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: 2024-07-31
Date of Reporting Period: 2024-07-31
Item 1. | Reports to Stockholders |
Federated Hermes MDT Large Cap Growth Fund
Class A Shares QALGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Large Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $113 | 0.99% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 1000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stocks of large-sized U.S. companies.
Top Contributors to Performance
■ An underweight position in companies with negative analyst conviction and flat to worsening earnings to price ratio contributed
positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Industrials aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA and
Vistra Corp. and an underweight position in Tesla, Inc.
Top Detractors from Performance
■ Poor stock selection among companies with a strong 1-year return, very high analyst conviction, and low structural earnings detracted
from Fund relative performance.
■ By sector, stock selection in Consumer Staples and Financials detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Zscaler, Inc.
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class A Shares with sales load | Russell 3000® Index | Morningstar Large Growth Funds Average | Russell 1000 Growth Index | |
---|---|---|---|---|
7/31/2014 | $9,450 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,322 | $11,128 | $11,427 | $11,608 |
7/31/2016 | $9,948 | $11,623 | $11,380 | $12,113 |
7/31/2017 | $11,507 | $13,498 | $13,364 | $14,299 |
7/31/2018 | $14,658 | $15,711 | $16,073 | $17,566 |
7/31/2019 | $16,311 | $16,819 | $17,541 | $19,467 |
7/31/2020 | $20,700 | $18,657 | $21,565 | $25,275 |
7/31/2021 | $27,945 | $25,882 | $29,229 | $34,546 |
7/31/2022 | $25,450 | $23,979 | $23,887 | $30,426 |
7/31/2023 | $30,173 | $27,013 | $27,296 | $35,692 |
7/31/2024 | $38,998 | $32,705 | $33,673 | $45,306 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class A Shares with sales load | 22.12% | 17.71% | 14.58% |
Class A Shares without sales load | 29.25% | 19.05% | 15.23% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Morningstar Large Growth Funds Average | 23.31% | 13.95% | 12.92% |
Russell 1000 Growth Index | 26.94% | 18.40% | 16.31% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,507,393,159 |
Number of Investments | 101 |
Portfolio Turnover | 58% |
Total Advisory Fees Paid | $4,997,886 |
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.7% |
Materials | 1.0% |
Industrials | 3.4% |
Consumer Staples | 4.6% |
Financials | 6.5% |
Health Care | 8.6% |
Consumer Discretionary | 12.7% |
Communication Services | 12.8% |
Information Technology | 47.4% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.75% to 0.65% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R700
37329-A (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Large Cap Growth Fund
Class C Shares QCLGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Large Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $199 | 1.74% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 1000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stocks of large-sized U.S. companies.
Top Contributors to Performance
■ An underweight position in companies with negative analyst conviction and flat to worsening earnings to price ratio contributed
positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Industrials aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA and
Vistra Corp. and an underweight position in Tesla, Inc.
Top Detractors from Performance
■ Poor stock selection among companies with a strong 1-year return, very high analyst conviction, and low structural earnings detracted
from Fund relative performance.
■ By sector, stock selection in Consumer Staples and Financials detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Zscaler, Inc.
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class C Shares | Russell 3000® Index | Morningstar Large Growth Funds Average | Russell 1000 Growth Index | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,843 | $11,128 | $11,427 | $11,608 |
7/31/2016 | $10,366 | $11,623 | $11,380 | $12,113 |
7/31/2017 | $11,903 | $13,498 | $13,364 | $14,299 |
7/31/2018 | $15,048 | $15,711 | $16,073 | $17,566 |
7/31/2019 | $16,623 | $16,819 | $17,541 | $19,467 |
7/31/2020 | $20,942 | $18,657 | $21,565 | $25,275 |
7/31/2021 | $28,064 | $25,882 | $29,229 | $34,546 |
7/31/2022 | $25,370 | $23,979 | $23,887 | $30,426 |
7/31/2023 | $30,079 | $27,013 | $27,296 | $35,692 |
7/31/2024 | $38,876 | $32,705 | $33,673 | $45,306 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class C Shares with sales load | 27.27% | 18.17% | 14.54% |
Class C Shares without sales load | 28.27% | 18.17% | 14.54% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Morningstar Large Growth Funds Average | 23.31% | 13.95% | 12.92% |
Russell 1000 Growth Index | 26.94% | 18.40% | 16.31% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,507,393,159 |
Number of Investments | 101 |
Portfolio Turnover | 58% |
Total Advisory Fees Paid | $4,997,886 |
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.7% |
Materials | 1.0% |
Industrials | 3.4% |
Consumer Staples | 4.6% |
Financials | 6.5% |
Health Care | 8.6% |
Consumer Discretionary | 12.7% |
Communication Services | 12.8% |
Information Technology | 47.4% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.75% to 0.65% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R809
37329-B (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Large Cap Growth Fund
Institutional Shares QILGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Large Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $85 | 0.74% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 1000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stocks of large-sized U.S. companies.
Top Contributors to Performance
■ An underweight position in companies with negative analyst conviction and flat to worsening earnings to price ratio contributed
positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Industrials aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA and
Vistra Corp. and an underweight position in Tesla, Inc.
Top Detractors from Performance
■ Poor stock selection among companies with a strong 1-year return, very high analyst conviction, and low structural earnings detracted
from Fund relative performance.
■ By sector, stock selection in Consumer Staples and Financials detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Zscaler, Inc.
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Institutional Shares | Russell 3000® Index | Morningstar Large Growth Funds Average | Russell 1000 Growth Index | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,955 | $11,128 | $11,427 | $11,608 |
7/31/2016 | $10,583 | $11,623 | $11,380 | $12,113 |
7/31/2017 | $12,274 | $13,498 | $13,364 | $14,299 |
7/31/2018 | $15,668 | $15,711 | $16,073 | $17,566 |
7/31/2019 | $17,483 | $16,819 | $17,541 | $19,467 |
7/31/2020 | $22,242 | $18,657 | $21,565 | $25,275 |
7/31/2021 | $30,092 | $25,882 | $29,229 | $34,546 |
7/31/2022 | $27,477 | $23,979 | $23,887 | $30,426 |
7/31/2023 | $32,664 | $27,013 | $27,296 | $35,692 |
7/31/2024 | $42,312 | $32,705 | $33,673 | $45,306 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Institutional Shares | 29.54% | 19.33% | 15.52% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Morningstar Large Growth Funds Average | 23.31% | 13.95% | 12.92% |
Russell 1000 Growth Index | 26.94% | 18.40% | 16.31% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,507,393,159 |
Number of Investments | 101 |
Portfolio Turnover | 58% |
Total Advisory Fees Paid | $4,997,886 |
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.7% |
Materials | 1.0% |
Industrials | 3.4% |
Consumer Staples | 4.6% |
Financials | 6.5% |
Health Care | 8.6% |
Consumer Discretionary | 12.7% |
Communication Services | 12.8% |
Information Technology | 47.4% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.75% to 0.65% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R882
37329-C (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Large Cap Growth Fund
Class R6 Shares QRLGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Large Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $12Footnote Reference* | 0.71% |
Footnote | Description |
Footnote* | Based on operations for the period from May 29, 2024 to July 31, 2024. Expenses for the full year would be higher. |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 1000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stocks of large-sized U.S. companies.
Top Contributors to Performance
■ An underweight position in companies with negative analyst conviction and flat to worsening earnings to price ratio contributed
positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Industrials aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA and
Vistra Corp. and an underweight position in Tesla, Inc.
Top Detractors from Performance
■ Poor stock selection among companies with a strong 1-year return, very high analyst conviction, and low structural earnings detracted
from Fund relative performance.
■ By sector, stock selection in Consumer Staples and Financials detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Zscaler, Inc.
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class R6 Shares | Russell 3000® Index | Morningstar Large Growth Funds Average | Russell 1000 Growth Index | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,955 | $11,128 | $11,427 | $11,608 |
7/31/2016 | $10,583 | $11,623 | $11,380 | $12,113 |
7/31/2017 | $12,274 | $13,498 | $13,364 | $14,299 |
7/31/2018 | $15,668 | $15,711 | $16,073 | $17,566 |
7/31/2019 | $17,483 | $16,819 | $17,541 | $19,467 |
7/31/2020 | $22,242 | $18,657 | $21,565 | $25,275 |
7/31/2021 | $30,092 | $25,882 | $29,229 | $34,546 |
7/31/2022 | $27,477 | $23,979 | $23,887 | $30,426 |
7/31/2023 | $32,664 | $27,013 | $27,296 | $35,692 |
7/31/2024 | $42,312 | $32,705 | $33,673 | $45,306 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class R6 SharesFootnote Referencea | 29.54% | 19.33% | 15.52% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Morningstar Large Growth Funds Average | 23.31% | 13.95% | 12.92% |
Russell 1000 Growth Index | 26.94% | 18.40% | 16.31% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Footnotea | The Fund's Class R6 Shares commenced operations on May 29, 2024. For the periods prior to the commencement of operations of the Fund's Class R6 Shares, the performance information shown is for the Fund's Institutional Shares. The performance of the Institutional Shares has not been adjusted to reflect the expenses of the Class R6 Shares, since the Class R6 Shares have a lower expense ratio than the Institutional Shares. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,507,393,159 |
Number of Investments | 101 |
Portfolio Turnover | 58% |
Total Advisory Fees Paid | $4,997,886 |
Annual Shareholder Report
Federated Hermes MDT Large Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.7% |
Materials | 1.0% |
Industrials | 3.4% |
Consumer Staples | 4.6% |
Financials | 6.5% |
Health Care | 8.6% |
Consumer Discretionary | 12.7% |
Communication Services | 12.8% |
Information Technology | 47.4% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.75% to 0.65% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31425E101
37329-D (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT All Cap Core Fund
Class A Shares QAACX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT All Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $118 | 1.04% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 3000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in the common stock of U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among companies with strong technical factors and neutral to high analyst conviction
contributed positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Utilities aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA, Vistra
Corp. and Dell Technologies, Inc. (Class C Shares).
Top Detractors from Performance
■ An underweight position in and weak stock selection among companies with negative analyst conviction and flat or improving earnings
to price ratios detracted from Fund relative performance.
■ By sector, stock selection in Consumer Staples detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Fortinet.
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class A Shares with sales load | Russell 3000® Index | Morningstar Large Blend Funds Average | |
---|---|---|---|
7/31/2014 | $9,451 | $10,000 | $10,000 |
7/31/2015 | $10,216 | $11,128 | $10,863 |
7/31/2016 | $10,154 | $11,623 | $11,045 |
7/31/2017 | $11,734 | $13,498 | $12,699 |
7/31/2018 | $14,172 | $15,711 | $14,558 |
7/31/2019 | $15,273 | $16,819 | $15,422 |
7/31/2020 | $16,754 | $18,657 | $16,566 |
7/31/2021 | $23,188 | $25,882 | $22,482 |
7/31/2022 | $22,040 | $23,979 | $21,008 |
7/31/2023 | $25,203 | $27,013 | $23,397 |
7/31/2024 | $31,842 | $32,705 | $27,948 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class A Shares with sales load | 19.40% | 14.53% | 12.28% |
Class A Shares without sales load | 26.34% | 15.83% | 12.92% |
Russell 3000® Index | 21.07% | 14.22% | 12.58% |
Morningstar Large Blend Funds Average | 19.29% | 12.56% | 10.80% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,066,272,970 |
Number of Investments | 176 |
Portfolio Turnover | 71% |
Total Advisory Fees Paid | $4,344,724 |
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Real Estate | 1.5% |
Utilities | 2.2% |
Energy | 2.7% |
Materials | 3.6% |
Consumer Staples | 6.3% |
Industrials | 8.2% |
Consumer Discretionary | 9.0% |
Communication Services | 9.1% |
Health Care | 12.7% |
Financials | 14.4% |
Information Technology | 28.0% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R106
37309-A (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT All Cap Core Fund
Class C Shares QCACX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT All Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $204 | 1.81% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 3000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in the common stock of U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among companies with strong technical factors and neutral to high analyst conviction
contributed positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Utilities aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA, Vistra
Corp. and Dell Technologies, Inc. (Class C Shares).
Top Detractors from Performance
■ An underweight position in and weak stock selection among companies with negative analyst conviction and flat or improving earnings
to price ratios detracted from Fund relative performance.
■ By sector, stock selection in Consumer Staples detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Fortinet.
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class C Shares | Russell 3000® Index | Morningstar Large Blend Funds Average | |
---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,731 | $11,128 | $10,863 |
7/31/2016 | $10,577 | $11,623 | $11,045 |
7/31/2017 | $12,134 | $13,498 | $12,699 |
7/31/2018 | $14,550 | $15,711 | $14,558 |
7/31/2019 | $15,562 | $16,819 | $15,422 |
7/31/2020 | $16,940 | $18,657 | $16,566 |
7/31/2021 | $23,270 | $25,882 | $22,482 |
7/31/2022 | $21,952 | $23,979 | $21,008 |
7/31/2023 | $25,102 | $27,013 | $23,397 |
7/31/2024 | $31,714 | $32,705 | $27,948 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class C Shares with sales load | 24.38% | 14.95% | 12.23% |
Class C Shares without sales load | 25.38% | 14.95% | 12.23% |
Russell 3000® Index | 21.07% | 14.22% | 12.58% |
Morningstar Large Blend Funds Average | 19.29% | 12.56% | 10.80% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,066,272,970 |
Number of Investments | 176 |
Portfolio Turnover | 71% |
Total Advisory Fees Paid | $4,344,724 |
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Real Estate | 1.5% |
Utilities | 2.2% |
Energy | 2.7% |
Materials | 3.6% |
Consumer Staples | 6.3% |
Industrials | 8.2% |
Consumer Discretionary | 9.0% |
Communication Services | 9.1% |
Health Care | 12.7% |
Financials | 14.4% |
Information Technology | 28.0% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R205
37309-B (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT All Cap Core Fund
Institutional Shares QIACX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT All Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $84 | 0.74% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 3000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in the common stock of U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among companies with strong technical factors and neutral to high analyst conviction
contributed positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Utilities aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA, Vistra
Corp. and Dell Technologies, Inc. (Class C Shares).
Top Detractors from Performance
■ An underweight position in and weak stock selection among companies with negative analyst conviction and flat or improving earnings
to price ratios detracted from Fund relative performance.
■ By sector, stock selection in Consumer Staples detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Fortinet.
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Institutional Shares | Russell 3000® Index | Morningstar Large Blend Funds Average | |
---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,845 | $11,128 | $10,863 |
7/31/2016 | $10,807 | $11,623 | $11,045 |
7/31/2017 | $12,525 | $13,498 | $12,699 |
7/31/2018 | $15,175 | $15,711 | $14,558 |
7/31/2019 | $16,401 | $16,819 | $15,422 |
7/31/2020 | $18,042 | $18,657 | $16,566 |
7/31/2021 | $25,048 | $25,882 | $22,482 |
7/31/2022 | $23,879 | $23,979 | $21,008 |
7/31/2023 | $27,387 | $27,013 | $23,397 |
7/31/2024 | $34,707 | $32,705 | $27,948 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Institutional Shares | 26.73% | 16.17% | 13.25% |
Russell 3000® Index | 21.07% | 14.22% | 12.58% |
Morningstar Large Blend Funds Average | 19.29% | 12.56% | 10.80% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,066,272,970 |
Number of Investments | 176 |
Portfolio Turnover | 71% |
Total Advisory Fees Paid | $4,344,724 |
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Real Estate | 1.5% |
Utilities | 2.2% |
Energy | 2.7% |
Materials | 3.6% |
Consumer Staples | 6.3% |
Industrials | 8.2% |
Consumer Discretionary | 9.0% |
Communication Services | 9.1% |
Health Care | 12.7% |
Financials | 14.4% |
Information Technology | 28.0% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R304
37309-C (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT All Cap Core Fund
Class R6 Shares QKACX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT All Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $83 | 0.73% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 3000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term capital appreciation by investing primarily in the common stock of U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among companies with strong technical factors and neutral to high analyst conviction
contributed positively to Fund relative performance.
■ By sector, stock selection in Consumer Discretionary and Utilities aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Spotify Technology SA, Vistra
Corp. and Dell Technologies, Inc. (Class C Shares).
Top Detractors from Performance
■ An underweight position in and weak stock selection among companies with negative analyst conviction and flat or improving earnings
to price ratios detracted from Fund relative performance.
■ By sector, stock selection in Consumer Staples detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in NVIDIA Corporation and overweight
positions in PepsiCo, Inc. and Fortinet.
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class R6 Shares | Russell 3000® Index | Morningstar Large Blend Funds Average | |
---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,765 | $11,128 | $10,863 |
7/31/2016 | $10,652 | $11,623 | $11,045 |
7/31/2017 | $12,335 | $13,498 | $12,699 |
7/31/2018 | $14,946 | $15,711 | $14,558 |
7/31/2019 | $16,154 | $16,819 | $15,422 |
7/31/2020 | $17,770 | $18,657 | $16,566 |
7/31/2021 | $24,671 | $25,882 | $22,482 |
7/31/2022 | $23,521 | $23,979 | $21,008 |
7/31/2023 | $26,985 | $27,013 | $23,397 |
7/31/2024 | $34,195 | $32,705 | $27,948 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class R6 Shares | 26.72% | 16.18% | 13.08% |
Russell 3000® Index | 21.07% | 14.22% | 12.58% |
Morningstar Large Blend Funds Average | 19.29% | 12.56% | 10.80% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,066,272,970 |
Number of Investments | 176 |
Portfolio Turnover | 71% |
Total Advisory Fees Paid | $4,344,724 |
Annual Shareholder Report
Federated Hermes MDT All Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Real Estate | 1.5% |
Utilities | 2.2% |
Energy | 2.7% |
Materials | 3.6% |
Consumer Staples | 6.3% |
Industrials | 8.2% |
Consumer Discretionary | 9.0% |
Communication Services | 9.1% |
Health Care | 12.7% |
Financials | 14.4% |
Information Technology | 28.0% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R718
37309-D (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Balanced Fund
Class A Shares QABGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Balanced Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $142 | 1.31% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to a 60%/40% blend of the S&P 500 Index and the Bloomberg US Aggregate Bond Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term growth of capital and income by investing in a combination of equity and fixed-income securities.
Top Contributors to Performance
■ Domestic equity security selection positively affected Fund relative performance.
■ By sector, domestic equity security selection in Utilities, Consumer Discretionary and Communication Services aided performance.
■ An overweight allocation to equities and underweight position in fixed income throughout the reporting period aided performance.
Top Detractors from Performance
■ The allocation to international equities detracted from Fund relative performance as these investments underperformed the
domestic equity market during the reporting period.
■ By sector, domestic equity security selection in Information Technology, Materials and Health Care detracted from performance.
Federated Hermes MDT Balanced Fund
Annual Shareholder Report
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class A Shares with sales load | S&P 500 Index | Bloomberg US Aggregate Bond Index | 60% S&P 500/ 40% Bloomberg US Aggregate Bond | Morningstar Allocation Funds Average - 50%-70% Equity | |
---|---|---|---|---|---|
7/31/2014 | $9,447 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,004 | $11,121 | $10,282 | $10,790 | $10,398 |
7/31/2016 | $9,966 | $11,745 | $10,893 | $11,437 | $10,583 |
7/31/2017 | $10,874 | $13,629 | $10,837 | $12,488 | $11,582 |
7/31/2018 | $12,170 | $15,843 | $10,750 | $13,641 | $12,378 |
7/31/2019 | $12,813 | $17,108 | $11,619 | $14,797 | $12,905 |
7/31/2020 | $13,976 | $19,153 | $12,795 | $16,549 | $13,608 |
7/31/2021 | $17,234 | $26,134 | $12,705 | $19,945 | $16,762 |
7/31/2022 | $16,018 | $24,921 | $11,547 | $18,717 | $15,464 |
7/31/2023 | $17,024 | $28,165 | $11,158 | $19,920 | $16,326 |
7/31/2024 | $19,808 | $34,403 | $11,727 | $22,939 | $18,352 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class A Shares with sales load | 9.93% | 7.88% | 7.07% |
Class A Shares without sales load | 16.36% | 9.10% | 7.68% |
S&P 500 Index | 22.15% | 14.99% | 13.15% |
Bloomberg US Aggregate Bond Index | 5.10% | 0.19% | 1.61% |
60% S&P 500/ 40% Bloomberg US Aggregate Bond | 15.16% | 9.16% | 8.66% |
Morningstar Allocation Funds Average - 50%-70% Equity | 12.37% | 7.20% | 6.28% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $227,569,976 |
Number of Investments | 467 |
Portfolio Turnover | 68% |
Total Advisory Fees Paid | $1,554,001 |
Annual Shareholder Report
Federated Hermes MDT Balanced Fund
Fund Holdings
Top Security Types (% of Net Assets)
Value | Value |
---|---|
Collateralized Mortgage Obligations | 1.2% |
Emerging Markets Core Fund | 1.9% |
Cash Equivalents | 2.0% |
Project and Trade Finance Core Fund | 2.1% |
U.S. Treasury Securities | 2.5% |
Asset-Backed Securities | 2.7% |
International Equity Securities (including International Exchange-Traded Funds) | 7.5% |
Mortgage Core Fund | 9.8% |
Corporate Bonds | 11.0% |
Domestic Equity Securities | 57.2% |
Top Sectors - Equity (% of Equity Securities)
Value | Value |
---|---|
Utilities | 2.4% |
Energy | 2.5% |
Materials | 3.3% |
Real Estate | 5.5% |
Consumer Staples | 6.2% |
Industrials | 8.3% |
Communication Services | 8.8% |
Consumer Discretionary | 9.7% |
Health Care | 12.3% |
Financials | 13.9% |
Information Technology | 27.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R841
37326-A (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Balanced Fund
Class C Shares QCBGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Balanced Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $224 | 2.08% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to a 60%/40% blend of the S&P 500 Index and the Bloomberg US Aggregate Bond Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term growth of capital and income by investing in a combination of equity and fixed-income securities.
Top Contributors to Performance
■ Domestic equity security selection positively affected Fund relative performance.
■ By sector, domestic equity security selection in Utilities, Consumer Discretionary and Communication Services aided performance.
■ An overweight allocation to equities and underweight position in fixed income throughout the reporting period aided performance.
Top Detractors from Performance
■ The allocation to international equities detracted from Fund relative performance as these investments underperformed the
domestic equity market during the reporting period.
■ By sector, domestic equity security selection in Information Technology, Materials and Health Care detracted from performance.
Federated Hermes MDT Balanced Fund
Annual Shareholder Report
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class C Shares | S&P 500 Index | Bloomberg US Aggregate Bond Index | 60% S&P 500/ 40% Bloomberg US Aggregate Bond | Morningstar Allocation Funds Average - 50%-70% Equity | |
---|---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,512 | $11,121 | $10,282 | $10,790 | $10,398 |
7/31/2016 | $10,397 | $11,745 | $10,893 | $11,437 | $10,583 |
7/31/2017 | $11,253 | $13,629 | $10,837 | $12,488 | $11,582 |
7/31/2018 | $12,500 | $15,843 | $10,750 | $13,641 | $12,378 |
7/31/2019 | $13,068 | $17,108 | $11,619 | $14,797 | $12,905 |
7/31/2020 | $14,146 | $19,153 | $12,795 | $16,549 | $13,608 |
7/31/2021 | $17,311 | $26,134 | $12,705 | $19,945 | $16,762 |
7/31/2022 | $15,968 | $24,921 | $11,547 | $18,717 | $15,464 |
7/31/2023 | $16,970 | $28,165 | $11,158 | $19,920 | $16,326 |
7/31/2024 | $19,746 | $34,403 | $11,727 | $22,939 | $18,352 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class C Shares with sales load | 14.46% | 8.27% | 7.04% |
Class C Shares without sales load | 15.46% | 8.27% | 7.04% |
S&P 500 Index | 22.15% | 14.99% | 13.15% |
Bloomberg US Aggregate Bond Index | 5.10% | 0.19% | 1.61% |
60% S&P 500/ 40% Bloomberg US Aggregate Bond | 15.16% | 9.16% | 8.66% |
Morningstar Allocation Funds Average - 50%-70% Equity | 12.37% | 7.20% | 6.28% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $227,569,976 |
Number of Investments | 467 |
Portfolio Turnover | 68% |
Total Advisory Fees Paid | $1,554,001 |
Annual Shareholder Report
Federated Hermes MDT Balanced Fund
Fund Holdings
Top Security Types (% of Net Assets)
Value | Value |
---|---|
Collateralized Mortgage Obligations | 1.2% |
Emerging Markets Core Fund | 1.9% |
Cash Equivalents | 2.0% |
Project and Trade Finance Core Fund | 2.1% |
U.S. Treasury Securities | 2.5% |
Asset-Backed Securities | 2.7% |
International Equity Securities (including International Exchange-Traded Funds) | 7.5% |
Mortgage Core Fund | 9.8% |
Corporate Bonds | 11.0% |
Domestic Equity Securities | 57.2% |
Top Sectors - Equity (% of Equity Securities)
Value | Value |
---|---|
Utilities | 2.4% |
Energy | 2.5% |
Materials | 3.3% |
Real Estate | 5.5% |
Consumer Staples | 6.2% |
Industrials | 8.3% |
Communication Services | 8.8% |
Consumer Discretionary | 9.7% |
Health Care | 12.3% |
Financials | 13.9% |
Information Technology | 27.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R833
37326-B (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Balanced Fund
Institutional Shares QIBGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Balanced Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $115 | 1.06% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to a 60%/40% blend of the S&P 500 Index and the Bloomberg US Aggregate Bond Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term growth of capital and income by investing in a combination of equity and fixed-income securities.
Top Contributors to Performance
■ Domestic equity security selection positively affected Fund relative performance.
■ By sector, domestic equity security selection in Utilities, Consumer Discretionary and Communication Services aided performance.
■ An overweight allocation to equities and underweight position in fixed income throughout the reporting period aided performance.
Top Detractors from Performance
■ The allocation to international equities detracted from Fund relative performance as these investments underperformed the
domestic equity market during the reporting period.
