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: 07/31/24
Date of Reporting Period: Six months ended 01/31/24
Item 1. | Reports to Stockholders |
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
Sector Composition | Percentage of Total Net Assets |
Information Technology | 28.2% |
Financials | 14.5% |
Health Care | 13.5% |
Consumer Discretionary | 11.2% |
Industrials | 8.7% |
Communication Services | 7.0% |
Consumer Staples | 6.6% |
Energy | 2.7% |
Utilities | 2.0% |
Real Estate | 1.6% |
Materials | 1.4% |
Securities Lending Collateral2 | 0.4% |
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— 97.4% | |||
Communication Services— 7.0% | |||
104,811 | 1 | Alphabet, Inc., Class A | $ 14,684,021 |
341,396 | 1 | Altice USA, Inc. | 833,006 |
145,023 | 1 | CarGurus, Inc. | 3,370,335 |
65,486 | 1 | Cars.com, Inc. | 1,141,421 |
15,554 | Comcast Corp., Class A | 723,883 | |
1,561 | Electronic Arts, Inc. | 214,762 | |
2,244 | 1 | Live Nation Entertainment, Inc. | 199,380 |
36,423 | 1 | Meta Platforms, Inc. | 14,210,069 |
1,866 | 1 | Netflix, Inc. | 1,052,629 |
50,099 | 1 | Spotify Technology SA | 10,788,820 |
2,518 | 1 | T-Mobile USA, Inc. | 405,977 |
115,050 | 1 | ZoomInfo Technologies, Inc. | 1,845,402 |
TOTAL | 49,469,705 | ||
Consumer Discretionary— 11.2% | |||
156,359 | Advance Auto Parts, Inc. | 10,452,599 | |
27,131 | 1 | Airbnb, Inc. | 3,910,662 |
77,387 | 1 | Amazon.com, Inc. | 12,010,462 |
564 | 1 | AutoZone, Inc. | 1,557,841 |
35,989 | 1 | DoorDash, Inc. | 3,750,054 |
8,683 | 1 | Duolingo, Inc. | 1,553,302 |
47,545 | eBay, Inc. | 1,952,673 | |
39,478 | 1 | Expedia Group, Inc. | 5,855,772 |
303,627 | Gap (The), Inc. | 5,674,789 | |
53,197 | 1 | Goodyear Tire & Rubber Co. | 741,566 |
14,866 | McDonald’s Corp. | 4,351,575 | |
2,844 | Murphy USA, Inc. | 1,002,567 | |
2,196 | 1 | O’Reilly Automotive, Inc. | 2,246,618 |
70,475 | PVH Corp. | 8,475,323 | |
49,746 | 1 | Royal Caribbean Cruises, Ltd. | 6,342,615 |
3,413 | 1 | Ulta Beauty, Inc. | 1,713,497 |
25,806 | Wingstop, Inc. | 7,254,325 | |
TOTAL | 78,846,240 | ||
Consumer Staples— 6.6% | |||
56,627 | Albertsons Cos., Inc. | 1,201,625 | |
31,532 | Archer-Daniels-Midland Co. | 1,752,548 | |
4,108 | Church and Dwight, Inc. | 410,184 | |
102,433 | Colgate-Palmolive Co. | 8,624,859 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
95,944 | 1 | Hain Celestial Group, Inc. | $ 1,027,560 |
26,920 | Kimberly-Clark Corp. | 3,256,512 | |
182,226 | Kroger Co. | 8,407,908 | |
81,605 | PepsiCo, Inc. | 13,752,891 | |
32,392 | Procter & Gamble Co. | 5,090,079 | |
20,892 | WalMart, Inc. | 3,452,403 | |
TOTAL | 46,976,569 | ||
Energy— 2.7% | |||
1,289 | Cheniere Energy, Inc. | 211,383 | |
6,248 | Civitas Resources, Inc. | 404,933 | |
17,215 | Devon Energy Corp. | 723,374 | |
63,055 | Marathon Oil Corp. | 1,440,807 | |
68,674 | Marathon Petroleum Corp. | 11,372,414 | |
5,184 | ONEOK, Inc. | 353,808 | |
2,211 | Valero Energy Corp. | 307,108 | |
50,712 | 1 | Weatherford International PLC | 4,541,260 |
TOTAL | 19,355,087 | ||
Financials— 14.5% | |||
15,876 | Aflac, Inc. | 1,338,982 | |
27,571 | American International Group, Inc. | 1,916,460 | |
25,851 | Ameriprise Financial, Inc. | 9,999,942 | |
7,102 | Aon PLC | 2,119,450 | |
31,624 | Apollo Global Management, Inc. | 3,175,050 | |
19,348 | 1 | Arch Capital Group Ltd. | 1,594,856 |
113,908 | Bank of New York Mellon Corp. | 6,317,338 | |
2,614 | 1 | Block, Inc. | 169,936 |
9,573 | Cboe Global Markets, Inc. | 1,759,996 | |
6,548 | Chubb Ltd. | 1,604,260 | |
5,716 | 1,2 | Coinbase Global, Inc. | 732,791 |
11,831 | Fidelity National Information Services, Inc. | 736,598 | |
17,182 | 1 | Fiserv, Inc. | 2,437,610 |
47,662 | 1 | Green Dot Corp. | 429,435 |
11,137 | Hartford Financial Services Group, Inc. | 968,474 | |
46,999 | Interactive Brokers Group, Inc., Class A | 4,171,161 | |
75,854 | Jackson Financial, Inc. | 3,798,010 | |
42,507 | JPMorgan Chase & Co. | 7,411,520 | |
8,306 | Marsh & McLennan Cos., Inc. | 1,610,035 | |
4,046 | Mastercard, Inc. | 1,817,585 | |
2,279 | MSCI, Inc., Class A | 1,364,255 | |
38,160 | Northern Trust Corp. | 3,039,062 | |
104,053 | 1 | PayPal Holdings, Inc. | 6,383,652 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
31,747 | 1 | PROG Holdings, Inc. | $ 972,728 |
9,916 | Progressive Corp., OH | 1,767,527 | |
119,966 | Prudential Financial, Inc. | 12,588,032 | |
69,350 | State Street Corp. | 5,122,884 | |
49,944 | The Travelers Cos., Inc. | 10,556,164 | |
51,304 | Virtu Financial, Inc. | 861,394 | |
18,529 | Visa, Inc., Class A | 5,063,235 | |
66,109 | Western Union Co. | 830,990 | |
TOTAL | 102,659,412 | ||
Health Care— 13.5% | |||
124,785 | AbbVie, Inc. | 20,514,654 | |
14,396 | Amgen, Inc. | 4,524,087 | |
27,639 | 1,2 | AnaptysBio, Inc. | 652,280 |
10,980 | 1 | Biogen, Inc. | 2,708,327 |
20,405 | Bristol-Myers Squibb Co. | 997,192 | |
77,104 | 1 | Centene Corp. | 5,806,702 |
6,630 | CVS Health Corp. | 493,073 | |
14,678 | Dentsply Sirona, Inc. | 510,061 | |
243,370 | 1 | Elanco Animal Health, Inc. | 3,587,274 |
6,731 | Elevance Health, Inc. | 3,321,345 | |
7,841 | Eli Lilly & Co. | 5,062,228 | |
25,086 | 1 | GE HealthCare Technologies, Inc. | 1,840,309 |
99,410 | Gilead Sciences, Inc. | 7,779,827 | |
9,839 | Humana, Inc. | 3,719,732 | |
72,937 | 1 | Incyte Genomics, Inc. | 4,286,507 |
34,108 | Johnson & Johnson | 5,419,761 | |
4,261 | McKesson Corp. | 2,130,031 | |
66,227 | Merck & Co., Inc. | 7,998,897 | |
1,866 | 1 | Molina Healthcare, Inc. | 665,117 |
37,635 | 1 | Myriad Genetics, Inc. | 805,013 |
34,504 | 1 | Nevro Corp. | 571,386 |
25,687 | 1 | Omnicell, Inc. | 826,351 |
6,814 | Teleflex, Inc. | 1,654,644 | |
2,404 | The Cigna Group | 723,484 | |
2,274 | 1 | United Therapeutics Corp. | 488,410 |
9,929 | UnitedHealth Group, Inc. | 5,081,066 | |
6,908 | 1 | Vertex Pharmaceuticals, Inc. | 2,993,789 |
TOTAL | 95,161,547 | ||
Industrials— 8.7% | |||
26,808 | 3M Co. | 2,529,335 | |
9,652 | AGCO Corp. | 1,180,729 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
3,602 | Allegion PLC | $ 446,252 | |
68,225 | Allison Transmission Holdings, Inc. | 4,130,341 | |
31,041 | Booz Allen Hamilton Holding Corp. | 4,369,642 | |
3,037 | 1 | Builders Firstsource, Inc. | 527,618 |
20,328 | Caterpillar, Inc. | 6,104,702 | |
10,526 | 1 | Core & Main, Inc. | 434,829 |
9,604 | Emerson Electric Co. | 880,975 | |
14,325 | General Electric Co. | 1,896,916 | |
5,544 | L3Harris Technologies, Inc. | 1,155,480 | |
5,425 | Lennox International, Inc. | 2,322,768 | |
14,625 | Manpower, Inc. | 1,084,298 | |
5,990 | Masco Corp. | 403,067 | |
14,051 | 1 | NEXTracker, Inc. | 636,089 |
28,990 | 1 | Openlane, Inc. | 408,179 |
3,233 | 1 | Parsons Corp. | 210,630 |
40,417 | Paychex, Inc. | 4,919,961 | |
5,292 | 2 | Rockwell Automation, Inc. | 1,340,358 |
7,943 | Ryder System, Inc. | 902,087 | |
19,159 | 1 | SkyWest, Inc. | 1,020,408 |
9,872 | 1 | SPX Technologies, Inc. | 993,518 |
18,258 | Trane Technologies PLC | 4,601,929 | |
394 | 1 | Transdigm Group, Inc. | 430,516 |
8,632 | 1 | Trex Co., Inc. | 703,335 |
48,662 | 1 | Uber Technologies, Inc. | 3,176,169 |
37,605 | Verisk Analytics, Inc. | 9,082,736 | |
67,921 | 1 | XPO, Inc. | 5,803,170 |
TOTAL | 61,696,037 | ||
Information Technology— 28.2% | |||
1,446 | 1 | Adobe, Inc. | 893,310 |
189,947 | Apple, Inc. | 35,026,227 | |
16,429 | 1 | Arista Networks, Inc. | 4,249,854 |
7,696 | Broadcom, Inc. | 9,081,280 | |
23,673 | 1 | Cadence Design Systems, Inc. | 6,828,714 |
21,864 | 1 | Cirrus Logic, Inc. | 1,687,901 |
110,755 | Cisco Systems, Inc. | 5,557,686 | |
9,243 | 1 | Commvault Systems, Inc. | 847,398 |
31,399 | 1 | Crowdstrike Holdings, Inc. | 9,184,207 |
67,370 | Dell Technologies, Inc. | 5,583,626 | |
81,019 | 1 | DXC Technology Co. | 1,766,214 |
78,632 | 1 | GoDaddy, Inc. | 8,386,889 |
2,610 | 1 | HubSpot, Inc. | 1,594,710 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
92,107 | Microsoft Corp. | $ 36,619,901 | |
872 | 1 | MongoDB, Inc. | 349,253 |
2,174 | Motorola Solutions, Inc. | 694,593 | |
208,773 | 1 | Nutanix, Inc. | 11,733,043 |
26,426 | NVIDIA Corp. | 16,259,125 | |
15,854 | 1 | Palo Alto Networks, Inc. | 5,366,738 |
93,083 | Pegasystems, Inc. | 4,536,865 | |
6,426 | 1 | Qorvo, Inc. | 640,929 |
5,786 | Qualcomm, Inc. | 859,279 | |
25,862 | 1 | Salesforce, Inc. | 7,269,550 |
11,126 | 1 | ServiceNow, Inc. | 8,515,840 |
4,694 | 1 | Synaptics, Inc. | 501,366 |
2,537 | 1 | Synopsys, Inc. | 1,353,109 |
14,816 | 1 | Workday, Inc. | 4,312,493 |
49,243 | 1 | Zoom Video Communications, Inc. | 3,181,590 |
27,766 | 1 | Zscaler, Inc. | 6,543,613 |
TOTAL | 199,425,303 | ||
Materials— 1.4% | |||
41,823 | 1 | Axalta Coating Systems Ltd. | 1,355,901 |
25,210 | 1 | Knife River Corp. | 1,651,003 |
1,989 | Linde PLC | 805,207 | |
119,921 | Newmont Corp. | 4,138,474 | |
3,603 | Sherwin-Williams Co. | 1,096,681 | |
6,936 | Steel Dynamics, Inc. | 837,106 | |
TOTAL | 9,884,372 | ||
Real Estate— 1.6% | |||
235,920 | Kilroy Realty Corp. | 8,436,499 | |
76,810 | Macerich Co. (The) | 1,212,830 | |
42,302 | 2 | SL Green Realty Corp. | 1,901,475 |
TOTAL | 11,550,804 | ||
Utilities— 2.0% | |||
44,651 | Constellation Energy Corp. | 5,447,422 | |
218,221 | Vistra Corp. | 8,953,608 | |
TOTAL | 14,401,030 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $554,348,541) | 689,426,106 | ||
INVESTMENT COMPANIES— 2.5% | |||
2,656,797 | Federated Hermes Government Obligations Fund, Premier Shares, 5.26%3 | 2,656,797 |
Shares | Value | ||
INVESTMENT COMPANIES— continued | |||
14,628,129 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.42%3 | $ 14,633,980 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $17,286,968) | 17,290,777 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $571,635,509)4 | 706,716,883 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 985,736 | ||
TOTAL NET ASSETS—100% | $707,702,619 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2023 | $3,971,612 | $12,747,520 | $16,719,132 |
Purchases at Cost | $25,368,726 | $79,022,131 | $104,390,857 |
Proceeds from Sales | $(26,683,541) | $(77,142,698) | $(103,826,239) |
Change in Unrealized Appreciation/ Depreciation | $— | $2,661 | $2,661 |
Net Realized Gain/(Loss) | $— | $4,366 | $4,366 |
Value as of 1/31/2024 | $2,656,797 | $14,633,980 | $17,290,777 |
Shares Held as of 1/31/2024 | 2,656,797 | 14,628,129 | 17,284,926 |
Dividend Income | $68,427 | $339,254 | $407,681 |
* | 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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $35.46 | $34.32 | $42.75 | $31.77 | $29.90 | $30.01 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.08 | 0.19 | 0.08 | 0.08 | 0.13 | 0.16 |
Net realized and unrealized gain (loss) | 3.13 | 4.26 | (1.60) | 11.90 | 2.69 | 1.81 |
Total From Investment Operations | 3.21 | 4.45 | (1.52) | 11.98 | 2.82 | 1.97 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.12) | (0.04) | (0.12) | (0.11) | (0.07) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) |
Total Distributions | (0.44) | (3.31) | (6.91) | (1.00) | (0.95) | (2.08) |
Net Asset Value, End of Period | $38.23 | $35.46 | $34.32 | $42.75 | $31.77 | $29.90 |
Total Return2 | 9.10% | 14.35% | (4.95)% | 38.40% | 9.66% | 7.80% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.04%4 | 1.04% | 1.04% | 1.04% | 1.04% | 1.08% |
Net investment income | 0.46%4 | 0.57% | 0.22% | 0.23% | 0.44% | 0.57% |
Expense waiver/reimbursement5 | 0.14%4 | 0.16% | 0.16% | 0.17% | 0.20% | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $157,413 | $138,388 | $105,590 | $109,747 | $79,301 | $69,221 |
Portfolio turnover6 | 48% | 130% | 133% | 63% | 160% | 87% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $31.63 | $31.06 | $39.55 | $29.57 | $27.99 | $28.37 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.06) | (0.19) | (0.18) | (0.08) | (0.05) |
Net realized and unrealized gain (loss) | 2.79 | 3.82 | (1.43) | 11.04 | 2.50 | 1.68 |
Total From Investment Operations | 2.74 | 3.76 | (1.62) | 10.86 | 2.42 | 1.63 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) |
Net Asset Value, End of Period | $34.09 | $31.63 | $31.06 | $39.55 | $29.57 | $27.99 |
Total Return2 | 8.70% | 13.50% | (5.67)% | 37.37% | 8.86% | 6.96% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.81%4 | 1.81% | 1.81% | 1.79% | 1.79% | 1.85% |
Net investment income (loss) | (0.31)%4 | (0.20)% | (0.55)% | (0.52)% | (0.31)% | (0.20)% |
Expense waiver/reimbursement5 | 0.12%4 | 0.14% | 0.14% | 0.16% | 0.21% | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,966 | $35,028 | $33,256 | $38,028 | $31,030 | $32,178 |
Portfolio turnover6 | 48% | 130% | 133% | 63% | 160% | 87% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $36.20 | $34.96 | $43.40 | $32.22 | $30.29 | $30.37 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.14 | 0.29 | 0.20 | 0.19 | 0.22 | 0.25 |
Net realized and unrealized gain (loss) | 3.21 | 4.35 | (1.63) | 12.08 | 2.74 | 1.81 |
Total From Investment Operations | 3.35 | 4.64 | (1.43) | 12.27 | 2.96 | 2.06 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.21) | (0.14) | (0.21) | (0.19) | (0.13) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) |
Total Distributions | (0.54) | (3.40) | (7.01) | (1.09) | (1.03) | (2.14) |
Net Asset Value, End of Period | $39.01 | $36.20 | $34.96 | $43.40 | $32.22 | $30.29 |
Total Return2 | 9.30% | 14.69% | (4.67)% | 38.83% | 10.01% | 8.08% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.74%4 | 0.74% | 0.74% | 0.74% | 0.74% | 0.78% |
Net investment income | 0.76%4 | 0.86% | 0.52% | 0.52% | 0.73% | 0.87% |
Expense waiver/reimbursement5 | 0.18%4 | 0.21% | 0.20% | 0.21% | 0.25% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $462,978 | $413,248 | $291,517 | $283,822 | $243,490 | $215,799 |
Portfolio turnover6 | 48% | 130% | 133% | 63% | 160% | 87% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $35.29 | $34.16 | $42.56 | $31.62 | $29.75 | $29.89 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.14 | 0.28 | 0.20 | 0.20 | 0.21 | 0.23 |
Net realized and unrealized gain (loss) | 3.12 | 4.26 | (1.59) | 11.84 | 2.69 | 1.79 |
Total From Investment Operations | 3.26 | 4.54 | (1.39) | 12.04 | 2.90 | 2.02 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.22) | (0.14) | (0.22) | (0.19) | (0.15) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) | (2.01) |
Total Distributions | (0.54) | (3.41) | (7.01) | (1.10) | (1.03) | (2.16) |
Net Asset Value, End of Period | $38.01 | $35.29 | $34.16 | $42.56 | $31.62 | $29.75 |
Total Return2 | 9.29% | 14.73% | (4.66)% | 38.84% | 10.00% | 8.08% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.73%4 | 0.73% | 0.73% | 0.73% | 0.73% | 0.81% |
Net investment income | 0.77%4 | 0.84% | 0.53% | 0.54% | 0.75% | 0.78% |
Expense waiver/reimbursement5 | 0.12%4 | 0.14% | 0.13% | 0.15% | 0.17% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $46,347 | $40,680 | $16,717 | $11,513 | $8,571 | $9,183 |
Portfolio turnover6 | 48% | 130% | 133% | 63% | 160% | 87% |
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. |
Assets: | |
Investment in securities, at value including $2,505,315 of securities loaned and $17,290,777 of investments in affiliated holdings* (identified cost $571,635,509, including $17,286,968 of identified cost in affiliated holdings) | $706,716,883 |
Income receivable | 415,261 |
Income receivable from affiliated holdings | 66,000 |
Receivable for investments sold | 4,144,159 |
Receivable for shares sold | 4,444,734 |
Total Assets | 715,787,037 |
Liabilities: | |
Payable for investments purchased | 4,466,748 |
Payable for shares redeemed | 760,375 |
Payable to bank | 10,316 |
Payable for collateral due to broker for securities lending (Note 2) | 2,656,797 |
Payable for investment adviser fee (Note 5) | 11,485 |
Payable for administrative fee (Note 5) | 1,521 |
Payable for Directors’/Trustees’ fees (Note 5) | 855 |
Payable for distribution services fee (Note 5) | 25,561 |
Payable for other service fees (Notes 2 and 5) | 63,961 |
Accrued expenses (Note 5) | 86,799 |
Total Liabilities | 8,084,418 |
Net assets for 18,406,390 shares outstanding | $707,702,619 |
Net Assets Consist of: | |
Paid-in capital | $554,790,490 |
Total distributable earnings (loss) | 152,912,129 |
Total Net Assets | $707,702,619 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($157,412,550 ÷ 4,116,979 shares outstanding), no par value, unlimited shares authorized | $38.23 |
Offering price per share (100/94.50 of $38.23) | $40.46 |
Redemption proceeds per share | $38.23 |
Class C Shares: | |
Net asset value per share ($40,965,616 ÷ 1,201,773 shares outstanding), no par value, unlimited shares authorized | $34.09 |
Offering price per share | $34.09 |
Redemption proceeds per share (99.00/100 of $34.09) | $33.75 |
Institutional Shares: | |
Net asset value per share ($462,977,714 ÷ 11,868,269 shares outstanding), no par value, unlimited shares authorized | $39.01 |
Offering price per share | $39.01 |
Redemption proceeds per share | $39.01 |
Class R6 Shares: | |
Net asset value per share ($46,346,739 ÷ 1,219,369 shares outstanding), no par value, unlimited shares authorized | $38.01 |
Offering price per share | $38.01 |
Redemption proceeds per share | $38.01 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $339,254 received from affiliated holdings*) | $4,743,460 |
Net income on securities loaned (includes $68,427 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 4,452 |
TOTAL INCOME | 4,747,912 |
Expenses: | |
Investment adviser fee (Note 5) | 2,206,623 |
Administrative fee (Note 5) | 246,332 |
Custodian fees | 19,842 |
Transfer agent fees (Note 2) | 275,188 |
Directors’/Trustees’ fees (Note 5) | 2,121 |
Auditing fees | 15,227 |
Legal fees | 5,326 |
Portfolio accounting fees | 70,627 |
Distribution services fee (Note 5) | 136,795 |
Other service fees (Notes 2 and 5) | 220,990 |
Share registration costs | 44,058 |
Printing and postage | 21,189 |
Miscellaneous (Note 5) | 16,494 |
TOTAL EXPENSES | 3,280,812 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (385,528) |
Reimbursement of other operating expenses (Notes 2 and 5) | (144,370) |
TOTAL WAIVER AND REIMBURSEMENTS | (529,898) |
Net expenses | 2,750,914 |
Net investment income | 1,996,998 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $4,366 on sales of investments in affiliated holdings*) | 20,642,523 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $2,661 on investments in affiliated holdings*) | 35,591,100 |
