United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-4017
(Investment Company Act File Number)
Federated Hermes Equity Funds
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/20
Date of Reporting Period: 10/31/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | GVDSX | C | GVDCX | Institutional | GVDIX | R6 | GVDLX |
Federated Hermes Global Strategic Value Dividend Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | Start of Performance4 | |
Class A Shares | -18.32% | -0.32% |
Class C Shares | -15.07% | 0.47% |
Institutional Shares | -13.37% | 1.43% |
Class R6 Shares | -13.35% | 1.43% |
MWI | 4.36% | 8.83% |
MWHDYI | -9.35% | 3.86% |
Sector Composition | Percentage of Total Net Assets |
Health Care | 22.9% |
Utilities | 21.5% |
Financials | 15.9% |
Consumer Staples | 14.7% |
Communication Services | 14.5% |
Information Technology | 6.7% |
Energy | 6.4% |
Industrials | 3.0% |
Consumer Discretionary | 1.1% |
Cash Equivalents2 | 1.1% |
Other Assets and Liabilities—Net3 | (7.8)% |
TOTAL | 100.0% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—106.7% | |||
Australia—2.4% | |||
1,825 | Sonic Healthcare Ltd. | $44,787 | |
Canada—17.5% | |||
1,360 | BCE, Inc. | 54,653 | |
754 | Canadian Imperial Bank of Commerce | 56,243 | |
830 | Emera, Inc. | 33,112 | |
1,454 | Enbridge, Inc. | 40,063 | |
1,040 | Fortis, Inc. / Canada | 41,083 | |
290 | Royal Bank of Canada | 20,297 | |
830 | TC Energy Corp. | 32,669 | |
3,040 | TELUS Corp. | 52,015 | |
TOTAL | 330,135 | ||
France—7.5% | |||
840 | Danone SA | 46,428 | |
590 | Sanofi | 53,335 | |
1,710 | 1 | Scor SA | 41,701 |
TOTAL | 141,464 | ||
Germany—5.1% | |||
3,905 | E.On AG | 40,724 | |
235 | Muenchener Rueckversicherungs-Gesellschaft AG | 54,996 | |
TOTAL | 95,720 | ||
Italy—3.1% | |||
3,950 | Enel SpA | 31,459 | |
5,720 | Snam Rete Gas SPA | 27,929 | |
TOTAL | 59,388 | ||
Spain—2.3% | |||
3,728 | Iberdrola SA | 43,979 | |
Switzerland—5.3% | |||
180 | Nestle S.A. | 20,224 | |
375 | Novartis AG | 29,267 | |
150 | Zurich Insurance Group AG | 49,669 | |
TOTAL | 99,160 | ||
United Kingdom—11.2% | |||
870 | British American Tobacco PLC | 27,642 | |
955 | GlaxoSmithKline PLC | 15,933 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
United Kingdom—continued | |||
3,139 | National Grid-SP PLC | $37,361 | |
1,220 | Unilever PLC | 69,565 | |
45,515 | Vodafone Group PLC | 60,800 | |
TOTAL | 211,301 | ||
United States—52.3% | |||
200 | 3M Co. | 31,992 | |
868 | AbbVie, Inc. | 73,867 | |
495 | American Electric Power Co., Inc. | 44,515 | |
90 | Amgen, Inc. | 19,525 | |
2,054 | AT&T, Inc. | 55,499 | |
365 | Bristol-Myers Squibb Co. | 21,334 | |
65 | Broadcom, Inc. | 22,726 | |
335 | Chevron Corp. | 23,283 | |
1,195 | Cisco Systems, Inc. | 42,900 | |
385 | Dominion Energy, Inc. | 30,931 | |
490 | Duke Energy Corp. | 45,134 | |
235 | Eaton Corp. PLC | 24,391 | |
745 | Exxon Mobil Corp. | 24,302 | |
175 | General Mills, Inc. | 10,346 | |
235 | Genuine Parts Co. | 21,251 | |
1,035 | Gilead Sciences, Inc. | 60,185 | |
355 | IBM Corp. | 39,639 | |
215 | JPMorgan Chase & Co. | 21,079 | |
580 | Merck & Co., Inc. | 43,622 | |
210 | PepsiCo, Inc. | 27,991 | |
1,980 | Pfizer, Inc. | 70,250 | |
400 | Philip Morris International, Inc. | 28,408 | |
195 | PNC Financial Services Group | 21,817 | |
1,045 | PPL Corp. | 28,737 | |
2,530 | Regions Financial Corp. | 33,649 | |
150 | Texas Instruments, Inc. | 21,689 | |
970 | The Coca-Cola Co. | 46,618 | |
885 | Verizon Communications, Inc. | 50,436 | |
TOTAL | 986,116 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $2,130,157) | 2,012,050 |
Shares | Value in U.S. Dollars | ||
INVESTMENT COMPANY—1.1% | |||
20,442 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%2 (IDENTIFIED COST $20,433) | $20,450 | |
TOTAL INVESTMENT IN SECURITIES—107.8% (IDENTIFIED COST $2,150,590)3 | 2,032,500 | ||
OTHER ASSETS AND LIABILITIES - NET—(7.8)%4 | (146,981) | ||
TOTAL NET ASSETS—100% | $1,885,519 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 10/31/2019 | $59,741 |
Purchases at Cost | $744,506 |
Proceeds from Sales | $(783,773) |
Change in Unrealized Appreciation/Depreciation | $16 |
Net Realized Gain/(Loss) | $(40) |
Value as of 10/31/2020 | $20,450 |
Shares Held as of 10/31/2020 | 20,442 |
Dividend Income | $254 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $986,116 | $— | $— | $986,116 |
International | 330,135 | 695,799 | — | 1,025,934 |
Investment Company | 20,450 | — | — | 20,450 |
TOTAL SECURITIES | $1,336,701 | $695,799 | $— | $2,032,500 |
Year Ended October 31, | Period Ended 10/31/20171 | ||||
2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $5.34 | $4.96 | $5.37 | $5.00 | |
Income From Investment Operations: | |||||
Net investment income | 0.18 | 0.21 | 0.202 | 0.132 | |
Net realized and unrealized gain (loss) | (0.89) | 0.43 | (0.33) | 0.35 | |
TOTAL FROM INVESTMENT OPERATIONS | (0.71) | 0.64 | (0.13) | 0.48 | |
Less Distributions: | |||||
Distributions from net investment income | (0.18) | (0.21) | (0.19) | (0.11) | |
Distributions from net realized gain | — | (0.05) | (0.09) | — | |
TOTAL DISTRIBUTIONS | (0.18) | (0.26) | (0.28) | (0.11) | |
Net Asset Value, End of Period | $4.45 | $5.34 | $4.96 | $5.37 | |
Total Return3 | (13.58)% | 13.25% | (2.67)% | 9.73% | |
Ratios to Average Net Assets: | |||||
Net expenses4 | 1.10% | 1.12% | 1.11% | 1.10%5 | |
Net investment income | 3.70% | 3.94% | 3.84% | 3.22%5 | |
Expense waiver/reimbursement6 | 15.95% | 18.79% | 15.35% | 19.52%5 | |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $487 | $344 | $389 | $137 | |
Portfolio turnover | 47% | 44% | 25% | 23% |
Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $5.34 | $4.96 | $5.37 | $5.00 |
Income From Investment Operations: | ||||
Net investment income | 0.15 | 0.14 | 0.162 | 0.102 |
Net realized and unrealized gain (loss) | (0.90) | 0.45 | (0.33) | 0.37 |
TOTAL FROM INVESTMENT OPERATIONS | (0.75) | 0.59 | (0.17) | 0.47 |
Less Distributions: | ||||
Distributions from net investment income | (0.14) | (0.16) | (0.15) | (0.10) |
Distributions from net realized gain | — | (0.05) | (0.09) | — |
TOTAL DISTRIBUTIONS | (0.14) | (0.21) | (0.24) | (0.10) |
Net Asset Value, End of Period | $4.45 | $5.34 | $4.96 | $5.37 |
Total Return3 | (14.24)% | 12.31% | (3.39)% | 9.36% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 1.88% | 1.89% | 1.86% | 1.85%5 |
Net investment income | 2.82% | 3.17% | 3.18% | 2.47%5 |
Expense waiver/reimbursement6 | 15.81% | 17.78% | 15.04% | 18.50%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $40 | $28 | $130 | $133 |
Portfolio turnover | 47% | 44% | 25% | 23% |
Year Ended October 31, | Period Ended 10/31/20171 | ||||
2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $5.34 | $4.96 | $5.37 | $5.00 | |
Income From Investment Operations: | |||||
Net investment income | 0.20 | 0.22 | 0.212 | 0.132 | |
Net realized and unrealized gain (loss) | (0.90) | 0.43 | (0.33) | 0.36 | |
TOTAL FROM INVESTMENT OPERATIONS | (0.70) | 0.65 | (0.12) | 0.49 | |
Less Distributions: | |||||
Distributions from net investment income | (0.19) | (0.22) | (0.20) | (0.12) | |
Distributions from net realized gain | — | (0.05) | (0.09) | — | |
TOTAL DISTRIBUTIONS | (0.19) | (0.27) | (0.29) | (0.12) | |
Net Asset Value, End of Period | $4.45 | $5.34 | $4.96 | $5.37 | |
Total Return3 | (13.37)% | 13.53% | (2.45)% | 9.90% | |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.85% | 0.88% | 0.86% | 0.85%5 | |
Net investment income | 3.87% | 4.25% | 4.04% | 3.20%5 | |
Expense waiver/reimbursement6 | 15.74% | 18.19% | 15.39% | 18.08%5 | |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $303 | $119 | $295 | $139 | |
Portfolio turnover | 47% | 44% | 25% | 23% |
Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $5.34 | $4.96 | $5.37 | $5.00 |
Income From Investment Operations: | ||||
Net investment income | 0.19 | 0.22 | 0.212 | 0.152 |
Net realized and unrealized gain (loss) | (0.89) | 0.43 | (0.33) | 0.34 |
TOTAL FROM INVESTMENT OPERATIONS | (0.70) | 0.65 | (0.12) | 0.49 |
Less Distributions: | ||||
Distributions from net investment income | (0.19) | (0.22) | (0.20) | (0.12) |
Distributions from net realized gain | — | (0.05) | (0.09) | — |
TOTAL DISTRIBUTIONS | (0.19) | (0.27) | (0.29) | (0.12) |
Net Asset Value, End of Period | $4.45 | $5.34 | $4.96 | $5.37 |
Total Return3 | (13.35)% | 13.54% | (2.44)% | 9.90% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.84% | 0.86% | 0.85% | 0.84%5 |
Net investment income | 3.91% | 4.31% | 4.05% | 3.82%5 |
Expense waiver/reimbursement6 | 15.86% | 18.83% | 15.34% | 22.67%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $1,055 | $1,218 | $1,072 | $1,099 |
Portfolio turnover | 47% | 44% | 25% | 23% |
Assets: | ||
Investment in securities, at value including $20,450 of investment in an affiliated holding* (identified cost $2,150,590) | $2,032,500 | |
Cash | 428 | |
Income receivable | 8,356 | |
TOTAL ASSETS | 2,041,284 | |
Liabilities: | ||
Payable for portfolio accounting fees | $72,837 | |
Payable for auditing fees | 26,212 | |
Payable to adviser (Note 5) | 24,906 | |
Payable for share registration costs | 11,672 | |
Payable for custodian fees | 8,406 | |
Payable for insurance premiums | 3,956 | |
Payable for administrative fee (Note 5) | 246 | |
Payable for other service fees (Notes 2 and 5) | 214 | |
Accrued expenses (Note 5) | 7,316 | |
TOTAL LIABILITIES | 155,765 | |
Net assets for 423,891 shares outstanding | $1,885,519 | |
Net Assets Consists of: | ||
Paid-in capital | $2,206,621 | |
Total distributable earnings (loss) | (321,102) | |
TOTAL NET ASSETS | $1,885,519 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($486,813 ÷ 109,477 shares outstanding) no par value, unlimited shares authorized | $4.45 | |
Offering price per share (100/94.50 of $4.45) | $4.71 | |
Redemption proceeds per share | $4.45 | |
Class C Shares: | ||
Net asset value per share ($40,093 ÷ 9,008 shares outstanding) no par value, unlimited shares authorized | $4.45 | |
Offering price per share | $4.45 | |
Redemption proceeds per share (99.00/100 of $4.45) | $4.41 | |
Institutional Shares: | ||
Net asset value per share ($303,239 ÷ 68,085 shares outstanding) no par value, unlimited shares authorized | $4.45 | |
Offering price per share | $4.45 | |
Redemption proceeds per share | $4.45 | |
Class R6 Shares: | ||
Net asset value per share ($1,055,374 ÷ 237,321 shares outstanding) no par value, unlimited shares authorized | $4.45 | |
Offering price per share | $4.45 | |
Redemption proceeds per share | $4.45 |
Investment Income: | |||
Dividends (including $254 received from an affiliated holding* and net of foreign taxes withheld of $5,964) | $91,513 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $14,418 | ||
Administrative fee (Note 5) | 1,990 | ||
Custodian fees | 12,822 | ||
Transfer agent fees (Note 2) | 7,807 | ||
Directors’/Trustees’ fees (Note 5) | 781 | ||
Auditing fees | 32,765 | ||
Legal fees | 9,685 | ||
Distribution services fee (Note 5) | 248 | ||
Other service fees (Notes 2 and 5) | 1,234 | ||
Portfolio accounting fees | 148,275 | ||
Share registration costs | 66,600 | ||
Printing and postage | 16,832 | ||
Miscellaneous (Note 5) | 9,247 | ||
TOTAL EXPENSES | 322,704 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(14,418) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (290,466) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (304,884) | ||
Net expenses | 17,820 | ||
Net investment income | 73,693 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized loss of ($40) on sales of investments in an affiliated holding*) and foreign currency transactions | (153,948) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $16 of investments in an affiliated holding*) | (220,511) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (374,459) | ||
Change in net assets resulting from operations | $(300,766) |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $73,693 | $67,628 |
Net realized loss | (153,948) | (53,282) |
Net change in unrealized appreciation/depreciation | (220,511) | 186,822 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (300,766) | 201,168 |
Distributions to Shareholders: | ||
Class A Shares | (16,815) | (14,153) |
Class C Shares | (905) | (2,534) |
Institutional Shares | (11,443) | (9,889) |
Class R6 Shares | (43,583) | (58,900) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (72,746) | (85,476) |
Share Transactions: | ||
Proceeds from sale of shares | 546,750 | 248,141 |
Net asset value of shares issued to shareholders in payment of distributions declared | 72,487 | 84,548 |
Cost of shares redeemed | (69,707) | (624,774) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 549,530 | (292,085) |
Change in net assets | 176,018 | (176,393) |
Net Assets: | ||
Beginning of period | 1,709,501 | 1,885,894 |
End of period | $1,885,519 | $1,709,501 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $2,128 | $(319) |
Class C Shares | 138 | — |
Institutional Shares | 1,209 | (37) |
Class R6 Shares | 4,332 | — |
TOTAL | $7,807 | $(356) |
Other Service Fees Incurred | |
Class A Shares | $1,151 |
Class C Shares | 83 |
TOTAL | $1,234 |
Year Ended October 31 | 2020 | 2019 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 47,258 | $252,037 | 24,966 | $127,950 |
Shares issued to shareholders in payment of distributions declared | 3,556 | 16,812 | 2,842 | 14,148 |
Shares redeemed | (5,844) | (26,284) | (41,693) | (208,142) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 44,970 | $242,565 | (13,885) | $(66,044) |
Year Ended October 31 | 2020 | 2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 3,622 | $15,939 | 152 | $780 | |
Shares issued to shareholders in payment of distributions declared | 190 | 902 | 432 | 2,145 | |
Shares redeemed | (3) | (15) | (21,583) | (106,027) | |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 3,809 | $16,826 | (20,999) | $(103,102) |
Year Ended October 31 | 2020 | 2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 52,692 | $278,774 | 23,659 | $118,161 | |
Shares issued to shareholders in payment of distributions declared | 2,352 | 11,194 | 1,885 | 9,360 | |
Shares redeemed | (9,296) | (43,408) | (62,662) | (310,605) | |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 45,748 | $246,560 | (37,118) | $(183,084) |
Year Ended October 31 | 2020 | 2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount | |
Shares sold | — | $— | 238 | $1,250 | |
Shares issued to shareholders in payment of distributions declared | 9,076 | 43,579 | 11,816 | 58,895 | |
Shares redeemed | — | — | — | — | |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 9,076 | $43,579 | 12,054 | $60,145 | |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 103,603 | $549,530 | (59,948) | $(292,085) |
2020 | 2019 | |
Ordinary income | $72,746 | $68,066 |
Long-term capital gains | $— | $17,410 |
Undistributed ordinary income | $4,660 |
Net unrealized depreciation | $(118,349) |
Capital loss carryforwards | $(207,413) |
Short-Term | Long-Term | Total |
$136,925 | $70,488 | $207,413 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100 | on assets up to $50 billion |
0.075 | on assets over $50 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $248 |
Purchases | $ 1,493,847 |
Sales | $ 948,739 |
December 22, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $ 1,028.20 | $5.61 |
Class C Shares | $1,000 | $ 1,024.20 | $ 9.51 |
Institutional Shares | $1,000 | $ 1,029.50 | $ 4.34 |
Class R6 Shares | $1,000 | $1,029.50 | $4.29 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.61 | $ 5.58 |
Class C Shares | $1,000 | $1,015.74 | $9.48 |
Institutional Shares | $1,000 | $1,020.86 | $ 4.32 |
Class R6 Shares | $1,000 | $1,020.91 | $4.27 |
Class A Shares | 1.10% |
Class C Shares | 1.87% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.84% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: September 1999 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421N857
CUSIP 31421N840
CUSIP 31421N832
Share Class | Ticker | A | KAUAX | B | KAUBX | C | KAUCX |
R | KAUFX | Institutional | KAUIX |
Federated Hermes Kaufmann Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | 5 Years | 10 Years | |
Class A Shares | 14.83% | 14.64% | 12.89% |
Class B Shares | 15.60% | 15.16% | 13.06% |
Class C Shares | 19.96% | 15.34% | 12.93% |
Class R Shares | 21.39% | 15.90% | 13.52% |
Institutional Shares4 | 22.11% | 16.38% | 13.73% |
RMCGI | 21.14% | 14.15% | 14.13% |
MMCGFA | 22.59% | 13.10% | 12.76% |
Sector Composition | Percentage of Total Net Assets |
Health Care | 31.6% |
Information Technology | 18.1% |
Materials | 10.6% |
Industrials | 7.8% |
Consumer Discretionary | 6.5% |
Financials | 4.3% |
Real Estate | 1.3% |
Energy | 1.0% |
Communication Services | 0.7% |
Consumer Staples | 0.4% |
Securities Lending Collateral2 | 7.0% |
Cash Equivalents3 | 18.1% |
Other Assets and Liabilities—Net4 | (7.4)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 82.2% | |||
Communication Services— 0.7% | |||
1,348,000 | 1,2 | ZoomInfo Technologies, Inc. | $51,210,520 |
Consumer Discretionary— 6.5% | |||
161,100 | 1 | Alibaba Group Holding Ltd., ADR | 49,085,559 |
23,450 | 1 | Amazon.com, Inc. | 71,197,717 |
45,700 | 1 | Bright Horizons Family Solutions, Inc. | 7,222,885 |
100,000 | 1,2 | DraftKings, Inc. | 3,540,000 |
127,000 | 1 | Etsy, Inc. | 15,441,930 |
974,000 | 1,3 | Fisker, Inc. | 7,917,618 |
698,900 | 1 | Floor & Decor Holdings, Inc. | 51,019,700 |
72,800 | 1 | GrubHub, Inc. | 5,384,288 |
71,400 | Home Depot, Inc. | 19,043,094 | |
