Federated Hermes Kaufmann Fund
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | ||
COMMON STOCKS—94.9% | |||
Communication Services—1.6% | |||
315,000 | Activision Blizzard, Inc. | $26,340,300 | |
729,820 | 1 | Playtika Holding Corp. | 16,223,899 |
122,500 | 1 | Take-Two Interactive Software, Inc. | 21,243,950 |
1,260,000 | 1 | ZoomInfo Technologies, Inc. | 67,725,000 |
TOTAL | 131,533,149 | ||
Consumer Discretionary—9.0% | |||
229,500 | 1 | Airbnb, Inc. | 33,050,295 |
130,000 | 1 | Alibaba Group Holding Ltd., ADR | 25,374,700 |
23,000 | 1 | Amazon.com, Inc. | 76,534,570 |
300,000 | 1 | Chegg, Inc. | 26,589,000 |
10,900 | 1 | Chipotle Mexican Grill, Inc. | 20,311,496 |
150,000 | Choice Hotels International, Inc. | 17,985,000 | |
125,000 | 1,2 | Coupang LLC | 4,540,000 |
300,000 | 1,2 | DraftKings, Inc. | 14,550,000 |
300,000 | 1 | Etsy, Inc. | 55,053,000 |
974,000 | 1,3 | Fisker, Inc. | 15,700,880 |
700,000 | 1 | Floor & Decor Holdings, Inc. | 85,407,000 |
50,000 | Home Depot, Inc. | 16,409,500 | |
612,300 | 1 | Las Vegas Sands Corp. | 25,930,905 |
128,503 | 1 | Lululemon Athletica, Inc. | 51,423,045 |
35,000 | 1 | Mercadolibre, Inc. | 54,904,500 |
500,000 | Moncler S.p.A | 34,431,405 | |
24,740,000 | NagaCorp Ltd. | 18,295,305 | |
300,000 | 1 | Planet Fitness, Inc. | 22,569,000 |
30,000 | Vail Resorts, Inc. | 9,156,000 | |
580,000 | Wingstop, Inc. | 99,359,800 | |
455,000 | 1 | YETI Holdings, Inc. | 43,830,150 |
TOTAL | 751,405,551 | ||
Consumer Staples—1.6% | |||
19,600 | Costco Wholesale Corp. | 8,422,512 | |
83,500 | Estee Lauder Cos., Inc., Class A | 27,874,805 | |
155,222 | 1 | Freshpet, Inc. | 22,732,262 |
3,000,000 | 1 | Oatly Group AB, ADR | 53,250,000 |
573,623 | 1,2 | The Duckhorn Portfolio, Inc. | 12,602,497 |
630,000 | 1 | Zevia PBC | 8,385,300 |
TOTAL | 133,267,376 | ||
Energy—1.1% | |||
2,283,500 | 2 | New Fortress Energy, Inc. | 69,212,885 |
149,400 | Pioneer Natural Resources, Inc. | 21,718,278 | |
TOTAL | 90,931,163 | ||
Financials—8.1% | |||
700,000 | 2 | Apollo Global Management LLC | 41,202,000 |
591,906 | Artisan Partners Asset Management, Inc. | 28,464,759 | |
85,350 | BlackRock, Inc. | 74,012,959 | |
275,000 | 1,2,3 | Blue Owl Capital, Inc. | 3,918,750 |
9,725,000 | 1,4 | Blue Owl Capital, Inc. | 126,186,164 |
100,000 | 1,2 | Coinbase Global, Inc. | 23,658,000 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
1 | 1,3,4 | FA Private Equity Fund IV LP | $303,462 |
4,650,000 | FinecoBank Banca Fineco SPA | 83,265,191 | |
26,900 | Goldman Sachs Group, Inc. | 10,084,272 | |
500,000 | 1 | Hamilton Lane Alliance Holdings I, Inc. | 4,850,000 |
745,000 | Hamilton Lane, Inc. | 69,285,000 | |
369,894 | Housing Development Finance Corp. Ltd. | 12,195,288 | |
1 | 1,3,4 | Infrastructure Fund | 0 |
1,200,000 | KKR & Co., Inc., Class Common | 76,512,000 | |
11,300 | 1 | Markel Corp. | 13,629,721 |
75,000 | MSCI, Inc., Class A | 44,697,000 | |
1,416,598 | StepStone Group, Inc. | 64,469,375 | |