Net realized and unrealized gain (loss) on investments | 56,233,623 |
Change in net assets resulting from operations | $58,230,621 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended 7/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,996,998 | $3,569,855 |
Net realized gain (loss) | 20,642,523 | 9,610,946 |
Net change in unrealized appreciation/depreciation | 35,591,100 | 59,153,515 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 58,230,621 | 72,334,316 |
Distributions to Shareholders: | ||
Class A Shares | (1,757,230) | (10,876,001) |
Class C Shares | (324,651) | (2,939,123) |
Institutional Shares | (6,021,769) | (27,856,268) |
Class R6 Shares | (627,459) | (1,883,465) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (8,731,109) | (43,554,857) |
Share Transactions: | ||
Proceeds from sale of shares | 124,791,515 | 288,930,323 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,937,061 | 40,448,117 |
Cost of shares redeemed | (101,869,498) | (177,893,339) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 30,859,078 | 151,485,101 |
Change in net assets | 80,358,590 | 180,264,560 |
Net Assets: | ||
Beginning of period | 627,344,029 | 447,079,469 |
End of period | $707,702,619 | $627,344,029 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $69,660 | $(15,473) |
Class C Shares | 16,906 | — |
Institutional Shares | 185,093 | (128,897) |
Class R6 Shares | 3,529 | — |
TOTAL | $275,188 | $(144,370) |
Other Service Fees Incurred | |
Class A Shares | $175,392 |
Class C Shares | 45,598 |
TOTAL | $220,990 |
Fair Value of Securities Loaned | Collateral Received |
$2,505,315 | $2,656,797 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 421,493 | $14,774,190 | 1,343,037 | $43,579,194 |
Shares issued to shareholders in payment of distributions declared | 43,132 | 1,577,866 | 308,624 | 9,607,187 |
Shares redeemed | (250,335) | (8,709,932) | (825,942) | (26,971,340) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 214,290 | $7,642,124 | 825,719 | $26,215,041 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 240,221 | $7,487,491 | 376,353 | $11,085,689 |
Shares issued to shareholders in payment of distributions declared | 9,495 | 306,501 | 99,258 | 2,761,357 |
Shares redeemed | (155,446) | (4,859,740) | (438,795) | (12,893,326) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 94,270 | $2,934,252 | 36,816 | $953,720 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,656,685 | $96,093,910 | 6,021,803 | $201,878,159 |
Shares issued to shareholders in payment of distributions declared | 148,413 | 5,556,056 | 836,543 | 26,592,484 |
Shares redeemed | (2,350,962) | (83,805,285) | (3,782,618) | (126,125,074) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 454,136 | $17,844,681 | 3,075,728 | $102,345,569 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 182,006 | $6,435,924 | 979,784 | $32,387,281 |
Shares issued to shareholders in payment of distributions declared | 13,616 | 496,638 | 47,982 | 1,487,089 |
Shares redeemed | (129,001) | (4,494,541) | (364,328) | (11,903,599) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 66,621 | $2,438,021 | 663,438 | $21,970,771 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 829,317 | $30,859,078 | 4,601,701 | $151,485,101 |
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 | $136,795 |
Purchases | $316,308,555 |
Sales | $296,415,304 |
Beginning Account Value 8/1/2023 | Ending Account Value 1/31/2024 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,091.00 | $5.47 |
Class C Shares | $1,000 | $1,087.00 | $9.50 |
Institutional Shares | $1,000 | $1,093.00 | $3.89 |
Class R6 Shares | $1,000 | $1,092.90 | $3.84 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.91 | $5.28 |
Class C Shares | $1,000 | $1,016.04 | $9.17 |
Institutional Shares | $1,000 | $1,021.42 | $3.76 |
Class R6 Shares | $1,000 | $1,021.47 | $3.71 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.81% |
Institutional Shares | 0.74% |
Class R6 Shares | 0.73% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Federated Hermes MDT Balanced Fund
A Portfolio of Federated Hermes MDT Series
Portfolio Composition | Percentage of Total Net Assets |
Domestic Equity Securities | 56.0% |
Corporate Bonds | 10.5% |
Mortgage Core Fund | 9.8% |
International Equity Securities (including International Exchange-Traded Funds) | 8.4% |
U.S. Treasury Securities2 | 5.1% |
Asset-Backed Securities | 2.5% |
Project and Trade Finance Core Fund | 2.2% |
Emerging Markets Core Fund | 1.3% |
High Yield Bond Core Fund | 0.9% |
Collateralized Mortgage Obligations | 0.6% |
Commercial Mortgage-Backed Securities | 0.5% |
Government Agency | 0.1% |
Mortgage-Backed Securities | 0.1% |
Bank Loan Core Fund3 | 0.0% |
Derivative Contracts3,4 | 0.0% |
Municipal Bond3 | 0.0% |
Cash Equivalents5 | 2.4% |
Other Assets and Liabilities—Net6 | (0.4)% |
TOTAL | 100% |
Sector Composition | Percentage of Equity Securities |
Information Technology | 27.3% |
Financials | 14.1% |
Health Care | 13.1% |
Consumer Discretionary | 10.8% |
Industrials | 9.1% |
Communication Services | 7.1% |
Consumer Staples | 6.4% |
Real Estate | 5.2% |
Energy | 2.7% |
Utilities | 2.2% |
Materials | 2.0% |
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 | 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. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
7 | 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— 58.4% | |||
Communication Services— 4.2% | |||
17,774 | 1 | Alphabet, Inc., Class A | $ 2,490,137 |
83,798 | 1 | Altice USA, Inc. | 204,467 |
19,336 | 1 | CarGurus, Inc. | 449,369 |
21,112 | 1 | Cars.com, Inc. | 367,982 |
2,819 | Comcast Corp., Class A | 131,196 | |
789 | Electronic Arts, Inc. | 108,551 | |
751 | 1 | Live Nation Entertainment, Inc. | 66,726 |
6,026 | 1 | Meta Platforms, Inc. | 2,350,984 |
255 | 1 | Netflix, Inc. | 143,848 |
9,445 | 1 | Spotify Technology SA | 2,033,981 |
22,156 | 1 | ZoomInfo Technologies, Inc. | 355,382 |
TOTAL | 8,702,623 | ||
Consumer Discretionary— 6.3% | |||
27,106 | Advance Auto Parts, Inc. | 1,812,036 | |
4,648 | 1 | Airbnb, Inc. | 669,963 |
11,947 | 1 | Amazon.com, Inc. | 1,854,174 |
171 | 1 | AutoZone, Inc. | 472,324 |
4,472 | 1 | DoorDash, Inc. | 465,982 |
4,559 | eBay, Inc. | 187,238 | |
7,687 | 1 | Expedia Group, Inc. | 1,140,213 |
22,641 | Ford Motor Co. | 265,352 | |
50,686 | Gap (The), Inc. | 947,321 | |
1,120 | Genuine Parts Co. | 157,058 | |
15,297 | 1 | Goodyear Tire & Rubber Co. | 213,240 |
2,555 | McDonald’s Corp. | 747,900 | |
644 | Murphy USA, Inc. | 227,023 | |
480 | 1 | O’Reilly Automotive, Inc. | 491,064 |
12,033 | PVH Corp. | 1,447,089 | |
7,897 | 1 | Royal Caribbean Cruises, Ltd. | 1,006,867 |
72 | 1 | Ulta Beauty, Inc. | 36,148 |
12,680 | 1 | Under Armour, Inc., Class A | 96,622 |
3,419 | Wingstop, Inc. | 961,115 | |
TOTAL | 13,198,729 | ||
Consumer Staples— 3.8% | |||
11,638 | Albertsons Cos., Inc. | 246,958 | |
914 | Archer-Daniels-Midland Co. | 50,800 | |
271 | Coca-Cola Bottling Co. | 233,437 | |
16,297 | Colgate-Palmolive Co. | 1,372,207 | |
228 | Costco Wholesale Corp. | 158,433 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
20,502 | 1 | Hain Celestial Group, Inc. | $ 219,577 |
4,076 | Kimberly-Clark Corp. | 493,074 | |
32,814 | Kroger Co. | 1,514,038 | |
15,010 | PepsiCo, Inc. | 2,529,635 | |
5,517 | Procter & Gamble Co. | 866,941 | |
1,180 | WalMart, Inc. | 194,995 | |
TOTAL | 7,880,095 | ||
Energy— 1.6% | |||
2,715 | Devon Energy Corp. | 114,084 | |
21,158 | Marathon Oil Corp. | 483,460 | |
12,571 | Marathon Petroleum Corp. | 2,081,758 | |
383 | Valero Energy Corp. | 53,199 | |
7,194 | 1 | Weatherford International PLC | 644,223 |
TOTAL | 3,376,724 | ||
Financials— 8.2% | |||
1,251 | Aflac, Inc. | 105,509 | |
4,561 | Ameriprise Financial, Inc. | 1,764,332 | |
878 | Aon PLC | 262,021 | |
4,768 | Apollo Global Management, Inc. | 478,707 | |
886 | 1 | Arch Capital Group Ltd. | 73,033 |
23,433 | Bank of New York Mellon Corp. | 1,299,594 | |
1,376 | 1 | Block, Inc. | 89,454 |
1,512 | Cboe Global Markets, Inc. | 277,981 | |
776 | Chubb Ltd. | 190,120 | |
1,229 | 1 | Coinbase Global, Inc. | 157,558 |
2,762 | Corebridge Financial, Inc. | 66,758 | |
2,776 | Fidelity National Information Services, Inc. | 172,834 | |
3,724 | 1 | Fiserv, Inc. | 528,324 |
9,581 | 1 | Green Dot Corp. | 86,325 |
15,952 | Huntington Bancshares, Inc. | 203,069 | |
9,784 | Interactive Brokers Group, Inc., Class A | 868,330 | |
16,137 | Jackson Financial, Inc. | 807,980 | |
6,164 | JPMorgan Chase & Co. | 1,074,755 | |
1,091 | Marsh & McLennan Cos., Inc. | 211,479 | |
516 | Mastercard, Inc. | 231,803 | |
367 | MSCI, Inc., Class A | 219,694 | |
8,618 | Northern Trust Corp. | 686,337 | |
15,914 | 1 | PayPal Holdings, Inc. | 976,324 |
886 | Progressive Corp., OH | 157,929 | |
19,222 | Prudential Financial, Inc. | 2,016,964 | |
11,415 | State Street Corp. | 843,226 | |
894 | Synchrony Financial | 34,750 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
8,587 | The Travelers Cos., Inc. | $ 1,814,948 | |
12,645 | Virtu Financial, Inc. | 212,310 | |
3,347 | Visa, Inc., Class A | 914,601 | |
31,056 | Western Union Co. | 390,374 | |
TOTAL | 17,217,423 | ||
Health Care— 7.6% | |||
20,284 | AbbVie, Inc. | 3,334,690 | |
377 | 1 | Align Technology, Inc. | 100,780 |
2,568 | Amgen, Inc. | 807,020 | |
7,913 | 1 | AnaptysBio, Inc. | 186,747 |
1,825 | Baxter International, Inc. | 70,609 | |
1,842 | 1 | Biogen, Inc. | 454,348 |
1,918 | Bristol-Myers Squibb Co. | 93,733 | |
12,949 | 1 | Centene Corp. | 975,189 |
15,524 | 1 | Community Health Systems, Inc. | 56,973 |
3,717 | CVS Health Corp. | 276,433 | |
1,469 | Dentsply Sirona, Inc. | 51,048 | |
51,357 | 1 | Elanco Animal Health, Inc. | 757,002 |
784 | Elevance Health, Inc. | 386,857 | |
1,814 | Eli Lilly & Co. | 1,171,137 | |
4,291 | 1 | GE HealthCare Technologies, Inc. | 314,788 |
16,697 | Gilead Sciences, Inc. | 1,306,707 | |
1,688 | Humana, Inc. | 638,165 | |
11,363 | 1 | Incyte Genomics, Inc. | 667,803 |
5,156 | Johnson & Johnson | 819,288 | |
627 | McKesson Corp. | 313,431 | |
10,431 | Merck & Co., Inc. | 1,259,856 | |
407 | 1 | Molina Healthcare, Inc. | 145,071 |
6,587 | 1 | Myriad Genetics, Inc. | 140,896 |
6,280 | 1 | Nevro Corp. | 103,997 |
5,672 | 1 | Omnicell, Inc. | 182,468 |
1,736 | 1 | Teladoc Health, Inc. | 33,730 |
724 | Teleflex, Inc. | 175,809 | |
242 | The Cigna Group | 72,830 | |
1,380 | UnitedHealth Group, Inc. | 706,201 | |
907 | 1 | Vertex Pharmaceuticals, Inc. | 393,076 |
TOTAL | 15,996,682 | ||
Industrials— 5.4% | |||
4,048 | 3M Co. | 381,929 | |
1,710 | AGCO Corp. | 209,184 | |
1,571 | Allegion PLC | 194,631 | |
6,772 | Allison Transmission Holdings, Inc. | 409,977 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
732 | 1 | Boeing Co. | $ 154,481 |
5,262 | Booz Allen Hamilton Holding Corp. | 740,732 | |
478 | 1 | Builders Firstsource, Inc. | 83,043 |
2,601 | Caterpillar, Inc. | 781,106 | |
2,932 | 1 | Core & Main, Inc. | 121,121 |
576 | Emerson Electric Co. | 52,837 | |
3,615 | General Electric Co. | 478,698 | |
1,087 | L3Harris Technologies, Inc. | 226,553 | |
2,095 | Lennox International, Inc. | 896,995 | |
1,342 | Manpower, Inc. | 99,496 | |
501 | Masco Corp. | 33,712 | |
4,602 | 1 | NEXTracker, Inc. | 208,333 |
2,489 | Otis Worldwide Corp. | 220,127 | |
575 | PACCAR, Inc. | 57,724 | |
9,954 | Paychex, Inc. | 1,211,700 | |
17,484 | Pitney Bowes, Inc. | 71,859 | |
592 | Rockwell Automation, Inc. | 149,942 | |
984 | Ryder System, Inc. | 111,753 | |
6,476 | 1 | SPX Technologies, Inc. | 651,745 |
2,168 | Trane Technologies PLC | 546,444 | |
12,099 | 1 | Uber Technologies, Inc. | 789,702 |
6,890 | Verisk Analytics, Inc. | 1,664,142 | |
7,809 | 1 | XPO, Inc. | 667,201 |
TOTAL | 11,215,167 | ||
Information Technology— 15.9% | |||
32,171 | Apple, Inc. | 5,932,332 | |
2,550 | 1 | Arista Networks, Inc. | 659,634 |
2,290 | 1 | Box, Inc. | 59,494 |
1,931 | 1 | Braze, Inc. | 104,371 |
1,213 | Broadcom, Inc. | 1,431,340 | |
3,897 | 1 | Cadence Design Systems, Inc. | 1,124,129 |
3,677 | 1 | Cerence, Inc. | 73,614 |
4,701 | 1 | Cirrus Logic, Inc. | 362,917 |
15,991 | Cisco Systems, Inc. | 802,428 | |
2,931 | 1 | Commvault Systems, Inc. | 268,714 |
5,491 | 1 | Crowdstrike Holdings, Inc. | 1,606,117 |
11,152 | Dell Technologies, Inc. | 924,278 | |
14,042 | 1 | DXC Technology Co. | 306,116 |
707 | 1 | Fortinet, Inc. | 45,594 |
13,034 | 1 | GoDaddy, Inc. | 1,390,206 |
14,151 | Hewlett Packard Enterprise Co. | 216,369 | |
448 | 1 | HubSpot, Inc. | 273,728 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
14,833 | Microsoft Corp. | $ 5,897,304 | |
268 | 1 | MongoDB, Inc. | 107,339 |
35,024 | 1 | Nutanix, Inc. | 1,968,349 |
4,280 | NVIDIA Corp. | 2,633,356 | |
2,678 | 1 | Palo Alto Networks, Inc. | 906,530 |
18,478 | Pegasystems, Inc. | 900,618 | |
587 | Qualcomm, Inc. | 87,175 | |
4,780 | 1 | Salesforce, Inc. | 1,343,610 |
2,162 | 1 | ServiceNow, Inc. | 1,654,795 |
523 | 1 | Synopsys, Inc. | 278,942 |
7,238 | Vishay Intertechnology, Inc. | 157,282 | |
1,978 | 1 | Workday, Inc. | 575,736 |
9,197 | Xerox Holdings Corp. | 169,777 | |
3,591 | 1 | Zoom Video Communications, Inc. | 232,015 |
3,905 | 1 | Zscaler, Inc. | 920,291 |
TOTAL | 33,414,500 | ||
Materials— 1.1% | |||
3,051 | 1 | Axalta Coating Systems Ltd. | 98,914 |
2,792 | 1 | Berry Global Group, Inc. | 182,764 |
4,793 | 1 | Knife River Corp. | 313,894 |
5,479 | Mosaic Co./The | 168,260 | |
34,498 | Newmont Corp. | 1,190,526 | |
593 | Sherwin-Williams Co. | 180,497 | |
2,236 | Steel Dynamics, Inc. | 269,863 | |
TOTAL | 2,404,718 | ||
Real Estate— 3.0% | |||
12,500 | Acadia Realty Trust | 213,250 | |
4,600 | American Homes 4 Rent | 161,230 | |
700 | Avalonbay Communities, Inc. | 125,307 | |
6,500 | Brixmor Property Group, Inc. | 145,860 | |
6,500 | Cubesmart | 280,930 | |
2,000 | Digital Realty Trust, Inc. | 280,920 | |
1,750 | EastGroup Properties, Inc. | 310,502 | |
2,400 | EPR PPTYS | 106,248 | |
450 | Equinix, Inc. | 373,396 | |
2,000 | Extra Space Storage, Inc. | 288,880 | |
8,000 | Host Hotels & Resorts, Inc. | 153,760 | |
3,200 | Invitation Homes, Inc. | 105,376 | |
14,000 | Kite Realty Group Trust | 299,600 | |
18,500 | Macerich Co. (The) | 292,115 | |
22,000 | Park Hotels & Resorts, Inc. | 331,760 | |
11,000 | Pebblebrook Hotel Trust | 167,420 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
3,800 | ProLogis, Inc. | $ 481,422 | |
3,500 | Rexford Industrial Realty, Inc. | 184,065 | |
2,900 | Ryman Hospitality Properties, Inc. | 318,710 | |
3,000 | Simon Property Group, Inc. | 415,830 | |
1,850 | Sun Communities, Inc. | 231,898 | |
6,300 | Urban Edge Properties | 108,801 | |
2,200 | Ventas, Inc. | 102,058 | |
12,900 | VICI Properties, Inc. | 388,548 | |
5,400 | Welltower, Inc. | 467,154 | |
TOTAL | 6,335,040 | ||
Utilities— 1.3% | |||
9,297 | Constellation Energy Corp. | 1,134,234 | |
38,165 | Vistra Corp. | 1,565,910 | |
TOTAL | 2,700,144 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $99,664,994) | 122,441,845 | ||
CORPORATE BONDS— 10.5% | |||
Basic Industry - Chemicals— 0.0% | |||
$ 10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 10,092 | |
Basic Industry - Metals & Mining— 0.1% | |||
200,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | 200,134 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 14,920 | |
TOTAL | 215,054 | ||
Capital Goods - Aerospace & Defense— 0.5% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 138,748 | |
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 273,496 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 108,047 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 250,166 | |
170,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 166,537 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 12,847 | |
40,000 | 2 | Textron Financial Corp., Jr. Sub. Note, 144A, 7.376% (3-month USLIBOR +1.996%), 2/15/2042 | 33,889 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 49,110 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 49,940 | |
TOTAL | 1,082,780 | ||
Capital Goods - Building Materials— 0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 196,727 | |
85,000 | Carrier Global Corp., Sr. Unsecd. Note, 144A, 6.200%, 3/15/2054 | 96,284 | |
TOTAL | 293,011 | ||
Capital Goods - Construction Machinery— 0.2% | |||
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 203,473 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Capital Goods - Construction Machinery— continued | |||
$ 255,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | $ 252,965 | |
TOTAL | 456,438 | ||
Capital Goods - Diversified Manufacturing— 0.1% | |||
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 54,410 | |
175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 148,701 | |
TOTAL | 203,111 | ||
Communications - Cable & Satellite— 0.2% | |||
300,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029 | 259,160 | |
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 95,031 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 13,370 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 9,606 | |
TOTAL | 377,167 | ||
Communications - Media & Entertainment— 0.0% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 29,665 | |
Communications - Telecom Wireless— 0.5% | |||
150,000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 145,377 | |
350,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | 346,026 | |
300,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | 300,459 | |
180,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055 | 182,263 | |
TOTAL | 974,125 | ||
Communications - Telecom Wirelines— 0.2% | |||
12,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | 8,577 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 223,960 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | 7,770 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 4,726 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 144,255 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 82,030 | |
TOTAL | 471,318 | ||
Consumer Cyclical - Automotive— 0.3% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031 | 276,518 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 148,778 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 9,956 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.850%, 4/6/2030 | 179,772 | |
10,000 | Mercedes-Benz Finance NA, LLC Co. Guarantee, 8.500%, 1/18/2031 | 12,425 | |
