Resorts, Inc. | 719,170 | |
243,405 | Rent-A-Center, Inc. | 6,545,160 | |
752,373 | 1 | Rush Street Interactive, Inc. | 3,227,680 |
85,074 | 1 | Sally Beauty Holdings, Inc. | 1,325,453 |
900,002 | 1 | Stitch Fix, Inc. | 4,689,010 |
241,572 | 1 | Target Hospitality Corp. | 3,709,338 |
85,011 | Texas Roadhouse, Inc. | 8,537,655 | |
143,986 | Tupperware Brands Corp. | 637,858 | |
60,000 | 1 | Unifi, Inc. | 513,000 |
5,166 | Wingstop, Inc. | 818,656 | |
120,149 | 1,2 | Workhorse Group, Inc. | 265,529 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
1,700,500 | 1 | WW International, Inc. | $ 8,451,485 |
TOTAL | 119,869,085 | ||
Consumer Staples— 4.6% | |||
101,290 | 2 | B&G Foods, Inc., Class A | 1,420,086 |
90,472 | Cal-Maine Foods, Inc. | 5,176,808 | |
10,658 | Coca-Cola Bottling Co. | 5,401,261 | |
200,237 | 1 | elf Beauty, Inc. | 11,523,639 |
483,404 | 1 | Hain Celestial Group, Inc. | 9,919,450 |
399,755 | 1 | Hostess Brands, Inc. | 9,246,333 |
18,025 | Ingles Markets, Inc., Class A | 1,712,375 | |
81,876 | Primo Water Corp. | 1,281,360 | |
114,534 | SpartanNash Co. | 3,628,437 | |
135,838 | 1 | Sprouts Farmers Market, Inc. | 4,340,024 |
38,625 | Turning Point Brands, Inc. | 896,486 | |
152,181 | Vector Group Ltd. | 1,970,744 | |
TOTAL | 56,517,003 | ||
Energy— 7.2% | |||
102,648 | 1 | Amplify Energy Corp. | 888,932 |
222,826 | 1 | Ardmore Shipping Corp. | 3,264,401 |
59,472 | 1 | Borr Drilling Ltd. | 353,858 |
34,814 | Cactus, Inc. | 1,883,786 | |
39,856 | Championx Corp. | 1,316,045 | |
14,319 | Chord Energy Corp. | 2,052,342 | |
122,345 | 1 | Comstock Resources, Inc. | 1,486,492 |
120,022 | 1 | CONSOL Energy, Inc. | 6,940,872 |
57,148 | CVR Energy, Inc. | 1,897,314 | |
71,669 | Delek US Holdings, Inc. | 1,917,862 | |
52,269 | 1 | Dorian LPG Ltd. | 1,037,540 |
117,582 | 1 | Gulf Island Fabrication, Inc. | 576,152 |
44,479 | International Seaways, Inc. | 1,727,564 | |
24,628 | Liberty Energy, Inc. | 389,861 | |
167,333 | Magnolia Oil & Gas Corp. | 3,950,732 | |
5,088 | 1 | Nabors Industries Ltd. | 903,324 |
189,128 | 1 | Oceaneering International, Inc. | 4,037,883 |
220,447 | PBF Energy, Inc. | 9,256,570 | |
54,824 | 1 | Propetro Holding Corp. | 545,499 |
20,558 | Ranger Oil Corp. | 863,436 | |
145,130 | Scorpio Tankers, Inc. | 6,947,373 | |
242,874 | SFL Corporation Ltd. | 2,472,457 | |
42,344 | SM Energy Co. | 1,391,847 | |
545,416 | 1 | Talos Energy, Inc. | 10,804,691 |
196,826 | 1 | US Silica Holdings, Inc. | 2,409,150 |
324,898 | 1 | Weatherford International PLC | 18,480,198 |
TOTAL | 87,796,181 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— 17.3% | |||
11,680 | 1st Source Corp. | $ 574,539 | |
559,850 | Amalgamated Financial Corp. | 12,848,557 | |
21,339 | Amerant Bancorp, Inc. | 594,078 | |
39,475 | American Equity Investment Life Holding Co. | 1,880,984 | |
59,063 | Argo Group International Holdings Ltd. | 1,639,589 | |
25,561 | BancFirst Corp. | 2,201,569 | |
47,556 | BCB Bancorp, Inc. | 855,532 | |
446,598 | Byline Bancorp, Inc. | 11,075,630 | |
115,879 | CNO Financial Group, Inc. | 2,985,043 | |
15,964 | 1 | Coastal Financial Corp. | 729,076 |
518,901 | 1 | Customers Bancorp, Inc. | 15,759,023 |
73,836 | CVB Financial Corp. | 1,788,308 | |
170,142 | 1 | eHealth, Inc. | 1,412,179 |
18,400 | Equity Bancshares, Inc. | 549,240 | |
70,182 | Financial Institutions, Inc. | 1,734,197 | |
94,912 | First Bancorp, Inc. | 3,782,243 | |
29,235 | First Business Financial Services, Inc. | 1,046,613 | |
248,033 | Fulton Financial Corp. | 4,149,592 | |
222,448 | 1 | Genworth Financial, Inc., Class A | 1,227,913 |
1,074,485 | 1 | Green Dot Corp. | 19,426,689 |
22,838 | Heartland Financial USA, Inc. | 1,129,796 | |
75,475 | Heritage Commerce Corp. | 914,757 | |
82,311 | Heritage Financial Corp. | 2,348,333 | |
113,488 | HomeStreet, Inc. | 3,128,864 | |
50,799 | Hometrust Bancshares, Inc. | 1,371,573 | |
115,519 | Independent Bank Corp.- Michigan | 2,561,056 | |
126,044 | 2 | Invesco Mortgage Capital, Inc. | 1,851,586 |
32,822 | Jackson Financial, Inc. | 1,445,481 | |
18,768 | Kinsale Capital Group, Inc. | 5,225,762 | |
820,375 | 1 | LendingClub Corp. | 7,949,434 |
92,542 | 1 | LendingTree, Inc. | 3,670,216 |
687,761 | Live Oak Bancshares, Inc. | 23,542,059 | |
17,691 | 1 | Metropolitan Bank Holding Corp. | 1,050,492 |
7,113 | National Bank Holdings Corp. | 300,382 | |
104,810 | OFG Bancorp. | 2,967,171 | |
951,800 | 1 | Open Lending | 8,347,286 |
48,266 | Peapack-Gladstone Financial Corp. | 1,790,186 | |
27,542 | Preferred Bank Los Angeles, CA | 1,959,062 | |
354,368 | ProAssurance Corp. | 6,871,195 | |
827,663 | 1 | PROG Holdings, Inc. | 18,448,608 |
110,921 | QCR Holdings, Inc. | 5,830,008 | |
4,753 | RLI Corp. | 629,535 | |
923,211 | 1 | SelectQuote, Inc. | 795,992 |
112,874 | 1,2 | Silvergate Capital Corp. | 1,607,326 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
61,508 | TowneBank | $ 1,874,149 | |
40,121 | TriCo Bancshares | 2,028,117 | |
183,360 | 1 | Triumph Bancorp, Inc. | 10,218,653 |
51,184 | Veritex Holdings, Inc. | 1,440,830 | |
169,446 | Waterstone Financial, Inc. | 2,728,081 | |
7,916 | WestAmerica Bancorp. | 439,813 | |
150,981 | Western New England Bancorp, Inc. | 1,472,065 | |
TOTAL | 212,198,462 | ||
Health Care— 17.4% | |||
230,780 | 1 | Alector, Inc. | 2,035,480 |
777,071 | 1 | Allakos, Inc. | 5,773,638 |
210,080 | 1,2 | Allogene Therapeutics, Inc. | 1,621,818 |
234,806 | 1,2 | Alx Oncology Holdings, Inc. | 2,183,696 |
13,636 | 1 | AMN Healthcare Services, Inc. | 1,306,874 |
113,458 | 1 | Amphastar Pharmaceuticals, Inc. | 3,433,239 |
246,494 | 1 | Amylyx Pharmaceuticals, Inc. | 9,660,100 |
21,545 | 1 | Arcellx, Inc. | 719,818 |
1,514,949 | 1 | Atea Pharmaceuticals, Inc. | 7,014,214 |
831,508 | 1 | Berkeley Lights, Inc. | 1,787,742 |
39,103 | 1,2 | Bioxcel Therapeutics, Inc. | 1,115,218 |
212,408 | 1 | Bluebird Bio, Inc. | 1,348,791 |
818,722 | 1 | Cardiovascular Systems, Inc. | 11,412,985 |
44,584 | 1 | Collegium Pharmaceutical, Inc. | 1,251,919 |
1,819,706 | 1 | Community Health Systems, Inc. | 9,498,865 |
131,526 | 1 | Cross Country Healthcare, Inc. | 3,649,847 |
179,044 | 1 | Cue Health, Inc. | 469,095 |
157,527 | 1 | Deciphera Pharmaceuticals, Inc. | 2,679,534 |
25,012 | 1 | DICE Therapeutics, Inc. | 794,631 |
133,961 | 1 | Dyne Therapeutics, Inc. | 1,955,831 |
24,464 | 1 | Eagle Pharmaceuticals, Inc. | 830,308 |
578,242 | 1 | Emergent BioSolutions, Inc. | 7,627,012 |
274,007 | 1 | Fate Therapeutics, Inc. | 1,633,082 |
300,624 | 1 | Frequency Therapeutics, Inc. | 1,364,833 |
110,711 | 1 | Fulgent Genetics, Inc. | 3,739,818 |
510,541 | 1,2 | Gossamer Bio, Inc. | 1,347,828 |
82,015 | 1 | Heska Corp. | 7,335,422 |
32,501 | 1 | Immunovant, Inc. | 577,543 |
111,540 | 1,2 | Innovage Holding Corp. | 835,435 |
239,661 | 1 | Inogen, Inc. | 5,591,291 |
18,256 | 1 | iTeos Therapeutics, Inc. | 381,550 |
792,279 | 1 | Kodiak Sciences, Inc. | 6,401,614 |
122,693 | 1 | Lantheus Holdings, Inc. | 7,054,848 |
16,540 | 1 | Ligand Pharmaceuticals, Inc., Class B | 1,152,838 |
663,146 | 1 | MacroGenics, Inc. | 3,826,352 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
695,906 | 1 | MiMedx Group, Inc. | $ 2,693,156 |
1,758,500 | 1 | Nektar Therapeutics | 4,783,120 |
522,220 | 1 | NeoGenomics, Inc. | 6,203,974 |
