United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated Hermes MDT Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/21
Date of Reporting Period: Six months ended 01/31/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Federated Hermes MDT All Cap Core Fund
A Portfolio of Federated Hermes MDT Series
Sector Composition | Percentage of Total Net Assets |
Information Technology | 27.2% |
Health Care | 15.0% |
Consumer Discretionary | 12.8% |
Financials | 11.4% |
Industrials | 9.4% |
Communication Services | 8.5% |
Consumer Staples | 5.9% |
Materials | 3.5% |
Real Estate | 1.8% |
Utilities | 1.5% |
Energy | 1.2% |
Securities Lending Collateral2 | 0.7% |
Cash Equivalents3 | 1.6% |
Other Assets and Liabilities—Net4 | (0.5)% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.2% | |||
Communication Services— 8.5% | |||
15,916 | Activision Blizzard, Inc. | $1,448,356 | |
9,446 | 1 | Alphabet, Inc., Class A | 17,261,243 |
81,453 | 1 | Altice USA, Inc. | 2,897,283 |
65,486 | 1 | Cars.com, Inc. | 760,292 |
2,890 | 1 | Charter Communications, Inc. | 1,755,848 |
10,789 | Electronic Arts, Inc. | 1,544,985 | |
5,529 | 1 | Facebook, Inc. | 1,428,307 |
43,653 | 1 | MSG Networks, Inc. | 753,887 |
2,955 | 1 | Netflix, Inc. | 1,573,212 |
18,694 | 1 | Pinterest, Inc. | 1,280,726 |
1,077 | 1 | Take-Two Interactive Software, Inc. | 215,885 |
68,892 | 1 | TripAdvisor, Inc. | 2,133,585 |
36,970 | Verizon Communications, Inc. | 2,024,108 | |
4,555 | 1 | Zillow Group, Inc. | 631,870 |
TOTAL | 35,709,587 | ||
Consumer Discretionary— 12.8% | |||
3,295 | 1 | Amazon.com, Inc. | 10,564,429 |
1,470 | 1 | AutoZone, Inc. | 1,644,004 |
22,135 | 1 | Cooper-Standard Holding, Inc. | 675,339 |
3,301 | Dollar General Corp. | 642,408 | |
13,375 | Domino’s Pizza, Inc. | 4,958,915 | |
49,006 | eBay, Inc. | 2,769,329 | |
8,335 | 1 | Etsy, Inc. | 1,659,415 |
5,926 | 1 | Floor & Decor Holdings, Inc. | 545,607 |
35,900 | 1 | Ford Motor Co. | 378,027 |
8,338 | Garmin Ltd. | 957,703 | |
53,197 | 1 | Goodyear Tire & Rubber Co. | 561,228 |
12,383 | Home Depot, Inc. | 3,353,564 | |
21,652 | Lowe’s Cos., Inc. | 3,612,636 | |
261,478 | Macy’s, Inc. | 3,932,629 | |
7,196 | McDonald’s Corp. | 1,495,617 | |
9,333 | 1 | Mohawk Industries, Inc. | 1,340,219 |
6,277 | Nike, Inc., Class B | 838,544 | |
10,042 | 1 | O’Reilly Automotive, Inc. | 4,272,570 |
13,302 | PVH Corp. | 1,134,129 | |
2,983 | Starbucks Corp. | 288,784 | |
2,306 | 1 | Tesla, Inc. | 1,829,880 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
12,606 | Wingstop, Inc. | $1,891,530 | |
14,709 | 1 | YETI Holdings, Inc. | 968,146 |
32,130 | Yum! Brands, Inc. | 3,260,874 | |
TOTAL | 53,575,526 | ||
Consumer Staples— 5.9% | |||
39,144 | 1 | BJ’s Wholesale Club Holdings, Inc. | 1,646,788 |
10,550 | Church and Dwight, Inc. | 890,737 | |
5,820 | Clorox Co. | 1,219,057 | |
90,965 | Colgate-Palmolive Co. | 7,095,270 | |
6,626 | Costco Wholesale Corp. | 2,335,201 | |
17,303 | Hershey Foods Corp. | 2,516,548 | |
37,973 | Kimberly-Clark Corp. | 5,016,233 | |
12,071 | Molson Coors Beverage Company, Class B | 605,482 | |
17,876 | PepsiCo, Inc. | 2,441,325 | |
7,872 | Philip Morris International, Inc. | 627,005 | |
2,887 | Procter & Gamble Co. | 370,142 | |
TOTAL | 24,763,788 | ||
Energy— 1.2% | |||
4,618 | Arch Resources, Inc. | 221,295 | |
17,923 | Cimarex Energy Co. | 755,992 | |
21,503 | 2 | Continental Resources, Inc. | 423,394 |
50,587 | EOG Resources, Inc. | 2,577,913 | |
22,259 | Helmerich & Payne, Inc. | 540,449 | |
63,055 | Marathon Oil Corp. | 456,518 | |
2,019 | Pioneer Natural Resources, Inc. | 244,097 | |
TOTAL | 5,219,658 | ||
Financials— 11.4% | |||
26,190 | Aflac, Inc. | 1,183,264 | |
1,578 | 1 | Alleghany Corp. | 894,489 |
52,745 | Allstate Corp. | 5,653,209 | |
4,025 | Ameriprise Financial, Inc. | 796,427 | |
118,027 | Bank of New York Mellon Corp. | 4,701,015 | |
1,533 | BlackRock, Inc. | 1,075,032 | |
2,756 | Chubb Ltd. | 401,466 | |
24,074 | Cincinnati Financial Corp. | 2,024,383 | |
10,919 | Globe Life, Inc. | 986,968 | |
18,837 | Huntington Bancshares, Inc. | 249,119 | |
24,853 | Intercontinental Exchange, Inc. | 2,742,529 | |
35,165 | MetLife, Inc. | 1,693,195 | |
11,044 | MSCI, Inc., Class A | 4,365,693 | |
12,553 | NASDAQ, Inc. | 1,698,044 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
28,972 | Northern Trust Corp. | $2,584,013 | |
36,514 | Prudential Financial, Inc. | 2,858,316 | |
103,690 | State Street Corp. | 7,258,300 | |
36,317 | The Travelers Cos., Inc. | 4,950,007 | |
38,383 | Zions Bancorporation, N.A. | 1,694,226 | |
TOTAL | 47,809,695 | ||
Health Care— 15.0% | |||
7,358 | Abbott Laboratories | 909,375 | |
25,650 | AbbVie, Inc. | 2,628,612 | |
21,475 | Amgen, Inc. | 5,184,709 | |
42,294 | 1 | AnaptysBio, Inc. | 1,096,260 |
4,827 | Anthem, Inc. | 1,433,522 | |
47,299 | 1 | Avantor, Inc. | 1,394,848 |
1,783 | 1 | Biohaven Pharmaceutical Holding Co. Ltd. | 151,947 |
3,289 | Cerner Corp. | 263,482 | |
4,875 | CIGNA Corp. | 1,058,119 | |
15,619 | CVS Health Corp. | 1,119,101 | |
24,388 | 1 | Davita, Inc. | 2,862,420 |
6,262 | 1 | Denali Therapeutics, Inc. | 428,947 |
9,982 | Dentsply Sirona, Inc. | 533,937 | |
21,345 | Eli Lilly & Co. | 4,439,120 | |
25,425 | 1 | Hologic, Inc. | 2,027,135 |
6,350 | Humana, Inc. | 2,432,749 | |
5,051 | 1 | IDEXX Laboratories, Inc. | 2,417,813 |
11,282 | 1 | IQVIA Holdings, Inc. | 2,005,940 |
10,787 | 1 | Jazz Pharmaceuticals PLC. | 1,677,379 |
25,357 | Johnson & Johnson | 4,136,487 | |
3,084 | McKesson Corp. | 538,065 | |
50,137 | Merck & Co., Inc. | 3,864,059 | |
4,304 | 1 | Mirati Therapeutics, Inc. | 883,740 |
1,411 | 1 | Moderna, Inc. | 244,329 |
37,635 | 1 | Myriad Genetics, Inc. | 1,036,844 |
6,265 | 1 | PPD, Inc. | 201,482 |
16,307 | 1 | SAGE Therapeutics, Inc. | 1,315,160 |
5,764 | 1 | Seagen, Inc. | 946,852 |
8,694 | 1 | Seres Therapeutics, Inc. | 206,483 |
4,870 | Stryker Corp. | 1,076,319 | |
7,356 | 1 | United Therapeutics Corp. | 1,205,060 |
528 | UnitedHealth Group, Inc. | 176,130 | |
10,544 | 1 | Veeva Systems, Inc. | 2,914,783 |
9,181 | 1 | Vertex Pharmaceuticals, Inc. | 2,103,184 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
12,414 | 1 | Waters Corp. | $3,285,613 |
30,077 | Zoetis, Inc. | 4,639,377 | |
TOTAL | 62,839,382 | ||
Industrials— 9.4% | |||
12,481 | AGCO Corp. | 1,384,143 | |
18,699 | 1 | Astronics Corp. | 232,990 |
77,138 | Carrier Global Corp. | 2,969,813 | |
28,412 | 1 | CIRCOR International, Inc. | 908,332 |
8,310 | Curtiss Wright Corp. | 862,495 | |
14,768 | Flowserve Corp. | 525,150 | |
14,694 | Fortune Brands Home & Security, Inc. | 1,267,358 | |
6,695 | 1 | Generac Holdings, Inc. | 1,649,782 |
5,159 | Hubbell, Inc. | 802,740 | |
28,638 | 1 | IAA Spinco, Inc. | 1,636,375 |
1,854 | Illinois Tool Works, Inc. | 360,065 | |
399,881 | KAR Auction Services, Inc. | 7,381,803 | |
37,452 | Masco Corp. | 2,034,018 | |
162,829 | Otis Worldwide Corp. | 10,526,895 | |
4,148 | Republic Services, Inc. | 375,477 | |
49,613 | Spirit AeroSystems Holdings, Inc., Class A | 1,680,392 | |
11,956 | 1 | SPX Corp. | 618,245 |
4,755 | Textron, Inc. | 215,211 | |
9,666 | TransUnion | 841,329 | |
15,471 | Verisk Analytics, Inc. | 2,838,928 | |
2,309 | Xylem, Inc. | 223,026 | |
TOTAL | 39,334,567 | ||
Information Technology— 27.2% | |||
8,068 | 1 | Adobe, Inc. | 3,701,356 |
12,822 | Alliance Data Systems Corp. | 867,408 | |
2,443 | 1 | Ambarella, Inc. | 230,521 |
4,492 | Amphenol Corp., Class A | 560,961 | |
107,832 | Apple, Inc. | 14,229,511 | |
20,603 | Applied Materials, Inc. | 1,991,898 | |
23,029 | 1 | Arrow Electronics, Inc. | 2,248,321 |
4,300 | 1 | Autodesk, Inc. | 1,192,949 |
3,465 | Automatic Data Processing, Inc. | 572,141 | |
1,699 | 1 | Bill.Com Holdings, Inc. | 207,074 |
31,151 | Booz Allen Hamilton Holding Corp. | 2,653,131 | |
8,092 | Broadcom, Inc. | 3,645,446 | |
44,040 | 1 | Cadence Design Systems, Inc. | 5,742,376 |
24,778 | 1 | Cirrus Logic, Inc. | 2,321,451 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
11,003 | 1 | CloudFlare, Inc. | $843,490 |
15,259 | 1 | Crowdstrike Holdings, Inc. | 3,292,892 |
8,865 | 1 | Dell Technologies, Inc. | 646,170 |
130,598 | DXC Technology Co. | 3,682,864 | |
4,137 | 1 | Elastic N.V. | 628,659 |
7,201 | 1 | EPAM Systems, Inc. | 2,480,240 |
1,071 | 1 | FleetCor Technologies, Inc. | 259,985 |
21,796 | 1 | Fortinet, Inc. | 3,154,971 |
3,784 | 1 | HubSpot, Inc. | 1,408,405 |
46,303 | Intel Corp. | 2,570,280 | |
6,459 | Intuit, Inc. | 2,333,185 | |
7,966 | 1 | Keysight Technologies, Inc. | 1,127,906 |
5,562 | Mastercard, Inc. | 1,759,205 | |
45,610 | Microsoft Corp. | 10,579,696 | |
3,726 | Motorola, Inc. | 624,291 | |
7,153 | NVIDIA Corp. | 3,716,627 | |
33,171 | Oracle Corp. | 2,004,524 | |
7,519 | 1 | Palo Alto Networks, Inc. | 2,637,289 |
37,580 | Paychex, Inc. | 3,281,486 | |
2,381 | 1 | Paycom Software, Inc. | 904,161 |
10,957 | 1 | Paylocity Corp. | 2,053,999 |
25,230 | 1 | PayPal Holdings, Inc. | 5,911,641 |
40,911 | Plantronics, Inc. | 1,297,697 | |
43,276 | Qualcomm, Inc. | 6,763,173 | |
2,826 | 1 | Semtech Corp. | 200,505 |
9,927 | 1 | ServiceNow, Inc. | 5,391,949 |
5,678 | 1 | Square, Inc. | 1,226,221 |
4,606 | 1 | Synopsys, Inc. | 1,176,603 |
3,270 | Texas Instruments, Inc. | 541,806 | |
1,716 | 1 | Workday, Inc. | 390,441 |
24,774 | Xerox Holdings Corp. | 520,997 | |
3,161 | 1 | Zendesk, Inc. | 455,943 |
2,032 | 1 | Zscaler, Inc. | 405,790 |
TOTAL | 114,437,635 | ||
Materials— 3.5% | |||
83,199 | 1 | Alcoa Corp. | 1,497,582 |
52,754 | 1 | Allegheny Technologies, Inc. | 897,345 |
38,802 | 1 | Berry Global Group, Inc. | 1,915,655 |
149,740 | Chemours Co./The | 3,944,152 | |
44,257 | Domtar, Corp. | 1,326,382 | |
5,939 | 1 | Ingevity Corp. | 390,133 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
9,846 | PPG Industries, Inc. | $1,326,355 | |
7,536 | RPM International, Inc. | 621,494 | |
3,974 | Sherwin-Williams Co. | 2,749,213 | |
TOTAL | 14,668,311 | ||
Real Estate— 1.8% | |||
13,593 | Coresite Realty Corp. | 1,827,443 | |
1,192 | 1 | eXp World Holdings, Inc. | 127,055 |
157,759 | 2 | Macerich Co. (The) | 2,476,816 |
16,424 | 1 | Redfin Corp. | 1,169,553 |
5,885 | SBA Communications, Corp. | 1,581,123 | |
8,122 | SL Green Realty Corp. | 548,073 | |
TOTAL | 7,730,063 | ||
Utilities— 1.5% | |||
47,068 | Exelon Corp. | 1,956,146 | |
11,434 | NiSource, Inc. | 253,263 | |
44,479 | OGE Energy Corp. | 1,357,499 | |
32,008 | Public Service Enterprises Group, Inc. | 1,806,212 | |
53,804 | Vistra Corp. | 1,074,466 | |
TOTAL | 6,447,586 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $331,068,592) | 412,535,798 | ||
INVESTMENT COMPANIES— 2.3% | |||
3,190,292 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%3 | 3,190,292 | |
6,634,644 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%3 | 6,636,634 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $9,827,573) | 9,826,926 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $340,896,165)4 | 422,362,724 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%5 | (2,102,125) | ||
TOTAL NET ASSETS—100% | $420,260,599 |
Value as of 7/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Health Care: | |||
AnaptysBio, Inc.** | $759,600 | $— | $— |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 1/31/2021 | Shares Held as of 1/31/2021 | Dividend Income* |
$336,660 | $— | $1,096,260 | 42,294 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At January 31, 2021, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2020 | $7,296,777 | $5,679,483 | $12,976,260 |
Purchases at Cost | $10,528,328 | $73,485,097 | $84,013,425 |
Proceeds from Sales | $(14,634,813) | $(72,527,740) | $(87,162,553) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(126) | $(126) |
Net Realized Gain/(Loss) | N/A | $(80) | $(80) |
Value as of 1/31/2021 | $3,190,292 | $6,636,634 | $9,826,926 |
Shares Held as of 1/31/2021 | 3,190,292 | 6,634,644 | 9,824,936 |
Dividend Income | $1,394 | $4,398 | $5,792 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $31.77 | $29.90 | $30.01 | $24.95 | $21.77 | $22.10 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.051 | 0.131 | 0.161 | 0.091 | 0.26 | 0.191 |
Net realized and unrealized gain (loss) | 4.71 | 2.69 | 1.81 | 5.08 | 3.11 | (0.33) |
Total From Investment Operations | 4.76 | 2.82 | 1.97 | 5.17 | 3.37 | (0.14) |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.11) | (0.07) | (0.11) | (0.19) | (0.19) |
Distributions from net realized gain | (0.88) | (0.84) | (2.01) | — | — | — |
Total Distributions | (1.00) | (0.95) | (2.08) | (0.11) | (0.19) | (0.19) |
Net Asset Value, End of Period | $35.53 | $31.77 | $29.90 | $30.01 | $24.95 | $21.77 |
Total Return2 | 15.03% | 9.66% | 7.80% | 20.78% | 15.56% | (0.61)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.04%4 | 1.04% | 1.08% | 1.36% | 1.38% | 1.35% |
Net investment income | 0.30%4 | 0.44% | 0.57% | 0.31% | 0.69% | 0.94% |
Expense waiver/reimbursement5 | 0.18%4 | 0.20% | 0.24% | 0.00%6 | 0.00%6 | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $86,467 | $79,301 | $69,221 | $40,539 | $33,799 | $33,753 |
Portfolio turnover | 33% | 160% | 87% | 82% | 77% | 62% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $29.57 | $27.99 | $28.37 | $23.66 | $20.66 | $21.00 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.07)1 | (0.08)1 | (0.05)1 | (0.11)1 | (0.19) | 0.031 |
Net realized and unrealized gain (loss) | 4.38 | 2.50 | 1.68 | 4.82 | 3.23 | (0.33) |
Total From Investment Operations | 4.31 | 2.42 | 1.63 | 4.71 | 3.04 | (0.30) |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | (0.04) | (0.04) |
Distributions from net realized gain | (0.88) | (0.84) | (2.01) | — | — | — |
Total Distributions | (0.88) | (0.84) | (2.01) | — | (0.04) | (0.04) |
Net Asset Value, End of Period | $33.00 | $29.57 | $27.99 | $28.37 | $23.66 | $20.66 |
Total Return2 | 14.62% | 8.86% | 6.96% | 19.91% | 14.72% | (1.43)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.79%4 | 1.79% | 1.85% | 2.09% | 2.13% | 2.14% |
Net investment income (loss) | (0.45)%4 | (0.31)% | (0.20)% | (0.41)% | (0.06)% | 0.15% |
Expense waiver/reimbursement5 | 0.17%4 | 0.21% | 0.24% | 0.00%6 | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $33,234 | $31,030 | $32,178 | $39,625 | $36,440 | $36,846 |
Portfolio turnover | 33% | 160% | 87% | 82% | 77% | 62% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $32.22 | $30.29 | $30.37 | $25.24 | $22.02 | $22.37 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.101 | 0.221 | 0.251 | 0.161 | 0.39 | 0.251 |
Net realized and unrealized gain (loss) | 4.79 | 2.74 | 1.81 | 5.16 | 3.09 | (0.34) |
Total From Investment Operations | 4.89 | 2.96 | 2.06 | 5.32 | 3.48 | (0.09) |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.19) | (0.13) | (0.19) | (0.26) | (0.26) |
Distributions from net realized gain | (0.88) | (0.84) | (2.01) | — | — | — |
Total Distributions | (1.09) | (1.03) | (2.14) | (0.19) | (0.26) | (0.26) |
Net Asset Value, End of Period | $36.02 | $32.22 | $30.29 | $30.37 | $25.24 | $22.02 |
Total Return2 | 15.22% | 10.01% | 8.08% | 21.15% | 15.90% | (0.34)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.74%4 | 0.74% | 0.78% | 1.07% | 1.08% | 1.07% |
Net investment income | 0.59%4 | 0.73% | 0.87% | 0.57% | 1.01% | 1.22% |
Expense waiver/reimbursement5 | 0.21%4 | 0.25% | 0.29% | 0.00%6 | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $291,199 | $243,490 | $215,799 | $95,290 | $52,169 | $65,435 |
Portfolio turnover | 33% | 160% | 87% | 82% | 77% | 62% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $31.62 | $29.75 | $29.89 | $24.85 | $21.46 | $21.80 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.102 | 0.212 | 0.232 | 0.182 | 0.21 | 0.102 |
Net realized and unrealized gain (loss) | 4.70 | 2.69 | 1.79 | 5.06 | 3.18 | (0.33) |
Total From Investment Operations | 4.80 | 2.90 | 2.02 | 5.24 | 3.39 | (0.23) |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (0.19) | (0.15) | (0.20) | — | (0.11) |
Distributions from net realized gain | (0.88) | (0.84) | (2.01) | — | — | — |
Total Distributions | (1.10) | (1.03) | (2.16) | (0.20) | — | (0.11) |
Net Asset Value, End of Period | $35.32 | $31.62 | $29.75 | $29.89 | $24.85 | $21.46 |
Total Return3 | 15.22% | 10.00% | 8.08% | 21.17% | 15.80% | (1.05)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.73%5 | 0.73% | 0.81% | 1.02% | 1.07% | 1.80% |
Net investment income | 0.61%5 | 0.75% | 0.78% | 0.65% | 0.95% | 0.49% |
Expense waiver/reimbursement6 | 0.16%5 | 0.17% | 0.18% | 0.00%7 | 0.00%7 | 0.00%7 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $9,361 | $8,571 | $9,183 | $20,425 | $17,363 | $5,717 |
Portfolio turnover | 33% | 160% | 87% | 82% | 77% | 62% |
1 | Prior to September 1, 2016, the Fund’s Class R6 Shares were designated as Class R Shares. |
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 ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than 0.01%. |
Assets: | |
Investment in securities, at value including $2,585,235 of securities loaned and $9,826,926 of investment in affiliated holdings and $2,987,790 of investment in affiliated companies* (identified cost $340,896,165) | $422,362,724 |
Cash | 3,096 |
Income receivable | 225,414 |
Income receivable from affiliated holdings | 599 |
Receivable for investments sold | 4,268,441 |
Receivable for shares sold | 506,553 |
Total Assets | 427,366,827 |
Liabilities: | |
Payable for investments purchased | 3,160,829 |
Payable for shares redeemed | 535,621 |
Payable for collateral due to broker for securities lending | 3,190,292 |
Payable for investment adviser fee (Note 5) | 19,765 |
Payable for administrative fee (Note 5) | 2,748 |
Payable for distribution services fee (Note 5) | 21,847 |
Payable for other service fees (Notes 2 and 5) | 32,742 |
Accrued expenses (Note 5) | 142,384 |
Total Liabilities | 7,106,228 |
Net assets for 11,789,633 shares outstanding | $420,260,599 |
Net Assets Consist of: | |
Paid-in capital | $326,360,274 |
Total distributable earnings (loss) | 93,900,325 |
Total Net Assets | $420,260,599 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($86,466,969 ÷ 2,433,488 shares outstanding), no par value, unlimited shares authorized | $35.53 |
Offering price per share (100/94.50 of $35.53) | $37.60 |
Redemption proceeds per share | $35.53 |
Class C Shares: | |
Net asset value per share ($33,234,312 ÷ 1,007,088 shares outstanding), no par value, unlimited shares authorized | $33.00 |
Offering price per share | $33.00 |
Redemption proceeds per share (99.00/100 of $33.00) | $32.67 |
Institutional Shares: | |
Net asset value per share ($291,198,667 ÷ 8,084,061 shares outstanding), no par value, unlimited shares authorized | $36.02 |
Offering price per share | $36.02 |
Redemption proceeds per share | $36.02 |
Class R6 Shares: | |
Net asset value per share ($9,360,651 ÷ 264,996 shares outstanding), no par value, unlimited shares authorized | $35.32 |
Offering price per share | $35.32 |
Redemption proceeds per share | $35.32 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $104,833 received from affiliated companies and holdings*) | $2,521,077 |
Net income on securities loaned (includes $1,394 earned from affiliated holdings* related to cash collateral balances) (Note 2) | 64,255 |
TOTAL INCOME | 2,585,332 |
Expenses: | |
Investment adviser fee (Note 5) | 1,351,740 |
Administrative fee (Note 5) | 151,050 |
Custodian fees | 28,770 |
Transfer agent fees (Note 2) | 160,041 |
Directors’/Trustees’ fees (Note 5) | 1,497 |
Auditing fees | 14,503 |
Legal fees | 5,049 |
Portfolio accounting fees | 62,554 |
Distribution services fee (Note 5) | 121,743 |
Other service fees (Notes 2 and 5) | 145,474 |
Share registration costs | 36,061 |
Printing and postage | 20,607 |
Miscellaneous (Note 5) | 16,278 |