TOTAL | 627,449 | ||
Consumer Cyclical - Retailers— 0.3% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 163,587 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 244,734 | |
250,000 | WalMart, Inc., Sr. Unsecd. Note, 4.500%, 4/15/2053 | 237,596 | |
TOTAL | 645,917 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Consumer Cyclical - Services— 0.1% | |||
$ 125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | $ 123,835 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 13,635 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 10,177 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 68,411 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 14,488 | |
TOTAL | 230,546 | ||
Consumer Non-Cyclical - Food/Beverage— 0.4% | |||
30,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 29,664 | |
300,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | 298,170 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 287,327 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 261,487 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 14,554 | |
TOTAL | 891,202 | ||
Consumer Non-Cyclical - Health Care— 0.2% | |||
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 14,860 | |
105,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 119,902 | |
300,000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | 304,751 | |
TOTAL | 439,513 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.2% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 439,531 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 13,235 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 9,011 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 13,703 | |
TOTAL | 475,480 | ||
Consumer Non-Cyclical - Tobacco— 0.2% | |||
450,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 471,260 | |
Energy - Independent— 0.1% | |||
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 114,349 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 19,132 | |
125,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 139,279 | |
TOTAL | 272,760 | ||
Energy - Integrated— 0.4% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 130,639 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 292,467 | |
170,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | 170,915 | |
5,000 | ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062 | 4,000 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 264,841 | |
TOTAL | 862,862 | ||
Energy - Midstream— 0.5% | |||
125,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 110,567 | |
115,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 113,486 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Energy - Midstream— continued | |||
$ 75,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | $ 75,000 | |
20,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 20,296 | |
115,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054 | 115,417 | |
10,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 10,216 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 167,212 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 22,143 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 39,201 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 4,504 | |
190,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 200,067 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 64,120 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 9,806 | |
TOTAL | 952,035 | ||
Energy - Oil Field Services— 0.1% | |||
200,000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | 200,604 | |
Energy - Refining— 0.0% | |||
15,000 | HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 15,179 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 12,727 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 10,902 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 14,830 | |
TOTAL | 53,638 | ||
Financial Institution - Banking— 2.2% | |||
350,000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | 352,278 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 292,623 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 196,851 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 14,880 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 14,868 | |
20,000 | Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024 | 19,869 | |
165,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 141,396 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 245,117 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 164,668 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 270,769 | |
370,000 | Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026 | 372,987 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 14,711 | |
75,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | 75,547 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 28,461 | |
250,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 247,871 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 167,183 | |
10,000 | 3 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | 10,018 |
25,000 | 3 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 24,783 |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 13,217 | |
110,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | 111,831 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 100,000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | $ 85,381 | |
180,000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | 180,167 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 14,813 | |
240,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 245,105 | |
300,000 | State Street Corp., Sr. Unsecd. Note, 5.159%, 5/18/2034 | 302,320 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 9,024 | |
300,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 307,446 | |
300,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 309,730 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 201,663 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 9,814 | |
200,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | 204,053 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 9,696 | |
TOTAL | 4,659,140 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 78,094 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 68,656 | |
TOTAL | 146,750 | ||
Financial Institution - Finance Companies— 0.1% | |||
220,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 224,960 | |
Financial Institution - Insurance - Health— 0.2% | |||
300,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052 | 284,432 | |
Financial Institution - Insurance - Life— 0.3% | |||
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 301,320 | |
15,000 | 2 | MetLife, Inc., Jr. Sub. Note, 6.400% (3-month USLIBOR +2.205%), 12/15/2036 | 15,321 |
10,000 | 2 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039 | 13,588 |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 249,080 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 17,246 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 53,529 | |
TOTAL | 650,084 | ||
Financial Institution - Insurance - P&C— 0.0% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 9,052 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 44,655 | |
TOTAL | 53,707 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 157,294 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 66,592 | |
TOTAL | 223,886 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 174,661 | |
Financial Institution - REIT - Office— 0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 67,540 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - REIT - Other— 0.1% | |||
$ 75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | $ 74,779 | |
Financial Institution - REITs— 0.0% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 53,689 | |
Technology— 0.7% | |||
10,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | 8,855 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 55,058 | |
220,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | 207,574 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 18,543 | |
240,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | 245,260 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 103,223 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 260,731 | |
7,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 5,029 | |
8,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 7,303 | |
500,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | 539,506 | |
TOTAL | 1,451,082 | ||
Technology Services— 0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 4,528 | |
Transportation - Airlines— 0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 29,350 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 110,133 | |
TOTAL | 139,483 | ||
Transportation - Railroads— 0.1% | |||
225,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 216,334 | |
Transportation - Services— 0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 15,606 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 18,243 | |
210,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 213,901 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 123,779 | |
TOTAL | 371,529 | ||
Utility - Electric— 1.1% | |||
200,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 138,040 | |
90,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 82,638 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 70,620 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 295,551 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 115,898 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 164,239 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 194,081 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 106,973 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 29,837 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Utility - Electric— continued | |||
$ 250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | $ 240,589 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 168,925 | |
250,000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053 | 254,800 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 246,125 | |
170,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | 172,415 | |
TOTAL | 2,280,731 | ||
Utility - Natural Gas— 0.2% | |||
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 447,352 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 5,313 | |
TOTAL | 452,665 | ||
Utility - Other— 0.1% | |||
125,000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | 128,735 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $22,801,763) | 21,894,742 | ||
U.S. TREASURIES— 5.1% | |||
Treasury Inflation-Indexed Note— 1.3% | |||
1,415,498 | U.S. Treasury Inflation-Protected Notes, 1.375%, 7/15/2033 | 1,382,433 | |
1,353,429 | U.S. Treasury Inflation-Protected Notes, 2.375%, 10/15/2028 | 1,399,741 | |
TOTAL | 2,782,174 | ||
U.S. Treasury Bond— 1.8% | |||
1,200,000 | 4 | United States Treasury Bond, 2.000%, 8/15/2051 | 756,750 |
275,000 | United States Treasury Bond, 2.000%, 2/15/2054 | 272,641 | |
780,000 | United States Treasury Bond, 2.250%, 2/15/2052 | 522,600 | |
125,000 | United States Treasury Bond, 3.000%, 8/15/2052 | 98,965 | |
50,000 | United States Treasury Bond, 3.250%, 5/15/2042 | 43,242 | |
225,000 | United States Treasury Bond, 3.375%, 8/15/2042 | 197,895 | |
65,000 | United States Treasury Bond, 3.625%, 5/15/2053 | 58,317 | |
1,750,000 | United States Treasury Bond, 4.125%, 8/15/2053 | 1,718,008 | |
TOTAL | 3,668,418 | ||
U.S. Treasury Note— 2.0% | |||
250,000 | United States Treasury Note, 1.250%, 12/31/2026 | 231,289 | |
275,000 | United States Treasury Note, 1.875%, 2/15/2034 | 277,032 | |
500,000 | United States Treasury Note, 2.375%, 3/31/2029 | 464,648 | |
275,000 | United States Treasury Note, 2.500%, 3/31/2027 | 262,990 | |
500,000 | United States Treasury Note, 2.750%, 5/31/2029 | 472,578 | |
550,000 | United States Treasury Note, 3.125%, 8/31/2029 | 528,688 | |
150,000 | United States Treasury Note, 4.000%, 1/31/2029 | 150,901 | |
100,000 | United States Treasury Note, 4.000%, 7/31/2030 | 100,461 | |
600,000 | United States Treasury Note, 4.125%, 9/30/2027 | 603,609 | |
820,000 | United States Treasury Note, 4.125%, 7/31/2028 | 827,688 |
Shares or Principal Amount | Value | ||
U.S. TREASURIES— continued | |||
U.S. Treasury Note— continued | |||
$ 350,000 | United States Treasury Note, 4.375%, 11/30/2030 | $ 359,406 | |
TOTAL | 4,279,290 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $11,374,712) | 10,729,882 | ||
ASSET-BACKED SECURITIES— 2.5% | |||
Auto Receivables— 1.0% | |||
300,000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | 309,139 | |
100,000 | Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028 | 100,112 | |
165,158 | Santander Bank Auto Credit-Linked Notes 2022-B, Class D, 6.793%, 8/16/2032 | 163,605 | |
300,000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | 297,669 | |
250,000 | Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030 | 253,439 | |
225,000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | 227,091 | |
250,000 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | 252,276 | |
250,000 | Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036 | 251,995 | |
177,869 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 177,072 | |
90,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 85,278 | |
TOTAL | 2,117,676 | ||
Credit Card— 0.4% | |||
345,000 | First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029 | 346,822 | |
400,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 360,681 | |
TOTAL | 707,503 | ||
Equipment Lease— 0.7% | |||
200,000 | Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029 | 201,316 | |
200,000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | 200,687 | |
500,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 486,401 | |
300,000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | 301,721 | |
300,000 | MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038 | 302,996 | |
TOTAL | 1,493,121 | ||
Other— 0.3% | |||
450,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 450,347 | |
225,000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | 226,524 | |
TOTAL | 676,871 | ||
Student Loans— 0.1% | |||
184,656 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 162,202 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $5,211,862) | 5,157,373 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.6% | |||
Commercial Mortgage— 0.2% | |||
150,000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | 159,446 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— continued | |||
Commercial Mortgage— continued | |||
$ 190,000 | Bank, Class A4, 3.488%, 11/15/2050 | $ 178,012 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 185,539 | |
TOTAL | 522,997 | ||
Federal Home Loan Mortgage Corporation— 0.2% | |||
1,465 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 1,511 | |
250,000 | Federal Home Loan Mortgage Corp. REMIC, Series K161, Class A2, 4.900%, 10/25/2033 | 256,589 | |
200,000 | Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030 | 204,801 | |
TOTAL | 462,901 | ||
Federal National Mortgage Association— 0.0% | |||
204 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 200 | |
Non-Agency Mortgage— 0.2% | |||
12 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 7.563%, 3/25/2031 | 11 |
378,187 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | 335,021 | |
TOTAL | 335,032 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,344,778) | 1,321,130 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.5% | |||
Commercial Mortgage— 0.2% | |||
200,000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | 212,774 | |
200,000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | 202,075 | |
TOTAL | 414,849 | ||
Federal Home Loan Mortgage Corporation— 0.3% | |||
13,709 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 13,482 | |
234,039 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | 212,109 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 332,983 | |
TOTAL | 558,574 | ||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,021,669) | 973,423 | ||
MORTGAGE-BACKED SECURITIES— 0.1% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
19,482 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 18,785 | |
Federal National Mortgage Association— 0.1% | |||
4,915 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 5,063 | |
530 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 543 | |
20,049 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 19,360 | |
34,844 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 32,658 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 26,611 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | $ 26,423 | |
12,302 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 11,171 | |
14,874 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 13,512 | |
7,373 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 7,139 | |
13,979 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 13,410 | |
7,816 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 6,987 | |
10,307 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 9,529 | |
12,576 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 11,630 | |
9,478 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 8,348 | |
6,501 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 6,010 | |
20,419 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 18,329 | |
9,277 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 8,603 | |
14,725 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 14,977 | |
17,113 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 16,987 | |
20,803 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 18,875 | |
19,259 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 18,192 | |
TOTAL | 267,746 | ||
Government National Mortgage Association— 0.0% | |||
11,879 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 11,164 | |
7,590 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 7,363 | |
TOTAL | 18,527 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $329,486) | 305,058 | ||
GOVERNMENT AGENCY— 0.1% | |||
Federal National Mortgage Association— 0.1% | |||
250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,872) | 238,214 | |
MUNICIPAL BOND— 0.0% | |||