150,000 | 1 | Just Eat Takeaway | 16,691,812 |
637,300 | Las Vegas Sands Corp. | 30,628,638 | |
128,503 | 1 | Lululemon Athletica, Inc. | 41,029,723 |
5,000 | 1 | Mercadolibre, Inc. | 6,070,250 |
575,000 | Moncler S.p.A | 23,023,567 | |
24,740,000 | NagaCorp Ltd. | 25,596,130 | |
195,500 | 1 | Planet Fitness, Inc. | 11,587,285 |
30,000 | 2 | Vail Resorts, Inc. | 6,961,200 |
600,100 | 2 | Wingstop, Inc. | 69,809,633 |
520,000 | 1 | YETI Holdings, Inc. | 25,729,600 |
TOTAL | 486,980,629 | ||
Consumer Staples— 0.4% | |||
19,600 | Costco Wholesale Corp. | 7,009,352 | |
100,000 | 1 | Freshpet, Inc. | 11,450,000 |
300,000 | 1,2 | Grocery Outlet Holding Corp. | 13,206,000 |
TOTAL | 31,665,352 | ||
Energy— 1.0% | |||
2,036,100 | 2 | New Fortress Energy, Inc. | 73,564,293 |
Financials— 4.3% | |||
840,000 | Apollo Global Management LLC | 30,962,400 | |
3,445,000 | Ashmore Group PLC | 15,907,747 | |
85,350 | BlackRock, Inc. | 51,142,574 | |
1 | 1,3,4 | FA Private Equity Fund IV LP | 228,522 |
4,650,000 | 2 | FinecoBank Banca Fineco SPA | 63,680,592 |
49,500 | Goldman Sachs Group, Inc. | 9,357,480 | |
775,000 | 2 | Hamilton Lane, Inc. | 54,017,500 |
410,000 | Housing Development Finance Corp. Ltd. | 10,620,595 | |
1 | 1,3,4 | Infrastructure Fund | 0 |
1,200,000 | 2 | KKR & Co., Inc. | 40,980,000 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
35,000 | 1 | Markel Corp. | $32,648,000 |
400,000 | 1 | Root, Inc. | 9,588,000 |
TOTAL | 319,133,410 | ||
Health Care— 31.5% | |||
400,000 | Abbott Laboratories | 42,044,000 | |
1,131,733 | 1 | Akouos, Inc. | 21,966,938 |
1,406,700 | 1 | Albireo Pharma, Inc. | 44,395,452 |
1,500,000 | 1,2 | Alector, Inc. | 14,115,000 |
520,000 | 1,2 | American Well Corp. | 13,421,200 |
1,266,686 | 1 | Amphastar Pharmaceuticals, Inc. | 24,814,379 |
452,000 | 1 | Annexon, Inc. | 9,406,120 |
1 | 3,4 | Apollo Investment Fund V | 86,062 |
550,000 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 29,744,000 |
1,038,400 | 1 | Argenx SE | 258,517,329 |
679,500 | 1 | Avidity Biosciences LLC | 16,804,035 |
384,300 | 1,2 | Avrobio, Inc. | 5,487,804 |
800,000 | 1 | Boston Scientific Corp. | 27,416,000 |
3,385,000 | 1 | Calithera Biosciences, Inc. | 11,982,900 |
715,000 | 1 | Catalent, Inc. | 62,755,550 |
4,939,007 | 1 | Corcept Therapeutics, Inc. | 82,876,537 |
282,236 | 1,2 | CRISPR Therapeutics AG | 25,914,910 |
285,000 | Danaher Corp. | 65,418,900 | |
296,000 | 1 | Dexcom, Inc. | 94,595,680 |
5,950,000 | 1,2 | Dynavax Technologies Corp. | 22,193,500 |
910,000 | 1,2 | Editas Medicine, Inc. | 28,155,400 |
267,000 | 1 | Edwards Lifesciences Corp. | 19,141,230 |
121,800 | 1 | Fate Therapeutics, Inc. | 5,407,920 |
770,000 | 1,2 | Frequency Therapeutics, Inc. | 16,847,600 |
205,800 | 1,4 | Frequency Therapeutics, Inc. | 4,502,904 |
440,000 | 1 | Galapagos NV | 51,981,721 |
670,000 | 1,2 | Galapagos NV, ADR | 78,041,600 |
2,976,453 | 1,2 | Gamida Cell Ltd. | 15,120,381 |
251,393 | 1 | Genmab A/S | 83,840,216 |
576,734 | 1 | Genmab A/S, ADR | 19,412,866 |
450,000 | 1,2 | Gossamer Bio, Inc. | 3,735,000 |
492,502 | 1,2 | GW Pharmaceuticals PLC, ADR | 44,330,105 |
400,400 | 1 | IDEAYA Biosciences, Inc. | 4,872,868 |
59,300 | 1 | IDEXX Laboratories, Inc. | 25,191,826 |
400,000 | 1 | Immatics N.V. | 4,152,000 |
340,600 | 1,2 | Immatics N.V. | 3,535,428 |
255,000 | 1 | Insulet Corp. | 56,673,750 |
24,900 | 1 | Intuitive Surgical, Inc. | 16,610,292 |
487,000 | 1,2 | Kaleido Biosciences, Inc. | 2,975,570 |
1 | 1,3,4 | Latin Healthcare Fund | 307,683 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
500,000 | 1,2 | Legend Biotech Corp., ADR | $12,935,000 |
1,358,398 | 1 | Merus NV | 16,545,288 |
5,200,000 | 1 | Minerva Neurosciences, Inc. | 16,692,000 |
700,000 | 1,2 | Moderna, Inc. | 47,229,000 |
781,736 | 1,2 | Molecular Partners AG | 17,105,796 |
2,100,000 | 1,2 | Otonomy, Inc. | 7,518,000 |
375,000 | 1 | PDS Biotechnology Corp. | 746,250 |
250,000 | 1,2 | Repligen Corp. | 41,642,500 |
609,000 | 1,3 | Rezolute, Inc. | 12,003,840 |
1,013,600 | 1 | Rhythm Pharmaceuticals, Inc. | 21,457,912 |
120,000 | 1,2 | Sarepta Therapeutics, Inc. | 16,309,200 |
519,749 | 1 | Scynexis, Inc. | 2,271,303 |
2,110,000 | 1,2 | Seres Therapeutics, Inc. | 58,847,900 |
959,018 | 1,3 | Soteira, Inc. | 0 |
385,000 | 1,2 | Stoke Therapeutics, Inc. | 14,780,150 |
115,000 | Stryker Corp. | 23,231,150 | |
850,000 | 1,2 | Tandem Diabetes Care, Inc. | 92,650,000 |
1,000,000 | 1,2 | Translate Bio, Inc. | 12,830,000 |
240,841 | 1 | TransMedics Group, Inc. | 2,885,275 |
225,000 | 1 | Turning Point Therapeutics, Inc. | 20,742,750 |
1,955,500 | 1,2 | Ultragenyx Pharmaceutical, Inc. | 196,527,750 |
1,870,000 | 1 | UniQure N.V. | 75,604,100 |
715,000 | 1 | Veeva Systems, Inc. | 193,085,750 |
879,000 | 1 | Zai Lab Ltd., ADR | 72,121,950 |
110,900 | 1,2 | Zentalis Pharmaceuticals, LLC | 4,390,531 |
916,000 | 1,2 | Zogenix, Inc. | 19,529,120 |
TOTAL | 2,358,475,171 | ||
Industrials— 7.8% | |||
1,059,780 | 1 | Azek Co., Inc. | 35,439,043 |
1,025,000 | 1,2 | Azul S.A., ADR | 12,146,250 |
128,000 | 1 | CoStar Group, Inc. | 105,422,080 |
660,000 | 1,2 | Dun & Bradstreet Holdings, Inc. | 17,054,400 |
100,000 | 1 | FTI Consulting, Inc. | 9,846,000 |
181,800 | 1 | Generac Holdings, Inc. | 38,205,270 |
361,900 | 2 | HEICO Corp. | 38,017,595 |
471,000 | IHS Markit Ltd. | 38,089,770 | |
1,410,000 | 1 | Mercury Systems, Inc. | 97,120,800 |
186,700 | Roper Technologies, Inc. | 69,329,178 | |
337,200 | Trane Technologies PLC | 44,763,300 | |
567,200 | 1 | Trex Co., Inc. | 39,443,088 |
210,000 | Verisk Analytics, Inc. | 37,373,700 | |
TOTAL | 582,250,474 | ||
Information Technology— 18.1% | |||
44,408 | 1 | Adobe, Inc. | 19,854,817 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,255,000 | 1,2 | Advanced Micro Devices, Inc. | $94,488,950 |
189,500 | 1 | Ansys, Inc. | 57,678,115 |
3,337 | Broadcom, Inc. | 1,166,715 | |
195,143 | 1 | Coupa Software, Inc. | 52,239,781 |
97,500 | 1 | DocuSign, Inc. | 19,719,375 |
324,725 | 1,2 | Envestnet, Inc. | 24,919,396 |
190,300 | 1 | Everbridge, Inc. | 19,922,507 |
1,059,322 | 1,3,4 | Expand Networks Ltd. | 0 |
291,400 | Fidelity National Information Services, Inc. | 36,305,526 | |
49,511 | �� | FLIR Systems, Inc. | 1,717,536 |
1,345,000 | 1,2 | GDS Holdings Ltd., ADR | 113,033,800 |
268,000 | 1 | GoDaddy, Inc. | 18,958,320 |
1,350,000 | Marvell Technology Group Ltd. | 50,638,500 | |
1,547,564 | 1,2 | McAfee Corp. | 25,937,173 |
565,973 | 1,2 | Medallia, Inc. | 16,101,932 |
1,725,000 | 1 | Nexi SpA | 26,510,968 |
1,794,674 | 1,2 | PagSeguro Digital Ltd. | 65,703,015 |
500,000 | 1,2 | Q2 Holdings, Inc. | 45,620,000 |
1,185,000 | 1 | Radware Ltd. | 26,662,500 |
560,000 | 1 | Rapid7, Inc. | 34,680,800 |
171,500 | 1 | RealPage, Inc. | 9,550,835 |
100,000 | 1 | Salesforce.com, Inc. | 23,227,000 |
3,751 | 1,3,4 | Sensable Technologies, Inc. | 0 |
251,887 | 1 | ServiceNow, Inc. | 125,331,415 |
209,000 | 1 | Shopify, Inc. | 193,414,870 |
150,000 | 1,2 | Snowflake, Inc. | 37,503,000 |
375,000 | 1 | Splunk, Inc. | 74,265,000 |
175,500 | 1,2 | Tyler Technologies, Inc. | 67,458,690 |
58,339 | 1,2 | Unity Software, Inc. | 5,535,204 |
292,315 | 1 | Workday, Inc. | 61,421,228 |
TOTAL | 1,349,566,968 | ||
Materials— 10.6% | |||
1,500,000 | 4 | Agnico Eagle Mines Ltd. | 118,935,000 |
8,400,000 | B2Gold Corp. | 54,032,876 | |
412,400 | Ball Corp. | 36,703,600 | |
2,800,000 | Barrick Gold Corp. | 74,844,000 | |
1,700,000 | 1,2 | Endeavour Financial Corp. | 41,699,317 |
165,000 | 2 | Franco-Nevada Corp. | 22,489,192 |
5,130,000 | Kinross Gold Corp. | 40,886,100 | |
1,230,000 | Kirkland Lake Gold Ltd. | 56,112,600 | |
1,640,000 | Newcrest Mining Ltd. | 33,861,006 | |
1,425,000 | Newmont Corp. | 89,547,000 | |
1,349,246 | 2 | Osisko Gold Royalties Ltd. | 15,084,570 |
2,120,000 | 1,2 | Pretium Resources, Inc. | 25,821,600 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
309,800 | Scotts Miracle-Gro Co. | $46,485,490 | |
129,287 | Sherwin-Williams Co. | 88,946,870 | |
475,000 | Wheaton Precious Metals Corp. | 21,902,250 | |
4,400,000 | Yamana Gold, Inc. | 24,464,000 | |
TOTAL | 791,815,471 | ||
Real Estate— 1.3% | |||
671,600 | 2 | Americold Realty Trust | 24,332,068 |
185,900 | Crown Castle International Corp. | 29,037,580 | |
300,000 | 2 | Easterly Government Properties, Inc. | 6,270,000 |
157,393 | JBG Smith Properties | 3,675,127 | |
624,300 | MGM Growth Properties LLC | 16,512,735 | |
270,000 | Ryman Hospitality Properties | 10,759,500 | |
300,000 | STAG Industrial, Inc. | 9,336,000 | |
TOTAL | 99,923,010 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $2,980,170,011) | 6,144,585,298 | ||
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— 0.1% | |||
Health Care— 0.1% | |||
421,550 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 264,691 |
801,900 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | 292,132 |
3,445,000 | 1 | ContraFect Corp., Warrants 7/20/2022 | 274,567 |
1,735,000 | 1 | ContraFect Corp., Warrants 7/27/2021 | 32,618 |
377,500 | 1 | Dynavax Technologies Corp., Warrants 2/12/2022 | 699,017 |
170,300 | 1 | Immatics N.V., Warrants 12/31/2025 | 483,652 |
200,970 | 1,3 | Rezolute, Inc., Warrants 10/8/2027 | 3,621,289 |
1,017,000 | 1 | Scynexis, Inc., Warrants 3/8/2023 | 35,290 |
848,250 | 1 | Scynexis, Inc., Warrants 4/6/2021 | 254 |
TOTAL WARRANTS (IDENTIFIED COST $557,932) | 5,703,510 | ||
INVESTMENT COMPANIES— 25.1% | |||
90,016,791 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5 | 90,016,791 | |
1,784,269,240 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%5 | 1,784,982,948 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $1,874,359,406) | 1,874,999,739 | ||
TOTAL INVESTMENT IN SECURITIES—107.4% (IDENTIFIED COST $4,860,087,350)6 | 8,025,288,547 | ||
OTHER ASSETS AND LIABILITIES - NET—(7.4)%7 | (551,202,404) | ||
TOTAL NET ASSETS—100% | $7,474,086,143 |
Value as of 10/31/2019 | Purchases at Cost* | Proceeds from Sales* | |
Consumer Discretionary: | |||
Wingstop, Inc.** | $45,669,582 | $7,403,452 | $(2,418,179) |
Energy: | |||
New Fortress Energy, Inc.** | $20,688,000 | $18,162,588 | $(5,566,171) |
Health Care: | |||
Akouos, Inc. | $— | $23,848,938 | $— |
Albireo Pharma, Inc. | $17,635,200 | $14,923,000 | $— |
Alector, Inc. | $35,364,000 | $17,465,412 | $(18,644,151) |
Amphastar Pharmaceuticals, Inc. | $15,741,725 | $8,873,279 | $— |
Arcturus Therapeutics Holdings, Inc. | $— | $29,150,000 | $— |
Argenx SE** | $144,567,252 | $25,939,452 | $(41,202,990) |
Calithera Biosciences, Inc. | $8,928,000 | $1,781,250 | $— |
Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | $1,157,382 | $— | $— |
Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | $1,036,044 | $— | $— |
ContraFect Corp., Warrants 7/20/2022 | $194,987 | $— | $— |
ContraFect Corp., Warrants 7/27/2021 | $59,684 | $— | $— |
Corcept Therapeutics, Inc.** | $126,057,600 | $— | $(46,249,898) |
Dynavax Technologies Corp. | $23,414,000 | $8,406,676 | $(2,267,108) |
Dynavax Technologies Corp., Warrants 2/12/2022 | $1,072,440 | $— | $— |
Frequency Therapeutics, Inc. | $11,088,000 | $— | $— |
Gamida Cell Ltd. | $— | $ 14,647,516 | $— |
Merus NV | $— | $18,998,043 | $— |
Minerva Neurosciences, Inc. | $35,502,600 | $— | $(17,793,300) |
Molecular Partners AG | $— | $13,158,479 | $(161,815) |
Otonomy, Inc. | $— | $7,028,799 | $— |
Rezolute, Inc. | $— | $ 10,048,500 | $— |
Rhythm Pharmaceuticals, Inc. | $21,609,952 | $— | $— |
Scynexis, Inc. | $6,271,200 | $— | $(83,453) |
Scynexis, Inc., Warrants 3/8/2023 | $453,785 | $— | $— |
Scynexis, Inc., Warrants 4/6/2021 | $124,269 | $— | $— |
Soteira, Inc. | $— | $— | $— |
TransMedics Group, Inc. | $— | $12,996,738 | $(8,921,046) |
Ultragenyx Pharmaceutical, Inc. | $77,068,800 | $9,159,480 | $(7,239,600) |
UniQure N.V. | $105,084,000 | $4,003,389 | $(16,507,809) |
Affiliated Issuers no longer in the portfolio at period end | $41,851,740 | $8,665,060 | $(38,052,014) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $740,640,242 | $254,660,051 | $(205,107,534) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 10/31/2020 | Shares Held as of 10/31/2020 | Dividend Income* |
$18,482,044 | $672,734 | $69,809,633 | 600,100 | $272,909 |
$36,599,296 | $3,680,580 | $73,564,293 | 2,036,100 | $200,000 |
$(1,882,000) | $— | $21,966,938 | 1,131,733 | $— |
$11,837,252 | $— | $44,395,452 | 1,406,700 | $— |
$(8,848,008) | $(11,222,253) | $14,115,000 | 1,500,000 | $— |
$199,375 | $— | $24,814,379 | 1,266,686 | $— |
$594,000 | $— | $29,744,000 | 550,000 | $— |
$95,964,260 | $33,249,355 | $258,517,329 | 1,038,400 | $— |
$1,273,650 | $— | $11,982,900 | 3,385,000 | $— |
$(865,250) | $— | $292,132 | 801,900 | $— |
$(771,353) | $— | $ 264,691 | 421,550 | $— |
$79,580 | $— | $274,567 | 3,445,000 | $— |
$(27,066) | $— | $32,618 | 1,735,000 | $— |
$(33,096,199) | $36,165,034 | $82,876,537 | 4,939,007 | $— |
$(6,845,720) | $(514,348) | $22,193,500 | 5,950,000 | $— |
$(373,423) | $— | $699,017 | 377,500 | $— |
$5,759,600 | $— | $16,847,600 | 770,000 | $— |
$ 472,865 | $— | $ 15,120,381 | 2,976,453 | $— |
$(2,452,755) | $— | $16,545,288 | 1,358,398 | $— |
$120,715 | $(1,138,015) | $16,692,000 | 5,200,000 | $— |
$4,074,226 | $34,906 | $17,105,796 | 781,736 | $— |
$489,201 | $— | $7,518,000 | 2,100,000 | $— |
$ 1,955,340 | $— | $ 12,003,840 | 609,000 | $— |
$(152,040) | $— | $21,457,912 | 1,013,600 | $— |
$(2,516,392) | $(1,400,052) | $2,271,303 | 519,749 | $— |
$(418,495) | $— | $35,290 | 1,017,000 | $— |
$(124,015) | $— | $254 | 848,250 | $— |
$— | $— | $— | 959,018 | $— |
$(461,153) | $(729,264) | $2,885,275 | 240,841 | $— |
$117,499,470 | $39,600 | $196,527,750 | 1,955,500 | $— |
$(15,384,495) | $(1,590,985) | $75,604,100 | 1,870,000 | $— |
$25,019,848 | $(37,484,634) | $— | — | $— |
$246,202,358 | $19,762,658 | $1,056,157,775 | 52,804,221 | $472,909 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At October 31, 2020, the Fund no longer has ownership of at least 5% voting shares. |
Federated Hermes Government Obligations Fund, Institutional Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2019 | $110,475,332 | $2,006,173,853 | $2,116,649,185 |
Purchases at Cost | $1,091,954,146 | $3,649,471,476 | $4,741,425,622 |
Proceeds from Sales | $(1,112,412,687) | $(3,870,660,380) | $(4,983,073,067) |
Change in Unrealized Appreciation/ Depreciation | N/A | $270,834 | $270,834 |
Net Realized Gain/(Loss) | N/A | $(272,835) | $(272,835) |
Value as of 10/31/2020 | $90,016,791 | $1,784,982,948 | $1,874,999,739 |
Shares Held as of 10/31/2020 | 90,016,791 | 1,784,269,240 | 1,874,286,031 |
Dividend Income | $756,723 | $14,068,060 | $14,824,783 |
Gain Distributions Received | N/A | $3,458 | $3,458 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
4 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2020, these restricted securities amounted to $124,060,171, which represented 1.7% of total net assets. |
5 | 7-day net yield. |
6 | The cost of investments for federal tax purposes amounts to $4,881,167,282. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. A significant portion of this balance represents loans to unaffiliated qualified brokers for securities lending. The Fund receives cash from the broker as collateral for the loaned securities and reinvests the collateral in certain short-term securities such as affiliated money market funds, other money market instruments and/or repurchase agreements. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $4,043,333,397 | $— | $20,543,725 | $4,063,877,122 |
International | 1,453,370,697 | 627,337,479 | — | 2,080,708,176 |
Preferred Stock | ||||
Domestic | — | — | 0 | 0 |
Debt Securities: | ||||
Warrants | — | 2,082,221 | 3,621,289 | 5,703,510 |
Investment Companies | 1,874,999,739 | — | — | 1,874,999,739 |
TOTAL SECURITIES | $7,371,703,833 | $629,419,700 | $24,165,014 | $8,025,288,547 |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $6.27 | $6.03 | $6.06 | $5.27 | $6.02 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.05)1 | (0.06)1 | (0.06)1 | (0.05)1 |
Net realized and unrealized gain | 1.32 | 1.09 | 0.69 | 1.37 | 0.16 |
Total From Investment Operations | 1.23 | 1.04 | 0.63 | 1.31 | 0.11 |
Less Distributions: | |||||
Distributions from net realized gain | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $6.80 | $6.27 | $6.03 | $6.06 | $5.27 |
Total Return2 | 21.52% | 19.52% | 11.64% | 26.97% | 1.77% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.94% | 1.95% | 1.95% | 1.95%4 | 1.95%4 |
Net investment income (loss) | (1.38)% | (0.81)% | (1.02)% | (1.13)% | (1.00)% |
Expense waiver/reimbursement5 | 0.03% | 0.03% | 0.03% | 0.04% | 0.06% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,808,715 | $1,629,524 | $1,491,496 | $1,324,155 | $1,364,222 |
Portfolio turnover | 38% | 42% | 33% | 47% | 55% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 1.95% and 1.95% for the years ended October 31, 2017 and 2016, respectively, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $5.00 | $4.99 | $5.15 | $4.58 | $5.36 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.06)1 | (0.08)1 | (0.08)1 | (0.07)1 |
Net realized and unrealized gain | 1.03 | 0.87 | 0.58 | 1.17 | 0.15 |
Total From Investment Operations | 0.94 | 0.81 | 0.50 | 1.09 | 0.08 |
Less Distributions: | |||||
Distributions from net realized gain | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $5.24 | $5.00 | $4.99 | $5.15 | $4.58 |
Total Return2 | 21.10% | 18.88% | 11.11% | 26.16% | 1.34% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 2.44% | 2.45% | 2.46% | 2.47%4 | 2.48%4 |