TOTAL EXPENSES | 2,115,367 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (299,688) |
Reimbursement of other operating expenses (Notes 2 and 5) | (81,392) |
TOTAL REIMBURSEMENTS | (381,080) |
Net expenses | 1,734,287 |
Net investment income | 851,045 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $171,373 on sales of investments in affiliated companies and holdings*) | 23,571,836 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(130,818) on investments in affiliated companies and holdings*) | 29,166,117 |
Net realized and unrealized gain (loss) on investments | 52,737,953 |
Change in net assets resulting from operations | $53,588,998 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended 7/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $851,045 | $1,858,375 |
Net realized gain (loss) | 23,571,836 | 3,253,617 |
Net change in unrealized appreciation/depreciation | 29,166,117 | 24,231,474 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,588,998 | 29,343,466 |
Distributions to Shareholders: | ||
Class A Shares | (2,423,144) | (2,420,345) |
Class C Shares | (882,794) | (981,926) |
Institutional Shares | (8,071,148) | (7,530,512) |
Class R6 Shares | (290,075) | (293,094) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,667,161) | (11,225,877) |
Share Transactions: | ||
Proceeds from sale of shares | 78,680,291 | 138,101,946 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund | — | 4,799,602 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,673,152 | 10,177,441 |
Cost of shares redeemed | (73,407,031) | (135,185,593) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 15,946,412 | 17,893,396 |
Change in net assets | 57,868,249 | 36,010,985 |
Net Assets: | ||
Beginning of period | 362,392,350 | 326,381,365 |
End of period | $420,260,599 | $362,392,350 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Unrealized Depreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
158,091 | $4,799,602 | $481,958 | $334,525,804 | $339,325,406 |
1 | Unrealized Depreciation is included in the Net Assets Received amount shown above. |
Net investment income | $1,879,088 |
Net realized and unrealized gain on investments | 27,688,497 |
Net increase in net assets resulting from operations | $29,567,585 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $41,895 | $(10,030) |
Class C Shares | 14,971 | (2,648) |
Institutional Shares | 102,477 | (68,714) |
Class R6 Shares | 698 | — |
TOTAL | $160,041 | $(81,392) |
Other Service Fees Incurred | |
Class A Shares | $104,893 |
Class C Shares | 40,581 |
TOTAL | $145,474 |
Market Value of Securities Loaned | Collateral Received |
$2,585,235 | $3,190,292 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 204,924 | $6,959,533 | 690,025 | $19,860,088 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi- Factor All Cap Fund | — | — | 69,799 | 2,108,622 |
Shares issued to shareholders in payment of distributions declared | 65,002 | 2,282,814 | 75,909 | 2,245,758 |
Shares redeemed | (332,872) | (11,290,244) | (654,712) | (18,099,902) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (62,946) | $(2,047,897) | 181,021 | $6,114,566 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 67,176 | $2,129,153 | 229,788 | $6,229,160 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi- Factor All Cap Fund | — | — | 5,925 | 167,267 |
Shares issued to shareholders in payment of distributions declared | 25,499 | 828,435 | 32,298 | 888,524 |
Shares redeemed | (134,916) | (4,255,201) | (368,127) | (9,700,529) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (42,241) | $(1,297,613) | (100,116) | $(2,415,578) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,952,755 | $67,898,957 | 3,765,883 | $109,245,509 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi- Factor All Cap Fund | — | — | 82,367 | 2,523,713 |
Shares issued to shareholders in payment of distributions declared | 206,533 | 7,372,239 | 227,539 | 6,839,149 |
Shares redeemed | (1,632,076) | (55,767,903) | (3,642,257) | (103,350,480) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 527,212 | $19,503,293 | 433,532 | $15,257,891 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 51,224 | $1,692,648 | 96,159 | $2,767,189 |
Shares issued to shareholders in payment of distributions declared | 5,416 | 189,664 | 6,915 | 204,010 |
Shares redeemed | (62,708) | (2,093,683) | (140,698) | (4,034,682) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (6,068) | $(211,371) | (37,624) | $(1,063,483) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 415,957 | $15,946,412 | 476,813 | $17,893,396 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $121,743 |
Purchases | $126,668,484 |
Sales | $123,369,260 |
Beginning Account Value 8/1/2020 | Ending Account Value 1/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,150.30 | $5.64 |
Class C Shares | $1,000 | $1,146.20 | $9.68 |
Institutional Shares | $1,000 | $1,152.20 | $4.01 |
Class R6 Shares | $1,000 | $1,152.20 | $3.96 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.96 | $5.30 |
Class C Shares | $1,000 | $1,016.18 | $9.10 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
Class R6 Shares | $1,000 | $1,021.53 | $3.72 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.79% |
Institutional Shares | 0.74% |
Class R6 Shares | 0.73% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Federated Hermes MDT Balanced Fund
A Portfolio of Federated Hermes MDT Series
Portfolio Composition | Percentage of Total Net Assets |
Domestic Equity Securities | 66.2% |
Corporate Debt Securities | 13.8% |
Federated Mortgage Core Portfolio | 4.0% |
High Yield Bond Portfolio | 3.1% |
Bank Loan Core Fund | 2.3% |
Emerging Markets Core Fund | 1.9% |
U.S. Treasury Securities2 | 1.7% |
Project and Trade Finance Core Fund | 1.7% |
Commercial Mortgage-Backed Securities | 1.1% |
Asset-Backed Securities | 1.0% |
Mortgage-Backed Securities | 0.4% |
International Equity Securities (including International Exchange-Traded Funds) | 0.3% |
Municipal Bonds | 0.2% |
Government Agency | 0.1% |
Collateralized Mortgage Obligations | 30.0% |
Securities Lending Collateral4 | 0.2% |
Cash Equivalents5 | 2.1% |
Derivative Contracts6 | 30.0% |
Other Assets and Liabilities—Net7 | (0.1)% |
TOTAL | 100% |
Sector Composition | Percentage of Equity Securities |
Information Technology | 26.8% |
Health Care | 14.6% |
Consumer Discretionary | 12.9% |
Financials | 11.0% |
Industrials | 9.4% |
Communication Services | 8.6% |
Consumer Staples | 5.8% |
Real Estate | 4.6% |
Materials | 3.6% |
Utilities | 1.5% |
Energy | 1.2% |
Total | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets, are listed individually in the table. |
2 | Includes U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
3 | Represents less than 0.1%. |
4 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
8 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares or Principal Amount | Value | ||
COMMON STOCKS— 54.8% | |||
Communication Services— 4.7% | |||
5,703 | Activision Blizzard, Inc. | $518,973 | |
2,376 | 1 | Alphabet, Inc., Class A | 4,341,807 |
9,730 | 1 | Altice USA, Inc. | 346,096 |
21,112 | 1 | Cars.com, Inc. | 245,110 |
348 | 1 | Charter Communications, Inc. | 211,431 |
2,513 | Electronic Arts, Inc. | 359,862 | |
1,550 | 1 | Facebook, Inc. | 400,411 |
6,754 | Lumen Technologies, Inc. | 83,615 | |
3,675 | Meredith Corp. | 80,593 | |
28,128 | 1 | MSG Networks, Inc. | 485,771 |
3,555 | 1 | Pinterest, Inc. | 243,553 |
196 | 1 | Take-Two Interactive Software, Inc. | 39,288 |
15,355 | 1 | TripAdvisor, Inc. | 475,544 |
14,027 | Verizon Communications, Inc. | 767,978 | |
482 | 1 | Zillow Group, Inc. | 66,863 |
TOTAL | 8,666,895 | ||
Consumer Discretionary— 7.1% | |||
537 | Advance Auto Parts, Inc. | 80,088 | |
1,029 | 1 | Amazon.com, Inc. | 3,299,180 |
3,994 | 1 | American Axle & Manufacturing Holdings, Inc. | 35,187 |
247 | 1 | AutoZone, Inc. | 276,237 |
1,381 | 1 | Capri Holdings Ltd. | 57,533 |
5,373 | 1 | Cooper-Standard Holding, Inc. | 163,930 |
163 | Dollar General Corp. | 31,722 | |
2,937 | Domino’s Pizza, Inc. | 1,088,922 | |
11,226 | eBay, Inc. | 634,381 | |
1,470 | 1 | Etsy, Inc. | 292,662 |
897 | 1 | Floor & Decor Holdings, Inc. | 82,587 |
24,635 | 1 | Ford Motor Co. | 259,407 |
251 | Garmin Ltd. | 28,830 | |
2,558 | 1 | G-III Apparel Group Ltd. | 69,168 |
15,297 | 1 | Goodyear Tire & Rubber Co. | 161,383 |
3,767 | Home Depot, Inc. | 1,020,179 | |
6,086 | Lowe’s Cos., Inc. | 1,015,449 | |
69,453 | Macy’s, Inc. | 1,044,573 | |
1,860 | McDonald’s Corp. | 386,582 | |
1,997 | 1 | Mohawk Industries, Inc. | 286,769 |
379 | Nike, Inc., Class B | 50,631 | |
2,203 | 1 | O’Reilly Automotive, Inc. | 937,311 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
1,009 | Starbucks Corp. | $97,681 | |
491 | 1 | Tesla, Inc. | 389,623 |
3,084 | Wingstop, Inc. | 462,754 | |
3,586 | 1 | YETI Holdings, Inc. | 236,031 |
5,830 | Yum! Brands, Inc. | 591,687 | |
TOTAL | 13,080,487 | ||
Consumer Staples— 3.2% | |||
7,374 | 1 | BJ’s Wholesale Club Holdings, Inc. | 310,224 |
4,228 | Church and Dwight, Inc. | 356,970 | |
1,049 | Clorox Co. | 219,724 | |
26,545 | Colgate-Palmolive Co. | 2,070,510 | |
4,396 | Hershey Foods Corp. | 639,354 | |
9,550 | Kimberly-Clark Corp. | 1,261,555 | |
5,083 | PepsiCo, Inc. | 694,185 | |
369 | Philip Morris International, Inc. | 29,391 | |
2,149 | Procter & Gamble Co. | 275,523 | |
TOTAL | 5,857,436 | ||
Energy— 0.7% | |||
942 | Arch Resources, Inc. | 45,141 | |
3,619 | Cimarex Energy Co. | 152,649 | |
13,000 | 2 | Continental Resources, Inc. | 255,970 |
9,513 | EOG Resources, Inc. | 484,783 | |
5,348 | Helmerich & Payne, Inc. | 129,849 | |
21,158 | Marathon Oil Corp. | 153,184 | |
351 | Pioneer Natural Resources, Inc. | 42,436 | |
TOTAL | 1,264,012 | ||
Financials— 6.0% | |||
5,354 | Aflac, Inc. | 241,894 | |
534 | 1 | Alleghany Corp. | 302,698 |
11,211 | Allstate Corp. | 1,201,595 | |
339 | Ameriprise Financial, Inc. | 67,078 | |
32,714 | Bank of New York Mellon Corp. | 1,302,999 | |
6,313 | Cincinnati Financial Corp. | 530,860 | |
295 | Everest Re Group Ltd. | 62,269 | |
1,122 | Globe Life, Inc. | 101,418 | |
17,749 | Huntington Bancshares, Inc. | 234,730 | |
4,475 | Intercontinental Exchange, Inc. | 493,816 | |
2,589 | MetLife, Inc. | 124,660 | |
2,366 | MSCI, Inc., Class A | 935,280 | |
4,462 | NASDAQ, Inc. | 603,575 | |
7,522 | Northern Trust Corp. | 670,887 | |
5,529 | Prudential Financial, Inc. | 432,810 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
531 | S&P Global, Inc. | $168,327 | |
917 | Selective Insurance Group, Inc. | 59,587 | |
25,408 | State Street Corp. | 1,778,560 | |
1,585 | The Hartford Financial Services Group, Inc. | 76,112 | |
11,285 | The Travelers Cos., Inc. | 1,538,145 | |
5,580 | Zions Bancorporation, N.A. | 246,301 | |
TOTAL | 11,173,601 | ||
Health Care— 8.0% | |||
803 | Abbott Laboratories | 99,243 | |
4,911 | AbbVie, Inc. | 503,279 | |
3,941 | Amgen, Inc. | 951,476 | |
11,533 | 1 | AnaptysBio, Inc. | 298,935 |
906 | Anthem, Inc. | 269,064 | |
12,393 | 1 | Avantor, Inc. | 365,470 |
1,002 | 1 | CareDx, Inc. | 76,583 |
949 | CIGNA Corp. | 205,980 | |
15,524 | 1 | Community Health Systems, Inc. | 144,684 |
3,813 | CVS Health Corp. | 273,201 | |
5,315 | 1 | Davita, Inc. | 623,821 |
903 | 1 | Denali Therapeutics, Inc. | 61,855 |
2,205 | Dentsply Sirona, Inc. | 117,945 | |
4,678 | Eli Lilly & Co. | 972,884 | |
474 | 1 | Emergent BioSolutions, Inc. | 50,647 |
8,773 | 1 | Hologic, Inc. | 699,471 |
1,276 | Humana, Inc. | 488,848 | |
1,179 | 1 | IDEXX Laboratories, Inc. | 564,364 |
291 | 1 | Inspire Medical Systems, Inc. | 58,639 |
2,072 | 1 | IQVIA Holdings, Inc. | 368,402 |
2,525 | 1 | Jazz Pharmaceuticals PLC. | 392,637 |
7,106 | Johnson & Johnson | 1,159,202 | |
430 | 1 | Karuna Therapeutics, Inc. | 42,669 |
372 | Medtronic PLC | 41,415 | |
13,595 | Merck & Co., Inc. | 1,047,767 | |
1,008 | 1 | Mirati Therapeutics, Inc. | 206,973 |
229 | 1 | Moderna, Inc. | 39,654 |
7,854 | 1 | Myriad Genetics, Inc. | 216,378 |
3,787 | Pfizer, Inc. | 135,953 | |
2,022 | 1 | PPD, Inc. | 65,027 |
6,969 | 1 | SAGE Therapeutics, Inc. | 562,050 |
621 | 1 | Seagen, Inc. | 102,012 |
2,101 | 1 | Seres Therapeutics, Inc. | 49,899 |
217 | 1 | Shockwave Medical, Inc. | 25,181 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
784 | Stryker Corp. | $173,272 | |
432 | 1 | United Therapeutics Corp. | 70,770 |
481 | UnitedHealth Group, Inc. | 160,452 | |
2,376 | 1 | Veeva Systems, Inc. | 656,821 |
2,125 | 1 | Vertex Pharmaceuticals, Inc. | 486,795 |
2,782 | 1 | Waters Corp. | 736,312 |
7,724 | Zoetis, Inc. | 1,191,427 | |
TOTAL | 14,757,457 | ||
Industrials— 5.1% | |||
2,875 | AGCO Corp. | 318,838 | |
892 | 1 | Atlas Air Worldwide Holdings, Inc. | 46,223 |
16,827 | Carrier Global Corp. | 647,840 | |
7,124 | 1 | CIRCOR International, Inc. | 227,754 |
627 | Curtiss Wright Corp. | 65,076 | |
2,437 | Flowserve Corp. | 86,660 | |
3,032 | Fortune Brands Home & Security, Inc. | 261,510 | |
1,266 | 1 | Generac Holdings, Inc. | 311,968 |
1,580 | Hubbell, Inc. | 245,848 | |
5,665 | 1 | IAA Spinco, Inc. | 323,698 |
106,744 | KAR Auction Services, Inc. | 1,970,494 | |
622 | Lennox International, Inc. | 171,355 | |
9,134 | Masco Corp. | 496,068 | |
34,339 | Otis Worldwide Corp. | 2,220,016 | |
10,000 | Pitney Bowes, Inc. | 93,400 | |
761 | Republic Services, Inc. | 68,886 | |
10,298 | Spirit AeroSystems Holdings, Inc., Class A | 348,793 | |
7,730 | 1 | SPX Corp. | 399,718 |
3,322 | TransUnion | 289,147 | |
1,458 | 1 | TriNet Group, Inc. | 108,052 |
3,816 | Verisk Analytics, Inc. | 700,236 | |
1,104 | Xylem, Inc. | 106,635 | |
TOTAL | 9,508,215 | ||
Information Technology— 14.7% | |||
1,432 | 1 | Adobe, Inc. | 656,959 |
1,827 | Alliance Data Systems Corp. | 123,597 | |
565 | 1 | Ambarella, Inc. | 53,313 |
25,312 | Apple, Inc. | 3,340,171 | |
3,849 | Applied Materials, Inc. | 372,121 | |
4,564 | 1 | Arrow Electronics, Inc. | 445,583 |
552 | 1 | Autodesk, Inc. | 153,141 |
7,901 | Booz Allen Hamilton Holding Corp. | 672,928 | |
1,330 | Broadcom, Inc. | 599,165 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
10,790 | 1 | Cadence Design Systems, Inc. | $1,406,908 |
4,701 | 1 | Cirrus Logic, Inc. | 440,437 |
2,460 | 1 | CloudFlare, Inc. | 188,584 |
4,871 | 1 | Crowdstrike Holdings, Inc. | 1,051,162 |
3,264 | 1 | Dell Technologies, Inc. | 237,913 |
32,770 | DXC Technology Co. | 924,114 | |
400 | 1 | Elastic N.V. | 60,784 |
2,215 | 1 | EPAM Systems, Inc. | 762,912 |
5,411 | 1 | Fortinet, Inc. | 783,242 |
803 | 1 | HubSpot, Inc. | 298,877 |
9,807 | Intel Corp. | 544,387 | |
2,043 | Intuit, Inc. | 737,993 | |
607 | 1 | Keysight Technologies, Inc. | 85,945 |
3,271 | Mastercard, Inc. | 1,034,585 | |
11,281 | Microsoft Corp. | 2,616,741 | |
1,132 | Motorola, Inc. | 189,667 | |
1,522 | NVIDIA Corp. | 790,816 | |
9,167 | Oracle Corp. | 553,962 | |
1,685 | 1 | Palo Alto Networks, Inc. | 591,014 |
13,438 | Paychex, Inc. | 1,173,406 | |
269 | 1 | Paycom Software, Inc. | 102,150 |
2,350 | 1 | Paylocity Corp. | 440,531 |
5,266 | 1 | PayPal Holdings, Inc. | 1,233,876 |
9,836 | Plantronics, Inc. | 311,998 | |
9,835 | Qualcomm, Inc. | 1,537,014 | |
938 | 1 | Qualys, Inc. | 129,885 |
943 | 1 | Semtech Corp. | 66,906 |
2,521 | 1 | ServiceNow, Inc. | 1,369,306 |
1,197 | 1 | Square, Inc. | 258,504 |
218 | 1 | Synopsys, Inc. | 55,688 |
404 | Texas Instruments, Inc. | 66,939 | |
8,203 | Vishay Intertechnology, Inc. | 176,775 | |
4,987 | Western Union Co. | 111,060 | |
778 | 1 | Workday, Inc. | 177,018 |
9,197 | Xerox Holdings Corp. | 193,413 | |
TOTAL | 27,121,490 | ||
Materials— 2.0% | |||
20,604 | 1 | Alcoa Corp. | 370,872 |
20,255 | 1 | Allegheny Technologies, Inc. | 344,537 |
6,086 | 1 | Berry Global Group, Inc. | 300,466 |
47,282 | Chemours Co./The | 1,245,408 | |
858 | 1 | Crown Holdings, Inc. | 77,349 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
11,320 | Domtar, Corp. | $339,260 | |
2,080 | PPG Industries, Inc. | 280,197 | |
939 | Sherwin-Williams Co. | 649,600 | |
TOTAL | 3,607,689 | ||
Real Estate— 2.5% | |||
950 | Alexandria Real Estate Equities, Inc. | 158,755 | |
3,600 | American Campus Communities, Inc. | 148,176 | |
9,400 | American Homes 4 Rent | 284,162 | |
7,000 | Brixmor Property Group, Inc. | 118,510 | |
25,400 | Chatham Lodging Trust | 272,034 | |
30,000 | 1 | DiamondRock Hospitality Co. | 246,000 |
3,500 | Duke Realty Corp. | 138,460 | |
330 | Equinix, Inc. | 244,187 | |
7,250 | Essential Properties Realty Trust, Inc. | 150,945 | |
5,500 | Hudson Pacific Properties, Inc. | 128,920 | |
8,000 | Invitation Homes, Inc. | 235,840 | |
9,500 | Kimco Realty Corp. | 156,845 | |
9,500 | Kite Realty Group Trust | 151,430 | |
4,100 | Omega Healthcare Investors, Inc. | 148,502 | |
11,500 | Pebblebrook Hotel Trust | 211,370 | |
411 | 1 | Redfin Corp. | 29,267 |
4,900 | Rexford Industrial Realty, Inc. | 239,806 | |
3,000 | Safety Income and Growth, Inc. | 220,740 | |
4,500 | STORE Capital Corp. | 139,590 | |
900 | Sun Communities, Inc. | 128,817 | |
30,800 | Sunstone Hotel Investors, Inc. | 329,560 | |
4,750 | Terreno Realty Corp. | 268,755 | |
10,800 | VICI Properties, Inc. | 273,024 | |
7,100 | Weyerhaeuser Co. | 221,449 | |
TOTAL | 4,645,144 | ||
Utilities— 0.8% | |||
2,108 | Evergy, Inc. | 113,263 | |
15,108 | Exelon Corp. | 627,889 | |
1,476 | NextEra Energy, Inc. | 119,364 | |
19,281 | OGE Energy Corp. | 588,456 | |
1,915 | Public Service Enterprises Group, Inc. | 108,063 | |
TOTAL | 1,557,035 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $81,010,511) | 101,239,461 | ||
CORPORATE BONDS— 13.8% | |||
Basic Industry - Chemicals— 0.0% | |||
$ 10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 13,312 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Basic Industry - Metals & Mining— 0.1% | |||
$ 15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | $19,111 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 64,634 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 107,753 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 29,550 | |
TOTAL | 221,048 | ||
Capital Goods - Aerospace & Defense— 0.7% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 204,048 | |
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 310,546 | |
5,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 5,329 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 122,887 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, 144A, 2.300%, 2/15/2031 | 301,959 | |
170,000 | Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025 | 189,115 | |
10,000 | Raytheon Technologies Corp., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,152 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 14,405 | |
40,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.956% (3-month USLIBOR +1.735%), 2/15/2042 | 32,100 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 56,338 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 54,889 | |
TOTAL | 1,301,768 | ||
Capital Goods - Building Materials— 0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 214,423 | |
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 93,177 | |
TOTAL | 307,600 | ||
Capital Goods - Construction Machinery— 0.0% | |||
10,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022 | 10,429 | |
Capital Goods - Diversified Manufacturing— 0.1% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 31,598 | |
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 61,577 | |
175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 176,338 | |
TOTAL | 269,513 | ||
Communications - Cable & Satellite— 0.1% | |||
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 144,461 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 17,738 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 12,405 | |
TOTAL | 174,604 | ||