30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $32,614) | 30,834 | |
EXCHANGE-TRADED FUNDS— 6.0% | |||
40,700 | iShares Core MSCI Emerging Markets ETF | 1,971,915 | |
141,500 | iShares MSCI EAFE ETF | 10,613,915 | |
Total Exchange-Traded Funds (IDENTIFIED COST $11,380,526) | 12,585,830 | ||
INVESTMENT COMPANIES— 16.6% | |||
1,407 | Bank Loan Core Fund | 12,255 | |
294,266 | Emerging Markets Core Fund | 2,404,149 | |
5,120,311 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.42%5 | 5,122,359 | |
345,348 | High Yield Bond Core Fund | 1,916,681 |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANIES— continued | |||
2,453,272 | Mortgage Core Fund | $ 20,607,489 | |
525,744 | Project and Trade Finance Core Fund | 4,626,551 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $36,471,585) | 34,689,484 | ||
TOTAL INVESTMENT IN SECURITIES—100.4% (IDENTIFIED COST $189,883,861)6 | 210,367,815 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.4)%7 | (816,389) | ||
TOTAL NET ASSETS—100% | $209,551,426 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
United States Treasury Long Bond Long Futures | 2 | $244,688 | March 2024 | $13,381 |
United States Treasury Notes 2-Year Long Futures | 15 | $3,084,844 | March 2024 | $(434) |
United States Treasury Notes 5-Year Long Futures | 87 | $9,429,984 | March 2024 | $127,172 |
United States Treasury Notes 10-Year Long Futures | 8 | $898,625 | March 2024 | $18,257 |
United States Treasury Notes 10-Year Ultra Long Futures | 14 | $1,636,250 | March 2024 | $18,998 |
Short Futures: | ||||
United States Treasury Ultra Bond Short Futures | 14 | $1,809,063 | March 2024 | $(76,563) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $100,811 |
Affiliates | Value as of 7/31/2023 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $11,640 | $589 | $— |
Emerging Markets Core Fund | $1,790,027 | $938,711 | $(382,000) |
Federated Hermes Government Obligations Fund, Premier Shares | $404,597 | $111,067,897 | $(111,472,494) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $2,602,447 | $21,308,373 | $(18,790,272) |
High Yield Bond Core Fund | $1,929,131 | $62,545 | $(123,000) |
Mortgage Core Fund | $21,650,227 | $1,686,316 | $(2,892,750) |
Project and Trade Finance Core Fund | $4,440,858 | $159,866 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $32,828,927 | $135,224,297 | $(133,660,516) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 1/31/2024 | Shares Held as of 1/31/2024 | Dividend Income |
$26 | $— | $12,255 | 1,407 | $590 |
$44,680 | $12,731 | $2,404,149 | 294,266 | $88,651 |
$— | $— | $— | — | $— |
$1,194 | $617 | $5,122,359 | 5,120,311 | $110,629 |
$52,129 | $(4,124) | $1,916,681 | 345,348 | $1,635 |
$415,962 | $(252,266) | $20,607,489 | 2,453,272 | $461,518 |
$25,827 | $— | $4,626,551 | 525,744 | $159,923 |
$539,818 | $(243,042) | $34,689,484 | 8,740,348 | $822,946 |
1 | Non-income-producing security. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Perpetual Bond Security. The maturity date reflects the next call date. |
4 | 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. |
5 | 7-day net yield. |
6 | Also represents cost of investments for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of January 31, 2024, 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 | $117,391,611 | $— | $— | $117,391,611 |
International | 5,050,234 | — | — | 5,050,234 |
Debt Securities: | ||||
Corporate Bonds | — | 21,894,742 | — | 21,894,742 |
U.S. Treasuries | — | 10,729,882 | — | 10,729,882 |
Asset-Backed Securities | — | 5,157,373 | — | 5,157,373 |
Collateralized Mortgage Obligations | — | 1,321,130 | — | 1,321,130 |
Commercial Mortgage-Backed Securities | — | 973,423 | — | 973,423 |
Mortgage-Backed Securities | — | 305,058 | — | 305,058 |
Government Agency | — | 238,214 | — | 238,214 |
Municipal Bond | — | 30,834 | — | 30,834 |
Exchange-Traded Funds | 12,585,830 | — | — | 12,585,830 |
Investment Companies1 | 30,062,933 | — | — | 34,689,484 |
TOTAL SECURITIES | $165,090,608 | $40,650,656 | $— | $210,367,815 |
Other Financial Instruments:2 | ||||
Assets | $177,808 | $— | $— | $177,808 |
Liabilities | (76,997) | — | — | (76,997) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $100,811 | $— | $— | $100,811 |
1 | As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $4,626,551 is measured at fair value using the NAV per share practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Project and Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are available on the EDGAR database on the SEC’s website or upon request from the Fund. |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.51 | $19.57 | $23.18 | $19.59 | $18.71 | $19.59 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.14 | 0.28 | 0.16 | 0.16 | 0.19 | 0.25 |
Net realized and unrealized gain (loss) | 0.99 | 0.85 | (1.60) | 4.30 | 1.46 | 0.57 |
Total From Investment Operations | 1.13 | 1.13 | (1.44) | 4.46 | 1.65 | 0.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.29) | (0.09) | (0.13) | (0.07) | (0.24) | (0.19) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) |
Total Distributions | (0.29) | (1.19) | (2.17) | (0.87) | (0.77) | (1.70) |
Net Asset Value, End of Period | $20.35 | $19.51 | $19.57 | $23.18 | $19.59 | $18.71 |
Total Return2 | 5.80% | 6.28% | (7.05)% | 23.31% | 9.08% | 5.28% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.31%4 | 1.31% | 1.30% | 1.31% | 1.31% | 1.31% |
Net investment income | 1.46%4 | 1.48% | 0.73% | 0.77% | 1.04% | 1.35% |
Expense waiver/reimbursement5 | 0.03%4 | 0.04% | 0.01% | 0.04% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $121,326 | $115,519 | $114,889 | $124,559 | $95,559 | $84,243 |
Portfolio turnover6 | 37% | 104% | 110% | 61% | 152% | 92% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.02 | $19.16 | $22.78 | $19.35 | $18.50 | $19.31 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.14 | (0.01) | 0.002 | 0.05 | 0.11 |
Net realized and unrealized gain (loss) | 0.95 | 0.82 | (1.57) | 4.23 | 1.43 | 0.59 |
Total From Investment Operations | 1.01 | 0.96 | (1.58) | 4.23 | 1.48 | 0.70 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | — | — | — | (0.10) | (0.00)2 |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) |
Total Distributions | (0.13) | (1.10) | (2.04) | (0.80) | (0.63) | (1.51) |
Net Asset Value, End of Period | $19.90 | $19.02 | $19.16 | $22.78 | $19.35 | $18.50 |
Total Return3 | 5.34% | 5.45% | (7.76)% | 22.37% | 8.25% | 4.54% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 2.10%5 | 2.10% | 2.06% | 2.06% | 2.06% | 2.06% |
Net investment income (loss) | 0.68%5 | 0.69% | (0.05)% | 0.01% | 0.29% | 0.60% |
Expense waiver/reimbursement6 | 0.00%5, 7 | 0.01% | 0.01% | 0.05% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,516 | $11,890 | $13,503 | $16,941 | $15,043 | $15,492 |
Portfolio turnover8 | 37% | 104% | 110% | 61% | 152% | 92% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.62 | $19.67 | $23.28 | $19.67 | $18.78 | $19.64 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.17 | 0.33 | 0.21 | 0.22 | 0.24 | 0.30 |
Net realized and unrealized gain (loss) | 0.98 | 0.86 | (1.60) | 4.30 | 1.46 | 0.58 |
Total From Investment Operations | 1.15 | 1.19 | (1.39) | 4.52 | 1.70 | 0.88 |
Less Distributions: | ||||||
Distributions from net investment income | (0.37) | (0.14) | (0.18) | (0.11) | (0.28) | (0.23) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) |
Total Distributions | (0.37) | (1.24) | (2.22) | (0.91) | (0.81) | (1.74) |
Net Asset Value, End of Period | $20.40 | $19.62 | $19.67 | $23.28 | $19.67 | $18.78 |
Total Return2 | 5.88% | 6.57% | (6.82)% | 23.59% | 9.33% | 5.61% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.06%4 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Net investment income | 1.71%4 | 1.74% | 0.97% | 1.02% | 1.29% | 1.62% |
Expense waiver/reimbursement5 | 0.04%4 | 0.04% | 0.01% | 0.04% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $73,863 | $69,433 | $65,157 | $73,997 | $54,440 | $53,035 |
Portfolio turnover6 | 37% | 104% | 110% | 61% | 152% | 92% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.56 | $19.63 | $23.24 | $19.61 | $18.74 | $19.62 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.17 | 0.32 | 0.22 | 0.22 | 0.24 | 0.27 |
Net realized and unrealized gain (loss) | 0.98 | 0.87 | (1.61) | 4.31 | 1.44 | 0.60 |
Total From Investment Operations | 1.15 | 1.19 | (1.39) | 4.53 | 1.68 | 0.87 |
Less Distributions: | ||||||
Distributions from net investment income | (0.37) | (0.16) | (0.18) | (0.10) | (0.28) | (0.24) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) | (1.51) |
Total Distributions | (0.37) | (1.26) | (2.22) | (0.90) | (0.81) | (1.75) |
Net Asset Value, End of Period | $20.34 | $19.56 | $19.63 | $23.24 | $19.61 | $18.74 |
Total Return2 | 5.93% | 6.59% | (6.81)% | 23.70% | 9.26% | 5.56% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.03%4 | 1.04% | 1.01% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.73%4 | 1.76% | 1.05% | 1.03% | 1.29% | 1.40% |
Expense waiver/reimbursement5 | 0.00%4,6 | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,846 | $2,648 | $2,286 | $1,836 | $1,516 | $3,165 |
Portfolio turnover7 | 37% | 104% | 110% | 61% | 152% | 92% |
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. |
Assets: | |
Investment in securities, at value including and $34,689,484 of investments in affiliated holdings* (identified cost $189,883,861, including $36,471,585 of identified cost in affiliated holdings) | $210,367,815 |
Income receivable | 419,942 |
Income receivable from affiliated holdings | 152,350 |
Receivable for investments sold | 604,529 |
Receivable for shares sold | 198,147 |
Receivable for variation margin on futures contracts | 52,276 |
Total Assets | 211,795,059 |
Liabilities: | |
Payable for investments purchased | 1,721,147 |
Payable for shares redeemed | 338,382 |
Payable to bank | 4,788 |
Payable for investment adviser fee (Note 5) | 4,317 |
Payable for administrative fee (Note 5) | 449 |
Payable for Directors’/Trustees’ fees (Note 5) | 465 |
Payable for share registration costs | 21,765 |
Payable for distribution services fee (Note 5) | 7,413 |
Payable for other service fees (Notes 2 and 5) | 52,495 |
Accrued expenses (Note 5) | 92,412 |
Total Liabilities | 2,243,633 |
Net assets for 10,301,784 shares outstanding | $209,551,426 |
Net Assets Consist of: | |
Paid-in capital | $187,536,052 |
Total distributable earnings (loss) | 22,015,374 |
Total Net Assets | $209,551,426 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($121,326,461 ÷ 5,963,129 shares outstanding), no par value, unlimited shares authorized | $20.35 |
Offering price per share (100/94.50 of $20.35) | $21.53 |
Redemption proceeds per share | $20.35 |
Class C Shares: | |
Net asset value per share ($11,516,211 ÷ 578,563 shares outstanding), no par value, unlimited shares authorized | $19.90 |
Offering price per share | $19.90 |
Redemption proceeds per share (99.00/100 of $19.90) | $19.70 |
Institutional Shares: | |
Net asset value per share ($73,862,954 ÷ 3,620,173 shares outstanding), no par value, unlimited shares authorized | $20.40 |
Offering price per share | $20.40 |
Redemption proceeds per share | $20.40 |
Class R6 Shares: | |
Net asset value per share ($2,845,800 ÷ 139,919 shares outstanding), no par value, unlimited shares authorized | $20.34 |
Offering price per share | $20.34 |
Redemption proceeds per share | $20.34 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $822,946 received from affiliated holdings*) | $1,899,533 |
Interest | 829,803 |
TOTAL INCOME | 2,729,336 |
Expenses: | |
Investment adviser fee (Note 5) | 738,708 |
Administrative fee (Note 5) | 79,572 |
Custodian fees | 19,419 |
Transfer agent fees (Note 2) | 101,426 |
Directors’/Trustees’ fees (Note 5) | 1,168 |
Auditing fees | 18,855 |
Legal fees | 5,803 |
Portfolio accounting fees | 54,024 |
Distribution services fee (Note 5) | 42,317 |
Other service fees (Notes 2 and 5) | 153,090 |
Share registration costs | 32,672 |
Printing and postage | 14,605 |
Miscellaneous (Note 5) | 16,605 |
TOTAL EXPENSES | 1,278,264 |
Reimbursements: | |
Reimbursement of investment adviser fee (Note 5) | (3,068) |
Reimbursement of other operating expenses (Notes 2 and 5) | (26,033) |
TOTAL REIMBURSEMENTS | (29,101) |
Net expenses | 1,249,163 |
Net investment income | 1,480,173 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |
Net realized gain on investments (including net realized loss of $(243,042) on sales of investments in affiliated holdings*) | 3,339,506 |
Net realized loss on futures contracts | (241,536) |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $539,818 on investments in affiliated holdings*) | 6,593,091 |
Net change in unrealized depreciation of futures contracts | 249,235 |
Net realized and unrealized gain (loss) on investments and futures contracts | 9,940,296 |
Change in net assets resulting from operations | $11,420,469 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended 7/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,480,173 | $2,957,236 |
Net realized gain (loss) | 3,097,970 | 174,163 |
Net change in unrealized appreciation/depreciation | 6,842,326 | 8,895,072 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,420,469 | 12,026,471 |
Distributions to Shareholders: | ||
Class A Shares | (1,681,293) | (6,948,203) |
Class C Shares | (80,791) | (731,258) |
Institutional Shares | (1,302,381) | (4,265,616) |
Class R6 Shares | (50,698) | (142,729) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,115,163) | (12,087,806) |
Share Transactions: | ||
Proceeds from sale of shares | 17,546,598 | 39,221,885 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,020,046 | 11,678,828 |
Cost of shares redeemed | (18,810,852) | (47,183,872) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,755,792 | 3,716,841 |
Change in net assets | 10,061,098 | 3,655,506 |
Net Assets: | ||
Beginning of period | 199,490,328 | 195,834,822 |
End of period | $209,551,426 | $199,490,328 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $58,667 | $(14,435) |
Class C Shares | 5,946 | — |
Institutional Shares | 36,268 | (11,598) |
Class R6 Shares | 545 | — |
TOTAL | $101,426 | $(26,033) |
Other Service Fees Incurred | |
Class A Shares | $138,985 |
Class C Shares | 14,105 |
TOTAL | $153,090 |
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 | $100,811* |
* | Includes cumulative net 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 | $(241,536) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $249,235 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 395,398 | $7,567,568 | 749,068 | $13,965,347 |
Shares issued to shareholders in payment of distributions declared | 81,106 | 1,616,440 | 364,911 | 6,649,533 |
Shares redeemed | (433,650) | (8,291,875) | (1,064,941) | (19,945,102) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 42,854 | $892,133 | 49,038 | $669,778 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 75,936 | $1,422,907 | 111,329 | $2,045,388 |
Shares issued to shareholders in payment of distributions declared | 3,959 | 77,287 | 39,420 | 701,784 |
Shares redeemed | (126,367) | (2,357,632) | (230,468) | (4,232,820) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (46,472) | $(857,438) | (79,719) | $(1,485,648) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 416,411 | $8,119,947 | 1,170,072 | $21,950,726 |
Shares issued to shareholders in payment of distributions declared | 63,702 | 1,275,623 | 228,391 | 4,184,790 |
Shares redeemed | (399,140) | (7,761,834) | (1,171,973) | (21,958,960) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 80,973 | $1,633,736 | 226,490 | $4,176,556 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 22,763 | $436,176 | 67,256 | $1,260,424 |
Shares issued to shareholders in payment of distributions declared | 2,539 | 50,696 | 7,809 | 142,721 |
Shares redeemed | (20,754) | (399,511) | (56,135) | (1,046,990) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 4,548 | $87,361 | 18,930 | $356,155 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 81,903 | $1,755,792 | 214,739 | $3,716,841 |
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 | $42,317 |
Purchases | $61,057,732 |
Sales | $62,694,178 |
Beginning Account Value 8/1/2023 | Ending Account Value 1/31/2024 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,058.00 | $6.78 |
Class C Shares | $1,000 | $1,053.40 | $10.84 |
Institutional Shares | $1,000 | $1,058.80 | $5.49 |
Class R6 Shares | $1,000 | $1,059.30 | $5.33 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.55 | $6.65 |
Class C Shares | $1,000 | $1,014.58 | $10.63 |
Institutional Shares | $1,000 | $1,019.81 | $5.38 |
Class R6 Shares | $1,000 | $1,019.96 | $5.23 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.10% |
Institutional Shares | 1.06% |
Class R6 Shares | 1.03% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
Share Class | Ticker | A | QALGX | C | QCLGX | Institutional | QILGX |
Federated Hermes MDT Large Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
Sector Composition | Percentage of Total Net Assets |
Information Technology | 44.1% |
Consumer Discretionary | 13.4% |
Health Care | 11.5% |
Communication Services | 10.3% |
Financials | 6.6% |
Industrials | 5.0% |
Consumer Staples | 5.0% |
Utilities | 0.9% |
Materials | 0.4% |
Energy | 0.1% |
Cash Equivalents2 | 2.4% |
Other Assets and Liabilities—Net3 | 0.3% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 97.3% | |||
Communication Services— 10.3% | |||
264,026 | 1 | Alphabet, Inc., Class A | $ 36,990,043 |
19,683 | 1 | Live Nation Entertainment, Inc. | 1,748,835 |
68,956 | 1 | Meta Platforms, Inc. | 26,902,494 |
13,462 | 1 | Netflix, Inc. | 7,594,049 |
6,660 | 1 | Pinterest, Inc. | 249,550 |
61,213 | 1 | Spotify Technology SA | 13,182,219 |
198,062 | 1 | ZoomInfo Technologies, Inc. | 3,176,914 |
TOTAL | 89,844,104 | ||
Consumer Discretionary— 13.4% | |||
62,960 | 1 | Airbnb, Inc. | 9,075,054 |
250,269 | 1 | Amazon.com, Inc. | 38,841,749 |
2,267 | 1 | Chipotle Mexican Grill, Inc. | 5,460,682 |
71,394 | 1 | DoorDash, Inc. | 7,439,255 |
45,415 | eBay, Inc. | 1,865,194 | |
46,754 | 1 | Expedia Group, Inc. | 6,935,021 |
14,540 | Genuine Parts Co. | 2,038,944 | |
1,041 | Home Depot, Inc. | 367,431 | |
8,454 | 1 | Lululemon Athletica, Inc. | 3,836,594 |
1,652 | Murphy USA, Inc. | 582,363 | |