TOTAL | 676,733,941 | ||
Health Care—33.6% | |||
200,000 | Abbott Laboratories | 24,196,000 | |
124,500 | 1,3,4 | Adagio Therapeutics, Inc. | 9,721,682 |
132,863 | 1,2 | Agilon Health, Inc. | 4,888,030 |
1,186,949 | 1,2 | Akouos, Inc. | 12,902,136 |
1,324,024 | 1 | Albireo Pharma, Inc. | 37,880,327 |
2,290,000 | 1 | Alector, Inc. | 55,040,150 |
335,000 | 1 | Alnylam Pharmaceuticals, Inc. | 59,944,900 |
1,266,686 | 1 | Amphastar Pharmaceuticals, Inc. | 26,537,072 |
1,000,000 | 1 | Annexon, Inc. | 21,060,000 |
1 | 3,4 | Apollo Investment Fund V | 85,932 |
1,657,004 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 51,880,795 |
844,286 | 1 | Argenx SE | 257,196,786 |
894,854 | 1,2 | Avidity Biosciences LLC | 17,279,631 |
973,448 | 1 | Avrobio, Inc. | 7,164,577 |
2,631,567 | 1,2 | Calithera Biosciences, Inc. | 5,131,556 |
870,000 | 1 | Catalent, Inc. | 104,234,700 |
250,000 | 1 | Century Therapeutics, Inc. | 7,287,500 |
267,745 | 1,4 | Century Therapeutics, Inc. | 6,442,965 |
38,079,337 | 1,4 | CeQur SA | 10,735,737 |
314,099 | 1,2 | Cerevel Therapeutics Holdings | 7,739,399 |
861,000 | 1,2 | ContraFect Corp. | 3,547,320 |
3,984,020 | 1 | Corcept Therapeutics, Inc. | 82,748,095 |
232,000 | 1 | CRISPR Therapeutics AG | 28,076,640 |
490,000 | Danaher Corp. | 145,770,100 | |
296,000 | 1 | Dexcom, Inc. | 152,590,960 |
7,000,000 | 1,2 | Dynavax Technologies Corp. | 65,380,000 |
132,031 | 1,2 | Editas Medicine, Inc. | 5,526,818 |
267,000 | 1 | Edwards Lifesciences Corp. | 29,976,090 |
121,800 | 1 | Fate Therapeutics, Inc. | 10,085,040 |
1,000,000 | 1,2 | Frequency Therapeutics, Inc. | 8,330,000 |
205,800 | 1 | Frequency Therapeutics, Inc. | 1,714,314 |
4,559,168 | 1 | Gamida Cell Ltd. | 23,525,307 |
140,000 | 1 | Genmab A/S | 63,151,784 |
576,734 | 1 | Genmab A/S, ADR | 25,987,634 |
450,000 | 1,2 | Gossamer Bio, Inc. | 3,537,000 |
679,512 | 1,2 | Gracell Biotechnologies, Inc., ADR | 8,446,334 |
320,970 | 1,2 | Graphite Bio, Inc. | 6,855,919 |
880,800 | 1 | IDEAYA Biosciences, Inc. | 21,579,600 |
59,300 | 1 | IDEXX Laboratories, Inc. | 40,236,829 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
400,000 | 1,3 | Immatics N.V. | $4,884,000 |
340,600 | 1,2 | Immatics N.V. | 4,158,726 |
255,000 | 1 | Insulet Corp. | 71,320,950 |
182,976 | 1 | Intellia Therapeutics, Inc. | 25,955,146 |
24,900 | 1 | Intuitive Surgical, Inc. | 24,687,354 |
803,500 | 1,2 | Kaleido Biosciences, Inc. | 4,363,005 |
430,100 | 1 | Karuna Therapeutics, Inc. | 49,126,022 |
164,133 | 1,4 | Laronde, Inc. | 4,595,724 |
1 | 1,3,4 | Latin Healthcare Fund | 292,313 |
814,670 | 1,2 | Legend Biotech Corp., ADR | 35,055,250 |
251,277 | 1,2 | Lyell Immunopharma, Inc. | 3,643,516 |
1,250,000 | 1,2 | Merus NV | 21,500,000 |
5,200,000 | 1 | Minerva Neurosciences, Inc. | 9,568,000 |
415,000 | 1 | Moderna, Inc. | 146,744,000 |
781,736 | 1,2 | Molecular Partners AG | 16,017,935 |
106,943 | 1 | Molecular Partners AG, ADR | 2,181,637 |
50,000 | 1 | Morphic Holding, Inc. | 2,881,000 |