Communications - Media & Entertainment— 0.3% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 40,798 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,787 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 461,517 | |
TOTAL | 523,102 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Communications - Telecom Wireless— 0.6% | |||
$ 400,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.250%, 1/15/2051 | $408,139 | |
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 168,420 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 237,807 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 258,044 | |
TOTAL | 1,072,410 | ||
Communications - Telecom Wirelines— 0.4% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 301,482 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 5,942 | |
12,000 | AT&T, Inc., Sr. Unsecd. Note, 144A, 3.500%, 9/15/2053 | 11,584 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 144A, 3.650%, 9/15/2059 | 10,610 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 199,067 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 99,202 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 99,292 | |
29,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 144A, 2.987%, 10/30/2056 | 27,850 | |
TOTAL | 755,029 | ||
Consumer Cyclical - Automotive— 0.2% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 15,718 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 200,481 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 161,461 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 10,893 | |
TOTAL | 388,553 | ||
Consumer Cyclical - Lodging— 0.0% | |||
20,000 | American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 | 22,012 | |
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 31,476 | |
TOTAL | 53,488 | ||
Consumer Cyclical - Retailers— 0.3% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 204,835 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 273,220 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023 | 16,002 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 16,948 | |
10,000 | WalMart, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040 | 14,895 | |
TOTAL | 525,900 | ||
Consumer Cyclical - Services— 0.3% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 209,408 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 140,013 | |
25,000 | Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021 | 25,336 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 15,375 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 15,795 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 77,971 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 19,131 | |
TOTAL | 503,029 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Food/Beverage— 0.8% | |||
$ 30,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | $37,095 | |
85,000 | Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030 | 88,402 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 328,743 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 155,692 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 144A, 3.000%, 2/1/2051 | 84,364 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 303,994 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 210,094 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 17,471 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 57,395 | |
235,000 | PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 | 280,867 | |
TOTAL | 1,564,117 | ||
Consumer Non-Cyclical - Health Care— 0.2% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 146,340 | |
11,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | 11,436 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 198,067 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | 10,438 | |
TOTAL | 366,281 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.5% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 609,071 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 18,844 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 12,447 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 18,243 | |
165,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 174,040 | |
TOTAL | 832,645 | ||
Consumer Non-Cyclical - Supermarkets— 0.0% | |||
10,000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 | 12,365 | |
Energy - Independent— 0.5% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 274,992 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 139,143 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 20,800 | |
475,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 470,791 | |
TOTAL | 905,726 | ||
Energy - Integrated— 0.6% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 148,775 | |
20,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024 | 21,557 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 348,534 | |
5,000 | ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039 | 7,527 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 293,707 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 80,558 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 269,434 | |
TOTAL | 1,170,092 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Energy - Midstream— 0.5% | |||
$ 20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | $23,659 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 125,507 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 82,232 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 11,267 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 196,431 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 27,382 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 45,670 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 5,596 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 281,348 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 20,672 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 10,600 | |
TOTAL | 830,364 | ||
Energy - Refining— 0.0% | |||
15,000 | HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 17,039 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 16,731 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 13,477 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 17,018 | |
TOTAL | 64,265 | ||
Financial Institution - Banking— 2.2% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 77,112 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 250,887 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 338,043 | |
10,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022 | 10,095 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 101,344 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 223,639 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 16,765 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 17,318 | |
20,000 | Bank of New York Mellon, N.A., 3.400%, 5/15/2024 | 21,911 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 200,819 | |
40,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 | 41,423 | |
15,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023 | 15,398 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 275,698 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 189,251 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 17,533 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 34,042 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 81,609 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 42,166 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 292,218 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 227,910 | |
10,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | 10,931 |
25,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 26,391 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | $21,355 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 17,600 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 426,189 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 380,424 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 120,606 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 | 15,818 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 17,017 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 16,199 | |
10,000 | Natwest Group PLC, Sub., 6.000%, 12/19/2023 | 11,365 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 10,771 | |
45,000 | Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 | 47,357 | |
130,000 | Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 130,010 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 245,356 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 11,438 | |
15,000 | Wells Fargo & Co., Sr. Unsecd. Note, 3.069%, 1/24/2023 | 15,409 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 11,411 | |
TOTAL | 4,010,828 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 90,225 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 82,869 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,990 | |
15,000 | XLIT Ltd., Sub., 4.450%, 3/31/2025 | 17,113 | |
TOTAL | 205,197 | ||
Financial Institution - Finance Companies— 0.3% | |||
150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 164,901 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 292,997 | |
TOTAL | 457,898 | ||
Financial Institution - Insurance - Life— 1.0% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | 215,324 | |
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 418,717 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 30,636 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 38,692 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 146,595 | |
220,000 | Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030 | 225,313 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,445 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 276,005 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 19,391 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 17,006 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 274,830 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 22,257 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,627 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - Life— continued | |||
$ 10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | $10,474 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 67,776 | |
TOTAL | 1,784,088 | ||
Financial Institution - Insurance - P&C— 0.2% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 12,639 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 110,775 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 62,540 | |
205,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.950%, 4/22/2044 | 242,991 | |
TOTAL | 428,945 | ||
Financial Institution - REIT - Apartment— 0.2% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 65,322 | |
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 20,830 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 199,982 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 76,587 | |
TOTAL | 362,721 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 201,280 | |
Financial Institution - REIT - Office— 0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 80,904 | |
Financial Institution - REIT - Other— 0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 118,634 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 82,982 | |
TOTAL | 201,616 | ||
Financial Institution - REIT - Retail— 0.2% | |||
300,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 | 315,946 | |
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 52,359 | |
TOTAL | 368,305 | ||
Supranational— 0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,575 | |
Technology— 0.7% | |||
10,000 | Apple, Inc., 3.850%, 5/4/2043 | 12,192 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 31,435 | |
200,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 213,632 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 71,750 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 25,135 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 289,857 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 125,621 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 56,130 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 124,154 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 20,795 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 293,391 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 15,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | $17,976 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,568 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 69,503 | |
TOTAL | 1,362,139 | ||
Technology Services— 0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 5,473 | |
Transportation - Airlines— 0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 29,496 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 126,340 | |
TOTAL | 155,836 | ||
Transportation - Railroads— 0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 72,869 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 31,404 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 246,825 | |
TOTAL | 351,098 | ||
Transportation - Services— 0.3% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 21,086 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 23,587 | |
25,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021 | 25,343 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 71,668 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 214,798 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 140,674 | |
TOTAL | 497,156 | ||
Utility - Electric— 1.3% | |||
70,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 83,265 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 94,025 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 356,260 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 173,831 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 323,195 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 188,468 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 223,697 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 104,171 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,036 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 122,488 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 39,208 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 275,891 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 194,745 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 297,862 | |
TOTAL | 2,487,142 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Utility - Natural Gas— 0.4% | |||
$ 50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | $50,718 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 68,353 | |
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 518,298 | |
15,000 | Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023 | 15,726 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 6,915 | |
TOTAL | 660,010 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $23,023,126) | 25,517,851 | ||
U.S. TREASURIES— 1.7% | |||
Treasury Inflation-Indexed Note— 1.7% | |||
172,467 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 175,980 |
455,162 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030 | 509,825 | |
761,242 | U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2030 | 856,450 | |
824,736 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2031 | 925,536 | |
541,532 | U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050 | 631,058 | |
TOTAL | 3,098,849 | ||
U.S. Treasury Note— 0.0% | |||
25,000 | United States Treasury Note, 2.125%, 9/30/2021 | 25,334 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $3,084,478) | 3,124,183 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 1.1% | |||
Commercial Mortgage— 1.1% | |||
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 216,068 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 71,734 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.949%, 6/10/2046 | 206,323 | |
60,549 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 62,838 | |
396,742 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 | 411,654 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 381,527 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.619%, 11/25/2045 | 208,361 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 222,400 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 57,011 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 101,820 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,853,375) | 1,939,736 | ||
ASSET-BACKED SECURITIES— 1.0% | |||
Auto Receivables— 0.2% | |||
400,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 413,316 |
Shares or Principal Amount | Value | ||
ASSET-BACKED SECURITIES— continued | |||
Equipment Lease— 0.3% | |||
$ 500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | $506,667 | |
Other— 0.2% | |||
450,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 455,643 | |
Student Loans— 0.3% | |||
500,000 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 503,597 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,849,723) | 1,879,223 | ||
MORTGAGE-BACKED SECURITIES— 0.4% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
39,742 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 43,906 | |
Federal National Mortgage Association— 0.4% | |||
8,558 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 9,977 | |
1,145 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 1,318 | |
32,189 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 35,588 | |
55,822 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 61,745 | |
41,775 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 47,226 | |
24,458 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 26,227 | |
30,537 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 32,735 | |
22,479 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 24,126 | |
41,236 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 44,567 | |
18,100 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 19,092 | |
27,644 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 29,445 | |
24,613 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 26,241 | |
26,824 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 28,218 | |
22,127 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 23,749 | |
42,051 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 44,578 | |
21,421 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 23,151 | |
30,524 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 35,148 | |
33,239 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 37,213 | |
36,967 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 39,628 | |
43,270 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 45,635 | |
TOTAL | 635,607 | ||
Government National Mortgage Association— 0.0% | |||
22,161 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 24,219 | |
15,829 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 17,459 | |
TOTAL | 41,678 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $676,999) | 721,191 | ||
MUNICIPAL BONDS— 0.2% | |||
200,000 | New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037 | 240,410 |
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS— continued | |||
$ 30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 | $38,223 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $273,731) | 278,633 | ||
GOVERNMENT AGENCY— 0.1% | |||
Federal National Mortgage Association— 0.1% | |||
250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,564) | 252,621 | |
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.0% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
373 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 388 | |
434 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 451 | |