■ By sector, domestic equity security selection in Information Technology, Materials and Health Care detracted from performance.
Federated Hermes MDT Balanced Fund
Annual Shareholder Report
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Institutional Shares | S&P 500 Index | Bloomberg US Aggregate Bond Index | 60% S&P 500/ 40% Bloomberg US Aggregate Bond | Morningstar Allocation Funds Average - 50%-70% Equity | |
---|---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,613 | $11,121 | $10,282 | $10,790 | $10,398 |
7/31/2016 | $10,606 | $11,745 | $10,893 | $11,437 | $10,583 |
7/31/2017 | $11,598 | $13,629 | $10,837 | $12,488 | $11,582 |
7/31/2018 | $13,008 | $15,843 | $10,750 | $13,641 | $12,378 |
7/31/2019 | $13,738 | $17,108 | $11,619 | $14,797 | $12,905 |
7/31/2020 | $15,020 | $19,153 | $12,795 | $16,549 | $13,608 |
7/31/2021 | $18,563 | $26,134 | $12,705 | $19,945 | $16,762 |
7/31/2022 | $17,297 | $24,921 | $11,547 | $18,717 | $15,464 |
7/31/2023 | $18,433 | $28,165 | $11,158 | $19,920 | $16,326 |
7/31/2024 | $21,497 | $34,403 | $11,727 | $22,939 | $18,352 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Institutional Shares | 16.62% | 9.37% | 7.95% |
S&P 500 Index | 22.15% | 14.99% | 13.15% |
Bloomberg US Aggregate Bond Index | 5.10% | 0.19% | 1.61% |
60% S&P 500/ 40% Bloomberg US Aggregate Bond | 15.16% | 9.16% | 8.66% |
Morningstar Allocation Funds Average - 50%-70% Equity | 12.37% | 7.20% | 6.28% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $227,569,976 |
Number of Investments | 467 |
Portfolio Turnover | 68% |
Total Advisory Fees Paid | $1,554,001 |
Annual Shareholder Report
Federated Hermes MDT Balanced Fund
Fund Holdings
Top Security Types (% of Net Assets)
Value | Value |
---|---|
Collateralized Mortgage Obligations | 1.2% |
Emerging Markets Core Fund | 1.9% |
Cash Equivalents | 2.0% |
Project and Trade Finance Core Fund | 2.1% |
U.S. Treasury Securities | 2.5% |
Asset-Backed Securities | 2.7% |
International Equity Securities (including International Exchange-Traded Funds) | 7.5% |
Mortgage Core Fund | 9.8% |
Corporate Bonds | 11.0% |
Domestic Equity Securities | 57.2% |
Top Sectors - Equity (% of Equity Securities)
Value | Value |
---|---|
Utilities | 2.4% |
Energy | 2.5% |
Materials | 3.3% |
Real Estate | 5.5% |
Consumer Staples | 6.2% |
Industrials | 8.3% |
Communication Services | 8.8% |
Consumer Discretionary | 9.7% |
Health Care | 12.3% |
Financials | 13.9% |
Information Technology | 27.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R825
37326-C (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Balanced Fund
Class R6 Shares QKBGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Balanced Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $110 | 1.02% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to a 60%/40% blend of the S&P 500 Index and the Bloomberg US Aggregate Bond Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes. The Fund seeks to provide long-term growth of capital and income by investing in a combination of equity and fixed-income securities.
Top Contributors to Performance
■ Domestic equity security selection positively affected Fund relative performance.
■ By sector, domestic equity security selection in Utilities, Consumer Discretionary and Communication Services aided performance.
■ An overweight allocation to equities and underweight position in fixed income throughout the reporting period aided performance.
Top Detractors from Performance
■ The allocation to international equities detracted from Fund relative performance as these investments underperformed the
domestic equity market during the reporting period.
■ By sector, domestic equity security selection in Information Technology, Materials and Health Care detracted from performance.
Federated Hermes MDT Balanced Fund
Annual Shareholder Report
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class R6 Shares | S&P 500 Index | Bloomberg US Aggregate Bond Index | 60% S&P 500/ 40% Bloomberg US Aggregate Bond | Morningstar Allocation Funds Average - 50%-70% Equity | |
---|---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,561 | $11,121 | $10,282 | $10,790 | $10,398 |
7/31/2016 | $10,499 | $11,745 | $10,893 | $11,437 | $10,583 |
7/31/2017 | $11,478 | $13,629 | $10,837 | $12,488 | $11,582 |
7/31/2018 | $12,883 | $15,843 | $10,750 | $13,641 | $12,378 |
7/31/2019 | $13,592 | $17,108 | $11,619 | $14,797 | $12,905 |
7/31/2020 | $14,859 | $19,153 | $12,795 | $16,549 | $13,608 |
7/31/2021 | $18,380 | $26,134 | $12,705 | $19,945 | $16,762 |
7/31/2022 | $17,128 | $24,921 | $11,547 | $18,717 | $15,464 |
7/31/2023 | $18,256 | $28,165 | $11,158 | $19,920 | $16,326 |
7/31/2024 | $21,297 | $34,403 | $11,727 | $22,939 | $18,352 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class R6 Shares | 16.66% | 9.40% | 7.85% |
S&P 500 Index | 22.15% | 14.99% | 13.15% |
Bloomberg US Aggregate Bond Index | 5.10% | 0.19% | 1.61% |
60% S&P 500/ 40% Bloomberg US Aggregate Bond | 15.16% | 9.16% | 8.66% |
Morningstar Allocation Funds Average - 50%-70% Equity | 12.37% | 7.20% | 6.28% |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $227,569,976 |
Number of Investments | 467 |
Portfolio Turnover | 68% |
Total Advisory Fees Paid | $1,554,001 |
Annual Shareholder Report
Federated Hermes MDT Balanced Fund
Fund Holdings
Top Security Types (% of Net Assets)
Value | Value |
---|---|
Collateralized Mortgage Obligations | 1.2% |
Emerging Markets Core Fund | 1.9% |
Cash Equivalents | 2.0% |
Project and Trade Finance Core Fund | 2.1% |
U.S. Treasury Securities | 2.5% |
Asset-Backed Securities | 2.7% |
International Equity Securities (including International Exchange-Traded Funds) | 7.5% |
Mortgage Core Fund | 9.8% |
Corporate Bonds | 11.0% |
Domestic Equity Securities | 57.2% |
Top Sectors - Equity (% of Equity Securities)
Value | Value |
---|---|
Utilities | 2.4% |
Energy | 2.5% |
Materials | 3.3% |
Real Estate | 5.5% |
Consumer Staples | 6.2% |
Industrials | 8.3% |
Communication Services | 8.8% |
Consumer Discretionary | 9.7% |
Health Care | 12.3% |
Financials | 13.9% |
Information Technology | 27.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R692
37326-D (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Core Fund
Class A Shares QASCX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $124 | 1.13% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among younger companies with strong technical factors contributed positively to
Fund relative performance.
■ By sector, stock selection in Industrials and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Abercrombie &
Fitch Co. (Class A), Jackson Financial Incorporation (Class A) and Murphy USA, Inc.
Top Detractors from Performance
■ An overweight position in and weak stock selection among companies with a highly depressed historical return and no significant
financing needs detracted from Fund relative performance.
■ By sector, stock selection in Information Technology and Real Estate detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in Super Micro Computer, Inc. and
overweight positions in Green Dot Corporation (Class A) and Redfin Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class A Shares with sales load | Russell 3000® Index | Russell 2000 Index | Morningstar Small Blend Funds Average | |
---|---|---|---|---|
7/31/2014 | $9,448 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,414 | $11,128 | $11,203 | $10,772 |
7/31/2016 | $11,237 | $11,623 | $11,203 | $10,835 |
7/31/2017 | $14,043 | $13,498 | $13,270 | $12,570 |
7/31/2018 | $16,640 | $15,711 | $15,756 | $14,544 |
7/31/2019 | $15,360 | $16,819 | $15,060 | $13,818 |
7/31/2020 | $14,023 | $18,657 | $14,369 | $12,595 |
7/31/2021 | $21,648 | $25,882 | $21,836 | $19,162 |
7/31/2022 | $19,583 | $23,979 | $18,715 | $17,568 |
7/31/2023 | $20,803 | $27,013 | $20,195 | $18,921 |
7/31/2024 | $24,703 | $32,705 | $23,073 | $21,669 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class A Shares with sales load | 12.20% | 8.73% | 9.46% |
Class A Shares without sales load | 18.75% | 9.97% | 10.09% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Index | 14.25% | 8.90% | 8.72% |
Morningstar Small Blend Funds Average | 14.47% | 9.29% | 7.97% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,373,502,858 |
Number of Investments | 302 |
Portfolio Turnover | 85% |
Total Advisory Fees Paid | $8,597,351 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 2.0% |
Communication Services | 3.1% |
Consumer Staples | 3.5% |
Materials | 4.6% |
Real Estate | 5.0% |
Energy | 5.8% |
Consumer Discretionary | 8.5% |
Information Technology | 12.8% |
Industrials | 17.1% |
Health Care | 17.3% |
Financials | 18.6% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.80% to 0.75% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R817
37328-A (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Core Fund
Class C Shares QCSCX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $216 | 1.98% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among younger companies with strong technical factors contributed positively to
Fund relative performance.
■ By sector, stock selection in Industrials and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Abercrombie &
Fitch Co. (Class A), Jackson Financial Incorporation (Class A) and Murphy USA, Inc.
Top Detractors from Performance
■ An overweight position in and weak stock selection among companies with a highly depressed historical return and no significant
financing needs detracted from Fund relative performance.
■ By sector, stock selection in Information Technology and Real Estate detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in Super Micro Computer, Inc. and
overweight positions in Green Dot Corporation (Class A) and Redfin Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class C Shares | Russell 3000® Index | Russell 2000 Index | Morningstar Small Blend Funds Average | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $10,941 | $11,128 | $11,203 | $10,772 |
7/31/2016 | $11,720 | $11,623 | $11,203 | $10,835 |
7/31/2017 | $14,530 | $13,498 | $13,270 | $12,570 |
7/31/2018 | $17,087 | $15,711 | $15,756 | $14,544 |
7/31/2019 | $15,661 | $16,819 | $15,060 | $13,818 |
7/31/2020 | $14,197 | $18,657 | $14,369 | $12,595 |
7/31/2021 | $21,744 | $25,882 | $21,836 | $19,162 |
7/31/2022 | $19,504 | $23,979 | $18,715 | $17,568 |
7/31/2023 | $20,719 | $27,013 | $20,195 | $18,921 |
7/31/2024 | $24,603 | $32,705 | $23,073 | $21,669 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class C Shares with sales load | 16.73% | 9.09% | 9.42% |
Class C Shares without sales load | 17.73% | 9.09% | 9.42% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Index | 14.25% | 8.90% | 8.72% |
Morningstar Small Blend Funds Average | 14.47% | 9.29% | 7.97% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,373,502,858 |
Number of Investments | 302 |
Portfolio Turnover | 85% |
Total Advisory Fees Paid | $8,597,351 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 2.0% |
Communication Services | 3.1% |
Consumer Staples | 3.5% |
Materials | 4.6% |
Real Estate | 5.0% |
Energy | 5.8% |
Consumer Discretionary | 8.5% |
Information Technology | 12.8% |
Industrials | 17.1% |
Health Care | 17.3% |
Financials | 18.6% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.80% to 0.75% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R791
37328-B (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Core Fund
Institutional Shares QISCX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $96 | 0.88% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among younger companies with strong technical factors contributed positively to
Fund relative performance.
■ By sector, stock selection in Industrials and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Abercrombie &
Fitch Co. (Class A), Jackson Financial Incorporation (Class A) and Murphy USA, Inc.
Top Detractors from Performance
■ An overweight position in and weak stock selection among companies with a highly depressed historical return and no significant
financing needs detracted from Fund relative performance.
■ By sector, stock selection in Information Technology and Real Estate detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in Super Micro Computer, Inc. and
overweight positions in Green Dot Corporation (Class A) and Redfin Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Institutional Shares | Russell 3000® Index | Russell 2000 Index | Morningstar Small Blend Funds Average | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,048 | $11,128 | $11,203 | $10,772 |
7/31/2016 | $11,958 | $11,623 | $11,203 | $10,835 |
7/31/2017 | $14,976 | $13,498 | $13,270 | $12,570 |
7/31/2018 | $17,789 | $15,711 | $15,756 | $14,544 |
7/31/2019 | $16,464 | $16,819 | $15,060 | $13,818 |
7/31/2020 | $15,072 | $18,657 | $14,369 | $12,595 |
7/31/2021 | $23,321 | $25,882 | $21,836 | $19,162 |
7/31/2022 | $21,149 | $23,979 | $18,715 | $17,568 |
7/31/2023 | $22,516 | $27,013 | $20,195 | $18,921 |
7/31/2024 | $26,814 | $32,705 | $23,073 | $21,669 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Institutional Shares | 19.09% | 10.25% | 10.37% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Index | 14.25% | 8.90% | 8.72% |
Morningstar Small Blend Funds Average | 14.47% | 9.29% | 7.97% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,373,502,858 |
Number of Investments | 302 |
Portfolio Turnover | 85% |
Total Advisory Fees Paid | $8,597,351 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 2.0% |
Communication Services | 3.1% |
Consumer Staples | 3.5% |
Materials | 4.6% |
Real Estate | 5.0% |
Energy | 5.8% |
Consumer Discretionary | 8.5% |
Information Technology | 12.8% |
Industrials | 17.1% |
Health Care | 17.3% |
Financials | 18.6% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.80% to 0.75% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R783
37328-C (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Core Fund
Class R6 Shares QLSCX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Core Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $95 | 0.87% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in and solid stock selection among younger companies with strong technical factors contributed positively to
Fund relative performance.
■ By sector, stock selection in Industrials and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Abercrombie &
Fitch Co. (Class A), Jackson Financial Incorporation (Class A) and Murphy USA, Inc.
Top Detractors from Performance
■ An overweight position in and weak stock selection among companies with a highly depressed historical return and no significant
financing needs detracted from Fund relative performance.
■ By sector, stock selection in Information Technology and Real Estate detracted from performance.
■ Top individual Fund holdings that detracted from performance were an underweight position in Super Micro Computer, Inc. and
overweight positions in Green Dot Corporation (Class A) and Redfin Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class R6 Shares | Russell 3000® Index | Russell 2000 Index | Morningstar Small Blend Funds Average | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,009 | $11,128 | $11,203 | $10,772 |
7/31/2016 | $11,878 | $11,623 | $11,203 | $10,835 |
7/31/2017 | $14,876 | $13,498 | $13,270 | $12,570 |
7/31/2018 | $17,670 | $15,711 | $15,756 | $14,544 |
7/31/2019 | $16,354 | $16,819 | $15,060 | $13,818 |
7/31/2020 | $14,973 | $18,657 | $14,369 | $12,595 |
7/31/2021 | $23,178 | $25,882 | $21,836 | $19,162 |
7/31/2022 | $21,022 | $23,979 | $18,715 | $17,568 |
7/31/2023 | $22,383 | $27,013 | $20,195 | $18,921 |
7/31/2024 | $26,655 | $32,705 | $23,073 | $21,669 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class R6 Shares | 19.09% | 10.26% | 10.30% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Index | 14.25% | 8.90% | 8.72% |
Morningstar Small Blend Funds Average | 14.47% | 9.29% | 7.97% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $1,373,502,858 |
Number of Investments | 302 |
Portfolio Turnover | 85% |
Total Advisory Fees Paid | $8,597,351 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Core Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 2.0% |
Communication Services | 3.1% |
Consumer Staples | 3.5% |
Materials | 4.6% |
Real Estate | 5.0% |
Energy | 5.8% |
Consumer Discretionary | 8.5% |
Information Technology | 12.8% |
Industrials | 17.1% |
Health Care | 17.3% |
Financials | 18.6% |
Material Fund Changes
The following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at www.FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
Effective October 1, 2024, the Fund’s annual investment advisory fee payable to its investment adviser is reduced from 0.80% to 0.75% of the Fund’s average daily net assets.
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R627
37328-D (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Growth Fund
Class A Shares QASGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $120 | 1.13% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in companies with positive analyst conviction and favorable structural earnings contributed positively to
Fund relative performance.
■ By sector, stock selection in Consumer Staples and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Murphy USA, Inc.,
Wingstop, Inc., and EMCOR Group, Inc.
Top Detractors from Performance
■ Negative stock selection among young companies with strong price trends and positive analyst conviction detracted from Fund
relative performance.
■ By sector, stock selection in Information Technology detracted from performance.
■ Top individual Fund holdings that detracted from performance were underweight positions in Super Micro Computer, Inc. and
MicroStrategy Incorporated (Class A) and an overweight to Sunpower Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class A Shares with sales load | Russell 3000® Index | Russell 2000 Growth Index | Morningstar Small Growth Funds | |
---|---|---|---|---|
7/31/2014 | $9,451 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,136 | $11,128 | $12,007 | $11,645 |
7/31/2016 | $11,392 | $11,623 | $11,371 | $11,034 |
7/31/2017 | $14,354 | $13,498 | $13,390 | $12,982 |
7/31/2018 | $17,726 | $15,711 | $16,458 | $15,950 |
7/31/2019 | $17,217 | $16,819 | $16,258 | $16,474 |
7/31/2020 | $17,660 | $18,657 | $17,233 | $17,894 |
7/31/2021 | $25,082 | $25,882 | $24,299 | $25,872 |
7/31/2022 | $20,453 | $23,979 | $18,666 | $20,027 |
7/31/2023 | $22,739 | $27,013 | $20,828 | $21,606 |
7/31/2024 | $25,594 | $32,705 | $23,493 | $24,089 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class A Shares with sales load | 6.38% | 7.03% | 9.85% |
Class A Shares without sales load | 12.56% | 8.25% | 10.48% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Growth Index | 12.80% | 7.64% | 8.92% |
Morningstar Small Growth Funds | 11.58% | 7.93% | 9.21% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $498,581,925 |
Number of Investments | 252 |
Portfolio Turnover | 90% |
Total Advisory Fees Paid | $3,048,922 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.3% |
Real Estate | 1.6% |
Communication Services | 2.9% |
Energy | 3.4% |
Materials | 3.7% |
Consumer Staples | 4.1% |
Financials | 7.5% |
Consumer Discretionary | 8.3% |
Information Technology | 19.8% |
Industrials | 21.2% |
Health Care | 25.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R775
37313-A (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Growth Fund
Class C Shares QCSGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $210 | 1.98% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in companies with positive analyst conviction and favorable structural earnings contributed positively to
Fund relative performance.
■ By sector, stock selection in Consumer Staples and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Murphy USA, Inc.,
Wingstop, Inc., and EMCOR Group, Inc.
Top Detractors from Performance
■ Negative stock selection among young companies with strong price trends and positive analyst conviction detracted from Fund
relative performance.
■ By sector, stock selection in Information Technology detracted from performance.
■ Top individual Fund holdings that detracted from performance were underweight positions in Super Micro Computer, Inc. and
MicroStrategy Incorporated (Class A) and an overweight to Sunpower Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class C Shares | Russell 3000® Index | Russell 2000 Growth Index | Morningstar Small Growth Funds | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,696 | $11,128 | $12,007 | $11,645 |
7/31/2016 | $11,872 | $11,623 | $11,371 | $11,034 |
7/31/2017 | $14,850 | $13,498 | $13,390 | $12,982 |
7/31/2018 | $18,197 | $15,711 | $16,458 | $15,950 |
7/31/2019 | $17,545 | $16,819 | $16,258 | $16,474 |
7/31/2020 | $17,864 | $18,657 | $17,233 | $17,894 |
7/31/2021 | $25,177 | $25,882 | $24,299 | $25,872 |
7/31/2022 | $20,358 | $23,979 | $18,666 | $20,027 |
7/31/2023 | $22,634 | $27,013 | $20,828 | $21,606 |
7/31/2024 | $25,475 | $32,705 | $23,493 | $24,089 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class C Shares with sales load | 10.62% | 7.39% | 9.80% |
Class C Shares without sales load | 11.62% | 7.39% | 9.80% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Growth Index | 12.80% | 7.64% | 8.92% |
Morningstar Small Growth Funds | 11.58% | 7.93% | 9.21% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $498,581,925 |
Number of Investments | 252 |
Portfolio Turnover | 90% |
Total Advisory Fees Paid | $3,048,922 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.3% |
Real Estate | 1.6% |
Communication Services | 2.9% |
Energy | 3.4% |
Materials | 3.7% |
Consumer Staples | 4.1% |
Financials | 7.5% |
Consumer Discretionary | 8.3% |
Information Technology | 19.8% |
Industrials | 21.2% |
Health Care | 25.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R767
37313-B (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Growth Fund
Institutional Shares QISGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $94 | 0.88% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in companies with positive analyst conviction and favorable structural earnings contributed positively to
Fund relative performance.
■ By sector, stock selection in Consumer Staples and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Murphy USA, Inc.,
Wingstop, Inc., and EMCOR Group, Inc.
Top Detractors from Performance
■ Negative stock selection among young companies with strong price trends and positive analyst conviction detracted from Fund
relative performance.
■ By sector, stock selection in Information Technology detracted from performance.
■ Top individual Fund holdings that detracted from performance were underweight positions in Super Micro Computer, Inc. and
MicroStrategy Incorporated (Class A) and an overweight to Sunpower Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Institutional Shares | Russell 3000® Index | Russell 2000 Growth Index | Morningstar Small Growth Funds | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,810 | $11,128 | $12,007 | $11,645 |
7/31/2016 | $12,112 | $11,623 | $11,371 | $11,034 |
7/31/2017 | $15,294 | $13,498 | $13,390 | $12,982 |
7/31/2018 | $18,941 | $15,711 | $16,458 | $15,950 |
7/31/2019 | $18,441 | $16,819 | $16,258 | $16,474 |
7/31/2020 | $18,963 | $18,657 | $17,233 | $17,894 |
7/31/2021 | $27,003 | $25,882 | $24,299 | $25,872 |
7/31/2022 | $22,065 | $23,979 | $18,666 | $20,027 |
7/31/2023 | $24,600 | $27,013 | $20,828 | $21,606 |
7/31/2024 | $27,760 | $32,705 | $23,493 | $24,089 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Institutional Shares | 12.85% | 8.52% | 10.75% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Growth Index | 12.80% | 7.64% | 8.92% |
Morningstar Small Growth Funds | 11.58% | 7.93% | 9.21% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $498,581,925 |
Number of Investments | 252 |
Portfolio Turnover | 90% |
Total Advisory Fees Paid | $3,048,922 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.3% |
Real Estate | 1.6% |
Communication Services | 2.9% |
Energy | 3.4% |
Materials | 3.7% |
Consumer Staples | 4.1% |
Financials | 7.5% |
Consumer Discretionary | 8.3% |
Information Technology | 19.8% |
Industrials | 21.2% |
Health Care | 25.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R759
37313-C (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes MDT Small Cap Growth Fund
Class R6 Shares QLSGX
Annual Shareholder Report - July 31, 2024
A Portfolio of Federated Hermes MDT Series
This annual shareholder report contains important information about the Federated Hermes MDT Small Cap Growth Fund (the "Fund") for the period of August 1, 2023 to July 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $93 | 0.87% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2000 Growth Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in common stock of small U.S. companies.
Top Contributors to Performance
■ An overweight position in companies with positive analyst conviction and favorable structural earnings contributed positively to
Fund relative performance.
■ By sector, stock selection in Consumer Staples and Consumer Discretionary aided performance.
■ Top individual Fund holdings that contributed positively to performance included overweight positions in Murphy USA, Inc.,
Wingstop, Inc., and EMCOR Group, Inc.
Top Detractors from Performance
■ Negative stock selection among young companies with strong price trends and positive analyst conviction detracted from Fund
relative performance.
■ By sector, stock selection in Information Technology detracted from performance.
■ Top individual Fund holdings that detracted from performance were underweight positions in Super Micro Computer, Inc. and
MicroStrategy Incorporated (Class A) and an overweight to Sunpower Corporation.
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Performance
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: 7/31/2014 to 7/31/2024
Total Return Based on $10,000 Investment
Class R6 Shares | Russell 3000® Index | Russell 2000 Growth Index | Morningstar Small Growth Funds | |
---|---|---|---|---|
7/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
7/31/2015 | $11,790 | $11,128 | $12,007 | $11,645 |
7/31/2016 | $12,072 | $11,623 | $11,371 | $11,034 |
7/31/2017 | $15,244 | $13,498 | $13,390 | $12,982 |
7/31/2018 | $18,873 | $15,711 | $16,458 | $15,950 |
7/31/2019 | $18,381 | $16,819 | $16,258 | $16,474 |
7/31/2020 | $18,910 | $18,657 | $17,233 | $17,894 |
7/31/2021 | $26,923 | $25,882 | $24,299 | $25,872 |
7/31/2022 | $22,011 | $23,979 | $18,666 | $20,027 |
7/31/2023 | $24,541 | $27,013 | $20,828 | $21,606 |
7/31/2024 | $27,694 | $32,705 | $23,493 | $24,089 |
Average Annual Total Returns
Fund/Index | 1 Year | 5 Years | 10 Years |
---|---|---|---|
Class R6 Shares | 12.85% | 8.54% | 10.72% |
Russell 3000® IndexFootnote Reference* | 21.07% | 14.22% | 12.58% |
Russell 2000 Growth Index | 12.80% | 7.64% | 8.92% |
Morningstar Small Growth Funds | 11.58% | 7.93% | 9.21% |
Footnote | Description |
Footnote* | The Fund has designated the Russell 3000® Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Visit www.FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
Net Assets | $498,581,925 |
Number of Investments | 252 |
Portfolio Turnover | 90% |
Total Advisory Fees Paid | $3,048,922 |
Annual Shareholder Report
Federated Hermes MDT Small Cap Growth Fund
Fund Holdings
Top Sectors (% of Total Net Assets)
Value | Value |
---|---|
Utilities | 0.3% |
Real Estate | 1.6% |
Communication Services | 2.9% |
Energy | 3.4% |
Materials | 3.7% |
Consumer Staples | 4.1% |
Financials | 7.5% |
Consumer Discretionary | 8.3% |
Information Technology | 19.8% |
Industrials | 21.2% |
Health Care | 25.1% |
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31421R619
37313-D (09/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. | Audit Committee Financial Expert |
The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,” for purposes of this Item 3: Thomas M. O’Neill and John S. Walsh.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 – $165,433
Fiscal year ended 2023 - $155,705
(b) | Audit-Related Fees billed to the registrant for the two most recent fiscal years: |
Fiscal year ended 2024 - $4,160
Fiscal year ended 2023 - $0
Fiscal year ended 2024 – Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $31,302 and $67,725 respectively. Fiscal year ended 2024- Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2023- Service fees for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval(and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2024 - $196,477
Fiscal year ended 2023 - $237,698
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 Financial Statements filed under Item 7 of this form.
