United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-4017
(Investment Company Act File Number)
Federated Hermes Equity Funds
______________________________________________________________
(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: 10/31/22
Date of Reporting Period: Six months ended 04/30/22
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | KAUAX | B | KAUBX | C | KAUCX |
R | KAUFX | Institutional | KAUIX |
Federated Hermes Kaufmann Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Health Care | 33.0% |
Information Technology | 14.7% |
Financials | 9.2% |
Consumer Discretionary | 8.3% |
Materials | 7.6% |
Industrials | 6.5% |
Real Estate | 4.5% |
Energy | 3.7% |
Communication Services | 1.3% |
Consumer Staples | 1.1% |
Utilities | 0.7% |
Securities Lending Collateral2 | 2.9% |
Cash Equivalents3 | 8.7% |
Other Assets and Liabilities—Net4 | (2.2)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 90.5% | |||
Communication Services— 1.3% | |||
150,000 | 1 | Take-Two Interactive Software, Inc. | $ 17,926,500 |
1,188,158 | 1 | ZoomInfo Technologies, Inc. | 56,318,689 |
TOTAL | 74,245,189 | ||
Consumer Discretionary— 8.3% | |||
300,000 | 1 | Airbnb, Inc. | 45,963,000 |
100,000 | 1 | Alibaba Group Holding Ltd., ADR | 9,709,000 |
20,000 | 1 | Amazon.com, Inc. | 49,712,600 |
15,850 | 1 | Chipotle Mexican Grill, Inc. | 23,071,419 |
150,000 | Choice Hotels International, Inc. | 21,069,000 | |
400,000 | 1,2 | DraftKings, Inc. | 5,472,000 |
225,000 | 1 | Etsy, Inc. | 20,967,750 |
635,000 | 1 | Floor & Decor Holdings, Inc. | 50,622,200 |
50,000 | Home Depot, Inc. | 15,020,000 | |
50,000 | 1 | Las Vegas Sands Corp. | 1,771,500 |
126,000 | 1 | Lululemon Athletica, Inc. | 44,683,380 |
10,000 | 1 | Mercadolibre, Inc. | 9,736,300 |
480,000 | Moncler SPA | 24,931,240 | |
19,800,000 | NagaCorp Ltd. | 17,693,466 | |
400,000 | 1 | Planet Fitness, Inc. | 32,012,000 |
1,350,000 | 1,2 | Sportradar Group AG | 16,929,000 |
30,000 | Vail Resorts, Inc. | 7,624,800 | |
513,000 | Wingstop, Inc. | 47,072,880 | |
400,000 | 1 | YETI Holdings, Inc. | 19,548,000 |
TOTAL | 463,609,535 | ||
Consumer Staples— 1.1% | |||
19,600 | Costco Wholesale Corp. | 10,421,712 | |
75,500 | Estee Lauder Cos., Inc., Class A | 19,936,530 | |
130,000 | 1 | Freshpet, Inc. | 12,135,500 |
905,000 | 1,2 | The Duckhorn Portfolio, Inc. | 17,575,100 |
TOTAL | 60,068,842 | ||
Energy— 3.7% | |||
450,500 | Cheniere Energy, Inc. | 61,182,405 | |
2,343,000 | 2 | New Fortress Energy, Inc. | 90,861,540 |
245,900 | Pioneer Natural Resources, Inc. | 57,164,373 | |
TOTAL | 209,208,318 | ||
Financials— 9.2% | |||
700,000 | Apollo Global Management, Inc. | 34,832,000 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
182,906 | Artisan Partners Asset Management, Inc. | $ 5,878,599 | |
81,350 | BlackRock, Inc. | 50,817,718 | |
9,725,000 | 1,3 | Blue Owl Capital, Inc. | 116,019,250 |
60,000 | 1,2 | Coinbase Global, Inc. | 6,762,600 |
1 | 1,3,4 | FA Private Equity Fund IV LP | 369,505 |
4,205,000 | FinecoBank Banca Fineco SPA | 57,929,900 | |
500,000 | 1 | Hamilton Lane Alliance Holdings I, Inc. | 4,920,000 |
699,000 | Hamilton Lane, Inc. | 47,937,420 | |
1,200,000 | KKR & Co., Inc., Class Common | 61,164,000 | |
9,300 | 1 | Markel Corp. | 12,585,504 |
80,000 | MSCI, Inc., Class A | 33,700,000 | |
127,710 | S&P Global, Inc. | 48,082,815 | |
1,416,598 | StepStone Group, Inc. | 36,293,241 | |
TOTAL | 517,292,552 | ||
Health Care— 32.9% | |||
155,800 | Abbott Laboratories | 17,683,300 | |
1,331,564 | 1,2 | Akouos, Inc. | 3,728,379 |
1,324,024 | 1 | Albireo Pharma, Inc. | 42,130,444 |
2,286,877 | 1 | Alector, Inc. | 21,954,019 |
1,209,095 | 1 | Amphastar Pharmaceuticals, Inc. | 42,886,600 |
583,075 | 1 | AnaptysBio, Inc. | 13,643,955 |
2,000,000 | 1,2 | Annexon, Inc. | 5,100,000 |
1 | 3,4 | Apollo Investment Fund V | 84,934 |
1,971,300 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 38,203,794 |
770,283 | 1 | Argenx SE | 221,460,630 |
2,265,000 | 1 | aTyr Pharma, Inc. | 9,422,400 |
1,125,000 | 1 | Avidity Biosciences LLC | 16,087,500 |
146,531 | 1 | Avrobio, Inc. | 135,233 |
650,000 | 1 | Catalent, Inc. | 58,864,000 |
250,000 | 1,2 | Century Therapeutics, Inc. | 3,005,000 |
267,745 | 1 | Century Therapeutics, Inc. | 3,218,295 |
1,903,967 | 4 | CeQur SA | 9,997,397 |
314,099 | 1 | Cerevel Therapeutics Holdings | 9,196,819 |
861,000 | 1,2 | ContraFect Corp. | 3,254,580 |
5,100,000 | 1 | Corcept Therapeutics, Inc. | 109,701,000 |
232,000 | 1,2 | CRISPR Therapeutics AG | 11,511,840 |
490,000 | Danaher Corp. | 123,053,700 | |
271,200 | 1,2 | Dexcom, Inc. | 110,806,896 |
8,274,643 | 1,2 | Dynavax Technologies Corp. | 73,065,098 |
238,100 | 1 | Edwards Lifesciences Corp. | 25,186,218 |
109,672 | 1,2 | Evotec SE, ADR | 1,319,354 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
121,800 | 1,2 | Fate Therapeutics, Inc. | $ 3,478,608 |
944,585 | 1,2 | Frequency Therapeutics, Inc. | 1,227,961 |
500,000 | 1 | Fusion Pharmaceuticals, Inc. | 2,575,000 |
255,181 | 1 | Galapagos N.V. | 14,913,126 |
3,570,815 | 1,2 | Gamida Cell Ltd. | 9,105,578 |
125,700 | 1 | Genmab A/S | 44,341,057 |
502,834 | 1 | Genmab A/S, ADR | 17,689,700 |
1,000,000 | 1,2 | Gossamer Bio, Inc. | 6,910,000 |
679,512 | 1,2 | Gracell Biotechnologies, Inc., ADR | 1,528,902 |
320,970 | 1,2 | Graphite Bio, Inc. | 1,290,299 |
25,000 | 1 | Guardant Health, Inc. | 1,542,500 |
880,800 | 1,2 | IDEAYA Biosciences, Inc. | 8,446,872 |
39,300 | 1 | IDEXX Laboratories, Inc. | 16,917,864 |
94,700 | 1 | Illumina, Inc. | 28,092,755 |
87,170 | 1 | Immatics N.V. | 677,311 |
400,000 | 1 | Immatics N.V. - Restricted | 3,108,000 |
218,500 | 1 | Insulet Corp. | 52,219,315 |
235,000 | 1 | Intellia Therapeutics, Inc. | 11,522,050 |
59,000 | 1 | Intuitive Surgical, Inc. | 14,118,700 |
164,133 | 1,4 | Laronde, Inc. | 3,658,919 |
1 | 1,3,4 | Latin Healthcare Fund | 278,111 |
1,036,000 | 1,2 | Legend Biotech Corp., ADR | 41,595,400 |
500,000 | 1,2 | Lyell Immunopharma, Inc. | 2,565,000 |
73,438 | 1 | Madrigal Pharmaceuticals, Inc. | 5,140,660 |
1,515,000 | 1,2 | Merus N.V. | 30,906,000 |
5,200,000 | 1 | Minerva Neurosciences, Inc. | 2,650,440 |
51,000 | 1 | Mirati Therapeutics, Inc. | 3,151,290 |
1,344,724 | 1,2 | Molecular Partners AG | 10,789,642 |
295,323 | 1,2 | Molecular Partners AG, ADR | 2,362,584 |
200,000 | 1 | Morphic Holding, Inc. | 6,062,000 |
244,298 | 1 | Natera, Inc. | 8,579,746 |
530,000 | 1 | Orchard Therapeutics PLC | 299,609 |
6,930,000 | 1 | Orchard Therapeutics PLC, ADR | 3,917,529 |
2,100,000 | 1 | Otonomy, Inc. | 4,620,000 |
13,560,000 | 1 | Regulus Therapeutics, Inc. | 2,732,340 |
180,000 | 1 | Repligen Corp. | 28,303,200 |
1,525,000 | 1 | Rezolute, Inc. | 5,795,000 |
3,921,057 | 1,2 | Rhythm Pharmaceuticals, Inc. | 24,545,817 |
358,200 | 1,2 | Sarepta Therapeutics, Inc. | 25,905,024 |
1,540,000 | 1,2 | Scynexis, Inc. | 4,111,800 |
5,910,153 | 1 | Seres Therapeutics, Inc. | 27,955,024 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
959,018 | 1,4 | Soteira, Inc. | $ 0 |
59,700 | Stryker Corp. | 14,403,222 | |
461,000 | 1,2 | Surgery Partners, Inc. | 23,584,760 |
602,500 | 1,2 | Tandem Diabetes Care, Inc. | 58,129,200 |
1,000,000 | 1 | Turning Point Therapeutics, Inc. | 29,440,000 |
1,500,000 | 1 | Ultragenyx Pharmaceutical, Inc. | 106,035,000 |
555,000 | 1 | Veeva Systems, Inc. | 100,982,250 |
500,000 | 1,2 | Verve Therapeutics, Inc. | 7,460,000 |
8,400,000 | 1 | Zai Lab Ltd. | 33,368,902 |
385,000 | 1 | Zentalis Pharmaceuticals, LLC | 10,210,200 |
TOTAL | 1,843,945,652 | ||
Industrials— 6.5% | |||
1,370,000 | 1 | CoStar Group, Inc. | 87,159,400 |
184,700 | 1,2 | Generac Holdings, Inc. | 40,519,486 |
545,000 | 1 | GXO Logistics, Inc. | 32,258,550 |
318,000 | HEICO Corp. | 44,911,140 | |
515,000 | Ingersoll-Rand, Inc. | 22,639,400 | |
545,000 | 1 | Mercury Systems, Inc. | 30,405,550 |
430,000 | Trane Technologies PLC | 60,152,700 | |
482,000 | 1 | Trex Co., Inc. | 28,047,580 |
700,000 | 1 | Upwork, Inc. | 14,679,000 |
TOTAL | 360,772,806 | ||
Information Technology— 14.7% | |||
32,800 | 1 | Adobe, Inc. | 12,987,160 |
960,727 | 1 | Advanced Micro Devices, Inc. | 82,161,373 |
41,600 | 1 | Ansys, Inc. | 11,468,704 |
117,600 | 1 | Avalara, Inc. | 8,945,832 |
355,000 | 1 | Coupa Software, Inc. | 30,636,500 |
200,000 | 1,2 | CS Disco, Inc. | 6,142,000 |
75,000 | 1 | DocuSign, Inc. | 6,075,000 |
270,000 | 1,2 | Domo, Inc. | 11,183,400 |
611,800 | 1 | Envestnet, Inc. | 48,723,752 |
1,059,322 | 1,3,4 | Expand Networks Ltd. | 0 |
1,400,000 | 1,2 | GDS Holdings Ltd., ADR | 43,988,000 |
1,945,000 | 1 | IronSource Ltd. | 7,449,350 |
200,000 | 1 | IronSource Ltd. | 766,000 |
1,140,000 | Marvell Technology, Inc. | 66,211,200 | |
300,000 | 1 | Q2 Holdings, Inc. | 15,519,000 |
605,715 | 1 | Qualtrics International, Inc. | 11,229,956 |
300,000 | 1,2 | Radware Ltd. | 8,673,000 |
500,000 | 1,2 | Rapid7, Inc. | 47,760,000 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
91,500 | 1 | Salesforce, Inc. | $ 16,098,510 |
3,751 | 1,3,4 | Sensable Technologies, Inc. | 0 |
200,000 | 1 | ServiceNow, Inc. | 95,620,000 |
160,000 | 1 | Shopify, Inc. | 68,291,200 |
465,000 | 1 | Smartsheet, Inc. | 22,473,450 |
340,000 | 1 | Splunk, Inc. | 41,486,800 |
175,500 | 1 | Tyler Technologies, Inc. | 69,271,605 |
242,000 | 1,2 | Unity Software, Inc. | 16,071,220 |
1,500,000 | 1,3 | WM Technology, Inc. | 8,700,000 |
330,000 | 1 | Workday, Inc. | 68,211,000 |
TOTAL | 826,144,012 | ||
Materials— 7.6% | |||
1,556,100 | 2,3 | Agnico Eagle Mines Ltd. | 90,611,703 |
31,650 | Albemarle Corp. | 6,103,069 | |
2,921,000 | Barrick Gold Corp. | 65,167,510 | |
209,000 | Eagle Materials, Inc. | 25,773,880 | |
1,455,300 | Newmont Corp. | 106,018,605 | |
272,500 | Sherwin-Williams Co. | 74,926,600 | |
470,000 | 2 | Westlake Corp. | 59,478,500 |
TOTAL | 428,079,867 | ||
Real Estate— 4.5% | |||
300,000 | Americold Realty Trust | 7,914,000 | |
90,000 | Avalonbay Communities, Inc. | 20,473,200 | |
170,000 | Crown Castle International Corp. | 31,485,700 | |
1,000,000 | Medical PPTYS Trust, Inc. | 18,390,000 | |
500,000 | Physicians Realty Trust | 8,570,000 | |
300,000 | ProLogis, Inc. | 48,087,000 | |
270,000 | 1 | Ryman Hospitality Properties | 25,239,600 |
700,000 | STAG Industrial, Inc. | 26,124,000 | |
150,000 | Sun Communities, Inc. | 26,335,500 | |
1,366,000 | VICI Properties, Inc. | 40,720,460 | |
TOTAL | 253,339,460 | ||
Utilities— 0.7% | |||
550,000 | NextEra Energy, Inc. | 39,061,000 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $3,431,508,803) | 5,075,767,233 | ||
PREFERRED STOCKS— 0.0% | |||
Health Care— 0.0% | |||
1,240,000 | 3 | Regulus Therapeutics, Inc. | 2,498,600 |
Shares | Value | ||
PREFERRED STOCKS— continued | |||
Information Technology— 0.0% | |||
679,348 | 1,3,4 | Multiplex, Inc., Pfd., Series C | $ 0 |
TOTAL PREFERRED STOCKS (IDENTIFIED COST $9,464,001) | 2,498,600 | ||
1 | WARRANTS— 0.1% | ||
Health Care— 0.1% | |||
801,900 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2023 | 62,227 | |
421,550 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 125,791 | |
3,445,000 | ContraFect Corp., Warrants 7/25/2022 | 0 | |
170,300 | Immatics N.V., Warrants | 281,846 | |
200,970 | Rezolute, Inc., Warrants 10/8/2027 | 433,412 | |
56,800 | Rezolute, Inc., Warrants 1/1/2099 | 215,840 | |
101,700 | Scynexis, Inc., Warrants 3/8/2023 | 264 | |
167,251 | Scynexis, Inc., Warrants 5/21/2024 | 315,302 | |
853,000 | Scynexis, Inc., Warrants 5/21/2024 | 389,736 | |
1,706,000 | Scynexis, Inc., Warrants 1/1/2099 | 4,555,020 | |
TOTAL WARRANTS (IDENTIFIED COST $11,570,008) | 6,379,438 | ||
INVESTMENT COMPANIES— 11.6% | |||
45,658,671 | Federated Hermes Government Obligations Fund, Premier Shares, 0.26%5 | 45,658,671 | |
606,288,249 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%5 | 606,106,363 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $651,796,855) | 651,765,034 | ||
TOTAL INVESTMENT IN SECURITIES—102.2% (IDENTIFIED COST $4,104,339,667)6 | 5,736,410,305 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.2)%7 | (124,869,042) | ||
TOTAL NET ASSETS—100% | $5,611,541,263 |
Affiliated | Value as of 10/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Financials: | |||
StepStone Group, Inc. | $66,551,774 | $— | $— |
Health Care: | |||
Akouos, Inc. | $10,883,542 | $629,752 | $— |
Albireo Pharma, Inc. | $38,687,981 | $— | $— |
Alector, Inc. | $54,350,000 | $— | $(2,135,337) |
Amphastar Pharmaceuticals, Inc. | $23,661,694 | $— | $(2,072,715) |
AnaptysBio, Inc.** | $19,183,168 | $— | $— |
Annexon, Inc. | $16,310,000 | $8,027,243 | $— |
Arcturus Therapeutics Holdings, Inc. | $61,959,080 | $22,066,084 | $— |
aTyr Pharma, Inc. | $19,456,350 | $— | $— |
Avidity Biosciences LLC | $25,312,500 | $— | $— |
Avrobio, Inc.** | $5,465,270 | $— | $(977,110) |
ContraFect Corp. | $3,245,970 | $— | $— |
ContraFect Corp., Warrants 7/25/2022 | $689 | $— | $— |
Dynavax Technologies Corp. | $149,922,778 | $10,688,332 | $(961,029) |
Frequency Therapeutics, Inc. | $6,280,000 | $— | $(74,932) |
Gamida Cell Ltd. | $16,941,664 | $2,092,206 | $(4,539,754) |
IDEAYA Biosciences, Inc. | $18,884,352 | $— | $— |
Merus N.V. | $42,075,000 | $2,850,000 | $(1,816,084) |
Minerva Neurosciences, Inc. | $7,280,000 | $— | $— |
Molecular Partners AG | $14,685,827 | $24,427,128 | $(2,852,576) |
Molecular Partners AG, ADR | $1,982,723 | $5,950,582 | $(235,685) |
Orchard Therapeutics PLC | $1,017,600 | $— | $— |
Orchard Therapeutics PLC, ADR | $13,305,600 | $— | $— |
Otonomy, Inc. | $4,410,000 | $— | $— |
Regulus Therapeutics, Inc. | $— | $4,881,600 | $— |
Rezolute, Inc. | $9,760,000 | $— | $— |
Rezolute, Inc., Warrants 10/8/2027 | $1,113,394 | $— | $— |
Rezolute, Inc., Warrants 1/1/2099 | $363,520 | $— | $— |
Rhythm Pharmaceuticals, Inc. | $4,760,536 | $33,884,544 | $(548,483) |
Scynexis, Inc. | $2,603,942 | $5,833,003 | $— |
Scynexis, Inc., Warrants 3/8/2023 | $15,265 | $— | $— |
Scynexis, Inc., Warrants 5/21/2024 | $— | $— | $— |
Scynexis, Inc., Warrants 5/21/2024 | $1,270,970 | $— | $— |
Scynexis, Inc., Warrants 1/1/2099 | $8,547,060 | $— | $— |
Seres Therapeutics, Inc. | $36,480,000 | $— | $(435,567) |
Ultragenyx Pharmaceutical, Inc. | $140,985,600 | $— | $(12,670,431) |
Information Technology: | |||
Domo, Inc. | $26,505,000 | $— | $(1,613,322) |
WM Technology, Inc.** | $22,980,600 | $— | $(4,430,108) |
Affiliated issuers no longer in the portfolio at period end | $54,418,224 | $— | $(28,517,595) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $931,657,673 | $121,330,474 | $(63,880,728) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income* |
$(30,258,533) | $— | $36,293,241 | 1,416,598 | $424,979 |
$(7,784,915) | $— | $3,728,379 | 1,331,564 | $— |
$3,442,463 | $— | $42,130,444 | 1,324,024 | $— |
$(27,728,238) | $(2,532,406) | $21,954,019 | 2,286,877 | $— |
$20,379,286 | $918,335 | $42,886,600 | 1,209,095 | $— |
$(5,539,213) | $— | $13,643,955 | 583,075 | $— |
$(19,237,243) | $— | $5,100,000 | 2,000,000 | $— |
$(45,821,370) | $— | $38,203,794 | 1,971,300 | $— |
$(10,033,950) | $— | $9,422,400 | 2,265,000 | $— |
$(9,225,000) | $— | $16,087,500 | 1,125,000 | $— |
$2,936,535 | $(7,289,462) | $135,233 | 146,531 | $— |
$8,610 | $— | $3,254,580 | 861,000 | $— |
$(689) | $— | $— | 3,445,000 | $— |
$(85,395,704) | $(1,189,279) | $73,065,098 | 8,274,643 | $— |
$(4,563,573) | $(413,534) | $1,227,961 | 944,585 | $— |
$196,705 | $(5,585,243) | $9,105,578 | 3,570,815 | $— |
$(10,437,480) | $— | $8,446,872 | 880,800 | $— |
$(11,494,453) | $(708,463) | $30,906,000 | 1,515,000 | $— |
$(4,629,560) | $— | $2,650,440 | 5,200,000 | $— |
$(18,690,461) | $(6,780,276) | $10,789,642 | 1,344,724 | $— |
$(4,748,933) | $(586,103) | $2,362,584 | 295,323 | $— |
$(717,991) | $— | $299,609 | 530,000 | $— |
$(9,388,071) | $— | $3,917,529 | 6,930,000 | $— |
$210,000 | $— | $4,620,000 | 2,100,000 | $— |
$(2,149,260) | $— | $2,732,340 | 13,560,000 | $— |
$(3,965,000) | $— | $5,795,000 | 1,525,000 | $— |
$(679,982) | $— | $433,412 | 200,970 | $— |
$(147,680) | $— | $215,840 | 56,800 | $— |
$(12,638,818) | $(911,962) | $24,545,817 | 3,921,057 | $— |
$(4,325,145) | $— | $4,111,800 | 1,540,000 | $— |
$(15,001) | $— | $264 | 101,700 | $— |
$315,302 | $— | $315,302 | 167,251 | $— |
$(881,234) | $— | $389,736 | 853,000 | $— |
$(3,992,040) | $— | $4,555,020 | 1,706,000 | $— |
$(7,858,806) | $(230,603) | $27,955,024 | 5,910,153 | $— |
$(25,729,249) | $3,449,080 | $106,035,000 | 1,500,000 | $— |
$(12,593,344) | $(1,114,934) | $11,183,400 | 270,000 | $— |
$(10,505,600) | $655,108 | $8,700,000 | 1,500,000 | $— |
$16,779,210 | $(42,679,839) | $— | — | $— |