5,210 | 1 | O’Reilly Automotive, Inc. | 5,330,091 |
40,633 | Ross Stores, Inc. | 5,699,997 | |
53,529 | 1 | Royal Caribbean Cruises, Ltd. | 6,824,947 |
26,810 | Starbucks Corp. | 2,494,134 | |
8,762 | 1 | Tesla, Inc. | 1,641,035 |
42,315 | TJX Cos., Inc. | 4,016,117 | |
6,759 | 1 | Ulta Beauty, Inc. | 3,393,356 |
36,474 | Wingstop, Inc. | 10,253,206 | |
10,824 | Yum! Brands, Inc. | 1,401,600 | |
TOTAL | 117,496,770 | ||
Consumer Staples— 5.0% | |||
9,965 | Costco Wholesale Corp. | 6,924,479 | |
59,277 | Kimberly-Clark Corp. | 7,170,739 | |
123,087 | PepsiCo, Inc. | 20,743,852 | |
56,726 | Procter & Gamble Co. | 8,913,924 | |
TOTAL | 43,752,994 | ||
Energy— 0.1% | |||
15,285 | Ovintiv, Inc. | 648,390 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— 6.6% | |||
34,799 | Ameriprise Financial, Inc. | $ 13,461,297 | |
38,742 | Apollo Global Management, Inc. | 3,889,697 | |
18,004 | 1 | Arch Capital Group Ltd. | 1,484,070 |
22,359 | 1 | Block, Inc. | 1,453,559 |
20,218 | 1 | Fiserv, Inc. | 2,868,328 |
5,307 | Marsh & McLennan Cos., Inc. | 1,028,709 | |
10,246 | Mastercard, Inc. | 4,602,810 | |
2,821 | MSCI, Inc., Class A | 1,688,707 | |
191,745 | 1 | PayPal Holdings, Inc. | 11,763,556 |
6,586 | Progressive Corp., OH | 1,173,954 | |
88,060 | 1 | StoneCo Ltd. | 1,513,751 |
45,841 | Visa, Inc., Class A | 12,526,512 | |
TOTAL | 57,454,950 | ||
Health Care— 11.5% | |||
179,849 | AbbVie, Inc. | 29,567,176 | |
2,737 | 1 | Align Technology, Inc. | 731,655 |
24,472 | Amgen, Inc. | 7,690,571 | |
49,602 | Baxter International, Inc. | 1,919,102 | |
5,914 | Elevance Health, Inc. | 2,918,204 | |
19,206 | Eli Lilly & Co. | 12,399,586 | |
30,634 | 1 | GE HealthCare Technologies, Inc. | 2,247,310 |
9,620 | Humana, Inc. | 3,636,937 | |
91,309 | 1 | Incyte Genomics, Inc. | 5,366,230 |
10,097 | McKesson Corp. | 5,047,389 | |
56,058 | Merck & Co., Inc. | 6,770,685 | |
4,481 | 1 | Molina Healthcare, Inc. | 1,597,208 |
34,972 | 1 | Teladoc Health, Inc. | 679,506 |
3,896 | The Cigna Group | 1,172,501 | |
24,130 | UnitedHealth Group, Inc. | 12,348,286 | |
11,682 | 1 | Vertex Pharmaceuticals, Inc. | 5,062,745 |
5,662 | Zoetis, Inc. | 1,063,380 | |
TOTAL | 100,218,471 | ||
Industrials— 5.0% | |||
106,091 | Allison Transmission Holdings, Inc. | 6,422,749 | |
13,748 | Booz Allen Hamilton Holding Corp. | 1,935,306 | |
13,354 | Caterpillar, Inc. | 4,010,340 | |
34,530 | Paychex, Inc. | 4,203,337 | |
2,979 | Rockwell Automation, Inc. | 754,521 | |
23,069 | Trane Technologies PLC | 5,814,542 | |
29,040 | 1 | Trex Co., Inc. | 2,366,179 |
71,475 | 1 | Uber Technologies, Inc. | 4,665,173 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
38,349 | Verisk Analytics, Inc. | $ 9,262,434 | |
50,771 | 1 | XPO, Inc. | 4,337,874 |
TOTAL | 43,772,455 | ||
Information Technology— 44.1% | |||
5,215 | 1 | Adobe, Inc. | 3,221,723 |
381,993 | Apple, Inc. | 70,439,509 | |
24,025 | Applied Materials, Inc. | 3,947,308 | |
38,835 | 1 | Arista Networks, Inc. | 10,045,838 |
10,570 | Broadcom, Inc. | 12,472,600 | |
21,012 | 1 | Cadence Design Systems, Inc. | 6,061,122 |
40,615 | 1 | Crowdstrike Holdings, Inc. | 11,879,887 |
51,761 | Dell Technologies, Inc. | 4,289,952 | |
34,009 | 1 | Fortinet, Inc. | 2,193,240 |
3,567 | 1 | Gitlab, Inc. | 253,649 |
127,074 | 1 | GoDaddy, Inc. | 13,553,713 |
5,793 | 1 | HubSpot, Inc. | 3,539,523 |
9,783 | Jabil, Inc. | 1,225,712 | |
705 | KLA Corp. | 418,798 | |
240,859 | Microsoft Corp. | 95,760,721 | |
2,437 | 1 | MongoDB, Inc. | 976,067 |
271,432 | 1 | Nutanix, Inc. | 15,254,478 |
74,669 | NVIDIA Corp. | 45,941,596 | |
28,206 | 1 | Palo Alto Networks, Inc. | 9,548,013 |
89,937 | Pegasystems, Inc. | 4,383,529 | |
92,185 | Qualcomm, Inc. | 13,690,394 | |
37,611 | 1 | Salesforce, Inc. | 10,572,076 |
24,451 | 1 | ServiceNow, Inc. | 18,714,795 |
5,600 | 1 | Synopsys, Inc. | 2,986,760 |
27,539 | 1 | Workday, Inc. | 8,015,777 |
51,988 | 1 | Zoom Video Communications, Inc. | 3,358,945 |
51,383 | 1 | Zscaler, Inc. | 12,109,432 |
TOTAL | 384,855,157 | ||
Materials— 0.4% | |||
13,990 | 1 | Axalta Coating Systems Ltd. | 453,556 |
10,774 | Sherwin-Williams Co. | 3,279,390 | |
TOTAL | 3,732,946 | ||
Utilities— 0.9% | |||
199,614 | Vistra Corp. | 8,190,162 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $646,978,856) | 849,966,399 |
Shares | Value | ||
INVESTMENT COMPANY— 2.4% | |||
21,138,035 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.42%2 (IDENTIFIED COST $21,140,578) | $21,146,490 | |
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $668,119,434)3 | 871,112,889 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%4 | 2,470,048 | ||
TOTAL NET ASSETS—100% | $873,582,937 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 7/31/2023 | $13,297,917 |
Purchases at Cost | $98,870,445 |
Proceeds from Sales | $(91,030,731) |
Change in Unrealized Appreciation/Depreciation | $4,763 |
Net Realized Gain/(Loss) | $4,096 |
Value as of 1/31/2024 | $21,146,490 |
Shares Held as of 1/31/2024 | 21,138,035 |
Dividend Income | $466,029 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.17 | $23.32 | $31.22 | $25.03 | $20.81 | $20.66 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.01) | 0.01 | (0.08) | (0.07) | (0.04) | (0.05) |
Net realized and unrealized gain (loss) | 2.83 | 3.59 | (1.89) | 8.36 | 5.37 | 2.01 |
Total From Investment Operations | 2.82 | 3.60 | (1.97) | 8.29 | 5.33 | 1.96 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) |
Net Asset Value, End of Period | $26.58 | $24.17 | $23.32 | $31.22 | $25.03 | $20.81 |
Total Return2 | 11.76% | 18.56% | (8.93)% | 35.00% | 26.91% | 11.28% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.99%4 | 0.99% | 0.99% | 0.99% | 1.11% | 1.48% |
Net investment income (loss) | (0.09)%4 | 0.03% | (0.30)% | (0.27)% | (0.19)% | (0.27)% |
Expense waiver/reimbursement5 | 0.21%4 | 0.29% | 0.33% | 0.38% | 0.30% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $186,849 | $146,478 | $106,863 | $123,486 | $93,740 | $67,513 |
Portfolio turnover7 | 30% | 116% | 147% | 39% | 220% | 97% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $18.38 | $18.56 | $26.16 | $21.43 | $18.10 | $18.35 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.08) | (0.12) | (0.23) | (0.23) | (0.17) | (0.18) |
Net realized and unrealized gain (loss) | 2.14 | 2.69 | (1.44) | 7.06 | 4.61 | 1.74 |
Total From Investment Operations | 2.06 | 2.57 | (1.67) | 6.83 | 4.44 | 1.56 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) |
Net Asset Value, End of Period | $20.03 | $18.38 | $18.56 | $26.16 | $21.43 | $18.10 |
Total Return2 | 11.32% | 17.69% | (9.60)% | 34.01% | 25.99% | 10.46% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.74% | 1.74% | 1.74% | 1.88% | 2.23% |
Net investment income (loss) | (0.85)%4 | (0.73)% | (1.05)% | (1.02)% | (0.95)% | (1.03)% |
Expense waiver/reimbursement5 | 0.21%4 | 0.29% | 0.33% | 0.38% | 0.29% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,653 | $20,413 | $14,743 | $17,671 | $14,536 | $12,445 |
Portfolio turnover7 | 30% | 116% | 147% | 39% | 220% | 97% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $26.39 | $25.13 | $33.14 | $26.39 | $21.83 | $21.52 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.06 | (0.01) | 0.002 | 0.03 | (0.01) |
Net realized and unrealized gain (loss) | 3.09 | 3.95 | (2.07) | 8.85 | 5.64 | 2.13 |
Total From Investment Operations | 3.11 | 4.01 | (2.08) | 8.85 | 5.67 | 2.12 |
Less Distributions: | ||||||
Distributions from net investment income | (0.00)2 | — | — | — | — | — |
Distributions from net realized gain | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) |
Total Distributions | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) | (1.81) |
Net Asset Value, End of Period | $29.09 | $26.39 | $25.13 | $33.14 | $26.39 | $21.83 |
Total Return3 | 11.88% | 18.88% | (8.72)% | 35.33% | 27.22% | 11.59% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.74%5 | 0.74% | 0.74% | 0.74% | 0.81% | 1.22% |
Net investment income (loss) | 0.15%5 | 0.24% | (0.04)% | 0.01% | 0.13% | (0.04)% |
Expense waiver/reimbursement6 | 0.21%5 | 0.28% | 0.33% | 0.37% | 0.34% | 0.00%7 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $661,081 | $434,306 | $74,192 | $53,631 | $90,113 | $37,076 |
Portfolio turnover8 | 30% | 116% | 147% | 39% | 220% | 97% |
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. |
Assets: | |
Investment in securities, at value including $21,146,490 of investments in affiliated holdings* (identified cost $668,119,434, including $21,140,578 of identified cost in affiliated holdings) | $871,112,889 |
Income receivable | 366,696 |
Income receivable from affiliated holdings | 92,508 |
Receivable for investments sold | 4,247,116 |
Receivable for shares sold | 9,886,279 |
Total Assets | 885,705,488 |
Liabilities: | |
Payable for investments purchased | 11,463,493 |
Payable for shares redeemed | 532,600 |
Payable to bank | 9,374 |
Payable for investment adviser fee (Note 5) | 13,290 |
Payable for administrative fee (Note 5) | 1,884 |
Payable for Directors’/Trustees’ fees (Note 5) | 834 |
Payable for distribution services fee (Note 5) | 15,809 |
Payable for other service fees (Notes 2 and 5) | 77,653 |
Accrued expenses (Note 5) | 7,614 |
Total Liabilities | 12,122,551 |
Net assets for 31,032,130 shares outstanding | $873,582,937 |
Net Assets Consist of: | |
Paid-in capital | $656,325,330 |
Total distributable earnings (loss) | 217,257,607 |
Total Net Assets | $873,582,937 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($186,848,612 ÷ 7,029,074 shares outstanding), no par value, unlimited shares authorized | $26.58 |
Offering price per share (100/94.50 of $26.58) | $28.13 |
Redemption proceeds per share | $26.58 |
Class C Shares: | |
Net asset value per share ($25,652,901 ÷ 1,280,592 shares outstanding), no par value, unlimited shares authorized | $20.03 |
Offering price per share | $20.03 |
Redemption proceeds per share (99.00/100 of $20.03) | $19.83 |
Institutional Shares: | |
Net asset value per share ($661,081,424 ÷ 22,722,464 shares outstanding), no par value, unlimited shares authorized | $29.09 |
Offering price per share | $29.09 |
Redemption proceeds per share | $29.09 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $466,029 received from affiliated holdings*) | $3,088,560 |
Expenses: | |
Investment adviser fee (Note 5) | 2,587,863 |
Administrative fee (Note 5) | 269,016 |
Custodian fees | 17,326 |
Transfer agent fees | 260,256 |
Directors’/Trustees’ fees (Note 5) | 2,007 |
Auditing fees | 15,227 |
Legal fees | 5,381 |
Portfolio accounting fees | 67,854 |
Distribution services fee (Note 5) | 81,270 |
Other service fees (Notes 2 and 5) | 222,194 |
Share registration costs | 47,387 |
Printing and postage | 17,421 |
Miscellaneous (Note 5) | 14,940 |
TOTAL EXPENSES | 3,608,142 |
Waiver/reimbursement of investment adviser fee (Note 5) | (734,414) |
Net expenses | 2,873,728 |
Net investment income (loss) | 214,832 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $4,096 on sales of investments in affiliated holdings*) | 19,688,721 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $4,763 on investments in affiliated holdings*) | 70,408,819 |
Net realized and unrealized gain (loss) on investments | 90,097,540 |
Change in net assets resulting from operations | $90,312,372 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended 7/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $214,832 | $375,851 |
Net realized gain (loss) | 19,688,721 | 10,258,501 |
Net change in unrealized appreciation/depreciation | 70,408,819 | 74,612,976 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 90,312,372 | 85,247,328 |
Distributions to Shareholders: | ||
Class A Shares | (2,726,466) | (12,198,895) |
Class B Shares1 | — | (446,127) |
Class C Shares | (487,546) | (2,054,902) |
Institutional Shares | (8,440,756) | (10,905,464) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,654,768) | (25,605,388) |
Share Transactions: | ||
Proceeds from sale of shares | 273,625,281 | 380,258,801 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Stockyard | — | 22,220,471 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,428,374 | 24,565,868 |
Cost of shares redeemed | (91,325,304) | (85,224,260) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 193,728,351 | 341,820,880 |
Change in net assets | 272,385,955 | 401,462,820 |
Net Assets: | ||
Beginning of period | 601,196,982 | 199,734,162 |
End of period | $873,582,937 | $601,196,982 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. |
Shares of the Fund Issued | Stockyard Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
850,382 | $22,220,471 | $15,718,983 | $552,127,405 | $574,347,876 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Other Service Fees Incurred | |
Class A Shares | $195,104 |
Class C Shares | 27,090 |
TOTAL | $222,194 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,467,536 | $35,686,052 | 1,707,871 | $36,312,723 |
Shares issued to shareholders in payment of distributions declared | 103,726 | 2,594,185 | 601,155 | 11,500,103 |
Conversion of Class B Shares to Class A Shares1 | — | — | 140,105 | 2,947,814 |
Shares redeemed | (602,431) | (14,656,718) | (971,301) | (20,608,520) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 968,831 | $23,623,519 | 1,477,830 | $30,152,120 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | 28,540 | 439,513 |
Conversion of Class B Shares to Class A Shares1 | — | — | (174,227) | (2,947,814) |
Shares redeemed | — | — | (57,207) | (1,004,793) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | — | $— | (202,894) | $(3,513,094) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 300,887 | $5,555,672 | 395,504 | $6,618,577 |
Shares issued to shareholders in payment of distributions declared | 25,777 | 486,419 | 140,427 | 2,051,638 |
Shares redeemed | (156,759) | (2,839,424) | (219,750) | (3,633,682) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 169,905 | $3,202,667 | 316,181 | $5,036,533 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,770,543 | $232,383,557 | 14,591,941 | $334,379,687 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Stockyard | — | — | 850,382 | 22,220,471 |
Shares issued to shareholders in payment of distributions declared | 304,924 | 8,347,770 | 507,176 | 10,574,614 |
Shares redeemed | (2,811,300) | (73,829,162) | (2,443,461) | (57,029,451) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 6,264,167 | $166,902,165 | 13,506,038 | $310,145,321 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 7,402,903 | $193,728,351 | 15,097,155 | $341,820,880 |
1 | On February 3, 2023, Class B Shares were converted to Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class B Shares is within the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares. |
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 | $81,270 |
Purchases | $373,087,276 |
Sales | $199,711,885 |
Beginning Account Value 8/1/2023 | Ending Account Value 1/31/2024 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,117.60 | $5.27 |
Class C Shares | $1,000 | $1,113.20 | $9.24 |
Institutional Shares | $1,000 | $1,118.80 | $3.94 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.16 | $5.03 |
Class C Shares | $1,000 | $1,016.39 | $8.82 |
Institutional Shares | $1,000 | $1,021.42 | $3.76 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.99% |
Class C Shares | 1.74% |
Institutional Shares | 0.74% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R809
CUSIP 31421R882
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
Sector Composition | Percentage of Total Net Assets |
Industrials | 17.9% |
Financials | 16.3% |
Health Care | 15.1% |
Information Technology | 12.7% |
Consumer Discretionary | 11.4% |
Energy | 7.4% |
Real Estate | 5.0% |
Consumer Staples | 4.5% |
Materials | 4.3% |
Communication Services | 2.1% |
Utilities | 1.3% |
Securities Lending Collateral2 | 1.1% |
Cash Equivalents3 | 1.7% |
Other Assets and Liabilities—Net4 | (0.8)% |
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 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— 98.0% | |||
Communication Services— 2.1% | |||
217,094 | 1 | AMC Networks, Inc. | $ 3,927,230 |
116,901 | 1 | CarGurus, Inc. | 2,716,779 |
341,979 | 1 | Cinemark Holdings, Inc. | 4,729,570 |
415,153 | 1 | Eventbrite, Inc. | 3,474,831 |
369,938 | Gray Television, Inc. | 3,532,908 | |
1,047,502 | 1 | iHeartMedia, Inc. | 2,838,730 |
1,305,157 | 1 | Lumen Technologies, Inc. | 1,592,292 |
432,252 | 1 | Vimeo Holdings, Inc. | 1,716,040 |
TOTAL | 24,528,380 | ||
Consumer Discretionary— 11.4% | |||
203,213 | 1 | Abercrombie & Fitch Co., Class A | 20,707,405 |
81,597 | 1 | Adient PLC | 2,832,232 |
529,491 | 2 | Big Lots, Inc. | 3,039,278 |
25,189 | 1 | Brinker International, Inc. | 1,077,837 |
737,010 | 1 | Chegg, Inc. | 7,259,548 |
826,325 | Clarus Corp. | 4,891,844 | |
184,450 | 1 | ContextLogic, Inc. | 806,046 |
390,031 | 1 | Coursera, Inc. | 7,465,193 |
39,484 | 1 | Duolingo, Inc. | 7,063,293 |
113,267 | 1 | Frontdoor, Inc. | 3,710,627 |
291,016 | 1,2 | Groupon, Inc. | 3,975,279 |
2,460 | Installed Building Products, Inc. | 479,331 | |
89,906 | International Game Technology PLC | 2,333,960 | |
25,662 | 1 | iRobot Corp. | 349,003 |
82,166 | 1 | Lumber Liquidators, Inc. | 213,632 |
18,780 | 1 | MCBC Holdings, Inc. | 363,769 |
57,308 | Murphy USA, Inc. | 20,202,216 | |
338,066 | 1 | National Vision Holdings, Inc. | 6,426,635 |
10,593 | 1 | ODP Corp./The | 541,726 |
196,467 | 2 | PetMed Express, Inc. | 1,220,060 |
200,943 | 1 | PlayAGS, Inc. | 1,750,214 |
26,485 | 1 | Potbelly Corp. | 333,181 |
216,301 | 1,2 | Red Robin Gourmet Burgers | 2,201,944 |
664,859 | 1 | Rush Street Interactive, Inc. | 3,463,915 |
52,930 | 1 | Sally Beauty Holdings, Inc. | 652,098 |
146,914 | 1 | Taylor Morrison Home Corp. | 7,660,096 |
72,867 | Texas Roadhouse, Inc. | 9,160,839 | |
143,062 | 1 | Udemy, Inc. | 1,944,213 |
200,015 | Upbound Group, Inc. | 6,640,498 | |
9,600 | 1 | Visteon Corp. | 1,106,784 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
17,307 | Wingstop, Inc. | $ 4,865,171 | |
12,734 | Winnebago Industries, Inc. | 836,878 | |
TOTAL | 135,574,745 | ||
Consumer Staples— 4.5% | |||
113,169 | 2 | B&G Foods, Inc., Class A | 1,138,480 |
150,978 | 1 | Bellring Brands, Inc. | 8,344,554 |
9,623 | Coca-Cola Bottling Co. | 8,289,156 | |
51,075 | 1 | elf Beauty, Inc. | 8,147,995 |
56,637 | Energizer Holdings, Inc. | 1,790,862 | |