Net investment income (loss) | (1.87)% | (1.32)% | (1.54)% | (1.65)% | (1.52)% |
Expense waiver/reimbursement5 | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $35,306 | $41,483 | $50,468 | $65,410 | $72,634 |
Portfolio turnover | 38% | 42% | 33% | 47% | 55% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 2.47% and 2.48% for the years ended October 31, 2017 and 2016, respectively, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $4.99 | $4.99 | $5.14 | $4.57 | $5.36 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.06)1 | (0.08)1 | (0.08)1 | (0.07)1 |
Net realized and unrealized gain | 1.02 | 0.86 | 0.59 | 1.17 | 0.14 |
Total From Investment Operations | 0.93 | 0.80 | 0.51 | 1.09 | 0.07 |
Less Distributions: | |||||
Distributions from net realized gain | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $5.22 | $4.99 | $4.99 | $5.14 | $4.57 |
Total Return2 | 20.96% | 18.69% | 11.36% | 26.22% | 1.15% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 2.44% | 2.45% | 2.46% | 2.47%4 | 2.48%4 |
Net investment income (loss) | (1.87)% | (1.31)% | (1.56)% | (1.65)% | (1.52)% |
Expense waiver/reimbursement5 | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $141,074 | $135,883 | $144,284 | $306,011 | $343,129 |
Portfolio turnover | 38% | 42% | 33% | 47% | 55% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 2.47% and 2.48% for the years ended October 31, 2017 and 2016, respectively, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $6.28 | $6.04 | $6.07 | $5.28 | $6.03 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.05)1 | (0.06)1 | (0.06)1 | (0.05)1 |
Net realized and unrealized gain | 1.33 | 1.09 | 0.69 | 1.37 | 0.16 |
Total From Investment Operations | 1.24 | 1.04 | 0.63 | 1.31 | 0.11 |
Less Distributions: | |||||
Distributions from net realized gain | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $6.82 | $6.28 | $6.04 | $6.07 | $5.28 |
Total Return2 | 21.64% | 19.48% | 11.62% | 26.92% | 1.76% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.95% | 1.95% | 1.95% | 1.95%4 | 1.95%4 |
Net investment income (loss) | (1.40)% | (0.81)% | (1.03)% | (1.14)% | (1.00)% |
Expense waiver/reimbursement5 | 0.25% | 0.26% | 0.27% | 0.28% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,848,579 | $4,313,852 | $3,877,851 | $3,704,278 | $3,206,317 |
Portfolio turnover | 38% | 42% | 33% | 47% | 55% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.95% and 1.95% for the years ended October 31, 2017 and 2016, respectively, after taking into account these expense reductions. |
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. |
Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $6.39 | $6.11 | $6.10 | $4.94 |
Income From Investment Operations: | ||||
Net investment income (loss) | (0.06)2 | (0.02)2 | (0.03)2 | (0.03)2 |
Net realized and unrealized gain | 1.35 | 1.10 | 0.70 | 1.19 |
Total From Investment Operations | 1.29 | 1.08 | 0.67 | 1.16 |
Less Distributions: | ||||
Distributions from net realized gain | (0.70) | (0.80) | (0.66) | — |
Net Asset Value, End of Period | $6.98 | $6.39 | $6.11 | $6.10 |
Total Return3 | 22.11% | 19.98% | 12.29% | 23.48% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 1.44% | 1.45% | 1.46% | 1.47%5, 6 |
Net investment loss | (0.89)% | (0.31)% | (0.52)% | (0.67)%5 |
Expense waiver/reimbursement7 | 0.03% | 0.03% | 0.03% | 0.03%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $640,411 | $452,014 | $325,596 | $198,762 |
Portfolio turnover | 38% | 42% | 33% | 47%8 |
1 | Reflects operations for the period from December 29, 2016 (date of initial investment) to October 31, 2017. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.47% for the period from December 29, 2016 (date of initial investment) to October 31, 2017, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2017. |
Assets: | |
Investment in securities, at value including $499,958,937 of securities loaned and $1,874,999,739 of investment in affiliated holdings and $1,056,157,775 of investment in affiliated companies* (identified cost $4,860,087,350) | $8,025,288,547 |
Cash denominated in foreign currencies (identified cost $55,178) | 56,663 |
Income receivable | 404,126 |
Income receivable from affiliated holdings | 128,581 |
Receivable for investments sold | 7,818,840 |
Receivable for shares sold | 2,107,568 |
Total Assets | 8,035,804,325 |
Liabilities: | |
Payable for investments purchased | 22,958,627 |
Payable for shares redeemed | 6,127,596 |
Payable for collateral due to broker for securities lending | 525,559,489 |
Payable for investment adviser fee (Note 5) | 528,684 |
Payable for administrative fee (Note 5) | 32,302 |
Payable for distribution services fee (Note 5) | 1,729,552 |
Payable for other service fees (Notes 2 and 5) | 3,673,962 |
Accrued expenses (Note 5) | 1,107,970 |
Total Liabilities | 561,718,182 |
Net assets for 1,102,594,338 shares outstanding | $7,474,086,143 |
Net Assets Consist of: | |
Paid-in capital | $3,865,509,634 |
Total distributable earnings (loss) | 3,608,576,509 |
Total Net Assets | $7,474,086,143 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($1,808,715,083 ÷ 265,984,925 shares outstanding), no par value, unlimited shares authorized | $6.80 |
Offering price per share (100/94.50 of $6.80) | $7.20 |
Redemption proceeds per share | $6.80 |
Class B Shares: | |
Net asset value per share ($35,306,222 ÷ 6,742,067 shares outstanding), no par value, unlimited shares authorized | $5.24 |
Offering price per share | $5.24 |
Redemption proceeds per share (94.50/100 of $5.24) | $4.95 |
Class C Shares: | |
Net asset value per share ($141,074,213 ÷ 27,015,526 shares outstanding), no par value, unlimited shares authorized | $5.22 |
Offering price per share | $5.22 |
Redemption proceeds per share (99.00/100 of $5.22) | $5.17 |
Class R Shares: | |
Net asset value per share ($4,848,579,359 ÷ 711,165,060 shares outstanding), no par value, unlimited shares authorized | $6.82 |
Offering price per share | $6.82 |
Redemption proceeds per share | $6.82 |
Institutional Shares: | |
Net asset value per share ($640,411,266 ÷ 91,686,760 shares outstanding), no par value, unlimited shares authorized | $6.98 |
Offering price per share | $6.98 |
Redemption proceeds per share | $6.98 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $9,994,654 received from affiliated companies and holdings* and net of foreign taxes withheld of $823,668) | $36,723,191 |
Net income on securities loaned (includes $5,303,038 received from affiliated holdings related to cash collateral balances (Note 2)*) | 3,196,275 |
Interest | 58,604 |
TOTAL INCOME | 39,978,070 |
Expenses: | |
Investment adviser fee (Note 5) | 91,989,837 |
Administrative fee (Note 5) | 5,534,921 |
Custodian fees | 437,326 |
Transfer agent fees | 4,579,532 |
Directors’/Trustees’ fees (Note 5) | 33,761 |
Auditing fees | 45,400 |
Legal fees | 10,864 |
Portfolio accounting fees | 213,787 |
Distribution services fee (Note 5) | 28,816,979 |
Other service fees (Notes 2 and 5) | 16,332,122 |
Share registration costs | 175,884 |
Printing and postage | 232,058 |
Miscellaneous (Note 5) | 58,799 |
TOTAL EXPENSES | 148,461,270 |
Waivers and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (1,803,816) |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (10,409,837) |
TOTAL WAIVERS AND REIMBURSEMENT | (12,213,653) |
Net expenses | 136,247,617 |
Net investment income (loss) | (96,269,547) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized gain of $19,489,823 on sales of investments in affiliated companies and holdings*) | $620,305,372 |
Net realized gain on foreign currency transactions | 526,869 |
Net realized loss on futures contracts | (65,554,976) |
Realized gain distribution from affiliated investment company shares* | 3,458 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $246,473,192 on investments in affiliated companies and holdings*) | 894,440,983 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 45,051 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | 1,449,766,757 |
Change in net assets resulting from operations | $1,353,497,210 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(96,269,547) | $(50,888,908) |
Net realized gain (loss) | 555,280,723 | 740,800,164 |
Net change in unrealized appreciation/depreciation | 894,486,034 | 419,054,059 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,353,497,210 | 1,108,965,315 |
Distributions to Shareholders: | ||
Class A Shares | (181,579,785) | (196,156,111) |
Class B Shares | (5,592,184) | (7,786,018) |
Class C Shares | (18,875,257) | (22,431,238) |
Class R Shares | (480,511,980) | (509,207,022) |
Institutional Shares | (49,190,997) | (42,821,708) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (735,750,203) | (778,402,097) |
Share Transactions: | ||
Proceeds from sale of shares | 562,648,735 | 468,113,980 |
Net asset value of shares issued to shareholders in payment of distributions declared | 649,963,701 | 687,001,939 |
Cost of shares redeemed | (929,029,673) | (802,617,139) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 283,582,763 | 352,498,780 |
Change in net assets | 901,329,770 | 683,061,998 |
Net Assets: | ||
Beginning of period | 6,572,756,373 | 5,889,694,375 |
End of period | $7,474,086,143 | $6,572,756,373 |
Transfer Agent Fees Incurred | |
Class A Shares | $1,261,773 |
Class B Shares | 28,481 |
Class C Shares | 101,954 |
Class R Shares | 2,801,006 |
Institutional Shares | 386,318 |
TOTAL | $4,579,532 |
Other Service Fees Incurred | |
Class A Shares | $4,337,025 |
Class B Shares | 97,418 |
Class C Shares | 349,962 |
Class R Shares | 11,547,717 |
TOTAL | $16,332,122 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||
Futures Contracts | ||
Equity contracts | $(65,554,976) |
Market Value of Securities Loaned | Collateral Received |
$499,958,937 | $525,559,489 |
Security | Acquisition Date | Cost | Market Value |
Agnico Eagle Mines Ltd. | 12/26/2018 | $6,446,178 | $118,935,000 |
Apollo Investment Fund V | 5/18/2001 | $0 | $86,062 |
Expand Networks Ltd. | 9/22/2000 | $2,500,000 | $0 |
FA Private Equity Fund IV LP | 3/4/2002 | $0 | $228,522 |
Frequency Therapeutics, Inc. | $3,704,400 | $4,502,904 | |
Infrastructure Fund | 8/11/2000 | $404,496 | $0 |
Latin Healthcare Fund | 11/28/2000 | $0 | $307,683 |
Multiplex, Inc., Pfd., Series C | 2/22/2001 | $5,000,001 | $0 |
Sensable Technologies, Inc. | 10/15/2004 | $0 | $0 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 21,508,041 | $134,518,515 | 24,008,103 | $141,942,363 |
Shares issued to shareholders in payment of distributions declared | 29,190,075 | 170,761,938 | 34,373,135 | 183,552,543 |
Shares redeemed | (44,773,440) | (277,052,292) | (45,583,805) | (269,882,178) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 5,924,676 | $28,228,161 | 12,797,433 | $55,612,728 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 214,763 | $992,781 | 446,899 | $2,131,511 |
Shares issued to shareholders in payment of distributions declared | 1,194,132 | 5,409,421 | 1,766,424 | 7,560,294 |
Shares redeemed | (2,960,752) | (14,527,481) | (4,023,188) | (19,231,184) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (1,551,857) | $(8,125,279) | (1,809,865) | $(9,539,379) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,283,847 | $30,283,907 | 6,210,372 | $29,007,395 |
Shares issued to shareholders in payment of distributions declared | 3,892,750 | 17,556,301 | 4,897,396 | 20,911,881 |
Shares redeemed | (10,390,614) | (49,763,404) | (12,819,934) | (60,479,448) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (214,017) | $(1,923,196) | (1,712,166) | $(10,560,172) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 21,264,578 | $130,904,639 | 20,227,932 | $115,640,561 |
Shares issued to shareholders in payment of distributions declared | 70,031,266 | 411,083,530 | 81,735,229 | 437,283,475 |
Shares redeemed | (66,961,751) | (413,516,201) | (56,639,892) | (338,000,827) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 24,334,093 | $128,471,968 | 45,323,269 | $214,923,209 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 40,798,357 | $265,948,893 | 29,739,311 | $179,392,150 |
Shares issued to shareholders in payment of distributions declared | 7,550,587 | 45,152,511 | 6,954,566 | 37,693,746 |
Shares redeemed | (27,409,009) | (174,170,295) | (19,250,371) | (115,023,502) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 20,939,935 | $136,931,109 | 17,443,506 | $102,062,394 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 49,432,830 | $283,582,763 | 72,042,177 | $352,498,780 |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(54,319,776) | $54,319,776 |
2020 | 2019 | |
Long-term capital gains | $735,750,203 | $778,402,097 |
Net unrealized appreciation | $3,144,119,302 |
Undistributed long-term capital gains | $549,380,757 |
Ordinary loss deferrals | $(84,923,550) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $4,337,553 | $— |
Class B Shares | 292,254 | — |
Class C Shares | 1,049,886 | — |
Class R Shares | 23,137,286 | (10,409,837) |
TOTAL | $28,816,979 | $(10,409,837) |
Purchases | $2,220,165,229 |
Sales | $2,754,909,059 |
Country | Percentage of Total Net Assets |
United States | 79.5% |
Canada | 8.7% |
Cayman Islands | 5.1% |
Netherlands | 5.0% |
Belgium | 1.7% |
Italy | 1.5% |
Denmark | 1.4% |
Bermuda | 1.2% |
United Kingdom | 0.8% |
Ireland | 0.6% |
Switzerland | 0.6% |
Israel | 0.6% |
Australia | 0.4% |
Brazil | 0.2% |
India | 0.1% |
December 23, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,144.80 | $10.46 |
Class B Shares | $1,000 | $1,141.60 | $13.14 |
Class C Shares | $1,000 | $1,139.70 | $13.12 |
Class R Shares | $1,000 | $1,144.30 | $10.51 |
Institutional Shares | $1,000 | $1,146.10 | $7.77 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,015.38 | $9.83 |
Class B Shares | $1,000 | $1,012.87 | $12.35 |
Class C Shares | $1,000 | $1,012.87 | $12.35 |
Class R Shares | $1,000 | $1,015.33 | $9.88 |
Institutional Shares | $1,000 | $1,017.90 | $7.30 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.94% |
Class B Shares | 2.44% |
Class C Shares | 2.44% |
Class R Shares | 1.95% |
Institutional Shares | 1.44% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: January 2000 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172669
CUSIP 314172651
CUSIP 314172644
CUSIP 31421N873
Share Class | Ticker | A | KLCAX | C | KLCCX | R | KLCKX |
Institutional | KLCIX | R6 | KLCSX |
Federated Hermes Kaufmann Large Cap Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | 5 Years | 10 Years | |
Class A Shares | 13.55% | 13.25% | 14.25% |
Class C Shares | 18.21% | 13.65% | 14.00% |
Class R Shares | 19.69% | 14.10% | 14.44% |
Institutional Shares | 20.46% | 14.83% | 15.18% |
Class R6 Shares4 | 20.52% | 14.90% | 15.23% |
R1000G | 29.22% | 17.32% | 16.31% |
MLGFA | 25.92% | 14.64% | 14.19% |
Sector Composition | Percentage of Total Net Assets |
Information Technology | 30.6% |
Health Care | 24.7% |
Consumer Discretionary | 12.6% |
Industrials | 11.8% |
Communication Services | 6.9% |
Financials | 6.2% |
Materials | 3.7% |
Real Estate | 1.4% |
Consumer Staples | 0.9% |
Securities Lending Collateral2 | 1.8% |
Cash Equivalents3 | 0.7% |
Other Assets and Liabilities—Net4 | (1.3)% |
TOTAL | 100% |
1 | Except for Cash Equivalents, Securities Lending Collateral and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS— 98.8% | |||
Communication Services— 6.9% | |||
42,700 | 1 | Alphabet, Inc., Class A | $69,007,897 |
307,000 | 1 | Facebook, Inc. | 80,774,770 |
1,191,225 | 1 | T-Mobile USA, Inc. | 130,522,523 |
TOTAL | 280,305,190 | ||
Consumer Discretionary— 12.6% | |||
236,000 | 1 | Alibaba Group Holding Ltd., ADR | 71,906,840 |
50,250 | 1 | Amazon.com, Inc. | 152,566,538 |
250,000 | Home Depot, Inc. | 66,677,500 | |
1,000,000 | Las Vegas Sands Corp. | 48,060,000 | |
254,800 | 1 | Lululemon Athletica, Inc. | 81,355,092 |
20 | 1,2 | New Cotai LLC/Capital | 0 |
408,100 | Nike, Inc., Class B | 49,004,648 | |
835,000 | 1 | TJX Cos., Inc. | 42,418,000 |
TOTAL | 511,988,618 | ||
Consumer Staples— 0.9% | |||
106,100 | Costco Wholesale Corp. | 37,943,482 | |
Financials— 6.2% | |||
385,000 | Apollo Global Management LLC | 14,191,100 | |
133,600 | BlackRock, Inc. | 80,054,456 | |
230,000 | Goldman Sachs Group, Inc. | 43,479,200 | |
551,000 | JPMorgan Chase & Co. | 54,020,040 | |
1,672,200 | KKR & Co., Inc. | 57,105,630 | |
TOTAL | 248,850,426 | ||
Health Care— 24.7% | |||
413,900 | Abbott Laboratories | 43,505,029 | |
369,200 | 1 | Alcon, Inc. | 20,938,924 |
550,000 | 1 | Alnylam Pharmaceuticals, Inc. | 67,633,500 |
178,000 | 1 | Argenx SE, ADR | 44,167,140 |
1,068,177 | 1 | Boston Scientific Corp. | 36,606,426 |
357,000 | 1 | Catalent, Inc. | 31,333,890 |
100,000 | Danaher Corp. | 22,954,000 | |
127,553 | 1 | Dexcom, Inc. | 40,763,388 |
542,511 | 1 | Edwards Lifesciences Corp. | 38,892,613 |
382,531 | 1,3 | Galapagos NV, ADR | 44,557,211 |
277,700 | 1 | Genmab A/S | 92,613,668 |
302,857 | 1 | Genmab A/S, ADR | 10,194,167 |
195,000 | 1 | IDEXX Laboratories, Inc. | 82,839,900 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
15,200 | 1 | Intuitive Surgical, Inc. | $10,139,616 |
385,000 | 1,3 | Moderna, Inc. | 25,975,950 |
150,900 | 1 | Sarepta Therapeutics, Inc. | 20,508,819 |
125,300 | Stryker Corp. | 25,311,853 | |
740,000 | 1,3 | Ultragenyx Pharmaceutical, Inc. | 74,370,000 |
424,285 | 1 | Veeva Systems, Inc. | 114,578,164 |
267,600 | 1 | Vertex Pharmaceuticals, Inc. | 55,757,136 |