221,958 | 1 | Nevro Corp. | 8,150,298 |
261,439 | 1 | Omnicell, Inc. | 14,502,021 |
72,045 | 1 | OptimizeRX Corp | 1,293,208 |
386,559 | 1 | OraSure Technologies, Inc. | 2,156,999 |
1,353,184 | 1 | Organogenesis Holdings, Inc. | 3,464,151 |
66,896 | 1 | Orthofix Medical, Inc. | 1,446,960 |
232,008 | 1 | Pediatrix Medical Group | 3,561,323 |
103,157 | 1 | PMV Pharmaceuticals, Inc. | 845,887 |
18,483 | 1 | Prestige Consumer Healthcare, Inc. | 1,215,442 |
73,587 | 1 | Privia Health Group, Inc. | 1,989,792 |
103,481 | 1 | Prometheus Biosciences, Inc. | 11,761,650 |
43,191 | 1 | Protagonist Therapeutics, Inc. | 574,008 |
126,811 | 1 | Puma Biotechnology, Inc. | 545,287 |
723,504 | 1,2 | Siga Technologies, Inc. | 5,303,284 |
26,960 | 1 | Silk Road Medical, Inc. | 1,465,546 |
53,048 | 1 | Supernus Pharmaceuticals, Inc. | 2,175,498 |
202,124 | 1 | Tactile Systems Technology, Inc. | 2,621,548 |
243,088 | 1 | The Joint Corp. | 4,416,909 |
848,046 | 1 | Vanda Pharmaceuticals, Inc. | 6,512,993 |
50,995 | 1 | Vaxcyte, Inc. | 2,312,623 |
40,378 | 1 | Viridian Therapeutics, Inc. | 1,474,605 |
274,488 | 1 | Voyager Therapeutics, Inc. | 2,591,167 |
TOTAL | 213,474,558 | ||
Industrials— 15.6% | |||
18,166 | 1 | Allegiant Travel Co. | 1,562,821 |
92,191 | 1 | Alta Equipment Group, Inc. | 1,562,637 |
25,471 | 1 | ASGN, Inc. | 2,316,587 |
69,298 | 1 | Atkore, Inc. | 9,026,065 |
17,596 | 1 | Beacon Roofing Supply, Inc. | 1,000,860 |
211,228 | Boise Cascade Co. | 15,835,763 | |
8,115 | 1 | CBIZ, Inc. | 386,193 |
207,432 | 1 | CECO Environmental Corp. | 2,984,946 |
93,262 | 1 | Concrete Pumping Holdings, Inc. | 759,153 |
14,273 | Eagle Bulk Shipping, Inc. | 817,557 | |
63,926 | Emcor Group, Inc. | 9,477,030 | |
12,772 | 1 | Forrester Research, Inc. | 473,330 |
115,722 | 1 | Franklin Covey Co. | 5,369,501 |
45,021 | Genco Shipping & Trading Ltd. | 816,681 | |
287,114 | 1 | GMS, Inc. | 17,031,602 |
962,832 | GrafTech International Ltd. | 6,296,921 | |
2,188,186 | 1 | Harsco Corp. | 17,374,197 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
39,446 | Healthcare Services Group, Inc. | $ 531,338 | |
77,964 | Heidrick & Struggles International, Inc. | 2,398,173 | |
88,801 | 1 | Heritage-Crystal Clean, Inc. | 3,303,397 |
9,705 | 1 | Hub Group, Inc. | 827,545 |
83,808 | Hurco Co., Inc. | 2,363,386 | |
52,535 | 1 | Huron Consulting Group, Inc. | 3,574,481 |
119,701 | 1 | JELD-WEN Holding, Inc. | 1,514,218 |
250,392 | 1 | Manitowoc, Inc. | 3,430,370 |
523,165 | 1 | Mistras Group, Inc. | 2,772,775 |
464,886 | 1 | MRC Global, Inc. | 6,322,450 |
259,250 | 1 | Now, Inc. | 3,639,870 |
339,828 | 1 | Parsons Corp. | 14,789,315 |
18,479 | 1 | Proto Labs, Inc. | 565,457 |
51,711 | Resources Connection, Inc. | 893,049 | |
983,044 | 1 | SkyWest, Inc. | 20,407,993 |
11,745 | Tennant Co. | 823,677 | |
129,182 | Terex Corp. | 6,584,407 | |
87,853 | 1 | Thermon Group Holdings, Inc. | 2,031,161 |
215,713 | 1 | Titan Machinery, Inc. | 9,478,429 |
95,360 | 1 | TrueBlue, Inc. | 1,871,917 |
108,918 | 1 | Tutor Perini Corp. | 998,778 |
21,743 | Universal Truckload Services, Inc. | 781,009 | |
60,791 | 1 | Veritiv Corp. | 7,601,307 |
4,413 | Watts Industries, Inc., Class A | 721,614 | |
TOTAL | 191,317,960 | ||
Information Technology— 12.2% | |||
639,110 | 1 | 8x8, Inc. | 3,010,208 |
185,797 | 1 | AvidXchange Holdings, Inc. | 2,066,063 |
816,075 | 1 | Brightcove, Inc. | 5,173,915 |
279,665 | 1 | Cantaloupe, Inc. | 1,423,495 |
330,085 | 1 | Cerence, Inc. | 8,093,684 |
119,852 | Comtech Telecommunications Corp. | 1,900,853 | |
466,259 | 1 | Conduent, Inc. | 2,224,055 |
647,594 | 1 | Diebold Nixdorf, Inc. | 1,547,750 |
7,108 | 1 | Duck Creek Technologies LLC | 134,554 |
42,709 | 1 | Exlservice Holding, Inc. | 7,286,155 |
288,120 | 1 | Faro Technologies, Inc. | 7,917,538 |
285,805 | 1 | Grid Dynamics Holdings, Inc. | 3,578,279 |
13,772 | 1 | Impinj, Inc. | 1,787,330 |
35,669 | 1 | Intapp, Inc. | 1,033,688 |
698,016 | 1 | LiveRamp Holdings, Inc. | 18,678,908 |
148,129 | 1 | MaxLinear, Inc. | 6,102,915 |
120,844 | 1 | Mitek Systems, Inc. | 1,191,522 |
122,223 | 1 | Model N, Inc. | 4,847,364 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
773,040 | 1 | Momentive Global, Inc. | $ 5,960,138 |
750,808 | 1 | ON24, Inc. | 6,967,498 |
259,158 | 1,2 | Rackspace Technology, Inc. | 777,474 |
495,258 | 1 | Ribbon Communications, Inc. | 1,738,356 |
254,016 | 1 | Rimini Street, Inc. | 1,143,072 |
124,574 | Sapiens International Corp. NV | 2,822,847 | |
174,347 | 1 | Secureworks Corp. | 1,398,263 |
1,011,008 | 1 | Semtech Corp. | 33,393,594 |
557,150 | 1 | SolarWinds Corp. | 5,660,644 |
943,774 | 1 | Telos Corp. | 4,577,304 |
310,955 | 1 | Upland Software, Inc. | 2,714,637 |
6,716 | 1 | Vishay Precision Group, Inc. | 289,997 |
549,677 | 1 | Yext, Inc. | 3,820,255 |
TOTAL | 149,262,355 | ||
Materials— 3.9% | |||
91,249 | 1 | ATI, Inc. | 3,320,551 |
79,669 | Commercial Metals Corp. | 4,323,637 | |
282,005 | Glatfelter Corp. | 1,235,182 | |
152,291 | 1 | Intrepid Potash, Inc. | 4,984,485 |
12,857 | Koppers Holdings, Inc. | 444,981 | |
56,863 | Kronos Worldwide, Inc. | 662,454 | |
100,654 | Myers Industries, Inc. | 2,423,748 | |
356,204 | 1 | O-I Glass, Inc. | 6,856,927 |
747,309 | 1 | Ranpak Holdings Corp. | 5,724,387 |
637,949 | SunCoke Energy, Inc. | 5,811,715 | |
135,265 | Sylvamo Corp. | 6,429,146 | |
23,002 | Trox Holdings PLC | 394,484 | |
138,814 | Warrior Met Coal, Inc. | 5,258,274 | |
TOTAL | 47,869,971 | ||
Real Estate— 5.4% | |||
33,431 | Alexander and Baldwin, Inc. | 669,289 | |
444,640 | Apartment Investment & Management Co., Class A | 3,339,246 | |
235,943 | Apple Hospitality REIT, Inc. | 4,183,269 | |
183,908 | Armada Hoffler Properties, Inc. | 2,331,953 | |
288,694 | City Office REIT, Inc. | 2,840,749 | |
8,729 | Community Healthcare Trust, Inc. | 374,300 | |
298,304 | 1 | Cushman & Wakefield PLC | 4,304,527 |
58,024 | Gladstone Land Corp. | 1,133,789 | |
100,612 | Global Net Lease, Inc. | 1,504,149 | |
74,328 | Hersha Hospitality Trust | 683,818 | |
654,403 | Macerich Co. (The) | 8,991,497 | |
270,622 | Marcus & Millichap Co., Inc. | 9,807,341 | |
252,859 | Newmark Group, Inc. | 2,167,002 | |
15,059 | NexPoint Residential Trust, Inc. | 760,480 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
370,071 | Outfront Media, Inc. | $ 7,364,413 | |
159,164 | 1,2 | Redfin Corp. | 1,190,547 |
309,452 | RMR Group, Inc./The | 9,599,201 | |
266,273 | Uniti Group, Inc. | 1,754,739 | |
72,786 | Whitestone Project | 757,702 | |
162,458 | Xenia Hotels & Resorts, Inc. | 2,420,624 | |
TOTAL | 66,178,635 | ||
Utilities— 2.0% | |||
7,820 | Chesapeake Utilities Corp. | 985,946 | |
152,391 | Clearway Energy, Inc. | 4,884,131 | |
24,247 | New Jersey Resources Corp. | 1,210,410 | |
5,759 | ONE Gas, Inc. | 474,311 | |
153,686 | Otter Tail Corp. | 9,858,957 | |
156,867 | Portland General Electric Co. | 7,463,732 | |
TOTAL | 24,877,487 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,100,670,662) | 1,205,109,361 | ||
INVESTMENT COMPANIES— 2.7% | |||
13,192,461 | Federated Hermes Government Obligations Fund, Premier Shares, 4.19%3 | 13,192,461 | |
20,221,206 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%3 | 20,221,206 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $33,411,718) | 33,413,667 | ||