191,029 | 1 | Herbalife Ltd. | 2,301,899 |
305,052 | Nu Skin Enterprises, Inc., Class A | 5,661,765 | |
40,496 | SpartanNash Co. | 908,325 | |
127,648 | 1 | Sprouts Farmers Market, Inc. | 6,429,630 |
20,629 | Turning Point Brands, Inc. | 501,078 | |
660,083 | 1 | United Natural Foods, Inc. | 9,841,838 |
TOTAL | 53,355,582 | ||
Energy— 7.4% | |||
104,330 | 1,2 | Amplify Energy Corp. | 638,500 |
378,941 | Ardmore Shipping Corp. | 6,279,052 | |
188,710 | California Resources Corp. | 8,997,693 | |
12,002 | Chord Energy Corp. | 1,845,428 | |
72,661 | CONSOL Energy, Inc. | 6,873,731 | |
52,065 | 1 | Dorian LPG Ltd. | 1,949,314 |
301,470 | 2 | Enviva, Inc. | 132,104 |
289,659 | Equitrans Midstream Corp. | 2,951,625 | |
101,376 | 1 | Expro Group Holdings NV | 1,784,218 |
115,811 | 1 | Gulf Island Fabrication, Inc. | 521,149 |
54,318 | International Seaways, Inc. | 2,913,617 | |
424,002 | Liberty Energy, Inc. | 8,815,002 | |
11,964 | 1 | Nabors Industries Ltd. | 1,011,915 |
71,794 | 1 | Oceaneering International, Inc. | 1,491,879 |
181,936 | PBF Energy, Inc. | 9,189,587 | |
37,267 | Permian Resources Corp. | 502,359 | |
13,523 | Scorpio Tankers, Inc. | 956,076 | |
109,557 | SM Energy Co. | 4,062,374 | |
14,318 | Teekay Tankers Ltd., Class A | 895,591 | |
403,568 | 1 | US Silica Holdings, Inc. | 4,326,249 |
241,073 | 1 | Weatherford International PLC | 21,588,087 |
TOTAL | 87,725,550 | ||
Financials— 16.3% | |||
128,652 | Amalgamated Financial Corp. | 3,416,997 | |
64,254 | 1 | Ambac Financial Group, Inc. | 1,044,127 |
39,195 | Artisan Partners Asset Management, Inc. | 1,642,270 | |
12,513 | 1 | AssetMark Financial Holdings, Inc. | 383,774 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
689,538 | 1 | AvidXchange Holdings, Inc. | $ 7,557,336 |
11,706 | BancFirst Corp. | 1,036,098 | |
70,789 | Banco Latinoamericano de Comercio Exterior S.A., Class E | 1,702,475 | |
39,099 | 1 | Bancorp, Inc., DE | 1,706,280 |
26,505 | Bread Financial Holdings, Inc. | 961,336 | |
1,407,719 | BrightSpire Capital, Inc. | 10,065,191 | |
309,108 | Byline Bancorp, Inc. | 6,750,919 | |
183,907 | 1 | Cantaloupe, Inc. | 1,252,407 |
369,393 | CNO Financial Group, Inc. | 10,040,102 | |
6,393 | 1 | Coastal Financial Corp. | 255,081 |
127,745 | 1 | Customers Bancorp, Inc. | 6,826,693 |
56,773 | Employers Holdings, Inc. | 2,368,570 | |
33,141 | Enact Holdings, Inc. | 944,187 | |
18,123 | Equity Bancshares, Inc. | 595,341 | |
1,938 | Federal Agricultural Mortgage Association, Class C | 361,030 | |
69,125 | Financial Institutions, Inc. | 1,444,712 | |
35,085 | First Business Financial Services, Inc. | 1,290,075 | |
419,355 | First Foundation, Inc. | 3,992,260 | |
757,834 | 1 | Genworth Financial, Inc., Class A | 4,675,836 |
3,845 | HCI Group, Inc. | 344,781 | |
24,559 | Heritage Financial Corp. | 494,864 | |
31,294 | Hometrust Bancshares, Inc. | 849,632 | |
113,779 | Independent Bank Corp.- Michigan | 2,894,538 | |
323,140 | Jackson Financial, Inc. | 16,179,620 | |
68,265 | James River Group Holdings Ltd. | 653,296 | |
17,675 | Kinsale Capital Group, Inc. | 7,027,050 | |
122,551 | Ladder Capital Corp. | 1,339,482 | |
128,520 | 1 | LendingTree, Inc. | 4,156,337 |
13,909 | Live Oak Bancshares, Inc. | 505,870 | |
237,653 | Merchants Bancorp, Inc. | 10,394,942 | |
12,215 | Midland States Bancorp, Inc. | 320,766 | |
20,223 | 1 | Mr. Cooper Group, Inc. | 1,362,221 |
30,151 | 1 | NMI Holdings, Inc. | 962,420 |
130,306 | OFG Bancorp. | 4,791,352 | |
174,012 | 1 | Oscar Health, Inc. | 2,178,630 |
183,576 | 1 | Paysafe Ltd. | 2,731,611 |
39,120 | Peapack-Gladstone Financial Corp. | 1,078,930 | |
20,893 | Peoples Bancorp, Inc. | 612,165 | |
27,694 | Preferred Bank Los Angeles, CA | 1,989,537 | |
326,292 | 1 | PROG Holdings, Inc. | 9,997,587 |
95,810 | QCR Holdings, Inc. | 5,596,262 | |
65,810 | RLI Corp. | 8,974,510 | |
10,060 | Selective Insurance Group, Inc. | 1,054,892 | |
405,652 | 1 | Siriuspoint Ltd. | 4,786,694 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
263,912 | 1 | Skyward Specialty Insurance Group, Inc. | $ 8,207,663 |
689,870 | 1 | StoneCo Ltd. | 11,858,865 |
52,911 | Tiptree, Inc. | 1,001,605 | |
298,142 | Trustmark Corp. | 8,046,853 | |
19,781 | Universal Insurance Holdings, Inc. | 328,760 | |
28,385 | Victory Capital Holdings | 957,426 | |
117,710 | Waterstone Financial, Inc. | 1,565,543 | |
153,420 | Western New England Bancorp, Inc. | 1,305,604 | |
TOTAL | 194,863,405 | ||
Health Care— 15.1% | |||
58,558 | 1 | Acadia Pharmaceuticals, Inc. | 1,517,238 |
433,455 | 1 | AdaptHealth Corp. | 3,129,545 |
277,263 | 1 | Alkermes, Inc. | 7,499,964 |
182,798 | 1,2 | Alx Oncology Holdings, Inc. | 2,634,119 |
249,033 | 1 | Amneal Pharmaceuticals, Inc. | 1,332,327 |
81,653 | 1 | Amphastar Pharmaceuticals, Inc. | 4,357,004 |
51,299 | 1 | AngioDynamics, Inc. | 302,664 |
148,560 | 1 | Arcellx, Inc. | 9,186,950 |
283,524 | 1,2 | Arcutis Biotherapeutics, Inc. | 1,664,286 |
106,083 | 1 | Arvinas, Inc. | 4,402,444 |
421,642 | 1 | Atea Pharmaceuticals, Inc. | 1,754,031 |
16,714 | 1 | Biohaven Ltd. | 743,439 |
16,941 | 1 | Blueprint Medicines Corp. | 1,347,318 |
251,402 | 1 | Bridgebio Pharma, Inc. | 8,620,575 |
800,390 | 1 | Cara Therapeutics, Inc. | 452,701 |
31,947 | 1 | Catalyst Pharmaceutical Partners, Inc. | 460,037 |
743,230 | 1 | Codexis, Inc. | 1,954,695 |
208,255 | 1 | Collegium Pharmaceutical, Inc. | 6,864,085 |
1,074,736 | 1 | Community Health Systems, Inc. | 3,944,281 |
300,449 | 1 | Computer Programs & Systems, Inc. | 3,043,548 |
29,239 | 1 | Corcept Therapeutics, Inc. | 616,943 |
195,902 | 1 | Cross Country Healthcare, Inc. | 4,162,918 |
89,801 | 1 | Enanta Pharmaceuticals, Inc. | 1,091,082 |
381,115 | 1,2 | EyePoint Pharmaceuticals, Inc. | 10,263,427 |
666,781 | 1 | Fate Therapeutics, Inc. | 4,107,371 |
18,783 | 1 | Haemonetics Corp. | 1,436,148 |
275,867 | 1 | Halozyme Therapeutics, Inc. | 9,338,098 |
315,600 | 1 | Harmony Biosciences Holdings, Inc. | 9,954,024 |
526,681 | 1 | Hims & Hers Health, Inc. | 4,518,923 |
60,432 | 1 | Inmode Ltd. | 1,431,634 |
339,303 | 1 | Inogen, Inc. | 2,414,141 |
16,549 | 1 | Ligand Pharmaceuticals, Inc., Class B | 1,209,732 |
29,344 | 1,2 | Liquidia Technologies, Inc. | 375,016 |
69,674 | 1 | Livanova PLC | 3,391,730 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
558,718 | 1 | MacroGenics, Inc. | $ 7,989,667 |
372,984 | 1 | MiMedx Group, Inc. | 2,886,896 |
247,530 | 1 | Nevro Corp. | 4,099,097 |
359,671 | 1 | Nuvation Bio, Inc. | 582,667 |
95,646 | 1 | OptimizeRX Corp | 1,350,522 |
50,260 | 1 | OraSure Technologies, Inc. | 370,416 |
111,487 | Owens & Minor, Inc. | 2,197,409 | |
195,890 | 1 | Pacira BioSciences, Inc. | 6,384,055 |
184,133 | 1 | Pediatrix Medical Group | 1,723,485 |
655,744 | 1 | PMV Pharmaceuticals, Inc. | 1,154,109 |
635,038 | 1 | Revance Therapeutics, Inc. | 3,194,241 |
180,913 | 1 | RxSight, Inc. | 8,233,351 |
1,949,641 | 1,2 | Siga Technologies, Inc. | 9,514,248 |
143,917 | 1 | Silk Road Medical, Inc. | 2,177,464 |
27,130 | 1 | Supernus Pharmaceuticals, Inc. | 750,958 |
180,580 | 1 | Tactile Systems Technology, Inc. | 2,739,399 |
62,214 | 1 | Tango Therapeutics, Inc. | 731,015 |
624,548 | 1 | Vanda Pharmaceuticals, Inc. | 2,248,373 |
270,353 | 1 | Voyager Therapeutics, Inc. | 1,965,466 |
31,716 | 1 | Zymeworks, Inc. | 343,801 |
TOTAL | 180,159,077 | ||
Industrials— 17.9% | |||
61,186 | 1 | Atkore, Inc. | 9,332,701 |
59,682 | 1 | Beacon Roofing Supply, Inc. | 4,947,041 |
108,256 | 1 | Blue Bird Corp. | 3,153,497 |
100,600 | Boise Cascade Co. | 13,627,276 | |
329,259 | 1 | BrightView Holdings, Inc. | 2,940,283 |
129,592 | 1 | CECO Environmental Corp. | 2,505,013 |
59,331 | 1 | Cimpress PLC | 4,462,878 |
96,294 | 1 | Concrete Pumping Holdings, Inc. | 743,390 |
39,586 | 1 | DNOW, Inc. | 399,423 |
7,696 | 2 | Eagle Bulk Shipping, Inc. | 424,280 |
42,079 | Emcor Group, Inc. | 9,598,641 | |
361,959 | 1 | Enviri Corp. | 3,116,467 |
118,268 | 1 | Exlservice Holding, Inc. | 3,699,423 |
137,695 | 1 | Forrester Research, Inc. | 3,508,469 |
106,672 | 1 | Franklin Covey Co. | 4,313,816 |
292,634 | 1 | GMS, Inc. | 24,628,077 |
60,278 | Griffon Corp. | 3,511,796 | |
68,144 | Heidrick & Struggles International, Inc. | 2,042,276 | |
82,303 | Hurco Co., Inc. | 1,984,325 | |
53,181 | 1 | Huron Consulting Group, Inc. | 5,505,829 |
130,127 | Hyster-Yale Materials Handling, Inc. | 8,551,946 | |
235,926 | 1 | JELD-WEN Holding, Inc. | 4,388,224 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
93,670 | 1 | Legalzoom.com, Inc. | $ 965,738 |
364,046 | 1 | Manitowoc, Inc. | 5,861,141 |
515,285 | 1 | Mistras Group, Inc. | 4,003,764 |
61,335 | 1 | MRC Global, Inc. | 653,831 |
157,591 | 1 | NEXTracker, Inc. | 7,134,145 |
316,620 | 1 | Parsons Corp. | 20,627,793 |
22,977 | Primoris Services Corp. | 753,646 | |
30,701 | Resources Connection, Inc. | 413,235 | |
402,732 | REV Group, Inc. | 7,861,329 | |
280,123 | 1 | SkyWest, Inc. | 14,919,351 |
170,738 | 1,2 | Spirit Airlines, Inc. | 1,073,942 |
1,227,184 | 1,2 | SunPower Corp. | 3,718,367 |
7,942 | Tennant Co. | 750,678 | |
136,257 | Terex Corp. | 8,370,267 | |
188,546 | The Shyft Group, Inc. | 2,041,953 | |
244,686 | 1 | Thermon Group Holdings, Inc. | 8,020,807 |
215,216 | 1 | Triumph Group, Inc. | 3,486,499 |
144,549 | TTEC Holdings, Inc. | 2,945,909 | |
15,637 | Universal Truckload Services, Inc. | 477,241 | |
121,793 | 1 | Upwork, Inc. | 1,669,782 |
TOTAL | 213,134,489 | ||
Information Technology— 12.7% | |||
489,718 | 1 | 8x8, Inc. | 1,645,452 |
1,074,370 | Adtran Holdings, Inc. | 6,730,928 | |
138,106 | 1 | Alkami Technology, Inc. | 3,400,170 |
41,379 | 1 | AppFolio, Inc. | 9,072,760 |
516,923 | 1 | Arlo Technologies, Inc. | 4,590,276 |
593,776 | 1 | AvePoint, Inc. | 4,572,075 |
53,709 | 1 | Box, Inc. | 1,395,360 |
166,312 | 1 | Braze, Inc. | 8,989,164 |
188,137 | 1 | Brightcove, Inc. | 430,834 |
37,988 | 1 | Cambium Networks Corp. | 161,449 |
135,160 | 1 | Clear Secure, Inc. | 2,572,095 |
113,488 | 1 | Clearfield, Inc. | 2,858,763 |
361,831 | 1 | CommScope Holdings Co., Inc. | 839,448 |
19,208 | 1 | Commvault Systems, Inc. | 1,760,989 |
111,475 | Comtech Telecommunications Corp. | 705,637 | |
118,656 | 1 | Couchbase, Inc. | 2,966,400 |
195,820 | 1 | Digital Turbine, Inc. | 1,055,470 |
220,461 | 1 | Extreme Networks, Inc. | 2,978,428 |
383,471 | 1 | Freshworks, Inc. | 8,513,056 |
37,963 | 1 | Intapp, Inc. | 1,635,446 |
360,179 | 1 | LivePerson, Inc. | 1,008,501 |
301,588 | 1 | LiveRamp Holdings, Inc. | 11,906,694 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
597,915 | 1,2 | Maxeon Solar Technologies Ltd. | $ 2,708,555 |
71,132 | 1 | MaxLinear, Inc. | 1,480,968 |
67,210 | Methode Electronics, Inc., Class A | 1,395,280 | |
150,212 | 1 | NetScout Systems, Inc. | 3,231,060 |
762,021 | 1 | ON24, Inc. | 5,829,461 |
12,257 | 1 | Qualys, Inc. | 2,318,657 |
732,729 | 1,2 | Rackspace Technology, Inc. | 1,230,985 |
408,683 | 1 | Ribbon Communications, Inc. | 1,242,396 |
49,400 | 1 | Rogers Corp. | 5,694,338 |
7,981 | 1 | Sanmina Corp. | 477,423 |
127,613 | Sapiens International Corp. NV | 3,483,835 | |
27,482 | 1 | Semrush Holdings, Inc. | 317,142 |
414,835 | 1 | SolarWinds Corp. | 4,903,350 |
1,889 | 1 | SPS Commerce, Inc. | 347,198 |
312,464 | 1 | Squarespace, Inc. | 9,686,384 |
12,163 | 1 | Synaptics, Inc. | 1,299,130 |
371,735 | 1 | Telos Corp. | 1,501,809 |
563,322 | 1 | Unisys Corp. | 3,796,790 |
177,093 | 1 | Varonis Systems, Inc. | 7,947,934 |
52,046 | 1 | Verint Systems, Inc. | 1,545,246 |
12,861 | 1 | Vishay Precision Group, Inc. | 410,009 |
354,208 | 1 | Weave Communications, Inc. | 4,441,768 |
168,062 | Xerox Holdings Corp. | 3,102,424 | |
561,284 | 1 | Yext, Inc. | 3,328,414 |
TOTAL | 151,509,951 | ||
Materials— 4.3% | |||
88,001 | Commercial Metals Corp. | 4,595,412 | |
376,874 | 1 | Constellium SE | 7,066,387 |
105,898 | 1 | Intrepid Potash, Inc. | 1,948,523 |
184,229 | 1 | Knife River Corp. | 12,065,157 |
14,411 | Koppers Holdings, Inc. | 736,979 | |
99,914 | Myers Industries, Inc. | 1,873,388 | |
787,629 | 1 | Rayonier Advanced Materials, Inc. | 3,418,310 |
126,811 | 1 | Summit Materials, Inc. | 4,588,022 |
734,670 | SunCoke Energy, Inc. | 7,530,367 | |
108,375 | Warrior Met Coal, Inc. | 6,954,424 | |
TOTAL | 50,776,969 | ||
Real Estate— 5.0% | |||
607,485 | 1 | Anywhere Real Estate, Inc. | 4,325,293 |
186,391 | Armada Hoffler Properties, Inc. | 2,229,236 | |
2,538,810 | Brandywine Realty Trust | 12,033,960 | |
151,969 | City Office REIT, Inc. | 797,837 | |
304,137 | Empire State Realty Trust, Inc. | 2,895,384 | |
75,685 | Essential Properties Realty Trust, Inc. | 1,885,313 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
26,001 | 1 | Forestar Group, Inc. | $ 812,791 |
482,799 | Macerich Co. (The) | 7,623,396 | |
223,847 | Newmark Group, Inc. | 2,272,047 | |
286,132 | Office Properties Income Trust | 1,050,105 | |
979,085 | 1 | Redfin Corp. | 7,989,334 |
315,535 | RMR Group, Inc./The | 8,232,308 | |
129,139 | Tanger, Inc. | 3,473,839 | |
824,318 | Uniti Group, Inc. | 4,335,913 | |
TOTAL | 59,956,756 | ||
Utilities— 1.3% | |||
8,309 | Chesapeake Utilities Corp. | 841,535 | |
91,077 | Genie Energy Ltd. | 1,694,943 | |
6,262 | ONE Gas, Inc. | 384,299 | |
101,187 | Otter Tail Corp. | 9,149,329 | |
98,114 | Portland General Electric Co. | 4,015,806 | |
TOTAL | 16,085,912 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $936,238,688) | 1,167,670,816 | ||
INVESTMENT COMPANIES— 2.8% | |||
13,443,917 | Federated Hermes Government Obligations Fund, Premier Shares, 5.26%3 | 13,443,917 | |
20,198,875 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.42%3 | 20,206,955 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $33,646,202) | 33,650,872 | ||
TOTAL INVESTMENT IN SECURITIES—100.8% (IDENTIFIED COST $969,884,890)4 | 1,201,321,688 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%5 | (9,015,284) | ||
TOTAL NET ASSETS—100% | $1,192,306,404 |
Affiliated | Value as of 7/31/2023 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
Amphastar Pharmaceuticals, Inc. | $8,963,549 | $910,243 | $(4,274,630) |
Siga Technologies, Inc.** | $15,831,626 | $— | $(4,310,799) |
Affiliated issuers no longer in the portfolio at period end | $1,368,344 | $— | $(1,293,298) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $26,163,519 | $910,243 | $(9,878,727) |
Change in Unrealized Appreciation/ (Depreciation)* | Net Realized Gain/ (Loss)* | Value as of 1/31/2024 | Shares Held as of 1/31/2024 | Dividend Income* |
$(3,169,353) | $1,927,195 | $4,357,004 | 81,653 | $— |
$53,837 | $(2,060,416) | $9,514,248 | 1,949,641 | $— |
$(43,822) | $(31,224) | $— | — | $— |
$(3,159,338) | $(164,445) | $13,871,252 | 2,031,294 | $— |
* | 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, 2024, 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 7/31/2023 | $29,537,824 | $8,766,419 | $38,304,243 |
Purchases at Cost | $92,632,719 | $160,744,328 | $253,377,047 |
Proceeds from Sales | $(108,726,626) | $(149,309,767) | $(258,036,393) |
Change in Unrealized Appreciation/ Depreciation | $— | $3,799 | $3,799 |
Net Realized Gain/(Loss) | $— | $2,176 | $2,176 |
Value as of 1/31/2024 | $13,443,917 | $20,206,955 | $33,650,872 |
Shares Held as of 1/31/2024 | 13,443,917 | 20,198,875 | 33,642,792 |
Dividend Income | $601,175 | $547,432 | $1,148,607 |
* | 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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $21.08 | $20.57 | $26.48 | $17.19 | $18.87 | $21.19 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.05 | 0.04 | (0.01) | 0.04 | 0.01 |
Net realized and unrealized gain (loss) | 0.88 | 1.15 | (1.95) | 9.35 | (1.68) | (1.70) |
Total From Investment Operations | 0.91 | 1.20 | (1.91) | 9.34 | (1.64) | (1.69) |
Less Distributions: | ||||||
Distributions from net investment income | (0.02) | — | (0.04) | (0.05) | (0.04) | — |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — | (0.63) |
Total Distributions | (0.02) | (0.69) | (4.00) | (0.05) | (0.04) | (0.63) |
Net Asset Value, End of Period | $21.97 | $21.08 | $20.57 | $26.48 | $17.19 | $18.87 |
Total Return2 | 4.31% | 6.23% | (9.54)% | 54.38% | (8.71)% | (7.69)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Net investment income (loss) | 0.33%4 | 0.26% | 0.15% | (0.03)% | 0.24% | 0.07% |
Expense waiver/reimbursement5 | 0.26%4 | 0.25% | 0.23% | 0.29% | 0.31% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $120,557 | $121,927 | $131,704 | $101,026 | $78,347 | $68,546 |
Portfolio turnover6 | 42% | 128% | 124% | 150% | 223% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $17.48 | $17.32 | $23.02 | $15.03 | $16.58 | $18.84 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.10) | (0.13) | (0.15) | (0.08) | (0.12) |
Net realized and unrealized gain (loss) | 0.72 | 0.95 | (1.61) | 8.14 | (1.47) | (1.51) |
Total From Investment Operations | 0.68 | 0.85 | (1.74) | 7.99 | (1.55) | (1.63) |
Less Distributions: | ||||||
Distributions from net realized gain | — | (0.69) | (3.96) | — | — | (0.63) |
Net Asset Value, End of Period | $18.16 | $17.48 | $17.32 | $23.02 | $15.03 | $16.58 |
Total Return2 | 3.89% | 5.35% | (10.30)% | 53.16% | (9.35)% | (8.35)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.99%4 | 1.98% | 1.96% | 1.88% | 1.88% | 1.88% |
Net investment income (loss) | (0.52)%4 | (0.59)% | (0.65)% | (0.78)% | (0.51)% | (0.69)% |
Expense waiver/reimbursement5 | 0.06%4 | 0.06% | 0.08% | 0.18% | 0.23% | 0.28% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $23,599 | $24,784 | $26,809 | $29,567 | $22,720 | $28,411 |
Portfolio turnover6 | 42% | 128% | 124% | 150% | 223% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.11 | $21.54 | $27.53 | $17.87 | $19.59 | $21.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.10 | 0.10 | 0.05 | 0.09 | 0.06 |
Net realized and unrealized gain (loss) | 0.93 | 1.20 | (2.04) | 9.71 | (1.74) | (1.76) |
Total From Investment Operations | 0.99 | 1.30 | (1.94) | 9.76 | (1.65) | (1.70) |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.04) | (0.09) | (0.10) | (0.07) | (0.02) |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — | (0.63) |
Total Distributions | (0.07) | (0.73) | (4.05) | (0.10) | (0.07) | (0.65) |
Net Asset Value, End of Period | $23.03 | $22.11 | $21.54 | $27.53 | $17.87 | $19.59 |
Total Return2 | 4.48% | 6.47% | (9.31)% | 54.73% | (8.45)% | (7.45)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Net investment income | 0.58%4 | 0.51% | 0.40% | 0.21% | 0.49% | 0.31% |