280,000 | 1 | Zai Lab Ltd. | 23,295,711 |
470,000 | Zoetis, Inc. | 74,518,500 | |
TOTAL | 1,001,455,605 | ||
Industrials— 11.8% | |||
97,700 | 1 | CoStar Group, Inc. | 80,466,697 |
1,050,000 | IHS Markit Ltd. | 84,913,500 | |
206,200 | Roper Technologies, Inc. | 76,570,308 | |
852,900 | Trane Technologies PLC | 113,222,475 | |
308,700 | United Parcel Service, Inc. | 48,499,857 | |
420,000 | Verisk Analytics, Inc. | 74,747,400 | |
TOTAL | 478,420,237 | ||
Information Technology— 30.6% | |||
460,000 | Apple, Inc. | 50,075,600 | |
75,382 | Broadcom, Inc. | 26,355,809 | |
787,648 | Fidelity National Information Services, Inc. | 98,133,064 | |
650,781 | 1 | GoDaddy, Inc. | 46,036,248 |
923,000 | Marvell Technology Group Ltd. | 34,621,730 | |
358,500 | Mastercard, Inc. | 103,477,440 | |
927,000 | Microsoft Corp. | 187,689,690 | |
2,072,198 | 1 | PagSeguro Digital Ltd. | 75,863,169 |
627,180 | 1 | Salesforce.com, Inc. | 145,675,098 |
326,800 | 1 | ServiceNow, Inc. | 162,605,876 |
29,600 | 1 | Shopify, Inc. | 27,392,728 |
79,800 | 1,3 | Snowflake, Inc. | 19,951,596 |
400,000 | 1 | Splunk, Inc. | 79,216,000 |
600,300 | Visa, Inc., Class A | 109,080,513 | |
350,000 | 1 | Workday, Inc. | 73,542,000 |
TOTAL | 1,239,716,561 | ||
Materials— 3.7% | |||
88,000 | Air Products & Chemicals, Inc. | 24,309,120 | |
215,000 | Ecolab, Inc. | 39,471,850 | |
126,400 | Sherwin-Williams Co. | 86,960,672 | |
TOTAL | 150,741,642 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Real Estate— 1.4% | |||
348,700 | Crown Castle International Corp. | $54,466,940 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $1,951,593,351) | 4,003,888,701 | ||
INVESTMENT COMPANIES— 2.5% | |||
34,056,266 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%4 | 34,056,266 | |
67,511,325 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%4 | 67,538,330 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $101,585,956) | 101,594,596 | ||
TOTAL INVESTMENT IN SECURITIES—101.3% (IDENTIFIED COST $2,053,179,307)5 | 4,105,483,297 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.3)%6 | (51,701,409) | ||
TOTAL NET ASSETS—100% | $4,053,781,888 |
Value as of 10/31/2019 | Purchases at Cost | Proceeds from Sales | |
Health Care: | |||
Ultragenyx Pharmaceutical, Inc. | $— | $43,078,209 | $— |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $— | $43,078,209 | $— |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 10/31/2020 | Shares Held as of 10/31/2020 | Dividend Income |
$31,291,791 | $— | $74,370,000 | 740,000 | $— |
$31,291,791 | $— | $74,370,000 | 740,000 | $— |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2019 | $17,820,207 | $144,873,275 | $162,693,482 |
Purchases at Cost | $403,662,567 | $1,075,746,431 | $1,479,408,998 |
Proceeds from Sales | $(387,426,508) | $(1,153,240,418) | $(1,540,666,926) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(6,882) | $(6,882) |
Net Realized Gain/(Loss) | N/A | $165,924 | $165,924 |
Value as of 10/31/2020 | $34,056,266 | $67,538,330 | $101,594,596 |
Shares Held as of 10/31/2020 | 34,056,266 | 67,511,325 | 101,567,591 |
Dividend Income | $70,895 | $884,978 | $955,873 |
Gain Distributions Received | N/A | $302 | $302 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | 7-day net yield. |
5 | The cost of investments for federal tax purposes amounts to $2,059,908,694. |
6 | 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 | $3,360,201,438 | $— | $0 | $3,360,201,438 |
International | 530,134,671 | 113,552,592 | — | 643,687,263 |
Investment Companies | 101,594,596 | — | — | 101,594,596 |
TOTAL SECURITIES | $3,991,930,705 | $113,552,592 | $0 | $4,105,483,297 |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $27.39 | $24.76 | $23.38 | $18.86 | $18.80 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.10) | (0.07) | (0.05) | (0.06) | (0.03) |
Net realized and unrealized gain | 5.42 | 5.17 | 1.77 | 4.58 | 0.09 |
Total From Investment Operations | 5.32 | 5.10 | 1.72 | 4.52 | 0.06 |
Less Distributions: | |||||
Distributions from net realized gain | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $31.46 | $27.39 | $24.76 | $23.38 | $18.86 |
Total Return3 | 20.14% | 22.76% | 7.45% | 23.97% | 0.33% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.08% | 1.08% | 1.08% | 1.08% | 1.09%4 |
Net investment income (loss) | (0.36)% | (0.29)% | (0.20)% | (0.19)% | (0.15)% |
Expense waiver/reimbursement5 | 0.09% | 0.10% | 0.11% | 0.11% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $741,584 | $616,124 | $539,812 | $609,630 | $772,575 |
Portfolio turnover | 24% | 19% | 35% | 44% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.09% for the year ended October 31, 2016, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $24.76 | $22.77 | $21.69 | $17.64 | $17.72 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.29) | (0.24) | (0.22) | (0.32) | (0.16) |
Net realized and unrealized gain | 4.86 | 4.70 | 1.64 | 4.37 | 0.08 |
Total From Investment Operations | 4.57 | 4.46 | 1.42 | 4.05 | (0.08) |
Less Distributions: | |||||
Distributions from net realized gain | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $28.08 | $24.76 | $22.77 | $21.69 | $17.64 |
Total Return3 | 19.21% | 21.85% | 6.64% | 22.96% | (0.44)% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 1.85% | 1.85% | 1.85% | 1.86% | 1.86%5 |
Net investment income (loss) | (1.11)% | (1.05)% | (0.97)% | (0.96)% | (0.93)% |
Expense waiver/reimbursement6 | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $372,382 | $399,208 | $387,474 | $445,081 | $453,018 |
Portfolio turnover | 24% | 19% | 35% | 44% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.86% for the year ended October 31, 2016, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $25.92 | $23.64 | $22.42 | $18.16 | $18.17 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.20) | (0.16) | (0.14) | (0.18) | (0.10) |
Net realized and unrealized gain | 5.11 | 4.91 | 1.70 | 4.44 | 0.09 |
Total From Investment Operations | 4.91 | 4.75 | 1.56 | 4.26 | (0.01) |
Less Distributions: | |||||
Distributions from net realized gain | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $29.58 | $25.92 | $23.64 | $22.42 | $18.16 |
Total Return3 | 19.69% | 22.32% | 7.05% | 23.46% | (0.05)% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 1.46% | 1.46% | 1.47% | 1.47% | 1.47%5 |
Net investment income (loss) | (0.72)% | (0.65)% | (0.59)% | (0.58)% | (0.54)% |
Expense waiver/reimbursement6 | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $76,374 | $74,919 | $70,350 | $79,138 | $76,336 |
Portfolio turnover | 24% | 19% | 35% | 44% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.47% for the year ended October 31, 2016, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $28.21 | $25.37 | $23.89 | $19.22 | $19.11 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.03) | (0.01) | 0.01 | (0.01) | 0.02 |
Net realized and unrealized gain | 5.60 | 5.32 | 1.81 | 4.68 | 0.09 |
Total From Investment Operations | 5.57 | 5.31 | 1.82 | 4.67 | 0.11 |
Less Distributions: | |||||
Distributions from net realized gain | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $32.53 | $28.21 | $25.37 | $23.89 | $19.22 |
Total Return3 | 20.46% | 23.07% | 7.72% | 24.30% | 0.58% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.83% | 0.83% | 0.83% | 0.84% | 0.84%5 |
Net investment income (loss) | (0.10)% | (0.03)% | 0.05% | 0.05% | 0.10% |
Expense waiver/reimbursement6 | 0.09% | 0.10% | 0.09% | 0.10% | 0.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,635,157 | $2,264,174 | $1,998,725 | $2,024,361 | $1,332,606 |
Portfolio turnover | 24% | 19% | 35% | 44% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.84% for the year ended October 31, 2016, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $28.32 | $25.44 | $23.94 | $19.26 | $19.13 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.02) | 0.01 | 0.03 | 0.02 | 0.03 |
Net realized and unrealized gain | 5.63 | 5.34 | 1.81 | 4.66 | 0.10 |
Total From Investment Operations | 5.61 | 5.35 | 1.84 | 4.68 | 0.13 |
Less Distributions: | |||||
Distributions from net realized gain | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $32.68 | $28.32 | $25.44 | $23.94 | $19.26 |
Total Return3 | 20.52% | 23.17% | 7.79% | 24.30% | 0.69% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.77% | 0.77% | 0.77% | 0.78% | 0.78%5 |
Net investment income (loss) | (0.06)% | 0.04% | 0.11% | 0.11% | 0.17% |
Expense waiver/reimbursement6 | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $228,285 | $129,987 | $154,136 | $102,285 | $81,107 |
Portfolio turnover | 24% | 19% | 35% | 44% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.78% for the year ended October 31, 2016, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at value including $69,026,684 of securities loaned and $101,594,596 of investment in affiliated holdings and $74,370,000 of investment in affiliated companies* (identified cost $2,053,179,307) | $4,105,483,297 |
Income receivable | 1,261,666 |
Income receivable from affiliated holdings | 4,136 |
Receivable for investments sold | 20,589,079 |
Receivable for shares sold | 5,105,108 |
Total Assets | 4,132,443,286 |
Liabilities: | |
Payable for investments purchased | 900,000 |
Payable for shares redeemed | 4,776,926 |
Payable for collateral due to broker for securities lending | 71,530,381 |
Payable for investment adviser fee (Note 5) | 147,322 |
Payable for administrative fee (Note 5) | 17,556 |
Payable for distribution services fee (Note 5) | 282,939 |
Payable for other service fees (Notes 2 and 5) | 442,506 |
Accrued expenses (Note 5) | 563,768 |
Total Liabilities | 78,661,398 |
Net assets for 127,413,656 shares outstanding | $4,053,781,888 |
Net Assets Consist of: | |
Paid-in capital | $1,860,672,096 |
Total distributable earnings (loss) | 2,193,109,792 |
Total Net Assets | $4,053,781,888 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($741,584,267 ÷ 23,573,521 shares outstanding), no par value, unlimited shares authorized | $31.46 |
Offering price per share (100/94.50 of $31.46) | $33.29 |
Redemption proceeds per share | $31.46 |
Class C Shares: | |
Net asset value per share ($372,381,908 ÷ 13,261,819 shares outstanding), no par value, unlimited shares authorized | $28.08 |
Offering price per share (100/99.00 of $28.08) | $28.36 |
Redemption proceeds per share | $28.08 |
Class R Shares: | |
Net asset value per share ($76,373,716 ÷ 2,582,140 shares outstanding), no par value, unlimited shares authorized | $29.58 |
Offering price per share | $29.58 |
Redemption proceeds per share | $29.58 |
Institutional Shares: | |
Net asset value per share ($2,635,156,638 ÷ 81,010,493 shares outstanding), no par value, unlimited shares authorized | $32.53 |
Offering price per share | $32.53 |
Redemption proceeds per share | $32.53 |
Class R6 Shares: | |
Net asset value per share ($228,285,359 ÷ 6,985,683 shares outstanding), no par value, unlimited shares authorized | $32.68 |
Offering price per share | $32.68 |
Redemption proceeds per share | $32.68 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $740,525 received from affiliated holdings* and net of foreign taxes withheld of $364) | $27,797,751 |
Net income on securities loaned (includes $215,348 received from affiliated holdings related to cash collateral balances (Note 2)*) | 162,214 |
TOTAL INCOME | 27,959,965 |
Expenses: | |
Investment adviser fee (Note 5) | 28,691,099 |
Administrative fee (Note 5) | 2,991,851 |
Custodian fees | 172,216 |
Transfer agent fees (Note 2) | 3,045,002 |
Directors’/Trustees’ fees (Note 5) | 18,300 |
Auditing fees | 44,100 |
Legal fees | 13,447 |
Portfolio accounting fees | 213,312 |
Distribution services fee (Note 5) | 3,337,232 |
Other service fees (Notes 2 and 5) | 2,660,438 |
Share registration costs | 164,469 |
Printing and postage | 159,962 |
Miscellaneous (Note 5) | 53,486 |
TOTAL EXPENSES | 41,564,914 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (3,322,656) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (258,546) |
TOTAL WAIVERS AND REIMBURSEMENTS | (3,581,202) |
Net expenses | 37,983,712 |
Net investment income (loss) | (10,023,747) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts and Futures Contracts: | |
Net realized gain on investments (including net realized gain of $165,924 on sales of investments in affiliated holdings*) | $191,625,856 |
Net realized loss on foreign currency transactions | (44,704) |
Net realized loss on foreign exchange contracts | (170) |
Net realized loss on futures contracts | (31,774,631) |
Realized gain distribution from affiliated investment company shares | 302 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $31,284,909 on investments in affiliated companies and holdings*) | 559,096,170 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 5,181 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts and futures contracts | 718,908,004 |
Change in net assets resulting from operations | $708,884,257 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(10,023,747) | $(6,961,950) |
Net realized gain (loss) | 159,806,653 | 154,942,227 |
Net change in unrealized appreciation/depreciation | 559,101,351 | 515,133,539 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 708,884,257 | 663,113,816 |
Distributions to Shareholders: | ||
Class A Shares | (27,739,831) | (53,017,059) |
Class C Shares | (19,782,104) | (41,261,574) |
Class R Shares | (3,584,383) | (7,271,704) |
Institutional Shares | (100,227,060) | (191,200,835) |
Class R6 Shares | (5,822,981) | (14,814,142) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (157,156,359) | (307,565,314) |
Share Transactions: | ||
Proceeds from sale of shares | 993,455,302 | 629,700,655 |
Net asset value of shares issued to shareholders in payment of distributions declared | 142,093,834 | 277,828,966 |
Cost of shares redeemed | (1,117,906,865) | (929,163,111) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 17,642,271 | (21,633,490) |
Change in net assets | 569,370,169 | 333,915,012 |
Net Assets: | ||
Beginning of period | 3,484,411,719 | 3,150,496,707 |
End of period | $4,053,781,888 | $3,484,411,719 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $520,459 | $(42,636) |
Class C Shares | 348,019 | — |
Class R Shares | 184,963 | — |
Institutional Shares | 1,970,200 | (178,025) |
Class R6 Shares | 21,361 | — |
TOTAL | $3,045,002 | $(220,661) |
Other Service Fees Incurred | |
Class A Shares | $1,674,309 |
Class C Shares | 986,129 |
TOTAL | $2,660,438 |
Market Value of Securities Loaned | Collateral Received |
$69,026,684 | $71,530,381 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
Futures Contracts | Foreign Exchange Contracts | Total | ||||
Equity contracts | $(31,774,631) | $— | $(31,774,631) | |||
Foreign exchange contracts | — | (170) | (170) | |||
TOTAL | $(31,774,631) | $(170) | $(31,774,801) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,398,613 | $156,081,874 | 4,132,603 | $103,020,731 |
Shares issued to shareholders in payment of distributions declared | 956,117 | 25,901,215 | 2,177,381 | 48,925,742 |
Shares redeemed | (5,277,358) | (148,210,788) | (5,617,209) | (139,037,360) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,077,372 | $33,772,301 | 692,775 | $12,909,113 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,891,613 | $47,851,501 | 2,024,408 | $44,766,428 |
Shares issued to shareholders in payment of distributions declared | 700,823 | 17,065,052 | 1,759,819 | 35,988,301 |
Shares redeemed | (5,456,255) | (142,329,474) | (4,674,089) | (105,925,942) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (2,863,819) | $(77,412,921) | (889,862) | $(25,171,213) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 456,374 | $12,131,973 | 468,950 | $11,175,319 |
Shares issued to shareholders in payment of distributions declared | 135,826 | 3,471,704 | 326,323 | 6,960,477 |
Shares redeemed | (900,990) | (23,989,524) | (880,472) | (20,852,794) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (308,790) | $(8,385,847) | (85,199) | $(2,716,998) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 23,415,291 | $665,462,963 | 17,222,515 | $442,381,095 |
Shares issued to shareholders in payment of distributions declared | 3,279,403 | 91,659,306 | 7,550,974 | 174,351,991 |
Shares redeemed | (25,942,103) | (752,284,081) | (23,295,577) | (588,235,005) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 752,591 | $4,838,188 | 1,477,912 | $28,498,081 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,917,836 | $111,926,991 | 1,093,532 | $28,357,082 |
Shares issued to shareholders in payment of distributions declared | 142,429 | 3,996,557 | 500,970 | 11,602,455 |
Shares redeemed | (1,664,861) | (51,092,998) | (3,062,222) | (75,112,010) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 2,395,404 | $64,830,550 | (1,467,720) | $(35,152,473) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,052,758 | $17,642,271 | (272,094) | $(21,633,490) |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(5,527,394) | $5,527,394 |
2020 | 2019 | |
Long-term capital gains | $157,156,359 | $307,565,314 |
Net unrealized appreciation | $2,045,593,550 |
Undistributed long-term capital gains | $157,242,404 |
Capital loss carryforwards and deferrals | $(9,726,162) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $2,958,387 | $— |
Class R Shares | 378,845 | (37,885) |
TOTAL | $3,337,232 | $(37,885) |
Purchases | $894,994,632 |
Sales | $1,004,851,042 |
December 23, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,181.40 | $5.92 |