$(346,908,425) | $(64,999,581) | $577,199,413 | 84,362,885 | $424,979 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At April 30, 2022, the Fund no longer has ownership of at least 5% 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 10/31/2021 | $66,719,105 | $608,215,159 | $674,934,264 |
Purchases at Cost | $406,692,509 | $1,212,894,541 | $1,619,587,050 |
Proceeds from Sales | $(427,752,943) | $(1,214,761,838) | $(1,642,514,781) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(71,289) | $(71,289) |
Net Realized Gain/(Loss) | N/A | $(170,210) | $(170,210) |
Value as of 4/30/2022 | $45,658,671 | $606,106,363 | $651,765,034 |
Shares Held as of 4/30/2022 | 45,658,671 | 606,288,249 | 651,946,920 |
Dividend Income | $9,769 | $342,666 | $352,435 |
Gain Distributions Received | $— | $40,129 | $40,129 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2022, these restricted securities amounted to $218,562,103, which represented 3.9% of total net assets. |
4 | Market quotations and price evaluations may not be available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
5 | 7-day net yield. |
6 | Also represents cost for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $4,148,473,093* | $— | $4,391,469 | $4,152,864,562 |
International | 487,477,311 | 425,427,963 | 9,997,397 | 922,902,671 |
Preferred Stocks | ||||
Domestic | 2,498,600 | — | 0 | 2,498,600 |
Debt Securities: | ||||
Warrants | 497,686 | 5,881,752 | — | 6,379,438 |
Investment Companies | 651,765,034 | — | — | 651,765,034 |
TOTAL SECURITIES | $5,290,711,724 | $431,309,715 | $14,388,866 | $5,736,410,305 |
* | Includes $5,407,959 transferred from Level 3 to Level 1 because observable market data was obtained for a security. This transfer represents the value of the security at the beginning of the period. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $7.77 | $6.80 | $6.27 | $6.03 | $6.06 | $5.27 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.10) | (0.09) | (0.05) | (0.06) | (0.06) |
Net realized and unrealized gain (loss) | (2.14) | 1.57 | 1.32 | 1.09 | 0.69 | 1.37 |
Total From Investment Operations | (2.18) | 1.47 | 1.23 | 1.04 | 0.63 | 1.31 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.65) | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) |
Net Asset Value, End of Period | $4.94 | $7.77 | $6.80 | $6.27 | $6.03 | $6.06 |
Total Return2 | (30.16)% | 22.37% | 21.52% | 19.52% | 11.64% | 26.97% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.94%4 | 1.92% | 1.94% | 1.95% | 1.95% | 1.95%5 |
Net investment income (loss) | (1.30)%4 | (1.41)% | (1.38)% | (0.81)% | (1.02)% | (1.13)% |
Expense waiver/ reimbursement6 | 0.03%4 | 0.04% | 0.03% | 0.03% | 0.03% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,330,495 | $2,023,577 | $1,808,715 | $1,629,524 | $1,491,496 | $1,324,155 |
Portfolio turnover7 | 11% | 34% | 38% | 42% | 33% | 47% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.95% for the year ended October 31, 2017, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $5.83 | $5.24 | $5.00 | $4.99 | $5.15 | $4.58 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.11) | (0.09) | (0.06) | (0.08) | (0.08) |
Net realized and unrealized gain (loss) | (1.57) | 1.20 | 1.03 | 0.87 | 0.58 | 1.17 |
Total From Investment Operations | (1.61) | 1.09 | 0.94 | 0.81 | 0.50 | 1.09 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.65) | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) |
Net Asset Value, End of Period | $3.57 | $5.83 | $5.24 | $5.00 | $4.99 | $5.15 |
Total Return2 | (30.25)% | 21.73% | 21.10% | 18.88% | 11.11% | 26.16% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 2.44%4 | 2.42% | 2.44% | 2.45% | 2.46% | 2.47%5 |
Net investment income (loss) | (1.80)%4 | (1.92)% | (1.87)% | (1.32)% | (1.54)% | (1.65)% |
Expense waiver/reimbursement6 | 0.03%4 | 0.04% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,613 | $31,147 | $35,306 | $41,483 | $50,468 | $65,410 |
Portfolio turnover7 | 11% | 34% | 38% | 42% | 33% | 47% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 2.47% for the year ended October 31, 2017, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $5.81 | $5.22 | $4.99 | $4.99 | $5.14 | $4.57 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.11) | (0.09) | (0.06) | (0.08) | (0.08) |
Net realized and unrealized gain (loss) | (1.56) | 1.20 | 1.02 | 0.86 | 0.59 | 1.17 |
Total From Investment Operations | (1.60) | 1.09 | 0.93 | 0.80 | 0.51 | 1.09 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.65) | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) |
Net Asset Value, End of Period | $3.56 | $5.81 | $5.22 | $4.99 | $4.99 | $5.14 |
Total Return2 | (30.39)% | 21.80% | 20.96% | 18.69% | 11.36% | 26.22% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 2.44%4 | 2.42% | 2.44% | 2.45% | 2.46% | 2.47%5 |
Net investment income (loss) | (1.80)%4 | (1.92)% | (1.87)% | (1.31)% | (1.56)% | (1.65)% |
Expense waiver/reimbursement6 | 0.03%4 | 0.04% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $82,825 | $139,690 | $141,074 | $135,883 | $144,284 | $306,011 |
Portfolio turnover7 | 11% | 34% | 38% | 42% | 33% | 47% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 2.47% for the year ended October 31, 2017, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $7.79 | $6.82 | $6.28 | $6.04 | $6.07 | $5.28 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.11) | (0.09) | (0.05) | (0.06) | (0.06) |
Net realized and unrealized gain (loss) | (2.15) | 1.58 | 1.33 | 1.09 | 0.69 | 1.37 |
Total From Investment Operations | (2.19) | 1.47 | 1.24 | 1.04 | 0.63 | 1.31 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.65) | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) |
Net Asset Value, End of Period | $4.95 | $7.79 | $6.82 | $6.28 | $6.04 | $6.07 |
Total Return2 | (30.08)% | 22.30% | 21.64% | 19.48% | 11.62% | 26.92% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.95%4 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95%5 |
Net investment income (loss) | (1.32)%4 | (1.45)% | (1.40)% | (0.81)% | (1.03)% | (1.14)% |
Expense waiver/ reimbursement6 | 0.26%4 | 0.25% | 0.25% | 0.26% | 0.27% | 0.28% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,706,760 | $5,582,064 | $4,848,579 | $4,313,852 | $3,877,851 | $3,704,278 |
Portfolio turnover7 | 11% | 34% | 38% | 42% | 33% | 47% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.95% for the year ended October 31, 2017, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | Period Ended 10/31/20171 | ||||
2021 | 2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $8.03 | $6.98 | $6.39 | $6.11 | $6.10 | $4.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | (0.03) | (0.07) | (0.06) | (0.02) | (0.03) | (0.03) |
Net realized and unrealized gain (loss) | (2.22) | 1.62 | 1.35 | 1.10 | 0.70 | 1.19 |
Total From Investment Operations | (2.25) | 1.55 | 1.29 | 1.08 | 0.67 | 1.16 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.65) | (0.50) | (0.70) | (0.80) | (0.66) | — |
Net Asset Value, End of Period | $5.13 | $8.03 | $6.98 | $6.39 | $6.11 | $6.10 |
Total Return3 | (29.92)% | 22.96% | 22.11% | 19.98% | 12.29% | 23.48% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.44%5 | 1.42% | 1.44% | 1.45% | 1.46% | 1.47%5, 6 |
Net investment income (loss) | (0.80)%5 | (0.92)% | (0.89)% | (0.31)% | (0.52)% | (0.67)%5 |
Expense waiver/reimbursement7 | 0.03%5 | 0.04% | 0.03% | 0.03% | 0.03% | 0.03%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $474,848 | $808,904 | $640,411 | $452,014 | $325,596 | $198,762 |
Portfolio turnover8 | 11% | 34% | 38% | 42% | 33% | 47%9 |
1 | Reflects operations for the period from December 29, 2016 (commencement of operations) to October 31, 2017. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.47% for the period from December 29, 2016 (commencement of operations) to October 31, 2017, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
9 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2017. |
April 30, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $122,901,239 of securities loaned and $651,765,034 of investment in affiliated holdings and $577,199,413 of investment in affiliated companies* (identified cost $4,104,339,667) | $5,736,410,305 |
Cash denominated in foreign currencies (identified cost $52,237) | 52,398 |
Income receivable | 320,496 |
Income receivable from affiliated holdings | 256,968 |
Receivable for investments sold | 54,676,360 |
Receivable for shares sold | 1,054,943 |
Unrealized appreciation on foreign exchange contracts | 11,646 |
Total Assets | 5,792,783,116 |
Liabilities: | |
Payable for investments purchased | 7,407,807 |
Payable for shares redeemed | 3,188,345 |
Bank overdraft | 28,070 |
Payable for collateral due to broker for securities lending (Note 2) | 165,001,368 |
Payable for investment adviser fee (Note 5) | 401,793 |
Payable for administrative fee (Note 5) | 24,675 |
Payable for Directors’/Trustees’ fees (Note 5) | 883 |
Payable for distribution services fee (Note 5) | 1,224,084 |
Payable for other service fees (Notes 2 and 5) | 2,897,932 |
Accrued expenses (Note 5) | 1,066,896 |
Total Liabilities | 181,241,853 |
Net assets for 1,139,166,059 shares outstanding | $5,611,541,263 |
Net Assets Consist of: | |
Paid-in capital | $4,108,053,325 |
Total distributable earnings (loss) | 1,503,487,938 |
Total Net Assets | $5,611,541,263 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($1,330,495,191 ÷ 269,603,143 shares outstanding), no par value, unlimited shares authorized | $4.94 |
Offering price per share (100/94.50 of $4.94) | $5.23 |
Redemption proceeds per share | $4.94 |
Class B Shares: | |
Net asset value per share ($16,613,461 ÷ 4,656,320 shares outstanding), no par value, unlimited shares authorized | $3.57 |
Offering price per share | $3.57 |
Redemption proceeds per share (94.50/100 of $3.57) | $3.37 |
Class C Shares: | |
Net asset value per share ($82,825,133 ÷ 23,291,215 shares outstanding), no par value, unlimited shares authorized | $3.56 |
Offering price per share | $3.56 |
Redemption proceeds per share (99.00/100 of $3.56) | $3.52 |
Class R Shares: | |
Net asset value per share ($3,706,759,590 ÷ 749,129,899 shares outstanding), no par value, unlimited shares authorized | $4.95 |
Offering price per share | $4.95 |
Redemption proceeds per share | $4.95 |
Institutional Shares: | |
Net asset value per share ($474,847,888 ÷ 92,485,482 shares outstanding), no par value, unlimited shares authorized | $5.13 |
Offering price per share | $5.13 |
Redemption proceeds per share | $5.13 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended April 30, 2022 (unaudited)
Investment Income: | |
Dividends (including $751,113 received from affiliated companies and holdings* and net of foreign taxes withheld of $664,804) | $22,049,070 |
Net income on securities loaned (includes $66,430 earned from affiliated holdings related to cash collateral balances) (Note 2) | 420,334 |
TOTAL INCOME | 22,469,404 |
Expenses: | |
Investment adviser fee (Note 5) | 45,910,627 |
Administrative fee (Note 5) | 2,763,946 |
Custodian fees | 213,181 |
Transfer agent fees (Note 2) | 2,724,023 |
Directors’/Trustees’ fees (Note 5) | 21,218 |
Auditing fees | 21,372 |
Legal fees | 4,789 |
Portfolio accounting fees | 106,145 |
Distribution services fee (Note 5) | 14,133,326 |
Other service fees (Notes 2 and 5) | 7,989,092 |
Share registration costs | 58,319 |
Printing and postage | 82,881 |
Miscellaneous (Note 5) | 37,353 |
TOTAL EXPENSES | 74,066,272 |
Waivers and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (1,113,242) |
Waiver of other operating expenses (Note 5) | (5,384,712) |
TOTAL WAIVERS AND REIMBURSEMENT | (6,497,954) |
Net expenses | 67,568,318 |
Net investment loss | (45,098,914) |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |
Net realized gain on investments (including foreign taxes withheld of $(708,080) and (including net realized loss of $(65,169,791) on sales of investments in affiliated companies and holdings*) | $49,532,730 |
Net realized loss on foreign currency transactions | (7,676) |
Realized gain distribution from affiliated investment company shares | 40,129 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(346,979,714) of investments in affiliated companies and holdings*) | (2,506,043,263) |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 38,571 |
Net change in unrealized appreciation of foreign exchange contracts | 11,646 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and foreign exchange contracts | (2,456,427,863) |
Change in net assets resulting from operations | $(2,501,526,777) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended 10/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(45,098,914) | $(116,990,124) |
Net realized gain (loss) | 49,565,183 | 780,854,529 |
Net change in unrealized appreciation/depreciation | (2,505,993,046) | 972,909,411 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (2,501,526,777) | 1,636,773,816 |
Distributions to Shareholders: | ||
Class A Shares | (169,660,006) | (132,230,914) |
Class B Shares | (3,408,597) | (3,299,219) |
Class C Shares | (15,505,345) | (13,420,138) |
Class R Shares | (466,665,097) | (353,888,255) |
Institutional Shares | (64,883,150) | (46,545,249) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (720,122,195) | (549,383,775) |
Share Transactions: | ||
Proceeds from sale of shares | 144,226,804 | 506,750,596 |
Net asset value of shares issued to shareholders in payment of distributions declared | 673,343,198 | 484,330,943 |
Cost of shares redeemed | (569,761,281) | (967,176,209) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 247,808,721 | 23,905,330 |
Change in net assets | (2,973,840,251) | 1,111,295,371 |
Net Assets: | ||
Beginning of period | 8,585,381,514 | 7,474,086,143 |
End of period | $5,611,541,263 | $8,585,381,514 |
Transfer Agent Fees Incurred | |
Class A Shares | $644,551 |
Class B Shares | 9,006 |
Class C Shares | 42,299 |
Class R Shares | 1,781,742 |
Institutional Shares | 246,425 |
TOTAL | $2,724,023 |
Other Service Fees Incurred | |
Class A Shares | $2,083,466 |
Class B Shares | 29,381 |
Class C Shares | 137,565 |
Class R Shares | 5,738,680 |
TOTAL | $7,989,092 |
Market Value of Securities Loaned | Collateral Received |
$122,901,239 | $165,001,368 |
Security | Acquisition Date | Cost | Value |
Agnico Eagle Mines Ltd. | 12/26/2018 | $1,931,288 | $90,611,703 |
Apollo Investment Fund V | 5/18/2001 | $572,792 | $84,934 |
Blue Owl Capital, Inc. | 5/19/2021 | $97,250,000 | $116,019,250 |
Expand Networks Ltd. | 9/22/2000 | $2,500,000 | $0 |
FA Private Equity Fund IV LP | 3/4/2002 | $100,000 | $369,505 |
Latin Healthcare Fund | 11/28/2000 | $500,000 | $278,111 |
Multiplex, Inc., Pfd., Series C | 2/22/2001 | $5,000,001 | $0 |
Regulus Therapeutics, Inc. | 11/24/2021 | $4,464,000 | $2,498,600 |
Sensable Technologies, Inc. | 10/15/2004 | $0 | $0 |
WM Technology, Inc. | 6/10/2021 | $18,775,000 | $8,700,000 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,144,854 | $44,380,864 | 15,067,037 | $109,479,435 |
Shares issued to shareholders in payment of distributions declared | 24,589,000 | 159,828,670 | 17,650,372 | 124,435,121 |
Shares redeemed | (22,628,987) | (135,375,776) | (38,204,058) | (280,361,852) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 9,104,867 | $68,833,758 | (5,486,649) | $(46,447,296) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 25,665 | $110,882 | 39,714 | $219,298 |
Shares issued to shareholders in payment of distributions declared | 691,871 | 3,258,712 | 598,462 | 3,177,833 |
Shares redeemed | (1,407,135) | (6,223,461) | (2,034,324) | (11,230,539) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (689,599) | $(2,853,867) | (1,396,148) | $(7,833,408) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,083,516 | $4,853,394 | 3,357,830 | $18,375,189 |
Shares issued to shareholders in payment of distributions declared | 3,146,586 | 14,788,954 | 2,425,908 | 12,857,313 |
Shares redeemed | (4,988,300) | (21,916,589) | (8,749,851) | (47,655,601) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (758,198) | $(2,274,241) | (2,966,113) | $(16,423,099) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,831,251 | $35,893,015 | 16,408,632 | $118,973,341 |
Shares issued to shareholders in payment of distributions declared | 66,633,625 | 434,451,065 | 42,729,473 | 302,097,374 |
Shares redeemed | (40,180,177) | (242,135,459) | (53,457,965) | (393,343,125) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 32,284,699 | $228,208,621 | 5,680,140 | $27,727,590 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,363,435 | $58,988,649 | 34,363,850 | $259,703,333 |