TOTAL INVESTMENT IN SECURITIES—101.0% (IDENTIFIED COST $1,134,082,380)4 | 1,238,523,028 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.0)%5 | (12,331,679) | ||
TOTAL NET ASSETS—100% | $1,226,191,349 |
Affiliated | Value as of 7/31/2022 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
Alector, Inc.** | $9,059,233 | $365,852 | $(6,274,295) |
Amphastar Pharmaceuticals, Inc. | $2,935,115 | $1,320,132 | $(375,722) |
Information Technology: | |||
Brightcove, Inc.** | $8,244,421 | $— | $(3,260,190) |
Affiliated issuers no longer in the portfolio at period end | $2,883,938 | $— | $(3,345,501) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $23,122,707 | $1,685,984 | $(13,255,708) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2023 | Shares Held as of 1/31/2023 | Dividend Income* |
$2,619,775 | $(3,735,085) | $2,035,480 | 230,780 | $— |
$(585,029) | $138,743 | $3,433,239 | 113,458 | $— |
$2,487,352 | $(2,297,668) | $5,173,915 | 816,075 | $— |
$838,718 | $(377,155) | $— | — | $— |
$5,360,816 | $(6,271,165) | $10,642,634 | 1,160,313 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At January 31, 2023, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 7/31/2022 | $41,790,036 | $24,461,888 | $66,251,924 |
Purchases at Cost | $88,908,469 | $220,405,644 | $309,314,113 |
Proceeds from Sales | $(117,506,044) | $(224,664,222) | $(342,170,266) |
Change in Unrealized Appreciation/ Depreciation | $— | $62 | $62 |
Net Realized Gain/(Loss) | $— | $17,834 | $17,834 |
Value as of 1/31/2023 | $13,192,461 | $20,221,206 | $33,413,667 |
Shares Held as of 1/31/2023 | 13,192,461 | 20,221,206 | 33,413,667 |
Dividend Income | $332,862 | $449,091 | $781,953 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $20.57 | $26.48 | $17.19 | $18.87 | $21.19 | $18.69 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.01 | 0.04 | (0.01) | 0.04 | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | 0.81 | (1.95) | 9.35 | (1.68) | (1.70) | 3.38 |
Total From Investment Operations | 0.82 | (1.91) | 9.34 | (1.64) | (1.69) | 3.37 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.04) | (0.05) | (0.04) | — | — |
Distributions from net realized gain | (0.69) | (3.96) | — | — | (0.63) | (0.87) |
Total Distributions | (0.69) | (4.00) | (0.05) | (0.04) | (0.63) | (0.87) |
Net Asset Value, End of Period | $20.70 | $20.57 | $26.48 | $17.19 | $18.87 | $21.19 |
Total Return2 | 4.31% | (9.54)% | 54.38% | (8.71)% | (7.69)% | 18.49% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.13% | 1.13% | 1.14% |
Net investment income (loss) | 0.15%4 | 0.15% | (0.03)% | 0.24% | 0.07% | (0.06)% |
Expense waiver/reimbursement5 | 0.26%4 | 0.23% | 0.29% | 0.31% | 0.22% | 0.37% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $127,530 | $131,704 | $101,026 | $78,347 | $68,546 | $74,396 |
Portfolio turnover6 | 75% | 124% | 150% | 223% | 121% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $17.32 | $23.02 | $15.03 | $16.58 | $18.84 | $16.83 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.13) | (0.15) | (0.08) | (0.12) | (0.14) |
Net realized and unrealized gain (loss) | 0.67 | (1.61) | 8.14 | (1.47) | (1.51) | 3.02 |
Total From Investment Operations | 0.61 | (1.74) | 7.99 | (1.55) | (1.63) | 2.88 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.69) | (3.96) | — | — | (0.63) | (0.87) |
Net Asset Value, End of Period | $17.24 | $17.32 | $23.02 | $15.03 | $16.58 | $18.84 |
Total Return2 | 3.91% | (10.30)% | 53.16% | (9.35)% | (8.35)% | 17.60% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.99%4 | 1.96% | 1.88% | 1.88% | 1.88% | 1.89% |
Net investment income (loss) | (0.71)%4 | (0.65)% | (0.78)% | (0.51)% | (0.69)% | (0.81)% |
Expense waiver/reimbursement5 | 0.07%4 | 0.08% | 0.18% | 0.23% | 0.28% | 0.38% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $26,014 | $26,809 | $29,567 | $22,720 | $28,411 | $30,072 |
Portfolio turnover6 | 75% | 124% | 150% | 223% | 121% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $21.54 | $27.53 | $17.87 | $19.59 | $21.94 | $19.30 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | 0.10 | 0.05 | 0.09 | 0.06 | 0.03 |
Net realized and unrealized gain (loss) | 0.84 | (2.04) | 9.71 | (1.74) | (1.76) | 3.50 |
Total From Investment Operations | 0.88 | (1.94) | 9.76 | (1.65) | (1.70) | 3.53 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.09) | (0.10) | (0.07) | (0.02) | (0.02) |
Distributions from net realized gain | (0.69) | (3.96) | — | — | (0.63) | (0.87) |
Total Distributions | (0.73) | (4.05) | (0.10) | (0.07) | (0.65) | (0.89) |
Net Asset Value, End of Period | $21.69 | $21.54 | $27.53 | $17.87 | $19.59 | $21.94 |
Total Return2 | 4.44% | (9.31)% | 54.73% | (8.45)% | (7.45)% | 18.78% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.88% | 0.88% | 0.89% |
Net investment income | 0.40%4 | 0.40% | 0.21% | 0.49% | 0.31% | 0.13% |
Expense waiver/reimbursement5 | 0.16%4 | 0.15% | 0.15% | 0.18% | 0.22% | 0.34% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $932,643 | $995,056 | $843,803 | $574,041 | $842,221 | $708,805 |
Portfolio turnover6 | 75% | 124% | 150% | 223% | 121% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $21.55 | $27.54 | $17.87 | $19.59 | $21.94 | $19.30 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.11 | 0.06 | 0.09 | 0.06 | 0.02 |
Net realized and unrealized gain (loss) | 0.86 | (2.05) | 9.71 | (1.74) | (1.76) | 3.51 |
Total From Investment Operations | 0.89 | (1.94) | 9.77 | (1.65) | (1.70) | 3.53 |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (0.09) | (0.10) | (0.07) | (0.02) | (0.02) |
Distributions from net realized gain | (0.69) | (3.96) | — | — | (0.63) | (0.87) |
Total Distributions | (0.74) | (4.05) | (0.10) | (0.07) | (0.65) | (0.89) |
Net Asset Value, End of Period | $21.70 | $21.55 | $27.54 | $17.87 | $19.59 | $21.94 |
Total Return2 | 4.45% | (9.30)% | 54.79% | (8.44)% | (7.45)% | 18.78% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.87%4 | 0.87% | 0.87% | 0.87% | 0.87% | 0.88% |
Net investment income | 0.32%4 | 0.44% | 0.24% | 0.49% | 0.32% | 0.08% |
Expense waiver/reimbursement5 | 0.06%4 | 0.06% | 0.08% | 0.08% | 0.12% | 0.26% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $140,004 | $63,242 | $64,191 | $47,631 | $33,753 | $13,374 |
Portfolio turnover6 | 75% | 124% | 150% | 223% | 121% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $13,020,554 of securities loaned and $44,056,301 of investments in affiliated holdings* (identified cost $1,134,082,380, including $46,573,598 of identified cost in affiliated holdings) | $1,238,523,028 |
Cash | 21,683 |
Income receivable | 357,109 |
Income receivable from affiliated holdings | 167,655 |
Receivable for investments sold | 13,688,580 |
Receivable for shares sold | 591,727 |
Total Assets | 1,253,349,782 |
Liabilities: | |
Payable for investments purchased | 11,057,301 |
Payable for shares redeemed | 2,536,138 |
Payable for collateral due to broker for securities lending (Note 2) | 13,192,461 |
Payable for investment adviser fee (Note 5) | 24,146 |
Payable for administrative fee (Note 5) | 2,568 |
Payable for Directors’/Trustees’ fees (Note 5) | 1,394 |
Payable for distribution services fee (Note 5) | 15,879 |
Payable for other service fees (Notes 2 and 5) | 56,839 |
Accrued expenses (Note 5) | 271,707 |
Total Liabilities | 27,158,433 |