Class C Shares | $1,000 | $1,176.90 | $10.12 |
Class R Shares | $1,000 | $1,179.40 | $7.89 |
Institutional Shares | $1,000 | $1,182.90 | $4.61 |
Class R6 Shares | $1,000 | $1,183.20 | $4.23 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.71 | $5.48 |
Class C Shares | $1,000 | $1,015.84 | $9.37 |
Class R Shares | $1,000 | $1,017.90 | $7.30 |
Institutional Shares | $1,000 | $1,020.91 | $4.27 |
Class R6 Shares | $1,000 | $1,021.27 | $3.91 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.08% |
Class C Shares | 1.85% |
Class R Shares | 1.44% |
Institutional Shares | 0.84% |
Class R6 Shares | 0.77% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: January 2000 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172438
CUSIP 314172420
CUSIP 314172412
CUSIP 314172131
Share Class | Ticker | A | FKASX | B | FKBSX | C | FKCSX |
R | FKKSX | Institutional | FKAIX | R6 | FKALX |
Federated Hermes Kaufmann Small Cap Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | 5 Years | 10 Years | |
Class A Shares | 17.80% | 18.14% | 14.73% |
Class B Shares | 18.39% | 18.57% | 14.86% |
Class C Shares | 22.84% | 18.77% | 14.72% |
Class R Shares | 24.71% | 19.54% | 15.43% |
Institutional Shares4 | 25.20% | 20.01% | 15.63% |
Class R6 Shares4 | 25.24% | 19.84% | 15.55% |
R2000G | 13.37% | 10.36% | 11.95% |
MSGFA | 18.21% | 12.18% | 12.31% |
Sector Composition | Percentage of Total Net Assets |
Health Care | 32.3% |
Information Technology | 22.7% |
Consumer Discretionary | 11.6% |
Industrials | 9.8% |
Financials | 6.1% |
Real Estate | 4.1% |
Consumer Staples | 2.2% |
Materials | 1.7% |
Energy | 0.7% |
Communication Services | 0.5% |
Securities Lending Collateral2 | 12.7% |
Cash Equivalents3 | 9.6% |
Other Assets and Liabilities—Net4 | (14.0)% |
TOTAL | 100% |
1 | Except for Securities Lending Collateral, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification System (GICS), except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
COMMON STOCKS— 91.5% | |||
Communication Services— 0.5% | |||
1,340,500 | 1 | Glu Mobile, Inc. | $9,597,980 |
2,522,200 | 2 | Infrastrutture Wireless Italiane SPA | 27,341,216 |
TOTAL | 36,939,196 | ||
Consumer Discretionary— 11.6% | |||
850,000 | 1,2 | Academy Sports and Outdoors, Inc. | 12,495,000 |
250,000 | 1,2 | Baozun, Inc., ADR | 9,147,500 |
2,310,000 | 1,2 | Boohoo Group PLC | 8,097,074 |
200,000 | 1 | Bright Horizons Family Solutions, Inc. | 31,610,000 |
530,000 | 1 | Chegg, Inc. | 38,923,200 |
115,000 | Choice Hotels International, Inc. | 10,045,250 | |
150,100 | 1 | Delivery Hero SE | 17,337,836 |
395,000 | 1,2 | DraftKings, Inc. | 13,983,000 |
455,000 | 1 | Etsy, Inc. | 55,323,450 |
2,000,000 | 1,3 | Fisker, Inc. | 16,257,942 |
315,000 | 1,2 | Fiverr International Ltd. | 46,122,300 |
558,000 | 1 | Floor & Decor Holdings, Inc. | 40,734,000 |
2,075,000 | 1 | Global Fashion Group S.A. | 18,472,833 |
1,008,100 | 2 | GreenTree Hospitality Group Ltd., ADR | 13,367,406 |
1,300,000 | 1,2 | GrowGeneration Corp. | 21,710,000 |
310,000 | 1 | GrubHub, Inc. | 22,927,600 |
355,800 | 1 | Just Eat Takeaway | 39,592,978 |
1,500,000 | 1,3 | Lordstown Motors Corp. | 15,792,750 |
630,000 | 1,2 | Lovesac Co./The | 16,216,200 |
2,500,000 | 1 | Max Stock Ltd. | 9,671,605 |
271,200 | Moncler S.p.A | 10,859,115 | |
28,437,567 | NagaCorp Ltd. | 29,421,652 | |
747,200 | 1 | National Vision Holdings, Inc. | 30,134,576 |
310,000 | 1,2 | Ollie’s Bargain Outlet Holding, Inc. | 26,997,900 |
1,168,200 | 1 | Planet Fitness, Inc. | 69,239,214 |
500,000 | 1 | Purple Innovation, Inc. | 14,185,000 |
793,000 | 1,2 | Revolve Group LLC | 14,337,440 |
1,000,000 | 1 | Taylor Morrison Home Corp. | 21,600,000 |
151,000 | Vail Resorts, Inc. | 35,038,040 | |
601,300 | 2 | Wingstop, Inc. | 69,949,229 |
550,000 | 1,2 | Workhorse Group, Inc. | 8,459,000 |
1,300,000 | 1 | YETI Holdings, Inc. | 64,324,000 |
TOTAL | 852,373,090 | ||
Consumer Staples— 2.2% | |||
70,500 | 1,2 | Beyond Meat, Inc. | 10,041,315 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
491,000 | 1 | Freshpet, Inc. | $56,219,500 |
1,060,000 | 1,2 | Grocery Outlet Holding Corp. | 46,661,200 |
160,000 | 1,2 | Laird Superfood, Inc. | 7,360,000 |
575,000 | 1 | Performance Food Group Co. | 19,325,750 |
723,300 | 1 | Vital Farms, Inc. | 24,997,248 |
TOTAL | 164,605,013 | ||
Energy— 0.7% | |||
1,351,200 | 2 | New Fortress Energy, Inc. | 48,818,856 |
Financials— 6.1% | |||
1,600,000 | Ares Management Corp. | 67,680,000 | |
1,621,156 | Artisan Partners Asset Management, Inc. | 64,943,509 | |
9,372,671 | 2 | Ashmore Group PLC | 43,279,558 |
1,000,000 | 1,2 | BCLS Acquisition Corp. | 10,320,000 |
1,487,499 | 1 | CrossFirst Bankshares, Inc. | 12,420,617 |
350,000 | 1 | Deerfield Healthcare Technology Acquisitions Corp. | 3,545,500 |
4,530,000 | 2 | FinecoBank Banca Fineco SPA | 62,037,222 |
1,000,000 | 1 | FirstMark Horizon Acquisition Corp. | 10,030,000 |
200,000 | 1,2 | Flying Eagle Acquisition Corp. | 2,306,000 |
500,000 | 1 | Foley Trasimene Acquisition Corp. | 5,175,000 |
200,000 | 1,2 | GS Acquisition Holdings Corp. II | 1,990,000 |
800,000 | 2 | Hamilton Lane, Inc. | 55,760,000 |
300,000 | 1 | HPX Corp. | 3,018,000 |
200,000 | 1 | Hudson Executive Investment Corp. | 1,934,000 |
1,365,000 | 2 | Moelis & Co. | 50,778,000 |
300,000 | 1 | Prime Impact Acquisition I | 2,973,000 |
300,000 | 1 | Roth CH Acquisition I Co. | 2,997,000 |
368,025 | 1 | SCVX Corp. | 3,636,087 |
593,288 | 1 | StepStone Group, Inc. | 15,253,434 |
4,881,467 | Tel Aviv Stock Exchange Ltd. | 21,203,254 | |
400,000 | 1,2 | Trebia Acquisition Corp. | 4,148,000 |
TOTAL | 445,428,181 | ||
Health Care— 32.1% | |||
340,798 | 1 | Abcam PLC, ADR | 6,475,162 |
42,000 | 1,2 | Adaptive Biotechnologies Corp. | 1,935,360 |
973,500 | 1,2 | Akouos, Inc. | 18,895,635 |
967,900 | 1 | Albireo Pharma, Inc. | 30,546,924 |
2,225,000 | 1,2 | Alector, Inc. | 20,937,250 |
500,000 | 1,2 | Aligos Therapeutics, Inc. | 7,470,000 |
3,500,000 | 1,2 | Amarin Corporation PLC., ADR | 17,010,000 |
470,000 | 1,2 | American Well Corp. | 12,130,700 |
1,299,247 | 1,2 | Amphastar Pharmaceuticals, Inc. | 25,452,249 |
1,000,000 | 1 | AnaptysBio, Inc. | 29,460,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
341,200 | Andlauer Healthcare Group, Inc. | $10,909,795 | |
973,000 | 1 | Annexon, Inc. | 20,248,130 |
799,000 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 43,209,920 |
573,082 | 1 | Argenx SE | 142,672,985 |
249,211 | 1 | Argenx SE, ADR | 61,836,725 |
800,000 | 1 | ARYA Sciences Acquisition Corp. III | 8,192,000 |
1,615,000 | 1 | aTyr Pharma, Inc. | 5,119,550 |
734,000 | 1,2 | Avidity Biosciences LLC | 18,151,820 |
519,867 | 1,2 | Avrobio, Inc. | 7,423,701 |
200,000 | 1,2 | Berkeley Lights, Inc. | 14,514,000 |
533,743 | 1,2 | Black Diamond Therapeutics, Inc. | 16,818,242 |
3,960,000 | 1 | Calithera Biosciences, Inc. | 14,018,400 |
6,900,000 | 1 | CASI Pharmaceuticals, Inc. | 16,215,000 |
139,747 | 1 | Castle Biosciences, Inc. | 6,488,453 |
430,000 | 1 | Catalent, Inc. | 37,741,100 |
324,939 | 1 | Centogene BV | 3,954,508 |
850,000 | 1 | Cerevel Therapeutics Holdings | 8,755,000 |
400,000 | 1,3 | Cerevel Therapeutics, Inc. | 3,309,850 |
155,000 | 1 | Charles River Laboratories International, Inc. | 35,293,500 |
190,200 | 1,3 | Clementia Pharmaceuticals, Inc., Rights | 0 |
5,297,188 | 1,2 | ContraFect Corp. | 29,929,112 |
426,627 | 1,2 | CRISPR Therapeutics AG | 39,172,891 |
691,070 | 1,2 | Cryoport, Inc. | 27,739,550 |
1,214,862 | 1,2 | DermTech, Inc. | 15,501,639 |
89,555 | 1 | Dexcom, Inc. | 28,619,987 |
4,825,000 | 1,2 | Dynavax Technologies Corp. | 17,997,250 |
770,000 | 1,2 | Editas Medicine, Inc. | 23,823,800 |
532,000 | 1,2 | Frequency Therapeutics, Inc. | 11,640,160 |
178,000 | 1 | Frequency Therapeutics, Inc. | 3,894,640 |
510,000 | 1,2 | Fusion Pharmaceuticals, Inc. | 6,324,000 |
333,858 | 1 | Galapagos NV | 39,440,778 |
318,189 | 1,2 | Galapagos NV, ADR | 37,062,655 |
683,470 | 1,2 | Glaukos Corp. | 38,219,642 |
2,915,000 | 1,2 | Gossamer Bio, Inc. | 24,194,500 |
100,000 | 1 | Guardant Health, Inc. | 10,666,000 |
299,214 | 1,2 | GW Pharmaceuticals PLC, ADR | 26,932,252 |
649,553 | 1,2 | Icad, Inc. | 6,339,637 |
685,500 | 1 | IDEAYA Biosciences, Inc. | 8,342,535 |
290,000 | 1,4 | Immatics N.V. | 3,010,200 |
1,406,000 | 1,2 | Immatics N.V. | 14,594,280 |
100,000 | 1,2 | Inari Medical, Inc. | 6,620,000 |
333,500 | 1,2 | Inspire Medical Systems, Inc. | 39,829,905 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
90,000 | 1 | Insulet Corp. | $20,002,500 |
104,300 | 1,2 | iRhythm Technologies, Inc. | 22,054,235 |
300,000 | 1,2 | Itamar Medical Ltd., ADR | 6,081,000 |
324,100 | 1,2 | Karuna Therapeutics, Inc. | 26,313,679 |
651,200 | 1 | Legend Biotech Corp., ADR | 16,846,544 |
1,540,000 | 1 | Merus NV | 18,757,200 |
4,272,400 | 1 | Minerva Neurosciences, Inc. | 13,714,404 |
154,700 | 1 | Mirati Therapeutics, Inc. | 33,591,558 |
625,000 | 1,2 | Moderna, Inc. | 42,168,750 |
873,312 | 1,2 | Molecular Partners AG | 19,109,645 |
620,625 | 1,2 | NanoString Technologies, Inc. | 22,745,906 |
1,013,500 | 1,2 | Natera, Inc. | 68,168,010 |
1,023,900 | 1,2 | NeoGenomics, Inc. | 40,167,597 |
300,000 | 1,2 | Oak Street Health, Inc. | 14,277,000 |
2,500,000 | 1,2 | Orchard Therapeutics PLC, ADR | 10,100,000 |
264,908 | 1,2 | OrthoPediatrics Corp. | 11,814,897 |
1,775,000 | 1 | Otonomy, Inc. | 6,354,500 |
800,000 | 1,2 | Pandion Therapeutics, Inc. | 9,448,000 |
200,000 | 1,2 | Penumbra, Inc. | 52,206,000 |
250,000 | 1 | PMV Pharmaceuticals, Inc. | 8,762,500 |
201,800 | 1 | PRA Health Sciences, Inc. | 19,663,392 |
150,000 | 1,2 | Prelude Therapeutics, Inc. | 5,284,500 |
5,761 | 1 | Protalix Biotherapeutics, Inc. | 18,838 |
30,000 | 1 | Pulmonx Corp. | 1,261,800 |
500,000 | 1,2 | Relay Therapeutics, Inc. | 18,470,000 |
397,837 | 1,2 | Repligen Corp. | 66,267,709 |
585,860 | 1,3 | Rezolute, Inc. | 11,547,734 |
1,225,000 | 1 | Rhythm Pharmaceuticals, Inc. | 25,933,250 |
600,000 | 1,2 | Rubius Therapeutics, Inc. | 2,538,000 |
225,000 | 1 | Scholar Rock Holding Corp. | 8,752,500 |
1,360,000 | 1 | Scynexis, Inc. | 5,943,200 |
531,354 | 1 | Seres Therapeutics, Inc. | 14,819,463 |
370,000 | 1 | SI-BONE, Inc. | 7,758,900 |
435,000 | 1,2 | Stoke Therapeutics, Inc. | 16,699,650 |
400,000 | 1 | Tandem Diabetes Care, Inc. | 43,600,000 |
1,630,857 | 1,2 | Translate Bio, Inc. | 20,923,895 |
209,623 | 1 | TransMedics Group, Inc. | 2,511,283 |
1,094,193 | 1,2 | Tricida, Inc. | 6,160,307 |
483,200 | 1 | Turning Point Therapeutics, Inc. | 44,546,208 |
162,300 | 1 | Twist Bioscience Corp. | 12,438,672 |
1,446,400 | 1 | Ultragenyx Pharmaceutical, Inc. | 145,363,200 |
1,374,000 | 1 | UniQure N.V. | 55,550,820 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
822,570 | 3 | United Therapeutics Corp. | $43,596 |
555,329 | 1,2 | Vapotherm, Inc. | 16,632,104 |
220,800 | 1 | Veeva Systems, Inc. | 59,627,040 |
1,325,000 | 1,2 | Vericel Corp. | 24,552,250 |
300,000 | 1,2 | Xeris Pharmaceuticals, Inc. | 1,419,000 |
1,086,800 | 1 | Zai Lab Ltd., ADR | 89,171,940 |
665,000 | 1,2 | Zentalis Pharmaceuticals, LLC | 26,327,350 |
1,336,000 | 1,2 | Zogenix, Inc. | 28,483,520 |
TOTAL | 2,350,075,418 | ||
Industrials— 9.8% | |||
526,368 | Advanced Drainage System, Inc. | 33,387,522 | |
735,000 | Aramex PJSC | 789,779 | |
385,124 | 1 | Atkore International Group, Inc. | 7,968,216 |
1,508,350 | 1 | Azek Co., Inc. | 50,439,224 |
1,800,000 | 1,2 | Azul S.A., ADR | 21,330,000 |
8,940,000 | Biffa PLC | 25,149,747 | |
1,020,000 | 1 | Clarivate PLC | 28,305,000 |
1,884,100 | 1 | Colfax Corp. | 51,228,679 |
600,000 | Comfort Systems USA, Inc. | 27,480,000 | |
41,700 | 1 | CoStar Group, Inc. | 34,344,537 |
115,000 | 1,2 | FTI Consulting, Inc. | 11,322,900 |
250,000 | 1 | Generac Holdings, Inc. | 52,537,500 |
1,181,300 | 1 | GMS, Inc. | 26,697,380 |
695,000 | Knight-Swift Transportation Holdings, Inc. | 26,403,050 | |
1,529,500 | 1 | Kratos Defense & Security Solutions | 28,892,255 |
950,000 | 1 | Mercury Systems, Inc. | 65,436,000 |
198,500 | 2 | MSA Safety, Inc. | 26,186,120 |
2,300,000 | 1,2 | PAE, Inc. | 18,216,000 |
499,370 | 1,2 | Parsons Corp. | 15,740,142 |
2,525,000 | 1 | Quest Resource Holding Corp. | 4,696,500 |
360,000 | Tetra Tech, Inc. | 36,327,600 | |
626,000 | 1,2 | Trex Co., Inc. | 43,532,040 |
1,383,500 | 1 | Upwork, Inc. | 25,525,575 |
607,600 | 1 | XPO Logistics, Inc. | 54,684,000 |
TOTAL | 716,619,766 | ||
Information Technology— 22.7% | |||
632,000 | 1 | Alarm.com Holdings, Inc. | 36,864,560 |
450,000 | 1 | Allegro MicroSystems, Inc. | 8,235,000 |
400,000 | 1,2 | Alteryx, Inc. | 50,140,000 |
1,000,000 | 1 | Anaplan, Inc. | 55,350,000 |
171,200 | 1 | Avalara, Inc. | 25,517,360 |
5,000,000 | Avast PLC | 30,758,010 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
245,800 | 1,2 | Bentley Systems, Inc. | $8,617,748 |
397,500 | 1,2 | Blackline, Inc. | 38,827,800 |
2,230,000 | 1 | Camtek Ltd. | 39,337,200 |
1,065,000 | 1 | Cardtronics, Inc. | 18,967,650 |
666,758 | 1,2 | Cerence, Inc. | 36,391,652 |
170,000 | 1 | Ceridian HCM Holding, Inc. | 14,657,400 |
775,000 | 1 | CloudFlare, Inc. | 40,276,750 |
600,000 | 1,2 | Datto Holding Corp. | 17,100,000 |
123,600 | 1 | DocuSign, Inc. | 24,998,100 |
1,000,000 | 1 | Domo, Inc. | 31,770,000 |
50,000 | 1 | Dye & Durham Ltd. | 825,640 |
415,148 | 1 | Endava PLC, ADR | 26,527,957 |
465,000 | 1 | Envestnet, Inc. | 35,684,100 |
460,000 | 1,2 | Everbridge, Inc. | 48,157,400 |
111,399 | FLIR Systems, Inc. | 3,864,431 | |
955,000 | 1 | GDS Holdings Ltd. | 10,063,689 |
400,000 | 1,2 | GDS Holdings Ltd., ADR | 33,616,000 |
885,288 | Genpact Ltd. | 30,427,349 | |
480,000 | 1,2 | GoDaddy, Inc. | 33,955,200 |
2,744,600 | 1,2 | Grid Dynamics Holdings Inc. | 21,407,880 |
625,000 | 1,2 | GTT Communications, Inc. | 2,306,250 |
2,800,000 | 1,2 | International Money Express, Inc. | 38,948,000 |
490,500 | 1,2 | Jamf Holding Corp. | 15,990,300 |
6,834,247 | 1 | Kape Technologies PLC | 14,872,278 |
650,000 | 1 | Leslie’s, Inc. | 14,280,500 |
5,175,000 | 1,2 | Limelight Networks, Inc. | 18,267,750 |
1,000,000 | 1,2 | LivePerson, Inc. | 53,460,000 |
2,959,604 | 1,2 | Magnachip Semiconductor Corp. | 40,516,979 |
1,000,000 | 1,2 | Medallia, Inc. | 28,450,000 |
425,000 | 1 | Mimecast Ltd. | 16,239,250 |
2,830,000 | 1 | Mobile Iron, Inc. | 19,923,200 |
4,300,000 | 1,2 | Nearmap Ltd. | 6,946,065 |
11,425,000 | 1,2 | Network International Holdings Ltd. | 32,988,505 |
841,938 | 1 | Nordic Semiconductor ASA | 8,859,584 |
297,200 | 1 | Novanta, Inc. | 32,311,584 |
1,650,000 | 1 | Nuvei Corp. | 61,314,000 |
115,000 | 1 | Pivotree Inc. | 906,327 |
314,431 | 1 | Pixelworks, Inc. | 698,037 |
490,000 | 1,2 | Pluralsight, Inc. | 7,693,000 |
698,600 | 1 | Q2 Holdings, Inc. | 63,740,264 |
520,000 | 1 | Radware Ltd. | 11,700,000 |
1,160,000 | 1,2 | Rapid7, Inc. | 71,838,800 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
430,000 | 1 | RealPage, Inc. | $23,946,700 |
640,000 | 1,2 | SailPoint Technologies Holding | 26,566,400 |
372,000,000 | 1 | Seeing Machines Ltd. | 22,611,478 |
280,000 | 1 | Shift4 Payments, Inc. | 14,254,800 |
51,700 | 1 | Shopify, Inc. | 47,844,731 |
990,000 | 1,2 | ShotSpotter, Inc. | 29,016,900 |
700,000 | 1 | Smartsheet, Inc. | 34,895,000 |
1,195,000 | 1,2 | Sumo Logic, Inc. | 20,649,600 |
3,120,000 | 1,2 | SunPower Corp. | 49,888,800 |
790,000 | 1,2 | Tufin Software Technologies Ltd. | 5,087,600 |
78,200 | 1 | Tyler Technologies, Inc. | 30,058,516 |
176,500 | 1 | WNS Holdings Ltd., ADR | 10,173,460 |
300,000 | 1 | Zendesk, Inc. | 33,282,000 |
238,800 | 1 | Zscaler, Inc. | 32,417,100 |
TOTAL | 1,665,282,634 | ||
Materials— 1.7% | |||
1,230,000 | B2Gold Corp. | 7,911,957 | |
303,000 | Boise Cascade Co. | 11,629,140 | |
435,700 | 1 | Eagle Materials, Inc. | 37,143,425 |
292,000 | 1 | Endeavour Financial Corp. | 7,162,471 |
426,000 | Scotts Miracle-Gro Co. | 63,921,300 | |
TOTAL | 127,768,293 | ||
Real Estate— 4.1% | |||
1,723,000 | 2 | Americold Realty Trust | 62,424,290 |
1,492,400 | 2 | Easterly Government Properties, Inc. | 31,191,160 |
50,000 | 1,2 | Fathom Holdings, Inc. | 938,000 |
890,000 | JBG Smith Properties | 20,781,500 | |
433,000 | 2 | Lamar Advertising Co. | 26,828,680 |
1,550,000 | MGM Growth Properties LLC | 40,997,500 | |
300,000 | National Storage Affiliates Trust | 10,167,000 | |
465,900 | 2 | QTS Realty Trust, Inc. | 28,657,509 |
810,000 | Ryman Hospitality Properties | 32,278,500 | |
1,370,000 | STAG Industrial, Inc. | 42,634,400 | |
TOTAL | 296,898,539 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $4,895,257,097) | 6,704,808,986 | ||
CORPORATE BONDS— 0.0% | |||
Consumer Discretionary— 0.0% | |||
$ 2,500,000 | NagaCorp Ltd., Sr. Unsecd. Note, 144A, 9.375%, 5/21/2021 | 2,535,312 | |
Information Technology— 0.0% | |||
500,000 | RealPage, Inc., Conv. Bond, 1.500%, 5/15/2025 | 517,975 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $2,996,711) | 3,053,287 |
Shares or Principal Amount | Value | ||
WARRANTS— 0.2% | |||
Financials— 0.0% | |||
70,000 | 1 | Deerfield Healthcare Technology Acquisitions Corp., Warrants 7/16/2025 | $115,500 |
50,000 | 1 | Flying Eagle Acquisition Corp., Warrants 2/26/2027 | 163,000 |
250,000 | 1 | Gores Holdings IV, Inc., Warrants 1/24/2025 | 282,500 |
50,000 | 1 | GS Acquisition Holdings Corp. II, Warrants 8/20/2025 | 64,775 |
100,000 | 1 | Hudson Executive Investment Corp., Warrants 6/21/2025 | 81,180 |
225,000 | 1 | Roth CH Acquisition I Co., Warrants 1/28/2025 | 180,000 |
250,000 | 1 | SCVX Corp., Warrants 1/24/2025 | 271,250 |