Shares issued to shareholders in payment of distributions declared | 9,039,377 | 61,015,797 | 5,752,521 | 41,763,302 |
Shares redeemed | (26,595,694) | (164,109,996) | (31,124,767) | (234,585,092) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (8,192,882) | $(44,105,550) | 8,991,604 | $66,881,543 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 31,748,887 | $247,808,721 | 4,822,834 | $23,905,330 |
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 | 0.25% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $2,088,579 | $(6,268) |
Class B Shares | 88,142 | — |
Class C Shares | 412,696 | — |
Class R Shares | 11,543,909 | (5,378,444) |
TOTAL | $14,133,326 | $(5,384,712) |
Purchases | $712,940,053 |
Sales | $1,368,567,913 |
Country | Percentage of Total Net Assets |
United States | 85.8% |
Netherlands | 4.5% |
Canada | 3.3% |
China | 2.8% |
Denmark | 1.1% |
Ireland | 1.1% |
Italy | 1.0% |
Switzerland | 0.9% |
Cayman Islands | 0.7% |
Israel | 0.3% |
Kampuchea, Democratic | 0.3% |
Belgium | 0.3% |
United Kingdom | 0.1% |
Germany, Federal Republic of | 0.0% |
Assets Under Management | Investment Advisory Fee |
Up to $8 billion | 1.275% |
$8 billion - $9 billion | 1.255% |
$9 billion - $10 billion | 1.235% |
$10 billion - $12 billion | 1.215% |
Excess of $12 billion | 1.205% |
Beginning Account Value 11/1/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $698.40 | $8.17 |
Class B Shares | $1,000 | $697.50 | $10.27 |
Class C Shares | $1,000 | $696.10 | $10.26 |
Class R Shares | $1,000 | $699.20 | $8.22 |
Institutional Shares | $1,000 | $700.80 | $6.07 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,015.17 | $9.69 |
Class B Shares | $1,000 | $1,012.69 | $12.18 |
Class C Shares | $1,000 | $1,012.69 | $12.18 |
Class R Shares | $1,000 | $1,015.12 | $9.74 |
Institutional Shares | $1,000 | $1,017.65 | $7.20 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.94% |
Class B Shares | 2.44% |
Class C Shares | 2.44% |
Class R Shares | 1.95% |
Institutional Shares | 1.44% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172669
CUSIP 314172651
CUSIP 314172644
CUSIP 31421N873
Share Class | Ticker | A | KLCAX | C | KLCCX | R | KLCKX |
Institutional | KLCIX | R6 | KLCSX |
Federated Hermes Kaufmann Large Cap Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Information Technology | 30.2% |
Health Care | 19.9% |
Consumer Discretionary | 14.2% |
Financials | 10.8% |
Communication Services | 7.0% |
Industrials | 5.1% |
Energy | 3.5% |
Materials | 3.0% |
Consumer Staples | 2.8% |
Real Estate | 2.0% |
Utilities | 1.0% |
Cash Equivalents2 | 0.3% |
Other Assets and Liabilities—Net3 | 0.2% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 99.5% | |||
1 | Communication Services— 7.0% | ||
66,500 | Alphabet, Inc., Class A | $ 151,765,634 | |
472,500 | T-Mobile USA, Inc. | 58,183,650 | |
TOTAL | 209,949,284 | ||
Consumer Discretionary— 14.2% | |||
250,000 | 1 | Airbnb, Inc. | 38,302,500 |
46,500 | 1 | Amazon.com, Inc. | 115,581,795 |
25,400 | 1 | Chipotle Mexican Grill, Inc. | 36,972,494 |
220,000 | 1 | Etsy, Inc. | 20,501,800 |
115,300 | Home Depot, Inc. | 34,636,120 | |
150,000 | 1 | Lululemon Athletica, Inc. | 53,194,500 |
20 | 1,2 | New Cotai LLC/Capital | 0 |
332,300 | Nike, Inc., Class B | 41,437,810 | |
52,800 | 1 | Tesla, Inc. | 45,976,128 |
585,100 | TJX Cos., Inc. | 35,854,928 | |
TOTAL | 422,458,075 | ||
Consumer Staples— 2.8% | |||
118,200 | Costco Wholesale Corp. | 62,849,304 | |
77,700 | Estee Lauder Cos., Inc., Class A | 20,517,462 | |
TOTAL | 83,366,766 | ||
Energy— 3.5% | |||
228,300 | Pioneer Natural Resources, Inc. | 53,072,901 | |
1,300,000 | Schlumberger Ltd. | 50,713,000 | |
TOTAL | 103,785,901 | ||
Financials— 10.8% | |||
112,600 | BlackRock, Inc. | 70,338,968 | |
500,000 | JPMorgan Chase & Co. | 59,680,000 | |
1,378,600 | KKR & Co., Inc., Class Common | 70,267,242 | |
75,000 | MSCI, Inc., Class A | 31,593,750 | |
236,200 | S&P Global, Inc. | 88,929,300 | |
TOTAL | 320,809,260 | ||
Health Care— 19.9% | |||
192,400 | Abbott Laboratories | 21,837,400 | |
209,000 | 1 | Argenx SE, ADR | 60,049,880 |
260,000 | 1 | Catalent, Inc. | 23,545,600 |
40,000 | 1 | Charles River Laboratories International, Inc. | 9,660,400 |
161,800 | Danaher Corp. | 40,632,834 | |
118,000 | 1 | Dexcom, Inc. | 48,212,440 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
517,700 | 1 | Edwards Lifesciences Corp. | $ 54,762,306 |
162,500 | 1 | Genmab A/S | 57,322,369 |
102,000 | 1 | IDEXX Laboratories, Inc. | 43,908,960 |
51,100 | 1 | Illumina, Inc. | 15,158,815 |
37,000 | 1 | Intuitive Surgical, Inc. | 8,854,100 |
105,300 | 1 | Moderna, Inc. | 14,153,373 |
63,300 | Stryker Corp. | 15,271,758 | |
717,000 | 1 | Ultragenyx Pharmaceutical, Inc. | 50,684,730 |
286,500 | 1 | Veeva Systems, Inc. | 52,128,675 |
125,000 | 1 | Vertex Pharmaceuticals, Inc. | 34,152,500 |
240,000 | Zoetis, Inc. | 42,540,000 | |
TOTAL | 592,876,140 | ||
Industrials— 5.1% | |||
1,110,000 | 1 | CoStar Group, Inc. | 70,618,200 |
83,200 | 1 | Generac Holdings, Inc. | 18,252,416 |
460,000 | Trane Technologies PLC | 64,349,400 | |
TOTAL | 153,220,016 | ||
Information Technology— 30.2% | |||
260,000 | 1 | Advanced Micro Devices, Inc. | 22,235,200 |
530,500 | Apple, Inc. | 83,633,325 | |
829,091 | Marvell Technology, Inc. | 48,153,605 | |
219,300 | Mastercard, Inc. | 79,689,234 | |
600,000 | Microsoft Corp. | 166,512,000 | |
100,000 | NVIDIA Corp. | 18,547,000 | |
100,000 | 1 | Palo Alto Networks, Inc. | 56,128,000 |
150,000 | Qualcomm, Inc. | 20,953,500 | |
403,810 | 1 | Qualtrics International, Inc. | 7,486,638 |
547,000 | 1 | Salesforce, Inc. | 96,239,180 |
254,100 | 1 | ServiceNow, Inc. | 121,485,210 |
34,900 | 1 | Shopify, Inc. | 14,896,018 |
322,800 | 1 | Splunk, Inc. | 39,388,056 |
133,000 | 1 | Unity Software, Inc. | 8,832,530 |
380,500 | Visa, Inc., Class A | 81,095,965 | |
178,500 | 1 | Workday, Inc. | 36,895,950 |
TOTAL | 902,171,411 | ||
Materials— 3.0% | |||
204,500 | Ecolab, Inc. | 34,630,030 | |
205,000 | Sherwin-Williams Co. | 56,366,800 | |
TOTAL | 90,996,830 | ||
Real Estate— 2.0% | |||
130,000 | Crown Castle International Corp. | 24,077,300 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
225,000 | ProLogis, Inc. | $ 36,065,250 | |
TOTAL | 60,142,550 | ||
Utilities— 1.0% | |||
400,000 | NextEra Energy, Inc. | 28,408,000 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $1,620,082,147) | 2,968,184,233 | ||
INVESTMENT COMPANY— 0.3% | |||
8,538,411 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%3 (IDENTIFIED COST $8,535,850) | 8,535,850 | |
TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $1,628,617,997)4 | 2,976,720,083 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 6,015,817 | ||
TOTAL NET ASSETS—100% | $2,982,735,900 |
Affiliated | Value as of 10/31/2021 | Purchases at Cost | Proceeds from Sales |
Health Care: | |||
Ultragenyx Pharmaceutical, Inc. | $60,842,000 | $— | $(656,329) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $60,842,000 | $— | $(656,329) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income |
$(9,339,308) | $(161,633) | $50,684,730 | 717,000 | $— |
$(9,339,308) | $(161,633) | $50,684,730 | 717,000 | $— |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2021 | $12,681,451 | $43,282,327 | $55,963,778 |
Purchases at Cost | $13,841,154 | $522,775,054 | $536,616,208 |
Proceeds from Sales | $(26,522,605) | $(557,493,539) | $(584,016,144) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(2,610) | $(2,610) |
Net Realized Gain/(Loss) | N/A | $(25,382) | $(25,382) |
Value as of 4/30/2022 | $— | $8,535,850 | $8,535,850 |
Shares Held as of 4/30/2022 | — | 8,538,411 | 8,538,411 |
Dividend Income | $638 | $27,282 | $27,920 |
* | 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 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $2,720,853,566 | $— | $0 | $2,720,853,566 |
International | 190,008,298 | 57,322,369 | — | 247,330,667 |
Investment Company | 8,535,850 | — | — | 8,535,850 |
TOTAL SECURITIES | $2,919,397,714 | $57,322,369 | $0 | $2,976,720,083 |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $39.89 | $31.46 | $27.39 | $24.76 | $23.38 | $18.86 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.21) | (0.10) | (0.07) | (0.05) | (0.06) |
Net realized and unrealized gain (loss) | (8.76) | 9.88 | 5.42 | 5.17 | 1.77 | 4.58 |
Total From Investment Operations | (8.86) | 9.67 | 5.32 | 5.10 | 1.72 | 4.52 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.12) | (1.24) | (1.25) | (2.47) | (0.34) | — |
Net Asset Value, End of Period | $25.91 | $39.89 | $31.46 | $27.39 | $24.76 | $23.38 |
Total Return2 | (24.92)% | 31.46% | 20.14% | 22.76% | 7.45% | 23.97% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.08%4 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Net investment income (loss) | (0.61)%4 | (0.57)% | (0.36)% | (0.29)% | (0.20)% | (0.19)% |
Expense waiver/reimbursement5 | 0.09%4 | 0.08% | 0.09% | 0.10% | 0.11% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $680,866 | $953,814 | $741,584 | $616,124 | $539,812 | $609,630 |
Portfolio turnover6 | 8% | 28% | 24% | 19% | 35% | 44% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $35.18 | $28.08 | $24.76 | $22.77 | $21.69 | $17.64 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.19) | (0.42) | (0.29) | (0.24) | (0.22) | (0.32) |
Net realized and unrealized gain (loss) | (7.58) | 8.76 | 4.86 | 4.70 | 1.64 | 4.37 |
Total From Investment Operations | (7.77) | 8.34 | 4.57 | 4.46 | 1.42 | 4.05 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.12) | (1.24) | (1.25) | (2.47) | (0.34) | — |
Net Asset Value, End of Period | $22.29 | $35.18 | $28.08 | $24.76 | $22.77 | $21.69 |
Total Return2 | (25.19)% | 30.47% | 19.21% | 21.85% | 6.64% | 22.96% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.86%4 | 1.85% | 1.85% | 1.85% | 1.85% | 1.86% |
Net investment income (loss) | (1.38)%4 | (1.33)% | (1.11)% | (1.05)% | (0.97)% | (0.96)% |
Expense waiver/reimbursement5 | 0.08%4 | 0.08% | 0.09% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $220,660 | $355,877 | $372,382 | $399,208 | $387,474 | $445,081 |
Portfolio turnover6 | 8% | 28% | 24% | 19% | 35% | 44% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $37.27 | $29.58 | $25.92 | $23.64 | $22.42 | $18.16 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.32) | (0.20) | (0.16) | (0.14) | (0.18) |
Net realized and unrealized gain (loss) | (8.10) | 9.25 | 5.11 | 4.91 | 1.70 | 4.44 |
Total From Investment Operations | (8.25) | 8.93 | 4.91 | 4.75 | 1.56 | 4.26 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.12) | (1.24) | (1.25) | (2.47) | (0.34) | — |
Net Asset Value, End of Period | $23.90 | $37.27 | $29.58 | $25.92 | $23.64 | $22.42 |
Total Return2 | (25.05)% | 30.94% | 19.69% | 22.32% | 7.05% | 23.46% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.47%4 | 1.47% | 1.46% | 1.46% | 1.47% | 1.47% |
Net investment income (loss) | (1.00)%4 | (0.95)% | (0.72)% | (0.65)% | (0.59)% | (0.58)% |
Expense waiver/reimbursement5 | 0.16%4 | 0.13% | 0.14% | 0.14% | 0.14% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $58,323 | $82,883 | $76,374 | $74,919 | $70,350 | $79,138 |
Portfolio turnover6 | 8% | 28% | 24% | 19% | 35% | 44% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $41.40 | $32.53 | $28.21 | $25.37 | $23.89 | $19.22 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.12) | (0.03) | (0.01) | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | (9.14) | 10.23 | 5.60 | 5.32 | 1.81 | 4.68 |
Total From Investment Operations | (9.20) | 10.11 | 5.57 | 5.31 | 1.82 | 4.67 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.12) | (1.24) | (1.25) | (2.47) | (0.34) | — |
Net Asset Value, End of Period | $27.08 | $41.40 | $32.53 | $28.21 | $25.37 | $23.89 |
Total Return2 | (24.82)% | 31.79% | 20.46% | 23.07% | 7.72% | 24.30% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.83%4 | 0.83% | 0.83% | 0.83% | 0.83% | 0.84% |
Net investment income (loss) | (0.36)%4 | (0.32)% | (0.10)% | (0.03)% | 0.05% | 0.05% |
Expense waiver/ reimbursement5 | 0.10%4 | 0.09% | 0.09% | 0.10% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,830,410 | $3,090,630 | $2,635,157 | $2,264,174 | $1,998,725 | $2,024,361 |
Portfolio turnover6 | 8% | 28% | 24% | 19% | 35% | 44% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $41.62 | $32.68 | $28.32 | $25.44 | $23.94 | $19.26 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.10) | (0.02) | 0.01 | 0.03 | 0.02 |
Net realized and unrealized gain (loss) | (9.19) | 10.28 | 5.63 | 5.34 | 1.81 | 4.66 |
Total From Investment Operations | (9.24) | 10.18 | 5.61 | 5.35 | 1.84 | 4.68 |
Less Distributions: | ||||||
Distributions from net realized gain | (5.12) | (1.24) | (1.25) | (2.47) | (0.34) | — |
Net Asset Value, End of Period | $27.26 | $41.62 | $32.68 | $28.32 | $25.44 | $23.94 |
Total Return2 | (24.78)% | 31.86% | 20.52% | 23.17% | 7.79% | 24.30% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.77%4 | 0.77% | 0.77% | 0.77% | 0.77% | 0.78% |
Net investment income (loss) | (0.30)%4 | (0.26)% | (0.06)% | 0.04% | 0.11% | 0.11% |
Expense waiver/reimbursement5 | 0.08%4 | 0.08% | 0.09% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $192,477 | $274,128 | $228,285 | $129,987 | $154,136 | $102,285 |
Portfolio turnover6 | 8% | 28% | 24% | 19% | 35% | 44% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
April 30, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $8,535,850 of investment in an affiliated holding and $50,684,730 of investment in an affiliated company* (identified cost $1,628,617,997) | $2,976,720,083 |
Cash denominated in foreign currencies (identified cost $2,294) | 2,142 |
Income receivable | 1,024,774 |
Income receivable from an affiliated holding | 7,698 |
Receivable for investments sold | 8,883,230 |
Receivable for shares sold | 1,670,901 |
Total Assets | 2,988,308,828 |
Liabilities: | |
Payable for shares redeemed | 4,257,657 |
Payable to bank | 40,596 |
Payable for investment adviser fee (Note 5) | 111,949 |
Payable for administrative fee (Note 5) | 13,320 |
Payable for transfer agent fees | 456,141 |
Payable for Directors’/Trustees’ fees (Note 5) | 504 |
Payable for distribution services fee (Note 5) | 174,012 |
Payable for other service fees (Notes 2 and 5) | 363,354 |
Accrued expenses (Note 5) | 155,395 |
Total Liabilities | 5,572,928 |
Net assets for 113,258,598 shares outstanding | $2,982,735,900 |
Net Assets Consist of: | |
Paid-in capital | $1,394,296,613 |
Total distributable earnings (loss) | 1,588,439,287 |
Total Net Assets | $2,982,735,900 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($680,866,465 ÷ 26,273,549 shares outstanding), no par value, unlimited shares authorized | $25.91 |
Offering price per share (100/94.50 of $25.91) | $27.42 |
Redemption proceeds per share | $25.91 |
Class C Shares: | |
Net asset value per share ($220,659,670 ÷ 9,901,078 shares outstanding), no par value, unlimited shares authorized | $22.29 |
Offering price per share | $22.29 |
Redemption proceeds per share (99.00/100 of $22.29) | $22.07 |
Class R Shares: | |
Net asset value per share ($58,323,004 ÷ 2,440,033 shares outstanding), no par value, unlimited shares authorized | $23.90 |
Offering price per share | $23.90 |
Redemption proceeds per share | $23.90 |
Institutional Shares: | |
Net asset value per share ($1,830,409,542 ÷ 67,583,129 shares outstanding), no par value, unlimited shares authorized | $27.08 |
Offering price per share | $27.08 |
Redemption proceeds per share | $27.08 |
Class R6 Shares: | |
Net asset value per share ($192,477,219 ÷ 7,060,809 shares outstanding), no par value, unlimited shares authorized | $27.26 |
Offering price per share | $27.26 |
Redemption proceeds per share | $27.26 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended April 30, 2022 (unaudited)
Investment Income: | |
Dividends (including $27,198 received from an affiliated holding*) | $9,348,314 |
Net income on securities loaned (includes $722 earned from affiliated holdings related to cash collateral balances) (Note 2) | 4,521 |
TOTAL INCOME | 9,352,835 |
Expenses: | |
Investment adviser fee (Note 5) | 14,728,840 |
Administrative fee (Note 5) | 1,536,645 |
Custodian fees | 85,996 |
Transfer agent fees (Note 2) | 1,705,298 |
Directors’/Trustees’ fees (Note 5) | 11,976 |
Auditing fees | 20,778 |
Legal fees | 2,111 |
Portfolio accounting fees | 105,816 |
Distribution services fee (Note 5) | 1,253,507 |
Other service fees (Notes 2 and 5) | 1,389,666 |
Share registration costs | 53,564 |
Printing and postage | 63,430 |
Miscellaneous (Note 5) | 24,840 |
TOTAL EXPENSES | 20,982,467 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (1,630,374) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (297,088) |