(b) Not Applicable
Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
and Additional Information
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
Shares | Value | ||
COMMON STOCKS—97.7% | |||
Communication Services—9.1% | |||
285,792 | 1 | Alphabet, Inc., Class A | $ 49,024,760 |
341,396 | 1 | Altice USA, Inc. | 713,518 |
145,023 | 1 | CarGurus, Inc. | 3,599,471 |
65,486 | 1 | Cars.com, Inc. | 1,350,321 |
15,554 | Comcast Corp., Class A | 641,914 | |
46,274 | Meta Platforms, Inc. | 21,972,283 | |
4,631 | 1 | Netflix, Inc. | 2,909,889 |
45,910 | 1 | Spotify Technology SA | 15,790,285 |
115,050 | 1 | ZoomInfo Technologies, Inc. | 1,306,968 |
TOTAL | 97,309,409 | ||
Consumer Discretionary—9.0% | |||
152,239 | Advance Auto Parts, Inc. | 9,641,296 | |
24,791 | 1 | Airbnb, Inc. | 3,459,832 |
138,297 | 1 | Amazon.com, Inc. | 25,858,773 |
564 | 1 | AutoZone, Inc. | 1,767,401 |
56,892 | 1,2 | Cava Group, Inc. | 4,791,444 |
33,053 | 1 | DoorDash, Inc. | 3,659,628 |
8,683 | 1 | Duolingo, Inc. | 1,492,955 |
52,907 | eBay, Inc. | 2,942,158 | |
41,982 | 1 | Expedia Group, Inc. | 5,359,842 |
294,843 | Gap (The), Inc. | 6,922,914 | |
3,393 | Marriott International, Inc., Class A | 771,229 | |
2,844 | Murphy USA, Inc. | 1,435,992 | |
2,196 | 1 | O’Reilly Automotive, Inc. | 2,473,443 |
34,408 | PVH Corp. | 3,509,272 | |
43,284 | 1 | Royal Caribbean Cruises, Ltd. | 6,783,469 |
49,020 | 1 | SharkNinja, Inc. | 3,767,187 |
4,713 | 1 | Ulta Beauty, Inc. | 1,719,727 |
25,806 | Wingstop, Inc. | 9,648,347 | |
TOTAL | 96,004,909 | ||
Consumer Staples—6.3% | |||
56,627 | Albertsons Cos., Inc. | 1,122,913 | |
67,005 | 1 | Bellring Brands, Inc. | 3,436,016 |
113,094 | Colgate-Palmolive Co. | 11,217,794 | |
13,583 | Costco Wholesale Corp. | 11,165,226 | |
19,529 | Estee Lauder Cos., Inc., Class A | 1,945,284 | |
95,944 | 1 | Hain Celestial Group, Inc. | 742,607 |
55,405 | Kimberly-Clark Corp. | 7,482,445 | |
98,606 | Kroger Co. | 5,374,027 | |
92,010 | 1 | Maplebear, Inc. | 3,173,425 |
92,093 | PepsiCo, Inc. | 15,901,698 | |
9,461 | Procter & Gamble Co. | 1,520,950 | |
62,676 | WalMart, Inc. | 4,302,081 | |
TOTAL | 67,384,466 | ||
Energy—2.7% | |||
19,716 | Cheniere Energy, Inc. | 3,600,930 | |
2,303 | Chevron Corp. | 369,563 | |
52,728 | Devon Energy Corp. | 2,479,798 | |
34,851 | EOG Resources, Inc. | 4,419,107 | |
63,167 | Marathon Petroleum Corp. | 11,181,822 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
5,191 | Phillips 66 | $ 755,187 | |
50,712 | 1 | Weatherford International PLC | 5,976,916 |
TOTAL | 28,783,323 | ||
Financials—14.4% | |||
41,895 | Ameriprise Financial, Inc. | 18,017,783 | |
6,049 | Aon PLC | 1,987,157 | |
31,624 | Apollo Global Management, Inc. | 3,962,803 | |
21,965 | 1 | Arch Capital Group Ltd. | 2,103,808 |
199,490 | Bank of New York Mellon Corp. | 12,980,814 | |
9,573 | Cboe Global Markets, Inc. | 1,756,741 | |
9,668 | 1 | Coinbase Global, Inc. | 2,169,113 |
82,090 | Corebridge Financial, Inc. | 2,425,760 | |
29,381 | 1 | Fiserv, Inc. | 4,805,850 |
20,827 | Globe Life, Inc. | 1,931,496 | |
47,662 | 1 | Green Dot Corp. | 455,649 |
26,810 | Hartford Financial Services Group, Inc. | 2,973,765 | |
46,999 | Interactive Brokers Group, Inc., Class A | 5,605,571 | |
174,019 | Jackson Financial, Inc. | 15,324,113 | |
6,890 | Marsh & McLennan Cos., Inc. | 1,533,507 | |
4,426 | Mastercard, Inc. | 2,052,380 | |
2,279 | MSCI, Inc., Class A | 1,232,392 | |
112,509 | Northern Trust Corp. | 9,973,923 | |
42,963 | 1 | PayPal Holdings, Inc. | 2,826,106 |
31,747 | PROG Holdings, Inc. | 1,430,520 | |
20,600 | Progressive Corp., OH | 4,410,872 | |
146,415 | Prudential Financial, Inc. | 18,348,728 | |
19,517 | 1 | Ryan Specialty Group Holdings, Inc. | 1,202,052 |
186,030 | State Street Corp. | 15,806,969 | |
52,402 | The Travelers Cos., Inc. | 11,341,889 | |
51,304 | Virtu Financial, Inc. | 1,401,625 | |
18,510 | Visa, Inc., Class A | 4,917,552 | |
66,109 | Western Union Co. | 786,036 | |
TOTAL | 153,764,974 | ||
Health Care—12.7% | |||
5,822 | Abbott Laboratories | 616,783 | |
158,723 | AbbVie, Inc. | 29,414,546 | |
20,299 | Amgen, Inc. | 6,748,809 | |
27,639 | 1 | AnaptysBio, Inc. | 962,943 |
10,980 | 1 | Biogen, Inc. | 2,340,936 |
13,446 | Cardinal Health, Inc. | 1,355,760 | |
35,441 | Cencora, Inc. | 8,430,705 | |
77,104 | 1 | Centene Corp. | 5,930,840 |
9,124 | 1 | Edwards Lifesciences Corp. | 575,268 |
243,370 | 1 | Elanco Animal Health, Inc. | 3,173,545 |
6,731 | Elevance Health, Inc. | 3,581,094 | |
20,958 | 1 | GE HealthCare Technologies, Inc. | 1,773,676 |
83,170 | Gilead Sciences, Inc. | 6,325,910 | |
46,611 | 1 | Illumina, Inc. | 5,714,509 |
72,937 | 1 | Incyte Genomics, Inc. | 4,746,011 |
115,025 | Johnson & Johnson | 18,156,696 | |
4,767 | McKesson Corp. | 2,941,334 | |
116,886 | Merck & Co., Inc. | 13,223,313 | |
37,635 | 1 | Myriad Genetics, Inc. | 1,052,651 |
25,687 | 1 | Omnicell, Inc. | 750,317 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
2,376 | Stryker Corp. | $ 778,021 | |
6,814 | Teleflex, Inc. | 1,505,349 | |
13,128 | The Cigna Group | 4,577,340 | |
2,274 | 1 | United Therapeutics Corp. | 712,421 |
8,571 | UnitedHealth Group, Inc. | 4,938,267 | |
10,185 | 1 | Vertex Pharmaceuticals, Inc. | 5,048,908 |
TOTAL | 135,375,952 | ||
Industrials—8.2% | |||
27,120 | 3M Co. | 3,459,156 | |
9,652 | AGCO Corp. | 911,342 | |
72,240 | Allison Transmission Holdings, Inc. | 6,399,742 | |
77,902 | 1 | Atmus Filtration Technologies, Inc. | 2,402,498 |
31,041 | Booz Allen Hamilton Holding Corp. | 4,448,486 | |
16,441 | Caterpillar, Inc. | 5,691,874 | |
19,448 | 1 | Core & Main, Inc. | 1,039,884 |
9,604 | Emerson Electric Co. | 1,124,724 | |
22,170 | Fortive Corp. | 1,592,914 | |
17,562 | GE Aerospace | 2,989,052 | |
5,425 | Lennox International, Inc. | 3,165,487 | |
14,625 | Manpower, Inc. | 1,119,982 | |
47,855 | Masco Corp. | 3,725,512 | |
38,726 | Otis Worldwide Corp. | 3,659,607 | |
14,198 | PACCAR, Inc. | 1,400,775 | |
40,417 | Paychex, Inc. | 5,174,184 | |
48,492 | 1 | Paycom Software, Inc. | 8,087,981 |
5,292 | Rockwell Automation, Inc. | 1,474,616 | |
7,943 | Ryder System, Inc. | 1,113,291 | |
19,159 | 1 | SkyWest, Inc. | 1,531,570 |
9,872 | 1 | SPX Technologies, Inc. | 1,456,515 |
14,463 | Trane Technologies PLC | 4,834,692 | |
47,773 | 1 | Uber Technologies, Inc. | 3,079,925 |
18,660 | Union Pacific Corp. | 4,603,982 | |
6,191 | 1 | Veralto Corp. | 659,713 |
37,605 | Verisk Analytics, Inc. | 9,843,109 | |
4,936 | Waste Management, Inc. | 1,000,330 | |
9,685 | 1 | XPO, Inc. | 1,112,710 |
TOTAL | 87,103,653 | ||
Information Technology—28.0% | |||
1,275 | 1 | Adobe, Inc. | 703,354 |
287,589 | Apple, Inc. | 63,867,765 | |
26,937 | Applied Materials, Inc. | 5,716,031 | |
65,162 | 1 | AppLovin Corp. | 5,023,990 |
38,120 | 1 | Arista Networks, Inc. | 13,210,486 |
6,438 | 1 | Cadence Design Systems, Inc. | 1,723,195 |
21,864 | 1 | Cirrus Logic, Inc. | 2,852,815 |
25,910 | Cisco Systems, Inc. | 1,255,340 | |
9,243 | 1 | Commvault Systems, Inc. | 1,412,793 |
30,384 | 1 | Crowdstrike Holdings, Inc. | 7,047,873 |
81,019 | 1 | DXC Technology Co. | 1,647,926 |
186,440 | 1 | Fortinet, Inc. | 10,820,978 |
185,515 | 1 | GoDaddy, Inc. | 26,983,157 |
2,610 | 1 | HubSpot, Inc. | 1,297,248 |
4,882 | IBM Corp. | 938,027 | |
18,747 | Micron Technology, Inc. | 2,058,796 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
111,715 | Microsoft Corp. | $ 46,735,970 | |
2,174 | Motorola Solutions, Inc. | 867,252 | |
249,731 | 1 | Nutanix, Inc. | 12,613,913 |
339,512 | NVIDIA Corp. | 39,729,694 | |
66,789 | 1 | ON Semiconductor Corp. | 5,226,239 |
55,490 | Oracle Corp. | 7,738,081 | |
93,083 | Pegasystems, Inc. | 6,489,747 | |
6,426 | 1 | Qorvo, Inc. | 769,835 |
78,050 | Qualcomm, Inc. | 14,123,147 | |
10,893 | 1 | Salesforce, Inc. | 2,819,108 |
9,290 | 1 | ServiceNow, Inc. | 7,565,683 |
15,785 | TD SYNNEX Corp. | 1,881,098 | |
78,448 | 1 | Zoom Video Communications, Inc. | 4,738,259 |
3,574 | 1 | Zscaler, Inc. | 640,997 |
TOTAL | 298,498,797 | ||
Materials—3.6% | |||
27,907 | Albemarle Corp. | 2,614,049 | |
41,823 | 1 | Axalta Coating Systems Ltd. | 1,490,990 |
113,415 | CRH PLC | 9,719,665 | |
81,275 | FMC Corp. | 4,743,209 | |
28,382 | 1 | Knife River Corp. | 2,256,937 |
56,174 | Mosaic Co./The | 1,672,300 | |
17,085 | Nucor Corp. | 2,783,830 | |
52,248 | PPG Industries, Inc. | 6,634,451 | |
7,188 | Sherwin-Williams Co. | 2,521,550 | |
10,304 | Steel Dynamics, Inc. | 1,372,699 | |
51,952 | 1 | Summit Materials, Inc. | 2,170,554 |
TOTAL | 37,980,234 | ||
Real Estate—1.5% | |||
16,188 | American Tower Corp. | 3,567,835 | |
235,920 | Kilroy Realty Corp. | 8,721,963 | |
76,810 | Macerich Co. (The) | 1,229,728 | |
42,302 | 2 | SL Green Realty Corp. | 2,819,005 |
TOTAL | 16,338,531 | ||
Utilities—2.2% | |||
41,791 | Constellation Energy Corp. | 7,931,932 | |
195,683 | Vistra Corp. | 15,502,007 | |
TOTAL | 23,433,939 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $819,838,292) | 1,041,978,187 | ||
INVESTMENT COMPANY—2.9% | |||
30,641,175 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24%3 (IDENTIFIED COST $30,641,175) | 30,641,175 | |
TOTAL INVESTMENT IN SECURITIES—100.6% (IDENTIFIED COST $850,479,467)4 | 1,072,619,362 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.6)%5 | (6,346,392) | ||
TOTAL NET ASSETS—100% | $1,066,272,970 |
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 | $112,998,810 | $122,471,914 | $235,470,724 |
Proceeds from Sales | $(86,329,247) | $(135,219,414) | $(221,548,661) |
Change in Unrealized Appreciation/Depreciation | $— | $(1,148) | $(1,148) |
Net Realized Gain/(Loss) | $— | $1,128 | $1,128 |
Value as of 7/31/2024 | $30,641,175 | $— | $30,641,175 |
Shares Held as of 7/31/2024 | 30,641,175 | — | 30,641,175 |
Dividend Income | $473,913 | $606,764 | $1,080,677 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $852,479,468. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
PLC | —Public Limited Company |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $35.46 | $34.32 | $42.75 | $31.77 | $29.90 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.13 | 0.19 | 0.08 | 0.08 | 0.13 |
Net realized and unrealized gain (loss) | 9.12 | 4.26 | (1.60) | 11.90 | 2.69 |
Total From Investment Operations | 9.25 | 4.45 | (1.52) | 11.98 | 2.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.12) | (0.04) | (0.12) | (0.11) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) |
Total Distributions | (0.44) | (3.31) | (6.91) | (1.00) | (0.95) |
Net Asset Value, End of Period | $44.27 | $35.46 | $34.32 | $42.75 | $31.77 |
Total Return2 | 26.34% | 14.35% | (4.95)% | 38.40% | 9.66% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Net investment income | 0.35% | 0.57% | 0.22% | 0.23% | 0.44% |
Expense waiver/reimbursement4 | 0.14% | 0.16% | 0.16% | 0.17% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $196,787 | $138,388 | $105,590 | $109,747 | $79,301 |
Portfolio turnover5 | 71% | 130% | 133% | 63% | 160% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $31.63 | $31.06 | $39.55 | $29.57 | $27.99 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.14) | (0.06) | (0.19) | (0.18) | (0.08) |
Net realized and unrealized gain (loss) | 8.11 | 3.82 | (1.43) | 11.04 | 2.50 |
Total From Investment Operations | 7.97 | 3.76 | (1.62) | 10.86 | 2.42 |
Less Distributions: | |||||
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) |
Net Asset Value, End of Period | $39.32 | $31.63 | $31.06 | $39.55 | $29.57 |
Total Return2 | 25.38% | 13.50% | (5.67)% | 37.37% | 8.86% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.81% | 1.81% | 1.81% | 1.79% | 1.79% |
Net investment income (loss) | (0.42)% | (0.20)% | (0.55)% | (0.52)% | (0.31)% |
Expense waiver/reimbursement4 | 0.12% | 0.14% | 0.14% | 0.16% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $52,240 | $35,028 | $33,256 | $38,028 | $31,030 |
Portfolio turnover5 | 71% | 130% | 133% | 63% | 160% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $36.20 | $34.96 | $43.40 | $32.22 | $30.29 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.25 | 0.29 | 0.20 | 0.19 | 0.22 |
Net realized and unrealized gain (loss) | 9.32 | 4.35 | (1.63) | 12.08 | 2.74 |
Total From Investment Operations | 9.57 | 4.64 | (1.43) | 12.27 | 2.96 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.21) | (0.14) | (0.21) | (0.19) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) |
Total Distributions | (0.54) | (3.40) | (7.01) | (1.09) | (1.03) |
Net Asset Value, End of Period | $45.23 | $36.20 | $34.96 | $43.40 | $32.22 |
Total Return2 | 26.73% | 14.69% | (4.67)% | 38.83% | 10.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 0.64% | 0.86% | 0.52% | 0.52% | 0.73% |
Expense waiver/reimbursement4 | 0.18% | 0.21% | 0.20% | 0.21% | 0.25% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $750,516 | $413,248 | $291,517 | $283,822 | $243,490 |
Portfolio turnover5 | 71% | 130% | 133% | 63% | 160% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $35.29 | $34.16 | $42.56 | $31.62 | $29.75 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.25 | 0.28 | 0.20 | 0.20 | 0.21 |
Net realized and unrealized gain (loss) | 9.07 | 4.26 | (1.59) | 11.84 | 2.69 |
Total From Investment Operations | 9.32 | 4.54 | (1.39) | 12.04 | 2.90 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.22) | (0.14) | (0.22) | (0.19) |
Distributions from net realized gain | (0.28) | (3.19) | (6.87) | (0.88) | (0.84) |
Total Distributions | (0.54) | (3.41) | (7.01) | (1.10) | (1.03) |
Net Asset Value, End of Period | $44.07 | $35.29 | $34.16 | $42.56 | $31.62 |
Total Return2 | 26.72% | 14.73% | (4.66)% | 38.84% | 10.00% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Net investment income | 0.65% | 0.84% | 0.53% | 0.54% | 0.75% |
Expense waiver/reimbursement4 | 0.12% | 0.14% | 0.13% | 0.15% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $66,730 | $40,680 | $16,717 | $11,513 | $8,571 |
Portfolio turnover5 | 71% | 130% | 133% | 63% | 160% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $5,271,615 of securities loaned and $30,641,175 of investments in affiliated holdings* (identified cost $850,479,467, including $30,641,175 of identified cost in affiliated holdings) | $1,072,619,362 |
Income receivable | 490,992 |
Income receivable from affiliated holdings | 118,716 |
Receivable for investments sold | 1,864,814 |
Receivable for shares sold | 1,260,993 |
Total Assets | 1,076,354,877 |
Liabilities: | |
Payable for investments purchased | 4,032,346 |
Payable for shares redeemed | 371,693 |
Bank overdraft | 986 |
Payable for collateral due to broker for securities lending (Note 2) | 5,325,049 |
Payable for investment adviser fee (Note 5) | 16,217 |
Payable for administrative fee (Note 5) | 2,227 |
Payable for distribution services fee (Note 5) | 32,662 |
Payable for other service fees (Notes 2 and 5) | 81,899 |
Accrued expenses (Note 5) | 218,828 |
Total Liabilities | 10,081,907 |
Net assets for 23,879,594 shares outstanding | $1,066,272,970 |
Net Assets Consist of: | |
Paid-in capital | $775,728,892 |
Total distributable earnings (loss) | 290,544,078 |
Total Net Assets | $1,066,272,970 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($196,786,891 ÷ 4,445,295 shares outstanding), no par value, unlimited shares authorized | $44.27 |
Offering price per share (100/94.50 of $44.27) | $46.85 |
Redemption proceeds per share | $44.27 |
Class C Shares: | |
Net asset value per share ($52,239,622 ÷ 1,328,639 shares outstanding), no par value, unlimited shares authorized | $39.32 |
Offering price per share | $39.32 |
Redemption proceeds per share (99.00/100 of $39.32) | $38.93 |
Institutional Shares: | |
Net asset value per share ($750,516,076 ÷ 16,591,640 shares outstanding), no par value, unlimited shares authorized | $45.23 |
Offering price per share | $45.23 |
Redemption proceeds per share | $45.23 |
Class R6 Shares: | |
Net asset value per share ($66,730,381 ÷ 1,514,020 shares outstanding), no par value, unlimited shares authorized | $44.07 |
Offering price per share | $44.07 |
Redemption proceeds per share | $44.07 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $606,764 received from affiliated holdings*) | $10,103,816 |
Interest | 296,079 |
Net income on securities loaned (includes $473,913 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 7,692 |
TOTAL INCOME | 10,407,587 |
Expenses: | |
Investment adviser fee (Note 5) | 5,260,383 |
Administrative fee (Note 5) | 585,879 |
Custodian fees | 45,630 |
Transfer agent fees (Note 2) | 646,903 |
Directors’/Trustees’ fees (Note 5) | 4,141 |
Auditing fees | 30,681 |
Legal fees | 10,263 |
Portfolio accounting fees | 147,402 |
Distribution services fee (Note 5) | 311,128 |
Other service fees (Notes 2 and 5) | 501,813 |
Share registration costs | 144,610 |
Printing and postage | 44,530 |
Miscellaneous (Note 5) | 32,768 |
TOTAL EXPENSES | 7,766,131 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (915,659) |
Reimbursement of other operating expenses (Notes 2 and 5) | (337,730) |
TOTAL WAIVER AND REIMBURSEMENTS | (1,253,389) |
Net expenses | 6,512,742 |
Net investment income | 3,894,845 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $1,128 on sales of investments in affiliated holdings*) | 69,318,104 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,148) on investments in affiliated holdings*) | 106,528,878 |
Net realized and unrealized gain (loss) on investments | 175,846,982 |
Change in net assets resulting from operations | $179,741,827 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,894,845 | $3,569,855 |
Net realized gain (loss) | 69,318,104 | 9,610,946 |
Net change in unrealized appreciation/depreciation | 106,528,878 | 59,153,515 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 179,741,827 | 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 | 417,422,632 | 288,930,323 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Stockyard Bank Focused Equity Common Trust Fund | 37,894,773 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,937,062 | 40,448,117 |
Cost of shares redeemed | (195,336,244) | (177,893,339) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 267,918,223 | 151,485,101 |
Change in net assets | 438,928,941 | 180,264,560 |
Net Assets: | ||
Beginning of period | 627,344,029 | 447,079,469 |
End of period | $1,066,272,970 | $627,344,029 |
Shares of the Fund Issued | Stockyard Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Acquisition | Net Assets of the Fund Immediately After Acquisition |
859,487 | $37,894,773 | $16,120,743 | $889,668,785 | $927,563,558 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $151,319 | $(27,963) |
Class C Shares | 38,828 | — |
Institutional Shares | 447,892 | (309,767) |
Class R6 Shares | 8,864 | — |
TOTAL | $646,903 | $(337,730) |
Other Service Fees Incurred | |
Class A Shares | $398,104 |
Class C Shares | 103,709 |
TOTAL | $501,813 |
Fair Value of Securities Loaned | Collateral Received |
$5,271,615 | $5,325,049 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 988,310 | $38,884,100 | 1,343,037 | $43,579,194 |
Shares issued to shareholders in payment of distributions declared | 43,132 | 1,577,867 | 308,624 | 9,607,187 |
Shares redeemed | (488,836) | (18,754,497) | (825,942) | (26,971,340) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 542,606 | $21,707,470 | 825,719 | $26,215,041 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 519,175 | $18,015,052 | 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 | (307,534) | (10,546,056) | (438,795) | (12,893,326) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 221,136 | $7,775,497 | 36,816 | $953,720 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,008,757 | $328,392,812 | 6,021,803 | $201,878,159 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 859,487 | 37,894,773 | — | — |
Shares issued to shareholders in payment of distributions declared | 148,413 | 5,556,056 | 836,543 | 26,592,484 |
Shares redeemed | (3,839,150) | (147,873,040) | (3,782,618) | (126,125,074) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 5,177,507 | $223,970,601 | 3,075,728 | $102,345,569 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 794,679 | $32,130,668 | 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 | (447,023) | (18,162,651) | (364,328) | (11,903,599) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 361,272 | $14,464,655 | 663,438 | $21,970,771 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 6,302,521 | $267,918,223 | 4,601,701 | $151,485,101 |
2024 | 2023 | |
Ordinary income | $3,856,353 | $2,533,761 |
Long-term capital gains | $4,874,756 | $41,021,096 |
TOTAL | $8,731,109 | $43,554,857 |
Undistributed ordinary income | $2,122,682 |
Net unrealized appreciation | $220,139,894 |
Undistributed long-term capital gains | $68,281,502 |
TOTAL | $290,544,078 |
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 | $311,128 |
Purchases | $742,385,227 |
Sales | $525,722,568 |
September 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
and Additional Information
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Federated Hermes MDT Balanced Fund
A Portfolio of Federated Hermes MDT Series
Shares or Principal Amount | Value | ||
COMMON STOCKS—58.0% | |||
Communication Services—5.1% | |||
33,851 | Alphabet, Inc., Class A | $ 5,806,801 | |
83,798 | 1 | Altice USA, Inc. | 175,138 |
19,336 | 1 | CarGurus, Inc. | 479,919 |
21,112 | 1 | Cars.com, Inc. | 435,329 |
751 | 1 | Live Nation Entertainment, Inc. | 72,239 |
5,031 | Meta Platforms, Inc. | 2,388,870 | |
203 | 1 | Netflix, Inc. | 127,555 |
5,617 | 1 | Spotify Technology SA | 1,931,911 |
20,247 | 1 | ZoomInfo Technologies, Inc. | 230,006 |
TOTAL | 11,647,768 | ||
Consumer Discretionary—5.6% | |||
23,171 | Advance Auto Parts, Inc. | 1,467,419 | |
1,952 | 1 | Airbnb, Inc. | 272,421 |
15,731 | 1 | Amazon.com, Inc. | 2,941,382 |
171 | 1 | AutoZone, Inc. | 535,861 |
7,708 | 1 | Cava Group, Inc. | 649,168 |
2,589 | 1 | DoorDash, Inc. | 286,654 |
4,559 | eBay, Inc. | 253,526 | |
7,687 | 1 | Expedia Group, Inc. | 981,399 |
22,641 | Ford Motor Co. | 244,976 | |
43,967 | Gap (The), Inc. | 1,032,345 | |
15,297 | 1 | Goodyear Tire & Rubber Co. | 178,975 |
644 | Murphy USA, Inc. | 325,168 | |
480 | 1 | O’Reilly Automotive, Inc. | 540,643 |
3,827 | PVH Corp. | 390,316 | |
6,362 | 1 | Royal Caribbean Cruises, Ltd. | 997,053 |
4,485 | 1 | SharkNinja, Inc. | 344,672 |
12,680 | 1 | Under Armour, Inc., Class A | 88,380 |
3,544 | Wingstop, Inc. | 1,325,031 | |
TOTAL | 12,855,389 | ||
Consumer Staples—3.6% | |||
11,638 | Albertsons Cos., Inc. | 230,782 | |
7,686 | 1 | Bellring Brands, Inc. | 394,138 |
271 | Coca-Cola Bottling Co. | 310,536 | |
17,312 | Colgate-Palmolive Co. | 1,717,177 | |
1,411 | Costco Wholesale Corp. | 1,159,842 | |
972 | Estee Lauder Cos., Inc., Class A | 96,821 | |
20,502 | 1 | Hain Celestial Group, Inc. | 158,686 |
7,148 | Kimberly-Clark Corp. | 965,337 | |
17,010 | Kroger Co. | 927,045 | |
12,478 | 1 | Maplebear, Inc. | 430,366 |
8,232 | PepsiCo, Inc. | 1,421,419 | |
600 | Procter & Gamble Co. | 96,456 | |
3,540 | WalMart, Inc. | 242,986 | |
TOTAL | 8,151,591 | ||
Energy—1.5% | |||
1,595 | Cheniere Energy, Inc. | 291,311 | |
3,595 | Devon Energy Corp. | 169,073 | |
2,500 | EOG Resources, Inc. | 317,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
9,475 | Marathon Petroleum Corp. | $ 1,677,264 | |
7,194 | 1 | Weatherford International PLC | 847,885 |
TOTAL | 3,302,533 | ||
Financials—8.1% | |||
4,958 | Ameriprise Financial, Inc. | 2,132,287 | |
1,766 | Apollo Global Management, Inc. | 221,298 | |
886 | 1 | Arch Capital Group Ltd. | 84,861 |
24,804 | Bank of New York Mellon Corp. | 1,613,996 | |