TOTAL | 1,158,205 | ||
Health Care— 0.2% | |||
129,500 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 81,313 |
176,600 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | 64,335 |
283,333 | 1 | Cerevel Therapeutics Holdings, Warrants 6/9/2027 | 705,499 |
2,247,188 | 1 | ContraFect Corp., Warrants 5/27/2023 | 6,083,812 |
467,500 | 1 | ContraFect Corp., Warrants 7/20/2022 | 37,260 |
222,500 | 1 | ContraFect Corp., Warrants 7/27/2021 | 4,183 |
187,500 | 1 | Dynavax Technologies Corp., Warrants 2/12/2022 | 347,194 |
200,000 | 1 | Immatics N.V., Warrants 12/31/2025 | 568,000 |
193,334 | 1,3 | Rezolute, Inc., Warrants 10/8/2027 | 3,483,696 |
154,800 | 1 | Scynexis, Inc., Warrants 3/8/2023 | 5,372 |
109,440 | 1 | Scynexis, Inc., Warrants 4/6/2021 | 33 |
11,111,112 | 1 | Scynexis, Inc., Warrants 6/12/2023 | 974,444 |
TOTAL | 12,355,141 | ||
TOTAL WARRANTS (IDENTIFIED COST $2,985,614) | 13,513,346 | ||
INVESTMENT COMPANIES— 22.3% | |||
172,535,373 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5 | 172,535,373 | |
1,461,763,293 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%5 | 1,462,347,998 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $1,634,566,678) | 1,634,883,371 | ||
TOTAL INVESTMENT IN SECURITIES—114.0% (IDENTIFIED COST $6,535,806,100)6 | 8,356,258,990 | ||
OTHER ASSETS AND LIABILITIES - NET—(14.0)%7 | (1,027,961,565) | ||
TOTAL NET ASSETS—100% | $7,328,297,425 |
Value as of 10/31/2019 | Purchases at Cost | Proceeds from Sales | |
Consumer Discretionary: | |||
Baozun, Inc., ADR | $5,657,600 | $4,295,183 | $— |
Energy: | |||
New Fortress Energy, Inc. | $10,838,029 | $17,046,087 | $(5,114,596) |
Financials: | |||
Arya Sciences Acquisition Corp. | $4,360,000 | $8,000,000 | $(4,022,365) |
BCLS Acquisition Corp. | $— | $10,000,000 | $— |
Roth CH Acquisition I Co. | $— | $2,768,628 | $— |
Roth CH Acquisition I Co., Warrants 1/28/2025 | $— | $231,372 | $— |
Health Care: | |||
Akouos, Inc. | $— | $20,489,487 | $— |
Albireo Pharma, Inc. | $8,283,033 | $14,657,000 | $— |
Alector, Inc. | $25,260,000 | $15,216,408 | $— |
Amphastar Pharmaceuticals, Inc. | $17,588,239 | $7,634,891 | $— |
AnaptysBio, Inc. | $25,640,623 | $8,700,763 | $— |
Arcturus Therapeutics Holdings, Inc. | $— | $20,316,990 | $— |
Argenx SE | $37,209,293 | $47,080,417 | $(4,635,808) |
Argenx SE, ADR | $41,294,859 | $— | $(18,699,120) |
aTyr Pharma, Inc. | $1,969,000 | $4,512,036 | $— |
Calithera Biosciences, Inc. | $10,801,440 | $1,309,375 | $— |
CASI Pharmaceuticals, Inc. | $— | $13,208,100 | $— |
Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | $318,272 | $— | $— |
Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | $254,887 | $— | $— |
Contrafect Corp Warrants 5/27/2023 | $— | $22,472 | $— |
ContraFect Corp., Warrants 7/20/2022 | $26,460 | $— | $— |
ContraFect Corp., Warrants 7/27/2021 | $7,654 | $— | $— |
DermTech, Inc. | $— | $20,102,881 | $(7,197,615) |
Dynavax Technologies Corp. | $16,288,000 | $8,860,148 | $— |
Dynavax Technologies Corp., Warrants 2/12/2022 | $532,669 | $— | $— |
Frequency Therapeutics, Inc. | $7,660,800 | $— | $— |
Frequency Therapeutics, Inc. | $— | $3,204,000 | $— |
Merus NV | $3,445,200 | $17,698,474 | $— |
Minerva Neurosciences, Inc. | $9,077,100 | $18,316,998 | $— |
Molecular Partners AG | $— | $14,651,660 | $(116,126) |
Otonomy, Inc. | $— | $5,939,606 | $— |
Rezolute, Inc. | $— | $9,666,690 | $— |
Rezolute, Inc., Warrants 10/8/2027 | $— | $— | $— |
Rhythm Pharmaceuticals, Inc. | $23,816,977 | $2,334,068 | $— |
Scynexis, Inc. | $2,340,000 | $10,502,791 | $— |
Scynexis, Inc., Warrants 3/8/2023 | $69,072 | $— | $— |
Scynexis, Inc., Warrants 4/6/2021 | $16,033 | $— | $— |
Scynexis, Inc., Warrants 6/12/2023 | $— | $— | $— |
Ultragenyx Pharmaceutical, Inc. | $35,415,522 | $34,528,597 | $— |
UniQure N.V. | $38,530,800 | $31,193,848 | $— |
Industrials: | |||
Quest Resource Holding Corp. | $4,325,250 | $805,000 | $— |
Information Technology: | |||
Camtek Ltd. | $21,580,000 | $2,735,900 | $— |
Grid Dynamics Holdings Inc. | $— | $24,614,528 | $— |
International Money Express, Inc. | $13,136,900 | $24,024,434 | $— |
Magnachip Semiconductor Corp. | $15,515,550 | $20,048,263 | $— |
Seeing Machines Ltd. | $— | $19,943,512 | $— |
ShotSpotter, Inc. | $13,938,000 | $7,819,652 | $— |
Affiliated Issuers no longer in the portfolio at period end | $3,608,130 | $3,600,000 | $(2,823,463) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $398,805,392 | $476,080,259 | $(42,609,093) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 10/31/2020 | Shares Held as of 10/31/2020 | Dividend Income |
$(805,283) | $— | $9,147,500 | 250,000 | $— |
$22,709,896 | $3,339,440 | $48,818,856 | 1,351,200 | $127,070 |
$(145,635) | $— | $8,192,000 | 800,000 | $— |
$320,000 | $— | $10,320,000 | 1,000,000 | $— |
$228,372 | $— | $2,997,000 | 300,000 | $— |
$(51,372) | $— | $180,000 | 225,000 | $— |
$(1,593,852) | $— | $18,895,635 | 973,500 | $— |
$7,606,891 | $— | $30,546,924 | 967,900 | $— |
$(19,539,158) | $— | $20,937,250 | 2,225,000 | $— |
$229,119 | $— | $25,452,249 | 1,299,247 | $— |
$(4,881,386) | $— | $29,460,000 | 1,000,000 | $— |
$22,892,930 | $— | $43,209,920 | 799,000 | $— |
$78,387,791 | $(15,368,708) | $142,672,985 | 573,082 | $— |
$29,243,636 | $9,997,350 | $61,836,725 | 249,211 | $— |
$(1,361,486) | $— | $5,119,550 | 1,615,000 | $— |
$1,907,585 | $— | $14,018,400 | 3,960,000 | $— |
$3,006,900 | $— | $16,215,000 | 6,900,000 | $— |
$(236,959) | $— | $81,313 | 129,500 | $— |
$(190,552) | $— | $64,335 | 176,600 | $— |
$6,061,340 | $— | $6,083,812 | 2,247,188 | $— |
$10,800 | $— | $37,260 | 467,500 | $— |
$(3,471) | $— | $4,183 | 222,500 | $— |
$2,596,373 | $— | $15,501,639 | 1,214,862 | $— |
$(7,150,898) | $— | $17,997,250 | 4,825,000 | $— |
$(185,475) | $— | $347,194 | 187,500 | $— |
$3,979,360 | $— | $11,640,160 | 532,000 | $— |
$690,640 | $— | $3,894,640 | 178,000 | $— |
$(2,386,474) | $— | $18,757,200 | 1,540,000 | $— |
$(13,679,694) | $— | $13,714,404 | 4,272,400 | $— |
$4,562,000 | $12,111 | $19,109,645 | 873,312 | $— |
$414,894 | $— | $6,354,500 | 1,775,000 | $— |
$1,881,044 | $— | $11,547,734 | 585,860 | $— |
$3,483,696 | $— | $3,483,696 | 193,334 | $— |
$(217,795) | $— | $25,933,250 | 1,225,000 | $— |
$(6,899,591) | $— | $5,943,200 | 1,360,000 | $— |
$(63,700) | $— | $5,372 | 154,800 | $— |
$(16,000) | $— | $33 | 109,440 | $— |
$974,444 | $— | $974,444 | 11,111,112 | $— |
$75,419,081 | $— | $145,363,200 | 1,446,400 | $— |
$(14,173,828) | $— | $55,550,820 | 1,374,000 | $— |
$(433,750) | $— | $4,696,500 | 2,525,000 | $— |
$15,021,300 | $— | $39,337,200 | 2,230,000 | $— |
$(3,206,648) | $— | $21,407,880 | 2,744,600 | $— |
$1,786,666 | $— | $38,948,000 | 2,800,000 | $— |
$4,953,166 | $— | $40,516,979 | 2,959,604 | $— |
$2,667,966 | $— | $22,611,478 | 372,000,000 | $— |
$7,259,248 | $— | $29,016,900 | 990,000 | $— |
$937,071 | $(5,321,738) | $— | 500,000 | $3,250 |
$222,009,202 | $(7,341,545) | $1,046,944,215 | 447,438,652 | $130,320 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2019 | $110,508,279 | $1,095,152,451 | $1,205,660,730 |
Purchases at Cost | $1,317,123,784 | $3,300,502,657 | $4,617,626,441 |
Proceeds from Sales | $(1,255,096,690) | $(2,933,408,456) | $(4,188,505,146) |
Change in Unrealized Appreciation/ Depreciation | N/A | $199,783 | $199,783 |
Net Realized Gain/(Loss) | N/A | $(98,437) | $(98,437) |
Value as of 10/31/2020 | $172,535,373 | $1,462,347,998 | $1,634,883,371 |
Shares Held as of 10/31/2020 | 172,535,373 | 1,461,763,293 | 1,634,298,666 |
Dividend Income | $834,557 | $10,709,863 | $11,544,420 |
Gain Distributions Received | N/A | $1,860 | $1,860 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
4 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2020, these restricted securities amounted to $3,010,200, which represented 0.0% of total net assets. |
5 | 7-day net yield. |
6 | The cost of investments for federal tax purposes amounts to $6,549,024,818. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. A significant portion of this balance represents loans to unaffiliated qualified brokers for securities lending. The Fund receives cash from the broker as collateral for the loaned securities and reinvests the collateral in certain short-term securities such as affiliated money market funds, other money market instruments and/or repurchase agreements. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $5,094,587,987 | $— | $46,908,276 | $5,141,496,263 |
International | 931,363,846 | 631,905,281 | 43,596 | 1,563,312,723 |
Debt Securities: | ||||
Corporate Bonds | — | 3,053,287 | — | 3,053,287 |
Warrants | 1,863,704 | 8,165,946 | 3,483,696 | 13,513,346 |
Investment Companies | 1,634,883,371 | — | — | 1,634,883,371 |
TOTAL SECURITIES | $7,662,698,908 | $643,124,514 | $50,435,568 | $8,356,258,990 |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $40.09 | $36.01 | $32.58 | $23.94 | $25.38 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.29) | 0.01 | (0.13) | (0.27) | (0.17) |
Net realized and unrealized gain | 10.16 | 6.14 | 5.65 | 9.10 | 0.76 |
Total From Investment Operations | 9.87 | 6.15 | 5.52 | 8.83 | 0.59 |
Less Distributions: | |||||
Distributions from net investment income | (0.02) | — | — | — | — |
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Total Distributions | (0.10) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $49.86 | $40.09 | $36.01 | $32.58 | $23.94 |
Total Return2 | 24.64% | 17.96% | 18.10% | 37.12% | 2.27% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.35% | 1.36% | 1.35% | 1.85% | 1.95%4 |
Net investment income (loss) | (0.64)% | 0.03% | (0.37)% | (0.95)% | (0.73)% |
Expense waiver/reimbursement5 | 0.15% | 0.16% | 0.17% | 0.13% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,068,689 | $826,240 | $580,003 | $401,920 | $343,323 |
Portfolio turnover | 20% | 33% | 39% | 46% | 48% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.95% for the year ended October 31, 2016, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $33.99 | $31.02 | $28.52 | $21.10 | $22.72 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.47) | (0.21) | (0.31) | (0.37) | (0.26) |
Net realized and unrealized gain | 8.58 | 5.25 | 4.90 | 7.98 | 0.67 |
Total From Investment Operations | 8.11 | 5.04 | 4.59 | 7.61 | 0.41 |
Less Distributions: | |||||
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $42.02 | $33.99 | $31.02 | $28.52 | $21.10 |
Total Return2 | 23.89% | 17.23% | 17.36% | 36.33% | 1.70% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.98% | 1.98% | 1.99% | 2.42% | 2.50%4 |
Net investment income (loss) | (1.25)% | (0.62)% | (1.01)% | (1.52)% | (1.28)% |
Expense waiver/reimbursement5 | 0.04% | 0.04% | 0.07% | 0.12% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $14,313 | $15,488 | $16,445 | $17,420 | $14,987 |
Portfolio turnover | 20% | 33% | 39% | 46% | 48% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.50% for the year ended October 31, 2016, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $34.01 | $31.03 | $28.53 | $21.10 | $22.72 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.49) | (0.19) | (0.31) | (0.37) | (0.26) |
Net realized and unrealized gain | 8.59 | 5.24 | 4.90 | 7.99 | 0.67 |
Total From Investment Operations | 8.10 | 5.05 | 4.59 | 7.62 | 0.41 |
Less Distributions: | |||||
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $42.03 | $34.01 | $31.03 | $28.53 | $21.10 |
Total Return2 | 23.84% | 17.25% | 17.36% | 36.38% | 1.70% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.98% | 1.97% | 1.97% | 2.41% | 2.50%4 |
Net investment income (loss) | (1.28)% | (0.57)% | (1.00)% | (1.50)% | (1.27)% |
Expense waiver/reimbursement5 | 0.04% | 0.05% | 0.07% | 0.08% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $289,794 | $204,247 | $117,888 | $151,959 | $144,340 |
Portfolio turnover | 20% | 33% | 39% | 46% | 48% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.50% for the year ended October 31, 2016, after taking into account these expense reductions. |
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. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $40.29 | $36.17 | $32.70 | $24.02 | $25.44 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.28) | 0.03 | (0.12) | (0.25) | (0.16) |
Net realized and unrealized gain | 10.22 | 6.16 | 5.68 | 9.12 | 0.77 |
Total From Investment Operations | 9.94 | 6.19 | 5.56 | 8.87 | 0.61 |
Less Distributions: | |||||
Distributions from net investment income | (0.03) | — | — | — | — |
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Total Distributions | (0.11) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $50.12 | $40.29 | $36.17 | $32.70 | $24.02 |
Total Return2 | 24.71% | 17.99% | 18.15% | 37.17% | 2.35% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.31% | 1.31% | 1.32% | 1.80% | 1.91%4 |
Net investment income (loss) | (0.61)% | 0.08% | (0.33)% | (0.91)% | (0.68)% |
Expense waiver/reimbursement5 | 0.34% | 0.34% | 0.37% | 0.32% | 0.31% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $188,549 | $120,487 | $78,387 | $47,497 | $37,850 |
Portfolio turnover | 20% | 33% | 39% | 46% | 48% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.91% for the year ended October 31, 2016, after taking into account these expense reductions. |
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. |
Year Ended October 31, | Period Ended 10/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $40.86 | $36.50 | $32.85 | $24.03 | $24.05 |
Income From Investment Operations: | |||||
Net investment income (loss)2 | (0.10) | 0.22 | 0.04 | (0.14) | (0.05) |
Net realized and unrealized gain | 10.37 | 6.21 | 5.70 | 9.15 | 0.03 |
Total From Investment Operations | 10.27 | 6.43 | 5.74 | 9.01 | (0.02) |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | — | — | — | — |
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | (0.19) | — |
Total Distributions | (0.23) | (2.07) | (2.09) | (0.19) | — |
Net Asset Value, End of Period | $50.90 | $40.86 | $36.50 | $32.85 | $24.03 |
Total Return3 | 25.20% | 18.51% | 18.65% | 37.74% | (0.08)% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.89% | 0.90% | 0.89% | 1.35% | 1.50%5 |
Net investment income (loss) | (0.21)% | 0.56% | 0.11% | (0.50)% | (0.26)%5 |
Expense waiver/reimbursement6 | 0.12% | 0.12% | 0.12% | 0.10% | 0.10%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,114,974 | $2,339,131 | $735,235 | $215,907 | $81,269 |
Portfolio turnover | 20% | 33% | 39% | 46% | 48%7 |
1 | Reflects operations for the period from December 30, 2015 (start of performance) to October 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 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2016. |
Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $40.51 | $36.20 | $32.60 | $30.50 |
Income From Investment Operations: | ||||
Net investment income (loss)2 | (0.10) | 0.25 | 0.06 | (0.01) |
Net realized and unrealized gain | 10.30 | 6.13 | 5.63 | 2.11 |
Total From Investment Operations | 10.20 | 6.38 | 5.69 | 2.10 |
Less Distributions: | ||||
Distributions from net investment income | (0.12) | — | — | — |
Distributions from net realized gain | (0.08) | (2.07) | (2.09) | — |
Total Distributions | (0.20) | (2.07) | (2.09) | — |
Net Asset Value, End of Period | $50.51 | $40.51 | $36.20 | $32.60 |
Total Return3 | 25.24% | 18.53% | 18.64% | 6.89% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.88% | 0.88% | 0.88% | 0.88%5 |
Net investment income (loss) | (0.21)% | 0.63% | 0.16% | (0.11)%5 |
Expense waiver/reimbursement6 | 0.04% | 0.04% | 0.07% | 0.12%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $651,978 | $195,775 | $29,623 | $58 |
Portfolio turnover | 20% | 33% | 39% | 46%7 |
1 | Reflects operations for the period from September 1, 2017 (start of performance) to October 31, 2017. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2017. |
Assets: | |
Investment in securities, at value including $842,967,465 of securities loaned and $1,634,883,371 of investment in affiliated holdings and $1,046,944,215 of investment in affiliated companies* (identified cost $6,535,806,100) | $8,356,258,990 |
Cash | 163,446 |
Cash denominated in foreign currencies (identified cost $10,081,596) | 10,082,424 |
Income receivable | 756,679 |
Income receivable from affiliated holdings | 82,235 |
Receivable for investments sold | 11,467,020 |
Receivable for shares sold | 23,092,928 |
Total Assets | 8,401,903,722 |
Liabilities: | |
Payable for investments purchased | 126,939,678 |
Payable for shares redeemed | 12,712,488 |
Payable for collateral due to broker for securities lending | 931,669,732 |
Payable to adviser (Note 5) | 304,852 |
Payable for administrative fee (Note 5) | 31,677 |
Payable for distribution services fee (Note 5) | 424,393 |
Payable for other service fees (Notes 2 and 5) | 530,578 |
Accrued expenses (Note 5) | 992,899 |
Total Liabilities | 1,073,606,297 |
Net assets for 145,831,309 shares outstanding | $7,328,297,425 |
Net Assets Consist of: | |
Paid-in capital | $5,509,428,440 |
Total distributable earnings (loss) | 1,818,868,985 |
Total Net Assets | $7,328,297,425 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($1,068,688,995 ÷ 21,434,692 shares outstanding), no par value, unlimited shares authorized | $49.86 |
Offering price per share (100/94.50 of $49.86) | $52.76 |
Redemption proceeds per share | $49.86 |
Class B Shares: | |
Net asset value per share ($14,313,282 ÷ 340,650 shares outstanding), no par value, unlimited shares authorized | $42.02 |
Offering price per share | $42.02 |