TOTAL WAIVERS AND REIMBURSEMENTS | (1,927,462) |
Net expenses | 19,055,005 |
Net investment loss | (9,702,170) |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |
Net realized gain on investments (including net realized loss of $(187,015) on sales of investments in an affiliated company and holding*) | $276,303,041 |
Net realized loss on foreign currency transactions | (433,824) |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(9,341,918) of investments in an affiliated company and holding*) | (1,354,579,802) |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (11,166) |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (1,078,721,751) |
Change in net assets resulting from operations | $(1,088,423,921) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended 10/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(9,702,170) | $(20,944,121) |
Net realized gain (loss) | 275,869,217 | 595,036,459 |
Net change in unrealized appreciation/depreciation | (1,354,590,968) | 650,376,963 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (1,088,423,921) | 1,224,469,301 |
Distributions to Shareholders: | ||
Class A Shares | (121,749,422) | (29,185,169) |
Class C Shares | (50,272,285) | (16,216,602) |
Class R Shares | (11,230,248) | (3,184,899) |
Institutional Shares | (377,610,464) | (100,008,954) |
Class R6 Shares | (33,771,223) | (8,646,781) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (594,633,642) | (157,242,405) |
Share Transactions: | ||
Proceeds from sale of shares | 296,158,031 | 681,892,322 |
Net asset value of shares issued to shareholders in payment of distributions declared | 542,130,665 | 143,517,460 |
Cost of shares redeemed | (929,826,762) | (1,189,087,037) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (91,538,066) | (363,677,255) |
Change in net assets | (1,774,595,629) | 703,549,641 |
Net Assets: | ||
Beginning of period | 4,757,331,529 | 4,053,781,888 |
End of period | $2,982,735,900 | $4,757,331,529 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $321,428 | $(28,730) |
Class C Shares | 139,776 | (89) |
Class R Shares | 102,027 | (9,748) |
Institutional Shares | 1,128,739 | (240,842) |
Class R6 Shares | 13,328 | — |
TOTAL | $1,705,298 | $(279,409) |
Other Service Fees Incurred | |
Class A Shares | $1,030,761 |
Class C Shares | 358,905 |
TOTAL | $1,389,666 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,019,587 | $64,043,807 | 4,139,085 | $147,506,630 |
Shares issued to shareholders in payment of distributions declared | 3,353,287 | 109,987,824 | 779,671 | 26,274,916 |
Shares redeemed | (3,011,143) | (93,039,880) | (4,580,459) | (162,972,930) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 2,361,731 | $80,991,751 | 338,297 | $10,808,616 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 309,258 | $8,567,607 | 822,226 | $25,689,252 |
Shares issued to shareholders in payment of distributions declared | 1,719,236 | 48,654,389 | 520,267 | 15,571,580 |
Shares redeemed | (2,244,427) | (61,210,753) | (4,487,301) | (141,991,027) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (215,933) | $(3,988,757) | (3,144,808) | $(100,730,195) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 129,127 | $3,721,492 | 335,775 | $11,198,699 |
Shares issued to shareholders in payment of distributions declared | 366,917 | 11,117,577 | 99,277 | 3,137,168 |
Shares redeemed | (279,646) | (8,137,896) | (793,557) | (26,490,789) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 216,398 | $6,701,173 | (358,505) | $(12,154,922) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,422,173 | $177,448,314 | 11,727,425 | $431,702,197 |
Shares issued to shareholders in payment of distributions declared | 10,104,489 | 346,078,740 | 2,629,176 | 91,758,251 |
Shares redeemed | (22,597,814) | (717,062,848) | (20,712,813) | (771,083,051) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (7,071,152) | $(193,535,794) | (6,356,212) | $(247,622,603) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,360,395 | $42,376,811 | 1,729,121 | $65,795,544 |
Shares issued to shareholders in payment of distributions declared | 762,976 | 26,292,135 | 193,201 | 6,775,545 |
Shares redeemed | (1,648,632) | (50,375,385) | (2,321,935) | (86,549,240) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 474,739 | $18,293,561 | (399,613) | $(13,978,151) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (4,234,217) | $(91,538,066) | (9,920,841) | $(363,677,255) |
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 | 0.25% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $1,076,715 | $— |
Class R Shares | 176,792 | (17,679) |
TOTAL | $1,253,507 | $(17,679) |
Purchases | $285,561,645 |
Sales | $962,180,144 |
Beginning Account Value 11/1/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $750.80 | $4.69 |
Class C Shares | $1,000 | $748.10 | $8.06 |
Class R Shares | $1,000 | $749.50 | $6.38 |
Institutional Shares | $1,000 | $751.80 | $3.61 |
Class R6 Shares | $1,000 | $752.20 | $3.35 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.44 | $5.41 |
Class C Shares | $1,000 | $1,015.57 | $9.30 |
Class R Shares | $1,000 | $1,017.50 | $7.35 |
Institutional Shares | $1,000 | $1,020.68 | $4.16 |
Class R6 Shares | $1,000 | $1,020.98 | $3.86 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.08% |
Class C Shares | 1.86% |
Class R Shares | 1.47% |
Institutional Shares | 0.83% |
Class R6 Shares | 0.77% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172438
CUSIP 314172420
CUSIP 314172412
CUSIP 314172131
Share Class | Ticker | A | FKASX | B | FKBSX | C | FKCSX |
R | FKKSX | Institutional | FKAIX | R6 | FKALX |
Federated Hermes Kaufmann Small Cap Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Health Care | 29.3% |
Information Technology | 17.8% |
Consumer Discretionary | 16.9% |
Industrials | 8.1% |
Real Estate | 7.4% |
Financials | 7.3% |
Materials | 4.0% |
Energy | 3.2% |
Consumer Staples | 1.7% |
Communication Services | 1.1% |
Securities Lending Collateral2 | 5.9% |
Cash Equivalents3 | 3.1% |
Other Assets and Liabilities—Net4 | (5.8)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
COMMON STOCKS— 96.5% | |||
Communication Services— 1.1% | |||
198,310 | 1 | Boat Rocker Media, Inc. | $ 588,145 |
25,000 | 1,2 | Genius Sports Ltd. | 95,500 |
2,500,000 | 2 | Infrastrutture Wireless Italiane SpA | 26,635,600 |
45,974 | 1 | Motorsport Gaming U.S. LLC | 42,756 |
1,000,000 | 1,2 | Outbrain, Inc. | 9,000,000 |
1,500,000 | 1 | Reservoir Media Management, Inc. | 13,965,000 |
980,100 | 1,2 | Tremor International Ltd., ADR | 11,418,165 |
TOTAL | 61,745,166 | ||
Consumer Discretionary— 16.7% | |||
628,162 | 1,2 | 1stdibs.com, Inc. | 4,748,905 |
1,560,000 | 1,2 | Academy Sports and Outdoors, Inc. | 58,281,600 |
150,000 | 1 | Bright Horizons Family Solutions, Inc. | 17,136,000 |
530,000 | 2 | Choice Hotels International, Inc. | 74,443,800 |
4,000,000 | 1 | CTOS LLC | 26,280,000 |
1,197,435 | 1,2 | Custom Truck One Source, Inc. | 7,867,148 |
415,000 | 1,2 | DraftKings, Inc. | 5,677,200 |
800,000 | 1,2 | Dutch Bros, Inc. | 38,216,000 |
275,000 | 1,2 | Etsy, Inc. | 25,627,250 |
925,000 | 1,2 | European Wax Center, Inc. | 25,391,250 |
1,280,300 | 1,2 | First Watch Restaurant Group, Inc. | 16,643,900 |
255,000 | 1,2 | Fiverr International Ltd. | 13,578,750 |
690,000 | 1 | Floor & Decor Holdings, Inc. | 55,006,800 |
1,480,500 | 1,2 | Latham Group, Inc. | 17,766,000 |
715,000 | 1,2 | Lovesac Co./The | 31,345,600 |
1,200,000 | 1,2 | Mister Car Wash, Inc. | 17,280,000 |
271,200 | Moncler SpA | 14,086,150 | |
127,734 | 1,2 | MYT Netherlands Parent B.V., ADR | 1,525,144 |
36,000,000 | NagaCorp Ltd. | 32,169,939 | |
900,000 | 1,2 | National Vision Holdings, Inc. | 33,885,000 |
789,800 | 1 | Neogames SA | 10,322,686 |
1,340,000 | 1 | Planet Fitness, Inc. | 107,240,200 |
775,000 | 1 | Revolve Group, Inc. | 32,751,500 |
1,175,000 | 1 | Six Flags Entertainment Corp. | 44,967,250 |
650,817 | 1,2 | Solo Brands, Inc. | 3,885,377 |
1,400,000 | 1,2 | Sportradar Group AG | 17,556,000 |
950,000 | 1,2 | Torrid Holdings, Inc. | 5,567,000 |
375,000 | 1,2 | Udemy, Inc. | 4,091,250 |
171,000 | Vail Resorts, Inc. | 43,461,360 | |
700,000 | 2 | Wingstop, Inc. | 64,232,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
1,420,000 | 1,2 | Xponential Fitness, Inc. | $ 29,422,400 |
1,100,000 | 1,2 | YETI Holdings, Inc. | 53,757,000 |
TOTAL | 934,210,459 | ||
Consumer Staples— 1.7% | |||
430,900 | 1,2 | Freshpet, Inc. | 40,224,515 |
720,000 | 1,2 | Grocery Outlet Holding Corp. | 24,242,400 |
1,150,000 | 1,2 | The Duckhorn Portfolio, Inc. | 22,333,000 |
770,000 | 1 | Vital Farms, Inc. | 8,855,000 |
TOTAL | 95,654,915 | ||
Energy— 3.2% | |||
950,000 | Cactus, Inc. | 47,433,500 | |
1,188,300 | Matador Resources Co. | 58,012,806 | |
1,970,500 | 2 | New Fortress Energy, Inc. | 76,415,990 |
TOTAL | 181,862,296 | ||
Financials— 7.3% | |||
900,000 | AFC Gamma, Inc. | 14,409,000 | |
935,000 | Ares Management Corp. | 61,915,700 | |
1,270,500 | Artisan Partners Asset Management, Inc. | 40,833,870 | |
1,000,000 | 1 | BCLS Acquisition Corp. | 9,895,000 |
1,889,026 | 1 | CrossFirst Bankshares, Inc. | 24,198,423 |
4,530,000 | FinecoBank Banca Fineco SpA | 62,407,241 | |
1,000,000 | Hamilton Lane, Inc. | 68,580,000 | |
900,000 | Moelis & Co. | 39,834,000 | |
1,000,000 | 1,2 | Omega Alpha SPAC | 9,860,000 |
3,181,933 | 1,2 | P10, Inc. | 38,501,389 |
1,518,500 | StepStone Group, Inc. | 38,903,970 | |
TOTAL | 409,338,593 | ||
Health Care— 29.2% | |||
1,821,066 | 1,2 | Akouos, Inc. | 5,098,985 |
895,200 | 1 | Albireo Pharma, Inc. | 28,485,264 |
2,148,500 | 1 | Alector, Inc. | 20,625,600 |
1,057,655 | 1,2 | Aligos Therapeutics, Inc. | 1,248,033 |
2,000,000 | 1 | Amphastar Pharmaceuticals, Inc. | 70,940,000 |
658,615 | 1 | AnaptysBio, Inc. | 15,411,591 |
1,000,000 | 1,2 | Annexon, Inc. | 2,550,000 |
1,927,200 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 37,349,136 |
567,000 | 1 | Argenx SE | 163,015,642 |
205,900 | 1 | Argenx SE, ADR | 59,159,188 |
2,900,000 | 1,2 | aTyr Pharma, Inc. | 12,064,000 |
1,320,000 | 1 | Avidity Biosciences LLC | 18,876,000 |
209,152 | 1 | Avrobio, Inc. | 193,026 |
675,952 | 1,2 | Black Diamond Therapeutics, Inc. | 1,642,563 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
10,150,000 | 1 | CASI Pharmaceuticals, Inc. | $ 4,364,500 |
325,000 | 1 | Catalent, Inc. | 29,432,000 |
293,000 | 1,2 | Century Therapeutics, Inc. | 3,521,860 |
338,980 | 1 | Century Therapeutics, Inc. | 4,074,540 |
1,957,807 | 3 | CeQur SA | 10,280,102 |
2,390,382 | 1,2 | Cerevel Therapeutics Holdings | 69,990,385 |
400,000 | 1 | Cerevel Therapeutics, Inc. | 11,712,000 |
150,000 | 1 | Charles River Laboratories International, Inc. | 36,226,500 |
190,200 | 1,3 | Clementia Pharmaceuticals, Inc., Rights | 0 |
6,412,388 | 1,2 | ContraFect Corp. | 24,238,827 |
300,000 | 1 | Corcept Therapeutics, Inc. | 6,453,000 |
342,500 | 1,2 | CRISPR Therapeutics AG | 16,994,850 |
569,070 | 1,2 | Cryoport, Inc. | 12,838,219 |
750,000 | 1 | Denali Therapeutics, Inc. | 17,850,000 |
89,555 | 1 | Dexcom, Inc. | 36,590,382 |
7,942,500 | 1,2 | Dynavax Technologies Corp. | 70,132,275 |
364,112 | 1,2 | Evotec SE, ADR | 4,380,267 |
750,000 | 1 | FIGS, Inc. | 11,745,000 |
1,000,000 | 1,2 | Frequency Therapeutics, Inc. | 1,300,000 |
2,510,000 | 1 | Fusion Pharmaceuticals, Inc. | 12,926,500 |
266,820 | 1 | Galapagos N.V. | 15,593,325 |
2,500,000 | 1,2 | Gossamer Bio, Inc. | 17,275,000 |
600,338 | 1,2 | Gracell Biotechnologies, Inc., ADR | 1,350,761 |
320,970 | 1 | Graphite Bio, Inc. | 1,290,299 |
406,308 | 1 | Graphite Bio, Inc. | 1,633,358 |
61,700 | 1 | Guardant Health, Inc. | 3,806,890 |
443,157 | 1,2 | Hutchison China MediTech Ltd., ADR | 6,687,239 |
1,257,500 | 1,2 | IDEAYA Biosciences, Inc. | 12,059,425 |
1,406,000 | 1,2 | Immatics N.V. | 10,924,620 |
290,000 | 1,4 | Immatics N.V. - Restricted | 2,253,300 |
307,000 | 1 | Inspire Medical Systems, Inc. | 63,168,320 |
90,000 | 1 | Insulet Corp. | 21,509,100 |
480,000 | 1 | Intellia Therapeutics, Inc. | 23,534,400 |
307,800 | 1,2 | Kinnate Biopharma, Inc. | 2,299,266 |
188,702 | 1,3 | Laronde, Inc. | 4,206,620 |
1,050,000 | 1,2 | Legend Biotech Corp., ADR | 42,157,500 |
240,000 | 1,2 | Madrigal Pharmaceuticals, Inc. | 16,800,000 |
2,037,600 | 1,2 | Merus N.V. | 41,567,040 |
4,272,400 | 1 | Minerva Neurosciences, Inc. | 2,177,642 |
205,700 | 1 | Mirati Therapeutics, Inc. | 12,710,203 |
1,053,941 | 1,2 | Molecular Partners AG | 8,456,491 |
114,574 | 1 | Molecular Partners AG, ADR | 916,592 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
425,000 | 1 | Morphic Holding, Inc. | $ 12,881,750 |
620,625 | 1 | NanoString Technologies, Inc. | 11,655,338 |
734,452 | 1 | Natera, Inc. | 25,793,954 |
660,900 | 1 | Orchard Therapeutics PLC | 373,607 |
1,775,000 | 1 | Otonomy, Inc. | 3,905,000 |
100,000 | 1,2 | Penumbra, Inc. | 17,256,000 |
250,000 | 1,2 | PMV Pharmaceuticals, Inc. | 3,622,500 |
5,761 | 1,2 | Protalix Biotherapeutics, Inc. | 6,683 |
1,378,500 | Regulus Therapeutics, Inc. | 2,777,678 | |
15,135,000 | 1 | Regulus Therapeutics, Inc. | 3,049,703 |
310,000 | 1 | Repligen Corp. | 48,744,400 |
1,625,000 | 1 | Rezolute, Inc. | 6,175,000 |
1,350,000 | 1,2 | Rhythm Pharmaceuticals, Inc. | 8,451,000 |
336,300 | 1 | Sarepta Therapeutics, Inc. | 24,321,216 |
3,593,000 | 1,2 | Scynexis, Inc. | 9,593,310 |
576,500 | 1 | Surgery Partners, Inc. | 29,493,740 |
400,000 | 1 | Tandem Diabetes Care, Inc. | 38,592,000 |
1,015,600 | 1 | Turning Point Therapeutics, Inc. | 29,899,264 |
1,535,500 | 1 | Ultragenyx Pharmaceutical, Inc. | 108,544,495 |
822,570 | 3 | United Therapeutics Corp. | 0 |
187,800 | 1 | Veeva Systems, Inc. | 34,170,210 |
900,000 | 1 | Vericel Corp | 25,650,000 |
197,537 | 1,2 | Verve Therapeutics, Inc. | 2,947,252 |
10,100,000 | 1 | Zai Lab Ltd. | 40,122,132 |
450,000 | 1 | Zentalis Pharmaceuticals, LLC | 11,934,000 |
TOTAL | 1,634,047,858 | ||
Industrials— 8.1% | |||
575,300 | Advanced Drainage System, Inc. | 58,945,238 | |
1,885,000 | Aris Water Solutions, Inc. | 31,931,900 | |
531,500 | Comfort Systems USA, Inc. | 44,869,230 | |
417,000 | 1 | CoStar Group, Inc. | 26,529,540 |
175,200 | 1,2 | Generac Holdings, Inc. | 38,435,376 |
1,025,000 | 1 | GMS, Inc. | 49,148,750 |
762,500 | 1 | GXO Logistics, Inc. | 45,132,375 |
155,100 | Herc Holdings, Inc. | 19,824,882 | |
728,500 | 1,2 | Montrose Environmental Group, Inc. | 33,052,045 |
455,000 | 1,2 | Plug Power, Inc. | 9,564,100 |
558,500 | 1 | Trex Co., Inc. | 32,499,115 |
1,380,000 | 1 | Upwork, Inc. | 28,938,600 |
605,100 | 1 | XPO Logistics, Inc. | 32,548,329 |
TOTAL | 451,419,480 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— 17.8% | |||
1,450,000 | 1 | Allegro MicroSystems, Inc. | $ 35,249,500 |
600,000 | 1 | Alteryx, Inc. | 38,520,000 |
1,200,000 | 1 | Anaplan, Inc. | 77,988,000 |
200,000 | 1 | Avalara, Inc. | 15,214,000 |
2,500,000 | 1,2 | AvidXchange Holdings, Inc. | 20,475,000 |
397,500 | 1 | Blackline, Inc. | 26,652,375 |
530,000 | 1 | Braze, Inc. | 21,300,700 |
1,550,000 | 1 | Camtek Ltd. | 46,035,000 |
300,000 | 1 | CloudFlare, Inc. | 25,842,000 |
400,000 | 1,2 | CS Disco, Inc. | 12,284,000 |
500,000 | 1,2 | Docebo, Inc. | 21,440,000 |
75,000 | 1 | DocuSign, Inc. | 6,075,000 |
1,400,000 | 1 | Domo, Inc. | 57,988,000 |
390,000 | 1 | Endava PLC, ADR | 39,234,000 |
690,500 | 1 | Envestnet, Inc. | 54,991,420 |
150,000 | 1 | Everbridge, Inc. | 6,465,000 |
1,000,000 | 1,2 | LivePerson, Inc. | 22,620,000 |
841,938 | 1 | Nordic Semiconductor ASA | 16,817,735 |
425,600 | 1,2 | Novoste Corp. | 54,774,720 |
790,000 | 1,4 | Nuvei Corp. | 44,168,900 |
645,000 | 1 | Q2 Holdings, Inc. | 33,365,850 |
1,030,000 | 1,2 | Rapid7, Inc. | 98,385,600 |
406,341,785 | 1,2 | Seeing Machines Ltd. | 39,107,957 |
34,300 | 1 | Shopify, Inc. | 14,639,926 |
1,150,000 | 1 | ShotSpotter, Inc. | 31,567,500 |
100,000 | 1 | Sitime Corp. | 16,857,000 |
1,255,500 | 1 | Smartsheet, Inc. | 60,678,315 |
1,195,000 | 1 | Sumo Logic, Inc. | 11,209,100 |
100,000 | 1 | Tyler Technologies, Inc. | 39,471,000 |
1,635,000 | 1 | WM Technology, Inc. | 9,483,000 |
TOTAL | 998,900,598 | ||
Materials— 4.0% | |||
480,500 | Allegheny Technologies, Inc. | 13,059,990 | |
550,000 | Eagle Materials, Inc. | 67,826,000 | |
2,630,000 | 1,2 | Livent Corp. | 56,176,800 |
1,350,000 | 1 | SilverCrest Metals, Inc. | 10,179,000 |
616,200 | Westlake Corp. | 77,980,110 | |
TOTAL | 225,221,900 | ||
Real Estate— 7.4% | |||
1,000,000 | Americold Realty Trust | 26,380,000 | |
1,800,000 | Easterly Government Properties, Inc. | 34,290,000 | |