2,881 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 3,301 | |
TOTAL | 4,140 | ||
Federal National Mortgage Association— 0.0% | |||
1,421 | 3 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%), Maximum Rate 9.749%, 7/25/2023 | 1,509 |
615 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 652 | |
TOTAL | 2,161 | ||
Non-Agency Mortgage— 0.0% | |||
187 | 6 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.268%, 3/25/2031 | 189 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $6,122) | 6,490 | ||
EXCHANGE-TRADED FUNDS— 11.7% | |||
125,100 | iShares Core MSCI Emerging Markets ETF | 7,985,133 | |
188,500 | iShares MSCI EAFE ETF | 13,645,515 | |
Total Exchange-Traded Funds (IDENTIFIED COST $20,165,816) | 21,630,648 | ||
INVESTMENT COMPANIES— 15.3% | |||
432,071 | Bank Loan Core Fund | 4,160,848 | |
336,087 | Emerging Markets Core Fund | 3,468,414 | |
272,844 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%7 | 272,844 | |
3,892,398 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%7 | 3,893,566 | |
741,383 | Federated Mortgage Core Portfolio | 7,465,725 | |
906,504 | High Yield Bond Portfolio | 5,738,170 |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANIES— continued | |||
357,415 | Project and Trade Finance Core Fund | $3,152,399 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $28,270,985) | 28,151,966 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $160,464,430)8 | 184,742,003 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%9 | (131,242) | ||
TOTAL NET ASSETS—100% | $184,610,761 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1United States Treasury Note 2-Year Long Futures | 67 | $14,805,430 | March 2021 | $12,945 |
1United States Treasury Long Bond Long Futures | 1 | $168,719 | March 2021 | $(3,315) |
1United States Treasury Note 10-Year Long Futures | 8 | $1,096,250 | March 2021 | $(5,440) |
Short Futures: | ||||
1United States Treasury Note 5-Year Short Futures | 22 | $2,769,250 | March 2021 | $245 |
1United States Treasury Note 10-Year Ultra Short Futures | 12 | $1,845,938 | March 2021 | $2,848 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $7,283 |
Affiliates | Value as of 7/31/2020 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $2,617,248 | $3,383,194 | $(1,970,000) |
Emerging Markets Core Fund | $3,240,602 | $1,522,545 | $(1,391,880) |
Federated Hermes Government Obligations Fund, Premier Shares* | $1,431,638 | $38,389,335 | $(39,548,129) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $5,427,864 | $22,404,474 | $(23,937,863) |
Federated Mortgage Core Portfolio | $11,545,574 | $1,626,410 | $(5,620,410) |
High Yield Bond Portfolio | $3,878,566 | $2,821,698 | $(1,086,000) |
Project and Trade Finance Core Fund | $2,538,696 | $600,694 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $30,680,188 | $70,748,350 | $(73,554,282) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 1/31/2021 | Shares Held as of 1/31/2021 | Dividend Income |
$78,202 | $52,204 | $4,160,848 | 432,071 | $70,126 |
$2,712 | $94,435 | $3,468,414 | 336,087 | $101,063 |
N/A | N/A | $272,844 | 272,844 | $339 |
$(106) | $(803) | $3,893,566 | 3,892,398 | $2,128 |
$(97,209) | $11,360 | $7,465,725 | 741,383 | $137,497 |
$68,306 | $55,600 | $5,738,170 | 906,504 | $126,099 |
$13,009 | $— | $3,152,399 | 357,415 | $46,556 |
$64,914 | $212,796 | $28,151,966 | 6,938,702 | $483,808 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | Perpetual Bond Security. The maturity date reflects the next call date. |
5 | 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. |
6 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities. |
7 | 7-day net yield. |
8 | Also represents cost of investments for federal tax purposes. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $100,542,680 | $— | $— | $100,542,680 |
International | 696,781 | — | — | 696,781 |
Debt Securities: | ||||
Corporate Bonds | — | 25,517,851 | — | 25,517,851 |
U.S. Treasuries | — | 3,124,183 | — | 3,124,183 |
Commercial Mortgage-Backed Securities | — | 1,939,736 | — | 1,939,736 |
Asset-Backed Securities | — | 1,879,223 | — | 1,879,223 |
Mortgage-Backed Securities | — | 721,191 | — | 721,191 |
Municipal Bonds | — | 278,633 | — | 278,633 |
Government Agencies | — | 252,621 | — | 252,621 |
Collateralized Mortgage Obligations | — | 6,490 | — | 6,490 |
Exchange-Traded Funds | 21,630,648 | — | — | 21,630,648 |
Investment Companies1 | 24,999,567 | — | — | 28,151,966 |
TOTAL SECURITIES | $147,869,676 | $33,719,928 | $— | $184,742,003 |
Other Financial Instruments:2 | ||||
Assets | $16,038 | $— | $— | $16,038 |
Liabilities | (8,755) | — | — | (8,755) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $7,283 | $— | $— | $7,283 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $3,152,399 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
ETF | —Exchange-Traded Fund | |
FREMF | —Freddie Mac Multifamily K-Deals | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $19.59 | $18.71 | $19.59 | $17.74 | $16.52 | $16.83 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.08 | 0.19 | 0.25 | 0.21 | 0.26 | 0.24 |
Net realized and unrealized gain (loss) | 1.85 | 1.46 | 0.57 | 1.89 | 1.23 | (0.31) |
Total From Investment Operations | 1.93 | 1.65 | 0.82 | 2.10 | 1.49 | (0.07) |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.24) | (0.19) | (0.25) | (0.27) | (0.24) |
Distributions from net realized gain | (0.80) | (0.53) | (1.51) | — | — | — |
Total Distributions | (0.87) | (0.77) | (1.70) | (0.25) | (0.27) | (0.24) |
Net Asset Value, End of Period | $20.65 | $19.59 | $18.71 | $19.59 | $17.74 | $16.52 |
Total Return2 | 9.85% | 9.08% | 5.28% | 11.91% | 9.11% | (0.37)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.31%4 | 1.31% | 1.31% | 1.32% | 1.26% | 1.30% |
Net investment income | 0.80%4 | 1.04% | 1.35% | 1.11% | 1.51% | 1.51% |
Expense waiver/reimbursement5 | 0.05%4 | 0.07% | 0.08% | 0.06% | 0.15% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $104,763 | $95,559 | $84,243 | $61,553 | $61,405 | $61,245 |
Portfolio turnover | 37% | 152% | 92% | 89% | 82% | 98% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $19.35 | $18.50 | $19.31 | $17.49 | $16.30 | $16.59 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.002 | 0.05 | 0.11 | 0.06 | 0.13 | 0.12 |
Net realized and unrealized gain (loss) | 1.82 | 1.43 | 0.59 | 1.87 | 1.20 | (0.31) |
Total From Investment Operations | 1.82 | 1.48 | 0.70 | 1.93 | 1.33 | (0.19) |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.10) | (0.00)2 | (0.11) | (0.14) | (0.10) |
Distributions from net realized gain | (0.80) | (0.53) | (1.51) | — | — | — |
Total Distributions | (0.80) | (0.63) | (1.51) | (0.11) | (0.14) | (0.10) |
Net Asset Value, End of Period | $20.37 | $19.35 | $18.50 | $19.31 | $17.49 | $16.30 |
Total Return3 | 9.43% | 8.25% | 4.54% | 11.09% | 8.23% | (1.10)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 2.06%5 | 2.06% | 2.06% | 2.07% | 2.01% | 2.05% |
Net investment income | 0.05%5 | 0.29% | 0.60% | 0.35% | 0.75% | 0.76% |
Expense waiver/reimbursement6 | 0.06%5 | 0.09% | 0.10% | 0.04% | 0.13% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,829 | $15,043 | $15,492 | $27,577 | $29,007 | $29,152 |
Portfolio turnover | 37% | 152% | 92% | 89% | 82% | 98% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $19.67 | $18.78 | $19.64 | $17.79 | $16.57 | $16.87 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.11 | 0.24 | 0.30 | 0.26 | 0.30 | 0.28 |
Net realized and unrealized gain (loss) | 1.84 | 1.46 | 0.58 | 1.89 | 1.23 | (0.30) |
Total From Investment Operations | 1.95 | 1.70 | 0.88 | 2.15 | 1.53 | (0.02) |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.28) | (0.23) | (0.30) | (0.31) | (0.28) |
Distributions from net realized gain | (0.80) | (0.53) | (1.51) | — | — | — |
Total Distributions | (0.91) | (0.81) | (1.74) | (0.30) | (0.31) | (0.28) |
Net Asset Value, End of Period | $20.71 | $19.67 | $18.78 | $19.64 | $17.79 | $16.57 |
Total Return2 | 9.94% | 9.33% | 5.61% | 12.15% | 9.36% | (0.07)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.06%4 | 1.06% | 1.06% | 1.07% | 1.00% | 1.05% |
Net investment income | 1.05%4 | 1.29% | 1.62% | 1.35% | 1.77% | 1.76% |
Expense waiver/reimbursement5 | 0.05%4 | 0.07% | 0.08% | 0.02% | 0.12% | 0.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $62,201 | $54,440 | $53,035 | $54,358 | $39,136 | $47,757 |
Portfolio turnover | 37% | 152% | 92% | 89% | 82% | 98% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 20171 | 2016 | ||
Net Asset Value, Beginning of Period | $19.61 | $18.74 | $19.62 | $17.76 | $16.49 | $16.80 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | 0.11 | 0.24 | 0.27 | 0.26 | 0.28 | 0.20 |
Net realized and unrealized gain (loss) | 1.85 | 1.44 | 0.60 | 1.90 | 1.24 | (0.31) |
Total From Investment Operations | 1.96 | 1.68 | 0.87 | 2.16 | 1.52 | (0.11) |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.28) | (0.24) | (0.30) | (0.25) | (0.20) |
Distributions from net realized gain | (0.80) | (0.53) | (1.51) | — | — | — |
Total Distributions | (0.90) | (0.81) | (1.75) | (0.30) | (0.25) | (0.20) |
Net Asset Value, End of Period | $20.67 | $19.61 | $18.74 | $19.62 | $17.76 | $16.49 |
Total Return3 | 10.02% | 9.26% | 5.56% | 12.24% | 9.32% | (0.59)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.05%5 | 1.05% | 1.05% | 1.06% | 1.05% | 1.56% |
Net investment income | 1.07%5 | 1.29% | 1.40% | 1.36% | 1.64% | 1.27% |
Expense waiver/reimbursement6 | 0.02%5 | 0.03% | 0.06% | 0.02% | 0.06% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,817 | $1,516 | $3,165 | $12,178 | $10,439 | $577 |
Portfolio turnover | 37% | 152% | 92% | 89% | 82% | 98% |
1 | Effective September 1, 2016, the Fund’s Class R Shares were redesignated as Class R6 Shares. |
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 ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at value including $253,410 of securities loaned and $28,151,966 of investment in affiliated holdings* (identified cost $160,464,430) | $184,742,003 |
Cash | 549 |
Cash denominated in foreign currencies (identified cost $3,315) | 3,639 |
Income receivable | 292,917 |
Income receivable from affiliated holdings | 80,872 |
Receivable for investments sold | 734,331 |
Receivable for shares sold | 132,301 |
Receivable for variation margin on futures contracts | 5,656 |
Total Assets | 185,992,268 |
Liabilities: | |
Payable for investments purchased | 803,847 |
Payable for shares redeemed | 104,152 |
Payable for collateral due to broker for securities lending | 272,844 |
Payable for investment adviser fee (Note 5) | 11,499 |
Payable for administrative fee (Note 5) | 1,200 |
Payable for auditing fees | 16,229 |
Payable for custodian fees | 19,438 |
Payable for transfer agent fees | 25,455 |
Payable for distribution services fee (Note 5) | 10,249 |
Payable for other service fees (Notes 2 and 5) | 51,250 |
Accrued expenses (Note 5) | 65,344 |
Total Liabilities | 1,381,507 |
Net assets for 8,941,967 shares outstanding | $184,610,761 |
Net Assets Consist of: | |
Paid-in capital | $157,593,557 |
Total distributable earnings (loss) | 27,017,204 |
Total Net Assets | $184,610,761 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($104,763,390 ÷ 5,074,010 shares outstanding), no par value, unlimited shares authorized | $20.65 |
Offering price per share (100/94.50 of $20.65) | $21.85 |
Redemption proceeds per share | $20.65 |
Class C Shares: | |
Net asset value per share ($15,829,423 ÷ 777,184 shares outstanding), no par value, unlimited shares authorized | $20.37 |
Offering price per share | $20.37 |
Redemption proceeds per share (99.00/100 of $20.37) | $20.17 |
Institutional Shares: | |
Net asset value per share ($62,200,656 ÷ 3,002,855 shares outstanding), no par value, unlimited shares authorized | $20.71 |
Offering price per share | $20.71 |
Redemption proceeds per share | $20.71 |
Class R6 Shares: | |
Net asset value per share ($1,817,292 ÷ 87,918 shares outstanding), no par value, unlimited shares authorized | $20.67 |
Offering price per share | $20.67 |
Redemption proceeds per share | $20.67 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $483,469 received from affiliated holdings*) | $1,351,575 |
Interest | 506,253 |
Net income on securities loaned (includes $339 earned from affiliated holdings* related to cash collateral balances) (Note 2) | 6,959 |
TOTAL INCOME | 1,864,787 |
Expenses: | |
Investment adviser fee (Note 5) | 660,449 |
Administrative fee (Note 5) | 69,895 |
Custodian fees | 34,154 |
Transfer agent fees (Note 2) | 76,738 |
Directors’/Trustees’ fees (Note 5) | 1,077 |
Auditing fees | 17,729 |
Legal fees | 5,049 |
Portfolio accounting fees | 55,758 |
Distribution services fee (Note 5) | 58,253 |
Other service fees (Notes 2 and 5) | 139,813 |
Share registration costs | 33,177 |
Printing and postage | 16,880 |
Miscellaneous (Note 5) | 17,091 |
TOTAL EXPENSES | 1,186,063 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (18,412) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (26,383) |
TOTAL WAIVER AND REIMBURSEMENTS | (44,795) |
Net expenses | 1,141,268 |
Net investment income | 723,519 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized gain of $212,796 on sales of investments in affiliated holdings*) | $7,314,424 |
Net realized loss on futures contracts | (97,581) |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $64,914 of investments in affiliated holdings*) | 8,518,129 |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | 299 |
Net change in unrealized appreciation of futures contracts | (10,298) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | 15,724,973 |
Change in net assets resulting from operations | $16,448,492 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended 7/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $723,519 | $1,653,661 |
Net realized gain (loss) | 7,216,843 | 4,438,996 |
Net change in unrealized appreciation/depreciation | 8,508,130 | 7,120,161 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,448,492 | 13,212,818 |
Distributions to Shareholders: | ||
Class A Shares | (4,237,449) | (3,813,305) |
Class C Shares | (600,829) | (539,280) |
Institutional Shares | (2,568,687) | (2,518,867) |
Class R6 Shares | (74,229) | (108,342) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,481,194) | (6,979,794) |
Share Transactions: | ||
Proceeds from sale of shares | 13,666,339 | 29,726,646 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Balanced Allocation Fund | — | 11,298,197 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,145,158 | 6,622,021 |
Cost of shares redeemed | (11,726,627) | (43,256,472) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 9,084,870 | 4,390,392 |
Change in net assets | 18,052,168 | 10,623,416 |
Net Assets: | ||
Beginning of period | 166,558,593 | 155,935,177 |
End of period | $184,610,761 | $166,558,593 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
593,132 | $11,298,197 | $2,170,935 | $154,177,771 | $165,475,968 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income | $1,721,772 |
Net realized and unrealized gain on investments | 11,959,769 |
Net increase in net assets resulting from operations | $13,681,541 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $47,546 | $(16,246) |
Class C Shares | 7,077 | (3,087) |
Institutional Shares | 21,785 | (7,050) |
Class R6 Shares | 330 | — |
TOTAL | $76,738 | $(26,383) |
Other Service Fees Incurred | |
Class A Shares | $120,447 |
Class C Shares | 19,366 |
TOTAL | $139,813 |
Market Value of Securities Loaned | Collateral Received |
$253,410 | $272,844 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for variation margin on futures contracts | $7,283* |
* | Includes cumulative net appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(97,581) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(10,298) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 312,667 | $6,357,718 | 602,633 | $11,030,108 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 425,056 | 8,093,068 |
Shares issued to shareholders in payment of distributions declared | 194,924 | 3,995,498 | 191,088 | 3,554,535 |
Shares redeemed | (312,115) | (6,352,838) | (842,124) | (15,137,260) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 195,476 | $4,000,378 | 376,653 | $7,540,451 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 75,409 | $1,502,963 | 156,794 | $2,848,857 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 24,943 | 468,430 |
Shares issued to shareholders in payment of distributions declared | 27,279 | 549,947 | 26,632 | 488,464 |
Shares redeemed | (103,101) | (2,049,573) | (268,255) | (4,750,816) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (413) | $3,337 | (59,886) | $(945,065) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 272,521 | $5,594,792 | 806,718 | $15,223,232 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 143,133 | 2,736,699 |
Shares issued to shareholders in payment of distributions declared | 122,521 | 2,525,489 | 132,428 | 2,472,322 |
Shares redeemed | (160,501) | (3,256,067) | (1,138,214) | (21,041,358) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 234,541 | $4,864,214 | (55,935) | $(609,105) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,415 | $210,866 | 33,882 | $624,449 |
Shares issued to shareholders in payment of distributions declared | 3,611 | 74,224 | 5,727 | 106,700 |
Shares redeemed | (3,392) | (68,149) | (131,269) | (2,327,038) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 10,634 | $216,941 | (91,660) | $(1,595,889) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 440,238 | $9,084,870 | 169,172 | $4,390,392 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $58,253 |
Purchases | $55,272,945 |
Sales | $52,885,510 |
Beginning Account Value 8/1/2020 | Ending Account Value 1/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,098.50 | $6.93 |
Class C Shares | $1,000 | $1,094.30 | $10.87 |
Institutional Shares | $1,000 | $1,099.40 | $5.61 |
Class R6 Shares | $1,000 | $1,100.20 | $5.56 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.60 | $6.67 |
Class C Shares | $1,000 | $1,014.82 | $10.46 |
Institutional Shares | $1,000 | $1,019.86 | $5.40 |
Class R6 Shares | $1,000 | $1,019.91 | $5.35 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.06% |
Institutional Shares | 1.06% |
Class R6 Shares | 1.05% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Federated Hermes MDT Large Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
Sector Composition | Percentage of Total Net Assets |
Information Technology | 45.1% |
Consumer Discretionary | 16.4% |
Health Care | 14.5% |
Communication Services | 10.4% |
Industrials | 4.5% |
Consumer Staples | 3.2% |
Financials | 2.4% |
Materials | 0.9% |
Real Estate | 0.5% |
Cash Equivalents2 | 1.7% |
Other Assets and Liabilities—Net3 | 0.4% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 97.9% | |||
Communication Services— 10.4% | |||
14,175 | Activision Blizzard, Inc. | $1,289,925 | |
4,637 | 1 | Alphabet, Inc., Class A | 8,473,468 |
910 | 1 | Charter Communications, Inc. | 552,880 |
17,303 | 1 | Facebook, Inc. | 4,469,884 |
56,532 | 1 | MSG Networks, Inc. | 976,308 |
3,381 | 1 | Netflix, Inc. | 1,800,010 |
4,975 | 1 | Pinterest, Inc. | 340,837 |
24,008 | 1 | TripAdvisor, Inc. | 743,528 |
TOTAL | 18,646,840 | ||
Consumer Discretionary— 16.4% | |||
2,774 | 1 | Amazon.com, Inc. | 8,893,999 |
687 | 1 | AutoZone, Inc. | 768,320 |
2,665 | Dollar General Corp. | 518,636 | |
6,444 | Domino’s Pizza, Inc. | 2,389,177 | |
24,530 | eBay, Inc. | 1,386,190 | |
5,929 | 1 | Etsy, Inc. | 1,180,405 |
7,988 | Home Depot, Inc. | 2,163,310 | |
16,071 | Lowe’s Cos., Inc. | 2,681,446 | |
4,005 | McDonald’s Corp. | 832,399 | |
9,176 | Nike, Inc., Class B | 1,225,822 | |