605,460 | 1,4 | NeoGenomics, Inc. | 23,278,400 |
530,000 | 1 | Orchard Therapeutics PLC | 1,521,100 |
1,056,396 | 1 | Orchard Therapeutics PLC, ADR | 3,031,856 |
3,000,000 | 1 | Otonomy, Inc. | 5,370,000 |
258,387 | 1 | Privia Health Group, Inc. | 10,723,060 |
200,000 | 1 | Repligen Corp. | 49,140,000 |
609,000 | 1 | Rezolute, Inc. | 6,784,260 |
1,226,441 | 1 | Rhythm Pharmaceuticals, Inc. | 21,205,165 |
330,000 | 1,2 | Rubius Therapeutics, Inc. | 7,091,700 |
220,000 | 1 | Sarepta Therapeutics, Inc. | 14,911,600 |
519,749 | 1,2 | Scynexis, Inc. | 3,622,651 |
5,546,109 | 1,2 | Seres Therapeutics, Inc. | 39,377,374 |
959,018 | 1,4 | Soteira, Inc. | 0 |
319,000 | 1,2 | Stoke Therapeutics, Inc. | 9,132,970 |
115,000 | Stryker Corp. | 31,158,100 | |
361,975 | 1 | Surgery Partners, Inc. | 19,749,356 |
1,972,500 | 1 | Talkspace, Inc. | 11,637,750 |
673,200 | 1 | Tandem Diabetes Care, Inc. | 73,156,644 |
1,175,000 | 1 | Translate Bio, Inc. | 32,477,000 |
455,700 | 1 | Turning Point Therapeutics, Inc. | 29,082,774 |
1,680,000 | 1 | Ultragenyx Pharmaceutical, Inc. | 134,114,400 |
1,700,000 | 1 | UniQure N.V. | 49,317,000 |
600,000 | 1 | Veeva Systems, Inc. | 199,626,000 |
167,833 | 1 | Verve Therapeutics, Inc. | 9,974,315 |
840,000 | 1 | Zai Lab Ltd., ADR | 121,472,400 |
568,932 | 1 | Zentalis Pharmaceuticals, LLC | 30,272,872 |
TOTAL | 2,818,618,984 | ||
Industrials—10.1% | |||
1,515,400 | 1 | Azek Co., Inc. | 55,115,098 |
845,658 | 1,2 | Azul S.A., ADR | 18,968,109 |
440,000 | 1 | Colfax Corp. | 20,187,200 |
1,270,000 | 1 | CoStar Group, Inc. | 112,839,500 |
235,000 | 1 | Generac Holdings, Inc. | 98,549,600 |
619,700 | HEICO Corp. | 83,814,425 | |
375,898 | IHS Markit Ltd. | 43,919,923 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
550,000 | 1 | Ingersoll-Rand, Inc. | $26,878,500 |
1,000,338 | 1 | Mercury Systems, Inc. | 66,022,308 |
53,900 | Roper Technologies, Inc. | 26,483,226 | |
473,300 | Trane Technologies PLC | 96,368,613 | |
764,400 | 1 | Trex Co., Inc. | 74,223,240 |
400,000 | 1 | Upwork, Inc. | 20,716,000 |
35,745 | Verisk Analytics, Inc. | 6,789,405 | |
700,000 | 1 | XPO Logistics, Inc. | 97,083,000 |
TOTAL | 847,958,147 | ||
Information Technology—21.7% | |||
37,600 | 1 | Adobe, Inc. | 23,373,288 |
1,165,000 | 1 | Advanced Micro Devices, Inc. | 123,711,350 |
214,000 | 1 | Ansys, Inc. | 78,850,440 |
260,000 | 1 | Coupa Software, Inc. | 56,420,000 |
100,000 | 1 | DocuSign, Inc. | 29,804,000 |
660,300 | 1 | Envestnet, Inc. | 49,674,369 |
200,000 | 1 | Everbridge, Inc. | 28,244,000 |
1,059,322 | 1,3,4 | Expand Networks Ltd. | 0 |
265,000 | Fidelity National Information Services, Inc. | 39,498,250 | |
1,700,000 | 1,2 | GDS Holdings Ltd., ADR | 100,232,000 |
268,000 | 1 | GoDaddy, Inc. | 22,471,800 |
1,945,000 | 1,4 | Ironsource, Ltd. | 13,927,112 |
1,260,000 | Marvell Technology, Inc. | 76,242,600 | |
1,785,000 | 2 | McAfee Corp. | 48,319,950 |
565,973 | 1 | Medallia, Inc. | 19,169,505 |