600,000 | Gaming and Leisure Properties, Inc. | 26,628,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
645,000 | Lamar Advertising Co. | $ 71,214,450 | |
300,000 | National Storage Affiliates Trust | 16,980,000 | |
100,000 | Physicians Realty Trust | 1,714,000 | |
933,800 | 1 | Ryman Hospitality Properties | 87,291,624 |
1,827,800 | STAG Industrial, Inc. | 68,213,496 | |
2,800,300 | VICI Properties, Inc. | 83,476,943 | |
TOTAL | 416,188,513 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $4,438,372,740) | 5,408,589,778 | ||
CORPORATE BOND— 0.2% | |||
Consumer Discretionary— 0.2% | |||
$ 10,000,000 | NagaCorp Ltd., Sr. Unsecd. Note, 7.950%, 7/6/2024 (IDENTIFIED COST $9,380,103) | 9,150,000 | |
1 | WARRANTS— 0.1% | ||
Communication Services— 0.0% | |||
333,333 | Starry Group Holdings, Inc., Warrants 9/26/2025 | 423,899 | |
Health Care— 0.1% | |||
129,500 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 38,643 | |
176,600 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2023 | 13,704 | |
2,247,188 | ContraFect Corp., Warrants 5/27/2023 | 1,253,931 | |
467,500 | ContraFect Corp., Warrants 7/25/2022 | 0 | |
200,000 | Immatics N.V., Warrants 12/31/2025 | 331,000 | |
64,800 | Rezolute, Inc., Warrants 1/1/2099 | 246,240 | |
193,334 | Rezolute, Inc., Warrants 10/8/2027 | 416,944 | |
1,441,000 | Scynexis, Inc., Warrants 1/1/2099 | 3,847,470 | |
15,480 | Scynexis, Inc., Warrants 3/8/2023 | 40 | |
165,355 | Scynexis, Inc., Warrants 4/26/2029 | 311,727 | |
720,500 | Scynexis, Inc., Warrants 5/21/2024 | 329,197 | |
100,000 | Talkspace, Inc., Warrants 6/21/2025 | 17,620 | |
TOTAL | 6,806,516 | ||
TOTAL WARRANTS (IDENTIFIED COST $11,076,015) | 7,230,415 | ||
INVESTMENT COMPANIES— 9.0% | |||
65,654,126 | Federated Hermes Government Obligations Fund, Premier Shares, 0.26%5 | 65,654,126 | |
436,172,328 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%5 | 436,119,674 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $501,965,578) | 501,773,800 | ||
TOTAL INVESTMENT IN SECURITIES—105.8% (IDENTIFIED COST $4,960,794,436)6 | 5,926,743,993 | ||
OTHER ASSETS AND LIABILITIES - NET—(5.8)%7 | (323,207,169) | ||
TOTAL NET ASSETS—100% | $5,603,536,824 |
Affiliated | Value as of 10/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Communication Services: | |||
Reservoir Media Management, Inc. | $12,870,000 | $— | $— |
Consumer Discretionary: | |||
CTOS LLC** | $36,200,000 | $— | $— |
Xponential Fitness, Inc. | $24,758,500 | $1,400,001 | $(2,810,277) |
Financials: | |||
BCLS Acquisition Corp. | $9,910,000 | $— | $— |
Omega Alpha SPAC | $9,770,000 | $— | $— |
P10, Inc. | $34,706,287 | $5,056,688 | $— |
StepStone Group, Inc. | $84,094,200 | $— | $(9,338,287) |
Health Care: | |||
Akouos, Inc. | $11,966,927 | $2,156,189 | $— |
Albireo Pharma, Inc. | $29,220,000 | $— | $(3,235,155) |
Alector, Inc. | $51,415,100 | $— | $(3,075,077) |
Amphastar Pharmaceuticals, Inc. | $37,360,000 | $— | $— |
AnaptysBio, Inc.** | $30,156,633 | $— | $(6,473,466) |
Annexon, Inc. | $16,310,000 | $— | $— |
Arcturus Therapeutics Holdings, Inc. | $60,075,135 | $22,178,682 | $— |
aTyr Pharma, Inc. | $24,911,000 | $— | $— |
Avidity Biosciences LLC | $29,700,000 | $— | $— |
Avrobio, Inc.** | $7,800,920 | $— | $(1,394,691) |
CASI Pharmaceuticals, Inc. | $10,962,000 | $— | $— |
ContraFect Corp. | $24,174,703 | $— | $— |
ContraFect Corp., Warrants 5/27/2023 | $1,524,492 | $— | $— |
ContraFect Corp., Warrants 7/25/2022 | $93 | $— | $— |
Corcept Therapeutics, Inc. | $— | $6,817,115 | $— |
Dynavax Technologies Corp. | $152,359,118 | $7,606,922 | $(3,129,182) |
Frequency Therapeutics, Inc. | $6,280,000 | $— | $— |
Fusion Pharmaceuticals, Inc. | $10,585,100 | $7,644,884 | $— |
IDEAYA Biosciences, Inc. | $26,960,800 | $— | $— |
Merus N.V. | $53,715,750 | $3,494,100 | $— |
Minerva Neurosciences, Inc. | $5,981,360 | $— | $— |
Molecular Partners AG | $16,406,189 | $8,515,462 | $(2,235,728) |
Orchard Therapeutics PLC | $1,268,928 | $— | $— |
Otonomy, Inc. | $3,727,500 | $— | $— |
Regulus Therapeutics, Inc. | $— | $4,962,600 | $— |
Regulus Therapeutics, Inc. | $— | $5,448,600 | $— |
Rezolute, Inc. | $10,400,000 | $— | $— |
Rezolute, Inc., Warrants 10/8/2027 | $1,071,090 | $— | $— |
Rezolute, Inc., Warrants 1/1/2099 | $414,720 | $— | $— |
Rhythm Pharmaceuticals, Inc. | $15,538,500 | $— | $— |
Scynexis, Inc. | $7,996,130 | $12,221,411 | $— |
Scynexis, Inc., Warrants 3/8/2023 | $2,324 | $— | $— |
Scynexis, Inc., Warrants 5/21/2024 | $1,073,545 | $— | $— |
Scynexis, Inc., Warrants 1/1/2099 | $7,219,410 | $— | $— |
Scynexis, Inc., Warrants 4/26/2029 | $— | $— | $— |
Talkspace, Inc., Warrants 6/21/2025 | $67,000 | $— | $— |
Ultragenyx Pharmaceutical, Inc. | $128,859,160 | $— | $— |
Industrials: | |||
Aris Water Solutions, Inc. | $17,087,500 | $9,285,422 | $— |
Information Technology: | |||
Domo, Inc. | $123,690,000 | $— | $— |
Seeing Machines Ltd. | $51,861,087 | $9,949,448 | $(3,919,268) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income* |
$1,095,000 | $— | $13,965,000 | 1,500,000 | $— |
$(9,920,000) | $— | $26,280,000 | 4,000,000 | $— |
$4,670,955 | $1,403,221 | $29,422,400 | 1,420,000 | $— |
$(15,000) | $— | $9,895,000 | 1,000,000 | $— |
$90,000 | $— | $9,860,000 | 1,000,000 | $— |
$(1,261,586) | $— | $38,501,389 | 3,181,933 | $— |
$(36,949,835) | $1,097,892 | $38,903,970 | 1,518,500 | $496,275 |
$(9,024,131) | $— | $5,098,985 | 1,821,066 | $— |
$3,457,264 | $(956,845) | $28,485,264 | 895,200 | $— |
$(25,659,234) | $(2,055,189) | $20,625,600 | 2,148,500 | $— |
$33,580,000 | $— | $70,940,000 | 2,000,000 | $— |
$(1,389,877) | $(6,881,699) | $15,411,591 | 658,615 | $— |
$(13,760,000) | $— | $2,550,000 | 1,000,000 | $— |
$(44,904,681) | $— | $37,349,136 | 1,927,200 | $— |
$(12,847,000) | $— | $12,064,000 | 2,900,000 | $— |
$(10,824,000) | $— | $18,876,000 | 1,320,000 | $— |
$8,764,662 | $(14,977,865) | $193,026 | 209,152 | $— |
$(6,597,500) | $— | $4,364,500 | 10,150,000 | $— |
$64,124 | $— | $24,238,827 | 6,412,388 | $— |
$(270,561) | $— | $1,253,931 | 2,247,188 | $— |
$(93) | $— | $— | 467,500 | $— |
$(364,115) | $— | $6,453,000 | 300,000 | $— |
$(85,120,538) | $(1,584,045) | $70,132,275 | 7,942,500 | $— |
$(4,980,000) | $— | $1,300,000 | 1,000,000 | $— |
$(5,303,484) | $— | $12,926,500 | 2,510,000 | $— |
$(14,901,375) | $— | $12,059,425 | 1,257,500 | $— |
$(15,642,810) | $— | $41,567,040 | 2,037,600 | $— |
$(3,803,718) | $— | $2,177,642 | 4,272,400 | $— |
$(10,447,990) | $(3,781,442) | $8,456,491 | 1,053,941 | $— |
$(895,321) | $— | $373,607 | 660,900 | $— |
$177,500 | $— | $3,905,000 | 1,775,000 | $— |
$(2,184,922) | $— | $2,777,678 | 1,378,500 | $— |
$(2,398,897) | $— | $3,049,703 | 15,135,000 | $— |
$(4,225,000) | $— | $6,175,000 | 1,625,000 | $— |
$(654,146) | $— | $416,944 | 193,334 | $— |
$(168,480) | $— | $246,240 | 64,800 | $— |
$(7,087,500) | $— | $8,451,000 | 1,350,000 | $— |
$(10,624,231) | $— | $9,593,310 | 3,593,000 | $— |
$(2,284) | $— | $40 | 15,480 | $— |
$(744,348) | $— | $329,197 | 720,500 | $— |
$(3,371,940) | $— | $3,847,470 | 1,441,000 | $— |
$311,727 | $— | $311,727 | 165,355 | $— |
$12,939,600 | $(12,988,980) | $17,620 | 100,000 | $— |
$(20,314,665) | $— | $108,544,495 | 1,535,500 | $— |
$5,558,977 | $— | $31,931,900 | 1,885,000 | $257,150 |
$(65,702,000) | $— | $57,988,000 | 1,400,000 | $— |
$(17,808,312) | $(974,998) | $39,107,957 | 406,341,785 | $— |
Affiliated | Value as of 10/31/2021 | Purchases at Cost* | Proceeds from Sales* |
Information Technology:—continued | |||
ShotSpotter, Inc. | $43,579,200 | $837,762 | $— |
WM Technology, Inc.** | $25,336,800 | $— | $(5,104,893) |
Affiliated issuers no longer in the portfolio at period end | $129,138,825 | $— | $(76,607,866) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $1,388,506,026 | $107,575,286 | $(117,323,890) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income* |
$(12,849,462) | $— | $31,567,500 | 1,150,000 | $— |
$(11,503,800) | $754,893 | $9,483,000 | 1,635,000 | $— |
$31,717,934 | $(84,248,894) | $— | — | $— |
$(372,095,093) | $(125,193,951) | $881,468,380 | 510,316,337 | $753,425 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At April 30, 2022, the Fund no longer has ownership of at least 5% 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 10/31/2021 | $118,231,170 | $674,899,307 | $793,130,477 |
Purchases at Cost | $493,377,641 | $1,416,169,739 | $1,909,547,380 |
Proceeds from Sales | $(545,954,685) | $(1,654,641,634) | $(2,200,596,319) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(200,742) | $(200,742) |
Net Realized Gain/(Loss) | N/A | $(106,996) | $(106,996) |
Value as of 4/30/2022 | $65,654,126 | $436,119,674 | $501,773,800 |
Shares Held as of 4/30/2022 | 65,654,126 | 436,172,328 | 501,826,454 |
Dividend Income | $13,828 | $249,834 | $263,662 |
Gain Distributions Received | $— | $20,146 | $20,146 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
4 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2022, these restricted securities amounted to $46,422,200, which represented 0.8% of total net assets. |
5 | 7-day net yield. |
6 | Also represents cost for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $4,473,315,351* | $— | $4,206,620 | $4,477,521,971 |
International | 502,375,493 | 418,412,212 | 10,280,102 | 931,067,807 |
Debt Securities: | ||||
Corporate Bond | — | 9,150,000 | — | 9,150,000 |
Warrants | 1,018,759 | 6,211,656 | — | 7,230,415 |
Investment Companies | 501,773,800 | — | — | 501,773,800 |
TOTAL SECURITIES | $5,478,483,403 | $433,773,868 | $14,486,722 | $5,926,743,993 |
* | Includes $11,456,098 transferred from Level 3 to Level 1 because fair values were determined using valuation techniques utilizing unobservable market date due to observable market value being unavailable. This transfer represents the value of the security at the beginning of the period. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $70.27 | $49.86 | $40.09 | $36.01 | $32.58 | $23.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.58) | (0.29) | 0.01 | (0.13) | (0.27) |
Net realized and unrealized gain (loss) | (22.02) | 21.07 | 10.16 | 6.14 | 5.65 | 9.10 |
Total From Investment Operations | (22.17) | 20.49 | 9.87 | 6.15 | 5.52 | 8.83 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.02) | — | — | — |
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) |
Total Distributions | (4.93) | (0.08) | (0.10) | (2.07) | (2.09) | (0.19) |
Net Asset Value, End of Period | $43.17 | $70.27 | $49.86 | $40.09 | $36.01 | $32.58 |
Total Return2 | (33.27)% | 41.12% | 24.64% | 17.96% | 18.10% | 37.12% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.35%4 | 1.35% | 1.35% | 1.36% | 1.35% | 1.85% |
Net investment income (loss) | (0.55)%4 | (0.89)% | (0.64)% | 0.03% | (0.37)% | (0.95)% |
Expense waiver/reimbursement5 | 0.14%4 | 0.12% | 0.15% | 0.16% | 0.17% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $886,759 | $1,452,855 | $1,068,689 | $826,240 | $580,003 | $401,920 |
Portfolio turnover6 | 9% | 34% | 20% | 33% | 39% | 46% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $58.85 | $42.02 | $33.99 | $31.02 | $28.52 | $21.10 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.26) | (0.81) | (0.47) | (0.21) | (0.31) | (0.37) |
Net realized and unrealized gain (loss) | (18.23) | 17.72 | 8.58 | 5.25 | 4.90 | 7.98 |
Total From Investment Operations | (18.49) | 16.91 | 8.11 | 5.04 | 4.59 | 7.61 |
Less Distributions: | ||||||
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) |
Net Asset Value, End of Period | $35.43 | $58.85 | $42.02 | $33.99 | $31.02 | $28.52 |
Total Return2 | (33.49)% | 40.27% | 23.89% | 17.23% | 17.36% | 36.33% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.97%4 | 1.96% | 1.98% | 1.98% | 1.99% | 2.42% |
Net investment income (loss) | (1.17)%4 | (1.49)% | (1.25)% | (0.62)% | (1.01)% | (1.52)% |
Expense waiver/reimbursement5 | 0.03%4 | 0.02% | 0.04% | 0.04% | 0.07% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $7,791 | $14,501 | $14,313 | $15,488 | $16,445 | $17,420 |
Portfolio turnover6 | 9% | 34% | 20% | 33% | 39% | 46% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $58.87 | $42.03 | $34.01 | $31.03 | $28.53 | $21.10 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.26) | (0.83) | (0.49) | (0.19) | (0.31) | (0.37) |
Net realized and unrealized gain (loss) | (18.24) | 17.75 | 8.59 | 5.24 | 4.90 | 7.99 |
Total From Investment Operations | (18.50) | 16.92 | 8.10 | 5.05 | 4.59 | 7.62 |
Less Distributions: | ||||||
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) |
Net Asset Value, End of Period | $35.44 | $58.87 | $42.03 | $34.01 | $31.03 | $28.53 |
Total Return2 | (33.50)% | 40.28% | 23.84% | 17.25% | 17.36% | 36.38% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.99%4 | 1.97% | 1.98% | 1.97% | 1.97% | 2.41% |
Net investment income (loss) | (1.18)%4 | (1.51)% | (1.28)% | (0.57)% | (1.00)% | (1.50)% |
Expense waiver/reimbursement5 | 0.03%4 | 0.02% | 0.04% | 0.05% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $246,228 | $410,961 | $289,794 | $204,247 | $117,888 | $151,959 |
Portfolio turnover6 | 9% | 34% | 20% | 33% | 39% | 46% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $70.65 | $50.12 | $40.29 | $36.17 | $32.70 | $24.02 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.57) | (0.28) | 0.03 | (0.12) | (0.25) |
Net realized and unrealized gain (loss) | (22.15) | 21.18 | 10.22 | 6.16 | 5.68 | 9.12 |
Total From Investment Operations | (22.30) | 20.61 | 9.94 | 6.19 | 5.56 | 8.87 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.03) | — | — | — |
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) |
Total Distributions | (4.93) | (0.08) | (0.11) | (2.07) | (2.09) | (0.19) |
Net Asset Value, End of Period | $43.42 | $70.65 | $50.12 | $40.29 | $36.17 | $32.70 |
Total Return2 | (33.28)% | 41.14% | 24.71% | 17.99% | 18.15% | 37.17% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.35%4 | 1.34% | 1.31% | 1.31% | 1.32% | 1.80% |
Net investment income (loss) | (0.55)%4 | (0.87)% | (0.61)% | 0.08% | (0.33)% | (0.91)% |
Expense waiver/reimbursement5 | 0.36%4 | 0.32% | 0.34% | 0.34% | 0.37% | 0.32% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $161,922 | $263,675 | $188,549 | $120,487 | $78,387 | $47,497 |
Portfolio turnover6 | 9% | 34% | 20% | 33% | 39% | 46% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $72.07 | $50.90 | $40.86 | $36.50 | $32.85 | $24.03 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.29) | (0.10) | 0.22 | 0.04 | (0.14) |
Net realized and unrealized gain (loss) | (22.64) | 21.54 | 10.37 | 6.21 | 5.70 | 9.15 |
Total From Investment Operations | (22.67) | 21.25 | 10.27 | 6.43 | 5.74 | 9.01 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.15) | — | — | — |
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) |
Total Distributions | (4.93) | (0.08) | (0.23) | (2.07) | (2.09) | (0.19) |
Net Asset Value, End of Period | $44.47 | $72.07 | $50.90 | $40.86 | $36.50 | $32.85 |
Total Return2 | (33.12)% | 41.77% | 25.20% | 18.51% | 18.65% | 37.74% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.89%4 | 0.89% | 0.89% | 0.90% | 0.89% | 1.35% |
Net investment income (loss) | (0.09)%4 | (0.43)% | (0.21)% | 0.56% | 0.11% | (0.50)% |
Expense waiver/reimbursement5 | 0.12%4 | 0.10% | 0.12% | 0.12% | 0.12% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,554,402 | $6,454,097 | $5,114,974 | $2,339,131 | $735,235 | $215,907 |
Portfolio turnover6 | 9% | 34% | 20% | 33% | 39% | 46% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | Period Ended 10/31/20171 | ||||
2021 | 2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $71.52 | $50.51 | $40.51 | $36.20 | $32.60 | $30.50 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | (0.02) | (0.29) | (0.10) | 0.25 | 0.06 | (0.01) |
Net realized and unrealized gain (loss) | (22.47) | 21.38 | 10.30 | 6.13 | 5.63 | 2.11 |
Total From Investment Operations | (22.49) | 21.09 | 10.20 | 6.38 | 5.69 | 2.10 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.12) | — | — | — |
Distributions from net realized gain | (4.93) | (0.08) | (0.08) | (2.07) | (2.09) | — |
Total Distributions | (4.93) | (0.08) | (0.20) | (2.07) | (2.09) | — |
Net Asset Value, End of Period | $44.10 | $71.52 | $50.51 | $40.51 | $36.20 | $32.60 |
Total Return3 | (33.13)% | 41.78% | 25.24% | 18.53% | 18.64% | 6.89% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.88%5 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88%5 |
Net investment income (loss) | (0.08)%5 | (0.43)% | (0.21)% | 0.63% | 0.16% | (0.11)%5 |
Expense waiver/reimbursement6 | 0.03%5 | 0.02% | 0.04% | 0.04% | 0.07% | 0.12%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $746,434 | $1,195,120 | $651,978 | $195,775 | $29,623 | $58 |