4,052 | 1 | O’Reilly Automotive, Inc. | 1,724,004 |
3,286 | Starbucks Corp. | 318,118 | |
4,983 | 1 | Tesla, Inc. | 3,954,160 |
2,144 | Tractor Supply Co. | 303,891 | |
9,664 | Yum! Brands, Inc. | 980,799 | |
TOTAL | 29,320,676 | ||
Consumer Staples— 3.2% | |||
11,767 | Church and Dwight, Inc. | 993,488 | |
2,239 | Clorox Co. | 468,981 | |
4,590 | Costco Wholesale Corp. | 1,617,653 | |
11,557 | Energizer Holdings, Inc. | 506,659 | |
15,326 | Flowers Foods, Inc. | 351,885 | |
4,807 | Hershey Foods Corp. | 699,130 | |
7,233 | PepsiCo, Inc. | 987,811 | |
TOTAL | 5,625,607 | ||
Financials— 2.4% | |||
7,831 | 1 | Arch Capital Group Ltd. | 245,972 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
6,508 | MSCI, Inc., Class A | $2,572,612 | |
1,238 | S&P Global, Inc. | 392,446 | |
7,205 | The Travelers Cos., Inc. | 982,042 | |
TOTAL | 4,193,072 | ||
Health Care— 14.5% | |||
5,829 | Abbott Laboratories | 720,406 | |
13,904 | AbbVie, Inc. | 1,424,882 | |
11,452 | Amgen, Inc. | 2,764,856 | |
2,056 | Anthem, Inc. | 610,591 | |
16,873 | 1 | Avantor, Inc. | 497,585 |
3,048 | 1 | Davita, Inc. | 357,744 |
11,424 | Eli Lilly & Co. | 2,375,849 | |
20,399 | 1 | Hologic, Inc. | 1,626,412 |
5,821 | 1 | Horizon Therapeutics PLC | 421,906 |
1,488 | Humana, Inc. | 570,068 | |
1,610 | 1 | IDEXX Laboratories, Inc. | 770,675 |
3,278 | 1 | IQVIA Holdings, Inc. | 582,828 |
2,078 | 1 | Jazz Pharmaceuticals PLC. | 323,129 |
30,812 | Merck & Co., Inc. | 2,374,681 | |
667 | 1 | Mettler-Toledo International, Inc. | 779,123 |
2,850 | 1 | Moderna, Inc. | 493,506 |
1,468 | 1 | Molina Healthcare, Inc. | 313,579 |
11,995 | 1 | SAGE Therapeutics, Inc. | 967,397 |
3,185 | 1 | Seagen, Inc. | 523,200 |
1,726 | UnitedHealth Group, Inc. | 575,759 | |
7,207 | 1 | Veeva Systems, Inc. | 1,992,303 |
6,123 | 1 | Vertex Pharmaceuticals, Inc. | 1,402,657 |
4,841 | 1 | Waters Corp. | 1,281,267 |
14,266 | Zoetis, Inc. | 2,200,531 | |
TOTAL | 25,950,934 | ||
Industrials— 4.5% | |||
50,485 | Carrier Global Corp. | 1,943,672 | |
8,188 | Flowserve Corp. | 291,165 | |
2,213 | Hubbell, Inc. | 344,343 | |
22,504 | 1 | IAA Spinco, Inc. | 1,285,879 |
183,537 | KAR Auction Services, Inc. | 3,388,093 | |
4,611 | Verisk Analytics, Inc. | 846,119 | |
TOTAL | 8,099,271 | ||
Information Technology— 45.1% | |||
6,478 | 1 | Adobe, Inc. | 2,971,912 |
152,752 | Apple, Inc. | 20,157,154 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
5,329 | Applied Materials, Inc. | $515,208 | |
2,831 | 1 | Arista Networks, Inc. | 870,702 |
1,018 | 1 | Autodesk, Inc. | 282,424 |
9,783 | Booz Allen Hamilton Holding Corp. | 833,218 | |
5,084 | Broadcom, Inc. | 2,290,342 | |
22,613 | 1 | Cadence Design Systems, Inc. | 2,948,509 |
10,965 | 1 | Crowdstrike Holdings, Inc. | 2,366,247 |
2,477 | 1 | Dell Technologies, Inc. | 180,549 |
2,205 | 1 | Elastic N.V. | 335,072 |
4,838 | 1 | EPAM Systems, Inc. | 1,666,352 |
12,570 | 1 | Fortinet, Inc. | 1,819,507 |
4,714 | 1 | GoDaddy, Inc. | 370,426 |
2,415 | 1 | HubSpot, Inc. | 898,863 |
4,394 | Intuit, Inc. | 1,587,245 | |
3,164 | 1 | Keysight Technologies, Inc. | 447,991 |
10,143 | Mastercard, Inc. | 3,208,129 | |
55,751 | Microsoft Corp. | 12,932,002 | |
7,439 | NVIDIA Corp. | 3,865,230 | |
1,441 | 1 | Okta, Inc. | 373,233 |
5,667 | Oracle Corp. | 342,457 | |
2,721 | 1 | Palo Alto Networks, Inc. | 954,391 |
16,845 | Paychex, Inc. | 1,470,905 | |
4,483 | 1 | Paylocity Corp. | 840,383 |
18,607 | 1 | PayPal Holdings, Inc. | 4,359,806 |
26,327 | Qualcomm, Inc. | 4,114,384 | |
1,457 | 1 | Salesforce.com, Inc. | 328,641 |
7,492 | 1 | ServiceNow, Inc. | 4,069,355 |
4,463 | 1 | Square, Inc. | 963,829 |
515 | 1 | Synopsys, Inc. | 131,557 |
621 | 1 | Trade Desk, Inc./The | 475,680 |
3,326 | 1 | Workday, Inc. | 756,765 |
2,601 | 1 | Zoom Video Communications, Inc. | 967,754 |
TOTAL | 80,696,222 | ||
Materials— 0.9% | |||
2,413 | Sherwin-Williams Co. | 1,669,313 | |
Real Estate— 0.5% | |||
7,215 | Coresite Realty Corp. | 969,985 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $105,365,775) | 175,171,920 |
Shares | Value | ||
INVESTMENT COMPANY— 1.7% | |||
3,095,975 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%2 (IDENTIFIED COST $3,096,756) | $3,096,903 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (IDENTIFIED COST $108,462,531)3 | 178,268,823 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%4 | 695,080 | ||
TOTAL NET ASSETS—100% | $178,963,903 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2020 | $640,284 | $3,806,381 | $4,446,665 |
Purchases at Cost | $1,450,332 | $24,419,780 | $25,870,112 |
Proceeds from Sales | $(2,090,616) | $(25,128,249) | $(27,218,865) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(2,736) | $(2,736) |
Net Realized Gain/(Loss) | N/A | $1,727 | $1,727 |
Value as of 1/31/2021 | $— | $3,096,903 | $3,096,903 |
Shares Held as of 1/31/2021 | — | 3,095,975 | 3,095,975 |
Dividend Income | $129 | $2,121 | $2,250 |
* | 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 | 7-day net yield. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.03 | $20.81 | $20.66 | $17.46 | $15.18 | $17.64 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.04) | (0.05) | (0.07) | 0.01 | 0.04 |
Net realized and unrealized gain (loss) | 3.52 | 5.37 | 2.01 | 4.67 | 2.36 | (0.70) |
Total From Investment Operations | 3.49 | 5.33 | 1.96 | 4.60 | 2.37 | (0.66) |
Less Distributions: | ||||||
Distributions from net realized gain | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) |
Net Asset Value, End of Period | $26.42 | $25.03 | $20.81 | $20.66 | $17.46 | $15.18 |
Total Return2 | 14.24% | 26.91% | 11.28% | 27.38% | 15.66% | (3.62)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.99%4 | 1.11% | 1.48% | 1.52% | 1.52% | 1.50% |
Net investment income (loss) | (0.25)%4 | (0.19)% | (0.27)% | (0.38)% | 0.02% | 0.28% |
Expense waiver/reimbursement5 | 0.38%4 | 0.30% | 0.00%6 | 0.02% | 0.08% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $105,697 | $93,740 | $67,513 | $59,355 | $49,794 | $45,661 |
Portfolio turnover | 18% | 220% | 97% | 104% | 104% | 69% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $22.13 | $18.66 | $18.85 | $16.16 | $14.16 | $16.71 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.12) | (0.18) | (0.18) | (0.20) | (0.11) | (0.07) |
Net realized and unrealized gain (loss) | 3.10 | 4.76 | 1.80 | 4.29 | 2.20 | (0.68) |
Total From Investment Operations | 2.98 | 4.58 | 1.62 | 4.09 | 2.09 | (0.75) |
Less Distributions: | ||||||
Distributions from net realized gain | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) |
Net Asset Value, End of Period | $23.01 | $22.13 | $18.66 | $18.85 | $16.16 | $14.16 |
Total Return2 | 13.79% | 25.95% | 10.51% | 26.38% | 14.81% | (4.41)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.90% | 2.23% | 2.27% | 2.27% | 2.25% |
Net investment income (loss) | (1.00)%4 | (0.96)% | (1.02)% | (1.13)% | (0.71)% | (0.49)% |
Expense waiver/reimbursement5 | 0.38%4 | 0.27% | 0.00%6 | 0.02% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $9,156 | $9,662 | $12,612 | $14,432 | $13,654 | $14,925 |
Portfolio turnover | 18% | 220% | 97% | 104% | 104% | 69% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $21.43 | $18.10 | $18.35 | $15.76 | $13.81 | $16.34 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.11) | (0.17) | (0.18) | (0.19) | (0.11) | (0.06) |
Net realized and unrealized gain (loss) | 3.00 | 4.61 | 1.74 | 4.18 | 2.15 | (0.67) |
Total From Investment Operations | 2.89 | 4.44 | 1.56 | 3.99 | 2.04 | (0.73) |
Less Distributions: | ||||||
Distributions from net realized gain | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) |
Net Asset Value, End of Period | $22.22 | $21.43 | $18.10 | $18.35 | $15.76 | $13.81 |
Total Return2 | 13.82% | 25.99% | 10.46% | 26.42% | 14.82% | (4.39)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.74%4 | 1.88% | 2.23% | 2.27% | 2.27% | 2.25% |
Net investment income (loss) | (1.00)%4 | (0.95)% | (1.03)% | (1.13)% | (0.72)% | (0.46)% |
Expense waiver/reimbursement5 | 0.38%4 | 0.29% | 0.00%6 | 0.02% | 0.08% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,422 | $14,536 | $12,445 | $10,685 | $9,672 | $10,052 |
Portfolio turnover | 18% | 220% | 97% | 104% | 104% | 69% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $26.39 | $21.83 | $21.52 | $18.10 | $15.69 | $18.13 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.01 | 0.03 | (0.01) | (0.03) | 0.05 | 0.08 |
Net realized and unrealized gain (loss) | 3.71 | 5.64 | 2.13 | 4.85 | 2.45 | (0.72) |
Total From Investment Operations | 3.72 | 5.67 | 2.12 | 4.82 | 2.50 | (0.64) |
Less Distributions: | ||||||
Distributions from net realized gain | (2.10) | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) |
Net Asset Value, End of Period | $28.01 | $26.39 | $21.83 | $21.52 | $18.10 | $15.69 |
Total Return2 | 14.38% | 27.22% | 11.59% | 27.65% | 15.98% | (3.40)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.74%4 | 0.81% | 1.22% | 1.27% | 1.27% | 1.25% |
Net investment income (loss) | 0.05%4 | 0.13% | (0.04)% | (0.14)% | 0.27% | 0.52% |
Expense waiver/reimbursement5 | 0.37%4 | 0.34% | 0.00%6 | 0.02% | 0.08% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $47,689 | $90,113 | $37,076 | $11,966 | $7,649 | $7,469 |
Portfolio turnover | 18% | 220% | 97% | 104% | 104% | 69% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Represents less than 0.01%. |
Assets: | |
Investment in securities, at value including $3,096,903 of investments in an affiliated holding* (identified cost $108,462,531) | $178,268,823 |
Cash | 101 |
Income receivable | 56,978 |
Income receivable from an affiliated holding | 194 |
Receivable for investments sold | 1,022,287 |
Receivable for shares sold | 627,995 |
Total Assets | 179,976,378 |
Liabilities: | |
Payable for investments purchased | 568,660 |
Payable for shares redeemed | 262,288 |
Payable for investment adviser fee (Note 5) | 5,645 |
Payable for administrative fee (Note 5) | 1,166 |
Payable for portfolio accounting fees | 44,005 |
Payable for transfer agent fees | 33,082 |
Payable for distribution services fee (Note 5) | 16,609 |
Payable for other service fees (Notes 2 and 5) | 52,080 |
Accrued expenses (Note 5) | 28,940 |
Total Liabilities | 1,012,475 |
Net assets for 6,839,937 shares outstanding | $178,963,903 |
Net Assets Consist of: | |
Paid-in capital | $91,294,169 |
Total distributable earnings (loss) | 87,669,734 |
Total Net Assets | $178,963,903 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($105,696,724 ÷ 4,000,252 shares outstanding), no par value, unlimited shares authorized | $26.42 |
Offering price per share (100/94.50 of $26.42) | $27.96 |
Redemption proceeds per share | $26.42 |
Class B Shares: | |
Net asset value per share ($9,156,290 ÷ 397,872 shares outstanding), no par value, unlimited shares authorized | $23.01 |
Offering price per share | $23.01 |
Redemption proceeds per share (94.50/100 of $23.01) | $21.74 |
Class C Shares: | |
Net asset value per share ($16,422,370 ÷ 739,127 shares outstanding), no par value, unlimited shares authorized | $22.22 |
Offering price per share | $22.22 |
Redemption proceeds per share (99.00/100 of $22.22) | $22.00 |
Institutional Shares: | |
Net asset value per share ($47,688,519 ÷ 1,702,686 shares outstanding), no par value, unlimited shares authorized | $28.01 |
Offering price per share | $28.01 |
Redemption proceeds per share | $28.01 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $2,121 received from an affiliated holding*) | $699,493 |
Net income on securities loaned (includes $129 earned from an affiliated holding* related to cash collateral balances (Note 2)) | 368 |
TOTAL INCOME | 699,861 |
Expenses: | |
Investment adviser fee (Note 5) | 692,071 |
Administrative fee (Note 5) | 72,246 |
Custodian fees | 16,731 |
Transfer agent fees | 111,048 |
Directors’/Trustees’ fees (Note 5) | 1,111 |
Auditing fees | 14,503 |
Legal fees | 5,050 |
Portfolio accounting fees | 48,175 |
Distribution services fee (Note 5) | 95,417 |
Other service fees (Notes 2 and 5) | 158,089 |
Share registration costs | 34,344 |
Printing and postage | 22,865 |
Miscellaneous (Note 5) | 15,392 |
TOTAL EXPENSES | 1,287,042 |
Waiver and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (346,172) |
TOTAL WAIVER AND REIMBURSEMENT | (346,172) |
Net expenses | 940,870 |
Net investment income (loss) | (241,009) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $1,727 on sales of investments in an affiliated holding*) | 19,253,483 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(2,736) on investments in an affiliated holding*) | 5,917,572 |
Net realized and unrealized gain (loss) on investments | 25,171,055 |
Change in net assets resulting from operations | $24,930,046 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended 7/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(241,009) | $(285,104) |
Net realized gain (loss) | 19,253,483 | 12,827,359 |
Net change in unrealized appreciation/depreciation | 5,917,572 | 31,352,658 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 24,930,046 | 43,894,913 |
Distributions to Shareholders: | ||
Class A Shares | (7,852,771) | (4,102,840) |
Class B Shares | (806,820) | (700,438) |
Class C Shares | (1,466,534) | (770,197) |
Institutional Shares | (3,474,993) | (3,849,963) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (13,601,118) | (9,423,438) |
Share Transactions: | ||
Proceeds from sale of shares | 17,870,408 | 25,421,100 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Large Cap Growth Fund | — | 101,740,899 |
Net asset value of shares issued to shareholders in payment of distributions declared | 12,716,551 | 8,888,859 |
Cost of shares redeemed | (71,002,017) | (92,117,585) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (40,415,058) | 43,933,273 |
Change in net assets | (29,086,130) | 78,404,748 |
Net Assets: | ||
Beginning of period | 208,050,033 | 129,645,285 |
End of period | $178,963,903 | $208,050,033 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,605,196 | $101,740,899 | $9,990,130 | $117,706,237 | $219,447,136 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income (loss) | $(26,688) |
Net realized and unrealized gain on investments | 47,081,335 |
Net increase in net assets resulting from operations | $47,054,647 |
Other Service Fees Incurred | |
Class A Shares | $126,283 |
Class B Shares | 11,879 |
Class C Shares | 19,927 |
TOTAL | $158,089 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 359,475 | $9,413,784 | 448,019 | $9,256,462 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 703,729 | 14,926,094 |
Shares issued to shareholders in payment of distributions declared | 282,938 | 7,231,879 | 185,136 | 3,734,190 |
Shares redeemed | (386,924) | (10,177,063) | (836,434) | (17,393,596) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 255,489 | $6,468,600 | 500,450 | $10,523,150 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,212 | $208,988 | 18,918 | $376,860 |
Shares issued to shareholders in payment of distributions declared | 34,632 | 771,950 | 38,249 | 685,430 |
Shares redeemed | (82,582) | (1,898,335) | (296,608) | (5,312,408) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (38,738) | $(917,397) | (239,441) | $(4,250,118) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 104,728 | $2,332,237 | 137,996 | $2,411,329 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 18,359 | 337,996 |
Shares issued to shareholders in payment of distributions declared | 67,645 | 1,455,733 | 43,943 | 762,414 |
Shares redeemed | (111,493) | (2,457,251) | (209,547) | (3,655,507) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 60,880 | $1,330,719 | (9,249) | $(143,768) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 210,684 | $5,915,399 | 609,210 | $13,376,449 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 3,883,108 | 86,476,809 |
Shares issued to shareholders in payment of distributions declared | 120,229 | 3,256,989 | 174,603 | 3,706,825 |
Shares redeemed | (2,042,949) | (56,469,368) | (2,950,847) | (65,756,074) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,712,036) | $(47,296,980) | 1,716,074 | $37,804,009 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,434,405) | $(40,415,058) | 1,967,834 | $43,933,273 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $35,635 |
Class C Shares | 59,782 |
TOTAL | $95,417 |
Purchases | $32,212,911 |
Sales | $86,712,267 |
Beginning Account Value 8/1/2020 | Ending Account Value 1/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,142.40 | $5.35 |
Class B Shares | $1,000 | $1,137.90 | $9.38 |
Class C Shares | $1,000 | $1,138.20 | $9.38 |
Institutional Shares | $1,000 | $1,143.80 | $4.00 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.21 | $5.04 |
Class B Shares | $1,000 | $1,016.43 | $8.84 |
Class C Shares | $1,000 | $1,016.43 | $8.84 |
Institutional Shares | $1,000 | $1,021.48 | $3.77 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.99% |
Class B Shares | 1.74% |
Class C Shares | 1.74% |
Institutional Shares | 0.74% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Federated Hermes MDT Small Cap Core Fund
A Portfolio of Federated Hermes MDT Series
Sector Composition | Percentage of Total Net Assets |
Health Care | 20.7% |
Financials | 15.5% |
Information Technology | 15.2% |
Industrials | 15.1% |
Consumer Discretionary | 14.8% |
Real Estate | 5.3% |
Materials | 4.0% |
Consumer Staples | 2.7% |
Communication Services | 2.3% |
Energy | 1.7% |
Utilities | 1.7% |
Securities Lending Collateral2 | 1.7% |
Cash Equivalents3 | 1.4% |
Other Assets and Liabilities—Net4 | (2.1)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 99.0% | |||
Communication Services— 2.3% | |||
143,140 | 1,2 | AMC Networks, Inc. | $7,073,979 |
74,067 | 1 | CarGurus, Inc. | 2,166,460 |
230,538 | 1 | Cars.com, Inc. | 2,676,546 |
98,337 | 1 | Consolidated Communications Holdings, Inc. | 600,347 |
16,653 | 1 | Iridium Communications, Inc. | 820,493 |
174,685 | 1 | Yelp, Inc. | 5,692,984 |
TOTAL | 19,030,809 | ||
Consumer Discretionary— 14.8% | |||
191,988 | Abercrombie & Fitch Co., Class A | 4,429,163 | |
33,042 | 1 | Adient PLC | 1,066,926 |
354,304 | 1 | American Axle & Manufacturing Holdings, Inc. | 3,121,418 |
17,511 | 1 | American Public Education, Inc. | 503,967 |
22,652 | 1 | Asbury Automotive Group, Inc. | 3,230,402 |
37,214 | 2 | Bed Bath & Beyond, Inc. | 1,314,771 |
27,806 | Big Lots, Inc. | 1,659,462 | |
41,247 | Bloomin Brands, Inc. | 869,074 | |
36,443 | Bluegreen Vacations Holding Corp. | 477,039 | |
174,353 | 1 | Boyd Gaming Corp. | 7,873,781 |
112,567 | Brinker International, Inc. | 6,627,945 | |
181,481 | Camping World Holdings, Inc. | 6,199,391 | |
71,599 | 1 | CROCs, Inc. | 5,013,362 |
211,153 | 1 | G-III Apparel Group Ltd. | 5,709,577 |
15,803 | 1 | GrowGeneration Corp. | 682,532 |
51,076 | 1 | Installed Building Products, Inc. | 5,359,405 |
54,782 | Jack in the Box, Inc. | 5,157,177 | |
180,029 | Kontoor Brands, Inc. | 6,502,647 | |
76,156 | 1 | Magnite, Inc. | 2,638,044 |
41,404 | 1 | Michaels COS, Inc. | 641,762 |
323,241 | 1 | Modine Manufacturing Co. | 4,056,675 |
92,342 | Movado Group, Inc. | 1,907,786 | |
10,718 | Murphy USA, Inc. | 1,335,141 | |
57,086 | 1 | National Vision Holdings, Inc. | 2,647,078 |
62,693 | ODP Corp./The | 2,676,364 | |
109,013 | 1 | Perdoceo Education Corp. | 1,289,624 |
102,696 | Red Rock Resorts, Inc. | 2,411,302 | |
169,237 | Rent-A-Center, Inc. | 7,327,962 | |
21,550 | 1 | Shake Shack, Inc. | 2,444,201 |
56,685 | Shutterstock, Inc. | 3,683,958 | |
46,624 | Sonic Automotive, Inc. | 1,908,320 | |
116,505 | 1 | Sonos, Inc. | 3,046,606 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
21,617 | 1,2 | Stitch Fix, Inc. | $2,063,126 |