1,512 | Cboe Global Markets, Inc. | 277,467 | |
1,375 | 1 | Coinbase Global, Inc. | 308,495 |
14,679 | Corebridge Financial, Inc. | 433,764 | |
3,724 | 1 | Fiserv, Inc. | 609,135 |
1,950 | Globe Life, Inc. | 180,843 | |
9,581 | 1 | Green Dot Corp. | 91,594 |
928 | Hartford Financial Services Group, Inc. | 102,934 | |
15,952 | Huntington Bancshares, Inc. | 238,482 | |
9,482 | Interactive Brokers Group, Inc., Class A | 1,130,918 | |
24,198 | Jackson Financial, Inc. | 2,130,876 | |
289 | MSCI, Inc., Class A | 156,280 | |
10,570 | Northern Trust Corp. | 937,031 | |
6,046 | 1 | PayPal Holdings, Inc. | 397,706 |
1,558 | Progressive Corp., OH | 333,599 | |
20,380 | Prudential Financial, Inc. | 2,554,022 | |
1,354 | 1 | Ryan Specialty Group Holdings, Inc. | 83,393 |
19,022 | State Street Corp. | 1,616,299 | |
8,587 | The Travelers Cos., Inc. | 1,858,570 | |
10,476 | Virtu Financial, Inc. | 286,204 | |
935 | Visa, Inc., Class A | 248,401 | |
31,056 | Western Union Co. | 369,256 | |
TOTAL | 18,397,711 | ||
Health Care—7.1% | |||
19,629 | AbbVie, Inc. | 3,637,646 | |
377 | 1 | Align Technology, Inc. | 87,419 |
2,568 | Amgen, Inc. | 853,783 | |
7,913 | 1 | AnaptysBio, Inc. | 275,689 |
1,680 | 1 | Biogen, Inc. | 358,176 |
1,041 | Cardinal Health, Inc. | 104,964 | |
3,840 | Cencora, Inc. | 913,459 | |
12,949 | 1 | Centene Corp. | 996,037 |
15,524 | 1 | Community Health Systems, Inc. | 81,656 |
628 | 1 | Edwards Lifesciences Corp. | 39,595 |
51,357 | 1 | Elanco Animal Health, Inc. | 669,695 |
784 | Elevance Health, Inc. | 417,112 | |
2,527 | 1 | GE HealthCare Technologies, Inc. | 213,860 |
11,099 | Gilead Sciences, Inc. | 844,190 | |
4,748 | 1 | Illumina, Inc. | 582,105 |
11,363 | 1 | Incyte Genomics, Inc. | 739,391 |
11,432 | Johnson & Johnson | 1,804,541 | |
525 | McKesson Corp. | 323,936 | |
13,489 | Merck & Co., Inc. | 1,526,011 | |
407 | 1 | Molina Healthcare, Inc. | 138,897 |
6,587 | 1 | Myriad Genetics, Inc. | 184,238 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
6,280 | 1 | Nevro Corp. | $ 62,360 |
5,672 | 1 | Omnicell, Inc. | 165,679 |
724 | Teleflex, Inc. | 159,946 | |
1,269 | The Cigna Group | 442,462 | |
224 | UnitedHealth Group, Inc. | 129,060 | |
881 | 1 | Vertex Pharmaceuticals, Inc. | 436,729 |
TOTAL | 16,188,636 | ||
Industrials—4.8% | |||
1,710 | AGCO Corp. | 161,458 | |
1,571 | Allegion PLC | 214,929 | |
8,207 | Allison Transmission Holdings, Inc. | 727,058 | |
12,831 | 1 | Atmus Filtration Technologies, Inc. | 395,708 |
5,262 | Booz Allen Hamilton Holding Corp. | 754,097 | |
359 | Caterpillar, Inc. | 124,286 | |
2,632 | 1 | Core & Main, Inc. | 140,733 |
576 | Emerson Electric Co. | 67,455 | |
1,056 | Fortive Corp. | 75,874 | |
2,159 | General Electric Co. | 367,462 | |
393 | Huntington Ingalls Industries, Inc. | 110,032 | |
2,095 | Lennox International, Inc. | 1,222,433 | |
1,342 | Manpower, Inc. | 102,770 | |
4,660 | Masco Corp. | 362,781 | |
5,912 | Otis Worldwide Corp. | 558,684 | |
1,790 | PACCAR, Inc. | 176,601 | |
6,027 | Paychex, Inc. | 771,577 | |
4,597 | 1 | Paycom Software, Inc. | 766,734 |
17,484 | Pitney Bowes, Inc. | 115,394 | |
592 | Rockwell Automation, Inc. | 164,961 | |
984 | Ryder System, Inc. | 137,917 | |
6,476 | 1 | SPX Technologies, Inc. | 955,469 |
656 | Trane Technologies PLC | 219,288 | |
1,494 | Union Pacific Corp. | 368,615 | |
349 | 1 | Veralto Corp. | 37,189 |
6,593 | Verisk Analytics, Inc. | 1,725,718 | |
532 | Waste Management, Inc. | 107,815 | |
TOTAL | 10,933,038 | ||
Information Technology—15.7% | |||
170 | 1 | Adobe, Inc. | 93,781 |
35,231 | Apple, Inc. | 7,824,101 | |
1,996 | Applied Materials, Inc. | 423,551 | |
5,752 | 1 | AppLovin Corp. | 443,479 |
3,643 | 1 | Arista Networks, Inc. | 1,262,482 |
1,931 | 1 | Braze, Inc. | 85,080 |
238 | 1 | Cadence Design Systems, Inc. | 63,703 |
4,701 | 1 | Cirrus Logic, Inc. | 613,387 |
2,931 | 1 | Commvault Systems, Inc. | 448,003 |
5,370 | 1 | Crowdstrike Holdings, Inc. | 1,245,625 |
14,042 | 1 | DXC Technology Co. | 285,614 |
15,930 | 1 | Fortinet, Inc. | 924,577 |
21,272 | 1 | GoDaddy, Inc. | 3,094,012 |
14,151 | Hewlett Packard Enterprise Co. | 281,746 | |
372 | 1 | HubSpot, Inc. | 184,895 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,034 | IBM Corp. | $ 198,673 | |
2,489 | Micron Technology, Inc. | 273,342 | |
12,486 | Microsoft Corp. | 5,223,518 | |
36,112 | 1 | Nutanix, Inc. | 1,824,017 |
41,572 | NVIDIA Corp. | 4,864,755 | |
5,327 | 1 | ON Semiconductor Corp. | 416,838 |
4,893 | Oracle Corp. | 682,329 | |
16,173 | Pegasystems, Inc. | 1,127,582 | |
8,833 | Qualcomm, Inc. | 1,598,331 | |
1,031 | 1 | Salesforce, Inc. | 266,823 |
1,484 | 1 | ServiceNow, Inc. | 1,208,555 |
1,690 | TD SYNNEX Corp. | 201,397 | |
7,238 | Vishay Intertechnology, Inc. | 175,956 | |
9,197 | Xerox Holdings Corp. | 99,006 | |
4,932 | 1 | Zoom Video Communications, Inc. | 297,893 |
TOTAL | 35,733,051 | ||
Materials—1.9% | |||
1,937 | Albemarle Corp. | 181,439 | |
3,051 | 1 | Axalta Coating Systems Ltd. | 108,768 |
2,792 | 1 | Berry Global Group, Inc. | 183,490 |
14,980 | CRH PLC | 1,283,786 | |
7,524 | FMC Corp. | 439,101 | |
4,793 | 1 | Knife River Corp. | 381,139 |
2,950 | Mosaic Co./The | 87,822 | |
2,471 | Newmont Corp. | 121,252 | |
812 | Nucor Corp. | 132,307 | |
6,398 | PPG Industries, Inc. | 812,418 | |
1,065 | Sherwin-Williams Co. | 373,602 | |
1,682 | Steel Dynamics, Inc. | 224,076 | |
TOTAL | 4,329,200 | ||
Real Estate—3.2% | |||
5,500 | Acadia Realty Trust | 119,020 | |
4,300 | Agree Realty Corp. | 296,571 | |
1,000 | American Tower Corp. | 220,400 | |
1,850 | Avalonbay Communities, Inc. | 379,102 | |
5,000 | Cubesmart | 237,900 | |
3,400 | Digital Realty Trust, Inc. | 508,266 | |
1,750 | EastGroup Properties, Inc. | 327,232 | |
620 | Equinix, Inc. | 489,949 | |
1,650 | Essex Property Trust, Inc. | 459,294 | |
8,600 | Getty Realty Holding Corp. | 254,732 | |
13,300 | Healthpeak Properties, Inc. | 290,206 | |
5,000 | Highwoods Properties, Inc. | 154,850 | |
2,900 | Invitation Homes, Inc. | 102,283 | |
14,000 | Kite Realty Group Trust | 345,240 | |
24,500 | Macerich Co. (The) | 392,245 | |
11,000 | Park Hotels & Resorts, Inc. | 165,660 | |
11,000 | Pebblebrook Hotel Trust | 150,590 | |
2,400 | ProLogis, Inc. | 302,520 | |
700 | Public Storage | 207,144 | |
1,000 | Ryman Hospitality Properties, Inc. | 100,510 | |
3,000 | Simon Property Group, Inc. | 460,320 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,150 | Sun Communities, Inc. | $ 145,740 | |
10,700 | Ventas, Inc. | 582,508 | |
5,400 | Welltower, Inc. | 600,750 | |
TOTAL | 7,293,032 | ||
Utilities—1.4% | |||
7,214 | Constellation Energy Corp. | 1,369,217 | |
22,442 | Vistra Corp. | 1,777,855 | |
TOTAL | 3,147,072 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $102,233,979) | 131,979,021 | ||
CORPORATE BONDS—11.0% | |||
Basic Industry - Building Materials—0.0% | |||
$ 65,000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | 67,128 | |
Basic Industry - Chemicals—0.0% | |||
6,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 6,361 | |
Basic Industry - Metals & Mining—0.1% | |||
200,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | 200,775 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 15,271 | |
TOTAL | 216,046 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 132,941 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 108,592 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 254,141 | |
170,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 167,525 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 14,226 | |
40,000 | 2 | Textron Financial Corp., Jr. Sub. Note, 144A, 7.318% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | 35,984 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 49,284 | |
TOTAL | 762,693 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 199,054 | |
225,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 5.600%, 5/29/2034 | 230,553 | |
85,000 | Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054 | 94,695 | |
TOTAL | 524,302 | ||
Capital Goods - Construction Machinery—0.2% | |||
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 205,329 | |
255,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | 252,772 | |
TOTAL | 458,101 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 54,904 | |
75,000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | 77,192 | |
TOTAL | 132,096 | ||
Communications - Cable & Satellite—0.4% | |||
300,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029 | 262,521 | |
185,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.550%, 6/1/2034 | 189,849 | |
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 91,790 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 13,088 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 9,488 | |
235,000 | Comcast Corp., Sr. Unsecd. Note, 5.650%, 6/1/2054 | 239,800 | |
TOTAL | 806,536 | ||
Communications - Media & Entertainment—0.0% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 29,627 | |
Communications - Telecom Wireless—0.6% | |||
250,000 | American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034 | 255,028 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wireless—continued | |||
$ 150,000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026 | $ 146,372 | |
350,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | 348,617 | |
300,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | 300,612 | |
180,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055 | 177,994 | |
250,000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.750%, 6/28/2054 | 248,294 | |
TOTAL | 1,476,917 | ||
Communications - Telecom Wirelines—0.2% | |||
12,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | 8,397 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 217,798 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | 7,608 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 4,717 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 142,923 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 83,023 | |
TOTAL | 464,466 | ||
Consumer Cyclical - Automotive—0.4% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031 | 279,092 | |
300,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.125%, 3/8/2034 | 300,535 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 150,773 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | 179,143 | |
10,000 | Mercedes-Benz Finance NA, LLC Co. Guarantee, 8.500%, 1/18/2031 | 12,103 | |
TOTAL | 921,646 | ||
Consumer Cyclical - Retailers—0.3% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 166,312 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 246,281 | |
250,000 | WalMart, Inc., Sr. Unsecd. Note, 4.500%, 4/15/2053 | 228,781 | |
TOTAL | 641,374 | ||
Consumer Cyclical - Services—0.1% | |||
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 124,251 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 13,819 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 10,165 | |
TOTAL | 148,235 | ||
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 | 29,326 | |
300,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | 296,268 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 288,226 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 260,298 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 14,142 | |
TOTAL | 888,260 | ||
Consumer Non-Cyclical - Health Care—0.3% | |||
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 14,893 | |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 6.050%, 6/1/2054 | 201,263 | |
105,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 116,966 | |
300,000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | 303,774 | |
TOTAL | 636,896 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.2% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 427,582 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 12,954 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 8,934 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 13,539 | |
TOTAL | 463,009 | ||
Consumer Non-Cyclical - Tobacco—0.3% | |||
245,000 | BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034 | 255,025 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Tobacco—continued | |||
$ 450,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | $ 471,097 | |
TOTAL | 726,122 | ||
Energy - Independent—0.2% | |||
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 115,049 | |
5,000 | ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062 | 3,856 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 19,376 | |
250,000 | Occidental Petroleum Corp., 5.550%, 10/1/2034 | 251,525 | |
125,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 139,752 | |
TOTAL | 529,558 | ||
Energy - Integrated—0.4% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 131,386 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 292,432 | |
170,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | 169,345 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 266,432 | |
TOTAL | 859,595 | ||
Energy - Midstream—0.9% | |||
125,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 110,195 | |
115,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 114,033 | |
20,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 20,300 | |
115,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054 | 113,650 | |
10,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 10,127 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 167,392 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 22,343 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 39,299 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 4,514 | |
235,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 6/1/2034 | 236,823 | |
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 446,593 | |
190,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 200,898 | |
250,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053 | 273,425 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 64,432 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 5,297 | |
10,000 | Western Midstream Operating, LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 9,849 | |
200,000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | 199,560 | |
TOTAL | 2,038,730 | ||
Energy - Refining—0.0% | |||
15,000 | HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 15,116 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 12,351 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 10,693 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 14,787 | |
TOTAL | 52,947 | ||
Financial Institution - Banking—2.3% | |||
350,000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | 353,427 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 293,749 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 197,953 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 14,982 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 14,878 | |
165,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 143,379 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 246,390 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 165,805 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | ��� 273,644 | |
370,000 | Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026 | 371,653 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 14,813 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 75,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | $ 76,270 | |
195,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 6.645%, 4/25/2035 | 207,878 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 29,006 | |
250,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 248,620 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 164,936 | |
10,000 | 3 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2072 | 9,949 |
25,000 | 3 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2172 | 25,000 |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 13,216 | |
110,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | 111,782 | |
150,000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | 156,534 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | 86,594 | |
180,000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | 180,927 | |
105,000 | Morgan Stanley, Sr. Unsecd. Note, 5.831%, 4/19/2035 | 109,754 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 14,835 | |
240,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 245,684 | |
165,000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | 168,091 | |
300,000 | State Street Corp., Sr. Unsecd. Note, 5.159%, 5/18/2034 | 304,030 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 9,043 | |
300,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 309,722 | |
300,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 311,558 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 207,436 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 9,843 | |
200,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | 203,947 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 9,792 | |
TOTAL | 5,305,120 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 78,516 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 68,209 | |
TOTAL | 146,725 | ||
Financial Institution - Finance Companies—0.1% | |||
220,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 225,825 | |
Financial Institution - Insurance - Health—0.2% | |||
300,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052 | 271,388 | |
250,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.150%, 7/15/2034 | 253,907 | |
TOTAL | 525,295 | ||
Financial Institution - Insurance - Life—0.2% | |||
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 301,479 | |
15,000 | 2 | MetLife, Inc., Jr. Sub. Note, 6.400% (3-month USLIBOR +2.205%), 12/15/2036 | 15,324 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 13,552 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 17,276 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 53,179 | |
TOTAL | 400,810 | ||
Financial Institution - Insurance - P&C—0.0% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 8,709 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 42,886 | |
TOTAL | 51,595 | ||
Financial Institution - REIT - Apartment—0.1% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 54,328 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 160,683 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 67,023 | |
TOTAL | 282,034 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Healthcare—0.1% | |||
$ 185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | $ 176,438 | |
Financial Institution - REIT - Office—0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 68,080 | |
Financial Institution - REIT - Other—0.0% | |||
70,000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034 | 70,739 | |
Technology—0.8% | |||
10,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | 8,669 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 53,545 | |
220,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | 207,681 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 18,266 | |
171,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | 173,871 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 104,094 | |
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 4,584 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 261,830 | |
250,000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054 | 248,671 | |
7,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 4,921 | |
8,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 7,191 | |
500,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | 540,006 | |
175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 150,031 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 68,616 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 14,400 | |
TOTAL | 1,866,376 | ||
Transportation - Airlines—0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 29,787 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 109,656 | |
TOTAL | 139,443 | ||
Transportation - Railroads—0.1% | |||
225,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 217,889 | |
Transportation - Services—0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 15,390 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 18,292 | |
210,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 214,627 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 123,920 | |
TOTAL | 372,229 | ||
Utility - Electric—1.0% | |||
200,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 133,907 | |
90,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 83,775 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 70,633 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 296,171 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 118,172 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 165,247 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 195,425 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 108,297 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 29,526 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 242,440 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 170,243 | |
250,000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053 | 247,055 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 251,219 | |
170,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | 172,209 | |
TOTAL | 2,284,319 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Other—0.1% | |||
$ 125,000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | $ 128,167 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $25,923,814) | 25,111,729 | ||
ASSET-BACKED SECURITIES—2.7% | |||
Auto Receivables—1.2% | |||
300,000 | Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028 | 302,732 | |
300,000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | 310,816 | |
300,000 | General Motors 2024-2A, Class B, 5.350%, 3/17/2031 | 303,154 | |
250,000 | Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029 | 251,870 | |
150,000 | M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032 | 151,238 | |
100,000 | Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028 | 100,831 | |
72,155 | Santander Bank Auto Credit-Linked Notes 2022-B, Class D, 6.793%, 8/16/2032 | 72,253 | |
300,000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | 299,678 | |
250,000 | Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030 | 253,921 | |
225,000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | 230,314 | |
250,000 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | 251,894 | |
250,000 | Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036 | 253,792 | |
90,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 87,211 | |
TOTAL | 2,869,704 | ||
Credit Card—0.3% | |||
345,000 | First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029 | 345,816 | |
400,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 365,533 | |
TOTAL | 711,349 | ||
Equipment Lease—1.0% | |||
200,000 | Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029 | 200,251 | |
300,000 | DLLAD LLC 2024-1A, Class A4, 5.380%, 9/22/2031 | 307,613 | |
200,000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | 200,902 | |
500,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 493,350 | |
400,000 | HPEFS Equipment Trust 2024-2A, Class C, 5.520%, 10/20/2031 | 404,259 | |
300,000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | 300,504 | |
300,000 | MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038 | 306,453 | |
TOTAL | 2,213,332 | ||
Other—0.1% | |||
225,000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | 227,204 | |
Student Loans—0.1% | |||
164,928 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 147,824 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $6,171,063) | 6,169,413 | ||