Expense waiver/reimbursement5 | 0.15%4 | 0.15% | 0.15% | 0.15% | 0.18% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $900,467 | $883,270 | $995,056 | $843,803 | $574,041 | $842,221 |
Portfolio turnover6 | 42% | 128% | 124% | 150% | 223% | 121% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.12 | $21.55 | $27.54 | $17.87 | $19.59 | $21.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.11 | 0.11 | 0.06 | 0.09 | 0.06 |
Net realized and unrealized gain (loss) | 0.93 | 1.20 | (2.05) | 9.71 | (1.74) | (1.76) |
Total From Investment Operations | 0.99 | 1.31 | (1.94) | 9.77 | (1.65) | (1.70) |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.05) | (0.09) | (0.10) | (0.07) | (0.02) |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — | (0.63) |
Total Distributions | (0.07) | (0.74) | (4.05) | (0.10) | (0.07) | (0.65) |
Net Asset Value, End of Period | $23.04 | $22.12 | $21.55 | $27.54 | $17.87 | $19.59 |
Total Return2 | 4.49% | 6.47% | (9.30)% | 54.79% | (8.44)% | (7.45)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.87%4 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Net investment income | 0.59%4 | 0.52% | 0.44% | 0.24% | 0.49% | 0.32% |
Expense waiver/reimbursement5 | 0.06%4 | 0.06% | 0.06% | 0.08% | 0.08% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $147,684 | $133,351 | $63,242 | $64,191 | $47,631 | $33,753 |
Portfolio turnover6 | 42% | 128% | 124% | 150% | 223% | 121% |
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. |
Assets: | |
Investment in securities, at value including $12,959,618 of securities loaned and $47,522,124 of investments in affiliated holdings* (identified cost $969,884,890, including $47,515,735 of identified cost in affiliated holdings) | $1,201,321,688 |
Income receivable | 369,955 |
Income receivable from affiliated holdings | 125,048 |
Receivable for investments sold | 5,162,686 |
Receivable for shares sold | 1,912,293 |
Total Assets | 1,208,891,670 |
Liabilities: | |
Payable for investments purchased | 1,645,182 |
Payable for shares redeemed | 1,131,910 |
Payable to bank | 9,728 |
Payable for collateral due to broker for securities lending (Note 2) | 13,443,917 |
Payable for investment adviser fee (Note 5) | 24,952 |
Payable for administrative fee (Note 5) | 2,587 |
Payable for Directors’/Trustees’ fees (Note 5) | 1,354 |
Payable for distribution services fee (Note 5) | 14,938 |
Payable for other service fees (Notes 2 and 5) | 60,257 |
Accrued expenses (Note 5) | 250,441 |
Total Liabilities | 16,585,266 |
Net assets for 52,306,218 shares outstanding | $1,192,306,404 |
Net Assets Consist of: | |
Paid-in capital | $1,093,480,284 |
Total distributable earnings (loss) | 98,826,120 |
Total Net Assets | $1,192,306,404 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($120,557,367 ÷ 5,487,390 shares outstanding), no par value, unlimited shares authorized | $21.97 |
Offering price per share (100/94.50 of $21.97) | $23.25 |
Redemption proceeds per share | $21.97 |
Class C Shares: | |
Net asset value per share ($23,598,798 ÷ 1,299,791 shares outstanding), no par value, unlimited shares authorized | $18.16 |
Offering price per share | $18.16 |
Redemption proceeds per share (99.00/100 of $18.16) | $17.98 |
Institutional Shares: | |
Net asset value per share ($900,466,674 ÷ 39,107,826 shares outstanding), no par value, unlimited shares authorized | $23.03 |
Offering price per share | $23.03 |
Redemption proceeds per share | $23.03 |
Class R6 Shares: | |
Net asset value per share ($147,683,565 ÷ 6,411,211 shares outstanding), no par value, unlimited shares authorized | $23.04 |
Offering price per share | $23.04 |
Redemption proceeds per share | $23.04 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $547,432 received from affiliated holdings* and net of foreign taxes withheld of $14,445) | $7,605,257 |
Net income on securities loaned (includes $601,175 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 218,337 |
TOTAL INCOME | 7,823,594 |
Expenses: | |
Investment adviser fee (Note 5) | 4,281,505 |
Administrative fee (Note 5) | 418,246 |
Custodian fees | 30,672 |
Transfer agent fees (Note 2) | 585,508 |
Directors’/Trustees’ fees (Note 5) | 3,351 |
Auditing fees | 15,831 |
Legal fees | 5,326 |
Portfolio accounting fees | 82,506 |
Distribution services fee (Note 5) | 85,187 |
Other service fees (Notes 2 and 5) | 169,657 |
Share registration costs | 40,542 |
Printing and postage | 38,149 |
Miscellaneous (Note 5) | 20,624 |
TOTAL EXPENSES | 5,777,104 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (318,876) |
Reimbursement of other operating expenses (Notes 2 and 5) | (461,562) |
TOTAL WAIVER AND REIMBURSEMENTS | (780,438) |
Net expenses | 4,996,666 |
Net investment income | 2,826,928 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(162,269) on sales of investments in affiliated holdings*) | 9,041,938 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(3,155,539) on investments in affiliated holdings*) | 32,744,738 |
Net realized and unrealized gain (loss) on investments | 41,786,676 |
Change in net assets resulting from operations | $44,613,604 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended 7/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,826,928 | $5,182,417 |
Net realized gain (loss) | 9,041,938 | (133,042,489) |
Net change in unrealized appreciation/depreciation | 32,744,738 | 199,468,884 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 44,613,604 | 71,608,812 |
Distributions to Shareholders: | ||
Class A Shares | (108,020) | (4,206,905) |
Class C Shares | — | (1,019,541) |
Institutional Shares | (2,782,523) | (32,515,907) |
Class R6 Shares | (425,859) | (1,987,801) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,316,402) | (39,730,154) |
Share Transactions: | ||
Proceeds from sale of shares | 190,174,570 | 337,803,209 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,011,718 | 37,053,960 |
Cost of shares redeemed | (205,509,009) | (460,215,776) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (12,322,721) | (85,358,607) |
Change in net assets | 28,974,481 | (53,479,949) |
Net Assets: | ||
Beginning of period | 1,163,331,923 | 1,216,811,872 |
End of period | $1,192,306,404 | $1,163,331,923 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $125,061 | $(112,541) |
Class C Shares | 14,732 | — |
Institutional Shares | 438,142 | (349,021) |
Class R6 Shares | 7,573 | — |
TOTAL | $585,508 | $(461,562) |
Other Service Fees Incurred | |
Class A Shares | $141,725 |
Class C Shares | 27,932 |
TOTAL | $169,657 |
Fair Value of Securities Loaned | Collateral Received |
$12,959,618 | $13,443,917 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 345,219 | $7,251,171 | 594,200 | $11,533,484 |
Shares issued to shareholders in payment of distributions declared | 4,329 | 98,053 | 204,453 | 3,853,948 |
Shares redeemed | (647,492) | (13,091,212) | (1,415,578) | (27,624,558) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (297,944) | $(5,741,988) | (616,925) | $(12,237,126) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 55,362 | $949,745 | 167,899 | $2,732,709 |
Shares issued to shareholders in payment of distributions declared | — | — | 62,196 | 977,102 |
Shares redeemed | (173,721) | (2,899,900) | (359,404) | (5,832,724) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (118,359) | $(1,950,155) | (129,309) | $(2,122,913) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,294,548 | $156,342,363 | 11,225,869 | $229,611,353 |
Shares issued to shareholders in payment of distributions declared | 105,903 | 2,513,068 | 1,542,190 | 30,477,693 |
Shares redeemed | (8,245,163) | (172,959,856) | (19,013,556) | (390,289,089) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (844,712) | $(14,104,425) | (6,245,497) | $(130,200,043) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,155,528 | $25,631,291 | 4,780,569 | $93,925,663 |
Shares issued to shareholders in payment of distributions declared | 16,874 | 400,597 | 88,265 | 1,745,217 |
Shares redeemed | (790,061) | (16,558,041) | (1,774,824) | (36,469,405) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 382,341 | $9,473,847 | 3,094,010 | $59,201,475 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (878,674) | $(12,322,721) | (3,897,721) | $(85,358,607) |
Short-Term | Long-Term | Total |
$133,896,025 | $— | $133,896,025 |
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 | $85,187 |
Purchases | $443,496,404 |
Sales | $457,211,927 |
Beginning Account Value 8/1/2023 | Ending Account Value 1/31/2024 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,043.10 | $5.80 |
Class C Shares | $1,000 | $1,038.90 | $10.20 |
Institutional Shares | $1,000 | $1,044.80 | $4.52 |
Class R6 Shares | $1,000 | $1,044.90 | $4.47 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.46 | $5.74 |
Class C Shares | $1,000 | $1,015.13 | $10.08 |
Institutional Shares | $1,000 | $1,020.71 | $4.47 |
Class R6 Shares | $1,000 | $1,020.76 | $4.42 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
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
Sector Composition | Percentage of Total Net Assets |
Health Care | 21.8% |
Information Technology | 20.9% |
Industrials | 20.9% |
Consumer Discretionary | 11.6% |
Financials | 5.3% |
Consumer Staples | 5.2% |
Energy | 4.7% |
Materials | 2.9% |
Communication Services | 2.5% |
Real Estate | 1.7% |
Utilities | 0.5% |
Securities Lending Collateral2 | 1.5% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (1.4)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.0% | |||
Communication Services— 2.5% | |||
21,546 | 1 | CarGurus, Inc. | $ 500,729 |
284,740 | 1 | Cinemark Holdings, Inc. | 3,937,954 |
213,285 | 1 | Eventbrite, Inc. | 1,785,196 |
294,677 | Gray Television, Inc. | 2,814,165 | |
4,545 | Shutterstock, Inc. | 213,479 | |
224,153 | 1 | Vimeo Holdings, Inc. | 889,887 |
18,875 | 1 | Yelp, Inc. | 825,404 |
TOTAL | 10,966,814 | ||
Consumer Discretionary— 11.6% | |||
21,636 | 1 | Abercrombie & Fitch Co., Class A | 2,204,708 |
55,903 | 1 | Brinker International, Inc. | 2,392,089 |
326,335 | 1 | Chegg, Inc. | 3,214,400 |
276,773 | Clarus Corp. | 1,638,496 | |
240,537 | 1 | Coursera, Inc. | 4,603,878 |
6,769 | 2 | Cracker Barrel Old Country Store, Inc. | 523,582 |
23,239 | 1 | Duolingo, Inc. | 4,157,225 |
49,186 | 1 | Frontdoor, Inc. | 1,611,333 |
170,856 | 1,2 | Groupon, Inc. | 2,333,893 |
1,030 | Installed Building Products, Inc. | 200,695 | |
17,723 | International Game Technology PLC | 460,089 | |
9,554 | 1 | iRobot Corp. | 129,934 |
10,072 | 1 | MCBC Holdings, Inc. | 195,095 |
21,723 | Murphy USA, Inc. | 7,657,792 | |
105,856 | 1 | National Vision Holdings, Inc. | 2,012,323 |
128,863 | 1 | PlayAGS, Inc. | 1,122,397 |
85,882 | 1,2 | Red Robin Gourmet Burgers | 874,279 |
34,360 | 1 | Revolve Group, Inc. | 495,128 |
499,736 | 1,2 | Rush Street Interactive, Inc. | 2,603,625 |
1,892 | 1 | Shake Shack, Inc. | 142,960 |
10,899 | 1 | Stride, Inc. | 653,395 |
21,566 | Texas Roadhouse, Inc. | 2,711,278 | |
73,809 | 1 | Udemy, Inc. | 1,003,064 |
69,422 | Upbound Group, Inc. | 2,304,810 | |
13,835 | 1 | Visteon Corp. | 1,595,037 |
16,566 | Wingstop, Inc. | 4,656,868 | |
TOTAL | 51,498,373 | ||
Consumer Staples— 5.2% | |||
58,383 | 1 | Bellring Brands, Inc. | 3,226,829 |
6,424 | Coca-Cola Bottling Co. | 5,533,569 | |
37,956 | 1 | elf Beauty, Inc. | 6,055,121 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
19,957 | Energizer Holdings, Inc. | $ 631,040 | |
65,219 | 1 | Herbalife Ltd. | 785,889 |
94,999 | 1 | Sprouts Farmers Market, Inc. | 4,785,100 |
22,380 | Turning Point Brands, Inc. | 543,610 | |
4,860 | 1 | Vita Coco Co., Inc./The | 95,693 |
110,122 | 1 | Vital Farms, Inc. | 1,583,554 |
TOTAL | 23,240,405 | ||
Energy— 4.7% | |||
4,426 | CVR Energy, Inc. | 149,289 | |
15,778 | 1 | Dorian LPG Ltd. | 590,728 |
96,525 | Equitrans Midstream Corp. | 983,590 | |
31,081 | 1 | Expro Group Holdings NV | 547,026 |
203,109 | Liberty Energy, Inc. | 4,222,636 | |
109,454 | 1 | Oceaneering International, Inc. | 2,274,454 |
29,532 | PBF Energy, Inc. | 1,491,661 | |
11,262 | Permian Resources Corp. | 151,812 | |
18,836 | SM Energy Co. | 698,439 | |
145,797 | 1 | US Silica Holdings, Inc. | 1,562,944 |
95,100 | 1 | Weatherford International PLC | 8,516,205 |
TOTAL | 21,188,784 | ||
Financials— 5.3% | |||
122,448 | 1 | AvidXchange Holdings, Inc. | 1,342,030 |
7,416 | 1 | Bancorp, Inc., DE | 323,634 |
99,204 | 1 | Cantaloupe, Inc. | 675,579 |
12,659 | Evertec, Inc. | 508,385 | |
9,480 | 1 | Goosehead Insurance, Inc. | 731,856 |
4,540 | HCI Group, Inc. | 407,102 | |
5,287 | Kinsale Capital Group, Inc. | 2,101,953 | |
25,245 | 1 | LendingTree, Inc. | 816,423 |
77,365 | 1 | PROG Holdings, Inc. | 2,370,464 |
11,110 | RLI Corp. | 1,515,071 | |
8,289 | Selective Insurance Group, Inc. | 869,185 | |
246,465 | 1 | SelectQuote, Inc. | 273,576 |
267,006 | 1 | Siriuspoint Ltd. | 3,150,671 |
105,609 | 1 | Skyward Specialty Insurance Group, Inc. | 3,284,440 |
290,025 | 1 | StoneCo Ltd. | 4,985,530 |
6,811 | Tiptree, Inc. | 128,932 | |
15,165 | Universal Insurance Holdings, Inc. | 252,042 | |
TOTAL | 23,736,873 | ||
Health Care— 21.8% | |||
30,937 | 1 | Acadia Pharmaceuticals, Inc. | 801,578 |
243,063 | 1 | AdaptHealth Corp. | 1,754,915 |
247,593 | 1 | ADMA Biologics, Inc. | 1,285,008 |
809,713 | 1,2 | Akebia Therapeutics, Inc. | 1,360,318 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
33,376 | 1 | Alector, Inc. | $ 198,921 |
183,338 | 1 | Alkermes, Inc. | 4,959,293 |
37,097 | 1 | Amphastar Pharmaceuticals, Inc. | 1,979,496 |
65,374 | 1 | Arcellx, Inc. | 4,042,728 |
204,514 | 1 | Arcutis Biotherapeutics, Inc. | 1,200,497 |
10,051 | 1 | Arvinas, Inc. | 417,116 |
304,735 | 1 | Assembly Biosciences, Inc. | 286,481 |
127,738 | 1 | Atea Pharmaceuticals, Inc. | 531,390 |
9,747 | 1,2 | Bioxcel Therapeutics, Inc. | 31,385 |
25,820 | 1 | Blueprint Medicines Corp. | 2,053,465 |
123,685 | 1 | Bridgebio Pharma, Inc. | 4,241,159 |
31,793 | 1 | Catalyst Pharmaceutical Partners, Inc. | 457,819 |
575,966 | 1 | Codexis, Inc. | 1,514,791 |
108,046 | 1 | Collegium Pharmaceutical, Inc. | 3,561,196 |
224,337 | 1 | Community Health Systems, Inc. | 823,317 |
18,462 | 1 | Corcept Therapeutics, Inc. | 389,548 |
54,417 | 1 | Cross Country Healthcare, Inc. | 1,156,361 |
131,902 | 1,2 | Cutera, Inc. | 348,221 |
3,133 | 1 | CVRx, Inc. | 78,701 |
5,841 | 1 | Cymabay Therapeutics, Inc. | 137,322 |
1,269 | 1 | Cytokinetics, Inc. | 99,147 |
22,510 | 1 | Enanta Pharmaceuticals, Inc. | 273,496 |
6,718 | Ensign Group, Inc. | 760,612 | |
256,473 | 1 | EyePoint Pharmaceuticals, Inc. | 6,906,818 |
342,600 | 1 | Fate Therapeutics, Inc. | 2,110,416 |
12,902 | 1 | Glaukos Corp. | 1,148,665 |
67,978 | 1,2 | Gossamer Bio, Inc. | 57,102 |
11,536 | 1 | Haemonetics Corp. | 882,043 |
154,041 | 1 | Halozyme Therapeutics, Inc. | 5,214,288 |
163,096 | 1 | Harmony Biosciences Holdings, Inc. | 5,144,048 |
254,695 | 1 | Hims & Hers Health, Inc. | 2,185,283 |
32,532 | 1 | Inmode Ltd. | 770,683 |
18,483 | 1 | Ligand Pharmaceuticals, Inc., Class B | 1,351,107 |
55,952 | 1,2 | Liquidia Technologies, Inc. | 715,067 |
49,729 | 1 | Livanova PLC | 2,420,808 |
212,523 | 1 | MacroGenics, Inc. | 3,039,079 |
393,046 | 1 | MiMedx Group, Inc. | 3,042,176 |
87,935 | 1 | Nevro Corp. | 1,456,204 |
315,180 | 1 | NextCure, Inc. | 384,520 |
337,511 | 1 | NGM Biopharmaceuticals, Inc. | 516,392 |
82,202 | 1 | OptimizeRX Corp | 1,160,692 |
165,160 | 1 | Outset Medical, Inc. | 502,086 |
21,078 | Owens & Minor, Inc. | 415,447 | |
73,432 | 1 | Pacira BioSciences, Inc. | 2,393,149 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
41,382 | 1 | PetIQ, Inc. | $ 743,635 |
8,691 | 1 | PROCEPT BioRobotics Corp. | 402,393 |
113,286 | 1,2 | ProKidney Corp. | 148,405 |
159,667 | 1 | Puma Biotechnology, Inc. | 750,435 |
96,010 | 1 | Relmada Therapeutics, Inc. | 377,319 |
326,274 | 1 | Revance Therapeutics, Inc. | 1,641,158 |
3,032 | 1 | Rhythm Pharmaceuticals, Inc. | 133,741 |
101,321 | 1 | RxSight, Inc. | 4,611,119 |
335,119 | 1,2 | Sangamo BioSciences, Inc. | 153,149 |
976,045 | 1 | Siga Technologies, Inc. | 4,763,100 |
62,816 | 1 | Silk Road Medical, Inc. | 950,406 |
17,401 | 1 | Supernus Pharmaceuticals, Inc. | 481,660 |
150,503 | 1 | Tactile Systems Technology, Inc. | 2,283,130 |
11,669 | 1,2 | UroGen Pharma Ltd. | 183,203 |
50,969 | 1 | Vanda Pharmaceuticals, Inc. | 183,488 |
20,407 | 1 | Ventyx Biosciences, Inc. | 43,059 |
263,955 | 1 | Voyager Therapeutics, Inc. | 1,918,953 |
44,474 | 1 | Y-mAbs Therapeutics, Inc. | 568,822 |
TOTAL | 96,897,529 | ||
Industrials— 20.9% | |||
23,054 | 1 | APi Group Corp. | 726,662 |
41,070 | Apogee Enterprises, Inc. | 2,168,907 | |
61,234 | 1 | Atkore, Inc. | 9,340,022 |
17,836 | 1 | Beacon Roofing Supply, Inc. | 1,478,426 |
31,802 | 1 | Blue Bird Corp. | 926,392 |
26,893 | Boise Cascade Co. | 3,642,926 | |
37,385 | 1 | Cimpress PLC | 2,812,100 |
9,702 | Comfort Systems USA, Inc. | 2,109,894 | |
25,492 | 1 | Commercial Vehicle Group, Inc. | 165,443 |
3,177 | 1 | Construction Partners, Inc. | 144,553 |
26,482 | Emcor Group, Inc. | 6,040,809 | |
17,176 | EnerSys, Inc. | 1,641,510 | |
79,985 | 1 | Exlservice Holding, Inc. | 2,501,931 |
23,437 | 1 | Fluor Corp. | 883,809 |
79,941 | 1 | Forrester Research, Inc. | 2,036,897 |
69,728 | 1 | Franklin Covey Co. | 2,819,800 |
100,904 | 1 | GMS, Inc. | 8,492,081 |
19,475 | Griffon Corp. | 1,134,613 | |
45,537 | Healthcare Services Group, Inc. | 429,869 | |
85,879 | Heidrick & Struggles International, Inc. | 2,573,794 | |
28,986 | 1 | Huron Consulting Group, Inc. | 3,000,921 |
48,981 | Hyster-Yale Materials Handling, Inc. | 3,219,031 | |
215,978 | 1 | JELD-WEN Holding, Inc. | 4,017,191 |
26,437 | KForce Com, Inc. | 1,806,969 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
126,506 | 1 | Legalzoom.com, Inc. | $ 1,304,277 |
164,960 | 1 | Mistras Group, Inc. | 1,281,739 |
34,622 | 1 | MRC Global, Inc. | 369,070 |
11,112 | 1 | MYR Group, Inc. | 1,598,461 |
81,043 | 1 | NEXTracker, Inc. | 3,668,817 |
54,721 | 1 | Parsons Corp. | 3,565,073 |
633,290 | 1,2 | SunPower Corp. | 1,918,869 |
2,278 | Tennant Co. | 215,317 | |
76,421 | Terex Corp. | 4,694,542 | |
169,096 | The Shyft Group, Inc. | 1,831,310 | |
2,094 | 1 | TriNet Group, Inc. | 238,088 |
71,339 | TTEC Holdings, Inc. | 1,453,889 | |