25,422 | Tupperware Brands Corp. | 764,694 | |
18,424 | 1,2 | Turtle Beach Corp. | 550,878 |
8,405 | 1 | Visteon Corp. | 1,071,469 |
91,647 | 1 | WW International, Inc. | 2,434,144 |
29,853 | 1,3 | XPEL, Inc. | 1,433,243 |
150,708 | 1 | YETI Holdings, Inc. | 9,919,601 |
TOTAL | 122,050,017 | ||
Consumer Staples— 2.7% | |||
121,712 | 2 | B&G Foods, Inc., Class A | 4,634,793 |
187,418 | 1 | BJ’s Wholesale Club Holdings, Inc. | 7,884,675 |
57,731 | 1 | Central Garden & Pet Co., Class A | 2,251,509 |
3,948 | Coca-Cola Bottling Co. | 1,053,563 | |
50,755 | 1 | elf Beauty, Inc. | 1,104,429 |
70,774 | 1 | Hostess Brands, Inc. | 1,086,381 |
23,116 | Ingles Markets, Inc., Class A | 1,099,397 | |
30,660 | Primo Water Corp. | 473,697 | |
67,693 | SpartanNash Co. | 1,253,674 | |
77,006 | Vector Group Ltd. | 904,051 | |
TOTAL | 21,746,169 | ||
Energy— 1.7% | |||
34,662 | 1 | Bonanza Creek Energy, Inc. | 716,117 |
111,305 | 1 | Gulf Island Fabrication, Inc. | 378,437 |
19,079 | Nabors Industries Ltd. | 1,362,622 | |
318,144 | 1 | Newpark Resources, Inc. | 760,364 |
370,978 | 1 | Oceaneering International, Inc. | 3,134,764 |
765,919 | 1 | Oil States International, Inc. | 4,289,146 |
66,376 | Ovintiv, Inc. | 1,046,086 | |
10,615 | 1 | PDC Energy, Inc. | 230,452 |
22,539 | 1 | Renewable Energy Group, Inc. | 2,019,494 |
TOTAL | 13,937,482 | ||
Financials— 15.5% | |||
29,171 | 1st Source Corp. | 1,147,879 | |
36,399 | Argo Group International Holdings Ltd. | 1,468,700 | |
221,738 | Artisan Partners Asset Management, Inc. | 10,732,119 | |
258,245 | Brightsphere Investment Group, Inc. | 4,733,631 | |
54,706 | 1 | BRP Group, Inc. | 1,269,726 |
104,723 | CNO Financial Group, Inc. | 2,221,175 | |
25,356 | Cowen Group, Inc. | 637,703 | |
29,902 | 1 | Customers Bancorp, Inc. | 664,422 |
100,997 | Donegal Group, Inc., Class A | 1,400,828 | |
48,387 | Employers Holdings, Inc. | 1,475,804 | |
58,451 | Financial Institutions, Inc. | 1,337,943 | |
437,904 | First BanCorp | 3,984,926 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
236,917 | First Bancorp, Inc. | $8,069,393 | |
145,788 | First Foundation, Inc. | 2,953,665 | |
61,577 | Flagstar Bancorp, Inc. | 2,638,575 | |
23,948 | 1 | Focus Financial Partners, Inc. | 1,139,446 |
19,613 | 1 | Goosehead Insurance, Inc. | 2,620,297 |
71,274 | 1 | Green Dot Corp. | 3,580,093 |
46,590 | Heartland Financial USA, Inc. | 1,987,529 | |
120,688 | HomeStreet, Inc. | 4,393,043 | |
110,084 | Horace Mann Educators Corp. | 4,311,990 | |
38,484 | Independent Bank Corp.- Michigan | 706,566 | |
707,766 | Investors Bancorp, Inc. | 8,146,387 | |
23,541 | Kinsale Capital Group, Inc. | 4,415,350 | |
130,181 | Live Oak Bancshares, Inc. | 5,191,618 | |
215,531 | Meridian Bancorp, Inc. | 3,265,295 | |
35,290 | 1 | Mr. Cooper Group, Inc. | 960,947 |
196,932 | Northwest Bancshares, Inc. | 2,510,883 | |
48,307 | Peapack-Gladstone Financial Corp. | 1,136,181 | |
41,539 | PJT Partners, Inc. | 2,865,776 | |
277,040 | ProAssurance Corp. | 5,078,143 | |
37,432 | PROG Holdings, Inc. | 1,766,042 | |
146,879 | QCR Holdings, Inc. | 5,695,968 | |
160,435 | Selective Insurance Group, Inc. | 10,425,066 | |
41,900 | TriCo Bancshares | 1,562,870 | |
88,689 | 1 | Triumph Bancorp, Inc. | 5,085,427 |
3,142 | 1 | Trupanion, Inc. | 352,532 |
21,310 | UMB Financial Corp. | 1,512,371 | |
135,296 | Waterstone Financial, Inc. | 2,498,917 | |
134,084 | Western New England Bancorp, Inc. | 859,479 | |
171,039 | 2 | WisdomTree Investments, Inc. | 912,493 |
TOTAL | 127,717,198 | ||
Health Care— 20.7% | |||
104,525 | 1,2 | Acorda Therapeutics, Inc. | 704,498 |
26,064 | 1 | AdaptHealth Corp. | 997,469 |
66,205 | 1,4 | Adeptus Health, Inc. | 0 |
96,407 | 1 | Amphastar Pharmaceuticals, Inc. | 1,752,679 |
78,125 | 1 | AnaptysBio, Inc. | 2,025,000 |
118,462 | 1 | ANI Pharmaceuticals, Inc. | 3,380,905 |
42,244 | 1 | Apellis Pharmaceuticals, Inc. | 1,870,142 |
14,545 | 1 | Arrowhead Pharmaceuticals, Inc. | 1,122,438 |
4,616 | 1 | Arvinas, Inc. | 348,231 |
57,188 | 1 | AxoGen, Inc. | 992,212 |
35,160 | 1,2 | Beam Therapeutics, Inc. | 3,390,479 |
37,616 | 1 | Blueprint Medicines Corp. | 3,639,348 |
76,194 | 1 | CareDx, Inc. | 5,823,507 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
47,130 | 1 | Castle Biosciences, Inc. | $3,149,698 |
239,793 | 1 | Catalyst Pharmaceutical Partners, Inc. | 872,847 |
18,533 | 1 | ChemoCentryx, Inc. | 1,056,566 |
190,305 | 1 | Community Health Systems, Inc. | 1,773,643 |
6,842 | CONMED Corp. | 765,620 | |
123,235 | 1 | Cytomx Therapeutics, Inc. | 851,554 |
62,853 | 1 | Denali Therapeutics, Inc. | 4,305,430 |
30,258 | 1 | Eagle Pharmaceuticals, Inc. | 1,412,141 |
16,017 | 1 | Emergent BioSolutions, Inc. | 1,711,416 |
43,485 | 1,2 | Evelo Biosciences, Inc. | 763,162 |
23,330 | 1 | Fate Therapeutics, Inc. | 2,114,398 |
19,290 | 1 | FibroGen, Inc. | 929,392 |
129,377 | 1 | GlycoMimetics, Inc. | 469,639 |
70,984 | 1 | Halozyme Therapeutics, Inc. | 3,378,129 |
12,215 | 1 | Health Catalyst, Inc. | 606,841 |
15,249 | 1 | Inogen, Inc. | 746,134 |
32,880 | 1 | Inspire Medical Systems, Inc. | 6,625,649 |
72,829 | 1 | Intellia Therapeutics, Inc. | 4,560,552 |
148,250 | 1 | Ironwood Pharmaceuticals, Inc. | 1,515,115 |
6,365 | 1 | Karuna Therapeutics, Inc. | 631,599 |
10,952 | 1 | Keros Therapeutics, Inc. | 624,812 |
29,359 | 1 | Kodiak Sciences, Inc. | 3,708,335 |
103,522 | 1 | Kura Oncology, Inc. | 3,100,484 |
90,347 | 1,2 | Lannett Co., Inc. | 700,189 |
13,841 | LeMaitre Vascular, Inc. | 665,198 | |
4,428 | 1,2 | Ligand Pharmaceuticals, Inc., Class B | 820,730 |
18,288 | 1 | Mirati Therapeutics, Inc. | 3,755,075 |
10,440 | 1 | NanoString Technologies, Inc. | 731,113 |
22,175 | 1 | Natera, Inc. | 2,364,742 |
137,024 | 1 | Ocular Therapeutix, Inc. | 2,486,986 |
17,468 | 1 | Omnicell, Inc. | 2,057,730 |
35,714 | 1 | OptimizeRX Corp. | 1,612,130 |
26,384 | 1 | Organogenesis Holdings, Inc. | 275,977 |
20,181 | 1 | Orthofix Medical, Inc. | 815,514 |
19,992 | Owens & Minor, Inc. | 581,367 | |
140,811 | 1 | Pacific Biosciences of California, Inc. | 4,555,236 |
60,025 | 1 | Pacira BioSciences, Inc. | 3,966,452 |
15,215 | Patterson Cos., Inc. | 482,011 | |
39,189 | 1 | Pennant Group, Inc./The | 2,107,193 |
30,754 | 1 | Personalis, Inc. | 1,183,106 |
110,179 | 1 | Phreesia, Inc. | 7,193,587 |
22,379 | 1 | Prestige Consumer Healthcare, Inc. | 895,160 |
19,522 | 1 | Progyny, Inc. | 913,044 |
7,682 | 1 | PTC Therapeutics, Inc. | 444,173 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
113,734 | 1 | Puma Biotechnology, Inc. | $1,335,237 |
40,306 | 1 | Relay Therapeutics, Inc. | 1,998,371 |
194,091 | 1 | Select Medical Holdings Corp. | 4,988,139 |
20,937 | 1 | Seres Therapeutics, Inc. | 497,254 |
97,838 | 1 | Shockwave Medical, Inc. | 11,353,122 |
134,353 | 1 | SI-BONE, Inc. | 3,933,856 |
31,766 | 1 | SpringWorks Therapeutics, Inc. | 2,646,425 |
21,281 | 1 | Stoke Therapeutics, Inc. | 1,299,843 |
54,107 | 1 | Supernus Pharmaceuticals, Inc. | 1,590,205 |
73,714 | 1 | Surgery Partners, Inc. | 2,748,058 |
63,221 | 1 | Sutro Biopharma, Inc. | 1,400,345 |
8,085 | 1 | Syneos Health, Inc. | 601,120 |
57,961 | 1 | TCR2 Therapeutics, Inc. | 1,491,337 |
25,673 | 1 | Tenet Healthcare Corp. | 1,213,563 |
13,196 | 1 | The Joint Corp. | 429,266 |
64,598 | 1 | Translate Bio, Inc. | 1,542,600 |
145,926 | 1 | Travere Therapeutics, Inc. | 3,684,631 |
34,020 | 1 | Turning Point Therapeutics, Inc. | 4,269,170 |
241,136 | 1 | Vanda Pharmaceuticals, Inc. | 3,457,890 |
32,653 | 1 | Vericel Corp. | 1,347,589 |
114,709 | 1 | Vocera Communications, Inc. | 5,041,461 |
121,584 | 1 | Voyager Therapeutics, Inc. | 917,959 |
33,049 | 1 | Xencor, Inc. | 1,511,992 |
15,193 | 1 | Y-mAbs Therapeutics, Inc. | 638,258 |
TOTAL | 170,264,468 | ||
Industrials— 15.1% | |||
104,758 | Advanced Drainage System, Inc. | 8,640,440 | |
201,619 | Apogee Enterprises, Inc. | 7,076,827 | |
26,251 | ArcBest Corp. | 1,216,734 | |
325,519 | 1 | Astronics Corp. | 4,055,967 |
94,219 | 1 | Atkore International Group, Inc. | 4,179,555 |
118,704 | 1 | Atlas Air Worldwide Holdings, Inc. | 6,151,241 |
14,427 | 1 | Bloom Energy Corp. | 503,647 |
123,730 | Boise Cascade Co. | 5,893,260 | |
66,154 | 1 | Builders Firstsource, Inc. | 2,530,391 |
238,411 | 1 | CECO Environmental Corp. | 1,652,188 |
284,514 | Costamare, Inc. | 2,276,112 | |
164,541 | 1 | Echo Global Logistics, Inc. | 4,332,365 |
46,464 | Exponent, Inc. | 3,836,997 | |
87,771 | 1 | Franklin Covey Co. | 2,110,893 |
112,128 | 1 | Fuelcell Energy, Inc. | 2,327,777 |
147,169 | 1 | GMS, Inc. | 4,266,429 |
69,230 | 1 | Great Lakes Dredge & Dock Corp. | 943,605 |
36,625 | Heidrick & Struggles International, Inc. | 1,067,985 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
33,816 | Helios Technologies, Inc. | $1,844,663 | |
114,917 | Hillenbrand, Inc. | 4,723,089 | |
81,951 | Hurco Co., Inc. | 2,410,998 | |
28,596 | KAR Auction Services, Inc. | 527,882 | |
246,857 | 1 | Mistras Group, Inc. | 1,705,782 |
271,687 | 1 | MRC Global, Inc. | 1,877,357 |
82,537 | 1 | MYR Group, Inc. | 4,589,883 |
197,808 | 1 | Now, Inc. | 1,639,828 |
127,589 | 1 | Plug Power, Inc. | 8,059,797 |
81,298 | Powell Industries, Inc. | 2,330,814 | |
114,566 | Primoris Services Corp. | 3,334,443 | |
16,420 | 1 | Resideo Technologies, Inc. | 379,302 |
127,307 | Rexnord Corp. | 4,819,843 | |
6,832 | Tennant Co. | 462,868 | |
17,532 | The Shyft Group, Inc. | 529,466 | |
191,908 | 1 | Titan Machinery, Inc. | 4,087,640 |
173,766 | 1 | TriNet Group, Inc. | 12,877,798 |
54,708 | Triton International Ltd. | 2,535,169 | |
38,433 | 1 | Upwork, Inc. | 1,593,048 |
43,391 | 1 | Veritiv Corp. | 794,923 |
6,002 | Werner Enterprises, Inc. | 235,518 | |
TOTAL | 124,422,524 | ||
Information Technology— 15.2% | |||
10,926 | 1 | 3D Systems Corp. | 388,310 |
26,487 | 1 | Ambarella, Inc. | 2,499,313 |
79,092 | Amkor Technology, Inc. | 1,227,508 | |
5,701 | 1 | Appian Corp. | 1,245,440 |
144,896 | 1 | Avaya Holdings Corp. | 3,222,487 |
58,105 | 1 | Axcelis Technologies, Inc. | 1,989,515 |
7,451 | 1 | Blackline, Inc. | 965,799 |
7,495 | 1 | Cerence, Inc. | 838,765 |
69,177 | Cohu, Inc. | 2,814,120 | |
173,302 | 1 | Commvault Systems, Inc. | 10,879,900 |
542,003 | 1 | Conduent, Inc. | 2,612,455 |
71,447 | 1 | Domo, Inc. | 4,529,025 |
13,813 | 1 | Envestnet, Inc. | 1,059,872 |
174,683 | Evertec, Inc. | 6,061,500 | |
106,772 | 1 | Evo Payments, Inc. | 2,451,485 |
45,274 | 1 | Exlservice Holding, Inc. | 3,471,610 |
88,727 | 1 | FormFactor, Inc. | 3,626,273 |
21,508 | 1,2 | Intelligent Systems Corp. | 870,859 |
30,035 | 1 | International Money Express, Inc. | 428,900 |
61,034 | 1 | j2 Global, Inc. | 6,264,530 |
163,796 | 1 | MA-COM Technology Solutions Holdings, Inc. | 9,313,441 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
43,548 | ManTech International Corp., Class A | $3,905,820 | |
48,434 | 1 | MaxLinear, Inc. | 1,520,343 |
77,924 | 1 | NeoPhotonics Corp. | 868,073 |
13,244 | 1 | Netgear, Inc. | 548,169 |
16,775 | 1 | OSI Systems, Inc. | 1,510,086 |
21,865 | Perspecta, Inc. | 632,992 | |
62,468 | Plantronics, Inc. | 1,981,485 | |
20,550 | 1 | Qualys, Inc. | 2,845,559 |
6,675 | 1 | Rapid7, Inc. | 579,524 |
156,425 | 1 | SailPoint Technologies Holding | 8,651,867 |
136,248 | 1 | Secureworks Corp. | 1,885,672 |
32,927 | 1 | Sitime Corp. | 4,018,740 |
77,987 | 1 | SPS Commerce, Inc. | 7,712,134 |
22,379 | 1,2 | SunPower Corp. | 1,208,690 |
166,525 | 1,2 | Synchronoss Technologies, Inc. | 839,286 |
71,511 | 1 | Tenable Holdings, Inc. | 3,539,079 |
32,780 | TTEC Holdings, Inc. | 2,477,512 | |
54,268 | 1 | Varonis Systems, Inc. | 9,592,954 |
41,241 | 1 | Workiva, Inc. | 4,019,760 |
TOTAL | 125,098,852 | ||
Materials— 4.0% | |||
372,278 | 1 | Alcoa Corp. | 6,701,004 |
13,175 | 1 | Arconic Corp. | 332,010 |
18,890 | 1 | Clearwater Paper Corp. | 719,331 |
43,191 | Cleveland-Cliffs, Inc. | 662,550 | |
130,790 | Commercial Metals Corp. | 2,575,255 | |
140,758 | Domtar, Corp. | 4,218,517 | |
58,434 | Fuller (H.B.) Co. | 2,973,706 | |
14,268 | Haynes International, Inc. | 330,875 | |
67,665 | 1 | Koppers Holdings, Inc. | 2,251,891 |
155,575 | Myers Industries, Inc. | 3,119,279 | |
131,775 | O-I Glass, Inc. | 1,665,636 | |
53,805 | 1 | Ryerson Holding Corp. | 663,954 |
178,898 | SunCoke Energy, Inc. | 881,967 | |
114,257 | Trinseo SA | 5,807,684 | |
TOTAL | 32,903,659 | ||
Real Estate— 5.3% | |||
38,011 | CareTrust REIT, Inc. | 853,727 | |
100,602 | 2 | CorEnergy Infrastructure Trust, Inc. | 906,424 |
87,712 | Easterly Government Properties, Inc. | 1,925,278 | |
19,591 | 1 | eXp World Holdings, Inc. | 2,088,205 |
489,041 | Independence Realty Trust | 6,494,465 | |
8,208 | 2 | Innovative Industrial Properties, Inc. | 1,535,881 |
50,305 | LTC Properties, Inc. | 1,943,785 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
42,230 | 2 | Macerich Co. (The) | $663,011 |
17,888 | Physicians Realty Trust | 315,365 | |
97,502 | PotlatchDeltic Corp. | 4,656,696 | |
54,884 | 1 | Redfin Corp. | 3,908,290 |
240,253 | RMR Group, Inc./The | 8,860,531 | |
296,791 | Sabra Health Care REIT, Inc. | 4,983,121 | |
16,361 | Terreno Realty Corp. | 925,705 | |
238,416 | Uniti Group, Inc. | 2,934,901 | |
69,093 | Whitestone Project | 538,925 | |
TOTAL | 43,534,310 | ||
Utilities— 1.7% | |||
7,773 | Chesapeake Utilities Corp. | 788,415 | |
163,384 | Clearway Energy, Inc. | 4,710,361 | |
52,824 | Consolidated Water Co. | 669,280 | |
128,037 | Portland General Electric Co. | 5,414,685 | |
17,401 | Southwest Gas Holdings, Inc. | 1,043,364 | |
26,579 | 1 | Sunnova Energy International, Inc. | 1,165,489 |
TOTAL | 13,791,594 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $652,653,008) | 814,497,082 | ||
INVESTMENT COMPANIES— 3.1% | |||
10,643,650 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%5 | 10,643,650 | |
14,821,257 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%5 | 14,824,740 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $25,467,648) | 25,468,390 | ||
TOTAL INVESTMENT IN SECURITIES—102.1% (IDENTIFIED COST $678,120,656)6 | 839,965,472 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.1)%7 | (16,987,996) | ||
TOTAL NET ASSETS—100% | $822,977,476 |
Value as of 7/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Health Care: | |||
Acorda Therapeutics, Inc. | $394,351 | $— | $— |
Amphastar Pharmaceuticals, Inc. | $1,702,621 | $229,700 | $— |
AnaptysBio, Inc.** | $4,555,051 | $— | $(4,728,045) |
International Money Express, Inc. | $— | $467,657 | $— |
Affiliated issuers no longer in the portfolio at period end | $18,995,525 | $470,460 | $(19,175,722) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $25,647,548 | $1,167,817 | $(23,903,767) |
Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 1/31/2021 | Shares Held as of 1/31/2021 | Dividend Income* |
$310,195 | $(48) | $704,498 | 104,525 | $— |
$(179,642) | $— | $1,752,679 | 96,407 | $— |
$543,090 | $1,654,904 | $2,025,000 | 78,125 | $— |
$(38,757) | $— | $428,900 | 30,035 | $— |
$(8,418,380) | $8,128,117 | $— | — | $145,130 |
$(7,783,494) | $9,782,973 | $4,911,077 | 309,092 | $145,130 |
* | A portion of the amount shown was recorded prior to the Fund having ownership of at least 5% of the voting shares. |
** | At January 31, 2021, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 7/31/2020 | $31,624,077 | $44,520,839 | $76,144,916 |
Purchases at Cost | $76,045,416 | $148,226,428 | $224,271,844 |
Proceeds from Sales | $(97,025,843) | $(177,913,648) | $(274,939,491) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(1,436) | $(1,436) |
Net Realized Gain/(Loss) | N/A | $(7,443) | $(7,443) |
Value as of 1/31/2021 | $10,643,650 | $14,824,740 | $25,468,390 |
Shares Held as of 1/31/2021 | 10,643,650 | 14,821,257 | 25,464,907 |
Dividend Income | $6,664 | $25,052 | $31,716 |
* | 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 | 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 January 31, 2021, these restricted securities amounted to $1,433,243, which represented 0.2% of total net assets. |
4 | 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”). |
5 | 7-day net yield. |
6 | Also represents cost of investments for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $796,337,579 | $— | $0 | $796,337,579 |
International | 18,159,503 | — | — | 18,159,503 |
Investment Companies | 25,468,390 | — | — | 25,468,390 |
TOTAL SECURITIES | $839,965,472 | $— | $0 | $839,965,472 |
The following acronym(s) are used throughout this portfolio: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $17.19 | $18.87 | $21.19 | $18.69 | $15.08 | $15.66 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.04 | 0.01 | (0.01) | (0.02) | 0.03 |
Net realized and unrealized gain (loss) | 5.76 | (1.68) | (1.70) | 3.38 | 3.78 | 1.02 |
Total From Investment Operations | 5.78 | (1.64) | (1.69) | 3.37 | 3.76 | 1.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (0.04) | — | — | — | — |
Distributions from net realized gain | — | — | (0.63) | (0.87) | (0.15) | (1.63) |
Total Distributions | (0.05) | (0.04) | (0.63) | (0.87) | (0.15) | (1.63) |
Net Asset Value, End of Period | $22.92 | $17.19 | $18.87 | $21.19 | $18.69 | $15.08 |
Total Return2 | 33.63% | (8.71)% | (7.69)% | 18.49% | 24.97% | 7.90% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.14% | 1.14% | 1.13% |
Net investment income | 0.20%4 | 0.24% | 0.07% | (0.06)% | (0.13)% | 0.19% |
Expense waiver/reimbursement5 | 0.27%4 | 0.31% | 0.22% | 0.37% | 0.55% | 1.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $88,153 | $78,347 | $68,546 | $74,396 | $37,031 | $13,035 |
Portfolio turnover | 67% | 223% | 121% | 88% | 91% | 189% |
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. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $15.03 | $16.58 | $18.84 | $16.83 | $13.70 | $14.48 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.08) | (0.12) | (0.14) | (0.14) | (0.07) |
Net realized and unrealized gain (loss) | 5.02 | (1.47) | (1.51) | 3.02 | 3.42 | 0.92 |
Total From Investment Operations | 4.97 | (1.55) | (1.63) | 2.88 | 3.28 | 0.85 |
Less Distributions: | ||||||
Distributions from net realized gain | — | — | (0.63) | (0.87) | (0.15) | (1.63) |
Net Asset Value, End of Period | $20.00 | $15.03 | $16.58 | $18.84 | $16.83 | $13.70 |
Total Return2 | 33.07% | (9.35)% | (8.35)% | 17.60% | 23.98% | 7.12% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.88%4 | 1.88% | 1.88% | 1.89% | 1.89% | 1.88% |
Net investment income (loss) | (0.55)%4 | (0.51)% | (0.69)% | (0.81)% | (0.89)% | (0.56)% |
Expense waiver/reimbursement5 | 0.21%4 | 0.23% | 0.28% | 0.38% | 0.57% | 1.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,028 | $22,720 | $28,411 | $30,072 | $15,223 | $3,422 |
Portfolio turnover | 67% | 223% | 121% | 88% | 91% | 189% |
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. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 | $16.04 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | 0.09 | 0.06 | 0.03 | 0.02 | 0.06 |
Net realized and unrealized gain (loss) | 5.97 | (1.74) | (1.76) | 3.50 | 3.90 | 1.07 |
Total From Investment Operations | 6.02 | (1.65) | (1.70) | 3.53 | 3.92 | 1.13 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.07) | (0.02) | (0.02) | — | — |
Distributions from net realized gain | — | — | (0.63) | (0.87) | (0.16) | (1.63) |
Total Distributions | (0.10) | (0.07) | (0.65) | (0.89) | (0.16) | (1.63) |
Net Asset Value, End of Period | $23.79 | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 |
Total Return2 | 33.71% | (8.45)% | (7.45)% | 18.78% | 25.24% | 8.24% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.89% | 0.89% | 0.88% |
Net investment income | 0.44%4 | 0.49% | 0.31% | 0.13% | 0.10% | 0.43% |
Expense waiver/reimbursement5 | 0.17%4 | 0.18% | 0.22% | 0.34% | 0.53% | 1.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $660,452 | $574,041 | $842,221 | $708,805 | $179,219 | $24,529 |