U.S. TREASURIES—2.5% | |||
U.S. Treasury Bond—0.7% | |||
340,000 | United States Treasury Bond, 2.250%, 2/15/2052 | 223,833 | |
125,000 | United States Treasury Bond, 3.000%, 8/15/2052 | 97,097 | |
50,000 | United States Treasury Bond, 3.250%, 5/15/2042 | 42,848 | |
225,000 | United States Treasury Bond, 3.375%, 8/15/2042 | 195,990 | |
1,075,000 | 4 | United States Treasury Bond, 4.125%, 8/15/2053 | 1,033,276 |
50,000 | United States Treasury Bond, 4.250%, 2/15/2054 | 49,159 | |
TOTAL | 1,642,203 | ||
U.S. Treasury Note—1.8% | |||
500,000 | United States Treasury Note, 2.375%, 3/31/2029 | 466,392 | |
500,000 | United States Treasury Note, 2.750%, 5/31/2029 | 473,763 | |
550,000 | United States Treasury Note, 3.125%, 8/31/2029 | 529,324 | |
1,150,000 | United States Treasury Note, 4.000%, 1/31/2029 | 1,152,320 | |
100,000 | United States Treasury Note, 4.000%, 7/31/2029 | 100,319 |
Shares or Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
U.S. Treasury Note—continued | |||
$ 100,000 | United States Treasury Note, 4.000%, 7/31/2030 | $ 100,194 | |
55,000 | United States Treasury Note, 4.000%, 2/15/2034 | 54,756 | |
295,000 | United States Treasury Note, 4.125%, 7/31/2028 | 296,545 | |
350,000 | United States Treasury Note, 4.375%, 11/30/2030 | 357,894 | |
75,000 | United States Treasury Note, 4.375%, 5/15/2034 | 76,934 | |
300,000 | United States Treasury Note, 4.625%, 4/30/2031 | 311,607 | |
TOTAL | 3,920,048 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $5,670,244) | 5,562,251 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.2% | |||
Commercial Mortgage—0.3% | |||
150,000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | 157,241 | |
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 177,045 | |
250,000 | Barclays Commercial Mortgage S 2024-5C27, Class A2, 5.550%, 7/15/2057 | 255,121 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 187,065 | |
TOTAL | 776,472 | ||
Federal Home Loan Mortgage Corporation—0.7% | |||
1,337 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 1,365 | |
363,414 | 2 | Federal Home Loan Mortgage Corp. REMIC, Series 5396, Class FG, 6.330% (30-DAY AVERAGE SOFR +0.000%), 4/25/2054 | 361,235 |
379,556 | 2 | Federal Home Loan Mortgage Corp. REMIC, Series 5402, Class FB, 6.430% (30-DAY AVERAGE SOFR +0.000%), 4/25/2054 | 379,690 |
241,685 | 2 | Federal Home Loan Mortgage Corp. REMIC, Series 5417, Class FC, 6.547% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | 241,528 |
243,036 | 2 | Federal Home Loan Mortgage Corp. REMIC, Series 5426, Class FB, 6.547% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | 242,919 |
250,000 | Federal Home Loan Mortgage Corp. REMIC, Series K161, Class A2, 4.900%, 10/25/2033 | 258,074 | |
200,000 | Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030 | 205,240 | |
TOTAL | 1,690,051 | ||
Federal National Mortgage Association—0.0% | |||
155 | FNMA REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 152 | |
Non-Agency Mortgage—0.2% | |||
6 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 8.095%, 3/25/2031 | 7 | |
371,135 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | 326,236 | |
TOTAL | 326,243 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,815,464) | 2,792,918 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.4% | |||
Commercial Mortgage—0.2% | |||
200,000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | 210,061 | |
200,000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | 201,489 | |
TOTAL | 411,550 | ||
Federal Home Loan Mortgage Corporation—0.2% | |||
2,470 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 2,457 | |
230,420 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | 213,225 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 335,691 | |
TOTAL | 551,373 | ||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,006,569) | 962,923 | ||
MORTGAGE-BACKED SECURITIES—0.1% | |||
Federal Home Loan Mortgage Corporation—0.0% | |||
18,537 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 17,860 | |
Federal National Mortgage Association—0.1% | |||
4,663 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 4,792 | |
472 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 483 | |
18,591 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 17,984 | |
33,614 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 31,527 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES—continued | |||
Federal National Mortgage Association—continued | |||
$ 23,981 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | $ 23,760 | |
11,648 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 10,602 | |
14,326 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 13,036 | |
5,932 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 5,769 | |
13,352 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 12,724 | |
7,519 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 6,710 | |
9,969 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 9,182 | |
12,142 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 11,195 | |
9,198 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 8,157 | |
6,198 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 5,703 | |
19,612 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 17,551 | |
8,833 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 8,141 | |
13,834 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 14,014 | |
16,199 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 16,044 | |
19,784 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 17,981 | |
17,314 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 16,409 | |
TOTAL | 251,764 | ||
Government National Mortgage Association—0.0% | |||
11,310 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 10,643 | |
7,215 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 6,954 | |
TOTAL | 17,597 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $310,654) | 287,221 | ||
MUNICIPAL BOND—0.0% | |||
30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $32,423) | 30,388 | |
EXCHANGE-TRADED FUNDS—6.7% | |||
40,200 | iShares Core MSCI Emerging Markets ETF | 2,168,388 | |
162,000 | iShares MSCI EAFE ETF | 13,018,320 | |
Total Exchange-Traded Funds (IDENTIFIED COST $13,404,156) | 15,186,708 | ||
INVESTMENT COMPANIES—17.5% | |||
199,383 | Bank Loan Core Fund | 1,736,624 | |
501,357 | Emerging Markets Core Fund | 4,261,538 | |
4,577,775 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24%5 | 4,577,775 | |
376,512 | High Yield Bond Core Fund | 2,108,468 | |
2,656,734 | Mortgage Core Fund | 22,210,294 | |
545,488 | Project and Trade Finance Core Fund | 4,822,111 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $41,398,488) | 39,716,810 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $198,966,854)6 | 227,799,382 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%7 | (229,406) | ||
TOTAL NET ASSETS—100% | $227,569,976 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
United States Treasury Notes 2-Year Long Futures | 60 | $12,322,031 | September 2024 | $101,531 |
United States Treasury Notes 5-Year Long Futures | 102 | $11,004,844 | September 2024 | $170,591 |
United States Treasury Long Bond Long Futures | 2 | $241,562 | September 2024 | $7,480 |
Short Futures: | ||||
United States Treasury Notes 10-Year Ultra Short Futures | 11 | $1,271,359 | September 2024 | $(32,431) |
United States Treasury Ultra Bond Short Futures | 3 | $383,906 | September 2024 | $(16,788) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $230,383 |
Affiliates | Value as of 7/31/2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 7/31/2024 | Shares Held as of 7/31/2024 | Dividend Income |
Bank Loan Core Fund | $11,640 | $1,735,470 | $— | $(10,486) | $— | $1,736,624 | 199,383 | $40,471 |
Emerging Markets Core Fund | $1,790,027 | $2,654,646 | $(382,000) | $186,134 | $12,731 | $4,261,538 | 501,357 | $225,193 |
Federated Hermes Government Obligations Fund, Premier Shares | $404,597 | $193,525,567 | $(189,352,389) | $— | $— | $4,577,775 | 4,577,775 | $203,677 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $2,602,447 | $38,292,126 | $(40,894,152) | $(331) | $(90) | $— | — | $186,929 |
High Yield Bond Core Fund | $1,929,131 | $234,785 | $(123,000) | $71,676 | $(4,124) | $2,108,468 | 376,512 | $125,212 |
Mortgage Core Fund | $21,650,227 | $3,358,677 | $(2,892,750) | $346,406 | $(252,266) | $22,210,294 | 2,656,734 | $979,679 |
Project and Trade Finance Core Fund | $4,440,858 | $334,411 | $— | $46,842 | $— | $4,822,111 | 545,488 | $334,550 |
TOTAL OF AFFILIATED TRANSACTIONS | $32,828,927 | $240,135,682 | $(233,644,291) | $640,241 | $(243,749) | $39,716,810 | 8,857,249 | $2,095,711 |
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 | The cost of investments for federal tax purposes amounts to $199,276,969. |
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 July 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 | $129,827,822 | $— | $— | $129,827,822 |
International | 2,151,199 | — | — | 2,151,199 |
Debt Securities: | ||||
Corporate Bonds | — | 25,111,729 | — | 25,111,729 |
Asset-Backed Securities | — | 6,169,413 | — | 6,169,413 |
U.S. Treasuries | — | 5,562,251 | — | 5,562,251 |
Collateralized Mortgage Obligations | — | 2,792,918 | — | 2,792,918 |
Commercial Mortgage-Backed Securities | — | 962,923 | — | 962,923 |
Mortgage-Backed Securities | — | 287,221 | — | 287,221 |
Municipal Bond | — | 30,388 | — | 30,388 |
Exchange-Traded Funds | 15,186,708 | — | — | 15,186,708 |
Investment Companies | 34,894,699 | — | — | 34,894,699 |
Other Investments1 | — | — | — | 4,822,111 |
TOTAL SECURITIES | $182,060,428 | $40,916,843 | $— | $227,799,382 |
Other Financial Instruments:2 | ||||
Assets | $279,602 | $— | $— | $279,602 |
Liabilities | (49,219) | — | — | (49,219) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $230,383 | $— | $— | $230,383 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,822,111 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. 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 | |
FNMA | —Federal National Mortgage Association | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $19.51 | $19.57 | $23.18 | $19.59 | $18.71 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.30 | 0.28 | 0.16 | 0.16 | 0.19 |
Net realized and unrealized gain (loss) | 2.86 | 0.85 | (1.60) | 4.30 | 1.46 |
Total From Investment Operations | 3.16 | 1.13 | (1.44) | 4.46 | 1.65 |
Less Distributions: | |||||
Distributions from net investment income | (0.29) | (0.09) | (0.13) | (0.07) | (0.24) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) |
Total Distributions | (0.29) | (1.19) | (2.17) | (0.87) | (0.77) |
Net Asset Value, End of Period | $22.38 | $19.51 | $19.57 | $23.18 | $19.59 |
Total Return2 | 16.36% | 6.28% | (7.05)% | 23.31% | 9.08% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.31% | 1.31% | 1.30% | 1.31% | 1.31% |
Net investment income | 1.46% | 1.48% | 0.73% | 0.77% | 1.04% |
Expense waiver/reimbursement4 | 0.01% | 0.04% | 0.01% | 0.04% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $130,833 | $115,519 | $114,889 | $124,559 | $95,559 |
Portfolio turnover5 | 68% | 104% | 110% | 61% | 152% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $19.02 | $19.16 | $22.78 | $19.35 | $18.50 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.14 | 0.14 | (0.01) | 0.002 | 0.05 |
Net realized and unrealized gain (loss) | 2.78 | 0.82 | (1.57) | 4.23 | 1.43 |
Total From Investment Operations | 2.92 | 0.96 | (1.58) | 4.23 | 1.48 |
Less Distributions: | |||||
Distributions from net investment income | (0.13) | — | — | — | (0.10) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) |
Total Distributions | (0.13) | (1.10) | (2.04) | (0.80) | (0.63) |
Net Asset Value, End of Period | $21.81 | $19.02 | $19.16 | $22.78 | $19.35 |
Total Return3 | 15.46% | 5.45% | (7.76)% | 22.37% | 8.25% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 2.08% | 2.10% | 2.06% | 2.06% | 2.06% |
Net investment income (loss) | 0.70% | 0.69% | (0.05)% | 0.01% | 0.29% |
Expense waiver/reimbursement5 | 0.00%6 | 0.01% | 0.01% | 0.05% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,272 | $11,890 | $13,503 | $16,941 | $15,043 |
Portfolio turnover7 | 68% | 104% | 110% | 61% | 152% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $19.62 | $19.67 | $23.28 | $19.67 | $18.78 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.35 | 0.33 | 0.21 | 0.22 | 0.24 |
Net realized and unrealized gain (loss) | 2.87 | 0.86 | (1.60) | 4.30 | 1.46 |
Total From Investment Operations | 3.22 | 1.19 | (1.39) | 4.52 | 1.70 |
Less Distributions: | |||||
Distributions from net investment income | (0.37) | (0.14) | (0.18) | (0.11) | (0.28) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) |
Total Distributions | (0.37) | (1.24) | (2.22) | (0.91) | (0.81) |
Net Asset Value, End of Period | $22.47 | $19.62 | $19.67 | $23.28 | $19.67 |
Total Return2 | 16.62% | 6.57% | (6.82)% | 23.59% | 9.33% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Net investment income | 1.72% | 1.74% | 0.97% | 1.02% | 1.29% |
Expense waiver/reimbursement4 | 0.02% | 0.04% | 0.01% | 0.04% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $81,187 | $69,433 | $65,157 | $73,997 | $54,440 |
Portfolio turnover5 | 68% | 104% | 110% | 61% | 152% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $19.56 | $19.63 | $23.24 | $19.61 | $18.74 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.36 | 0.32 | 0.22 | 0.22 | 0.24 |
Net realized and unrealized gain (loss) | 2.85 | 0.87 | (1.61) | 4.31 | 1.44 |
Total From Investment Operations | 3.21 | 1.19 | (1.39) | 4.53 | 1.68 |
Less Distributions: | |||||
Distributions from net investment income | (0.37) | (0.16) | (0.18) | (0.10) | (0.28) |
Distributions from net realized gain | — | (1.10) | (2.04) | (0.80) | (0.53) |
Total Distributions | (0.37) | (1.26) | (2.22) | (0.90) | (0.81) |
Net Asset Value, End of Period | $22.40 | $19.56 | $19.63 | $23.24 | $19.61 |
Total Return2 | 16.66% | 6.59% | (6.81)% | 23.70% | 9.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.02% | 1.04% | 1.01% | 1.05% | 1.05% |
Net investment income | 1.75% | 1.76% | 1.05% | 1.03% | 1.29% |
Expense waiver/reimbursement4 | 0.00%5 | 0.01% | 0.01% | 0.01% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,279 | $2,648 | $2,286 | $1,836 | $1,516 |
Portfolio turnover6 | 68% | 104% | 110% | 61% | 152% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Represents less than 0.01%. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $39,716,810 of investments in affiliated holdings* (identified cost $198,966,854, including $41,398,488 of identified cost in affiliated holdings) | $227,799,382 |
Cash | 242 |
Income receivable | 433,545 |
Income receivable from affiliated holdings | 188,663 |
Receivable for investments sold | 515,588 |
Receivable for shares sold | 143,702 |
Receivable for variation margin on futures contracts | 13,731 |
Total Assets | 229,094,853 |
Liabilities: | |
Payable for investments purchased | 1,107,169 |
Payable for shares redeemed | 180,069 |
Payable for investment adviser fee (Note 5) | 4,599 |
Payable for administrative fee (Note 5) | 478 |
Payable for auditing fees | 37,991 |
Payable for portfolio accounting fees | 30,094 |
Payable for share registration costs | 42,668 |
Payable for distribution services fee (Note 5) | 7,785 |
Payable for other service fees (Notes 2 and 5) | 56,863 |
Accrued expenses (Note 5) | 57,161 |
Total Liabilities | 1,524,877 |
Net assets for 10,169,733 shares outstanding | $227,569,976 |
Net Assets Consist of: | |
Paid-in capital | $184,670,268 |
Total distributable earnings (loss) | 42,899,708 |
Total Net Assets | $227,569,976 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($130,832,883 ÷ 5,847,039 shares outstanding), no par value, unlimited shares authorized | $22.38 |
Offering price per share (100/94.50 of $22.38) | $23.68 |
Redemption proceeds per share | $22.38 |
Class C Shares: | |
Net asset value per share ($12,271,645 ÷ 562,699 shares outstanding), no par value, unlimited shares authorized | $21.81 |
Offering price per share | $21.81 |
Redemption proceeds per share (99.00/100 of $21.81) | $21.59 |
Institutional Shares: | |
Net asset value per share ($81,186,902 ÷ 3,613,640 shares outstanding), no par value, unlimited shares authorized | $22.47 |
Offering price per share | $22.47 |
Redemption proceeds per share | $22.47 |
Class R6 Shares: | |
Net asset value per share ($3,278,546 ÷ 146,355 shares outstanding), no par value, unlimited shares authorized | $22.40 |
Offering price per share | $22.40 |
Redemption proceeds per share | $22.40 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $1,946,966 received from affiliated holdings* and net of foreign taxes withheld of $10) | $3,982,832 |
Interest | 1,799,654 |
Net income on securities loaned (includes $148,745 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 3,678 |
TOTAL INCOME | 5,786,164 |
Expenses: | |
Investment adviser fee (Note 5) | 1,560,600 |
Administrative fee (Note 5) | 168,007 |
Custodian fees | 38,530 |
Transfer agent fees (Note 2) | 204,740 |
Directors’/Trustees’ fees (Note 5) | 2,171 |
Auditing fees | 37,991 |
Legal fees | 11,209 |
Portfolio accounting fees | 112,568 |
Distribution services fee (Note 5) | 87,612 |
Other service fees (Notes 2 and 5) | 320,718 |
Share registration costs | 63,595 |
Printing and postage | 29,389 |
Miscellaneous (Note 5) | 31,835 |
TOTAL EXPENSES | 2,668,965 |
Reimbursements: | |
Reimbursement of investment adviser fee (Note 5) | (6,599) |
Reimbursement of other operating expenses (Notes 2 and 5) | (29,145) |
TOTAL REIMBURSEMENTS | (35,744) |
Net expenses | 2,633,221 |
Net investment income | 3,152,943 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized loss of $(243,749) on sales of investments in affiliated holdings*) | 14,270,499 |
Net realized loss on futures contracts | (439,076) |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $640,241 on investments in affiliated holdings*) | 14,941,665 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (35) |
Net change in unrealized depreciation of futures contracts | 378,807 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | 29,151,860 |
Change in net assets resulting from operations | $32,304,803 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,152,943 | $2,957,236 |
Net realized gain (loss) | 13,831,423 | 174,163 |
Net change in unrealized appreciation/depreciation | 15,320,437 | 8,895,072 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 32,304,803 | 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 | 36,417,822 | 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 | (40,547,860) | (47,183,872) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,109,992) | 3,716,841 |
Change in net assets | 28,079,648 | 3,655,506 |
Net Assets: | ||
Beginning of period | 199,490,328 | 195,834,822 |
End of period | $227,569,976 | $199,490,328 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $116,807 | $(13,119) |
Class C Shares | 11,695 | — |
Institutional Shares | 75,091 | (16,026) |
Class R6 Shares | 1,147 | — |
TOTAL | $204,740 | $(29,145) |
Other Service Fees Incurred | |
Class A Shares | $291,554 |
Class C Shares | 29,164 |
TOTAL | $320,718 |
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 | $230,383* |
* | 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 | $(439,076) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $378,807 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 734,253 | $14,857,743 | 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 | (888,595) | (18,059,238) | (1,064,941) | (19,945,102) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (73,236) | $(1,585,055) | 49,038 | $669,778 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 131,761 | $2,566,923 | 111,329 | $2,045,388 |
Shares issued to shareholders in payment of distributions declared | 3,959 | 77,287 | 39,420 | 701,784 |
Shares redeemed | (198,056) | (3,855,520) | (230,468) | (4,232,820) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (62,336) | $(1,211,310) | (79,719) | $(1,485,648) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 885,012 | $18,230,864 | 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 | (874,274) | (18,044,954) | (1,171,973) | (21,958,960) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 74,440 | $1,461,533 | 226,490 | $4,176,556 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 37,764 | $762,292 | 67,256 | $1,260,424 |
Shares issued to shareholders in payment of distributions declared | 2,539 | 50,696 | 7,809 | 142,721 |
Shares redeemed | (29,319) | (588,148) | (56,135) | (1,046,990) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 10,984 | $224,840 | 18,930 | $356,155 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (50,148) | $(1,109,992) | 214,739 | $3,716,841 |
2024 | 2023 | |
Ordinary income | $3,115,163 | $1,051,454 |
Long-term capital gains | $— | $11,036,352 |
Undistributed ordinary income | $1,943,715 |
Net unrealized appreciation | $28,522,413 |
Undistributed long-term capital gains | $12,433,695 |
Other temporary differences | $(115) |
TOTAL | $42,899,708 |
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 | $87,612 |
Purchases | $120,183,760 |
Sales | $119,100,227 |
September 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
and Additional Information
Share Class | Ticker | A | QALGX | C | QCLGX | Institutional | QILGX | R6 | QRLGX |
Federated Hermes MDT Large Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
Shares | Value | ||
COMMON STOCKS—97.7% | |||
Communication Services—12.8% | |||
397,884 | 1 | Alphabet, Inc., Class A | $ 68,253,021 |
31,562 | 1 | Live Nation Entertainment, Inc. | 3,035,949 |
119,900 | Meta Platforms, Inc. | 56,932,117 | |
53,451 | 1 | Netflix, Inc. | 33,585,936 |
83,842 | 1 | Spotify Technology SA | 28,836,617 |
217,444 | 1 | ZoomInfo Technologies, Inc. | 2,470,164 |
TOTAL | 193,113,804 | ||
Consumer Discretionary—12.7% | |||
115,833 | 1 | Airbnb, Inc. | 16,165,654 |
369,637 | 1 | Amazon.com, Inc. | 69,114,726 |
118,370 | 1 | Cava Group, Inc. | 9,969,122 |
134,420 | 1 | Chipotle Mexican Grill, Inc. | 7,301,694 |
5,263 | Domino’s Pizza, Inc. | 2,256,248 | |
84,499 | 1 | DoorDash, Inc. | 9,355,729 |
134,645 | eBay, Inc. | 7,487,609 | |
5,885 | Home Depot, Inc. | 2,166,622 | |
3,148 | Murphy USA, Inc. | 1,589,488 | |
6,006 | 1 | O’Reilly Automotive, Inc. | 6,764,798 |
42,137 | Ross Stores, Inc. | 6,035,283 | |
49,970 | 1 | Royal Caribbean Cruises, Ltd. | 7,831,298 |
46,971 | 1 | SharkNinja, Inc. | 3,609,721 |
92,748 | 1 | Tesla, Inc. | 21,524,028 |
7,001 | 1 | Ulta Beauty, Inc. | 2,554,595 |
46,082 | Wingstop, Inc. | 17,229,138 | |
TOTAL | 190,955,753 | ||
Consumer Staples—4.6% | |||
52,480 | Costco Wholesale Corp. | 43,138,560 | |
74,472 | Kimberly-Clark Corp. | 10,057,444 | |
189,867 | 1 | Maplebear, Inc. | 6,548,513 |
51,075 | PepsiCo, Inc. | 8,819,120 | |
TOTAL | 68,563,637 | ||
Financials—6.5% | |||
76,963 | Ameriprise Financial, Inc. | 33,099,477 | |
33,626 | Apollo Global Management, Inc. | 4,213,674 | |
28,755 | 1 | Arch Capital Group Ltd. | 2,754,154 |
27,250 | 1 | Fiserv, Inc. | 4,457,283 |
2,871 | Marsh & McLennan Cos., Inc. | 638,999 | |
29,696 | Mastercard, Inc. | 13,770,332 | |
3,280 | MSCI, Inc., Class A | 1,773,693 | |
84,332 | 1 | PayPal Holdings, Inc. | 5,547,359 |
32,887 | Progressive Corp., OH | 7,041,764 | |
53,236 | 1 | Ryan Specialty Group Holdings, Inc. | 3,278,805 |
125,678 | 1 | StoneCo Ltd. | 1,648,895 |
75,735 | Visa, Inc., Class A | 20,120,518 | |
TOTAL | 98,344,953 | ||
Health Care—8.6% | |||