Net assets for 57,121,022 shares outstanding | $1,226,191,349 |
Net Assets Consist of: | |
Paid-in capital | $1,187,265,857 |
Total distributable earnings (loss) | 38,925,492 |
Total Net Assets | $1,226,191,349 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($127,529,719 ÷ 6,160,253 shares outstanding), no par value, unlimited shares authorized | $20.70 |
Offering price per share (100/94.50 of $20.70) | $21.90 |
Redemption proceeds per share | $20.70 |
Class C Shares: | |
Net asset value per share ($26,014,306 ÷ 1,509,092 shares outstanding), no par value, unlimited shares authorized | $17.24 |
Offering price per share | $17.24 |
Redemption proceeds per share (99.00/100 of $17.24) | $17.07 |
Institutional Shares: | |
Net asset value per share ($932,643,139 ÷ 42,999,650 shares outstanding), no par value, unlimited shares authorized | $21.69 |
Offering price per share | $21.69 |
Redemption proceeds per share | $21.69 |
Class R6 Shares: | |
Net asset value per share ($140,004,185 ÷ 6,452,027 shares outstanding), no par value, unlimited shares authorized | $21.70 |
Offering price per share | $21.70 |
Redemption proceeds per share | $21.70 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2023 (unaudited)
Investment Income: | |
Dividends (including $425,862 received from affiliated holdings* and net of foreign taxes withheld of $5,677) | $7,002,836 |
Net income on securities loaned (includes $356,091 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 419,203 |
TOTAL INCOME | 7,422,039 |
Expenses: | |
Investment adviser fee (Note 5) | 4,636,354 |
Administrative fee (Note 5) | 455,536 |
Custodian fees | 44,872 |
Transfer agent fees (Note 2) | 699,189 |
Directors’/Trustees’ fees (Note 5) | 4,029 |
Auditing fees | 14,915 |
Legal fees | 5,167 |
Portfolio accounting fees | 82,684 |
Distribution services fee (Note 5) | 94,790 |
Other service fees (Notes 2 and 5) | 185,300 |
Share registration costs | 63,362 |
Printing and postage | 34,059 |
Miscellaneous (Note 5) | 19,031 |
TOTAL EXPENSES | 6,339,288 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (367,681) |
Reimbursement of other operating expenses (Notes 2 and 5) | (552,909) |
TOTAL WAIVER AND REIMBURSEMENTS | (920,590) |
Net expenses | 5,418,698 |
Net investment income | 2,003,341 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized loss of $(6,253,331) on sales of investments in affiliated holdings*) | (54,215,427) |
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $5,360,878 of investments in affiliated holdings*) | 105,217,472 |
Net realized and unrealized gain (loss) on investments | 51,002,045 |
Change in net assets resulting from operations | $53,005,386 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended 7/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,003,341 | $4,298,428 |
Net realized gain (loss) | (54,215,427) | 102,777,672 |
Net change in unrealized appreciation/depreciation | 105,217,472 | (246,941,146) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,005,386 | (139,865,046) |
Distributions to Shareholders: | ||
Class A Shares | (4,206,904) | (23,745,432) |
Class C Shares | (1,019,541) | (5,171,780) |
Institutional Shares | (32,515,908) | (141,205,590) |
Class R6 Shares | (1,987,801) | (10,318,256) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (39,730,154) | (180,441,058) |
Share Transactions: | ||
Proceeds from sale of shares | 222,231,269 | 600,530,685 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | 139,265,487 |
Net asset value of shares issued to shareholders in payment of distributions declared | 37,053,960 | 167,654,191 |
Cost of shares redeemed | (263,180,984) | (408,919,051) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (3,895,755) | 498,531,312 |
Change in net assets | 9,379,477 | 178,225,208 |
Net Assets: | ||
Beginning of period | 1,216,811,872 | 1,038,586,664 |
End of period | $1,226,191,349 | $1,216,811,872 |
Hancock Fund | Share Class Exchanged | Fund Shares Received |
Hancock Horizon Burkenroad Small Cap Fund | Investor Class | 1.214 Class A Shares |
Class D | 1.098 Class A Shares | |
Institutional Class | 1.180 Institutional Shares | |
Hancock Horizon Microcap Fund | Investor Class | 0.648 Class A Shares |
Institutional Class | 0.629 Institutional Shares |
Shares of the Fund Issued | Acquired Funds’ Net Assets Received | Unrealized Appreciation | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,877,868 | $139,265,487 | $63,521,835 | $1,127,473,055 | $1,266,738,542 |
Net investment income | $4,195,825 |
Net realized and unrealized gain (loss) on investments | (144,575,223) |
Net decrease in net assets resulting from operations | $(140,379,398) |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $133,718 | $(119,236) |
Class C Shares | 17,140 | (408) |
Institutional Shares | 543,584 | (433,265) |
Class R6 Shares | 4,747 | — |
TOTAL | $699,189 | $(552,909) |
Other Service Fees Incurred | |
Class A Shares | $154,200 |
Class C Shares | 31,100 |
TOTAL | $185,300 |
Fair Value of Securities Loaned | Collateral Received |
$13,020,554 | $13,192,461 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 318,895 | $6,218,046 | 822,248 | $19,987,809 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 2,344,520 | 65,576,215 |
Shares issued to shareholders in payment of distributions declared | 204,453 | 3,853,948 | 886,629 | 21,632,986 |
Shares redeemed | (765,354) | (14,935,831) | (1,466,267) | (35,892,277) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (242,006) | $(4,863,837) | 2,587,130 | $71,304,733 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 118,493 | $1,937,067 | 325,861 | $6,754,347 |
Shares issued to shareholders in payment of distributions declared | 62,196 | 977,102 | 240,715 | 4,963,547 |
Shares redeemed | (219,056) | (3,570,242) | (303,554) | (6,020,324) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (38,367) | $(656,073) | 263,022 | $5,697,570 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,477,135 | $132,494,440 | 21,838,587 | $543,488,311 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 2,533,148 | 73,689,272 |
Shares issued to shareholders in payment of distributions declared | 1,542,190 | 30,477,693 | 5,169,136 | 132,113,172 |
Shares redeemed | (11,217,710) | (229,257,264) | (13,998,302) | (343,632,941) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (3,198,385) | $(66,285,131) | 15,542,569 | $405,657,814 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,176,756 | $81,581,716 | 1,215,271 | $30,300,218 |
Shares issued to shareholders in payment of distributions declared | 88,265 | 1,745,217 | 349,824 | 8,944,486 |
Shares redeemed | (747,854) | (15,417,647) | (961,453) | (23,373,509) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 3,517,167 | $67,909,286 | 603,642 | $15,871,195 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 38,409 | $(3,895,755) | 18,996,363 | $498,531,312 |
Short-Term | Long-Term | Total |
$492,575 | $— | $492,575 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $94,790 |
Purchases | $842,078,232 |
Sales | $878,069,932 |
Beginning Account Value 8/1/2022 | Ending Account Value 1/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,043.10 | $5.82 |
Class C Shares | $1,000 | $1,039.10 | $10.23 |
Institutional Shares | $1,000 | $1,044.40 | $4.53 |