1,725,000 | 1,2 | Nexi SpA | 37,018,427 |
1,765,000 | 1,2 | PagSeguro Digital Ltd. | 97,851,600 |
2,920,000 | 1 | Paysafe Ltd. | 31,506,800 |
500,000 | 1 | Q2 Holdings, Inc. | 51,655,000 |
1,000,000 | 1,2 | Qualtrics International, Inc. | 41,730,000 |
1,185,000 | 1,2 | Radware Ltd. | 38,192,550 |
560,000 | 1 | Rapid7, Inc. | 63,700,000 |
100,000 | 1 | Salesforce.com, Inc. | 24,193,000 |
3,751 | 1,3,4 | Sensable Technologies, Inc. | 0 |
225,000 | 1 | ServiceNow, Inc. | 132,275,250 |
198,000 | 1 | Shopify, Inc. | 296,986,140 |
375,000 | 1 | Splunk, Inc. | 53,242,500 |
778,295 | 1 | TaskUs, Inc. | 23,699,083 |
175,500 | 1 | Tyler Technologies, Inc. | 86,458,320 |
242,000 | 1,2 | Unity Software, Inc. | 25,923,040 |
1,877,500 | 1 | WM Technology, Inc. | 25,627,875 |
360,000 | 1 | Workday, Inc. | 84,384,000 |
TOTAL | 1,824,382,249 | ||
Materials—6.1% | |||
1,650,000 | 2,3 | Agnico Eagle Mines Ltd. | 106,722,000 |
509,800 | Ball Corp. | 41,232,624 | |
3,080,000 | Barrick Gold Corp. | 67,051,600 | |
246,500 | Eagle Materials, Inc. | 34,835,380 | |
1,500,000 | Newmont Corp. | 94,230,000 | |
688,200 | 1,2 | PureCycle Technologies, Inc. | 10,192,242 |
250,000 | Scotts Miracle-Gro Co. | 44,240,000 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
387,861 | Sherwin-Williams Co. | $112,879,187 | |
TOTAL | 511,383,033 | ||
Real Estate—1.8% | |||
745,900 | Americold Realty Trust | 28,978,215 | |
180,000 | Crown Castle International Corp. | 34,756,200 | |
800,000 | MGM Growth Properties LLC | 30,240,000 | |
32,500 | ProLogis, Inc. | 4,161,300 | |
270,000 | 1 | Ryman Hospitality Properties | 20,709,000 |
500,000 | STAG Industrial, Inc. | 20,660,000 | |
65,000 | Sun Communities, Inc. | 12,747,150 | |
TOTAL | 152,251,865 | ||
Utilities—0.2% | |||
200,000 | NextEra Energy, Inc. | 15,580,000 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $4,055,796,607) | 7,954,045,458 | ||
PREFERRED STOCK—0.0% | |||
Information Technology—0.0% | |||
679,348 | 1,3,4 | Multiplex, Inc., Pfd., Series C (IDENTIFIED COST $5,000,001) | 0 |
WARRANTS—0.2% | |||
Financials—0.0% | |||
333,333 | 1 | Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | 293,333 |
Health Care—0.2% | |||
801,900 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | 337,840 |
421,550 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 332,392 |
3,445,000 | 1 | ContraFect Corp., Warrants 7/20/2022 | 20,326 |
377,500 | 1 | Dynavax Technologies Corp., Warrants 2/12/2022 | 1,929,251 |
170,300 | 1 | Immatics N.V., Warrants | 647,140 |
200,970 | 1 | Rezolute, Inc., Warrants 10/8/2027 | 2,130,624 |
853,000 | 1 | Scynexis, Inc., Warrants 12/21/2021 | 852,403 |
101,700 | 1 | Scynexis, Inc., Warrants 3/8/2023 | 81,838 |
853,000 | 1 | Scynexis, Inc., Warrants 5/21/2024 | 2,670,402 |
1,706,000 | 1 | Scynexis, Inc., Warrants 1/1/2099 | 11,890,820 |
TOTAL | 20,893,036 | ||
TOTAL WARRANTS (IDENTIFIED COST $11,442,601) | 21,186,369 | ||
INVESTMENT COMPANIES—7.8% | |||