Redemption proceeds per share (94.50/100 of $42.02) | $39.71 |
Class C Shares: | |
Net asset value per share ($289,793,851 ÷ 6,894,191 shares outstanding), no par value, unlimited shares authorized | $42.03 |
Offering price per share | $42.03 |
Redemption proceeds per share (99.00/100 of $42.03) | $41.61 |
Class R Shares: | |
Net asset value per share ($188,548,569 ÷ 3,762,185 shares outstanding), no par value, unlimited shares authorized | $50.12 |
Offering price per share | $50.12 |
Redemption proceeds per share | $50.12 |
Institutional Shares: | |
Net asset value per share ($5,114,974,429 ÷ 100,490,652 shares outstanding), no par value, unlimited shares authorized | $50.90 |
Offering price per share | $50.90 |
Redemption proceeds per share | $50.90 |
Class R6 Shares: | |
Net asset value per share ($651,978,299 ÷ 12,908,939 shares outstanding), no par value, unlimited shares authorized | $50.51 |
Offering price per share | $50.51 |
Redemption proceeds per share | $50.51 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $5,761,231 received from affiliated companies and holdings* and net of foreign taxes withheld of $307,923) | $30,729,773 |
Net income on securities loaned (includes $5,913,509 received from affiliated holdings related to cash collateral balances (Note 2)*) | 6,906,487 |
Interest | 247,264 |
TOTAL INCOME | 37,883,524 |
Expenses: | |
Investment adviser fee (Note 5) | 43,836,668 |
Administrative fee (Note 5) | 4,284,333 |
Custodian fees | 404,591 |
Transfer agent fees (Note 2) | 5,494,412 |
Directors’/Trustees’ fees (Note 5) | 21,870 |
Auditing fees | 45,400 |
Legal fees | 8,481 |
Portfolio accounting fees | 222,178 |
Distribution services fee (Note 5) | 5,093,927 |
Other service fees (Notes 2 and 5) | 3,018,977 |
Share registration costs | 563,080 |
Printing and postage | 388,339 |
Miscellaneous (Note 5) | 71,298 |
TOTAL EXPENSES | 63,453,554 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (2,041,332) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (4,571,668) |
TOTAL WAIVERS AND REIMBURSEMENTS | (6,613,000) |
Net expenses | 56,840,554 |
Net investment income (loss) | (18,957,030) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts and Futures Contracts: | |
Net realized gain on investments (including net realized loss of $(7,439,982) on sales of investments in affiliated companies and holdings*) | $52,495,666 |
Net realized gain on foreign currency transactions | 86,865 |
Net realized loss on foreign exchange contracts | (128,135) |
Net realized loss on futures contracts | (28,055,302) |
Realized gain distribution from affiliated investment company shares* | 1,860 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $222,208,985 on investments in affiliated companies and holdings*) | 1,179,978,753 |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | (36,672) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts and futures contracts | 1,204,343,035 |
Change in net assets resulting from operations | $1,185,386,005 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(18,957,030) | $8,112,613 |
Net realized gain (loss) | 24,400,954 | 5,843,958 |
Net change in unrealized appreciation/depreciation | 1,179,942,081 | 290,767,095 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,185,386,005 | 304,723,666 |
Distributions to Shareholders: | ||
Class A Shares | (1,921,096) | (33,548,216) |
Class B Shares | (33,450) | (1,064,216) |
Class C Shares | (459,834) | (7,908,178) |
Class R Shares | (328,807) | (5,392,467) |
Institutional Shares | (13,697,681) | (41,694,450) |
Class R6 Shares | (1,163,761) | (1,962,523) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (17,604,629) | (91,570,050) |
Share Transactions: | ||
Proceeds from sale of shares | 4,225,873,475 | 2,749,902,528 |
Net asset value of shares issued to shareholders in payment of distributions declared | 16,764,824 | 87,265,064 |
Cost of shares redeemed | (1,783,489,845) | (906,535,952) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,459,148,454 | 1,930,631,640 |
Change in net assets | 3,626,929,830 | 2,143,785,256 |
Net Assets: | ||
Beginning of period | 3,701,367,595 | 1,557,582,339 |
End of period | $7,328,297,425 | $3,701,367,595 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $872,527 | $(563,581) |
Class B Shares | 15,549 | — |
Class C Shares | 274,684 | — |
Class R Shares | 367,107 | (479) |
Institutional Shares | 3,913,090 | (3,080,769) |
Class R6 Shares | 51,455 | — |
TOTAL | $5,494,412 | $(3,644,829) |
Other Service Fees Incurred | |
Class A Shares | $2,360,993 |
Class B Shares | 37,288 |
Class C Shares | 620,696 |
TOTAL | $3,018,977 |
Market Value of Securities Loaned | Collateral Received |
$842,967,465 | $931,669,732 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
Futures Contracts | Foreign Exchange Contracts | Total | ||||
Equity contracts | $(28,055,302) | $— | $(28,055,302) | |||
Foreign exchange contracts | — | (128,135) | (128,135) | |||
TOTAL | $(28,055,302) | $(128,135) | $(28,183,437) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,111,333 | $317,394,833 | 10,433,711 | $409,075,507 |
Shares issued to shareholders in payment of distributions declared | 43,337 | 1,833,335 | 925,703 | 32,232,986 |
Shares redeemed | (6,330,060) | (272,874,388) | (6,856,886) | (267,133,357) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 824,610 | $46,353,780 | 4,502,528 | $174,175,136 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,410 | $275,745 | 48,675 | $1,565,858 |
Shares issued to shareholders in payment of distributions declared | 924 | 32,912 | 35,178 | 1,044,433 |
Shares redeemed | (123,290) | (4,548,639) | (158,321) | (5,243,637) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (114,956) | $(4,239,982) | (74,468) | $(2,633,346) |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,712,145 | $102,512,707 | 3,325,137 | $111,372,708 |
Shares issued to shareholders in payment of distributions declared | 12,425 | 442,704 | 255,939 | 7,601,381 |
Shares redeemed | (1,836,039) | (67,850,294) | (1,374,017) | (45,429,070) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 888,531 | $35,105,117 | 2,207,059 | $73,545,019 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,687,248 | $76,320,016 | 1,986,858 | $77,421,966 |
Shares issued to shareholders in payment of distributions declared | 7,619 | 325,306 | 151,834 | 5,311,138 |
Shares redeemed | (922,867) | (39,931,892) | (1,315,921) | (51,269,976) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 772,000 | $36,713,430 | 822,771 | $31,463,128 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 72,827,049 | $3,263,513,645 | 49,172,262 | $1,970,878,265 |
Shares issued to shareholders in payment of distributions declared | 297,030 | 13,010,261 | 1,106,785 | 39,113,796 |
Shares redeemed | (29,886,031) | (1,296,657,632) | (13,170,325) | (516,391,968) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 43,238,048 | $1,979,866,274 | 37,108,722 | $1,493,600,093 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,298,681 | $465,856,529 | 4,488,821 | $179,588,224 |
Shares issued to shareholders in payment of distributions declared | 25,829 | 1,120,306 | 55,990 | 1,961,330 |
Shares redeemed | (2,248,452) | (101,627,000) | (530,195) | (21,067,944) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 8,076,058 | $365,349,835 | 4,014,616 | $160,481,610 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 53,684,291 | $2,459,148,454 | 48,581,228 | $1,930,631,640 |
2020 | 2019 | |
Ordinary income1 | $10,332,482 | $32,292,522 |
Long-term capital gains | $7,272,147 | $59,277,528 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $4,800,890 |
Net unrealized appreciation | $1,807,198,132 |
Undistributed long-term capital gains | $6,869,963 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $2,362,867 | $(472,574) |
Class B Shares | 111,864 | — |
Class C Shares | 1,862,088 | — |
Class R Shares | 757,108 | (454,265) |
TOTAL | $5,093,927 | $(926,839) |
Purchases | $3,403,069,428 |
Sales | $963,250,964 |
December 23, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,204.30 | $7.48 |
Class B Shares | $1,000 | $1,200.60 | $10.90 |
Class C Shares | $1,000 | $1,200.20 | $10.95 |
Class R Shares | $1,000 | $1,204.50 | $7.26 |
Institutional Shares | $1,000 | $1,207.00 | $4.94 |
Class R6 Shares | $1,000 | $1,207.20 | $4.88 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.35 | $6.85 |
Class B Shares | $1,000 | $1,015.23 | $9.98 |
Class C Shares | $1,000 | $1,015.18 | $10.03 |
Class R Shares | $1,000 | $1,018.55 | $6.65 |
Institutional Shares | $1,000 | $1,020.66 | $4.52 |
Class R6 Shares | $1,000 | $1,020.71 | $4.47 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class B Shares | 1.97% |
Class C Shares | 1.98% |
Class R Shares | 1.31% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: January 2000 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172628
CUSIP 314172610
CUSIP 314172537
CUSIP 31421N402
CUSIP 31421N683
Share Class | Ticker | A | FGSAX | C | FGSCX | Institutional | FGSIX | R6 | FGSKX |
Federated Hermes MDT Mid Cap Growth Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | 5 Years | 10 Years | |
Class A Shares | 11.57% | 12.04% | 11.82% |
Class C Shares | 16.17% | 12.46% | 11.61% |
Institutional Shares2 | 18.46% | 13.62% | 12.74% |
Class R6 Shares5 | 18.46% | 13.48% | 12.26% |
RMCGI | 21.14% | 14.15% | 14.13% |
MMCGFA | 22.59% | 13.10% | 12.76% |
Sector Composition | Percentage of Total Net Assets |
Information Technology | 36.3% |
Health Care | 23.4% |
Consumer Discretionary | 12.0% |
Industrials | 11.0% |
Communication Services | 4.5% |
Consumer Staples | 4.3% |
Financials | 3.4% |
Materials | 2.0% |
Real Estate | 1.1% |
Energy | 0.1% |
Securities Lending Collateral2 | 0.1% |
Cash Equivalents3 | 1.5% |
Other Assets and Liabilities—Net4 | 0.3% |
TOTAL | 100% |
1 | Except for Cash Equivalents, Securities Lending Collateral 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— 98.1% | |||
Communication Services— 4.5% | |||
44,903 | 1 | Altice USA, Inc. | $1,210,136 |
11,004 | 1,2 | AMC Networks, Inc. | 233,835 |
496 | Cable One, Inc. | 859,003 | |
97,171 | 1 | Pinterest, Inc. | 5,728,230 |
4,371 | 1 | Roku, Inc. | 884,690 |
24,125 | 1 | Spotify Technology SA | 5,787,346 |
26,074 | 1 | Take-Two Interactive Software, Inc. | 4,039,384 |
7,465 | 1 | TripAdvisor, Inc. | 142,656 |
34,311 | 1 | Zillow Group, Inc. | 3,065,002 |
59,018 | 1 | Zynga, Inc. | 530,572 |
TOTAL | 22,480,854 | ||
Consumer Discretionary— 12.0% | |||
3,764 | 1 | AutoZone, Inc. | 4,249,481 |
6,630 | Best Buy Co., Inc. | 739,576 | |
44,793 | 1 | Chegg, Inc. | 3,289,598 |
3,341 | 1 | Chipotle Mexican Grill, Inc. | 4,014,145 |
10,501 | Dollar General Corp. | 2,191,664 | |
20,192 | Domino’s Pizza, Inc. | 7,639,037 | |
19,326 | Dunkin’ Brands Group, Inc. | 1,926,995 | |
60,336 | 1 | Etsy, Inc. | 7,336,254 |
34,824 | 1 | Floor & Decor Holdings, Inc. | 2,542,152 |
16,268 | 1 | Lululemon Athletica, Inc. | 5,194,210 |
41,245 | 1 | Ollie’s Bargain Outlet Holding, Inc. | 3,592,027 |
17,486 | 1 | O’Reilly Automotive, Inc. | 7,634,388 |
10,903 | 1 | Peloton Interactive, Inc. | 1,201,620 |
4,980 | Pool Corp. | 1,742,153 | |
7,039 | 1 | Tempur Sealy International, Inc. | 626,471 |
6,555 | The Wendy’s Co. | 143,227 | |
25,404 | Tractor Supply Co. | 3,384,067 | |
9,102 | 1 | Wayfair, Inc. | 2,257,569 |
TOTAL | 59,704,634 | ||
Consumer Staples— 4.3% | |||
36,226 | Church and Dwight, Inc. | 3,202,016 | |
30,082 | Clorox Co. | 6,234,494 | |
89,798 | Energizer Holdings, Inc. | 3,533,551 | |
20,305 | 1 | Grocery Outlet Holding Corp. | 893,826 |
19,104 | Hershey Foods Corp. | 2,626,036 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
23,440 | Kellogg Co. | $1,474,142 | |
809 | McCormick & Co., Inc. | 146,033 | |
4,602 | Nu Skin Enterprises, Inc., Class A | 227,109 | |
150,862 | 1 | Sprouts Farmers Market, Inc. | 2,873,921 |
403 | 1 | The Boston Beer Co., Inc., Class A | 418,789 |
TOTAL | 21,629,917 | ||
Energy— 0.1% | |||
23,331 | Cabot Oil & Gas Corp., Class A | 415,059 | |
Financials— 3.4% | |||
92,280 | 1 | Arch Capital Group Ltd. | 2,787,779 |
7,072 | Cboe Global Markets, Inc. | 574,883 | |
643 | FactSet Research Systems | 197,080 | |
5,711 | Marketaxess Holdings, Inc. | 3,077,372 | |
29,550 | MSCI, Inc., Class A | 10,337,772 | |
1,156 | T. Rowe Price Group, Inc. | 146,419 | |
TOTAL | 17,121,305 | ||
Health Care— 23.4% | |||
23,216 | 1 | 10X Genomics, Inc. | 3,178,270 |
1,759 | 1 | Abiomed, Inc. | 443,057 |
12,057 | 1 | Acceleron Pharma, Inc. | 1,260,921 |
9,738 | 1 | Adaptive Biotechnologies Corp. | 448,727 |
31,297 | 1 | Alexion Pharmaceuticals, Inc. | 3,603,537 |
10,438 | 1 | Align Technology, Inc. | 4,447,423 |
6,112 | AmerisourceBergen Corp. | 587,180 | |
187,716 | 1 | Avantor, Inc. | 4,368,151 |
5,992 | 1 | Bluebird Bio, Inc. | 309,846 |
9,391 | Bruker Corp. | 399,493 | |
20,955 | Cardinal Health, Inc. | 959,529 | |
61,855 | Cerner Corp. | 4,335,417 | |
4,888 | 1 | Charles River Laboratories International, Inc. | 1,112,998 |
27,170 | 1 | Davita, Inc. | 2,343,413 |
1,560 | 1 | Dexcom, Inc. | 498,545 |
8,772 | 1 | Exelixis, Inc. | 179,651 |
11,849 | 1 | Henry Schein, Inc. | 753,359 |
95,466 | 1 | Hologic, Inc. | 6,569,970 |
66,380 | 1 | Horizon Therapeutics PLC | 4,973,853 |
16,467 | 1 | IDEXX Laboratories, Inc. | 6,995,511 |
37,430 | 1 | IQVIA Holdings, Inc. | 5,763,846 |
29,170 | 1 | Jazz Pharmaceuticals PLC. | 4,203,397 |
32,535 | McKesson Corp. | 4,798,587 | |
5,950 | 1 | Mettler-Toledo International, Inc. | 5,937,565 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
3,218 | 1 | Molina Healthcare, Inc. | $600,061 |
44,833 | 1 | Neurocrine Biosciences, Inc. | 4,423,672 |
39,835 | 1 | Novocure Ltd. | 4,863,854 |
5,599 | PerkinElmer, Inc. | 725,350 | |
100,897 | 1 | PPD, Inc. | 3,317,493 |
2,988 | 1 | PRA Health Sciences, Inc. | 291,151 |
1,835 | 1 | Quidel Corp. | 492,312 |
3,907 | 1 | Repligen Corp. | 650,789 |
6,798 | ResMed, Inc. | 1,304,808 | |
77,035 | 1 | SAGE Therapeutics, Inc. | 5,652,828 |
1,154 | 1 | Sarepta Therapeutics, Inc. | 156,840 |
15,451 | 1 | Seagen, Inc. | 2,577,227 |
12,044 | 1 | Tandem Diabetes Care, Inc. | 1,312,796 |
64,087 | 1 | Veeva Systems, Inc. | 17,306,694 |
15,985 | 1 | Waters Corp. | 3,561,778 |
4,049 | West Pharmaceutical Services, Inc. | 1,101,611 | |
TOTAL | 116,811,510 | ||
Industrials— 11.0% | |||
35,406 | Acuity Brands, Inc. | 3,156,091 | |
6,127 | Allegion PLC | 603,510 | |
4,294 | Armstrong World Industries, Inc. | 257,211 | |
222,478 | Carrier Global Corp. | 7,428,540 | |
1,017 | Cintas Corp. | 319,897 | |
534 | 1 | CoStar Group, Inc. | 439,808 |
100,582 | Flowserve Corp. | 2,928,948 | |
33,148 | 1 | Generac Holdings, Inc. | 6,966,052 |
8,037 | Graco, Inc. | 497,490 | |
8,390 | Hubbell, Inc. | 1,220,829 | |
38,721 | 1 | IAA Spinco, Inc. | 2,191,221 |
9,330 | IHS Markit Ltd. | 754,517 | |
454,478 | KAR Auction Services, Inc. | 6,617,200 | |
124,511 | Nielsen Holdings PLC | 1,682,144 | |
1,874 | Old Dominion Freight Lines, Inc. | 356,753 | |
35,233 | Pitney Bowes, Inc. | 187,087 | |
107,189 | R.R. Donnelley & Sons Co. | 125,411 | |
183,388 | Spirit AeroSystems Holdings, Inc., Class A | 3,335,828 | |
83,387 | TransUnion | 6,642,608 | |
48,143 | Verisk Analytics, Inc. | 8,568,010 | |
9,366 | Xylem, Inc. | 816,153 | |
TOTAL | 55,095,308 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— 36.3% | |||
8,280 | 1 | Advanced Micro Devices, Inc. | $623,401 |
33,152 | Alliance Data Systems Corp. | 1,708,654 | |
21,495 | Amphenol Corp., Class A | 2,425,496 | |
17,260 | 1 | Arista Networks, Inc. | 3,605,614 |
27,238 | 1 | Avalara, Inc. | 4,059,824 |
38,180 | 1 | Bill.Com Holdings, Inc. | 3,818,000 |
18,360 | 1 | Black Knight, Inc. | 1,614,762 |
146,668 | Booz Allen Hamilton Holding Corp. | 11,513,438 | |
8,452 | 1 | CACI International, Inc., Class A | 1,762,496 |
103,706 | 1 | Cadence Design Systems, Inc. | 11,342,325 |
12,945 | Citrix Systems, Inc. | 1,466,280 | |
7,241 | 1 | CloudFlare, Inc. | 376,315 |
44,360 | Cognex Corp. | 2,923,324 | |
11,589 | 1 | Coupa Software, Inc. | 3,102,375 |
78,894 | 1 | Crowdstrike Holdings, Inc. | 9,770,233 |
11,237 | 1 | Datadog, Inc. | 1,019,758 |
22,114 | 1 | DocuSign, Inc. | 4,472,557 |
34,747 | 1 | Elastic N.V. | 3,523,693 |
8,258 | 1 | Enphase Energy, Inc. | 810,027 |
29,303 | 1 | EPAM Systems, Inc. | 9,053,162 |
4,128 | 1 | Fair Isaac & Co., Inc. | 1,615,906 |
36,906 | 1 | Five9, Inc. | 5,599,378 |
17,006 | 1 | FleetCor Technologies, Inc. | 3,756,795 |
45,819 | 1 | Fortinet, Inc. | 5,057,043 |
1,265 | 1 | Gartner, Inc., Class A | 151,927 |
3,865 | 1 | Globant SA | 698,058 |
60,641 | 1 | GoDaddy, Inc. | 4,289,744 |
22,221 | 1 | HubSpot, Inc. | 6,445,645 |
40,608 | 1 | Inphi Corp. | 5,675,374 |
24,188 | 1 | Keysight Technologies, Inc. | 2,536,596 |
26,181 | KLA Corp. | 5,162,370 | |
24,969 | Microchip Technology, Inc. | 2,623,743 | |
13,198 | Monolithic Power Systems | 4,218,081 | |
31,982 | 1 | Okta, Inc. | 6,710,783 |
10,892 | 1 | Palo Alto Networks, Inc. | 2,409,201 |
18,928 | Paychex, Inc. | 1,556,828 | |
817 | 1 | Paylocity Corp. | 151,570 |
27,273 | 1 | RealPage, Inc. | 1,518,833 |
42,267 | 1 | Square, Inc. | 6,546,313 |
20,657 | SS&C Technologies Holdings, Inc. | 1,223,308 | |
24,101 | 1 | Synopsys, Inc. | 5,154,240 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
77,484 | 1 | Teradata Corp. | $1,423,381 |
67,274 | Teradyne, Inc. | 5,910,021 | |
8,923 | 1 | Trade Desk, Inc./The | 5,054,433 |
15,726 | 1 | Twilio, Inc. | 4,387,082 |