Portfolio turnover | 67% | 223% | 121% | 88% | 91% | 189% |
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. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | Period Ended 7/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 | $13.88 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | 0.05 | 0.09 | 0.06 | 0.02 | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | 5.98 | (1.74) | (1.76) | 3.51 | 3.91 | 1.67 |
Total From Investment Operations | 6.03 | (1.65) | (1.70) | 3.53 | 3.92 | 1.66 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.07) | (0.02) | (0.02) | — | — |
Distributions from net realized gain | — | — | (0.63) | (0.87) | (0.16) | — |
Total Distributions | (0.10) | (0.07) | (0.65) | (0.89) | (0.16) | — |
Net Asset Value, End of Period | $23.80 | $17.87 | $19.59 | $21.94 | $19.30 | $15.54 |
Total Return3 | 33.77% | (8.44)% | (7.45)% | 18.78% | 25.24% | 11.96% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.87%5 | 0.87% | 0.87% | 0.88% | 0.88% | 0.87%5 |
Net investment income (loss) | 0.48%5 | 0.49% | 0.32% | 0.08% | 0.04% | (0.04)%5 |
Expense waiver/reimbursement6 | 0.09%5 | 0.08% | 0.12% | 0.26% | 0.41% | 0.97%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $49,345 | $47,631 | $33,753 | $13,374 | $1,017 | $07 |
Portfolio turnover | 67% | 223% | 121% | 88% | 91% | 189%8 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
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 | Represents less than $1,000. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended July 31, 2016. |
Assets: | |
Investment in securities, at value including $13,370,559 of securities loaned and $25,468,390 of investment in affiliated holdings and $4,911,077 of investment in affiliated companies* (identified cost $678,120,656) | $839,965,472 |
Cash | 459,758 |
Income receivable | 275,350 |
Income receivable from affiliated holdings | 774 |
Receivable for shares sold | 1,309,266 |
Total Assets | 842,010,620 |
Liabilities: | |
Payable for investments purchased | 459,723 |
Payable for shares redeemed | 4,105,192 |
Payable for collateral due to broker for securities lending | 14,063,650 |
Payable for investment adviser fee (Note 5) | 50,286 |
Payable for administrative fee (Note 5) | 5,419 |
Payable for distribution services fee (Note 5) | 16,695 |
Payable for other service fees (Notes 2 and 5) | 45,889 |
Accrued expenses (Note 5) | 286,290 |
Total Liabilities | 19,033,144 |
Net assets for 34,927,105 shares outstanding | $822,977,476 |
Net Assets Consist of: | |
Paid-in capital | $671,333,131 |
Total distributable earnings (loss) | 151,644,345 |
Total Net Assets | $822,977,476 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($88,152,582 ÷ 3,846,161 shares outstanding), no par value, unlimited shares authorized | $22.92 |
Offering price per share (100/94.50 of $22.92) | $24.25 |
Redemption proceeds per share | $22.92 |
Class C Shares: | |
Net asset value per share ($25,027,543 ÷ 1,251,497 shares outstanding), no par value, unlimited shares authorized | $20.00 |
Offering price per share | $20.00 |
Redemption proceeds per share (99.00/100 of $20.00) | $19.80 |
Institutional Shares: | |
Net asset value per share ($660,451,896 ÷ 27,756,293 shares outstanding), no par value, unlimited shares authorized | $23.79 |
Offering price per share | $23.79 |
Redemption proceeds per share | $23.79 |
Class R6 Shares: | |
Net asset value per share ($49,345,455 ÷ 2,073,154 shares outstanding), no par value, unlimited shares authorized | $23.80 |
Offering price per share | $23.80 |
Redemption proceeds per share | $23.80 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $153,447 received from affiliated companies and holdings* and net of foreign taxes withheld of $5,797) | $4,798,386 |
Net income on securities loaned (includes $23,399 earned from affiliated holdings* related to cash collateral balances) (Note 2) | 244,037 |
TOTAL INCOME | 5,042,423 |
Expenses: | |
Investment adviser fee (Note 5) | 3,035,496 |
Administrative fee (Note 5) | 296,644 |
Custodian fees | 64,196 |
Transfer agent fees (Note 2) | 438,430 |
Directors’/Trustees’ fees (Note 5) | 2,335 |
Auditing fees | 17,079 |
Legal fees | 5,049 |
Portfolio accounting fees | 73,995 |
Distribution services fee (Note 5) | 87,429 |
Other service fees (Notes 2 and 5) | 132,467 |
Share registration costs | 43,937 |
Printing and postage | 41,090 |
Miscellaneous (Note 5) | 19,462 |
TOTAL EXPENSES | 4,257,609 |
Waiver and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (340,906) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (339,114) |
TOTAL WAIVER AND REIMBURSEMENT | (680,020) |
Net expenses | 3,577,589 |
Net investment income | 1,464,834 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $9,775,530 on sales of investments in affiliated companies and holdings*) | 107,726,415 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(7,784,930) of investments in affiliated companies and holdings*) | 108,584,101 |
Net realized and unrealized gain (loss) on investments | 216,310,516 |
Change in net assets resulting from operations | $217,775,350 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended 7/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $1,464,834 | $3,688,491 |
Net realized gain (loss) | 107,726,415 | (93,227,069) |
Net change in unrealized appreciation/depreciation | 108,584,101 | (25,083,286) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 217,775,350 | (114,621,864) |
Distributions to Shareholders: | ||
Class A Shares | (196,391) | (241,559) |
Institutional Shares | (2,867,383) | (3,139,873) |
Class R6 Shares | (226,555) | (217,595) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,290,329) | (3,599,027) |
Share Transactions: | ||
Proceeds from sale of shares | 85,669,244 | 332,219,364 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | 244,171,911 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,877,418 | 3,176,105 |
Cost of shares redeemed | (202,792,583) | (711,539,671) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (114,245,921) | (131,972,291) |
Change in net assets | 100,239,100 | (250,193,182) |
Net Assets: | ||
Beginning of period | 722,738,376 | 972,931,558 |
End of period | $822,977,476 | $722,738,376 |
PNC Fund | Share Class Exchanged | Fund Shares Received |
Multi-Factor Small Cap Core Fund | A | 1.172 Class A Shares |
C | 1.333 Class C Shares | |
I | 1.137 Institutional Shares | |
R6 | 1.135 Institutional Shares | |
Multi-Factor Small Cap Value Fund | A | 1.042 Class A Shares |
C | 1.039 Class C Shares | |
I | 1.102 Institutional Shares | |
Small Cap Fund | A | 0.494 Class A Shares |
C | 0.391 Class C Shares | |
I | 0.529 Institutional Shares |
Shares of the Fund Issued | Acquired Funds’ Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
12,798,626 | $244,171,911 | $71,610,835 | $881,235,561 | $1,125,407,472 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income | $4,044,354 |
Net realized and unrealized gain (loss) on investments | (123,022,814) |
Net decrease in net assets resulting from operations | $(118,978,460) |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $89,913 | $(77,779) |
Class C Shares | 18,471 | (13,889) |
Institutional Shares | 325,946 | (247,446) |
Class R6 Shares | 4,100 | — |
TOTAL | $438,430 | $(339,114) |
Other Service Fees Incurred | |
Class A Shares | $104,855 |
Class C Shares | 27,612 |
TOTAL | $132,467 |
Market Value of Securities Loaned | Collateral Received |
$13,370,559 | $14,063,650 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 266,587 | $5,232,286 | 1,048,052 | $17,685,551 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 3,213,962 | 59,940,394 |
Shares issued to shareholders in payment of distributions declared | 7,630 | 172,214 | 11,235 | 216,722 |
Shares redeemed | (984,709) | (19,987,247) | (3,349,156) | (57,418,270) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (710,492) | $(14,582,747) | 924,093 | $20,424,397 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,732 | $1,056,764 | 212,811 | $3,235,458 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 474,115 | 7,751,772 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (320,220) | (5,301,696) | (888,543) | (13,324,178) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (260,488) | $(4,244,932) | (201,617) | $(2,336,948) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,411,903 | $73,343,555 | 16,340,991 | $281,920,986 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 8,269,174 | 160,173,907 |
Shares issued to shareholders in payment of distributions declared | 107,874 | 2,526,411 | 140,423 | 2,809,864 |
Shares redeemed | (7,893,204) | (158,643,709) | (35,614,006) | (613,866,572) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (4,373,427) | $(82,773,743) | (10,863,418) | $(168,961,815) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 304,802 | $6,036,639 | 1,624,311 | $29,377,369 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | — | — | 841,375 | 16,305,838 |
Shares issued to shareholders in payment of distributions declared | 7,631 | 178,793 | 7,469 | 149,519 |
Shares redeemed | (904,349) | (18,859,931) | (1,530,700) | (26,930,651) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (591,916) | $(12,644,499) | 942,455 | $18,902,075 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (5,936,323) | $(114,245,921) | (9,198,487) | $(131,972,291) |
Short-Term | Long-Term | Total |
$71,706,011 | $15,424,466 | $87,130,477 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $87,429 |
Purchases | $485,514,899 |
Sales | $604,577,434 |
Beginning Account Value 8/1/2020 | Ending Account Value 1/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,336.30 | $6.65 |
Class C Shares | $1,000 | $1,330.70 | $11.04 |
Institutional Shares | $1,000 | $1,337.10 | $5.18 |
Class R6 Shares | $1,000 | $1,337.70 | $5.13 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.73 | $9.55 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
Share Class | Ticker | A | QASGX | C | QCSGX | Institutional | QISGX | R6 | QLSGX |
Federated Hermes MDT Small Cap Growth Fund
A Portfolio of Federated Hermes MDT Series
Sector Composition | Percentage of Total Net Assets |
Health Care | 33.9% |
Information Technology | 21.6% |
Consumer Discretionary | 14.1% |
Industrials | 13.1% |
Financials | 4.7% |
Real Estate | 3.6% |
Consumer Staples | 2.3% |
Materials | 2.2% |
Communication Services | 2.1% |
Utilities | 0.5% |
Energy | 0.2% |
Securities Lending Collateral2 | 2.8% |
Cash Equivalents3 | 1.7% |
Other Assets and Liabilities—Net4 | (2.8)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.3% | |||
Communication Services— 2.1% | |||
49,283 | 1,2 | AMC Networks, Inc. | $2,435,566 |
141,624 | 1 | CarGurus, Inc. | 4,142,502 |
277,749 | 1 | Cars.com, Inc. | 3,224,666 |
28,902 | 1 | Iridium Communications, Inc. | 1,424,001 |
7,490 | Shenandoah Telecommunications Co. | 291,136 | |
21,938 | 1 | TechTarget, Inc. | 1,638,769 |
137,268 | 1 | Yelp, Inc. | 4,473,564 |
TOTAL | 17,630,204 | ||
Consumer Discretionary— 14.1% | |||
12,827 | 1 | Asbury Automotive Group, Inc. | 1,829,258 |
62,221 | Big Lots, Inc. | 3,713,349 | |
13,852 | Bloomin Brands, Inc. | 291,862 | |
83,401 | Brinker International, Inc. | 4,910,651 | |
153,672 | Camping World Holdings, Inc. | 5,249,436 | |
97,565 | 1 | CROCs, Inc. | 6,831,501 |
11,288 | 1 | Deckers Outdoor Corp. | 3,295,870 |
44,954 | 1 | GrowGeneration Corp. | 1,941,563 |
3,951 | 1 | Helen of Troy Ltd. | 965,032 |
58,260 | 1 | Installed Building Products, Inc. | 6,113,222 |
55,099 | Jack in the Box, Inc. | 5,187,020 | |
41,804 | 1 | Lovesac Co./The | 2,363,598 |
155,225 | 1 | Magnite, Inc. | 5,376,994 |
43,614 | Murphy USA, Inc. | 5,432,996 | |
79,558 | 1 | National Vision Holdings, Inc. | 3,689,104 |
12,678 | Papa Johns International, Inc. | 1,296,706 | |
161,350 | 1 | Perdoceo Education Corp. | 1,908,770 |
46,989 | 1 | Purple Innovation, Inc. | 1,599,506 |
103,874 | Red Rock Resorts, Inc. | 2,438,962 | |
129,029 | Rent-A-Center, Inc. | 5,586,956 | |
6,578 | 1,2 | RH | 3,126,918 |
42,188 | 1 | Shake Shack, Inc. | 4,784,963 |
120,626 | Shutterstock, Inc. | 7,839,484 | |
164,519 | 1 | Sonos, Inc. | 4,302,172 |
40,528 | 1 | Stitch Fix, Inc. | 3,867,992 |
8,857 | 1 | TopBuild Corp. | 1,770,957 |
45,267 | 1 | Visteon Corp. | 5,770,637 |
6,078 | Wingstop, Inc. | 912,004 | |
110,001 | 1 | WW International, Inc. | 2,921,627 |
53,143 | 1,3 | XPEL, Inc. | 2,551,395 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
197,395 | 1 | YETI Holdings, Inc. | $12,992,539 |
TOTAL | 120,863,044 | ||
Consumer Staples— 2.3% | |||
138,202 | 2 | B&G Foods, Inc., Class A | 5,262,732 |
275,446 | 1 | BJ’s Wholesale Club Holdings, Inc. | 11,588,013 |
35,273 | 1 | Central Garden & Pet Co., Class A | 1,375,647 |
36,315 | 1 | Hostess Brands, Inc. | 557,435 |
8,171 | 1 | National Beverage Corp. | 1,238,234 |
TOTAL | 20,022,061 | ||
Energy— 0.2% | |||
177,163 | 1 | Magnolia Oil & Gas Corp. | 1,500,571 |
46,048 | 1 | Propetro Holding Corp. | 367,923 |
TOTAL | 1,868,494 | ||
Financials— 4.7% | |||
193,704 | Artisan Partners Asset Management, Inc. | 9,375,274 | |
143,416 | Brightsphere Investment Group, Inc. | 2,628,815 | |
71,905 | 1 | BRP Group, Inc. | 1,668,915 |
24,541 | CNB Financial Corp. | 516,097 | |
33,646 | Cowen Group, Inc. | 846,197 | |
13,778 | 1 | Focus Financial Partners, Inc. | 655,557 |
21,371 | 1 | Goosehead Insurance, Inc. | 2,855,166 |
57,139 | 1 | Green Dot Corp. | 2,870,092 |
33,350 | Guaranty Bancshares, Inc. | 1,113,223 | |
31,018 | Houlihan Lokey, Inc. | 2,011,517 | |
24,979 | Kinsale Capital Group, Inc. | 4,685,061 | |
5,047 | Moelis & Co. | 250,886 | |
44,871 | PJT Partners, Inc. | 3,095,650 | |
79,378 | Selective Insurance Group, Inc. | 5,157,983 | |
20,823 | 1 | Trupanion, Inc. | 2,336,341 |
TOTAL | 40,066,774 | ||
Health Care— 33.9% | |||
31,832 | 1 | 1Life Healthcare, Inc. | 1,610,699 |
75,234 | 1,2 | Acer Therapeutics, Inc. | 274,604 |
35,063 | 1 | AdaptHealth Corp. | 1,341,861 |
22,575 | 1 | Addus Homecare Corp. | 2,540,816 |
51,904 | 1,4 | Adeptus Health, Inc. | 0 |
15,971 | 1 | Allakos, Inc. | 2,129,413 |
49,423 | 1 | Amicus Therapeutics, Inc. | 934,589 |
76,991 | 1 | Amneal Pharmaceuticals, Inc. | 370,327 |
33,798 | 1 | Amphastar Pharmaceuticals, Inc. | 614,448 |
145,874 | 1 | AnaptysBio, Inc. | 3,781,054 |
131,628 | 1 | ANI Pharmaceuticals, Inc. | 3,756,663 |
82,844 | 1 | Apellis Pharmaceuticals, Inc. | 3,667,504 |
48,107 | 1 | Arcus Biosciences, Inc. | 1,670,756 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
61,564 | 1 | Arrowhead Pharmaceuticals, Inc. | $4,750,894 |
8,560 | 1 | Arvinas, Inc. | 645,766 |
46,450 | 1 | AxoGen, Inc. | 805,907 |
59,685 | 1,2 | Beam Therapeutics, Inc. | 5,755,425 |
29,351 | 1 | BioCryst Pharmaceuticals, Inc. | 250,070 |
69,351 | 1 | Blueprint Medicines Corp. | 6,709,709 |
113,932 | 1 | CareDx, Inc. | 8,707,823 |
74,953 | 1 | Castle Biosciences, Inc. | 5,009,109 |
373,362 | 1 | Catalyst Pharmaceutical Partners, Inc. | 1,359,038 |
35,410 | 1 | ChemoCentryx, Inc. | 2,018,724 |
281,779 | 1 | Cross Country Healthcare, Inc. | 2,468,384 |
223,579 | 1 | Cytomx Therapeutics, Inc. | 1,544,931 |
7,173 | 1 | Deciphera Pharmaceuticals, Inc. | 317,047 |
88,003 | 1 | Denali Therapeutics, Inc. | 6,028,205 |
63,173 | 1 | Eagle Pharmaceuticals, Inc. | 2,948,284 |
40,045 | 1 | Emergent BioSolutions, Inc. | 4,278,808 |
26,993 | 1 | Enanta Pharmaceuticals, Inc. | 1,297,284 |
56,344 | Ensign Group, Inc. | 4,410,608 | |
26,732 | 1,2 | Evelo Biosciences, Inc. | 469,147 |
53,624 | 1 | Fate Therapeutics, Inc. | 4,859,943 |
44,069 | 1 | FibroGen, Inc. | 2,123,244 |
24,342 | 1 | Glaukos Corp. | 2,158,892 |
41,843 | 1 | Globus Medical, Inc. | 2,581,295 |
212,114 | 1 | GlycoMimetics, Inc. | 769,974 |
130,954 | 1 | Halozyme Therapeutics, Inc. | 6,232,101 |
14,626 | 1 | Harpoon Therapeutics, Inc. | 281,989 |
42,093 | 1 | Health Catalyst, Inc. | 2,091,180 |
71,480 | 1 | Immunogen, Inc. | 509,652 |
13,873 | 1 | Inogen, Inc. | 678,806 |
49,533 | 1 | Inspire Medical Systems, Inc. | 9,981,395 |
102,512 | 1 | Intellia Therapeutics, Inc. | 6,419,301 |
8,145 | 1 | Intra-Cellular Therapies, Inc. | 261,862 |
316,943 | 1 | Ironwood Pharmaceuticals, Inc. | 3,239,157 |
13,723 | 1 | Karuna Therapeutics, Inc. | 1,361,733 |
7,551 | 1 | Keros Therapeutics, Inc. | 430,785 |
32,457 | 1 | Kodiak Sciences, Inc. | 4,099,644 |
104,402 | 1 | Kura Oncology, Inc. | 3,126,840 |
96,760 | LeMaitre Vascular, Inc. | 4,650,286 | |
11,119 | 1,2 | Ligand Pharmaceuticals, Inc., Class B | 2,060,907 |
225,219 | 1 | Mannkind Corp. | 792,771 |
4,743 | 1 | Merit Medical Systems, Inc. | 256,833 |
34,919 | 1 | Mirati Therapeutics, Inc. | 7,169,918 |
10,805 | 1 | ModivCare, Inc. | 1,713,349 |
34,180 | 1 | NanoString Technologies, Inc. | 2,393,625 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
63,805 | 1 | Natera, Inc. | $6,804,165 |
8,729 | 1 | Nevro Corp. | 1,412,265 |
42,419 | 1 | NextGen Healthcare, Inc. | 839,048 |
168,346 | 1 | Ocular Therapeutix, Inc. | 3,055,480 |
55,544 | 1 | Omnicell, Inc. | 6,543,083 |
69,621 | 1 | OptimizeRX Corp. | 3,142,692 |
51,469 | 1 | Organogenesis Holdings, Inc. | 538,366 |
34,780 | 1 | Orthofix Medical, Inc. | 1,405,460 |
165,289 | 1 | Pacific Biosciences of California, Inc. | 5,347,099 |
80,924 | 1 | Pacira BioSciences, Inc. | 5,347,458 |
32,654 | 1 | Pennant Group, Inc./The | 1,755,806 |
45,310 | 1,2 | Personalis, Inc. | 1,743,076 |
124,123 | 1 | Phreesia, Inc. | 8,103,991 |
35,211 | 1 | Progyny, Inc. | 1,646,818 |
28,629 | 1 | Provention Bio, Inc. | 394,221 |
39,690 | 1 | PTC Therapeutics, Inc. | 2,294,876 |
148,540 | 1 | Puma Biotechnology, Inc. | 1,743,860 |
61,673 | 1 | R1 RCM, Inc. | 1,556,010 |
158,800 | 1 | Recro Pharma, Inc. | 497,044 |
51,116 | 1 | Relay Therapeutics, Inc. | 2,534,331 |
6,876 | 1 | Repligen Corp. | 1,375,200 |
19,242 | 1 | Replimune Group, Inc. | 746,590 |
15,055 | 1,2 | Rocket Pharmaceuticals, Inc. | 829,229 |
20,243 | 1 | Rubius Therapeutics, Inc. | 242,309 |
350,415 | 1 | Savara, Inc. | 536,135 |
179,615 | 1 | Select Medical Holdings Corp. | 4,616,105 |
32,266 | 1 | Seres Therapeutics, Inc. | 766,317 |
113,889 | 1 | Shockwave Medical, Inc. | 13,215,680 |
129,390 | 1 | SI-BONE, Inc. | 3,788,539 |
66,024 | 1 | Sorrento Therapeutics, Inc. | 835,864 |
58,091 | 1 | SpringWorks Therapeutics, Inc. | 4,839,561 |
17,198 | 1 | Stoke Therapeutics, Inc. | 1,050,454 |
121,526 | 1 | Supernus Pharmaceuticals, Inc. | 3,571,649 |
56,343 | 1 | Surgery Partners, Inc. | 2,100,467 |
74,627 | 1 | Sutro Biopharma, Inc. | 1,652,988 |
15,194 | 1 | Syneos Health, Inc. | 1,129,674 |
47,585 | 1 | TCR2 Therapeutics, Inc. | 1,224,362 |
6,085 | 1 | Tg Therapeutics, Inc. | 293,723 |
85,919 | 1 | Translate Bio, Inc. | 2,051,746 |
154,114 | 1 | Travere Therapeutics, Inc. | 3,891,378 |
42,957 | 1 | Turning Point Therapeutics, Inc. | 5,390,674 |
9,087 | 1 | Twist Bioscience Corp. | 1,495,175 |
23,700 | U.S. Physical Therapy, Inc. | 2,852,058 | |
7,231 | 1 | Ultragenyx Pharmaceutical, Inc. | 1,002,144 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
207,043 | 1 | Vanda Pharmaceuticals, Inc. | $2,968,997 |
80,714 | 1 | Vericel Corp. | 3,331,067 |
24,321 | 1 | Vital Therapies, Inc. | 402,756 |
138,650 | 1 | Vocera Communications, Inc. | 6,093,667 |
78,791 | 1 | Voyager Therapeutics, Inc. | 594,872 |
128,369 | 1 | Xencor, Inc. | 5,872,882 |
35,870 | 1 | Y-mAbs Therapeutics, Inc. | 1,506,899 |
TOTAL | 289,687,689 | ||
Industrials— 13.1% | |||
104,384 | Advanced Drainage System, Inc. | 8,609,592 | |
176,984 | Apogee Enterprises, Inc. | 6,212,138 | |
139,704 | 1 | Astronics Corp. | 1,740,712 |
57,002 | 1 | Atkore International Group, Inc. | 2,528,609 |