Class R6 Shares | $1,000 | $1,044.50 | $4.48 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.17 | $10.11 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.99% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
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Share Class | Ticker | A | QASGX | C | QCSGX | Institutional | QISGX | R6 | QLSGX |
Federated Hermes MDT Small Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
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Sector Composition | Percentage of Total Net Assets |
Health Care | 23.3% |
Information Technology | 19.1% |
Industrials | 17.0% |
Consumer Discretionary | 10.3% |
Energy | 7.7% |
Financials | 6.7% |
Consumer Staples | 5.0% |
Communication Services | 3.6% |
Materials | 3.4% |
Real Estate | 2.0% |
Utilities | 0.6% |
Securities Lending Collateral2 | 2.0% |
Cash Equivalents3 | 1.1% |
Other Assets and Liabilities—Net4 | (1.8)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.7% | |||
Communication Services— 3.6% | |||
720,704 | 1 | CarGurus, Inc. | $ 12,720,425 |
331,750 | 1 | Eventbrite, Inc. | 2,949,257 |
27,121 | 1 | EverQuote, Inc. | 423,088 |
42,252 | 1 | Iridium Communications, Inc. | 2,528,360 |
8,386 | 1 | Thryv Holdings, Inc. | 187,595 |
535,429 | 1 | Vimeo Holdings, Inc. | 2,430,848 |
29,048 | 1 | Yelp, Inc. | 915,302 |
TOTAL | 22,154,875 | ||
Consumer Discretionary— 10.3% | |||
273,503 | 1 | 1-800-FLOWERS.COM, Inc. | 2,726,825 |
406,548 | 1,2 | Bed Bath & Beyond, Inc. | 1,146,465 |
8,287 | Bloomin Brands, Inc. | 200,960 | |
78,037 | 1 | Children’s Place, Inc./The | 3,540,539 |
130,434 | 1 | Citi Trends, Inc. | 4,106,062 |
8,630 | 1 | Crocs, Inc. | 1,050,875 |
60,344 | 1 | GoPro, Inc. | 371,116 |
80,554 | 1,2 | Groupon, Inc. | 665,376 |
100,955 | 1 | Inspired Entertainment, Inc. | 1,504,229 |
102,868 | International Game Technology PLC | 2,720,859 | |
208,820 | 1,2 | Kirkland’s, Inc. | 764,281 |
37,589 | 1 | MarineMax, Inc. | 1,174,656 |
3,624 | 1 | MCBC Holdings, Inc. | 102,784 |
46,645 | Murphy USA, Inc. | 12,688,839 | |
102,124 | 1,2 | Red Robin Gourmet Burgers | 912,989 |
15,982 | Red Rock Resorts, Inc. | 719,350 | |
111,230 | Rent-A-Center, Inc. | 2,990,975 | |
69,433 | 1 | Revolve Group, Inc. | 1,981,618 |
569,263 | 1 | Rush Street Interactive, Inc. | 2,442,138 |
699,988 | 1 | Stitch Fix, Inc. | 3,646,937 |
147,639 | 1 | Target Hospitality Corp. | 2,266,997 |
79,313 | Texas Roadhouse, Inc. | 7,965,405 | |
7,113 | 1 | Visteon Corp. | 1,112,046 |
2,565 | Wingstop, Inc. | 406,476 | |
174,625 | 1,2 | Workhorse Group, Inc. | 385,921 |
888,177 | 1 | WW International, Inc. | 4,414,240 |
36,668 | 1 | Xponential Fitness, Inc. | 1,007,637 |
TOTAL | 63,016,595 | ||
Consumer Staples— 5.0% | |||
79,600 | Cal-Maine Foods, Inc. | 4,554,712 | |
9,666 | Coca-Cola Bottling Co. | 4,898,535 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
156,275 | 1 | elf Beauty, Inc. | $ 8,993,626 |
167,513 | 1 | Sprouts Farmers Market, Inc. | 5,352,040 |
80,904 | 1,2 | Tattooed Chef, Inc. | 122,974 |
55,112 | Turning Point Brands, Inc. | 1,279,150 | |
5,320 | 1 | USANA Health Sciences, Inc. | 310,901 |
163,382 | Vector Group Ltd. | 2,115,797 | |
180,703 | 1 | Vital Farms, Inc. | 3,176,759 |
TOTAL | 30,804,494 | ||
Energy— 7.7% | |||
51,189 | 1 | Amplify Energy Corp. | 443,297 |
72,600 | 1 | Borr Drilling Ltd. | 431,970 |
52,471 | Cactus, Inc. | 2,839,206 | |
5,811 | Championx Corp. | 191,879 | |
12,661 | Chord Energy Corp. | 1,814,701 | |
50,327 | Comstock Resources, Inc. | 611,473 | |
37,917 | CONSOL Energy, Inc. | 2,192,740 | |
93,200 | Delek US Holdings, Inc. | 2,494,032 | |
7,500 | 1 | Golar LNG Ltd. | 175,800 |
23,184 | Liberty Energy, Inc. | 367,003 | |
136,632 | Magnolia Oil & Gas Corp. | 3,225,881 | |
7,255 | Matador Resources Co. | 479,991 | |
1,870 | 1 | Nabors Industries Ltd. | 332,000 |
63,548 | 1 | Nextier Oilfield Solutions, Inc. | 598,622 |
212,885 | 1 | Oceaneering International, Inc. | 4,545,095 |
106,266 | PBF Energy, Inc. | 4,462,109 | |
7,187 | Ranger Oil Corp. | 301,854 | |
64,207 | SM Energy Co. | 2,110,484 | |
395,013 | 1 | Talos Energy, Inc. | 7,825,208 |
89,196 | 1 | US Silica Holdings, Inc. | 1,091,759 |
7,443 | 1 | Vital Energy, Inc. | 418,892 |
175,536 | 1 | Weatherford International PLC | 9,984,488 |
TOTAL | 46,938,484 | ||
Financials— 6.7% | |||
5,529 | 1 | Coastal Financial Corp. | 252,509 |
52,979 | 1 | Customers Bancorp, Inc. | 1,608,972 |
12,462 | 1 | eHealth, Inc. | 103,435 |
429,778 | 1 | Green Dot Corp. | 7,770,386 |
10,772 | Guaranty Bancshares, Inc. | 355,261 | |
4,741 | Kinsale Capital Group, Inc. | 1,320,084 | |
270,458 | 1 | LendingClub Corp. | 2,620,738 |
57,238 | 1 | LendingTree, Inc. | 2,270,059 |
323,897 | Live Oak Bancshares, Inc. | 11,086,994 | |
9,394 | 1 | Metropolitan Bank Holding Corp. | 557,816 |
344,739 | 1 | Open Lending | 3,023,361 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
296,292 | 1 | PROG Holdings, Inc. | $ 6,604,349 |
676,070 | 1 | SelectQuote, Inc. | 582,907 |
95,313 | 1,2 | Silvergate Capital Corp. | 1,357,257 |
28,431 | 1 | Triumph Bancorp, Inc. | 1,584,460 |
TOTAL | 41,098,588 | ||
Health Care— 23.3% | |||
11,471 | 1 | Aadi Bioscience, Inc. | 144,764 |
182,028 | 1 | Adaptive Biotechnologies Corp. | 1,687,400 |
208,610 | 1 | ADMA Biologics, Inc. | 769,771 |
962,850 | 1,2 | Akebia Therapeutics, Inc. | 606,596 |
315,824 | 1 | Alector, Inc. | 2,785,568 |
89,008 | 1 | Alkermes, Inc. | 2,549,189 |
755,517 | 1 | Allakos, Inc. | 5,613,491 |
170,654 | 1 | Alx Oncology Holdings, Inc. | 1,587,082 |
23,487 | 1 | AMN Healthcare Services, Inc. | 2,250,994 |
72,857 | 1 | Amphastar Pharmaceuticals, Inc. | 2,204,653 |
121,731 | 1,2 | Amylyx Pharmaceuticals, Inc. | 4,770,638 |
362,368 | 1 | Assembly Biosciences, Inc. | 630,520 |
926,525 | 1 | Atea Pharmaceuticals, Inc. | 4,289,811 |
674,017 | 1 | Berkeley Lights, Inc. | 1,449,137 |
265,496 | 1 | Cano Health, Inc. | 366,384 |
477,940 | 1 | Cardiovascular Systems, Inc. | 6,662,484 |
40,621 | 1 | Catalyst Pharmaceutical Partners, Inc. | 629,219 |
19,240 | 1 | Collegium Pharmaceutical, Inc. | 540,259 |
466,608 | 1 | Community Health Systems, Inc. | 2,435,694 |
38,164 | 1 | Corcept Therapeutics, Inc. | 872,429 |
68,035 | 1 | Cross Country Healthcare, Inc. | 1,887,971 |
56,624 | 1 | Deciphera Pharmaceuticals, Inc. | 963,174 |
42,600 | 1 | Eagle Pharmaceuticals, Inc. | 1,445,844 |
291,809 | 1 | Fate Therapeutics, Inc. | 1,739,182 |
428,798 | 1,2 | Gossamer Bio, Inc. | 1,132,027 |
6,936 | 1 | Harmony Biosciences Holdings, Inc. | 334,107 |
61,393 | 1 | Heska Corp. | 5,490,990 |
118,733 | 1 | Hims & Hers Health, Inc. | 983,109 |
116,519 | 1,2 | Innovage Holding Corp. | 872,727 |
172,163 | 1 | Inogen, Inc. | 4,016,563 |
31,518 | 1 | Intellia Therapeutics, Inc. | 1,337,624 |
102,921 | 1 | Kodiak Sciences, Inc. | 831,602 |
163,888 | 1 | Kronos Bio, Inc. | 393,331 |
124,367 | 1 | Lantheus Holdings, Inc. | 7,151,102 |
34,507 | 1 | Ligand Pharmaceuticals, Inc., Class B | 2,405,138 |
343,553 | 1 | MacroGenics, Inc. | 1,982,301 |
666,762 | 1 | MiMedx Group, Inc. | 2,580,369 |
150,235 | 1 | NanoString Technologies, Inc. | 1,589,486 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
276,357 | 1 | NeoGenomics, Inc. | $ 3,283,121 |
145,131 | 1 | Nevro Corp. | 5,329,210 |