54,867,525 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%5 | 54,867,525 | |
599,898,193 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.02%5 | 600,138,152 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $654,954,626) | 655,005,677 | ||
TOTAL INVESTMENT IN SECURITIES—102.9% (IDENTIFIED COST $4,727,193,835) | 8,630,237,504 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.9)%6 | (245,327,907) | ||
TOTAL NET ASSETS—100% | $8,384,909,597 |
5
An affiliated company is a company in which the Fund, alone or in combination with other funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended July 31, 2021, were as follows:
Value as of 10/31/2020 | Purchases at Cost* | Proceeds from Sales* | Change in Unrealized Appreciation/ Depreciation* | Net Realized Gain/ (Loss)* | Value as of 7/31/2021 | Shares Held as of 7/31/2021 | Dividend Income* | |
Financials: | ||||||||
Hamilton Lane Alliance Holdings I, Inc. | $— | $10,074,174 | $(4,844,975) | $(33,075) | $(346,124) | $4,850,000 | 500,000 | $— |
Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | $— | $241,225 | $— | $52,108 | $— | $293,333 | 333,333 | $— |
StepStone Group, Inc. | $— | $41,789,641 | $— | $22,679,734 | $— | $64,469,375 | 1,416,598 | $99,162 |
Health Care: | ||||||||
Akouos, Inc. | $21,966,938 | $758,957 | $— | $(9,823,759) | $— | $12,902,136 | 1,186,949 | $— |
Albireo Pharma, Inc. | $44,395,452 | $— | $(3,107,472) | $(3,208,085) | $(199,568) | $37,880,327 | 1,324,024 | $— |
Alector, Inc. | $14,115,000 | $12,457,851 | $(1,973,856) | $29,628,120 | $813,035 | $55,040,150 | 2,290,000 | $— |
Amphastar Pharmaceuticals, Inc. | $24,814,379 | $— | $— | $1,722,693 | $— | $26,537,072 | 1,266,686 | $— |
Annexon, Inc. | $9,406,120 | $15,545,934 | $— | $(3,892,054) | $— | $21,060,000 | 1,000,000 | $— |
Arcturus Therapeutics Holdings, Inc. | $29,744,000 | $86,652,651 | $(16,421,877) | $(37,828,208) | $(10,265,771) | $51,880,795 | 1,657,004 | $— |
Avidity Biosciences LLC | $16,804,035 | $5,403,984 | $— | $(4,928,388) | $— | $17,279,631 | 894,854 | $— |
Avrobio, Inc. | $5,487,804 | $10,458,700 | $(4,302,777) | $(1,645,466) | $(2,833,684) | $7,164,577 | 973,448 | $— |
Calithera Biosciences, Inc. | $11,982,900 | $— | $(2,388,368) | $(850,318) | $(3,612,658) | $5,131,556 | 2,631,567 | $— |
ContraFect Corp. | $— | $4,305,000 | $— | $(757,680) | $— | $3,547,320 | 861,000 | $— |
ContraFect Corp., Warrants 7/20/2022 | $274,567 | $— | $— | $(254,241) | $— | $20,326 | 3,445,000 | $— |
Dynavax Technologies Corp. | $22,193,500 | $8,284,754 | $— | $34,901,746 | $— | $65,380,000 | 7,000,000 | $— |
Dynavax Technologies Corp., Warrants 2/12/2022 | $699,017 | $— | $— | $1,230,234 | $— | $1,929,251 | 377,500 | $— |
Frequency Therapeutics, Inc. | $16,847,600 | $8,523,592 | $(14,742,772) | $(6,561,562) | $4,263,142 | $8,330,000 | 1,000,000 | $— |
Frequency Therapeutics, Inc. | $4,502,904 | $— | $— | $(2,788,590) | $— | $1,714,314 | 205,800 | $— |