Portfolio turnover7 | 9% | 34% | 20% | 33% | 39% | 46%8 |
1 | Reflects operations for the period from September 1, 2017 (start of performance) to October 31, 2017. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2017. |
April 30, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $308,440,398 of securities loaned, $501,773,800 of investment in affiliated holdings and $881,468,380 of investment in affiliated companies* (identified cost $4,960,794,436) | $5,926,743,993 |
Cash denominated in foreign currencies (identified cost $161,684) | 153,500 |
Income receivable | 3,807,453 |
Income receivable from affiliated holdings | 104,469 |
Receivable for investments sold | 29,305,647 |
Receivable for shares sold | 10,484,017 |
Total Assets | 5,970,599,079 |
Liabilities: | |
Payable for investments purchased | 25,308,702 |
Payable for shares redeemed | 11,472,727 |
Payable to bank | 1,179,228 |
Payable for collateral due to broker for securities lending (Note 2) | 326,488,484 |
Payable for investment adviser fee (Note 5) | 240,801 |
Payable for administrative fee (Note 5) | 24,756 |
Payable for Directors’/Trustees’ fees (Note 5) | 380 |
Payable for distribution services fee (Note 5) | 365,912 |
Payable for other service fees (Notes 2 and 5) | 463,400 |
Accrued expenses (Note 5) | 1,517,865 |
Total Liabilities | 367,062,255 |
Net assets for 128,289,032 shares outstanding | $5,603,536,824 |
Net Assets Consist of: | |
Paid-in capital | $4,435,865,934 |
Total distributable earnings (loss) | 1,167,670,890 |
Total Net Assets | $5,603,536,824 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($886,759,122 ÷ 20,542,843 shares outstanding), no par value, unlimited shares authorized | $43.17 |
Offering price per share (100/94.50 of $43.17) | $45.68 |
Redemption proceeds per share | $43.17 |
Class B Shares: | |
Net asset value per share ($7,791,473 ÷ 219,896 shares outstanding), no par value, unlimited shares authorized | $35.43 |
Offering price per share | $35.43 |
Redemption proceeds per share (94.50/100 of $35.43) | $33.48 |
Class C Shares: | |
Net asset value per share ($246,227,774 ÷ 6,947,162 shares outstanding), no par value, unlimited shares authorized | $35.44 |
Offering price per share | $35.44 |
Redemption proceeds per share (99.00/100 of $35.44) | $35.09 |
Class R Shares: | |
Net asset value per share ($161,922,485 ÷ 3,729,287 shares outstanding), no par value, unlimited shares authorized | $43.42 |
Offering price per share | $43.42 |
Redemption proceeds per share | $43.42 |
Institutional Shares: | |
Net asset value per share ($3,554,401,995 ÷ 79,925,793 shares outstanding), no par value, unlimited shares authorized | $44.47 |
Offering price per share | $44.47 |
Redemption proceeds per share | $44.47 |
Class R6 Shares: | |
Net asset value per share ($746,433,975 ÷ 16,924,051 shares outstanding), no par value, unlimited shares authorized | $44.10 |
Offering price per share | $44.10 |
Redemption proceeds per share | $44.10 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended April 30, 2022 (unaudited)
Investment Income: | |
Dividends (including $891,189 received from affiliated companies and holdings* and net of foreign taxes withheld of $408,689) | $27,159,369 |
Net income on securities loaned (includes $125,898 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 2,652,310 |
Interest | 231,770 |
TOTAL INCOME | 30,043,449 |
Expenses: | |
Investment adviser fee (Note 5) | 29,841,628 |
Administrative fee (Note 5) | 2,920,023 |
Custodian fees | 254,914 |
Transfer agent fees (Note 2) | 3,960,792 |
Directors’/Trustees’ fees (Note 5) | 23,793 |
Auditing fees | 21,372 |
Legal fees | 4,095 |
Portfolio accounting fees | 111,497 |
Distribution services fee (Note 5) | 3,184,804 |
Other service fees (Notes 2 and 5) | 1,834,741 |
Share registration costs | 87,689 |
Printing and postage | 213,462 |
Miscellaneous (Note 5) | 34,477 |
TOTAL EXPENSES | 42,493,287 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (978,157) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (3,275,169) |
TOTAL WAIVERS AND REIMBURSEMENTS | (4,253,326) |
Net expenses | 38,239,961 |
Net investment loss | (8,196,512) |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |
Net realized gain on investments (including net realized loss of $(125,300,947) on sales of investments in affiliated companies and holdings*) | $236,366,025 |
Net realized loss on foreign currency transactions | (138,695) |
Realized gain distribution from affiliated investment company shares* | 20,146 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(372,295,835) of investments in affiliated companies and holdings*) | (3,286,898,845) |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | (15,810) |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (3,050,667,179) |
Change in net assets resulting from operations | $(3,058,863,691) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended 10/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(8,196,512) | $(54,203,055) |
Net realized gain (loss) | 236,247,476 | 710,797,313 |
Net change in unrealized appreciation/depreciation | (3,286,914,655) | 2,432,431,612 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (3,058,863,691) | 3,089,025,870 |
Distributions to Shareholders: | ||
Class A Shares | (101,147,716) | (1,653,079) |
Class B Shares | (1,197,159) | (25,352) |
Class C Shares | (34,090,746) | (540,247) |
Class R Shares | (18,092,847) | (292,074) |
Institutional Shares | (432,690,042) | (8,076,795) |
Class R6 Shares | (82,470,909) | (1,083,308) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (669,689,419) | (11,670,855) |
Share Transactions: | ||
Proceeds from sale of shares | 597,810,654 | 3,022,203,221 |
Net asset value of shares issued to shareholders in payment of distributions declared | 632,723,892 | 11,048,509 |
Cost of shares redeemed | (1,689,653,332) | (3,647,695,450) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (459,118,786) | (614,443,720) |
Change in net assets | (4,187,671,896) | 2,462,911,295 |
Net Assets: | ||
Beginning of period | 9,791,208,720 | 7,328,297,425 |
End of period | $5,603,536,824 | $9,791,208,720 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $572,126 | $(380,159) |
Class B Shares | 5,479 | — |
Class C Shares | 183,241 | — |
Class R Shares | 325,276 | (31,781) |
Institutional Shares | 2,813,932 | (2,266,457) |
Class R6 Shares | 60,738 | — |
TOTAL | $3,960,792 | $(2,678,397) |
Other Service Fees Incurred | |
Class A Shares | $1,421,760 |
Class B Shares | 13,400 |
Class C Shares | 399,581 |
TOTAL | $1,834,741 |
Market Value of Securities Loaned | Collateral Received |
$308,440,398 | $326,488,484 |
Security | Acquisition Date | Cost | Value |
Immatics N.V. - Restricted | 6/30/2020 | $2,900,000 | $2,253,300 |
Nuvei Corp. | 9/17/2020 | $20,540,000 | $44,168,900 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 798,516 | $43,256,324 | 3,590,107 | $230,919,045 |
Shares issued to shareholders in payment of distributions declared | 1,674,041 | 95,688,203 | 26,595 | 1,569,381 |
Shares redeemed | (2,605,179) | (136,364,473) | (4,375,929) | (283,404,028) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (132,622) | $2,580,054 | (759,227) | $(50,915,602) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 259 | $12,154 | 2,705 | $147,595 |
Shares issued to shareholders in payment of distributions declared | 25,149 | 1,183,010 | 503 | 24,990 |
Shares redeemed | (51,940) | (2,273,751) | (97,430) | (5,268,745) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (26,532) | $(1,078,587) | (94,222) | $(5,096,160) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 208,131 | $9,191,353 | 1,579,737 | $85,366,029 |
Shares issued to shareholders in payment of distributions declared | 703,297 | 33,090,127 | 10,600 | 526,955 |
Shares redeemed | (945,596) | (40,841,817) | (1,503,198) | (82,300,016) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (34,168) | $1,439,663 | 87,139 | $3,592,968 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 203,568 | $10,782,178 | 1,149,093 | $74,288,799 |
Shares issued to shareholders in payment of distributions declared | 314,493 | 18,083,325 | 4,919 | 291,805 |
Shares redeemed | (520,990) | (27,537,172) | (1,183,981) | (77,242,320) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (2,929) | $1,328,331 | (29,969) | $(2,661,716) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,997,674 | $426,047,008 | 31,342,177 | $2,036,222,866 |
Shares issued to shareholders in payment of distributions declared | 6,963,343 | 409,305,296 | 127,148 | 7,663,239 |
Shares redeemed | (24,588,266) | (1,320,814,039) | (42,406,935) | (2,851,405,518) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (9,627,249) | $(485,461,735) | (10,937,610) | $(807,519,413) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,021,384 | $108,521,637 | 9,048,037 | $595,258,887 |
Shares issued to shareholders in payment of distributions declared | 1,293,085 | 75,373,931 | 16,254 | 972,139 |
Shares redeemed | (3,100,872) | (161,822,080) | (5,262,776) | (348,074,823) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 213,597 | $22,073,488 | 3,801,515 | $248,156,203 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (9,609,903) | $(459,118,786) | (7,932,374) | $(614,443,720) |
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 | 0.25% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $1,426,858 | $(285,372) |
Class B Shares | 40,202 | — |
Class C Shares | 1,198,743 | — |
Class R Shares | 519,001 | (311,400) |
TOTAL | $3,184,804 | $(596,772) |
Purchases | $660,879,881 |
Sales | $1,853,146,881 |
Beginning Account Value 11/1/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $667.30 | $5.58 |
Class B Shares | $1,000 | $665.10 | $8.13 |
Class C Shares | $1,000 | $665.00 | $8.22 |
Class R Shares | $1,000 | $667.20 | $5.58 |
Institutional Shares | $1,000 | $668.80 | $3.68 |
Class R6 Shares | $1,000 | $668.70 | $3.64 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.10 | $6.76 |
Class B Shares | $1,000 | $1,015.03 | $9.84 |
Class C Shares | $1,000 | $1,014.93 | $9.94 |
Class R Shares | $1,000 | $1,018.10 | $6.76 |
Institutional Shares | $1,000 | $1,020.38 | $4.46 |
Class R6 Shares | $1,000 | $1,020.43 | $4.41 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class B Shares | 1.97% |
Class C Shares | 1.99% |
Class R Shares | 1.35% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172628
CUSIP 314172610
CUSIP 314172537
CUSIP 31421N402
CUSIP 31421N683
Share Class | Ticker | A | FGSAX | C | FGSCX | Institutional | FGSIX | R6 | FGSKX |
Federated Hermes MDT Mid Cap Growth Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Information Technology | 32.5% |
Health Care | 15.6% |
Consumer Discretionary | 15.3% |
Industrials | 14.3% |
Financials | 5.5% |
Communication Services | 3.8% |
Energy | 3.5% |
Consumer Staples | 2.7% |
Real Estate | 2.7% |
Materials | 2.2% |
Securities Lending Collateral2 | 3.4% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (3.4)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.1% | |||
Communication Services— 3.8% | |||
377,184 | 1 | Altice USA, Inc. | $ 3,500,268 |
6,926 | 1 | AMC Networks, Inc. | 225,995 |
478,906 | 1 | Pinterest, Inc. | 9,827,151 |
54,373 | 1 | Spotify Technology SA | 5,527,015 |
9,844 | 1 | TripAdvisor, Inc. | 252,696 |
3,455 | World Wrestling Entertainment, Inc. | 201,737 | |
TOTAL | 19,534,862 | ||
Consumer Discretionary— 15.3% | |||
18,138 | 1 | Chegg, Inc. | 448,734 |
5,266 | 1 | Chipotle Mexican Grill, Inc. | 7,665,242 |
3,920 | 1 | Deckers Outdoor Corp. | 1,041,740 |
16,146 | Domino’s Pizza, Inc. | 5,457,348 | |
54,891 | Expedia Group, Inc. | 9,592,202 | |
20,640 | 1 | Floor & Decor Holdings, Inc. | 1,645,421 |
10,362 | Hilton Worldwide Holdings, Inc. | 1,609,115 | |
22,868 | 1 | Lululemon Athletica, Inc. | 8,109,679 |
193,152 | Nordstrom, Inc. | 4,964,006 | |
186,337 | 1 | Penn National Gaming, Inc. | 6,814,344 |
21,541 | The Wendy’s Co. | 425,650 | |
6,129 | 2 | Thor Industries, Inc. | 469,175 |
13,653 | Tractor Supply Co. | 2,750,397 | |
52,087 | Travel + Leisure Co. | 2,889,787 | |
30,167 | 1 | Ulta Beauty, Inc. | 11,970,266 |
37,776 | V.F. Corp. | 1,964,352 | |
24,648 | 1,2 | Wayfair, Inc. | 1,896,417 |
12,074 | 2 | Williams-Sonoma, Inc. | 1,575,416 |
139,345 | 1 | YETI Holdings, Inc. | 6,809,790 |
TOTAL | 78,099,081 | ||
Consumer Staples— 2.7% | |||
115,183 | Albertsons Cos., Inc. | 3,602,924 | |
26,587 | Energizer Holdings, Inc. | 805,320 | |
17,198 | 1 | Sprouts Farmers Market, Inc. | 512,501 |
23,179 | 1 | The Boston Beer Co., Inc., Class A | 8,692,125 |
TOTAL | 13,612,870 | ||
Energy— 3.5% | |||
62,007 | Cheniere Energy, Inc. | 8,421,171 | |
13,482 | Diamondback Energy, Inc. | 1,701,833 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
140,729 | Occidental Petroleum Corp. | $ 7,752,760 | |
TOTAL | 17,875,764 | ||
Financials— 5.5% | |||
8,179 | Ameriprise Financial, Inc. | 2,171,443 | |
10,447 | 1 | GoHealth, Inc. | 7,806 |
42,069 | Marketaxess Holdings, Inc. | 11,089,809 | |
9,779 | MSCI, Inc., Class A | 4,119,404 | |
15,621 | Raymond James Financial, Inc. | 1,522,423 | |
680,515 | 1,2 | Rocket Companies, Inc. | 6,022,558 |
13,981 | T. Rowe Price Group, Inc. | 1,720,222 | |
48,679 | Virtu Financial, Inc. | 1,405,849 | |
TOTAL | 28,059,514 | ||
Health Care— 15.6% | |||
29,227 | 1 | 10X Genomics, Inc. | 1,395,881 |
463,061 | 1 | Adaptive Biotechnologies Corp. | 3,820,253 |
64,480 | Agilent Technologies, Inc. | 7,690,530 | |
2,499 | 1 | Align Technology, Inc. | 724,485 |
26,705 | 1 | Amedisys, Inc. | 3,408,893 |
115,596 | Bruker Corp. | 6,645,614 | |
1,092 | 1 | Charles River Laboratories International, Inc. | 263,729 |
10,660 | 1,2 | Dexcom, Inc. | 4,355,463 |
98,655 | 1 | Exelixis, Inc. | 2,203,953 |
41,268 | 1 | Horizon Therapeutics PLC | 4,067,374 |
8,448 | 1 | IDEXX Laboratories, Inc. | 3,636,695 |
61,614 | 1 | Incyte Genomics, Inc. | 4,618,585 |
17,988 | 1 | Ionis Pharmaceuticals, Inc. | 661,239 |
27,868 | 1 | IQVIA Holdings, Inc. | 6,074,945 |
4,411 | 1 | Mettler-Toledo International, Inc. | 5,635,185 |
5,715 | 1 | Mirati Therapeutics, Inc. | 353,130 |
15,499 | 1 | Molina Healthcare, Inc. | 4,858,162 |
2,284 | 1 | Neurocrine Biosciences, Inc. | 205,629 |
69,953 | 1,2 | Novavax, Inc. | 3,152,782 |
3,989 | 1 | Novocure Ltd. | 305,478 |
17,335 | 1 | Repligen Corp. | 2,725,755 |
6,499 | 1 | SAGE Therapeutics, Inc. | 204,848 |
43,187 | 1,2 | Tandem Diabetes Care, Inc. | 4,166,682 |
34,581 | 1 | Veeva Systems, Inc. | 6,292,013 |
5,760 | 1 | Waters Corp. | 1,745,395 |
TOTAL | 79,212,698 | ||
Industrials— 14.3% | |||
17,010 | Advanced Drainage System, Inc. | 1,742,845 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
35,956 | AGCO Corp. | $ 4,580,794 | |
65,807 | Allegion PLC | 7,517,792 | |
38,361 | Allison Transmission Holdings, Inc. | 1,436,236 | |
2,710 | 1 | Axon Enterprise, Inc. | 304,062 |
8,452 | 1 | CACI International, Inc., Class A | 2,242,315 |
389 | Cintas Corp. | 154,534 | |
2,754 | 1 | Copart, Inc. | 312,992 |
88,984 | Expeditors International Washington, Inc. | 8,815,645 | |
8,763 | 1 | GXO Logistics, Inc. | 518,682 |
1,015 | Hunt (J.B.) Transportation Services, Inc. | 173,413 | |
2,115 | Huntington Ingalls Industries, Inc. | 449,945 | |
24,842 | Landstar System, Inc. | 3,848,026 | |
13,572 | Old Dominion Freight Lines, Inc. | 3,801,789 | |
35,233 | Pitney Bowes, Inc. | 185,678 | |
46,906 | Robert Half International, Inc. | 4,611,329 | |
16,399 | 1 | Siteone Landscape Supply, Inc. | 2,312,751 |
51,436 | Trane Technologies PLC | 7,195,382 | |
27,367 | TransUnion | 2,395,160 | |
141,192 | 1 | Trex Co., Inc. | 8,215,962 |
204,965 | 1 | XPO Logistics, Inc. | 11,025,067 |
13,173 | Xylem, Inc. | 1,060,426 | |
TOTAL | 72,900,825 | ||
Information Technology— 32.5% | |||
19,763 | 1 | Allegro MicroSystems, Inc. | 480,439 |
142,599 | 1 | Arista Networks, Inc. | 16,480,167 |
12,311 | Bread Financial Holdings, Inc. | 674,643 | |
95,187 | 1,2 | C3.AI, Inc. | 1,617,227 |
51,102 | 1 | Cadence Design Systems, Inc. | 7,708,737 |
32,372 | 1 | Crowdstrike Holdings, Inc. | 6,434,259 |
213,675 | 1 | Dropbox, Inc. | 4,647,431 |
44,532 | 1 | Duck Creek Technologies LLC | 709,395 |
125,915 | 1 | Dynatrace Holdings LLC | 4,830,099 |
8,689 | 1 | Enphase Energy, Inc. | 1,402,405 |
40,037 | 1,2 | Fortinet, Inc. | 11,571,093 |
4,470 | HP, Inc. | 163,736 | |
10,782 | 1 | HubSpot, Inc. | 4,091,014 |
140,857 | 1 | IPG Photonics Corp. | 13,308,169 |
59,043 | Jabil, Inc. | 3,408,552 | |
47,388 | 1 | Keysight Technologies, Inc. | 6,647,115 |
3,681 | KLA Corp. | 1,175,196 | |
28,345 | Microchip Technology, Inc. | 1,848,094 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