374,788 | 1 | NextCure, Inc. | 625,896 |
9,342 | 1 | NextGen Healthcare, Inc. | 177,685 |
138,571 | 1 | Omnicell, Inc. | 7,686,533 |
157,921 | 1 | OptimizeRX Corp | 2,834,682 |
655,977 | 1 | Organogenesis Holdings, Inc. | 1,679,301 |
15,702 | 1 | Pediatrix Medical Group | 241,026 |
20,341 | 1 | Phreesia, Inc. | 762,584 |
77,324 | 1 | Pliant Therapeutics, Inc. | 2,709,433 |
382,195 | 1 | Praxis Precision Medicines, Inc. | 1,903,331 |
101,987 | 1 | Privia Health Group, Inc. | 2,757,728 |
66,229 | 1 | Prometheus Biosciences, Inc. | 7,527,588 |
54,839 | 1,2 | Provention Bio, Inc. | 474,906 |
189,865 | 1 | Puma Biotechnology, Inc. | 816,419 |
163,050 | 1 | Quince Therapeutics, Inc. | 159,789 |
13,131 | 1 | Revolution Medicines, Inc. | 351,123 |
139,700 | 1 | Sangamo BioSciences, Inc. | 487,553 |
4,005 | 1 | Shockwave Medical, Inc. | 752,660 |
435,883 | 1,2 | Siga Technologies, Inc. | 3,195,022 |
40,341 | 1 | Silk Road Medical, Inc. | 2,192,937 |
229,624 | 1,2 | Tabula Rasa HealthCare, Inc. | 1,393,818 |
188,671 | 1 | Tactile Systems Technology, Inc. | 2,447,063 |
195,345 | 1 | The Joint Corp. | 3,549,419 |
11,128 | 1 | TransMedics Group, Inc. | 701,287 |
117,928 | 1 | Vanda Pharmaceuticals, Inc. | 905,687 |
57,647 | 1 | Vaxcyte, Inc. | 2,614,291 |
45,902 | 1 | Viridian Therapeutics, Inc. | 1,676,341 |
313,875 | 1 | Voyager Therapeutics, Inc. | 2,962,980 |
19,803 | 1 | Y-mAbs Therapeutics, Inc. | 88,915 |
TOTAL | 142,271,058 | ||
Industrials— 17.0% | |||
14,004 | 1 | Allegiant Travel Co. | 1,204,764 |
77,865 | 1 | Alta Equipment Group, Inc. | 1,319,812 |
48,837 | Apogee Enterprises, Inc. | 2,287,525 | |
44,690 | 1 | Array Technologies, Inc. | 993,459 |
41,718 | 1 | ASGN, Inc. | 3,794,252 |
91,551 | 1 | Atkore, Inc. | 11,924,518 |
887 | Barrett Business Services, Inc. | 88,150 | |
3,330 | 1 | Beacon Roofing Supply, Inc. | 189,410 |
7,144 | 1 | Bloom Energy Corp. | 178,100 |
136,666 | Boise Cascade Co. | 10,245,850 | |
9,413 | 1 | CBIZ, Inc. | 447,965 |
16,122 | 1 | CIRCOR International, Inc. | 445,773 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
1,537 | Comfort Systems USA, Inc. | $ 186,038 | |
57,484 | Emcor Group, Inc. | 8,522,003 | |
45,432 | 1,2 | Fluence Energy, Inc. | 1,096,728 |
5,298 | 1 | Fluor Corp. | 194,701 |
35,151 | 1 | Forrester Research, Inc. | 1,302,696 |
108,824 | 1 | Franklin Covey Co. | 5,049,434 |
149,260 | 1,2 | Fuelcell Energy, Inc. | 546,292 |
98,996 | 1 | GMS, Inc. | 5,872,443 |
678,653 | GrafTech International Ltd. | 4,438,391 | |
27,971 | H&E Equipment Services, Inc. | 1,423,444 | |
521,210 | 1 | Harsco Corp. | 4,138,407 |
124,626 | Healthcare Services Group, Inc. | 1,678,712 | |
108,685 | Heidrick & Struggles International, Inc. | 3,343,151 | |
20,924 | Helios Technologies, Inc. | 1,380,984 | |
22,700 | 1 | HireRight Holdings Corp. | 259,688 |
34,468 | 1 | Huron Consulting Group, Inc. | 2,345,203 |
2,517 | ICF International, Inc. | 257,212 | |
178,885 | 1 | JELD-WEN Holding, Inc. | 2,262,895 |
2,433 | John Bean Technologies Corp. | 271,839 | |
38,602 | KForce Com, Inc. | 2,166,730 | |
2,554 | 1 | Masonite International Corp. | 232,976 |
196,159 | 1 | Mistras Group, Inc. | 1,039,643 |
313,006 | 1 | MRC Global, Inc. | 4,256,882 |
11,848 | 1 | MYR Group, Inc. | 1,173,663 |
12,038 | 1 | Proto Labs, Inc. | 368,363 |
14,206 | Tennant Co. | 996,267 | |
110,389 | Terex Corp. | 5,626,527 | |
23,588 | 1 | Titan International, Inc. | 393,684 |
25,864 | 1 | TriNet Group, Inc. | 1,951,439 |
18,256 | Universal Truckload Services, Inc. | 655,755 | |
25,496 | Veritiv Corp. | 3,188,020 | |
24,264 | Watts Industries, Inc., Class A | 3,967,649 | |
8,215 | 1 | Willdan Group, Inc. | 156,414 |
TOTAL | 103,863,851 | ||
Information Technology— 19.1% | |||
722,890 | 1 | 8x8, Inc. | 3,404,812 |
29,403 | 1 | Alpha & Omega Semiconductor Ltd. | 969,123 |
46,904 | American Software, Inc., Class A | 713,410 | |
19,217 | 1 | Arlo Technologies, Inc. | 72,344 |
351,746 | 1 | AvidXchange Holdings, Inc. | 3,911,416 |
39,323 | 1 | Box, Inc. | 1,257,943 |
681,769 | 1 | Brightcove, Inc. | 4,322,415 |
130,977 | 1 | Cantaloupe, Inc. | 666,673 |
205,937 | 1 | Cerence, Inc. | 5,049,575 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
62,598 | 1 | Coda Octopus Group, Inc. | $ 451,958 |
287,383 | 1 | Diebold Nixdorf, Inc. | 686,845 |
56,392 | 1 | EMCORE Corp. | 69,926 |
98,504 | 1 | Everbridge, Inc. | 3,148,188 |
35,015 | 1 | Exlservice Holding, Inc. | 5,973,559 |
10,351 | 1 | Extreme Networks, Inc. | 186,629 |
229,018 | 1 | Faro Technologies, Inc. | 6,293,415 |
289,906 | 1 | Grid Dynamics Holdings, Inc. | 3,629,623 |
72,684 | 1 | Harmonic Lightwaves, Inc. | 957,248 |
51,893 | 1 | Identive Group, Inc. | 452,507 |
19,091 | 1 | Impinj, Inc. | 2,477,630 |
35,216 | Information Services Group, Inc. | 184,532 | |
64,504 | 1 | Intapp, Inc. | 1,869,326 |
184,107 | 1 | MaxLinear, Inc. | 7,585,208 |
210,423 | 1 | Mitek Systems, Inc. | 2,074,771 |
142,058 | 1 | Model N, Inc. | 5,634,020 |
909,182 | 1 | Momentive Global, Inc. | 7,009,793 |
447,724 | 1 | ON24, Inc. | 4,154,879 |
132,843 | 1 | Q2 Holdings, Inc. | 4,346,623 |
43,250 | 1 | Qualys, Inc. | 4,989,320 |
131,013 | 1 | Rimini Street, Inc. | 589,558 |
160,035 | Sapiens International Corp. NV | 3,626,393 | |
142,210 | 1 | Secureworks Corp. | 1,140,524 |
515,525 | 1 | Semtech Corp. | 17,027,791 |
29,272 | 1 | StoneCo Ltd. | 326,676 |
630,017 | 1 | Telos Corp. | 3,055,582 |
249,508 | 1 | Upland Software, Inc. | 2,178,205 |
900,573 | 1 | Yext, Inc. | 6,258,982 |
TOTAL | 116,747,422 | ||
Materials— 3.4% | |||
95,844 | 1 | ATI, Inc. | 3,487,763 |
19,940 | Commercial Metals Corp. | 1,082,144 | |
23,633 | Koppers Holdings, Inc. | 817,938 | |
105,354 | Kronos Worldwide, Inc. | 1,227,374 | |
29,176 | 1 | LSB Industries, Inc. | 370,827 |
27,253 | Myers Industries, Inc. | 656,252 | |
167,771 | 1 | O-I Glass, Inc. | 3,229,592 |
86,100 | 1,3 | Rentech, Inc. | 0 |
49,942 | Ryerson Holding Corp. | 1,906,286 | |
111,025 | Sylvamo Corp. | 5,277,018 | |
70,827 | Warrior Met Coal, Inc. | 2,682,927 | |
TOTAL | 20,738,121 | ||
Real Estate— 2.0% | |||
40,317 | 1 | Cushman & Wakefield PLC | 581,774 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
6,419 | Innovative Industrial Properties, Inc. | $ 576,298 | |
62,937 | Marcus & Millichap Co., Inc. | 2,280,837 | |
21,155 | Newmark Group, Inc. | 181,298 | |
30,122 | Outfront Media, Inc. | 599,428 | |
295,994 | 1,2 | Redfin Corp. | 2,214,035 |
194,694 | RMR Group, Inc./The | 6,039,408 | |
TOTAL | 12,473,078 | ||
Utilities— 0.6% | |||
11,480 | Clearway Energy, Inc. | 367,934 | |
46,891 | Otter Tail Corp. | 3,008,058 | |
TOTAL | 3,375,992 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $564,608,448) | 603,482,558 | ||
INVESTMENT COMPANIES— 3.1% | |||
12,549,625 | Federated Hermes Government Obligations Fund, Premier Shares, 4.19%4 | 12,549,625 | |
6,778,675 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%4 | 6,778,675 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $19,327,648) | 19,328,300 | ||
TOTAL INVESTMENT IN SECURITIES—101.8% (IDENTIFIED COST $583,936,096)5 | 622,810,858 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.8)%6 | (11,243,987) | ||
TOTAL NET ASSETS—100% | $611,566,871 |
Affiliated | Value as of 7/31/2022 | Purchases at Cost* | Proceeds from Sales* |
Consumer Discretionary: | |||