Gamida Cell Ltd. | $15,120,381 | $15,250,130 | $(4,064,008) | $(3,416,057) | $634,861 | $23,525,307 | 4,559,168 | $— |
IDEAYA Biosciences, Inc. | $4,872,868 | $8,141,685 | $— | $8,565,047 | $— | $21,579,600 | 880,800 | $— |
Merus NV | $16,545,288 | $— | $(2,627,212) | $6,886,007 | $695,917 | $21,500,000 | 1,250,000 | $— |
Minerva Neurosciences, Inc. | $16,692,000 | $— | $— | $(7,124,000) | $— | $9,568,000 | 5,200,000 | $— |
Molecular Partners AG | $17,105,796 | $— | $— | $(1,087,861) | $— | $16,017,935 | 781,736 | $— |
Molecular Partners AG, ADR | $— | $2,272,539 | $— | $(90,902) | $— | $2,181,637 | 106,943 | $— |
Otonomy, Inc. | $7,518,000 | $5,005,022 | $— | $(7,153,022) | $— | $5,370,000 | 3,000,000 | $— |
Rezolute, Inc. | $12,003,840 | $— | $— | $(5,219,580) | $— | $6,784,260 | 609,000 | $— |
Rezolute, Inc., Warrants 10/8/2027 | $3,621,289 | $— | $— | $(1,490,665) | $— | $2,130,624 | 200,970 | $— |
Rhythm Pharmaceuticals, Inc. | $21,457,912 | $6,576,000 | $(190,559) | $(6,625,005) | $(13,183) | $21,205,165 | 1,226,441 | $— |
Scynexis, Inc. | $2,271,303 | $— | $— | $1,351,348 | $— | $3,622,651 | 519,749 | $— |
Scynexis, Inc., Warrants 12/21/2021 | $— | $— | $— | $ 852,403 | $— | $ 852,403 | 853,000 | $— |
Scynexis, Inc., Warrants 3/8/2023 | $ 35,290 | $— | $— | $ 46,548 | $— | $ 81,838 | 101,700 | $— |
Scynexis, Inc., Warrants 5/21/2024 | $— | $— | $— | $ 2,670,402 | $— | $ 2,670,402 | 853,000 | $— |
Scynexis, Inc., Warrants 1/1/2099 | $— | $ 10,660,794 | $— | $ 1,230,026 | $— | $ 11,890,820 | 1,706,000 | $— |
Seres Therapeutics, Inc. | $58,847,900 | $26,140,891 | $(3,054,086) | $(42,383,105) | $(174,226) | $39,377,374 | 5,546,109 | $— |
Soteira, Inc. | $— | $— | $— | $— | $— | $— | 959,018 | $— |
Talkspace, Inc. | $— | $19,725,000 | $— | $(8,087,250) | $— | $11,637,750 | 1,972,500 | $— |
Translate Bio, Inc. | $12,830,000 | $4,650,919 | $(3,244,580) | $17,395,005 | $845,656 | $32,477,000 | 1,175,000 | $— |
Ultragenyx Pharmaceutical, Inc. | $196,527,750 | $— | $(38,197,693) | $(44,620,650) | $20,404,993 | $134,114,400 | 1,680,000 | $— |
UniQure N.V. | $75,604,100 | $9,087,320 | $(14,523,922) | $(15,558,097) | $(5,292,401) | $49,317,000 | 1,700,000 | $— |
Information Technology: | ||||||||
TaskUs, Inc. | $— | $19,391,536 | $— | $4,307,547 | $— | $23,699,083 | 778,295 | $— |
WM Technology, Inc. | $— | $18,775,000 | $— | $6,852,875 | $— | $25,627,875 | 1,877,500 | $— |
Affiliated issuers no longer in the portfolio at period end | $2,885,275 | $— | $(9,192,669) | $461,152 | $5,846,242 | $— | — | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $687,173,208 | $350,173,299 | $(122,876,826) | $(74,594,625) | $10,766,231 | $850,641,287 | 65,900,692 | $99,162 |
6
* | A portion of the amount shown may have been recorded when the Fund did not have ownership of at least 5% of the voting shares. |
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended July 31, 2021, were as follows:
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $90,016,791 | $1,784,982,948 | $1,874,999,739 |