107,741 | 1 | Atlas Air Worldwide Holdings, Inc. | 5,583,139 |
14,168 | 1 | Bloom Energy Corp. | 494,605 |
110,275 | Boise Cascade Co. | 5,252,398 | |
81,857 | 1 | Builders Firstsource, Inc. | 3,131,030 |
6,755 | CSW Industrials, Inc. | 787,093 | |
163,237 | 1 | Echo Global Logistics, Inc. | 4,298,030 |
64,947 | Exponent, Inc. | 5,363,323 | |
99,941 | 1 | Franklin Covey Co. | 2,403,581 |
122,859 | 1 | Fuelcell Energy, Inc. | 2,550,553 |
108,530 | 1 | GMS, Inc. | 3,146,285 |
113,267 | Heidrick & Struggles International, Inc. | 3,302,866 | |
79,406 | Helios Technologies, Inc. | 4,331,597 | |
228,547 | 1 | Mistras Group, Inc. | 1,579,260 |
371,681 | 1 | MRC Global, Inc. | 2,568,316 |
55,719 | 1 | MYR Group, Inc. | 3,098,533 |
238,233 | 1,2 | Plug Power, Inc. | 15,049,179 |
55,443 | Primoris Services Corp. | 1,613,668 | |
46,520 | REV Group, Inc. | 480,552 | |
114,768 | Rexnord Corp. | 4,345,116 | |
9,375 | 1 | Saia, Inc. | 1,657,031 |
23,938 | 1 | Siteone Landscape Supply, Inc. | 3,774,544 |
11,065 | Tennant Co. | 749,654 | |
96,675 | 1 | Thermon Group Holdings, Inc. | 1,410,488 |
147,834 | 1 | TriNet Group, Inc. | 10,955,978 |
94,205 | 1 | Upwork, Inc. | 3,904,797 |
27,650 | Werner Enterprises, Inc. | 1,084,986 | |
TOTAL | 112,007,653 | ||
Information Technology— 21.6% | |||
18,820 | 1 | Advanced Energy Industries, Inc. | 1,930,556 |
32,929 | 1 | Ambarella, Inc. | 3,107,180 |
44,606 | Amkor Technology, Inc. | 692,285 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
22,583 | 1,2 | Appian Corp. | $4,933,482 |
201,018 | 1 | Avaya Holdings Corp. | 4,470,640 |
136,022 | 1 | Axcelis Technologies, Inc. | 4,657,393 |
50,739 | 1 | Blackline, Inc. | 6,576,789 |
116,829 | 1 | Box, Inc. | 2,025,815 |
150,254 | 1 | ChannelAdvisor Corp. | 3,080,207 |
166,412 | 1,2 | Coda Octopus Group, Inc. | 1,020,106 |
31,804 | Cohu, Inc. | 1,293,787 | |
223,559 | 1 | Commvault Systems, Inc. | 14,035,034 |
71,818 | 1 | Domo, Inc. | 4,552,543 |
25,456 | 1 | Envestnet, Inc. | 1,953,239 |
245,780 | Evertec, Inc. | 8,528,566 | |
21,248 | 1 | Evo Payments, Inc. | 487,854 |
36,305 | 1 | Exlservice Holding, Inc. | 2,783,867 |
159,979 | 1 | FormFactor, Inc. | 6,538,342 |
77,841 | 1,2 | Intelligent Systems Corp. | 3,151,782 |
85,642 | 1 | j2 Global, Inc. | 8,790,295 |
175,499 | 1 | MA-COM Technology Solutions Holdings, Inc. | 9,978,873 |
75,544 | 1 | MaxLinear, Inc. | 2,371,326 |
34,599 | 1 | OSI Systems, Inc. | 3,114,602 |
54,732 | Plantronics, Inc. | 1,736,099 | |
8,211 | QAD, Inc. | 531,991 | |
41,949 | 1 | Qualys, Inc. | 5,808,678 |
61,514 | 1 | Rapid7, Inc. | 5,340,646 |
216,744 | 1 | SailPoint Technologies Holding | 11,988,111 |
172,715 | 1 | Secureworks Corp. | 2,390,376 |
51,040 | 1 | Semtech Corp. | 3,621,288 |
52,128 | 1 | Sitime Corp. | 6,362,222 |
126,143 | 1 | SPS Commerce, Inc. | 12,474,281 |
68,101 | 1,2 | SunPower Corp. | 3,678,135 |
97,203 | 1 | Tenable Holdings, Inc. | 4,810,577 |
68,938 | TTEC Holdings, Inc. | 5,210,334 | |
68,292 | 1 | Varonis Systems, Inc. | 12,071,977 |
90,375 | 1 | Workiva, Inc. | 8,808,851 |
TOTAL | 184,908,129 | ||
Materials— 2.2% | |||
22,937 | Compass Minerals International, Inc. | 1,336,310 | |
43,070 | Fuller (H.B.) Co. | 2,191,832 | |
132,089 | 1 | Koppers Holdings, Inc. | 4,395,922 |
241,569 | Myers Industries, Inc. | 4,843,458 | |
86,100 | 1,4 | Rentech, Inc. | 0 |
103,128 | 1 | Ryerson Holding Corp. | 1,272,600 |
90,260 | Trinseo SA | 4,587,916 | |
TOTAL | 18,628,038 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— 3.6% | |||
32,030 | 1 | eXp World Holdings, Inc. | $3,414,078 |
1,645 | Innovative Industrial Properties, Inc. | 307,812 | |
75,276 | LTC Properties, Inc. | 2,908,665 | |
111,383 | 1 | Redfin Corp. | 7,931,583 |
248,369 | RMR Group, Inc./The | 9,159,849 | |
24,341 | Terreno Realty Corp. | 1,377,214 | |
426,431 | Uniti Group, Inc. | 5,249,365 | |
TOTAL | 30,348,566 | ||
Utilities— 0.5% | |||
18,605 | California Water Service Group | 1,016,577 | |
16,759 | Chesapeake Utilities Corp. | 1,699,865 | |
36,698 | Clearway Energy, Inc. | 1,058,003 | |
5,944 | Middlesex Water Co. | 473,143 | |
TOTAL | 4,247,588 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $631,902,106) | 840,278,240 | ||
INVESTMENT COMPANIES— 4.5% | |||
16,850,474 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%5 | 16,850,474 | |
21,865,712 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.07%5 | 21,872,273 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $38,722,045) | 38,722,747 | ||
TOTAL INVESTMENT IN SECURITIES—102.8% (IDENTIFIED COST $670,624,151)6 | 879,000,987 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.8)%7 | (24,207,931) | ||
TOTAL NET ASSETS—100% | $854,793,056 |
Value as of 7/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Consumer Discretionary: | |||
Wingstop, Inc.** | $19,605,937 | $— | $(16,871,706) |
Health Care: | |||
Amphastar Pharmaceuticals, Inc. | $— | $686,810 | $— |
AnaptysBio, Inc.** | $5,832,007 | $— | $(4,874,742) |
Ultragenyx Pharmaceutical, Inc. | $4,484,899 | $512,973 | $(7,458,380) |
Affiliated issuers no longer in the portfolio at period end | $1,384,351 | $573,859 | $(1,668,016) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $31,307,194 | $1,773,642 | $(30,872,844) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 1/31/2021 | Shares Held as of 1/31/2021 | Dividend Income* |
$(9,077,673) | $7,255,446 | $912,004 | 6,078 | $190,646 |
$(72,362) | $— | $614,448 | 33,798 | $— |
$1,152,162 | $1,671,627 | $3,781,054 | 145,874 | $— |
$85,344 | $3,377,308 | $1,002,144 | 7,231 | $— |
$25,553 | $(315,747) | $— | — | $— |
$(7,886,976) | $11,988,634 | $6,309,650 | 192,981 | $190,646 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At January 31, 2021, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 7/31/2020 | $35,185,159 | $62,871,883 | $98,057,042 |
Purchases at Cost | $74,049,785 | $147,371,613 | $221,421,398 |
Proceeds from Sales | $(92,384,470) | $(188,359,482) | $(280,743,952) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(8,010) | $(8,010) |
Net Realized Gain/(Loss) | N/A | $(3,731) | $(3,731) |
Value as of 1/31/2021 | $16,850,474 | $21,872,273 | $38,722,747 |
Shares Held as of 1/31/2021 | 16,850,474 | 21,865,712 | 38,716,186 |
Dividend Income | $7,871 | $32,397 | $40,268 |
* | 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 | 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 January 31, 2021, these restricted securities amounted to $2,551,395, which represented 0.3% of total net assets. |
4 | 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”). |
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. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $831,618,112 | $— | $0 | $831,618,112 |
International | 8,660,128 | — | — | 8,660,128 |
Investment Companies | 38,722,747 | — | — | 38,722,747 |
TOTAL SECURITIES | $879,000,987 | $— | $0 | $879,000,987 |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $23.89 | $23.30 | $25.67 | $21.89 | $17.66 | $20.49 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.07) | (0.07) | (0.08) | (0.11) | (0.08) | (0.06) |
Net realized and unrealized gain (loss) | 8.03 | 0.66 | (0.84) | 5.09 | 4.63 | 0.32 |
Total From Investment Operations | 7.96 | 0.59 | (0.92) | 4.98 | 4.55 | 0.26 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.14) | — | (1.45) | (1.20) | (0.32) | (3.09) |
Net Asset Value, End of Period | $31.71 | $23.89 | $23.30 | $25.67 | $21.89 | $17.66 |
Total Return2 | 33.40% | 2.53% | (2.83)% | 23.50% | 26.00% | 2.30% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.13% | 1.13% | 1.14% | 1.15% | 1.13% |
Net investment income (loss) | (0.49)%4 | (0.32)% | (0.36)% | (0.48)% | (0.39)% | (0.34)% |
Expense waiver/reimbursement5 | 0.25%4 | 0.30% | 0.29% | 0.44% | 0.70% | 1.00% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $116,738 | $92,389 | $82,170 | $82,953 | $47,681 | $29,707 |
Portfolio turnover | 71% | 227% | 142% | 129% | 118% | 198% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $20.69 | $20.32 | $22.77 | $19.69 | $16.03 | $19.03 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.15) | (0.21) | (0.23) | (0.26) | (0.21) | (0.17) |
Net realized and unrealized gain (loss) | 6.93 | 0.58 | (0.77) | 4.54 | 4.19 | 0.26 |
Total From Investment Operations | 6.78 | 0.37 | (1.00) | 4.28 | 3.98 | 0.09 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.14) | — | (1.45) | (1.20) | (0.32) | (3.09) |
Net Asset Value, End of Period | $27.33 | $20.69 | $20.32 | $22.77 | $19.69 | $16.03 |
Total Return2 | 32.86% | 1.82% | (3.58)% | 22.54% | 25.08% | 1.51% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.88%4 | 1.88% | 1.88% | 1.89% | 1.90% | 1.88% |
Net investment income (loss) | (1.24)%4 | (1.07)% | (1.12)% | (1.23)% | (1.15)% | (1.09)% |
Expense waiver/reimbursement5 | 0.16%4 | 0.20% | 0.29% | 0.41% | 0.66% | 1.00% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $19,298 | $17,481 | $22,639 | $18,008 | $10,007 | $3,941 |
Portfolio turnover | 71% | 227% | 142% | 129% | 118% | 198% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.05 | $24.37 | $26.71 | $22.67 | $18.24 | $21.01 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.02) | (0.02) | (0.06) | (0.03) | (0.02) |
Net realized and unrealized gain (loss) | 8.42 | 0.70 | (0.87) | 5.30 | 4.78 | 0.34 |
Total From Investment Operations | 8.39 | 0.68 | (0.89) | 5.24 | 4.75 | 0.32 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.14) | — | (1.45) | (1.20) | (0.32) | (3.09) |
Net Asset Value, End of Period | $33.30 | $25.05 | $24.37 | $26.71 | $22.67 | $18.24 |
Total Return2 | 33.57% | 2.79% | (2.60)% | 23.85% | 26.27% | 2.56% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.88%4 | 0.88% | 0.88% | 0.89% | 0.90% | 0.88% |
Net investment income (loss) | (0.24)%4 | (0.07)% | (0.10)% | (0.25)% | (0.15)% | (0.09)% |
Expense waiver/reimbursement5 | 0.17%4 | 0.19% | 0.25% | 0.41% | 0.63% | 0.99% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $405,124 | $354,204 | $455,597 | $364,248 | $112,742 | $43,337 |
Portfolio turnover | 71% | 227% | 142% | 129% | 118% | 198% |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended July 31, | Period Ended 7/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $25.06 | $24.36 | $26.70 | $22.67 | $18.24 | $16.25 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | (0.03) | (0.02) | (0.02) | (0.06) | (0.01) | (0.07) |
Net realized and unrealized gain (loss) | 8.42 | 0.72 | (0.87) | 5.29 | 4.76 | 2.06 |
Total From Investment Operations | 8.39 | 0.70 | (0.89) | 5.23 | 4.75 | 1.99 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.14) | — | (1.45) | (1.20) | (0.32) | — |
Net Asset Value, End of Period | $33.31 | $25.06 | $24.36 | $26.70 | $22.67 | $18.24 |
Total Return3 | 33.56% | 2.87% | (2.60)% | 23.81% | 26.27% | 12.25% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.87%5 | 0.87% | 0.87% | 0.88% | 0.88% | 0.87%5 |
Net investment income (loss) | (0.23)%5 | (0.07)% | (0.07)% | (0.24)% | (0.04)% | (0.41)%5 |
Expense waiver/reimbursement6 | 0.10%5 | 0.09% | 0.15% | 0.30% | 0.42% | 0.66%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $313,632 | $283,103 | $333,059 | $89,307 | $24,795 | $07 |
Portfolio turnover | 71% | 227% | 142% | 129% | 118% | 198%8 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Represents less than $1,000. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended July 31, 2016. |
Assets: | |
Investment in securities, at value including $23,348,864 of securities loaned and $38,722,747 of investment in affiliated holdings and $6,309,650 of investment in affiliated companies* (identified cost $670,624,151) | $879,000,987 |
Cash | 262,451 |
Income receivable | 195,971 |
Income receivable from affiliated holdings | 810 |
Receivable for investments sold | 15,579,757 |
Receivable for shares sold | 1,573,724 |
Total Assets | 896,613,700 |
Liabilities: | |
Payable for investments purchased | 13,969,280 |
Payable for shares redeemed | 3,410,279 |
Payable for collateral due to broker for securities lending | 24,039,474 |
Payable for investment adviser fee (Note 5) | 51,589 |
Payable for administrative fee (Note 5) | 5,611 |
Payable for distribution services fee (Note 5) | 12,687 |
Payable for other service fees (Notes 2 and 5) | 60,192 |
Accrued expenses (Note 5) | 271,532 |
Total Liabilities | 41,820,644 |
Net assets for 25,968,102 shares outstanding | $854,793,056 |
Net Assets Consist of: | |
Paid-in capital | $560,849,667 |
Total distributable earnings (loss) | 293,943,389 |
Total Net Assets | $854,793,056 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($116,738,475 ÷ 3,681,607 shares outstanding), no par value, unlimited shares authorized | $31.71 |
Offering price per share (100/94.50 of $31.71) | $33.56 |
Redemption proceeds per share | $31.71 |
Class C Shares: | |
Net asset value per share ($19,298,167 ÷ 706,036 shares outstanding), no par value, unlimited shares authorized | $27.33 |
Offering price per share | $27.33 |
Redemption proceeds per share (99.00/100 of $27.33) | $27.06 |
Institutional Shares: | |
Net asset value per share ($405,124,467 ÷ 12,166,067 shares outstanding), no par value, unlimited shares authorized | $33.30 |
Offering price per share | $33.30 |
Redemption proceeds per share | $33.30 |
Class R6 Shares: | |
Net asset value per share ($313,631,947 ÷ 9,414,392 shares outstanding), no par value, unlimited shares authorized | $33.31 |
Offering price per share | $33.31 |
Redemption proceeds per share | $33.31 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $197,805 received from affiliated companies and holdings* and net of foreign taxes withheld of $790) | $2,384,352 |
Net income on securities loaned (includes $33,109 earned from affiliated holdings related to cash collateral balances* (Note 2)) | 164,309 |
TOTAL INCOME | 2,548,661 |
Expenses: | |
Investment adviser fee (Note 5) | 3,153,772 |
Administrative fee (Note 5) | 307,983 |
Custodian fees | 64,865 |
Transfer agent fees (Note 2) | 355,034 |
Directors’/Trustees’ fees (Note 5) | 2,414 |
Auditing fees | 14,503 |
Legal fees | 5,049 |
Portfolio accounting fees | 75,055 |
Distribution services fee (Note 5) | 67,053 |
Other service fees (Notes 2 and 5) | 149,277 |
Share registration costs | 39,438 |
Printing and postage | 45,863 |
Miscellaneous (Note 5) | 17,128 |
TOTAL EXPENSES | 4,297,434 |
Waiver and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (382,756) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (221,269) |
TOTAL WAIVER AND REIMBURSEMENT | (604,025) |
Net expenses | 3,693,409 |
Net investment income (loss) | (1,144,748) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $11,984,903 on sales of investments in affiliated companies and holdings*) | 130,722,454 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(7,894,986) on investments in affiliated companies and holdings*) | 99,471,113 |
Net realized and unrealized gain (loss) on investments | 230,193,567 |
Change in net assets resulting from operations | $229,048,819 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2021 | Year Ended 7/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(1,144,748) | $(996,224) |
Net realized gain (loss) | 130,722,454 | (33,014,524) |
Net change in unrealized appreciation/depreciation | 99,471,113 | 37,205,285 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 229,048,819 | 3,194,537 |
Distributions to Shareholders: | ||
Class A Shares | (548,250) | — |
Class C Shares | (104,815) | — |
Institutional Shares | (1,863,850) | — |
Class R6 Shares | (1,369,095) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,886,010) | — |
Share Transactions: | ||
Proceeds from sale of shares | 84,392,671 | 260,125,039 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Small Cap Growth Fund | — | 102,652,108 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,462,937 | — |
Cost of shares redeemed | (205,402,386) | (512,259,924) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (117,546,778) | (149,482,777) |
Change in net assets | 107,616,031 | (146,288,240) |
Net Assets: | ||
Beginning of period | 747,177,025 | 893,465,265 |
End of period | $854,793,056 | $747,177,025 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,360,352 | $102,652,108 | $20,727,223 | $897,256,665 | $999,908,773 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income (loss) | $(964,618) |
Net realized and unrealized gain on investments | 3,068,318 |
Net increase in net assets resulting from operations | $2,103,700 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $99,119 | $(78,548) |
Class C Shares | 10,611 | (5,567) |
Institutional Shares | 206,168 | (137,154) |
Class R6 Shares | 39,136 | — |
TOTAL | $355,034 | $(221,269) |
Other Service Fees Incurred | |
Class A Shares | $128,674 |
Class C Shares | 20,603 |
TOTAL | $149,277 |
Market Value of Securities Loaned | Collateral Received |
$23,348,864 | $24,039,474 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 315,878 | $8,292,422 | 609,482 | $13,104,153 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 1,446,327 | 33,251,055 |
Shares issued to shareholders in payment of distributions declared | 14,857 | 426,682 | — | — |
Shares redeemed | (516,359) | (14,414,446) | (1,715,867) | (36,704,330) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (185,624) | $(5,695,342) | 339,942 | $9,650,878 |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 43,191 | $1,017,752 | 126,433 | $2,399,164 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 182,602 | 3,655,701 |
Shares issued to shareholders in payment of distributions declared | 4,048 | 100,360 | — | — |
Shares redeemed | (186,196) | (4,122,982) | (577,979) | (11,036,748) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (138,957) | $(3,004,870) | (268,944) | $(4,981,883) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,331,006 | $40,099,912 | 7,454,551 | $168,193,983 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 2,548,202 | 61,335,218 |
Shares issued to shareholders in payment of distributions declared | 56,977 | 1,717,850 | — | — |
Shares redeemed | (3,360,899) | (98,434,615) | (14,562,017) | (326,516,625) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,972,916) | $(56,616,853) | (4,559,264) | $(96,987,424) |
Six Months Ended 1/31/2021 | Year Ended 7/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,162,552 | $34,982,585 | 3,418,303 | $76,427,739 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | — | — | 183,221 | 4,410,134 |
Shares issued to shareholders in payment of distributions declared | 40,386 | 1,218,045 | — | — |
Shares redeemed | (3,085,022) | (88,430,343) | (5,976,222) | (138,002,221) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,882,084) | $(52,229,713) | (2,374,698) | $(57,164,348) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (4,179,581) | $(117,546,778) | (6,862,964) | $(149,482,777) |
Short-Term | Long-Term | Total |
$23,207,571 | $1,037,917 | $24,245,488 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $67,053 |
Purchases | $535,711,883 |
Sales | $661,371,070 |
Beginning Account Value 8/1/2020 | Ending Account Value 1/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,334.00 | $6.65 |
Class C Shares | $1,000 | $1,328.60 | $11.03 |
Institutional Shares | $1,000 | $1,335.70 | $5.18 |
Class R6 Shares | $1,000 | $1,335.60 | $5.12 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.51 | $5.75 |
Class C Shares | $1,000 | $1,015.73 | $9.55 |
Institutional Shares | $1,000 | $1,020.77 | $4.48 |
Class R6 Shares | $1,000 | $1,020.82 | $4.43 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 24, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date March 24, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date March 24, 2021