6,283 | NetApp, Inc. | $ 460,230 | |
19,841 | 1 | Nutanix, Inc. | 496,620 |
48,025 | 1 | ON Semiconductor Corp. | 2,502,583 |
28,206 | 1,2 | Palo Alto Networks, Inc. | 15,831,464 |
30,712 | Paychex, Inc. | 3,892,132 | |
7,920 | 1 | Paycom Software, Inc. | 2,229,242 |
30,184 | 1 | Paylocity Corp. | 5,723,792 |
465,592 | 1 | Pure Storage, Inc. | 13,641,846 |
18,053 | 1 | RingCentral, Inc. | 1,531,797 |
36,161 | 1 | Splunk, Inc. | 4,412,365 |
1,155,117 | 1 | StoneCo Ltd. | 10,881,202 |
72,700 | Switch, Inc. | 2,170,822 | |
6,541 | 1 | Synopsys, Inc. | 1,875,893 |
60,552 | 1 | Teradata Corp. | 2,503,825 |
361,874 | Western Union Co. | 6,065,008 | |
52,716 | 1 | Wix.com Ltd. | 3,977,949 |
TOTAL | 165,394,541 | ||
Materials— 2.2% | |||
120,166 | 1 | Berry Global Group, Inc. | 6,771,354 |
2,742 | Celanese Corp. | 402,910 | |
45,775 | Steel Dynamics, Inc. | 3,925,206 | |
TOTAL | 11,099,470 | ||
Real Estate— 2.7% | |||
6,735 | 1 | CBRE Group, Inc. | 559,275 |
48,936 | Extra Space Storage, Inc. | 9,297,840 | |
11,011 | SBA Communications, Corp. | 3,822,028 | |
TOTAL | 13,679,143 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $518,436,971) | 499,468,768 | ||
INVESTMENT COMPANIES— 5.3% | |||
17,314,925 | Federated Hermes Government Obligations Fund, Premier Shares, 0.26%3 | 17,314,925 | |
9,617,251 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%3 | 9,614,366 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $26,928,287) | 26,929,291 | ||
TOTAL INVESTMENT IN SECURITIES—103.4% (IDENTIFIED COST $545,365,258)4 | 526,398,059 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.4)%5 | (17,229,840) | ||
TOTAL NET ASSETS—100% | $509,168,219 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 10/31/2021 | $10,000,196 | $11,468,936 | $21,469,132 |
Purchases at Cost | $118,815,746 | $67,823,971 | $186,639,717 |
Proceeds from Sales | $(111,501,017) | $(69,671,520) | $(181,172,537) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(142) | $(142) |
Net Realized Gain/(Loss) | N/A | $(6,879) | $(6,879) |
Value as of 4/30/2022 | $17,314,925 | $9,614,366 | $26,929,291 |
Shares Held as of 4/30/2022 | 17,314,925 | 9,617,251 | 26,932,176 |
Dividend Income | $1,977 | $8,270 | $10,247 |
Gain Distributions Received | $— | $1,761 | $1,761 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $62.37 | $44.93 | $41.20 | $41.35 | $43.07 | $33.37 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.11) | (0.39) | (0.19) | (0.07) | (0.14) | (0.04) |
Net realized and unrealized gain (loss) | (11.80) | 21.36 | 7.14 | 4.77 | 3.92 | 10.06 |
Total From Investment Operations | (11.91) | 20.97 | 6.95 | 4.70 | 3.78 | 10.02 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | — | (0.02) |
Distributions from net realized gain | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) |
Total Distributions | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.32) |
Net Asset Value, End of Period | $38.04 | $62.37 | $44.93 | $41.20 | $41.35 | $43.07 |
Total Return2 | (22.54)% | 49.08% | 18.07% | 13.40% | 9.43% | 30.20% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.14%4 | 1.13% | 1.14% | 1.14% | 1.22% | 1.22% |
Net investment income (loss) | (0.48)%4 | (0.73)% | (0.46)% | (0.18)% | (0.33)% | (0.10)% |
Expense waiver/reimbursement5 | 0.08%4 | 0.08% | 0.11% | 0.11% | 0.06% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $265,137 | $367,018 | $266,252 | $257,818 | $238,586 | $236,955 |
Portfolio turnover6 | 67% | 141% | 227% | 179% | 171% | 109% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $36.97 | $28.09 | $27.12 | $29.12 | $32.11 | $25.12 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.48) | (0.31) | (0.25) | (0.33) | (0.25) |
Net realized and unrealized gain (loss) | (6.12) | 12.89 | 4.50 | 3.10 | 2.84 | 7.54 |
Total From Investment Operations | (6.27) | 12.41 | 4.19 | 2.85 | 2.51 | 7.29 |
Less Distributions: | ||||||
Distributions from net realized gain | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) |
Net Asset Value, End of Period | $18.28 | $36.97 | $28.09 | $27.12 | $29.12 | $32.11 |
Total Return2 | (22.86)% | 47.91% | 17.17% | 12.54% | 8.58% | 29.25% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.93%4 | 1.92% | 1.93% | 1.88% | 1.97% | 1.97% |
Net investment income (loss) | (1.27)%4 | (1.51)% | (1.23)% | (0.94)% | (1.09)% | (0.85)% |
Expense waiver/reimbursement5 | 0.08%4 | 0.08% | 0.12% | 0.16% | 0.08% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,943 | $16,184 | $13,309 | $15,460 | $10,619 | $10,613 |
Portfolio turnover6 | 67% | 141% | 227% | 179% | 171% | 109% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $65.24 | $46.74 | $42.60 | $42.48 | $44.01 | $34.09 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.25) | (0.06) | 0.04 | (0.05) | 0.07 |
Net realized and unrealized gain (loss) | (12.44) | 22.28 | 7.42 | 4.93 | 4.02 | 10.25 |
Total From Investment Operations | (12.49) | 22.03 | 7.36 | 4.97 | 3.97 | 10.32 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | — | (0.10) |
Distributions from net realized gain | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) |
Total Distributions | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.40) |
Net Asset Value, End of Period | $40.33 | $65.24 | $46.74 | $42.60 | $42.48 | $44.01 |
Total Return2 | (22.42)% | 49.47% | 18.46% | 13.71% | 9.69% | 30.52% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.84%4 | 0.84% | 0.84% | 0.84% | 0.95% | 0.97% |
Net investment income (loss) | (0.19)%4 | (0.44)% | (0.13)% | 0.10% | (0.12)% | 0.19% |
Expense waiver/reimbursement5 | 0.16%4 | 0.15% | 0.19% | 0.21% | 0.07% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $197,397 | $279,045 | $188,839 | $246,222 | $177,959 | $24,559 |
Portfolio turnover6 | 67% | 141% | 227% | 179% | 171% | 109% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $58.16 | $41.99 | $38.59 | $38.95 | $40.80 | $31.53 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.22) | (0.05) | 0.01 | (0.03) | 0.04 |
Net realized and unrealized gain (loss) | (10.86) | 19.92 | 6.67 | 4.48 | 3.68 | 9.53 |
Total From Investment Operations | (10.90) | 19.70 | 6.62 | 4.49 | 3.65 | 9.57 |
Less Distributions: | ||||||
Distributions from net realized gain | (12.42) | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) |
Net Asset Value, End of Period | $34.84 | $58.16 | $41.99 | $38.59 | $38.95 | $40.80 |
Total Return2 | (22.41)% | 49.52% | 18.46% | 13.72% | 9.67% | 30.54% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.83%4 | 0.83% | 0.83% | 0.83% | 0.95% | 0.96% |
Net investment income (loss) | (0.18)%4 | (0.43)% | (0.14)% | 0.03% | (0.08)% | 0.12% |
Expense waiver/reimbursement5 | 0.08%4 | 0.08% | 0.11% | 0.11% | 0.02% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $35,692 | $49,431 | $31,388 | $31,590 | $6,576 | $37,815 |
Portfolio turnover6 | 67% | 141% | 227% | 179% | 171% | 109% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
April 30, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $16,497,143 of securities loaned and $26,929,291 of investment in affiliated holdings* (identified cost $545,365,258) | $526,398,059 |
Income receivable | 26,873 |
Income receivable from affiliated holdings | 6,475 |
Receivable for investments sold | 7,168,042 |
Receivable for shares sold | 1,037,234 |
Total Assets | 534,636,683 |
Liabilities: | |
Payable for investments purchased | 7,125,648 |
Payable for shares redeemed | 732,118 |
Payable to bank | 5,944 |
Payable for collateral due to broker for securities lending (Note 2) | 17,314,925 |
Payable for investment adviser fee (Note 5) | 18,952 |
Payable for administrative fee (Note 5) | 2,263 |
Payable for distribution services fee (Note 5) | 7,355 |
Payable for other service fees (Notes 2 and 5) | 136,114 |
Accrued expenses (Note 5) | 125,145 |
Total Liabilities | 25,468,464 |
Net assets for 13,486,356 shares outstanding | $509,168,219 |
Net Assets Consist of: | |
Paid-in capital | $494,112,517 |
Total distributable earnings (loss) | 15,055,702 |
Total Net Assets | $509,168,219 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($265,137,302 ÷ 6,969,130 shares outstanding), no par value, unlimited shares authorized | $38.04 |
Offering price per share (100/94.50 of $38.04) | $40.25 |
Redemption proceeds per share | $38.04 |
Class C Shares: | |
Net asset value per share ($10,942,649 ÷ 598,465 shares outstanding), no par value, unlimited shares authorized | $18.28 |
Offering price per share | $18.28 |
Redemption proceeds per share (99.00/100 of $18.28) | $18.10 |
Institutional Shares: | |
Net asset value per share ($197,396,728 ÷ 4,894,230 shares outstanding), no par value, unlimited shares authorized | $40.33 |
Offering price per share | $40.33 |
Redemption proceeds per share | $40.33 |
Class R6 Shares: | |
Net asset value per share ($35,691,540 ÷ 1,024,531 shares outstanding), no par value, unlimited shares authorized | $34.84 |
Offering price per share | $34.84 |
Redemption proceeds per share | $34.84 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended April 30, 2022 (unaudited)
Investment Income: | |
Dividends (including $8,270 received from affiliated holdings*) | $1,984,084 |
Net income on securities loaned (includes $1,977 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 13,283 |
TOTAL INCOME | 1,997,367 |
Expenses: | |
Investment adviser fee (Note 5) | 2,287,974 |
Administrative fee (Note 5) | 239,895 |
Custodian fees | 21,758 |
Transfer agent fees (Note 2) | 285,867 |
Directors’/Trustees’ fees (Note 5) | 2,124 |
Auditing fees | 12,942 |
Legal fees | 4,263 |
Portfolio accounting fees | 72,163 |
Distribution services fee (Note 5) | 51,130 |
Other service fees (Notes 2 and 5) | 407,100 |
Share registration costs | 34,659 |
Printing and postage | 17,879 |
Miscellaneous (Note 5) | 14,743 |
TOTAL EXPENSES | 3,452,497 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (246,392) |
Reimbursement of other operating expenses (Notes 2 and 5) | (96,248) |
TOTAL WAIVER AND REIMBURSEMENTS | (342,640) |
Net expenses | 3,109,857 |
Net investment loss | (1,112,490) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(6,879) on sales of investments in affiliated holdings*) | 37,863,298 |
Realized gain distribution from affiliated investment company shares | 1,761 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(142) on investments in affiliated holdings*) | (190,149,511) |
Net realized and unrealized gain (loss) on investments | (152,284,452) |
Change in net assets resulting from operations | $(153,396,942) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2022 | Year Ended 10/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(1,112,490) | $(3,813,203) |
Net realized gain (loss) | 37,865,059 | 149,757,266 |
Net change in unrealized appreciation/depreciation | (190,149,511) | 93,172,509 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (153,396,942) | 239,116,572 |
Distributions to Shareholders: | ||
Class A Shares | (71,880,729) | (20,893,171) |
Class C Shares | (5,393,677) | (1,648,136) |
Institutional Shares | (53,644,485) | (14,320,888) |
Class R6 Shares | (10,379,506) | (2,636,767) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (141,298,397) | (39,498,962) |
Share Transactions: | ||
Proceeds from sale of shares | 59,394,204 | 102,437,917 |
Net asset value of shares issued to shareholders in payment of distributions declared | 122,473,860 | 34,268,768 |
Cost of shares redeemed | (89,682,938) | (124,433,468) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 92,185,126 | 12,273,217 |
Change in net assets | (202,510,213) | 211,890,827 |
Net Assets: | ||
Beginning of period | 711,678,432 | 499,787,605 |
End of period | $509,168,219 | $711,678,432 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $130,260 | $(25) |
Class C Shares | 8,077 | (1) |
Institutional Shares | 141,617 | (96,222) |
Class R6 Shares | 5,913 | — |
TOTAL | $285,867 | $(96,248) |
Other Service Fees Incurred | |
Class A Shares | $390,056 |
Class C Shares | 17,044 |
TOTAL | $407,100 |
Market Value of Securities Loaned | Collateral Received |
$16,497,143 | $17,314,925 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 220,848 | $9,917,781 | 344,391 | $18,016,525 |
Shares issued to shareholders in payment of distributions declared | 1,402,106 | 64,482,860 | 391,700 | 18,723,268 |
Shares redeemed | (538,742) | (25,246,770) | (776,575) | (41,214,639) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,084,212 | $49,153,871 | (40,484) | $(4,474,846) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 51,528 | $1,107,486 | 43,381 | $1,367,894 |
Shares issued to shareholders in payment of distributions declared | 219,180 | 4,859,223 | 52,107 | 1,486,605 |
Shares redeemed | (110,062) | (2,357,566) | (131,439) | (4,143,352) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 160,646 | $3,609,143 | (35,951) | $(1,288,853) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 813,314 | $40,082,432 | 1,175,439 | $66,483,120 |
Shares issued to shareholders in payment of distributions declared | 971,383 | 47,306,342 | 253,604 | 12,647,222 |
Shares redeemed | (1,167,743) | (55,181,292) | (1,192,389) | (66,038,279) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 616,954 | $32,207,482 | 236,654 | $13,092,063 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 197,618 | $8,286,505 | 330,951 | $16,570,378 |
Shares issued to shareholders in payment of distributions declared | 138,503 | 5,825,435 | 31,758 | 1,411,673 |
Shares redeemed | (161,573) | (6,897,310) | (260,213) | (13,037,198) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 174,548 | $7,214,630 | 102,496 | $4,944,853 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,036,360 | $92,185,126 | 262,715 | $12,273,217 |
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 |
Distribution Services Fees Incurred | |
Class C Shares | $51,130 |
Purchases | $393,132,921 |
Sales | $442,845,682 |
Beginning Account Value 11/1/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $774.60 | $5.02 |
Class C Shares | $1,000 | $771.40 | $8.48 |
Institutional Shares | $1,000 | $775.80 | $3.70 |
Class R6 Shares | $1,000 | $775.90 | $3.65 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.14 | $5.71 |
Class C Shares | $1,000 | $1,015.22 | $9.64 |
Institutional Shares | $1,000 | $1,020.63 | $4.21 |
Class R6 Shares | $1,000 | $1,020.68 | $4.16 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class C Shares | 1.93% |
Institutional Shares | 0.84% |
Class R6 Shares | 0.83% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172305
CUSIP 314172198
CUSIP 314172529
Share Class | Ticker | A | SVAAX | C | SVACX | Institutional | SVAIX | R6 | SVALX |
Federated Hermes Strategic Value Dividend Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Health Care | 19.5% |
Consumer Staples | 17.9% |
Energy | 16.1% |
Utilities | 15.1% |
Communication Services | 12.3% |
Financials | 10.9% |
Real Estate | 2.8% |
Information Technology | 1.5% |
Materials | 1.5% |
Industrials | 1.0% |
Cash Equivalents2 | 1.4% |
Other Assets and Liabilities—Net3,4 | (0.0)% |
TOTAL | 100% |
Shares | Dividend Yield | Value in U.S. Dollars | ||
COMMON STOCKS—98.6% | ||||
Communication Services—12.3% | ||||
11,646,409 | AT&T, Inc. | 5.89% | $219,651,274 | |
5,414,710 | BCE, Inc. | 4.58 | 287,879,728 | |
7,036,447 | Verizon Communications, Inc. | 5.53 | 325,787,496 | |
165,160,959 | Vodafone Group PLC | 6.22 | 249,874,521 | |
TOTAL | 1,083,193,019 | |||
Consumer Staples—17.9% | ||||
8,246,979 | British American Tobacco PLC | 6.50 | 347,553,075 | |
1,063,325 | Clorox Co. | 3.23 | 152,555,238 | |
4,849,450 | Conagra Brands, Inc. | 3.58 | 169,391,289 | |
1,242,825 | General Mills, Inc. | 2.88 | 87,905,012 | |
1,134,680 | Kimberly-Clark Corp. | 3.34 | 157,527,624 | |
3,915,622 | Philip Morris International, Inc. | 5.00 | 391,562,200 | |
1,989,750 | Unilever PLC | 3.86 | 92,419,969 | |
4,213,200 | Walgreens Boots Alliance, Inc. | 4.50 | 178,639,680 | |
TOTAL | 1,577,554,087 | |||
Energy—16.1% | ||||
1,399,646 | Chevron Corp. | 3.63 | 219,282,539 | |
7,431,025 | Enbridge, Inc. | 5.22 | 324,277,633 | |
4,019,780 | Exxon Mobil Corp. | 4.13 | 342,686,245 | |
3,754,969 | TC Energy Corp. | 4.50 | 198,614,520 | |
6,730,735 | TotalEnergies SE | 4.97 | 331,634,827 | |
TOTAL | 1,416,495,764 | |||
Financials—10.9% | ||||
476,825 | Allianz SE | 4.25 | 108,604,402 | |
757,725 | Canadian Imperial Bank of Commerce | 3.85 | 83,767,644 | |
12,324,485 | Huntington Bancshares, Inc. | 4.71 | 162,066,978 | |
7,842,960 | KeyCorp | 4.04 | 151,447,558 | |
356,575 | Muenchener Rueckversicherungs-Gesellschaft AG | 4.84 | 85,325,008 | |