Xponential Fitness, Inc. | $— | $956,727 | $— |
Health Care: | |||
Alector, Inc.** | $8,176,082 | $277,995 | $(4,847,832) |
Amphastar Pharmaceuticals, Inc. | $1,033,497 | $1,453,103 | $(206,012) |
Information Technology: | |||
Brightcove, Inc.** | $5,844,048 | $— | $(1,737,438) |
Affiliated issuers no longer in the portfolio at period end | $3,247,541 | $— | $(4,247,296) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $18,301,168 | $2,687,825 | $(11,038,578) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2023 | Shares Held as of 1/31/2023 | Dividend Income* |
$50,910 | $— | $1,007,637 | 36,668 | $— |
$2,821,914 | $(3,642,591) | $2,785,568 | 315,824 | $— |
$(151,733) | $75,798 | $2,204,653 | 72,857 | $— |
$1,432,804 | $(1,216,999) | $4,322,415 | 681,769 | $— |
$1,697,165 | $(697,410) | $— | — | $— |
$5,851,060 | $(5,481,202) | $10,320,273 | 1,107,118 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At January 31, 2023, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 7/31/2022 | $25,008,151 | $8,511,854 | $33,520,005 |
Purchases at Cost | $83,827,179 | $73,448,032 | $157,275,211 |
Proceeds from Sales | $(96,285,705) | $(75,186,504) | $(171,472,209) |
Change in Unrealized Appreciation/ Depreciation | $— | $(197) | $(197) |
Net Realized Gain/(Loss) | $— | $5,490 | $5,490 |
Value as of 1/31/2023 | $12,549,625 | $6,778,675 | $19,328,300 |
Shares Held as of 1/31/2023 | 12,549,625 | 6,778,675 | 19,328,300 |
Dividend Income | $281,711 | $198,837 | $480,548 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee. |
4 | 7-day net yield. |
5 | Also represents cost of investments for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 2023, 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 | $581,551,310 | $— | $0 | $581,551,310 |
International | 21,931,248 | — | — | 21,931,248 |
Investment Companies | 19,328,300 | — | — | 19,328,300 |
TOTAL SECURITIES | $622,810,858 | $— | $0 | $622,810,858 |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $20.80 | $33.76 | $23.89 | $23.30 | $25.67 | $21.89 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.04) | (0.15)1 | (0.07)1 | (0.08)1 | (0.11)1 |
Net realized and unrealized gain (loss) | 1.14 | (4.34) | 10.16 | 0.66 | (0.84) | 5.09 |
Total From Investment Operations | 1.11 | (4.38) | 10.01 | 0.59 | (0.92) | 4.98 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.63) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Net Asset Value, End of Period | $21.28 | $20.80 | $33.76 | $23.89 | $23.30 | $25.67 |
Total Return2 | 5.71% | (18.45)% | 42.03% | 2.53% | (2.83)% | 23.50% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.13% | 1.13% | 1.14% |
Net investment income (loss) | (0.25)%4 | (0.16)% | (0.50)% | (0.32)% | (0.36)% | (0.48)% |
Expense waiver/reimbursement5 | 0.25%4 | 0.21% | 0.23% | 0.30% | 0.29% | 0.44% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $88,236 | $88,900 | $129,226 | $92,389 | $82,170 | $82,953 |
Portfolio turnover6 | 82% | 140% | 163% | 227% | 142% | 129% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $16.75 | $28.99 | $20.69 | $20.32 | $22.77 | $19.69 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.09)1 | (0.21) | (0.33)1 | (0.21)1 | (0.23)1 | (0.26)1 |
Net realized and unrealized gain (loss) | 0.90 | (3.45) | 8.77 | 0.58 | (0.77) | 4.54 |
Total From Investment Operations | 0.81 | (3.66) | 8.44 | 0.37 | (1.00) | 4.28 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.63) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Net Asset Value, End of Period | $16.93 | $16.75 | $28.99 | $20.69 | $20.32 | $22.77 |
Total Return2 | 5.30% | (19.14)% | 40.93% | 1.82% | (3.58)% | 22.54% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.98%4 | 1.96% | 1.88% | 1.88% | 1.88% | 1.89% |
Net investment income (loss) | (1.09)%4 | (0.99)% | (1.25)% | (1.07)% | (1.12)% | (1.23)% |
Expense waiver/reimbursement5 | 0.12%4 | 0.12% | 0.15% | 0.20% | 0.29% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $18,435 | $19,373 | $28,084 | $17,481 | $22,639 | $18,008 |
Portfolio turnover6 | 82% | 140% | 163% | 227% | 142% | 129% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $22.27 | $35.50 | $25.05 | $24.37 | $26.71 | $22.67 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.001,2 | 0.02 | (0.08)1 | (0.02)1 | (0.02)1 | (0.06)1 |
Net realized and unrealized gain (loss) | 1.23 | (4.67) | 10.67 | 0.70 | (0.87) | 5.30 |
Total From Investment Operations | 1.23 | (4.65) | 10.59 | 0.68 | (0.89) | 5.24 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | — | — | — | — | — |
Distributions from net realized gain | (0.63) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Total Distributions | (0.64) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Net Asset Value, End of Period | $22.86 | $22.27 | $35.50 | $25.05 | $24.37 | $26.71 |
Total Return3 | 5.88% | (18.29)% | 42.40% | 2.79% | (2.60)% | 23.85% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.88%5 | 0.88% | 0.88% | 0.88% | 0.88% | 0.89% |
Net investment income (loss) | 0.00%5,6 | 0.08% | (0.25)% | (0.07)% | (0.10)% | (0.25)% |
Expense waiver/reimbursement7 | 0.22%5 | 0.18% | 0.16% | 0.19% | 0.25% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $269,781 | $304,721 | $428,578 | $354,204 | $455,597 | $364,248 |
Portfolio turnover8 | 82% | 140% | 163% | 227% | 142% | 129% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | Represents less than 0.01%. |
7 | 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. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $22.29 | $35.51 | $25.06 | $24.36 | $26.70 | $22.67 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.001,2 | 0.02 | (0.08)1 | (0.02)1 | (0.02)1 | (0.06)1 |
Net realized and unrealized gain (loss) | 1.23 | (4.66) | 10.67 | 0.72 | (0.87) | 5.29 |
Total From Investment Operations | 1.23 | (4.64) | 10.59 | 0.70 | (0.89) | 5.23 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | — | — | — | — | — |
Distributions from net realized gain | (0.63) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Total Distributions | (0.64) | (8.58) | (0.14) | — | (1.45) | (1.20) |
Net Asset Value, End of Period | $22.88 | $22.29 | $35.51 | $25.06 | $24.36 | $26.70 |
Total Return3 | 5.89% | (18.24)% | 42.38% | 2.87% | (2.60)% | 23.81% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.87%5 | 0.87% | 0.87% | 0.87% | 0.87% | 0.88% |
Net investment income (loss) | 0.01%5 | 0.10% | (0.24)% | (0.07)% | (0.07)% | (0.24)% |
Expense waiver/reimbursement6 | 0.12%5 | 0.09% | 0.09% | 0.09% | 0.15% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $235,114 | $256,060 | $309,117 | $283,103 | $333,059 | $89,307 |
Portfolio turnover7 | 82% | 140% | 163% | 227% | 142% | 129% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
January 31, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $11,670,948 of securities loaned and $29,648,573 of investments in affiliated holdings* (identified cost $583,936,096, including $31,784,835 of identified cost in affiliated holdings) | $622,810,858 |
Cash | 21,844 |
Income receivable | 239,254 |
Income receivable from affiliated holdings | 62,061 |
Receivable for investments sold | 8,799,757 |
Receivable for shares sold | 419,690 |
Total Assets | 632,353,464 |
Liabilities: | |
Payable for investments purchased | 5,643,279 |