Purchases at Cost | $890,599,532 | $2,192,000,807 | $3,082,600,339 |
Proceeds from Sales | $(925,748,798) | $(3,376,704,119) | $(4,302,452,917) |
Change in Unrealized Appreciation/Depreciation | N/A | $(589,282) | $(589,282) |
Net Realized Gain/(Loss) | N/A | $447,798 | $447,798 |
Value as of 7/31/2021 | $54,867,525 | $600,138,152 | $655,005,677 |
Shares Held as of 7/31/2021 | 54,867,525 | 599,898,193 | 654,765,718 |
Dividend Income | $13,834 | $649,120 | $662,954 |
* | 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. As of July 31, 2021, securities subject to this type of arrangement and related collateral were as follows: |
Market Value of Securities Loaned | Collateral Received |
$239,137,046 | $248,210,224 |
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 July 31, 2021, these restricted securities amounted to $141,629,019, which represented 1.7% of total net assets. |
Additional information on restricted securities held at July 31, 2021, is as follows:
Security | Acquisition Date | Cost | Value |
Adagio Therapeutics, Inc. | 4/16/2021 | $9,721,682 | $9,721,682 |
Agnico Eagle Mines Ltd. | 12/26/2018 | $75,853,911 | $106,722,000 |
Apollo Investment Fund V | 5/18/2001 | $0 | $85,932 |
Blue Owl Capital, Inc. | 5/24/2021 | $275,000 | $3,918,750 |
Expand Networks Ltd. | 9/22/2000 | $2,500,000 | $0 |
FA Private Equity Fund IV LP | 3/4/2002 | $0 | $303,462 |
Fisker, Inc. | 10/29/2020 | $9,740,000 | $15,700,880 |
Immatics N.V. | 6/30/2020 | $4,000,000 | $4,884,000 |
Infrastructure Fund | 8/11/2000 | $404,496 | $0 |
Latin Healthcare Fund | 11/28/2000 | $0 | $292,313 |
Multiplex, Inc., Pfd., Series C | 2/22/2001 | $5,000,001 | $0 |
Sensable Technologies, Inc. | 10/15/2004 | $0 | $0 |
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 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2021.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
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■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Equity Management Company of Pennsylvania (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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The following is a summary of the inputs used, as of July 31, 2021, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $5,969,233,827* | $— | $184,833,754 | $6,154,067,581 |
International | 1,267,670,019 | 521,572,121 | 10,735,737 | 1,799,977,877 |
Preferred Stock | ||||
Domestic | — | — | 0 | 0 |
Debt Securities: | ||||
Warrants | 940,473 | 20,245,896** | — | 21,186,369 |
Investment Companies | 655,005,677 | — | — | 655,005,677 |
TOTAL SECURITIES | $7,892,849,996 | $541,818,017 | $195,569,491 | $8,630,237,504 |
* | Includes $19,921,458 transferred from Level 3 to Level 1 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
** | Includes $3,621,289 transferred from Level 3 to Level 2 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
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