369,525 | PNC Financial Services Group | 3.61 | 61,378,102 | |
3,181,686 | Truist Financial Corp. | 3.97 | 153,834,518 | |
2,273,566 | U.S. Bancorp | 3.79 | 110,404,365 | |
87,594 | Zurich Insurance Group AG | 3.88 | 39,840,974 | |
TOTAL | 956,669,549 | |||
Health Care—19.5% | ||||
1,997,676 | AbbVie, Inc. | 3.84 | 293,418,651 |
Shares | Dividend Yield | Value in U.S. Dollars | ||
COMMON STOCKS—continued | ||||
Health Care—continued | ||||
625,400 | Amgen, Inc. | 3.33% | $145,837,026 | |
2,973,025 | Bristol-Myers Squibb Co. | 2.87 | 223,779,592 | |
2,529,075 | Cardinal Health, Inc. | 3.38 | 146,812,804 | |
5,875,971 | Gilead Sciences, Inc. | 4.92 | 348,680,119 | |
3,565,096 | Merck & Co., Inc. | 3.11 | 316,188,364 | |
3,345,745 | Pfizer, Inc. | 3.26 | 164,175,707 | |
587,260 | Sanofi | 2.80 | 61,809,867 | |
2,144,450 | Viatris, Inc. | 4.65 | 22,152,168 | |
TOTAL | 1,722,854,298 | |||
Industrials—1.0% | ||||
9,636,133 | BAE Systems PLC | 3.39 | 89,756,061 | |
Information Technology—1.5% | ||||
116,056 | Broadcom, Inc. | 2.96 | 64,340,286 | |
4,174,414 | Western Union Co. | 5.61 | 69,963,179 | |
TOTAL | 134,303,465 | |||
Materials—1.5% | ||||
11,297,725 | Amcor PLC | 4.05 | 133,991,019 | |
Real Estate—2.8% | ||||
2,226,664 | National Retail Properties, Inc. | 3.72 | 97,616,950 | |
2,335,275 | Omega Healthcare Investors, Inc. | 7.80 | 59,502,807 | |
3,031,800 | STORE Capital Corp. | 4.29 | 86,194,074 | |
TOTAL | 243,313,831 | |||
Utilities—15.1% | ||||
1,527,300 | American Electric Power Co., Inc. | 3.15 | 151,370,703 | |
2,560,546 | Dominion Energy, Inc. | 3.27 | 209,042,975 | |
2,450,404 | Duke Energy Corp. | 3.58 | 269,936,505 | |
13,746,940 | National Grid-SP PLC | 4.13 | 204,391,871 | |
6,322,830 | PPL Corp. | 2.83 | 178,999,317 | |
4,360,152 | Southern Co. | 3.71 | 319,991,555 | |
TOTAL | 1,333,732,926 | |||
TOTAL COMMON STOCKS (IDENTIFIED COST $7,715,240,540) | 8,691,864,019 |
Shares | Dividend Yield | Value in U.S. Dollars | ||
INVESTMENT COMPANY—1.4% | ||||
127,684,283 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%1 (IDENTIFIED COST $127,635,642) | $127,645,977 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $7,842,876,182)2 | 8,819,509,996 | |||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%3 | (4,236,379) | |||
TOTAL NET ASSETS—100% | $8,815,273,617 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 10/31/2021 | $32,906,387 |
Purchases at Cost | $1,232,227,598 |
Proceeds from Sales | $(1,137,453,821) |
Change in Unrealized Appreciation/Depreciation | $7,698 |
Net Realized Gain/(Loss) | $(41,885) |
Value as of 4/30/2022 | $127,645,977 |
Shares Held as of 4/30/2022 | 127,684,283 |
Dividend Income | $43,488 |
Gains Distributions Received | $3,924 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $6,052,122,900 | $— | $— | $6,052,122,900 |
International | 1,028,530,544 | 1,611,210,575 | — | 2,639,741,119 |
Investment Company | 127,645,977 | — | — | 127,645,977 |
TOTAL SECURITIES | $7,208,299,421 | $1,611,210,575 | $— | $8,819,509,996 |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | ||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $5.70 | $4.49 | $5.82 | $5.73 | $6.34 | $5.97 | |
Income From Investment Operations: | |||||||
Net investment income | 0.12 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | |
Net realized and unrealized gain (loss) | 0.39 | 1.21 | (1.06) | 0.31 | (0.21) | 0.50 | |
TOTAL FROM INVESTMENT OPERATIONS | 0.51 | 1.41 | (0.85) | 0.52 | — | 0.71 | |
Less Distributions: | |||||||
Distributions from net investment income | (0.13) | (0.20) | (0.21) | (0.21) | (0.20) | (0.21) | |
Distributions from net realized gain | — | — | (0.27) | (0.22) | (0.41) | (0.13) | |
TOTAL DISTRIBUTIONS | (0.13) | (0.20) | (0.48) | (0.43) | (0.61) | (0.34) | |
Net Asset Value, End of Period | $6.08 | $5.70 | $4.49 | $5.82 | $5.73 | $6.34 | |
Total Return1 | 8.94% | 31.78% | (15.65)% | 9.68% | (0.16)% | 12.29% | |
Ratios to Average Net Assets: | |||||||
Net expenses2 | 1.05%3 | 1.05% | 1.05%4 | 1.06% | 1.05% | 1.06% | |
Net investment income | 4.00%3 | 3.64% | 4.08% | 3.75% | 3.44% | 3.36% | |
Expense waiver/reimbursement5 | 0.12%3 | 0.12% | 0.13% | 0.12% | 0.12% | 0.13% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $1,533,590 | $1,366,960 | $1,060,496 | $1,456,023 | $1,603,675 | $2,400,842 | |
Portfolio turnover6 | 28% | 23% | 38% | 33% | 9% | 19% |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | ||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $5.72 | $4.50 | $5.84 | $5.74 | $6.35 | $5.98 | |
Income From Investment Operations: | |||||||
Net investment income | 0.09 | 0.16 | 0.17 | 0.17 | 0.16 | 0.16 | |
Net realized and unrealized gain (loss) | 0.38 | 1.22 | (1.07) | 0.32 | (0.20) | 0.50 | |
TOTAL FROM INVESTMENT OPERATIONS | 0.47 | 1.38 | (0.90) | 0.49 | (0.04) | 0.66 | |
Less Distributions: | |||||||
Distributions from net investment income | (0.10) | (0.16) | (0.17) | (0.17) | (0.16) | (0.16) | |
Distributions from net realized gain | — | — | (0.27) | (0.22) | (0.41) | (0.13) | |
TOTAL DISTRIBUTIONS | (0.10) | (0.16) | (0.44) | (0.39) | (0.57) | (0.29) | |
Net Asset Value, End of Period | $6.09 | $5.72 | $4.50 | $5.84 | $5.74 | $6.35 | |
Total Return1 | 8.32% | 30.94% | (16.41)% | 9.02% | (0.91)% | 11.43% | |
Ratios to Average Net Assets: | |||||||
Net expenses2 | 1.80%3 | 1.80% | 1.80%4 | 1.81% | 1.80% | 1.81% | |
Net investment income | 3.25%3 | 2.92% | 3.34% | 3.00% | 2.69% | 2.65% | |
Expense waiver/reimbursement5 | 0.13%3 | 0.13% | 0.14% | 0.13% | 0.13% | 0.12% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $648,854 | $625,041 | $693,876 | $1,217,811 | $1,472,755 | $1,997,389 | |
Portfolio turnover6 | 28% | 23% | 38% | 33% | 9% | 19% |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | ||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $5.74 | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 | |
Income From Investment Operations: | |||||||
Net investment income | 0.12 | 0.21 | 0.22 | 0.23 | 0.22 | 0.23 | |
Net realized and unrealized gain (loss) | 0.39 | 1.22 | (1.07) | 0.32 | (0.20) | 0.50 | |
TOTAL FROM INVESTMENT OPERATIONS | 0.51 | 1.43 | (0.85) | 0.55 | 0.02 | 0.73 | |
Less Distributions: | |||||||
Distributions from net investment income | (0.13) | (0.21) | (0.22) | (0.23) | (0.22) | (0.23) | |
Distributions from net realized gain | — | — | (0.27) | (0.22) | (0.41) | (0.13) | |
TOTAL DISTRIBUTIONS | (0.13) | (0.21) | (0.49) | (0.45) | (0.63) | (0.36) | |
Net Asset Value, End of Period | $6.12 | $5.74 | $4.52 | $5.86 | $5.76 | $6.37 | |
Total Return1 | 9.01% | 32.12% | (15.49)% | 10.09% | 0.09% | 12.51% | |
Ratios to Average Net Assets: | |||||||
Net expenses2 | 0.80%3 | 0.80% | 0.80%4 | 0.81% | 0.80% | 0.81% | |
Net investment income | 4.25%3 | 3.91% | 4.34% | 3.99% | 3.69% | 3.64% | |
Expense waiver/reimbursement5 | 0.12%3 | 0.13% | 0.13% | 0.12% | 0.12% | 0.13% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $5,381,450 | $4,589,179 | $4,214,131 | $6,632,015 | $7,027,654 | $9,293,143 | |
Portfolio turnover6 | 28% | 23% | 38% | 33% | 9% | 19% |
Six Months Ended (unaudited) 4/30/2022 | Year Ended October 31, | ||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $5.74 | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 | |
Income From Investment Operations: | |||||||
Net investment income | 0.13 | 0.21 | 0.22 | 0.23 | 0.22 | 0.23 | |
Net realized and unrealized gain (loss) | 0.38 | 1.22 | (1.07) | 0.32 | (0.20) | 0.50 | |
TOTAL FROM INVESTMENT OPERATIONS | 0.51 | 1.43 | (0.85) | 0.55 | 0.02 | 0.73 | |
Less Distributions: | |||||||
Distributions from net investment income | (0.13) | (0.21) | (0.22) | (0.23) | (0.22) | (0.23) | |
Distributions from net realized gain | — | — | (0.27) | (0.22) | (0.41) | (0.13) | |
TOTAL DISTRIBUTIONS | (0.13) | (0.21) | (0.49) | (0.45) | (0.63) | (0.36) | |
Net Asset Value, End of Period | $6.12 | $5.74 | $4.52 | $5.86 | $5.76 | $6.37 | |
Total Return1 | 9.02% | 32.14% | (15.48)% | 10.11% | 0.11% | 12.53% | |
Ratios to Average Net Assets: | |||||||
Net expenses2 | 0.78%3 | 0.78% | 0.78%4 | 0.79% | 0.78% | 0.79% | |
Net investment income | 4.28%3 | 3.85% | 4.35% | 4.00% | 3.69% | 3.73% | |
Expense waiver/reimbursement5 | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $1,251,380 | $1,019,551 | $575,195 | $500,119 | $452,251 | $242,131 | |
Portfolio turnover6 | 28% | 23% | 38% | 33% | 9% | 19% |
April 30, 2022 (unaudited)
Assets: | ||
Investment in securities, at value including $127,645,977 of investment in an affiliated holding* (identified cost $7,842,876,182) | $8,819,509,996 | |
Cash denominated in foreign currencies (identified cost $14,788,502) | 14,788,503 | |
Receivable for investments sold | 55,569,115 | |
Income receivable | 40,424,303 | |
Income receivable from an affiliated holding | 22,558 | |
Receivable for shares sold | 36,422,214 | |
TOTAL ASSETS | 8,966,736,689 | |
Liabilities: | ||
Payable for investments purchased | $143,453,020 | |
Payable for shares redeemed | 5,772,028 | |
Payable for other service fees (Notes 2 and 5) | 835,054 | |
Payable for distribution services fee (Note 5) | 414,446 | |
Payable for investment adviser fee (Note 5) | 349,043 | |
Payable for administrative fee (Note 5) | 38,858 | |
Accrued expenses (Note 5) | 600,623 | |
TOTAL LIABILITIES | 151,463,072 | |
Net assets for 1,443,527,489 shares outstanding | $8,815,273,617 | |
Net Assets Consists of: | ||
Paid-in capital | $7,550,346,563 | |
Total distributable earnings (loss) | 1,264,927,054 | |
TOTAL NET ASSETS | $8,815,273,617 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($1,533,589,862 ÷ 252,430,620 shares outstanding) no par value, unlimited shares authorized | $6.08 | |
Offering price per share (100/94.50 of $6.08) | $6.43 | |
Redemption proceeds per share | $6.08 | |
Class C Shares: | ||
Net asset value per share ($648,853,576 ÷ 106,529,443 shares outstanding) no par value, unlimited shares authorized | $6.09 | |
Offering price per share | $6.09 | |
Redemption proceeds per share (99.00/100 of $6.09) | $6.03 | |
Institutional Shares: | ||
Net asset value per share ($5,381,450,013 ÷ 879,929,992 shares outstanding) no par value, unlimited shares authorized | $6.12 | |
Offering price per share | $6.12 | |
Redemption proceeds per share | $6.12 | |
Class R6 Shares: | ||
Net asset value per share ($1,251,380,166 ÷ 204,637,434 shares outstanding) no par value, unlimited shares authorized | $6.12 | |
Offering price per share | $6.12 | |
Redemption proceeds per share | $6.12 |
Six Months Ended April 30, 2022 (unaudited)
Investment Income: | |||
Dividends (including $43,488 received from an affiliated holding* and net of foreign taxes withheld of $6,264,791) | $202,562,772 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $30,058,148 | ||
Administrative fee (Note 5) | 3,135,181 | ||
Custodian fees | 179,569 | ||
Transfer agent fees (Note 2) | 2,887,443 | ||
Directors’/Trustees’ fees (Note 5) | 20,577 | ||
Auditing fees | 12,050 | ||
Legal fees | 4,447 | ||
Distribution services fee (Note 5) | 2,381,981 | ||
Other service fees (Notes 2 and 5) | 2,607,324 | ||
Portfolio accounting fees | 106,038 | ||
Share registration costs | 83,325 | ||
Printing and postage | 132,256 | ||
Miscellaneous (Note 5) | 28,273 | ||
TOTAL EXPENSES | 41,636,612 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(2,693,116) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (1,805,191) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (4,498,307) | ||
Net expenses | 37,138,305 | ||
Net investment income | $165,424,467 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized loss of $(41,885) on sales of investment in an affiliated holding*) and foreign currency transactions | 468,540,634 | ||
Realized gain distribution from affiliated investment company shares* | 3,924 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $7,698 of investment in an affiliated holding*) | 13,504,155 | ||
Net realized and unrealized gain on investments and foreign currency transactions | 482,048,713 | ||
Change in net assets resulting from operations | $647,473,180 |
Six Months Ended (unaudited) 4/30/2022 | Year Ended 10/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $165,424,467 | $277,416,541 |
Net realized gain | 468,544,558 | 335,699,706 |
Net change in unrealized appreciation/depreciation | 13,504,155 | 1,371,791,777 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 647,473,180 | 1,984,908,024 |
Distributions to Shareholders: | ||
Class A Shares | (30,544,643) | (46,842,027) |
Class C Shares | (10,959,255) | (20,631,100) |
Institutional Shares | (107,264,495) | (183,796,325) |
Class R6 Shares | (24,579,956) | (29,314,943) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (173,348,349) | (280,584,395) |
Share Transactions: | ||
Proceeds from sale of shares | 1,761,856,989 | 2,052,398,304 |
Net asset value of shares issued to shareholders in payment of distributions declared | 150,346,537 | 242,200,846 |
Cost of shares redeemed | (1,171,785,774) | (2,941,888,715) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 740,417,752 | (647,289,565) |
Change in net assets | 1,214,542,583 | 1,057,034,064 |
Net Assets: | ||
Beginning of period | 7,600,731,034 | 6,543,696,970 |
End of period | $8,815,273,617 | $7,600,731,034 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $575,623 | $(359,867) |
Class C Shares | 286,389 | (191,893) |
Institutional Shares | 1,972,063 | (1,253,431) |
Class R6 Shares | 53,368 | — |
TOTAL | $2,887,443 | $(1,805,191) |
Other Service Fees Incurred | |
Class A Shares | $1,813,330 |
Class C Shares | 793,994 |
TOTAL | $2,607,324 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 31,518,045 | $191,024,228 | 57,623,739 | $312,857,241 |
Shares issued to shareholders in payment of distributions declared | 4,690,101 | 27,899,808 | 7,998,611 | 42,827,107 |
Shares redeemed | (23,553,651) | (140,708,512) | (62,075,330) | (329,153,312) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 12,654,495 | $78,215,524 | 3,547,020 | $26,531,036 |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,475,524 | $64,018,595 | 13,712,714 | $73,971,116 |
Shares issued to shareholders in payment of distributions declared | 1,772,566 | 10,541,447 | 3,731,744 | 19,828,658 |
Shares redeemed | (15,082,968) | (90,566,561) | (62,270,117) | (335,461,586) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (2,834,878) | $(16,006,519) | (44,825,659) | $(241,661,812) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 197,494,660 | $1,216,505,507 | 209,350,810 | $1,129,699,783 |
Shares issued to shareholders in payment of distributions declared | 16,096,282 | 96,573,263 | 29,566,669 | 159,071,153 |
Shares redeemed | (133,438,890) | (803,205,001) | (372,028,948) | (2,002,426,883) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 80,152,052 | $509,873,769 | (133,111,469) | $(713,655,947) |
Six Months Ended 4/30/2022 | Year Ended 10/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 47,006,802 | $290,308,659 | 97,288,467 | $535,870,164 |
Shares issued to shareholders in payment of distributions declared | 2,553,093 | 15,332,019 | 3,790,293 | 20,473,928 |
Shares redeemed | (22,624,309) | (137,305,700) | (50,735,201) | (274,846,934) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 26,935,586 | $168,334,978 | 50,343,559 | $281,497,158 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 116,907,255 | $740,417,752 | (124,046,549) | $(647,289,565) |
Short-Term | Long-Term | Total |
$(185,075,073) | $— | $(185,075,073) |
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 |
Share Class Name | 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 | $2,381,981 |
Purchases | $2,869,175,647 |
Sales | $2,199,390,036 |
Beginning Account Value 11/1/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,089.40 | $5.44 |
Class C Shares | $1,000 | $1,083.20 | $9.30 |
Institutional Shares | $1,000 | $1,090.10 | $4.15 |
Class R6 Shares | $1,000 | $1,090.20 | $4.04 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.59 | $5.26 |
Class C Shares | $1,000 | $1,015.87 | $9.00 |
Institutional Shares | $1,000 | $1,020.83 | $4.01 |
Class R6 Shares | $1,000 | $1,020.93 | $3.91 |
Class A Shares | 1.05% |
Class C Shares | 1.80% |
Institutional Shares | 0.80% |
Class R6 Shares | 0.78% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172578
CUSIP 314172560
CUSIP 31421N881
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Equity Funds
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date June 22, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date June 22, 2022
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date June 22, 2022