Payable for shares redeemed | 2,312,719 |
Payable for collateral due to broker for securities lending (Note 2) | 12,549,625 |
Payable for investment adviser fee (Note 5) | 11,037 |
Payable for administrative fee (Note 5) | 1,284 |
Payable for Directors’/Trustees’ fees (Note 5) | 995 |
Payable for distribution services fee (Note 5) | 11,096 |
Payable for other service fees (Notes 2 and 5) | 48,324 |
Accrued expenses (Note 5) | 208,234 |
Total Liabilities | 20,786,593 |
Net assets for 27,310,293 shares outstanding | $611,566,871 |
Net Assets Consist of: | |
Paid-in capital | $613,103,552 |
Total distributable earnings (loss) | (1,536,681) |
Total Net Assets | $611,566,871 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($88,236,412 ÷ 4,145,856 shares outstanding), no par value, unlimited shares authorized | $21.28 |
Offering price per share (100/94.50 of $21.28) | $22.52 |
Redemption proceeds per share | $21.28 |
Class C Shares: | |
Net asset value per share ($18,435,495 ÷ 1,088,932 shares outstanding), no par value, unlimited shares authorized | $16.93 |
Offering price per share | $16.93 |
Redemption proceeds per share (99.00/100 of $16.93) | $16.76 |
Institutional Shares: | |
Net asset value per share ($269,781,396 ÷ 11,799,417 shares outstanding), no par value, unlimited shares authorized | $22.86 |
Offering price per share | $22.86 |
Redemption proceeds per share | $22.86 |
Class R6 Shares: | |
Net asset value per share ($235,113,568 ÷ 10,276,088 shares outstanding), no par value, unlimited shares authorized | $22.88 |
Offering price per share | $22.88 |
Redemption proceeds per share | $22.88 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended January 31, 2023 (unaudited)
Investment Income: | |
Dividends (including $188,987 received from affiliated holdings*) | $2,382,451 |
Net income on securities loaned (includes $291,561 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 340,798 |
TOTAL INCOME | 2,723,249 |
Expenses: | |
Investment adviser fee (Note 5) | 2,464,811 |
Administrative fee (Note 5) | 242,706 |
Custodian fees | 43,766 |
Transfer agent fees (Note 2) | 343,663 |
Directors’/Trustees’ fees (Note 5) | 2,528 |
Auditing fees | 14,336 |
Legal fees | 5,167 |
Portfolio accounting fees | 70,344 |
Distribution services fee (Note 5) | 67,592 |
Other service fees (Notes 2 and 5) | 125,116 |
Share registration costs | 37,040 |
Printing and postage | 41,216 |
Miscellaneous (Note 5) | 17,917 |
TOTAL EXPENSES | 3,476,202 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (369,723) |
Reimbursement of other operating expenses (Notes 2 and 5) | (188,256) |
TOTAL WAIVER AND REIMBURSEMENTS | (557,979) |
Net expenses | 2,918,223 |
Net investment loss | (194,974) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized loss of $(5,475,712) on sales of investments in affiliated holdings*) | (29,639,037) |
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $5,850,863 of investments in affiliated holdings*) | 60,843,384 |
Net realized and unrealized gain (loss) on investments | 31,204,347 |
Change in net assets resulting from operations | $31,009,373 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2023 | Year Ended 7/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(194,974) | $154,388 |
Net realized gain (loss) | (29,639,037) | 28,024,914 |
Net change in unrealized appreciation/depreciation | 60,843,384 | (181,648,487) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 31,009,373 | (153,469,185) |
Distributions to Shareholders: | ||
Class A Shares | (2,603,153) | (32,079,796) |
Class C Shares | (679,479) | (7,866,562) |
Institutional Shares | (7,667,185) | (99,337,616) |
Class R6 Shares | (7,065,520) | (72,484,125) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,015,337) | (211,768,099) |
Share Transactions: | ||
Proceeds from sale of shares | 55,151,671 | 271,272,721 |
Net asset value of shares issued to shareholders in payment of distributions declared | 16,710,897 | 192,640,426 |
Cost of shares redeemed | (142,343,568) | (324,627,058) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (70,481,000) | 139,286,089 |
Change in net assets | (57,486,964) | (225,951,195) |
Net Assets: | ||
Beginning of period | 669,053,835 | 895,005,030 |
End of period | $611,566,871 | $669,053,835 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $78,716 | $(54,551) |
Class C Shares | 13,093 | (81) |
Institutional Shares | 202,715 | (133,624) |
Class R6 Shares | 49,139 | — |
TOTAL | $343,663 | $(188,256) |
Other Service Fees Incurred | |
Class A Shares | $102,712 |
Class C Shares | 22,404 |
TOTAL | $125,116 |
Fair Value of Securities Loaned | Collateral Received |
$11,670,948 | $12,549,625 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 188,419 | $3,742,708 | 734,706 | $19,688,546 |
Shares issued to shareholders in payment of distributions declared | 118,380 | 2,245,671 | 985,701 | 26,130,926 |
Shares redeemed | (435,853) | (8,598,487) | (1,273,380) | (32,473,563) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (129,054) | $(2,610,108) | 447,027 | $13,345,909 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 74,565 | $1,201,617 | 128,708 | $2,774,689 |
Shares issued to shareholders in payment of distributions declared | 44,306 | 669,467 | 359,807 | 7,725,066 |
Shares redeemed | (186,591) | (2,993,973) | (300,582) | (6,470,668) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (67,720) | $(1,122,889) | 187,933 | $4,029,087 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,142,239 | $24,388,080 | 5,702,540 | $156,084,766 |
Shares issued to shareholders in payment of distributions declared | 357,614 | 7,287,806 | 3,232,168 | 91,631,959 |
Shares redeemed | (3,381,147) | (71,826,889) | (7,327,971) | (197,657,381) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,881,294) | $(40,151,003) | 1,606,737 | $50,059,344 |
Six Months Ended 1/31/2023 | Year Ended 7/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,223,577 | $25,819,266 | 3,421,932 | $92,724,720 |
Shares issued to shareholders in payment of distributions declared | 319,036 | 6,507,953 | 2,367,859 | 67,152,475 |
Shares redeemed | (2,754,708) | (58,924,219) | (3,005,937) | (88,025,446) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,212,095) | $(26,597,000) | 2,783,854 | $71,851,749 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (3,290,163) | $(70,481,000) | 5,025,551 | $139,286,089 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $67,592 |
Purchases | $486,954,918 |
Sales | $570,498,130 |
Beginning Account Value 8/1/2022 | Ending Account Value 1/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,057.10 | $5.86 |
Class C Shares | $1,000 | $1,053.00 | $10.25 |
Institutional Shares | $1,000 | $1,058.80 | $4.57 |
Class R6 Shares | $1,000 | $1,058.90 | $4.51 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.22 | $10.06 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.98% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
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Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics - Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 27, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue,
Principal Executive Officer
Date March 27, 2023
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 27, 2023