10,554 | Universal Truckload Services, Inc. | 322,108 | |
182,504 | 1 | Upwork, Inc. | 2,502,130 |
18,846 | Watts Industries, Inc., Class A | 3,731,696 | |
6,909 | 1 | Willdan Group, Inc. | 132,238 |
TOTAL | 92,942,174 | ||
Information Technology— 20.9% | |||
317,058 | 1 | 8x8, Inc. | 1,065,315 |
55,209 | A10 Networks, Inc. | 738,144 | |
5,730 | 1 | Alarm.com Holdings, Inc. | 348,499 |
55,142 | 1 | Alkami Technology, Inc. | 1,357,596 |
17,368 | 1 | AppFolio, Inc. | 3,808,108 |
287,534 | 1 | Arlo Technologies, Inc. | 2,553,302 |
268,674 | 1 | AvePoint, Inc. | 2,068,790 |
13,193 | 1 | Axcelis Technologies, Inc. | 1,715,750 |
2,539 | Badger Meter, Inc. | 365,591 | |
25,363 | 1 | Blackbaud, Inc. | 2,052,374 |
36,710 | 1 | Box, Inc. | 953,726 |
78,311 | 1 | Braze, Inc. | 4,232,710 |
161,489 | 1 | Brightcove, Inc. | 369,810 |
213,700 | 1 | Cambium Networks Corp. | 908,225 |
150,628 | 1 | Clear Secure, Inc. | 2,866,451 |
90,939 | 1 | Clearfield, Inc. | 2,290,753 |
49,221 | 1,2 | Coda Octopus Group, Inc. | 259,887 |
111,791 | 1 | CommScope Holdings Co., Inc. | 259,355 |
40,468 | 1 | Commvault Systems, Inc. | 3,710,106 |
75,696 | 1 | Couchbase, Inc. | 1,892,400 |
270,398 | 1 | Digital Turbine, Inc. | 1,457,445 |
18,004 | 1 | Everbridge, Inc. | 402,569 |
161,146 | 1 | Expensify, Inc. | 261,057 |
144,183 | 1 | Extreme Networks, Inc. | 1,947,912 |
211,101 | 1 | Freshworks, Inc. | 4,686,442 |
34,934 | 1 | Intapp, Inc. | 1,504,957 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,550 | InterDigital, Inc. | $ 162,828 | |
1,858 | 1 | Itron, Inc. | 134,036 |
429,174 | 1 | LivePerson, Inc. | 1,201,687 |
135,522 | 1,2 | Maxeon Solar Technologies Ltd. | 613,915 |
82,964 | 1 | MaxLinear, Inc. | 1,727,310 |
329,985 | 1 | ON24, Inc. | 2,524,385 |
18,737 | 1 | Photronics, Inc. | 547,495 |
48,799 | 1 | Q2 Holdings, Inc. | 2,076,397 |
35,101 | 1 | Qualys, Inc. | 6,640,056 |
9,370 | 1 | Rapid7, Inc. | 515,631 |
32,918 | 1 | Rimini Street, Inc. | 107,971 |
19,709 | 1 | Rogers Corp. | 2,271,856 |
115,245 | Sapiens International Corp. NV | 3,146,189 | |
35,241 | 1 | Secureworks Corp. | 242,810 |
32,825 | 1 | Semrush Holdings, Inc. | 378,801 |
5,733 | 1 | SPS Commerce, Inc. | 1,053,725 |
160,240 | 1 | Squarespace, Inc. | 4,967,440 |
14,067 | 1 | Synaptics, Inc. | 1,502,496 |
245,078 | 1 | Telos Corp. | 990,115 |
11,947 | 1 | Tenable Holdings, Inc. | 562,704 |
452,362 | 1 | Unisys Corp. | 3,048,920 |
114,543 | 1 | Varonis Systems, Inc. | 5,140,690 |
22,239 | 1 | Verint Systems, Inc. | 660,276 |
171,589 | 1 | Weave Communications, Inc. | 2,151,726 |
21,949 | 1 | Workiva, Inc. | 2,039,940 |
739,493 | 1 | Yext, Inc. | 4,385,193 |
TOTAL | 92,871,866 | ||
Materials— 2.9% | |||
7,051 | Cabot Corp. | 508,377 | |
22,402 | Commercial Metals Corp. | 1,169,833 | |
146,599 | 1 | Constellium SE | 2,748,731 |
19,874 | Koppers Holdings, Inc. | 1,016,356 | |
55,733 | 1 | LSB Industries, Inc. | 414,654 |
1,805 | Materion Corp | 211,131 | |
15,861 | Myers Industries, Inc. | 297,394 | |
81,170 | 1 | O-I Glass, Inc. | 1,181,835 |
27,875 | Orion S.A. | 624,400 | |
702 | Quaker Chemical Corp. | 133,338 | |
86,100 | 1,3 | Rentech, Inc. | 0 |
42,429 | Ryerson Holding Corp. | 1,456,163 | |
2,698 | Sylvamo Corp. | 125,268 | |
50,983 | Warrior Met Coal, Inc. | 3,271,579 | |
TOTAL | 13,159,059 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— 1.7% | |||
397,831 | 1 | Redfin Corp. | $ 3,246,301 |
163,729 | RMR Group, Inc./The | 4,271,689 | |
TOTAL | 7,517,990 | ||
Utilities— 0.5% | |||
31,205 | Genie Energy Ltd. | 580,725 | |
17,306 | Otter Tail Corp. | 1,564,809 | |
TOTAL | 2,145,534 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $344,523,375) | 436,165,401 | ||
INVESTMENT COMPANIES— 3.4% | |||
6,669,885 | Federated Hermes Government Obligations Fund, Premier Shares, 5.26%4 | 6,669,885 | |
8,560,803 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.42%4 | 8,564,227 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $15,234,008) | 15,234,112 | ||
TOTAL INVESTMENT IN SECURITIES—101.4% (IDENTIFIED COST $359,757,383)5 | 451,399,513 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.4)%6 | (6,329,565) | ||
TOTAL NET ASSETS—100% | $445,069,948 |
Affiliated | Value as of 7/31/2023 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
Amphastar Pharmaceuticals, Inc. | $6,068,818 | $— | $(3,240,866) |
Siga Technologies, Inc.** | $8,635,566 | $— | $(2,923,059) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $14,704,384 | $— | $(6,163,925) |
Change in Unrealized Appreciation/ (Depreciation)* | Net Realized Gain/ (Loss)* | Value as of 1/31/2024 | Shares Held as of 1/31/2024 | Dividend Income* |
$(2,246,994) | $1,398,538 | $1,979,496 | 37,097 | $— |
$10,209 | $(959,616) | $4,763,100 | 976,045 | $— |
$(2,236,785) | $438,922 | $6,742,596 | 1,013,142 | $— |
* | 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, 2024, 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 7/31/2023 | $14,815,356 | $4,936,612 | $19,751,968 |
Purchases at Cost | $59,271,124 | $57,902,810 | $117,173,934 |
Proceeds from Sales | $(67,416,595) | $(54,280,271) | $(121,696,866) |
Change in Unrealized Appreciation/ Depreciation | $— | $34 | $34 |
Net Realized Gain/(Loss) | $— | $5,042 | $5,042 |
Value as of 1/31/2024 | $6,669,885 | $8,564,227 | $15,234,112 |
Shares Held as of 1/31/2024 | 6,669,885 | 8,560,803 | 15,230,688 |
Dividend Income | $353,061 | $209,413 | $562,474 |
* | 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 supervision of the Fund’s Adviser acting through its Valuation Committee (“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, 2024, 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 | $397,793,311 | $— | $0 | $397,793,311 |
International | 38,372,090 | — | — | 38,372,090 |
Investment Companies | 15,234,112 | — | — | 15,234,112 |
TOTAL SECURITIES | $451,399,513 | $— | $0 | $451,399,513 |
Six Months Ended (unaudited) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.38 | $20.80 | $33.76 | $23.89 | $23.30 | $25.67 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.03) | (0.04) | (0.15) | (0.07) | (0.08) |
Net realized and unrealized gain (loss) | (0.13) | 2.24 | (4.34) | 10.16 | 0.66 | (0.84) |
Total From Investment Operations | (0.18) | 2.21 | (4.38) | 10.01 | 0.59 | (0.92) |
Less Distributions: | ||||||
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — | (1.45) |
Net Asset Value, End of Period | $22.20 | $22.38 | $20.80 | $33.76 | $23.89 | $23.30 |
Total Return2 | (0.80)% | 11.18% | (18.45)% | 42.03% | 2.53% | (2.83)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Net investment income (loss) | (0.43)%4 | (0.16)% | (0.16)% | (0.50)% | (0.32)% | (0.36)% |
Expense waiver/reimbursement5 | 0.28%4 | 0.24% | 0.21% | 0.23% | 0.30% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $75,722 | $80,993 | $88,900 | $129,226 | $92,389 | $82,170 |
Portfolio turnover6 | 39% | 138% | 140% | 163% | 227% | 142% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $17.73 | $16.75 | $28.99 | $20.69 | $20.32 | $22.77 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.11) | (0.16) | (0.21) | (0.33) | (0.21) | (0.23) |
Net realized and unrealized gain (loss) | (0.11) | 1.77 | (3.45) | 8.77 | 0.58 | (0.77) |
Total From Investment Operations | (0.22) | 1.61 | (3.66) | 8.44 | 0.37 | (1.00) |
Less Distributions: | ||||||
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — | (1.45) |
Net Asset Value, End of Period | $17.51 | $17.73 | $16.75 | $28.99 | $20.69 | $20.32 |
Total Return2 | (1.24)% | 10.27% | (19.14)% | 40.93% | 1.82% | (3.58)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.99%4 | 1.96% | 1.96% | 1.88% | 1.88% | 1.88% |
Net investment income (loss) | (1.29)%4 | (0.99)% | (0.99)% | (1.25)% | (1.07)% | (1.12)% |
Expense waiver/reimbursement5 | 0.14%4 | 0.12% | 0.12% | 0.15% | 0.20% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,845 | $18,262 | $19,373 | $28,084 | $17,481 | $22,639 |
Portfolio turnover6 | 39% | 138% | 140% | 163% | 227% | 142% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.07 | $22.27 | $35.50 | $25.05 | $24.37 | $26.71 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | 0.02 | 0.02 | (0.08) | (0.02) | (0.02) |
Net realized and unrealized gain (loss) | (0.14) | 2.42 | (4.67) | 10.67 | 0.70 | (0.87) |
Total From Investment Operations | (0.16) | 2.44 | (4.65) | 10.59 | 0.68 | (0.89) |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.01) | — | — | — | — |
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — | (1.45) |
Total Distributions | (0.01) | (0.64) | (8.58) | (0.14) | — | (1.45) |
Net Asset Value, End of Period | $23.90 | $24.07 | $22.27 | $35.50 | $25.05 | $24.37 |
Total Return2 | (0.66)% | 11.49% | (18.29)% | 42.40% | 2.79% | (2.60)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Net investment income (loss) | (0.19)%4 | 0.09% | 0.08% | (0.25)% | (0.07)% | (0.10)% |
Expense waiver/reimbursement5 | 0.25%4 | 0.20% | 0.18% | 0.16% | 0.19% | 0.25% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $200,761 | $258,459 | $304,721 | $428,578 | $354,204 | $455,597 |
Portfolio turnover6 | 39% | 138% | 140% | 163% | 227% | 142% |
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) 1/31/2024 | Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.09 | $22.29 | $35.51 | $25.06 | $24.36 | $26.70 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | 0.02 | 0.02 | (0.08) | (0.02) | (0.02) |
Net realized and unrealized gain (loss) | (0.15) | 2.42 | (4.66) | 10.67 | 0.72 | (0.87) |
Total From Investment Operations | (0.17) | 2.44 | (4.64) | 10.59 | 0.70 | (0.89) |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.01) | — | — | — | — |
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — | (1.45) |
Total Distributions | (0.01) | (0.64) | (8.58) | (0.14) | — | (1.45) |
Net Asset Value, End of Period | $23.91 | $24.09 | $22.29 | $35.51 | $25.06 | $24.36 |
Total Return2 | (0.69)% | 11.49% | (18.24)% | 42.38% | 2.87% | (2.60)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.87%4 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Net investment income (loss) | (0.18)%4 | 0.11% | 0.10% | (0.24)% | (0.07)% | (0.07)% |
Expense waiver/reimbursement5 | 0.14%4 | 0.12% | 0.09% | 0.09% | 0.09% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $152,742 | $182,071 | $256,060 | $309,117 | $283,103 | $333,059 |
Portfolio turnover6 | 39% | 138% | 140% | 163% | 227% | 142% |
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. |
Assets: | |
Investment in securities, at value including $6,513,731 of securities loaned and $21,976,708 of investments in affiliated holdings* (identified cost $359,757,383, including $22,005,624 of identified cost in affiliated holdings) | $451,399,513 |
Income receivable | 200,870 |
Income receivable from affiliated holdings | 31,222 |
Receivable for investments sold | 1,149,131 |
Receivable for shares sold | 563,560 |
Total Assets | 453,344,296 |
Liabilities: | |
Payable for investments purchased | 1,201,402 |
Payable for shares redeemed | 147,018 |
Payable to bank | 12,110 |
Payable for collateral due to broker for securities lending (Note 2) | 6,669,885 |
Payable for investment adviser fee (Note 5) | 8,253 |
Payable for administrative fee (Note 5) | 963 |
Payable for Directors’/Trustees’ fees (Note 5) | 821 |
Payable for distribution services fee (Note 5) | 10,173 |
Payable for other service fees (Notes 2 and 5) | 41,900 |
Accrued expenses (Note 5) | 181,823 |
Total Liabilities | 8,274,348 |
Net assets for 19,103,648 shares outstanding | $445,069,948 |
Net Assets Consist of: | |
Paid-in capital | $433,591,039 |
Total distributable earnings (loss) | 11,478,909 |
Total Net Assets | $445,069,948 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($75,721,637 ÷ 3,411,008 shares outstanding), no par value, unlimited shares authorized | $22.20 |
Offering price per share (100/94.50 of $22.20) | $23.49 |
Redemption proceeds per share | $22.20 |
Class C Shares: | |
Net asset value per share ($15,845,149 ÷ 904,800 shares outstanding), no par value, unlimited shares authorized | $17.51 |
Offering price per share | $17.51 |
Redemption proceeds per share (99.00/100 of $17.51) | $17.33 |
Institutional Shares: | |
Net asset value per share ($200,761,055 ÷ 8,400,847 shares outstanding), no par value, unlimited shares authorized | $23.90 |
Offering price per share | $23.90 |
Redemption proceeds per share | $23.90 |
Class R6 Shares: | |
Net asset value per share ($152,742,107 ÷ 6,386,993 shares outstanding), no par value, unlimited shares authorized | $23.91 |
Offering price per share | $23.91 |
Redemption proceeds per share | $23.91 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $209,413 received from affiliated holdings*and net of foreign taxes withheld of $9,893) | $1,417,378 |
Net income on securities loaned (includes $353,061 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 161,368 |
TOTAL INCOME | 1,578,746 |
Expenses: | |
Investment adviser fee (Note 5) | 1,814,547 |
Administrative fee (Note 5) | 178,081 |
Custodian fees | 22,408 |
Transfer agent fees (Note 2) | 296,307 |
Directors’/Trustees’ fees (Note 5) | 1,988 |
Auditing fees | 15,227 |
Legal fees | 5,326 |
Portfolio accounting fees | 67,971 |
Distribution services fee (Note 5) | 60,635 |
Other service fees (Notes 2 and 5) | 108,758 |
Share registration costs | 33,483 |
Printing and postage | 39,063 |
Miscellaneous (Note 5) | 18,322 |
TOTAL EXPENSES | 2,662,116 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (316,547) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (165,882) |
TOTAL WAIVERS AND REIMBURSEMENTS | (482,429) |
Net expenses | 2,179,687 |
Net investment loss | (600,941) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized gain of $443,964 on sales of investments in affiliated holdings*) | (11,970,535) |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(2,236,751) on investments in affiliated holdings*) | 27,010 |
Net realized and unrealized gain (loss) on investments | (11,943,525) |
Change in net assets resulting from operations | $(12,544,466) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2024 | Year Ended 7/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(600,941) | $179,429 |
Net realized gain (loss) | (11,970,535) | (57,004,841) |
Net change in unrealized appreciation/depreciation | 27,010 | 113,583,742 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (12,544,466) | 56,758,330 |
Distributions to Shareholders: | ||
Class A Shares | — | (2,603,153) |
Class C Shares | — | (679,479) |
Institutional Shares | (98,426) | (7,667,185) |
Class R6 Shares | (90,475) | (7,065,520) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (188,901) | (18,015,337) |
Share Transactions: | ||
Proceeds from sale of shares | 42,053,121 | 108,452,150 |
Net asset value of shares issued to shareholders in payment of distributions declared | 172,821 | 16,710,898 |
Cost of shares redeemed | (124,208,085) | (293,174,418) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (81,982,143) | (168,011,370) |
Change in net assets | (94,715,510) | (129,268,377) |
Net Assets: | ||
Beginning of period | 539,785,458 | 669,053,835 |
End of period | $445,069,948 | $539,785,458 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $74,000 | $(51,197) |
Class C Shares | 13,003 | — |
Institutional Shares | 174,214 | (114,685) |
Class R6 Shares | 35,090 | — |
TOTAL | $296,307 | $(165,882) |
Other Service Fees Incurred | |
Class A Shares | $88,639 |
Class C Shares | 20,119 |
TOTAL | $108,758 |
Fair Value of Securities Loaned | Collateral Received |
$6,513,731 | $6,669,885 |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 131,288 | $2,745,821 | 364,732 | $7,410,545 |
Shares issued to shareholders in payment of distributions declared | — | — | 118,380 | 2,245,671 |
Shares redeemed | (339,433) | (7,080,507) | (1,138,869) | (23,147,646) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (208,145) | $(4,334,686) | (655,757) | $(13,491,430) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,335 | $872,910 | 148,712 | $2,428,011 |
Shares issued to shareholders in payment of distributions declared | — | — | 44,306 | 669,467 |
Shares redeemed | (178,549) | (2,953,742) | (319,656) | (5,189,606) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (125,214) | $(2,080,832) | (126,638) | $(2,092,128) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,003,189 | $22,434,561 | 2,583,227 | $56,282,758 |
Shares issued to shareholders in payment of distributions declared | 3,698 | 91,019 | 357,614 | 7,287,807 |
Shares redeemed | (3,343,247) | (73,413,275) | (5,884,345) | (128,470,285) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,336,360) | $(50,887,695) | (2,943,504) | $(64,899,720) |
Six Months Ended 1/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 715,740 | $15,999,829 | 1,965,413 | $42,330,836 |
Shares issued to shareholders in payment of distributions declared | 3,321 | 81,802 | 319,036 | 6,507,953 |
Shares redeemed | (1,890,164) | (40,760,561) | (6,214,536) | (136,366,881) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,171,103) | $(24,678,930) | (3,930,087) | $(87,528,092) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (3,840,822) | $(81,982,143) | (7,655,986) | $(168,011,370) |
Short-Term | Long-Term | Total |
$61,356,307 | $— | $61,356,307 |
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 | $60,635 |
Purchases | $175,431,846 |
Sales | $263,279,859 |
Beginning Account Value 8/1/2023 | Ending Account Value 1/31/2024 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $992.00 | $5.66 |
Class C Shares | $1,000 | $987.60 | $9.94 |
Institutional Shares | $1,000 | $993.40 | $4.41 |
Class R6 Shares | $1,000 | $993.10 | $4.36 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.46 | $5.74 |
Class C Shares | $1,000 | $1,015.13 | $10.08 |
Institutional Shares | $1,000 | $1,020.71 | $4.47 |
Class R6 Shares | $1,000 | $1,020.76 | $4.42 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
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 18. | Recovery of Erroneously Awarded Compensation |
(a) | Not Applicable |
(b) | 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/ Jeremy D. Boughton
Jeremy D. Boughton
Principal Financial Officer
Date March 22, 2024
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 22, 2024
By /S/ Jeremy D. Boughton
Jeremy D. Boughton
Principal Financial Officer
Date March 22, 2024