148,266 | AbbVie, Inc. | 27,476,655 | |
14,595 | 1 | Align Technology, Inc. | 3,384,289 |
40,718 | Amgen, Inc. | 13,537,513 | |
57,109 | Cencora, Inc. | 13,585,089 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
12,140 | 1 | Dexcom, Inc. | $ 823,335 |
13,166 | 1 | Edwards Lifesciences Corp. | 830,116 |
9,922 | Elevance Health, Inc. | 5,278,802 | |
12,699 | Eli Lilly & Co. | 10,213,425 | |
10,651 | 1 | GE HealthCare Technologies, Inc. | 901,394 |
76,500 | 1 | Illumina, Inc. | 9,378,900 |
76,256 | 1 | Incyte Genomics, Inc. | 4,961,978 |
12,041 | McKesson Corp. | 7,429,538 | |
112,049 | Merck & Co., Inc. | 12,676,103 | |
33,905 | The Cigna Group | 11,821,656 | |
15,887 | 1 | Vertex Pharmaceuticals, Inc. | 7,875,504 |
TOTAL | 130,174,297 | ||
Industrials—3.4% | |||
123,904 | Allison Transmission Holdings, Inc. | 10,976,655 | |
7,274 | Automatic Data Processing, Inc. | 1,910,298 | |
16,195 | Booz Allen Hamilton Holding Corp. | 2,320,905 | |
5,733 | Caterpillar, Inc. | 1,984,765 | |
7,204 | Paychex, Inc. | 922,256 | |
75,822 | 1 | Paycom Software, Inc. | 12,646,351 |
3,170 | Trane Technologies PLC | 1,059,668 | |
17,402 | Union Pacific Corp. | 4,293,596 | |
8,345 | Veralto Corp. | 889,243 | |
42,010 | Verisk Analytics, Inc. | 10,996,118 | |
29,346 | Vertiv Holdings Co. | 2,309,530 | |
TOTAL | 50,309,385 | ||
Information Technology—47.4% | |||
50,109 | 1 | Adobe, Inc. | 27,642,630 |
85,063 | 1 | Advanced Micro Devices, Inc. | 12,289,902 |
457,719 | Apple, Inc. | 101,650,235 | |
163,452 | Applied Materials, Inc. | 34,684,514 | |
115,980 | 1 | AppLovin Corp. | 8,942,058 |
97,288 | 1 | Arista Networks, Inc. | 33,715,156 |
23,211 | 1 | Autodesk, Inc. | 5,745,187 |
214,340 | Broadcom, Inc. | 34,440,151 | |
13,157 | 1 | Cadence Design Systems, Inc. | 3,521,603 |
47,777 | 1 | Crowdstrike Holdings, Inc. | 11,082,353 |
10,510 | Dell Technologies, Inc. | 1,194,777 | |
380,667 | 1 | Fortinet, Inc. | 22,093,913 |
24,406 | 1 | Gitlab, Inc. | 1,250,319 |
277,363 | 1 | GoDaddy, Inc. | 40,342,448 |
133,565 | HP, Inc. | 4,820,361 | |
6,238 | 1 | HubSpot, Inc. | 3,100,473 |
19,885 | Intuit, Inc. | 12,872,555 | |
1,194 | KLA Corp. | 982,746 | |
280,206 | Microsoft Corp. | 117,224,180 | |
3,761 | Motorola Solutions, Inc. | 1,500,338 | |
7,777 | NetApp, Inc. | 987,523 | |
375,552 | 1 | Nutanix, Inc. | 18,969,131 |
887,528 | NVIDIA Corp. | 103,858,527 | |
139,886 | Oracle Corp. | 19,507,103 | |
12,498 | 1 | Palo Alto Networks, Inc. | 4,058,476 |
99,289 | Pegasystems, Inc. | 6,922,429 | |
119,414 | 1 | Pure Storage, Inc. | 7,156,481 |
232,297 | Qualcomm, Inc. | 42,034,142 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
29,749 | 1 | Salesforce, Inc. | $ 7,699,041 |
21,010 | 1 | ServiceNow, Inc. | 17,110,334 |
6,195 | 1 | Workday, Inc. | 1,407,008 |
59,277 | 1 | Zoom Video Communications, Inc. | 3,580,331 |
9,962 | 1 | Zscaler, Inc. | 1,786,685 |
TOTAL | 714,173,110 | ||
Materials—1.0% | |||
79,183 | PPG Industries, Inc. | 10,054,657 | |
15,200 | Sherwin-Williams Co. | 5,332,160 | |
TOTAL | 15,386,817 | ||
Utilities—0.7% | |||
139,932 | Vistra Corp. | 11,085,413 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $1,152,995,540) | 1,472,107,169 | ||
INVESTMENT COMPANY—2.2% | |||
33,055,652 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24%2 (IDENTIFIED COST $33,055,652) | 33,055,652 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $1,186,051,192)3 | 1,505,162,821 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%4 | 2,230,338 | ||
TOTAL NET ASSETS—100% | $1,507,393,159 |
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 | $— | $13,297,917 | $13,297,917 |
Purchases at Cost | $146,833,220 | $270,075,217 | $416,908,437 |
Proceeds from Sales | $(113,777,568) | $(283,368,279) | $(397,145,847) |
Change in Unrealized Appreciation/Depreciation | $— | $(1,149) | $(1,149) |
Net Realized Gain/(Loss) | $— | $(3,706) | $(3,706) |
Value as of 7/31/2024 | $33,055,652 | $— | $33,055,652 |
Shares Held as of 7/31/2024 | 33,055,652 | — | 33,055,652 |
Dividend Income | $425,547 | $896,323 | $1,321,870 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | The cost of investments for federal tax purposes amounts to $1,188,828,540. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $24.17 | $23.32 | $31.22 | $25.03 | $20.81 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.04) | 0.01 | (0.08) | (0.07) | (0.04) |
Net realized and unrealized gain (loss) | 7.02 | 3.59 | (1.89) | 8.36 | 5.37 |
Total From Investment Operations | 6.98 | 3.60 | (1.97) | 8.29 | 5.33 |
Less Distributions: | |||||
Distributions from net realized gain | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) |
Net Asset Value, End of Period | $30.74 | $24.17 | $23.32 | $31.22 | $25.03 |
Total Return2 | 29.25% | 18.56% | (8.93)% | 35.00% | 26.91% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.99% | 0.99% | 0.99% | 0.99% | 1.11% |
Net investment income (loss) | (0.15)% | 0.03% | (0.30)% | (0.27)% | (0.19)% |
Expense waiver/reimbursement4 | 0.23% | 0.29% | 0.33% | 0.38% | 0.30% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $247,412 | $146,478 | $106,863 | $123,486 | $93,740 |
Portfolio turnover5 | 58% | 116% | 147% | 39% | 220% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $18.38 | $18.56 | $26.16 | $21.43 | $18.10 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.18) | (0.12) | (0.23) | (0.23) | (0.17) |
Net realized and unrealized gain (loss) | 5.29 | 2.69 | (1.44) | 7.06 | 4.61 |
Total From Investment Operations | 5.11 | 2.57 | (1.67) | 6.83 | 4.44 |
Less Distributions: | |||||
Distributions from net realized gain | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) |
Net Asset Value, End of Period | $23.08 | $18.38 | $18.56 | $26.16 | $21.43 |
Total Return2 | 28.27% | 17.69% | (9.60)% | 34.01% | 25.99% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.74% | 1.74% | 1.74% | 1.74% | 1.88% |
Net investment income (loss) | (0.90)% | (0.73)% | (1.05)% | (1.02)% | (0.95)% |
Expense waiver/reimbursement4 | 0.23% | 0.29% | 0.33% | 0.38% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $33,774 | $20,413 | $14,743 | $17,671 | $14,536 |
Portfolio turnover5 | 58% | 116% | 147% | 39% | 220% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $26.39 | $25.13 | $33.14 | $26.39 | $21.83 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.03 | 0.06 | (0.01) | 0.002 | 0.03 |
Net realized and unrealized gain (loss) | 7.67 | 3.95 | (2.07) | 8.85 | 5.64 |
Total From Investment Operations | 7.70 | 4.01 | (2.08) | 8.85 | 5.67 |
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) |
Total Distributions | (0.41) | (2.75) | (5.93) | (2.10) | (1.11) |
Net Asset Value, End of Period | $33.68 | $26.39 | $25.13 | $33.14 | $26.39 |
Total Return3 | 29.54% | 18.88% | (8.72)% | 35.33% | 27.22% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.74% | 0.74% | 0.74% | 0.74% | 0.81% |
Net investment income (loss) | 0.09% | 0.24% | (0.04)% | 0.01% | 0.13% |
Expense waiver/reimbursement5 | 0.24% | 0.28% | 0.33% | 0.37% | 0.34% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,226,156 | $434,306 | $74,192 | $53,631 | $90,113 |
Portfolio turnover6 | 58% | 116% | 147% | 39% | 220% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Period Ended 7/31/20241 | |
Net Asset Value, Beginning of Period | $33.20 |
Income From Investment Operations: | |
Net investment income (loss)2 | (0.00)3 |
Net realized and unrealized gain (loss) | 0.48 |
Total From Investment Operations | 0.48 |
Less Distributions: | |
Distributions from net investment income | — |
Distributions from net realized gain | — |
Total Distributions | — |
Net Asset Value, End of Period | $33.68 |
Total Return4 | 1.45% |
Ratios to Average Net Assets: | |
Net expenses5 | 0.71%6 |
Net investment income (loss) | (0.00)%6,7 |
Expense waiver/reimbursement8 | 0.25%6 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $51 |
Portfolio turnover9 | 58%10 |
1 | Reflects operations for the period from May 29, 2024 (commencement of operations) to July 31, 2024. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | Represents less than 0.01%. |
8 | 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. |
9 | Securities that mature are considered sales for purposes of this calculation. |
10 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended July 31, 2024. |
Assets: | |
Investment in securities, at value including $33,055,652 of investments in affiliated holdings* (identified cost $1,186,051,192, including $33,055,652 of identified cost in affiliated holdings) | $1,505,162,821 |
Cash | 800 |
Income receivable | 400,944 |
Income receivable from affiliated holdings | 158,855 |
Receivable for investments sold | 6,383,701 |
Receivable for shares sold | 4,648,435 |
Total Assets | 1,516,755,556 |
Liabilities: | |
Payable for investments purchased | 8,221,894 |
Payable for shares redeemed | 699,888 |
Payable for investment adviser fee (Note 5) | 19,065 |
Payable for administrative fee (Note 5) | 3,103 |
Payable for distribution services fee (Note 5) | 21,434 |
Payable for other service fees (Notes 2 and 5) | 106,334 |
Accrued expenses (Note 5) | 290,679 |
Total Liabilities | 9,362,397 |
Net assets for 45,919,034 shares outstanding | $1,507,393,159 |
Net Assets Consist of: | |
Paid-in capital | $1,132,420,650 |
Total distributable earnings (loss) | 374,972,509 |
Total Net Assets | $1,507,393,159 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($247,412,011 ÷ 8,049,731 shares outstanding), no par value, unlimited shares authorized | $30.74 |
Offering price per share (100/94.50 of $30.74) | $32.53 |
Redemption proceeds per share | $30.74 |
Class C Shares: | |
Net asset value per share ($33,774,273 ÷ 1,463,578 shares outstanding), no par value, unlimited shares authorized | $23.08 |
Offering price per share | $23.08 |
Redemption proceeds per share (99.00/100 of $23.08) | $22.85 |
Institutional Shares: | |
Net asset value per share ($1,226,156,149 ÷ 36,404,219 shares outstanding), no par value, unlimited shares authorized | $33.68 |
Offering price per share | $33.68 |
Redemption proceeds per share | $33.68 |
Class R6 Shares: | |
Net asset value per share ($50,726 ÷ 1,506 shares outstanding), no par value, unlimited shares authorized | $33.68 |
Offering price per share | $33.68 |
Redemption proceeds per share | $33.68 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $1,321,870 received from affiliated holdings*) | $7,971,201 |
Net income on securities loaned (Note 2) | 153 |
TOTAL INCOME | 7,971,354 |
Expenses: | |
Investment adviser fee (Note 5) | 7,165,398 |
Administrative fee (Note 5) | 742,968 |
Custodian fees | 40,089 |
Transfer agent fees (Note 2) | 915,158 |
Directors’/Trustees’ fees (Note 5) | 4,386 |
Auditing fees | 30,681 |
Legal fees | 10,373 |
Portfolio accounting fees | 152,802 |
Distribution services fee (Note 5) | 194,838 |
Other service fees (Notes 2 and 5) | 537,672 |
Share registration costs | 222,279 |
Printing and postage | 51,005 |
Miscellaneous (Note 5) | 28,428 |
TOTAL EXPENSES | 10,096,077 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (2,167,512) |
Reimbursement of other operating expenses (Notes 2 and 5) | (79,274) |
TOTAL WAIVER AND REIMBURSEMENTS | (2,246,786) |
Net expenses | 7,849,291 |
Net investment income | 122,063 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(3,706) on sales of investments in affiliated holdings*) | 61,378,218 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,149) on investments in affiliated holdings*) | 186,526,993 |
Net realized and unrealized gain (loss) on investments | 247,905,211 |
Change in net assets resulting from operations | $248,027,274 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $122,063 | $375,851 |
Net realized gain (loss) | 61,378,218 | 10,258,501 |
Net change in unrealized appreciation/depreciation | 186,526,993 | 74,612,976 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 248,027,274 | 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) |
Class R6 Shares2 | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,654,768) | (25,605,388) |
Share Transactions: | ||
Proceeds from sale of shares | 893,266,718 | 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 | (234,871,421) | (85,224,260) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 669,823,671 | 341,820,880 |
Change in net assets | 906,196,177 | 401,462,820 |
Net Assets: | ||
Beginning of period | 601,196,982 | 199,734,162 |
End of period | $1,507,393,159 | $601,196,982 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. |
2 | Reflects operations for the period from May 29, 2024 (commencement of operations) to July 31, 2024. |
Shares of the Fund Issued | Stockyard Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Acquisition | Net Assets of the Fund Immediately After Acquisition |
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. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $175,099 | $(12,086) |
Class C Shares | 24,572 | (2,264) |
Institutional Shares | 715,481 | (64,924) |
Class R6 Shares | 6 | — |
TOTAL | $915,158 | $(79,274) |
Other Service Fees Incurred | |
Class A Shares | $472,726 |
Class C Shares | 64,946 |
TOTAL | $537,672 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,130,263 | $85,132,812 | 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 | (1,244,501) | (33,875,859) | (971,301) | (20,608,520) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,989,488 | $53,851,138 | 1,477,830 | $30,152,120 |
Year Ended 7/31/2024 | 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) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 635,746 | $12,988,568 | 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 | (308,632) | (6,204,150) | (219,750) | (3,633,682) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 352,891 | $7,270,837 | 316,181 | $5,036,533 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 26,156,704 | $795,095,338 | 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 | (6,515,706) | (194,791,412) | (2,443,461) | (57,029,451) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 19,945,922 | $608,651,696 | 13,506,038 | $310,145,321 |
Year Ended 7/31/20242 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,506 | $50,000 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,506 | $50,000 | — | $— |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 22,289,807 | $669,823,671 | 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. |
2 | Reflects operations for the period from May 29, 2024 (commencement of operations) to July 31, 2024. |
2024 | 2023 | |
Ordinary income | $90,039 | $— |
Long-term capital gains | $11,564,729 | $25,605,388 |
Undistributed ordinary income | $119,787 |
Net unrealized appreciation | $316,334,281 |
Undistributed long-term capital gains | $58,518,441 |
TOTAL | $374,972,509 |
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 | $194,838 |
Purchases | $1,184,625,468 |
Sales | $546,911,402 |
September 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R809
CUSIP 31421R882
CUSIP 31425E101
and Additional Information
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
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Communication Services—3.1% | |||
45,556 | 1,2 | AMC Networks, Inc. | $ 507,038 |
428,867 | 1 | Cinemark Holdings, Inc. | 10,112,684 |
197,321 | 1 | E.W. Scripps Co. | 741,927 |
46,886 | 1 | EverQuote, Inc. | 1,223,256 |
334,441 | 1 | Grindr, Inc. | 3,889,549 |
1,012,616 | 1,2 | Lumen Technologies, Inc. | 3,189,740 |
406,906 | 1 | Madison Square Garden Spinco | 16,068,718 |
95,716 | 1 | MediaAlpha, Inc. | 1,404,154 |
83,393 | Shutterstock, Inc. | 3,687,638 | |
432,252 | 1 | Vimeo Holdings, Inc. | 1,737,653 |
TOTAL | 42,562,357 | ||
Consumer Discretionary—8.5% | |||
39,479 | 1 | Abercrombie & Fitch Co., Class A | 5,822,363 |
97,802 | 1 | American Axle & Manufacturing Holdings, Inc. | 726,669 |
25,189 | 1 | Brinker International, Inc. | 1,682,877 |
51,531 | 1 | Carvana Co. | 6,865,475 |
679,828 | 1 | Chegg, Inc. | 2,318,213 |
65,652 | 1 | Coursera, Inc. | 610,564 |
106,166 | Dana, Inc. | 1,349,370 | |
113,267 | 1 | Frontdoor, Inc. | 4,469,516 |
83,944 | 1,2 | Groupon, Inc. | 1,118,134 |
74,650 | 1 | Helen of Troy Ltd. | 4,412,562 |
2,460 | Installed Building Products, Inc. | 665,061 | |
484,264 | 1,2 | iRobot Corp. | 5,709,473 |
47,504 | Monro, Inc. | 1,464,073 | |
35,697 | Murphy USA, Inc. | 18,024,129 | |
411,221 | 1 | National Vision Holdings, Inc. | 5,946,256 |
550,634 | PetMed Express, Inc. | 2,086,903 | |
50,686 | 1 | Phinia, Inc. | 2,265,664 |
790,602 | 1 | Rush Street Interactive, Inc. | 7,913,926 |
141,630 | 1 | Sleep Number Corp. | 1,671,234 |
146,914 | 1 | Taylor Morrison Home Corp. | 9,854,991 |
55,740 | Texas Roadhouse, Inc. | 9,732,761 | |
73,313 | 1 | Universal Technical Institute, Inc. | 1,388,548 |
200,015 | Upbound Group, Inc. | 7,546,566 | |
6,282 | 1 | Visteon Corp. | 725,822 |
17,307 | Wingstop, Inc. | 6,470,741 | |
12,734 | Winnebago Industries, Inc. | 796,130 | |
337,734 | Wolverine World Wide, Inc. | 5,022,105 | |
TOTAL | 116,660,126 | ||
Consumer Staples—3.5% | |||
204,987 | 1,2 | Beauty Health Co./The | 379,226 |
218,297 | 1 | Bellring Brands, Inc. | 11,194,270 |
69,386 | Energizer Holdings, Inc. | 2,136,395 | |
569,529 | 1 | Hain Celestial Group, Inc. | 4,408,155 |
125,563 | Medifast, Inc. | 2,753,597 | |
1,166,788 | Nu Skin Enterprises, Inc., Class A | 13,091,361 | |
90,080 | 1 | Sprouts Farmers Market, Inc. | 8,998,091 |
76,685 | Turning Point Brands, Inc. | 2,892,558 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
67,857 | 1 | United Natural Foods, Inc. | $ 1,051,784 |
34,672 | 1 | Vital Farms, Inc. | 1,265,181 |
TOTAL | 48,170,618 | ||
Energy—5.8% | |||
104,330 | 1 | Amplify Energy Corp. | 783,518 |
378,941 | Ardmore Shipping Corp. | 8,215,441 | |
188,710 | California Resources Corp. | 9,707,242 | |
12,002 | Chord Energy Corp. | 2,060,263 | |
68,775 | CONSOL Energy, Inc. | 6,864,433 | |
25,911 | 1 | Dorian LPG Ltd. | 1,058,724 |
101,376 | 1 | Expro Group Holdings NV | 2,353,951 |
115,811 | 1 | Gulf Island Fabrication, Inc. | 722,661 |
82,764 | International Seaways, Inc. | 4,634,784 | |
45,530 | Kinetik Holdings, Inc. | 1,888,584 | |
51,651 | 1 | Kodiak Gas Services | 1,490,131 |
424,002 | Liberty Energy, Inc. | 10,239,648 | |
101,209 | Magnolia Oil & Gas Corp. | 2,756,933 | |
11,147 | 1 | Nabors Industries Ltd. | 1,146,246 |
309,021 | 1 | Oil States International, Inc. | 1,767,600 |
109,107 | PBF Energy, Inc. | 4,446,110 | |
37,267 | Permian Resources Corp. | 571,676 | |
13,523 | Scorpio Tankers, Inc. | 1,036,944 | |
295,749 | SM Energy Co. | 13,663,604 | |
14,318 | Teekay Tankers Ltd., Class A | 936,970 | |
28,601 | 1 | Weatherford International PLC | 3,370,914 |
TOTAL | 79,716,377 | ||
Financials—18.6% | |||
44,200 | Alerus Financial Corp. | 992,290 | |
128,652 | Amalgamated Financial Corp. | 4,092,420 | |
39,195 | Artisan Partners Asset Management, Inc. | 1,730,851 | |
689,538 | 1 | AvidXchange Holdings, Inc. | 6,164,470 |
11,706 | BancFirst Corp. | 1,257,576 | |
70,789 | Banco Latinoamericano de Comercio Exterior S.A., Class E | 2,288,608 | |
28,656 | 1 | Bancorp, Inc., DE | 1,485,527 |
315,234 | BankUnited, Inc. | 12,142,814 | |
26,505 | Bread Financial Holdings, Inc. | 1,446,643 | |
1,407,719 | BrightSpire Capital, Inc. | 8,066,230 | |
458,078 | Byline Bancorp, Inc. | 12,849,088 | |
183,907 | 1 | Cantaloupe, Inc. | 1,432,636 |
355,839 | CNO Financial Group, Inc. | 12,404,548 | |
127,745 | 1 | Customers Bancorp, Inc. | 8,236,998 |
6,210 | 1 | Donnelley Financial Solutions, Inc. | 419,051 |
56,773 | Employers Holdings, Inc. | 2,725,672 | |
18,123 | Equity Bancshares, Inc. | 733,981 | |
197,412 | FB Financial Corp. | 9,217,166 | |
640,112 | 1 | Fidelis Insurance | 11,387,592 |
69,125 | Financial Institutions, Inc. | 1,819,370 | |
35,085 | First Business Financial Services, Inc. | 1,614,612 | |
185,780 | First Foundation, Inc. | 1,300,460 | |
55,258 | Fulton Financial Corp. | 1,070,347 | |
274,397 | 1 | Hamilton Insurance Group, Ltd. | 4,782,740 |
27,755 | HCI Group, Inc. | 2,616,186 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
24,559 | Heritage Financial Corp. | $ 569,032 | |
31,294 | Hometrust Bancshares, Inc. | 1,109,998 | |
113,779 | Independent Bank Corp.- Michigan | 3,946,993 | |
388,519 | Jackson Financial, Inc. | 34,212,983 | |
69,780 | James River Group Holdings Ltd. | 602,899 | |
56,576 | Ladder Capital Corp. | 678,912 | |
114,117 | 1 | LendingTree, Inc. | 6,073,307 |
228,353 | Merchants Bancorp, Inc. | 10,275,885 | |
20,223 | 1 | Mr. Cooper Group, Inc. | 1,817,643 |
54,227 | 1 | NCR Atleos Corp. | 1,743,398 |
30,151 | 1 | NMI Holdings, Inc. | 1,186,442 |
130,306 | OFG Bancorp. | 5,918,498 | |
174,012 | 1 | Oscar Health, Inc. | 3,076,532 |
23,187 | 1 | Palomar Holdings, Inc. | 2,133,436 |
44,758 | 1 | Paysafe Ltd. | 939,470 |
39,120 | Peapack-Gladstone Financial Corp. | 1,105,531 | |
20,893 | Peoples Bancorp, Inc. | 695,110 | |
27,694 | Preferred Bank Los Angeles, CA | 2,383,346 | |
135,085 | PROG Holdings, Inc. | 6,086,930 | |
95,810 | QCR Holdings, Inc. | 7,323,716 | |
65,810 | RLI Corp. | 9,910,328 | |
6,084 | Selective Insurance Group, Inc. | 549,507 | |
436,583 | 1 | Siriuspoint Ltd. | 6,273,698 |
284,626 | 1 | Skyward Specialty Insurance Group, Inc. | 11,262,651 |
55,204 | 2 | The Bank of NT Butterfield & Son Ltd. | 2,116,521 |
52,911 | Tiptree, Inc. | 1,044,992 | |
298,142 | Trustmark Corp. | 10,354,472 | |
42,612 | Universal Insurance Holdings, Inc. | 844,144 | |
143,953 | Victory Capital Holdings | 7,541,698 | |
153,420 | Western New England Bancorp, Inc. | 1,270,318 | |
TOTAL | 255,326,266 | ||
Health Care—17.3% | |||
1,098,194 | 1 | ADMA Biologics, Inc. | 13,485,822 |
98,514 | 1,2 | Agenus, Inc. | 595,025 |
227,814 | 1 | Aldeyra Therapeutics, Inc. | 897,587 |
277,263 | 1 | Alkermes, PLC | 7,574,825 |
30,989 | 1 | AMN Healthcare Services, Inc. | 2,095,476 |
249,033 | 1 | Amneal Pharmaceuticals, Inc. | 1,825,412 |
228,803 | 1 | Arcutis Biotherapeutics, Inc. | 2,304,046 |
101,774 | 1 | Arvinas, Inc. | 2,799,803 |
421,642 | 1 | Atea Pharmaceuticals, Inc. | 1,610,672 |
93,862 | 1 | Blueprint Medicines Corp. | 10,165,255 |
31,947 | 1 | Catalyst Pharmaceutical Partners, Inc. | 550,766 |
743,230 | 1 | Codexis, Inc. | 2,660,763 |
208,255 | 1 | Collegium Pharmaceutical, Inc. | 8,032,395 |
644,892 | 1 | Community Health Systems, Inc. | 3,392,132 |
60,701 | 1 | Dynavax Technologies Corp. | 679,244 |
42,724 | 1 | Edgewise Therapeutics, Inc. | 727,590 |
244,455 | 1 | Emergent BioSolutions, Inc. | 3,107,023 |
65,490 | 1 | Enanta Pharmaceuticals, Inc. | 966,632 |
171,873 | 1 | Evolent Health, Inc. | 4,008,078 |
593,567 | 1 | Fate Therapeutics, Inc. | 3,163,712 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
6,694 | 1 | Glaukos Corp. | $ 784,336 |
18,783 | 1 | Haemonetics Corp. | 1,691,409 |
336,586 | 1 | Halozyme Therapeutics, Inc. | 18,599,742 |
315,600 | 1 | Harmony Biosciences Holdings, Inc. | 10,686,216 |
439,638 | 1 | Hims & Hers Health, Inc. | 9,337,911 |
644,451 | 1 | Inmode Ltd. | 11,677,452 |
317,847 | 1 | Inogen, Inc. | 2,940,085 |
69,674 | 1 | Livanova PLC | 3,441,896 |
1,313,805 | 1 | Mannkind Corp. | 7,567,517 |
467,175 | 1 | MiMedx Group, Inc. | 3,480,454 |
247,530 | 1 | Nevro Corp. | 2,457,973 |
121,065 | 1 | Nkarta, Inc. | 778,448 |
159,134 | 1 | Novocure Ltd. | 3,623,481 |
19,677 | 1 | Nurix Therapeutics, Inc. | 430,533 |
359,671 | 1 | Nuvation Bio, Inc. | 1,377,540 |
573,364 | 1 | Omnicell, Inc. | 16,747,962 |
430,834 | 1,2 | Pacific Biosciences of California, Inc. | 887,518 |
51,897 | 1 | Pacira BioSciences, Inc. | 1,071,673 |
133,256 | 1 | Pediatrix Medical Group | 1,111,355 |
17,406 | 1 | Pennant Group, Inc./The | 518,873 |
159,406 | 1 | PROCEPT BioRobotics Corp. | 10,093,588 |
18,110 | 1 | Prothena Corp. PLC | 421,601 |
461,233 | 1 | RAPT Therapeutics, Inc. | 1,448,272 |
105,354 | 1 | Relay Therapeutics, Inc. | 866,010 |
1,508,720 | 1,2 | Revance Therapeutics, Inc. | 5,702,962 |
212,904 | 1 | RxSight, Inc. | 9,744,616 |
383,211 | 1 | SAGE Therapeutics, Inc. | 4,196,161 |
746,288 | 1 | Siga Technologies, Inc. | 7,447,954 |
27,130 | 1 | Supernus Pharmaceuticals, Inc. | 809,017 |
245,838 | 1 | Tactile Systems Technology, Inc. | 3,139,351 |
22,412 | 1 | Tarsus Pharmaceuticals, Inc. | 544,388 |
58,383 | 1 | Tg Therapeutics, Inc. | 1,153,648 |
25,755 | 1 | TransMedics Group, Inc. | 3,663,906 |
448,571 | 1 | Travere Thrapeutics, Inc. | 4,279,367 |
416,167 | 1 | TruBridge, Inc. | 4,669,394 |
624,548 | 1 | Vanda Pharmaceuticals, Inc. | 3,647,360 |
54,905 | 1 | Vir Biotechnology, Inc. | 557,835 |
270,353 | 1 | Voyager Therapeutics, Inc. | 2,484,544 |
326,002 | 1 | Zentalis Pharmaceuticals, Inc. | 1,268,148 |
171,954 | 1 | Zymeworks, Inc. | 1,798,639 |
TOTAL | 237,791,393 | ||
Industrials—17.1% | |||
308,391 | 1 | Array Technologies, Inc. | 3,244,273 |
11,808 | 1 | Atkore, Inc. | 1,594,080 |
102,683 | 1 | Atmus Filtration Technologies, Inc. | 3,166,744 |
59,682 | 1 | Beacon Roofing Supply, Inc. | 6,135,310 |
174,056 | 1 | Blue Bird Corp. | 9,071,799 |
16,490 | Boise Cascade Co. | 2,343,064 | |
329,259 | 1 | BrightView Holdings, Inc. | 4,738,037 |
59,331 | 1 | Cimpress PLC | 5,415,140 |
96,294 | 1 | Concrete Pumping Holdings, Inc. | 642,281 |
9,660 | 1 | Construction Partners, Inc. | 624,519 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
422,574 | Costamare, Inc. | $ 6,262,547 | |
39,586 | 1 | DNOW, Inc. | 608,041 |
27,340 | Emcor Group, Inc. | 10,264,530 | |
307,839 | 1 | Enviri Corp. | 3,638,657 |
106,155 | 1 | Exlservice Holding, Inc. | 3,743,025 |
37,828 | 1 | Forrester Research, Inc. | 763,747 |
456,502 | 2 | Forward Air Corp. | 11,576,891 |
106,672 | 1 | Franklin Covey Co. | 4,662,633 |
296,611 | 1 | GMS, Inc. | 28,542,877 |
60,278 | Griffon Corp. | 4,343,633 | |
67,890 | Hurco Co., Inc. | 1,167,708 | |
53,181 | 1 | Huron Consulting Group, Inc. | 5,850,442 |
140,780 | Hyster-Yale, Inc. | 11,507,357 | |
146,001 | 1 | JELD-WEN Holding, Inc. | 2,436,757 |
93,670 | 1 | Legalzoom.com, Inc. | 625,716 |
199,618 | 1 | Manitowoc, Inc. | 2,523,171 |
515,285 | 1 | Mistras Group, Inc. | 5,152,850 |
61,335 | 1 | MRC Global, Inc. | 888,131 |
301,705 | 1 | Parsons Corp. | 27,566,786 |
22,977 | Primoris Services Corp. | 1,297,511 | |
369,770 | REV Group, Inc. | 10,789,889 | |
920,700 | 1 | Shoals Technologies Group, Inc. | 5,984,550 |
203,258 | 1 | SkyWest, Inc. | 16,248,444 |
394,922 | 1,2 | Spirit Airlines, Inc. | 1,188,715 |
1,279,278 | 1,2 | SunPower Corp. | 1,091,864 |
7,942 | Tennant Co. | 855,274 | |
111,166 | Terex Corp. | 7,032,361 | |
397,604 | The Shyft Group, Inc. | 6,667,819 | |
21,306 | 1 | Thermon Group Holdings, Inc. | 699,050 |
215,216 | 1 | Triumph Group, Inc. | 3,527,390 |
832,224 | TTEC Holdings, Inc. | 6,641,147 | |
121,793 | 1 | Upwork, Inc. | 1,476,131 |
44,865 | 1 | Vicor Corp. | 1,889,265 |
TOTAL | 234,490,156 | ||
Information Technology—12.8% | |||
489,718 | 1 | 8x8, Inc. | 1,508,331 |
715,530 | Adtran Holdings, Inc. | 4,844,138 | |
211,978 | 1,2 | Aehr Test Systems | 4,000,025 |
61,933 | 1 | Alarm.com Holdings, Inc. | 4,369,373 |
138,106 | 1 | Alkami Technology, Inc. | 4,520,209 |
26,345 | 1 | AppFolio, Inc. | 5,834,891 |
139,990 | 1 | Arlo Technologies, Inc. | 2,122,248 |
593,776 | 1 | AvePoint, Inc. | 6,472,158 |
43,104 | 1 | Blackline, Inc. | 2,048,302 |
53,709 | 1 | Box, Inc. | 1,510,297 |
261,421 | 1,2 | Cerence, Inc. | 831,319 |
507,814 | 1 | Clear Secure, Inc. | 10,841,829 |
91,838 | 1 | Clearfield, Inc. | 3,985,769 |
361,831 | 1 | CommScope Holdings Co., Inc. | 937,142 |
37,360 | 1 | Commvault Systems, Inc. | 5,710,476 |
131,832 | 2 | Comtech Telecommunications Corp. | 427,136 |
67,404 | 1 | Digi International, Inc. | 1,840,129 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
265,435 | 1 | Digital Turbine, Inc. | $ 631,735 |
357,603 | 1 | Extreme Networks, Inc. | 5,113,723 |
42,235 | 2 | InterDigital, Inc. | 5,184,769 |
14,852 | 1 | Itron, Inc. | 1,536,291 |
8,897 | Kulicke & Soffa Industries | 419,672 | |
291,222 | 1 | LiveRamp Holdings, Inc. | 8,818,202 |
75,401 | 1 | MaxLinear, Inc. | 1,066,170 |
997,452 | Methode Electronics, Inc., Class A | 12,627,742 | |
112,665 | 1 | NetScout Systems, Inc. | 2,292,733 |
762,021 | 1 | ON24, Inc. | 5,006,478 |
36,268 | 1 | Q2 Holdings, Inc. | 2,447,002 |
24,378 | 1 | Qualys, Inc. | 3,635,735 |
732,729 | 1,2 | Rackspace Technology, Inc. | 1,714,586 |
408,683 | 1 | Ribbon Communications, Inc. | 1,385,435 |
127,613 | Sapiens International Corp. NV | 4,964,146 | |
147,310 | 1 | Semrush Holdings, Inc. | 2,171,349 |
87,941 | 1 | Semtech Corp. | 2,789,489 |
414,835 | 1 | SolarWinds Corp. | 4,948,982 |
958,852 | 1 | Sprinklr, Inc. | 9,425,515 |
247,787 | 1 | Telos Corp. | 1,065,484 |
96,703 | 1 | Tenable Holdings, Inc. | 4,440,602 |
817,197 | 1 | Unisys Corp. | 3,889,858 |
143,655 | 1 | Varonis Systems, Inc. | 7,919,700 |
52,046 | 1 | Verint Systems, Inc. | 1,880,943 |
56,573 | 1 | Viant Technology, Inc. | 657,944 |
243,199 | 1 | Weave Communications, Inc. | 2,431,990 |
189,235 | Xerox Holdings Corp. | 2,037,115 | |
1,516,565 | 1 | Yext, Inc. | 8,735,414 |
194,617 | 1 | Zeta Global Holdings Corp. | 4,168,696 |
TOTAL | 175,211,272 | ||
Materials—4.6% | |||
88,001 | Commercial Metals Corp. | 5,288,860 | |
178,135 | Compass Minerals International, Inc. | 2,369,195 | |
376,874 | 1 | Constellium SE | 6,712,126 |
271,705 | 1 | Knife River Corp. | 21,605,981 |
14,411 | Koppers Holdings, Inc. | 586,672 | |
1,035,464 | 1 | Rayonier Advanced Materials, Inc. | 6,885,836 |
1,502,337 | SSR Mining, Inc. | 8,368,017 | |
770,710 | SunCoke Energy, Inc. | 9,017,307 | |
28,917 | Sylvamo Corp. | 2,131,472 | |
7,142 | Warrior Met Coal, Inc. | 493,584 | |
12,391 | 1 | Worthington Steel, Inc. | 494,029 |
TOTAL | 63,953,079 | ||
Real Estate—5.0% | |||
2,538,810 | Brandywine Realty Trust | 12,795,602 | |
114,638 | 1 | Cushman & Wakefield PLC | 1,502,904 |
304,137 | Empire State Realty Trust, Inc. | 3,275,556 | |
178,790 | Essential Properties Realty Trust, Inc. | 5,290,396 | |
26,001 | 1 | Forestar Group, Inc. | 822,412 |
482,799 | Macerich Co. (The) | 7,729,612 | |
294,964 | Newmark Group, Inc. | 3,828,633 | |
213,581 | 1 | Real Brokerage, Inc./The | 1,270,807 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
979,085 | 1,2 | Redfin Corp. | $ 7,969,752 |
330,497 | RMR Group, Inc./The | 8,573,092 | |
52,598 | 2 | SL Green Realty Corp. | 3,505,131 |
169,018 | Tanger, Inc. | 4,884,620 | |
486,813 | Xenia Hotels & Resorts, Inc. | 6,756,964 | |
TOTAL | 68,205,481 | ||
Utilities—2.0% | |||
27,090 | Avista Corp. | 1,061,386 | |
91,077 | Genie Energy Ltd. | 1,544,666 | |
546,055 | Hawaiian Electric Industries, Inc. | 9,042,671 | |
116,319 | Otter Tail Corp. | 11,273,637 | |
107,383 | Portland General Electric Co. | 5,087,807 | |
TOTAL | 28,010,167 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,035,743,631) | 1,350,097,292 | ||
INVESTMENT COMPANY—3.6% | |||
49,546,631 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24%3 (IDENTIFIED COST $49,546,631) | 49,546,631 | |
TOTAL INVESTMENT IN SECURITIES—101.9% (IDENTIFIED COST $1,085,290,262)4 | 1,399,643,923 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.9)%5 | (26,141,065) | ||
TOTAL NET ASSETS—100% | $1,373,502,858 |
Affiliated | Value as of 7/31/2023 | Purchases at Cost* | Proceeds from Sales* | Change in Unrealized Appreciation/ (Depreciation)* | Net Realized Gain/ (Loss)* | Value as of 7/31/2024 | Shares Held as of 7/31/2024 | Dividend Income* |
Health Care: | ||||||||
Dynavax Technologies Corp. | $— | $748,796 | $— | $(69,552) | $— | $679,244 | 60,701 | $— |
Siga Technologies, Inc.** | $15,831,626 | $— | $(13,829,603) | $4,961,967 | $483,964 | $7,447,954 | 746,288 | $— |
Affiliated issuers no longer in the portfolio at period end | $10,331,893 | $910,244 | $(9,560,561) | $(4,928,627) | $3,247,051 | $— | — | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $26,163,519 | $1,659,040 | $(23,390,164) | $(36,212) | $3,731,015 | $8,127,198 | 806,989 | $— |
* | 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 July 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 | $283,199,281 | $213,986,601 | $497,185,882 |
Proceeds from Sales | $(263,190,474) | $(222,748,748) | $(485,939,222) |
Change in Unrealized Appreciation/Depreciation | $— | $(871) | $(871) |
Net Realized Gain/(Loss) | $— | $(3,401) | $(3,401) |
Value as of 7/31/2024 | $49,546,631 | $— | $49,546,631 |
Shares Held as of 7/31/2024 | 49,546,631 | — | 49,546,631 |
Dividend Income | $1,462,483 | $892,688 | $2,355,171 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $1,090,701,874. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $21.08 | $20.57 | $26.48 | $17.19 | $18.87 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.04 | 0.05 | 0.04 | (0.01) | 0.04 |
Net realized and unrealized gain (loss) | 3.91 | 1.15 | (1.95) | 9.35 | (1.68) |
Total From Investment Operations | 3.95 | 1.20 | (1.91) | 9.34 | (1.64) |
Less Distributions: | |||||
Distributions from net investment income | (0.02) | — | (0.04) | (0.05) | (0.04) |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — |
Total Distributions | (0.02) | (0.69) | (4.00) | (0.05) | (0.04) |
Net Asset Value, End of Period | $25.01 | $21.08 | $20.57 | $26.48 | $17.19 |
Total Return2 | 18.75% | 6.23% | (9.54)% | 54.38% | (8.71)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Net investment income (loss) | 0.21% | 0.26% | 0.15% | (0.03)% | 0.24% |
Expense waiver/reimbursement4 | 0.24% | 0.25% | 0.23% | 0.29% | 0.31% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $129,184 | $121,927 | $131,704 | $101,026 | $78,347 |
Portfolio turnover5 | 85% | 128% | 124% | 150% | 223% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $17.48 | $17.32 | $23.02 | $15.03 | $16.58 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.11) | (0.10) | (0.13) | (0.15) | (0.08) |
Net realized and unrealized gain (loss) | 3.21 | 0.95 | (1.61) | 8.14 | (1.47) |
Total From Investment Operations | 3.10 | 0.85 | (1.74) | 7.99 | (1.55) |
Less Distributions: | |||||
Distributions from net realized gain | — | (0.69) | (3.96) | — | — |
Net Asset Value, End of Period | $20.58 | $17.48 | $17.32 | $23.02 | $15.03 |
Total Return2 | 17.73% | 5.35% | (10.30)% | 53.16% | (9.35)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.98% | 1.98% | 1.96% | 1.88% | 1.88% |
Net investment income (loss) | (0.63)% | (0.59)% | (0.65)% | (0.78)% | (0.51)% |
Expense waiver/reimbursement4 | 0.06% | 0.06% | 0.08% | 0.18% | 0.23% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $24,425 | $24,784 | $26,809 | $29,567 | $22,720 |
Portfolio turnover5 | 85% | 128% | 124% | 150% | 223% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $22.11 | $21.54 | $27.53 | $17.87 | $19.59 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.10 | 0.10 | 0.10 | 0.05 | 0.09 |
Net realized and unrealized gain (loss) | 4.11 | 1.20 | (2.04) | 9.71 | (1.74) |
Total From Investment Operations | 4.21 | 1.30 | (1.94) | 9.76 | (1.65) |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.04) | (0.09) | (0.10) | (0.07) |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — |
Total Distributions | (0.07) | (0.73) | (4.05) | (0.10) | (0.07) |
Net Asset Value, End of Period | $26.25 | $22.11 | $21.54 | $27.53 | $17.87 |
Total Return2 | 19.09% | 6.47% | (9.31)% | 54.73% | (8.45)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Net investment income | 0.44% | 0.51% | 0.40% | 0.21% | 0.49% |
Expense waiver/reimbursement4 | 0.14% | 0.15% | 0.15% | 0.15% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,026,996 | $883,270 | $995,056 | $843,803 | $574,041 |
Portfolio turnover5 | 85% | 128% | 124% | 150% | 223% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $22.12 | $21.55 | $27.54 | $17.87 | $19.59 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.10 | 0.11 | 0.11 | 0.06 | 0.09 |
Net realized and unrealized gain (loss) | 4.11 | 1.20 | (2.05) | 9.71 | (1.74) |
Total From Investment Operations | 4.21 | 1.31 | (1.94) | 9.77 | (1.65) |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.05) | (0.09) | (0.10) | (0.07) |
Distributions from net realized gain | — | (0.69) | (3.96) | — | — |
Total Distributions | (0.07) | (0.74) | (4.05) | (0.10) | (0.07) |
Net Asset Value, End of Period | $26.26 | $22.12 | $21.55 | $27.54 | $17.87 |
Total Return2 | 19.09% | 6.47% | (9.30)% | 54.79% | (8.44)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Net investment income | 0.43% | 0.52% | 0.44% | 0.24% | 0.49% |
Expense waiver/reimbursement4 | 0.06% | 0.06% | 0.06% | 0.08% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $192,898 | $133,351 | $63,242 | $64,191 | $47,631 |
Portfolio turnover5 | 85% | 128% | 124% | 150% | 223% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $25,034,670 of securities loaned and $57,673,829 of investments in affiliated holdings* (identified cost $1,085,290,262, including $54,548,984 of identified cost in affiliated holdings) | $1,399,643,923 |
Cash | 116 |
Income receivable | 378,105 |
Income receivable from affiliated holdings | 111,531 |
Receivable for investments sold | 3,239,322 |
Receivable for shares sold | 1,046,326 |
Total Assets | 1,404,419,323 |
Liabilities: | |
Payable for investments purchased | 3,463,160 |
Payable for shares redeemed | 1,267,344 |
Payable for collateral due to broker for securities lending (Note 2) | 25,772,041 |
Payable for investment adviser fee (Note 5) | 27,874 |
Payable for administrative fee (Note 5) | 2,888 |
Payable for Directors’/Trustees’ fees (Note 5) | 161 |
Payable for distribution services fee (Note 5) | 14,718 |
Payable for other service fees (Notes 2 and 5) | 55,655 |
Accrued expenses (Note 5) | 312,624 |
Total Liabilities | 30,916,465 |
Net assets for 52,826,746 shares outstanding | $1,373,502,858 |
Net Assets Consist of: | |
Paid-in capital | $1,106,379,862 |
Total distributable earnings (loss) | 267,122,996 |
Total Net Assets | $1,373,502,858 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($129,183,638 ÷ 5,164,830 shares outstanding), no par value, unlimited shares authorized | $25.01 |
Offering price per share (100/94.50 of $25.01) | $26.47 |
Redemption proceeds per share | $25.01 |
Class C Shares: | |
Net asset value per share ($24,424,561 ÷ 1,186,536 shares outstanding), no par value, unlimited shares authorized | $20.58 |
Offering price per share | $20.58 |
Redemption proceeds per share (99.00/100 of $20.58) | $20.37 |
Institutional Shares: | |
Net asset value per share ($1,026,996,353 ÷ 39,129,260 shares outstanding), no par value, unlimited shares authorized | $26.25 |
Offering price per share | $26.25 |
Redemption proceeds per share | $26.25 |
Class R6 Shares: | |
Net asset value per share ($192,898,306 ÷ 7,346,120 shares outstanding), no par value, unlimited shares authorized | $26.26 |
Offering price per share | $26.26 |
Redemption proceeds per share | $26.26 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $1,189,446 received from affiliated holdings* and net of foreign taxes withheld of $29,893) | $14,939,476 |
Net income on securities loaned (includes $1,165,725 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 412,523 |
TOTAL INCOME | 15,351,999 |
Expenses: | |
Investment adviser fee (Note 5) | 9,252,845 |
Administrative fee (Note 5) | 902,315 |
Custodian fees | 71,275 |
Transfer agent fees (Note 2) | 1,201,655 |
Directors’/Trustees’ fees (Note 5) | 6,265 |
Auditing fees | 31,899 |
Legal fees | 10,263 |
Portfolio accounting fees | 170,299 |
Distribution services fee (Note 5) | 173,042 |
Other service fees (Notes 2 and 5) | 348,578 |
Share registration costs | 85,481 |
Printing and postage | 69,987 |
Miscellaneous (Note 5) | 39,689 |
TOTAL EXPENSES | 12,363,593 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (655,494) |
Reimbursement of other operating expenses (Notes 2 and 5) | (943,900) |
TOTAL WAIVER AND REIMBURSEMENTS | (1,599,394) |
Net expenses | 10,764,199 |
Net investment income | 4,587,800 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $3,727,614 on sales of investments in affiliated holdings*) | 92,661,079 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(37,083) on investments in affiliated holdings*) | 115,661,601 |
Net realized and unrealized gain (loss) on investments | 208,322,680 |
Change in net assets resulting from operations | $212,910,480 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,587,800 | $5,182,417 |
Net realized gain (loss) | 92,661,079 | (133,042,489) |
Net change in unrealized appreciation/depreciation | 115,661,601 | 199,468,884 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 212,910,480 | 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 | 338,093,250 | 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 | (340,528,111) | (460,215,776) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 576,857 | (85,358,607) |
Change in net assets | 210,170,935 | (53,479,949) |
Net Assets: | ||
Beginning of period | 1,163,331,923 | 1,216,811,872 |
End of period | $1,373,502,858 | $1,163,331,923 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $244,022 | $(218,757) |
Class C Shares | 27,210 | — |
Institutional Shares | 913,662 | (725,143) |
Class R6 Shares | 16,761 | — |
TOTAL | $1,201,655 | $(943,900) |
Other Service Fees Incurred | |
Class A Shares | $291,868 |
Class C Shares | 56,710 |
TOTAL | $348,578 |
Fair Value of Securities Loaned | Collateral Received |
$25,034,670 | $25,772,041 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 649,073 | $14,217,453 | 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 | (1,273,906) | (27,354,654) | (1,415,578) | (27,624,558) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (620,504) | $(13,039,148) | (616,925) | $(12,237,126) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 102,472 | $1,836,494 | 167,899 | $2,732,709 |
Shares issued to shareholders in payment of distributions declared | — | — | 62,196 | 977,102 |
Shares redeemed | (334,086) | (5,916,518) | (359,404) | (5,832,724) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (231,614) | $(4,080,024) | (129,309) | $(2,122,913) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,721,698 | $262,089,678 | 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 | (12,650,879) | (279,083,972) | (19,013,556) | (390,289,089) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (823,278) | $(14,481,226) | (6,245,497) | $(130,200,043) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,577,304 | $59,949,625 | 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 | (1,276,928) | (28,172,967) | (1,774,824) | (36,469,405) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,317,250 | $32,177,255 | 3,094,010 | $59,201,475 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (358,146) | $576,857 | (3,897,721) | $(85,358,607) |
2024 | 2023 | |
Ordinary income | $3,316,402 | $2,129,046 |
Long-term capital gains | $— | $37,601,108 |
Undistributed ordinary income | $4,599,962 |
Net unrealized appreciation | $308,942,049 |
Capital loss carryforwards | $(46,419,015) |
TOTAL | $267,122,996 |
Short-Term | Long-Term | Total |
$46,419,015 | $— | $46,419,015 |
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 | $173,042 |
Purchases | $979,773,492 |
Sales | $974,483,919 |
September 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
and Additional Information
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
Shares | Value | ||
COMMON STOCKS—97.9% | |||
Communication Services—2.9% | |||
289,633 | 1 | Cinemark Holdings, Inc. | $ 6,829,546 |
121,779 | 1 | E.W. Scripps Co. | 457,889 |
75,588 | 1 | Grindr, Inc. | 879,088 |
105,936 | 1 | Madison Square Garden Spinco | 4,183,413 |
21,458 | 1 | MediaAlpha, Inc. | 314,789 |
4,436 | Shutterstock, Inc. | 196,160 | |
224,153 | 1 | Vimeo Holdings, Inc. | 901,095 |
15,513 | 1 | Yelp, Inc. | 565,139 |
TOTAL | 14,327,119 | ||
Consumer Discretionary—8.3% | |||
21,636 | 1 | Abercrombie & Fitch Co., Class A | 3,190,877 |
16,064 | 1 | American Public Education, Inc. | 320,637 |
55,903 | 1 | Brinker International, Inc. | 3,734,879 |
17,108 | 1 | Carvana Co. | 2,279,299 |
278,674 | 1 | Chegg, Inc. | 950,278 |
49,186 | 1 | Frontdoor, Inc. | 1,940,880 |
87,259 | 1,2 | Groupon, Inc. | 1,162,290 |
1,030 | Installed Building Products, Inc. | 278,461 | |
141,207 | 1,2 | iRobot Corp. | 1,664,831 |
10,072 | 1 | MCBC Holdings, Inc. | 220,375 |
4,062 | Murphy USA, Inc. | 2,050,985 | |
88,217 | 1 | National Vision Holdings, Inc. | 1,275,618 |
17,228 | 1 | Revolve Group, Inc. | 333,362 |
499,736 | 1 | Rush Street Interactive, Inc. | 5,002,357 |
6,057 | 1 | Shake Shack, Inc. | 530,714 |
23,546 | 1 | Sleep Number Corp. | 277,843 |
10,899 | 1 | Stride, Inc. | 828,106 |
7,282 | Texas Roadhouse, Inc. | 1,271,510 | |
17,479 | 1 | Universal Technical Institute, Inc. | 331,052 |
69,422 | Upbound Group, Inc. | 2,619,292 | |
13,841 | 1 | Visteon Corp. | 1,599,189 |
46,578 | 1 | Warby Parker, Inc. | 767,140 |
16,566 | Wingstop, Inc. | 6,193,696 | |
168,073 | Wolverine World Wide, Inc. | 2,499,246 | |
TOTAL | 41,322,917 | ||
Consumer Staples—4.1% | |||
151,401 | 1,2 | Beauty Health Co./The | 280,092 |
91,356 | 1 | Bellring Brands, Inc. | 4,684,735 |
34,086 | Energizer Holdings, Inc. | 1,049,508 | |
82,002 | Medifast, Inc. | 1,798,304 | |
65,600 | 1 | Sprouts Farmers Market, Inc. | 6,552,784 |
72,851 | Turning Point Brands, Inc. | 2,747,940 | |
85,377 | 1 | Vital Farms, Inc. | 3,115,407 |
TOTAL | 20,228,770 | ||
Energy—3.4% | |||
15,778 | 1 | Dorian LPG Ltd. | 644,689 |
31,081 | 1 | Expro Group Holdings NV | 721,701 |
36,746 | Kinetik Holdings, Inc. | 1,524,224 | |
37,157 | 1 | Kodiak Gas Services | 1,071,979 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
151,203 | Liberty Energy, Inc. | $ 3,651,552 | |
149,481 | Magnolia Oil & Gas Corp. | 4,071,862 | |
77,443 | SM Energy Co. | 3,577,867 | |
15,703 | 1 | Weatherford International PLC | 1,850,756 |
TOTAL | 17,114,630 | ||
Financials—7.5% | |||
122,448 | 1 | AvidXchange Holdings, Inc. | 1,094,685 |
13,541 | 1 | Axos Financial, Inc. | 988,628 |
5,650 | Brightsphere Investment Group, Inc. | 147,974 | |
99,204 | 1 | Cantaloupe, Inc. | 772,799 |
18,887 | 1 | Donnelley Financial Solutions, Inc. | 1,274,495 |
332,119 | 1 | Fidelis Insurance | 5,908,397 |
121,323 | 1 | Hamilton Insurance Group, Ltd. | 2,114,660 |
11,534 | HCI Group, Inc. | 1,087,195 | |
22,491 | 1 | LendingTree, Inc. | 1,196,971 |
55,273 | 1 | NCR Atleos Corp. | 1,777,027 |
16,901 | 1 | Palomar Holdings, Inc. | 1,555,061 |
24,472 | PROG Holdings, Inc. | 1,102,708 | |
8,004 | RLI Corp. | 1,205,322 | |
8,289 | Selective Insurance Group, Inc. | 748,663 | |
246,465 | 1 | SelectQuote, Inc. | 1,008,042 |
267,006 | 1 | Siriuspoint Ltd. | 3,836,876 |
136,913 | 1 | Skyward Specialty Insurance Group, Inc. | 5,417,647 |
15,165 | Universal Insurance Holdings, Inc. | 300,419 | |
114,584 | Victory Capital Holdings | 6,003,056 | |
TOTAL | 37,540,625 | ||
Health Care—25.1% | |||
403,309 | 1 | ADMA Biologics, Inc. | 4,952,634 |
41,449 | 1,2 | Agenus, Inc. | 250,352 |
809,713 | 1,2 | Akebia Therapeutics, Inc. | 1,117,404 |
302,579 | 1 | Aldeyra Therapeutics, Inc. | 1,192,161 |
33,376 | 1 | Alector, Inc. | 200,256 |
183,338 | 1 | Alkermes, PLC | 5,008,794 |
16,658 | 1 | AMN Healthcare Services, Inc. | 1,126,414 |
157,412 | 1,2 | Amylyx Pharmaceuticals, Inc. | 324,269 |
4,718 | 1 | AnaptysBio, Inc. | 164,375 |
4,986 | 1 | Arcellx, Inc. | 308,185 |
117,533 | 1 | Arcutis Biotherapeutics, Inc. | 1,183,557 |
7,386 | 1 | Arvinas, Inc. | 203,189 |
25,394 | 1 | Assembly Biosciences, Inc. | 370,879 |
127,738 | 1 | Atea Pharmaceuticals, Inc. | 487,959 |
24,464 | 1 | Avidity Biosciences LLC | 1,115,069 |
52,298 | 1 | Blueprint Medicines Corp. | 5,663,873 |
60,171 | 1,2 | BrightSpring Health Services, Inc. | 745,519 |
21,558 | 1 | Catalyst Pharmaceutical Partners, Inc. | 371,660 |
479,118 | 1 | Codexis, Inc. | 1,715,242 |
108,046 | 1 | Collegium Pharmaceutical, Inc. | 4,167,334 |
9,332 | CONMED Corp. | 644,281 | |
6,058 | 1 | Corcept Therapeutics, Inc. | 234,263 |
127,041 | 1,2 | Cutera, Inc. | 177,857 |
26,704 | 1 | Dynavax Technologies Corp. | 298,818 |
20,983 | 1 | Dyne Therapeutics, Inc. | 900,381 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
21,455 | 1 | Edgewise Therapeutics, Inc. | $ 365,379 |
17,152 | 1 | Enanta Pharmaceuticals, Inc. | 253,164 |
7,876 | Ensign Group, Inc. | 1,108,547 | |
95,510 | 1 | Evolent Health, Inc. | 2,227,293 |
61,587 | 1 | EyePoint Pharmaceuticals, Inc. | 608,480 |
241,172 | 1 | Fate Therapeutics, Inc. | 1,285,447 |
21,556 | 1 | Fulcrum Therapeutics, Inc. | 200,040 |
20,536 | 1 | Glaukos Corp. | 2,406,203 |
8,218 | 1 | Haemonetics Corp. | 740,031 |
163,081 | 1 | Halozyme Therapeutics, Inc. | 9,011,856 |
163,096 | 1 | Harmony Biosciences Holdings, Inc. | 5,522,431 |
47,993 | 1,2 | Heron Therapeutics, Inc. | 142,539 |
176,953 | 1 | Hims & Hers Health, Inc. | 3,758,482 |
301,926 | 1 | Inmode Ltd. | 5,470,899 |
38,350 | 1 | Insmed, Inc. | 2,789,962 |
11,709 | 1 | Krystal Biotech, Inc. | 2,440,858 |
6,667 | 1 | Kymera Therapeutics, Inc. | 308,015 |
10,675 | 1 | Lantheus Holdings, Inc. | 1,119,060 |
44,305 | 1 | Livanova PLC | 2,188,667 |
471,022 | 1 | Mannkind Corp. | 2,713,087 |
182,603 | 1 | Mersana Therapeutics, Inc. | 365,206 |
393,046 | 1 | MiMedx Group, Inc. | 2,928,193 |
60,968 | 1 | Nevro Corp. | 605,412 |
315,180 | 1 | NextCure, Inc. | 510,592 |
122,406 | 1 | Novocure Ltd. | 2,787,185 |
22,130 | 1 | Nurix Therapeutics, Inc. | 484,204 |
232,037 | 1 | Omnicell, Inc. | 6,777,801 |
39,905 | 1,2 | Outlook Therapeutics, Inc. | 309,264 |
143,012 | 1 | Outset Medical, Inc. | 507,693 |
24,328 | 1 | Pacira BioSciences, Inc. | 502,373 |
36,085 | 1 | Pennant Group, Inc./The | 1,075,694 |
41,382 | 1 | PetIQ, Inc. | 905,438 |
81,925 | 1 | PROCEPT BioRobotics Corp. | 5,187,491 |
22,921 | 1 | Prothena Corp. PLC | 533,601 |
159,667 | 1 | Puma Biotechnology, Inc. | 572,406 |
306,285 | 1 | RAPT Therapeutics, Inc. | 961,735 |
90,689 | 1 | Relmada Therapeutics, Inc. | 331,922 |
649,925 | 1,2 | Revance Therapeutics, Inc. | 2,456,716 |
107,342 | 1 | RxSight, Inc. | 4,913,043 |
251,939 | 1 | SAGE Therapeutics, Inc. | 2,758,732 |
194,394 | 1 | Siga Technologies, Inc. | 1,940,052 |
17,401 | 1 | Supernus Pharmaceuticals, Inc. | 518,898 |
170,713 | 1 | Tactile Systems Technology, Inc. | 2,180,005 |
34,392 | 1,2 | Tg Therapeutics, Inc. | 679,586 |
17,004 | 1 | TransMedics Group, Inc. | 2,418,989 |
37,857 | 1 | Travere Thrapeutics, Inc. | 361,156 |
50,969 | 1 | Vanda Pharmaceuticals, Inc. | 297,659 |
263,955 | 1 | Voyager Therapeutics, Inc. | 2,425,746 |
44,474 | 1 | Y-mAbs Therapeutics, Inc. | 546,141 |
153,438 | 1 | Zentalis Pharmaceuticals, Inc. | 596,874 |
TOTAL | 125,024,972 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—21.2% | |||
36,696 | Apogee Enterprises, Inc. | $ 2,518,813 | |
88,779 | 1 | Array Technologies, Inc. | 933,955 |
18,281 | 1 | Atkore, Inc. | 2,467,935 |
75,809 | 1 | Atmus Filtration Technologies, Inc. | 2,337,950 |
17,836 | 1 | Beacon Roofing Supply, Inc. | 1,833,541 |
114,116 | 1 | Blue Bird Corp. | 5,947,726 |
1,748 | Boise Cascade Co. | 248,373 | |
37,385 | 1 | Cimpress PLC | 3,412,129 |
8,867 | Comfort Systems USA, Inc. | 2,947,568 | |
14,753 | 1 | Construction Partners, Inc. | 953,781 |
252,897 | Costamare, Inc. | 3,747,934 | |
16,811 | Emcor Group, Inc. | 6,311,522 | |
33,141 | 1 | Energy Recovery, Inc. | 483,196 |
17,176 | EnerSys, Inc. | 1,888,158 | |
73,827 | 1 | Exlservice Holding, Inc. | 2,603,140 |
22,527 | 1 | Fluor Corp. | 1,083,549 |
13,250 | 1 | Forrester Research, Inc. | 267,517 |
181,109 | 2 | Forward Air Corp. | 4,592,924 |
69,728 | 1 | Franklin Covey Co. | 3,047,811 |
105,764 | 1 | GMS, Inc. | 10,177,670 |
33,461 | Griffon Corp. | 2,411,200 | |
28,986 | 1 | Huron Consulting Group, Inc. | 3,188,750 |
54,985 | Hyster-Yale, Inc. | 4,494,474 | |
131,375 | 1 | JELD-WEN Holding, Inc. | 2,192,649 |
26,437 | KForce Com, Inc. | 1,836,578 | |
19,956 | 1 | Legalzoom.com, Inc. | 133,306 |
164,960 | 1 | Mistras Group, Inc. | 1,649,600 |
34,622 | 1 | MRC Global, Inc. | 501,327 |
32,441 | Mueller Water Products, Inc. | 670,880 | |
76,498 | 1 | Parsons Corp. | 6,989,622 |
161,164 | 1,2 | Plug Power, Inc. | 398,075 |
185,437 | 1,2 | Redwire Corp | 1,312,894 |
224,326 | 1 | Shoals Technologies Group, Inc. | 1,458,119 |
49,069 | 1 | Sun Country Airlines Holdings | 642,804 |
360,308 | 1,2 | SunPower Corp. | 307,523 |
2,278 | Tennant Co. | 245,318 | |
59,624 | Terex Corp. | 3,771,814 | |
249,917 | The Shyft Group, Inc. | 4,191,108 | |
2,094 | 1 | TriNet Group, Inc. | 218,299 |
299,560 | TTEC Holdings, Inc. | 2,390,489 | |
182,504 | 1 | Upwork, Inc. | 2,211,948 |
66,085 | 1 | Vicor Corp. | 2,782,839 |
18,846 | Watts Industries, Inc., Class A | 3,910,922 | |
6,909 | 1 | Willdan Group, Inc. | 234,077 |
TOTAL | 105,949,807 | ||
Information Technology—19.8% | |||
317,058 | 1 | 8x8, Inc. | 976,539 |
55,209 | A10 Networks, Inc. | 722,686 | |
226,129 | 1,2 | Aehr Test Systems | 4,267,054 |
51,449 | 1 | Alarm.com Holdings, Inc. | 3,629,727 |
55,142 | 1 | Alkami Technology, Inc. | 1,804,798 |
13,695 | 1 | AppFolio, Inc. | 3,033,168 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
56,067 | 1 | Arlo Technologies, Inc. | $ 849,976 |
299,119 | 1 | AvePoint, Inc. | 3,260,397 |
2,539 | Badger Meter, Inc. | 523,440 | |
25,363 | 1 | Blackbaud, Inc. | 2,013,315 |
20,969 | 1 | Blackline, Inc. | 996,447 |
47,291 | 1 | Box, Inc. | 1,329,823 |
81,088 | 1 | Brightcove, Inc. | 192,989 |
247,068 | 1 | Cambium Networks Corp. | 526,255 |
267,902 | 1 | Clear Secure, Inc. | 5,719,708 |
78,134 | 1 | Clearfield, Inc. | 3,391,015 |
49,221 | 1,2 | Coda Octopus Group, Inc. | 360,298 |
175,575 | 1 | CommScope Holdings Co., Inc. | 454,739 |
45,278 | 1 | Commvault Systems, Inc. | 6,920,742 |
29,213 | 1 | Core Scientific | 284,827 |
83,086 | 1 | Digi International, Inc. | 2,268,248 |
334,215 | 1 | Digital Turbine, Inc. | 795,432 |
161,146 | 1 | Expensify, Inc. | 298,120 |
145,835 | 1 | Extreme Networks, Inc. | 2,085,440 |
3,319 | 1 | Impinj, Inc. | 528,683 |
29,591 | 2 | InterDigital, Inc. | 3,632,591 |
43,542 | 1 | inTEST Corp. | 470,254 |
13,204 | 1 | Itron, Inc. | 1,365,822 |
35,782 | Kulicke & Soffa Industries | 1,687,837 | |
80,121 | 1 | MaxLinear, Inc. | 1,132,911 |
329,985 | 1 | ON24, Inc. | 2,168,001 |
2,108 | 1 | OSI Systems, Inc. | 311,942 |
7,133 | Progress Software Corp. | 416,567 | |
45,340 | 1 | Q2 Holdings, Inc. | 3,059,090 |
34,035 | 1 | Qualys, Inc. | 5,075,980 |
80,753 | Sapiens International Corp. NV | 3,141,292 | |
35,241 | 1 | Secureworks Corp. | 271,356 |
142,446 | 1 | Semrush Holdings, Inc. | 2,099,654 |
678,662 | 1 | Sprinklr, Inc. | 6,671,247 |
4,981 | 1 | SPS Commerce, Inc. | 1,073,007 |
166,896 | 1 | Telos Corp. | 717,653 |
56,574 | 1 | Tenable Holdings, Inc. | 2,597,878 |
452,362 | 1 | Unisys Corp. | 2,153,243 |
72,599 | 1 | Varonis Systems, Inc. | 4,002,383 |
22,239 | 1 | Verint Systems, Inc. | 803,717 |
3,732 | 1 | Vertex, Inc. | 147,974 |
984,243 | 1 | Yext, Inc. | 5,669,240 |
130,852 | 1 | Zeta Global Holdings Corp. | 2,802,850 |
TOTAL | 98,706,355 | ||
Materials—3.7% | |||
6,168 | 1 | ATI, Inc. | 417,635 |
7,081 | Cabot Corp. | 710,153 | |
22,402 | Commercial Metals Corp. | 1,346,360 | |
20,282 | Compass Minerals International, Inc. | 269,751 | |
199,842 | 1 | Constellium SE | 3,559,186 |
20,955 | 1 | Ingevity Corp. | 961,625 |
2,918 | Kaiser Aluminum Corp. | 229,617 | |
82,056 | 1 | Knife River Corp. | 6,525,093 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
19,874 | Koppers Holdings, Inc. | $ 809,071 | |
1,805 | Materion Corp | 217,376 | |
78,500 | Orion S.A. | 1,932,670 | |
19,735 | 1,2 | Piedmont Lithium Ltd. | 197,745 |
86,100 | 1,3 | Rentech, Inc. | 0 |
18,336 | Sylvamo Corp. | 1,351,547 | |
TOTAL | 18,527,829 | ||
Real Estate—1.6% | |||
76,476 | 1 | Real Brokerage, Inc./The | 455,032 |
360,587 | 1 | Redfin Corp. | 2,935,178 |
169,496 | RMR Group, Inc./The | 4,396,726 | |
TOTAL | 7,786,936 | ||
Utilities—0.3% | |||
15,826 | Otter Tail Corp. | 1,533,856 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $381,573,116) | 488,063,816 | ||
INVESTMENT COMPANY—4.3% | |||
21,588,600 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24%4 (IDENTIFIED COST $21,588,600) | 21,588,600 | |
TOTAL INVESTMENT IN SECURITIES—102.2% (IDENTIFIED COST $403,161,716)5 | 509,652,416 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.2)%6 | (11,070,491) | ||
TOTAL NET ASSETS—100% | $498,581,925 |
Affiliated | Value as of 7/31/2023 | Purchases at Cost* | Proceeds from Sales* | Change in Unrealized Appreciation/ (Depreciation)* | Net Realized Gain/ (Loss)* | Value as of 7/31/2024 | Shares Held as of 7/31/2024 | Dividend Income* |
Health Care: | ||||||||
Dynavax Technologies Corp. | $— | $829,603 | $(438,655) | $(39,639) | $(52,491) | $298,818 | 26,704 | $— |
Siga Technologies, Inc.** | $8,635,566 | $— | $(8,642,517) | $1,661,311 | $285,692 | $1,940,052 | 194,394 | $— |
Affiliated issuers no longer in the portfolio at period end | $6,068,818 | $— | $(5,037,071) | $(3,012,972) | $1,981,225 | $— | — | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $14,704,384 | $829,603 | $(14,118,243) | $(1,391,300) | $2,214,426 | $2,238,870 | 221,098 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At July 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 | $177,512,573 | $73,825,367 | $251,337,940 |
Proceeds from Sales | $(170,739,329) | $(78,763,266) | $(249,502,595) |
Change in Unrealized Appreciation/Depreciation | $— | $(70) | $(70) |
Net Realized Gain/(Loss) | $— | $1,357 | $1,357 |
Value as of 7/31/2024 | $21,588,600 | $— | $21,588,600 |
Shares Held as of 7/31/2024 | 21,588,600 | — | 21,588,600 |
Dividend Income | $781,593 | $335,720 | $1,117,313 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee. |
4 | 7-day net yield. |
5 | The cost of investments for federal tax purposes amounts to $405,627,063. |
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 July 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 | $445,966,568 | $— | $0 | $445,966,568 |
International | 42,097,248 | — | — | 42,097,248 |
Investment Company | 21,588,600 | — | — | 21,588,600 |
TOTAL SECURITIES | $509,652,416 | $— | $0 | $509,652,416 |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $22.38 | $20.80 | $33.76 | $23.89 | $23.30 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.11) | (0.03) | (0.04) | (0.15) | (0.07) |
Net realized and unrealized gain (loss) | 2.92 | 2.24 | (4.34) | 10.16 | 0.66 |
Total From Investment Operations | 2.81 | 2.21 | (4.38) | 10.01 | 0.59 |
Less Distributions: | |||||
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — |
Net Asset Value, End of Period | $25.19 | $22.38 | $20.80 | $33.76 | $23.89 |
Total Return2 | 12.56% | 11.18% | (18.45)% | 42.03% | 2.53% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Net investment income (loss) | (0.51)% | (0.16)% | (0.16)% | (0.50)% | (0.32)% |
Expense waiver/reimbursement4 | 0.26% | 0.24% | 0.21% | 0.23% | 0.30% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $80,198 | $80,993 | $88,900 | $129,226 | $92,389 |
Portfolio turnover5 | 90% | 138% | 140% | 163% | 227% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $17.73 | $16.75 | $28.99 | $20.69 | $20.32 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.23) | (0.16) | (0.21) | (0.33) | (0.21) |
Net realized and unrealized gain (loss) | 2.29 | 1.77 | (3.45) | 8.77 | 0.58 |
Total From Investment Operations | 2.06 | 1.61 | (3.66) | 8.44 | 0.37 |
Less Distributions: | |||||
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — |
Net Asset Value, End of Period | $19.79 | $17.73 | $16.75 | $28.99 | $20.69 |
Total Return2 | 11.62% | 10.27% | (19.14)% | 40.93% | 1.82% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.98% | 1.96% | 1.96% | 1.88% | 1.88% |
Net investment income (loss) | (1.35)% | (0.99)% | (0.99)% | (1.25)% | (1.07)% |
Expense waiver/reimbursement4 | 0.14% | 0.12% | 0.12% | 0.15% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $15,530 | $18,262 | $19,373 | $28,084 | $17,481 |
Portfolio turnover5 | 90% | 138% | 140% | 163% | 227% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $24.07 | $22.27 | $35.50 | $25.05 | $24.37 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.06) | 0.02 | 0.02 | (0.08) | (0.02) |
Net realized and unrealized gain (loss) | 3.15 | 2.42 | (4.67) | 10.67 | 0.70 |
Total From Investment Operations | 3.09 | 2.44 | (4.65) | 10.59 | 0.68 |
Less Distributions: | |||||
Distributions from net investment income | (0.01) | (0.01) | — | — | — |
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — |
Total Distributions | (0.01) | (0.64) | (8.58) | (0.14) | — |
Net Asset Value, End of Period | $27.15 | $24.07 | $22.27 | $35.50 | $25.05 |
Total Return2 | 12.85% | 11.49% | (18.29)% | 42.40% | 2.79% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Net investment income (loss) | (0.27)% | 0.09% | 0.08% | (0.25)% | (0.07)% |
Expense waiver/reimbursement4 | 0.23% | 0.20% | 0.18% | 0.16% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $218,620 | $258,459 | $304,721 | $428,578 | $354,204 |
Portfolio turnover5 | 90% | 138% | 140% | 163% | 227% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended July 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $24.09 | $22.29 | $35.51 | $25.06 | $24.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.06) | 0.02 | 0.02 | (0.08) | (0.02) |
Net realized and unrealized gain (loss) | 3.15 | 2.42 | (4.66) | 10.67 | 0.72 |
Total From Investment Operations | 3.09 | 2.44 | (4.64) | 10.59 | 0.70 |
Less Distributions: | |||||
Distributions from net investment income | (0.01) | (0.01) | — | — | — |
Distributions from net realized gain | — | (0.63) | (8.58) | (0.14) | — |
Total Distributions | (0.01) | (0.64) | (8.58) | (0.14) | — |
Net Asset Value, End of Period | $27.17 | $24.09 | $22.29 | $35.51 | $25.06 |
Total Return2 | 12.85% | 11.49% | (18.24)% | 42.38% | 2.87% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Net investment income (loss) | (0.26)% | 0.11% | 0.10% | (0.24)% | (0.07)% |
Expense waiver/reimbursement4 | 0.14% | 0.12% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $184,233 | $182,071 | $256,060 | $309,117 | $283,103 |
Portfolio turnover5 | 90% | 138% | 140% | 163% | 227% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $10,363,362 of securities loaned and $23,827,470 of investments in affiliated holdings* (identified cost $403,161,716, including $23,011,006 of identified cost in affiliated holdings) | $509,652,416 |
Cash | 1,901 |
Income receivable | 163,469 |
Income receivable from affiliated holdings | 40,437 |
Receivable for investments sold | 939,114 |
Receivable for shares sold | 436,810 |
Total Assets | 511,234,147 |
Liabilities: | |
Payable for investments purchased | 978,457 |
Payable for shares redeemed | 335,929 |
Payable for collateral due to broker for securities lending (Note 2) | 11,067,025 |
Payable for investment adviser fee (Note 5) | 9,179 |
Payable for administrative fee (Note 5) | 1,047 |
Payable for Directors’/Trustees’ fees (Note 5) | 102 |
Payable for distribution services fee (Note 5) | 9,410 |
Payable for other service fees (Notes 2 and 5) | 41,755 |
Accrued expenses (Note 5) | 209,318 |
Total Liabilities | 12,652,222 |
Net assets for 18,801,917 shares outstanding | $498,581,925 |
Net Assets Consist of: | |
Paid-in capital | $427,176,706 |
Total distributable earnings (loss) | 71,405,219 |
Total Net Assets | $498,581,925 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($80,198,332 ÷ 3,183,890 shares outstanding), no par value, unlimited shares authorized | $25.19 |
Offering price per share (100/94.50 of $25.19) | $26.66 |
Redemption proceeds per share | $25.19 |
Class C Shares: | |
Net asset value per share ($15,530,152 ÷ 784,834 shares outstanding), no par value, unlimited shares authorized | $19.79 |
Offering price per share | $19.79 |
Redemption proceeds per share (99.00/100 of $19.79) | $19.59 |
Institutional Shares: | |
Net asset value per share ($218,620,142 ÷ 8,052,443 shares outstanding), no par value, unlimited shares authorized | $27.15 |
Offering price per share | $27.15 |
Redemption proceeds per share | $27.15 |
Class R6 Shares: | |
Net asset value per share ($184,233,299 ÷ 6,780,750 shares outstanding), no par value, unlimited shares authorized | $27.17 |
Offering price per share | $27.17 |
Redemption proceeds per share | $27.17 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $445,509 received from affiliated holdings* and net of foreign taxes withheld of $16,839) | $2,566,741 |
Net income on securities loaned (includes $671,804 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 278,334 |
TOTAL INCOME | 2,845,075 |
Expenses: | |
Investment adviser fee (Note 5) | 3,671,902 |
Administrative fee (Note 5) | 359,963 |
Custodian fees | 53,685 |
Transfer agent fees (Note 2) | 547,342 |
Directors’/Trustees’ fees (Note 5) | 3,451 |
Auditing fees | 30,680 |
Legal fees | 10,263 |
Portfolio accounting fees | 132,685 |
Distribution services fee (Note 5) | 118,422 |
Other service fees (Notes 2 and 5) | 221,548 |
Share registration costs | 63,671 |
Printing and postage | 76,093 |
Miscellaneous (Note 5) | 34,297 |
TOTAL EXPENSES | 5,324,002 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (622,980) |
Reimbursement of other operating expenses (Notes 2 and 5) | (295,753) |
TOTAL WAIVER AND REIMBURSEMENTS | (918,733) |
Net expenses | 4,405,269 |
Net investment income (loss) | (1,560,194) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $2,215,783 on sales of investments in affiliated holdings*) | 33,689,166 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,391,370) on investments in affiliated holdings*) | 14,875,580 |
Net realized and unrealized gain (loss) on investments | 48,564,746 |
Change in net assets resulting from operations | $47,004,552 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(1,560,194) | $179,429 |
Net realized gain (loss) | 33,689,166 | (57,004,841) |
Net change in unrealized appreciation/depreciation | 14,875,580 | 113,583,742 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 47,004,552 | 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 | 98,871,084 | 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 | (187,063,089) | (293,174,418) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (88,019,184) | (168,011,370) |
Change in net assets | (41,203,533) | (129,268,377) |
Net Assets: | ||
Beginning of period | 539,785,458 | 669,053,835 |
End of period | $498,581,925 | $539,785,458 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $138,200 | $(93,071) |
Class C Shares | 23,490 | — |
Institutional Shares | 315,591 | (202,682) |
Class R6 Shares | 70,061 | — |
TOTAL | $547,342 | $(295,753) |
Other Service Fees Incurred | |
Class A Shares | $182,253 |
Class C Shares | 39,295 |
TOTAL | $221,548 |
Fair Value of Securities Loaned | Collateral Received |
$10,363,362 | $11,067,025 |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 276,546 | $6,127,809 | 364,732 | $7,410,545 |
Shares issued to shareholders in payment of distributions declared | — | — | 118,380 | 2,245,671 |
Shares redeemed | (711,809) | (15,770,705) | (1,138,869) | (23,147,646) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (435,263) | $(9,642,896) | (655,757) | $(13,491,430) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 95,829 | $1,650,769 | 148,712 | $2,428,011 |
Shares issued to shareholders in payment of distributions declared | — | — | 44,306 | 669,467 |
Shares redeemed | (341,009) | (5,935,903) | (319,656) | (5,189,606) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (245,180) | $(4,285,134) | (126,638) | $(2,092,128) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,936,507 | $45,814,425 | 2,583,227 | $56,282,758 |
Shares issued to shareholders in payment of distributions declared | 3,699 | 91,019 | 357,614 | 7,287,807 |
Shares redeemed | (4,624,970) | (105,387,826) | (5,884,345) | (128,470,285) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,684,764) | $(59,482,382) | (2,943,504) | $(64,899,720) |
Year Ended 7/31/2024 | Year Ended 7/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,878,004 | $45,278,081 | 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 | (2,658,671) | (59,968,655) | (6,214,536) | (136,366,881) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (777,346) | $(14,608,772) | (3,930,087) | $(87,528,092) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (4,142,553) | $(88,019,184) | (7,655,986) | $(168,011,370) |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(377,292) | $377,292 |
2024 | 2023 | |
Ordinary income | $188,901 | $270,788 |
Long-term capital gains | $— | $17,744,549 |
Net unrealized appreciation | $104,025,353 |
Capital loss carryforwards and deferrals | $(32,620,134) |
TOTAL | $71,405,219 |
Short-Term | Long-Term | Total |
$31,551,228 | $— | $31,551,228 |
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 | $118,422 |
Purchases | $411,308,653 |
Sales | $506,983,565 |
September 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes MDT All Cap Core Fund: Not Applicable.
Federated Hermes MDT Balanced Fund: Not Applicable.
Federated Hermes MDT Large Cap Growth Fund: Not Applicable.
Federated Hermes MDT Small Cap Core Fund: Not Applicable.
Federated Hermes MDT Small Cap Growth Fund: Not Applicable.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes MDT All Cap Core Fund: Not Applicable.
Federated Hermes MDT Balanced Fund: Not Applicable.
Federated Hermes MDT Large Cap Growth Fund: Not Applicable.
Federated Hermes MDT Small Cap Core Fund: Not Applicable.
Federated Hermes MDT Small Cap Growth Fund: Not Applicable.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes MDT All Cap Core Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Balanced Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Large Cap Growth Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Small Cap Core Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Small Cap Growth Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes MDT All Cap Core Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Balanced Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Large Cap Growth Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Small Cap Core Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes MDT Small Cap Growth Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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 as of a date 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 17. | 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 19. | Exhibits |
(a)(1) | Not Applicable. |
(a)(2) | Certifications of Principal Executive Officer and Principal Financial Officer. |
(a)(3) | Not Applicable. |
(a)(4) | 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: September 23, 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: September 23, 2024
By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: September 23, 2024