2,282 | Universal Display Corp. | 452,543 | |
8,763 | 1 | Verisign, Inc. | 1,671,104 |
33,540 | Western Union Co. | 652,018 | |
31,912 | Xilinx, Inc. | 3,787,635 | |
44,738 | 1 | Zscaler, Inc. | 6,073,183 |
TOTAL | 181,504,870 | ||
Materials— 2.0% | |||
85,265 | 1 | Axalta Coating Systems Ltd. | 2,141,004 |
54,118 | 1 | Berry Global Group, Inc. | 2,523,522 |
2,190 | 1 | Crown Holdings, Inc. | 187,902 |
13,882 | 1 | Eagle Materials, Inc. | 1,183,441 |
3,717 | Royal Gold, Inc. | 441,617 | |
29,484 | RPM International, Inc. | 2,496,410 | |
7,928 | Scotts Miracle-Gro Co. | 1,189,596 | |
TOTAL | 10,163,492 | ||
Real Estate— 1.1% | |||
29,484 | Coresite Realty Corp. | 3,519,210 | |
5,507 | Iron Mountain, Inc. | 143,513 | |
6,803 | SBA Communications Corp. | 1,975,387 | |
TOTAL | 5,638,110 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $412,555,101) | 490,565,059 | ||
INVESTMENT COMPANIES— 1.6% | |||
236,922 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%3 | 236,922 | |
7,586,494 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%3 | 7,589,529 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $7,826,606) | 7,826,451 | ||
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $420,381,707)4 | 498,391,510 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%5 | 1,396,095 | ||
TOTAL NET ASSETS—100% | $499,787,605 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2019 | $820,447 | $10,534,735 | $11,355,182 |
Purchases at Cost | $86,087,463 | $131,850,851 | $217,938,314 |
Proceeds from Sales | $(86,670,988) | $(134,797,454) | $(221,468,442) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(1,365) | $(1,365) |
Net Realized Gain/(Loss) | N/A | $2,762 | $2,762 |
Value as of 10/31/2020 | $236,922 | $7,589,529 | $7,826,451 |
Shares Held as of 10/31/2020 | 236,922 | 7,586,494 | 7,823,416 |
Dividend Income | $16,370 | $69,534 | $85,904 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $426,656,336. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $41.20 | $41.35 | $43.07 | $33.37 | $42.50 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.19) | (0.07) | (0.14) | (0.04) | 0.05 |
Net realized and unrealized gain (loss) | 7.14 | 4.77 | 3.92 | 10.06 | (0.77) |
Total From Investment Operations | 6.95 | 4.70 | 3.78 | 10.02 | (0.72) |
Less Distributions: | |||||
Distributions from net investment income | — | — | — | (0.02) | — |
Distributions from net realized gain | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Total Distributions | (3.22) | (4.85) | (5.50) | (0.32) | (8.41) |
Net Asset Value, End of Period | $44.93 | $41.20 | $41.35 | $43.07 | $33.37 |
Total Return2 | 18.07% | 13.40% | 9.43% | 30.20% | (2.07)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.14% | 1.14% | 1.22% | 1.22% | 1.22% |
Net investment income | (0.46)% | (0.18)% | (0.33)% | (0.10)% | 0.16% |
Expense waiver/reimbursement4 | 0.11% | 0.11% | 0.06% | 0.10% | 0.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $266,252 | $257,818 | $238,586 | $236,955 | $206,210 |
Portfolio turnover | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $27.12 | $29.12 | $32.11 | $25.12 | $34.27 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.31) | (0.25) | (0.33) | (0.25) | (0.15) |
Net realized and unrealized gain (loss) | 4.50 | 3.10 | 2.84 | 7.54 | (0.59) |
Total From Investment Operations | 4.19 | 2.85 | 2.51 | 7.29 | (0.74) |
Less Distributions: | |||||
Distributions from net realized gain | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Net Asset Value, End of Period | $28.09 | $27.12 | $29.12 | $32.11 | $25.12 |
Total Return2 | 17.17% | 12.54% | 8.58% | 29.25% | (2.78)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.93% | 1.88% | 1.97% | 1.97% | 1.97% |
Net investment income (loss) | (1.23)% | (0.94)% | (1.09)% | (0.85)% | (0.60)% |
Expense waiver/reimbursement4 | 0.12% | 0.16% | 0.08% | 0.12% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $13,309 | $15,460 | $10,619 | $10,613 | $9,188 |
Portfolio turnover | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $42.60 | $42.48 | $44.01 | $34.09 | $43.14 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.06) | 0.04 | (0.05) | 0.07 | 0.14 |
Net realized and unrealized gain (loss) | 7.42 | 4.93 | 4.02 | 10.25 | (0.78) |
Total From Investment Operations | 7.36 | 4.97 | 3.97 | 10.32 | (0.64) |
Less Distributions: | |||||
Distributions from net investment income | — | — | — | (0.10) | — |
Distributions from net realized gain | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Total Distributions | (3.22) | (4.85) | (5.50) | (0.40) | (8.41) |
Net Asset Value, End of Period | $46.74 | $42.60 | $42.48 | $44.01 | $34.09 |
Total Return2 | 18.46% | 13.71% | 9.69% | 30.52% | (1.81)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.84% | 0.84% | 0.95% | 0.97% | 0.97% |
Net investment income (loss) | (0.13)% | 0.10% | (0.12)% | 0.19% | 0.41% |
Expense waiver/reimbursement4 | 0.19% | 0.21% | 0.07% | 0.11% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $188,839 | $246,222 | $177,959 | $24,559 | $40,057 |
Portfolio turnover | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $38.59 | $38.95 | $40.80 | $31.53 | $40.74 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.05) | 0.01 | (0.03) | 0.04 | (0.07) |
Net realized and unrealized gain (loss) | 6.67 | 4.48 | 3.68 | 9.53 | (0.73) |
Total From Investment Operations | 6.62 | 4.49 | 3.65 | 9.57 | (0.80) |
Less Distributions: | |||||
Distributions from net realized gain | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Net Asset Value, End of Period | $41.99 | $38.59 | $38.95 | $40.80 | $31.53 |
Total Return2 | 18.46% | 13.72% | 9.67% | 30.54% | (2.42)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.83% | 0.83% | 0.95% | 0.96% | 1.61% |
Net investment income (loss) | (0.14)% | 0.03% | (0.08)% | 0.12% | (0.22)% |
Expense waiver/reimbursement4 | 0.11% | 0.11% | 0.02% | 0.04% | 0.05% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $31,388 | $31,590 | $6,576 | $37,815 | $1,529 |
Portfolio turnover | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at value including $231,476 of securities loaned and $7,826,451 of investment in affiliated holdings* (identified cost $420,381,707) | $498,391,510 |
Income receivable | 37,521 |
Income receivable from affiliated holdings | 910 |
Receivable for investments sold | 4,892,844 |
Receivable for shares sold | 475,317 |
Total Assets | 503,798,102 |
Liabilities: | |
Payable for investments purchased | 3,036,411 |
Payable for shares redeemed | 441,972 |
Payable for collateral due to broker for securities lending | 236,922 |
Payable to adviser (Note 5) | 17,588 |
Payable for administrative fee (Note 5) | 2,171 |
Payable for distribution services fee (Note 5) | 8,762 |
Payable for other service fees (Notes 2 and 5) | 134,636 |
Accrued expenses (Note 5) | 132,035 |
Total Liabilities | 4,010,497 |
Net assets for 11,187,281 shares outstanding shares outstanding, no par value, unlimited shares authorized | $499,787,605 |
Net Assets Consist of: | |
Paid-in capital | $389,654,174 |
Total distributable earnings (loss) | 110,133,431 |
Total Net Assets | $499,787,605 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($266,252,034 ÷ 5,925,402 shares outstanding), no par value, unlimited shares authorized | $44.93 |
Offering price per share (100/94.50 of $44.93) | $47.54 |
Redemption proceeds per share | $44.93 |
Class C Shares: | |
Net asset value per share ($13,308,713 ÷ 473,770 shares outstanding), no par value, unlimited shares authorized | $28.09 |
Offering price per share | $28.09 |
Redemption proceeds per share (99.00/100 of $28.09) | $27.81 |
Institutional Shares: | |
Net asset value per share ($188,838,667 ÷ 4,040,622 shares outstanding), no par value, unlimited shares authorized | $46.74 |
Offering price per share | $46.74 |
Redemption proceeds per share | $46.74 |
Class R6 Shares: | |
Net asset value per share ($31,388,191 ÷ 747,487 shares outstanding), no par value, unlimited shares authorized | $41.99 |
Offering price per share | $41.99 |
Redemption proceeds per share | $41.99 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $69,534 received from affiliated holdings*) | $3,443,299 |
Net income on securities loaned (includes $16,370 received from an affiliated holding related to cash collateral balances (Note 2)) | 17,808 |
TOTAL INCOME | 3,461,107 |
Expenses: | |
Investment adviser fee (Note 5) | 3,734,498 |
Administrative fee (Note 5) | 390,775 |
Custodian fees | 61,638 |
Transfer agent fees (Note 2) | 509,713 |
Directors’/Trustees’ fees (Note 5) | 3,338 |
Auditing fees | 28,020 |
Legal fees | 7,985 |
Portfolio accounting fees | 134,899 |
Distribution services fee (Note 5) | 101,977 |
Other service fees (Notes 2 and 5) | 656,899 |
Share registration costs | 87,256 |
Printing and postage | 59,815 |
Miscellaneous (Note 5) | 30,910 |
TOTAL EXPENSES | 5,807,723 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (554,291) |
Reimbursement of other operating expenses (Notes 2 and 5) | (154,225) |
TOTAL WAIVER AND REIMBURSEMENTS | (708,516) |
Net expenses | 5,099,207 |
Net investment income (loss) | (1,638,100) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized gain of $2,762 on sales of investments in affiliated holdings*) | 36,640,061 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(1,365) on investments in affiliated holdings*) | 44,742,339 |
Net realized and unrealized gain (loss) on investments | 81,382,400 |
Change in net assets resulting from operations | $79,744,300 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(1,638,100) | $(351,501) |
Net realized gain (loss) | 36,640,061 | 42,795,896 |
Net change in unrealized appreciation/depreciation | 44,742,339 | 19,748,104 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 79,744,300 | 62,192,499 |
Distributions to Shareholders: | ||
Class A Shares | (19,681,770) | (27,927,985) |
Class C Shares | (1,770,911) | (1,861,401) |
Institutional Shares | (18,251,317) | (18,505,100) |
Class R6 Shares | (2,684,427) | (1,015,627) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (42,388,425) | (49,310,113) |
Share Transactions: | ||
Proceeds from sale of shares | 84,955,913 | 243,475,009 |
Net asset value of shares issued to shareholders in payment of distributions declared | 37,599,957 | 45,303,236 |
Cost of shares redeemed | (211,214,467) | (184,311,036) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (88,658,597) | 104,467,209 |
Change in net assets | (51,302,722) | 117,349,595 |
Net Assets: | ||
Beginning of period | 551,090,327 | 433,740,732 |
End of period | $499,787,605 | $551,090,327 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $236,291 | $— |
Class C Shares | 19,362 | (1,547) |
Institutional Shares | 243,506 | (152,678) |
Class R6 Shares | 10,554 | — |
TOTAL | $509,713 | $(154,225) |
Other Service Fees Incurred | |
Class A Shares | $622,907 |
Class C Shares | 33,992 |
TOTAL | $656,899 |
Market Value of Securities Loaned | Collateral Received |
$231,476 | $236,922 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 305,538 | $12,123,319 | 679,947 | $26,913,977 |
Shares issued to shareholders in payment of distributions declared | 452,310 | 17,631,062 | 731,469 | 25,696,511 |
Shares redeemed | (1,090,828) | (43,664,616) | (922,810) | (36,512,405) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (332,980) | $(13,910,235) | 488,606 | $16,098,083 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 61,317 | $1,514,960 | 300,441 | $7,704,376 |
Shares issued to shareholders in payment of distributions declared | 65,613 | 1,610,780 | 75,555 | 1,758,930 |
Shares redeemed | (223,148) | (5,554,957) | (170,642) | (4,416,223) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (96,218) | $(2,429,217) | 205,354 | $5,047,083 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,452,412 | $57,400,016 | 4,227,609 | $170,009,422 |
Shares issued to shareholders in payment of distributions declared | 413,257 | 16,712,098 | 466,589 | 16,904,512 |
Shares redeemed | (3,604,668) | (144,236,848) | (3,103,897) | (127,678,775) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,738,999) | $(70,124,734) | 1,590,301 | $59,235,159 |
Year Ended 10/31/2020 | Year Ended 10/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 368,236 | $13,917,618 | 1,021,386 | $38,847,234 |
Shares issued to shareholders in payment of distributions declared | 45,307 | 1,646,017 | 28,741 | 943,283 |
Shares redeemed | (484,606) | (17,758,046) | (400,411) | (15,703,633) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (71,063) | $(2,194,411) | 649,716 | $24,086,884 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,239,260) | $(88,658,597) | 2,933,977 | $104,467,209 |
2020 | 2019 | |
Ordinary income1 | $9,298,325 | $19,982,791 |
Long-term capital gains | $33,090,100 | $29,327,322 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $38,398,257 |
Net unrealized appreciation | $71,735,174 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | |
Class C Shares | $101,977 |
Purchases | $1,118,634,869 |
Sales | $1,250,535,892 |
December 22, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,233.30 | $6.40 |
Class C Shares | $1,000 | $1,228.20 | $10.87 |
Institutional Shares | $1,000 | $1,235.20 | $4.78 |
Class R6 Shares | $1,000 | $1,235.40 | $4.66 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.41 | $5.79 |
Class C Shares | $1,000 | $1,015.38 | $9.83 |
Institutional Shares | $1,000 | $1,020.86 | $4.32 |
Class R6 Shares | $1,000 | $1,020.96 | $4.22 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class C Shares | 1.94% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.83% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: September 1999 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172305
CUSIP 314172198
CUSIP 314172529
Share Class | Ticker | A | SVAAX | C | SVACX | Institutional | SVAIX | R6 | SVALX |
Federated Hermes Strategic Value Dividend Fund
A Portfolio of Federated Hermes Equity Funds
Donahue
1 Year | 5 Years | 10 Years | |
Class A Shares | -20.30% | 0.92% | 6.35% |
Class C Shares | -17.18% | 1.29% | 6.14% |
Institutional Shares | -15.49% | 2.31% | 7.20% |
Class R6 Shares4 | -15.48% | 2.31% | 7.14% |
S&P 500 | 9.71% | 11.71% | 13.01% |
DJSDI | -14.86% | 5.58% | 9.76% |
Sector Composition | Percentage of Total Net Assets |
Health Care | 19.0% |
Utilities | 17.7% |
Consumer Staples | 16.5% |
Communication Services | 16.5% |
Energy | 11.0% |
Financials | 9.4% |
Information Technology | 6.0% |
Industrials | 1.3% |
Real Estate | 0.9% |
Consumer Discretionary | 0.8% |
Cash Equivalents2 | 0.6% |
Other Assets and Liabilities—Net3 | 0.3% |
TOTAL | 100.0% |
Shares | Dividend Yield (unaudited) | Value in U.S. Dollars | ||
COMMON STOCKS—99.1% | ||||
Communication Services—16.5% | ||||
11,777,945 | AT&T, Inc. | 7.70% | $318,240,074 | |
5,814,710 | BCE, Inc. | 5.29 | 233,670,775 | |
5,358,397 | Verizon Communications, Inc. | 4.40 | 305,375,045 | |
165,169,109 | Vodafone Group PLC | 7.87 | 220,636,893 | |
TOTAL | 1,077,922,787 | |||
Consumer Discretionary—0.8% | ||||
562,375 | Genuine Parts Co. | 3.49 | 50,855,571 | |
Consumer Staples—16.5% | ||||
6,512,929 | British American Tobacco PLC | 8.59 | 206,928,916 | |
1,138,125 | General Mills, Inc. | 3.45 | 67,285,950 | |
1,179,147 | PepsiCo, Inc. | 3.07 | 157,168,503 | |
4,628,397 | Philip Morris International, Inc. | 6.76 | 328,708,755 | |
3,023,962 | The Coca-Cola Co. | 3.41 | 145,331,614 | |
3,074,800 | Unilever PLC | 3.38 | 175,325,854 | |
TOTAL | 1,080,749,592 | |||
Energy—11.0% | ||||
3,536,276 | Chevron Corp. | 7.42 | 245,771,182 | |
6,796,175 | Enbridge, Inc. | 7.50 | 187,260,816 | |
6,139,110 | Exxon Mobil Corp. | 10.67 | 200,257,768 | |
2,246,575 | TC Energy Corp. | 5.25 | 88,426,325 | |
TOTAL | 721,716,091 | |||
Financials—9.4% | ||||
2,843,850 | Canadian Imperial Bank of Commerce | 5.00 | 212,130,761 | |
282,000 | JPMorgan Chase & Co. | 3.67 | 27,647,280 | |
11,938,675 | KeyCorp | 5.70 | 154,964,001 | |
1,170,153 | PNC Financial Services Group | 4.11 | 130,916,718 | |
6,924,307 | Regions Financial Corp. | 4.66 | 92,093,283 | |
TOTAL | 617,752,043 | |||
Health Care—19.0% | ||||
3,530,226 | AbbVie, Inc. | 6.11 | 300,422,233 | |
241,300 | Amgen, Inc. | 2.95 | 52,347,622 | |
1,913,975 | Bristol-Myers Squibb Co. | 3.08 | 111,871,839 | |
3,833,846 | Gilead Sciences, Inc. | 4.68 | 222,938,145 | |
3,946,298 | GlaxoSmithKline PLC | 6.19 | 65,841,097 |
Shares | Dividend Yield (unaudited) | Value in U.S. Dollars | ||
COMMON STOCKS—cont. | ||||
Health Care—cont. | ||||
2,529,725 | Merck & Co., Inc. | 3.24% | $190,260,617 | |
8,487,949 | Pfizer, Inc. | 4.28 | 301,152,430 | |
TOTAL | 1,244,833,983 | |||
Industrials—1.3% | ||||
521,000 | 3M Co. | 3.68 | 83,339,160 | |
Information Technology—6.0% | ||||
182,850 | Broadcom, Inc. | 3.72 | 63,929,846 | |
5,012,088 | Cisco Systems, Inc. | 4.01 | 179,933,959 | |
920,650 | IBM Corp. | 5.84 | 102,799,779 | |
301,900 | Texas Instruments, Inc. | 2.82 | 43,651,721 | |
TOTAL | 390,315,305 | |||
Real Estate—0.9% | ||||
1,894,425 | National Retail Properties, Inc. | 5.64 | 60,640,544 | |
Utilities—17.7% | ||||
1,994,821 | Dominion Energy, Inc. | 3.11 | 160,263,919 | |
2,610,404 | Duke Energy Corp. | 4.19 | 240,444,313 | |
1,311,475 | Evergy, Inc. | 3.66 | 72,393,420 | |
15,340,940 | National Grid-SP PLC | 5.29 | 182,593,659 | |
6,584,830 | PPL Corp. | 6.04 | 181,082,825 | |
1,140,025 | Public Service Enterprises Group, Inc. | 3.37 | 66,292,454 | |
4,480,152 | Southern Co. | 4.46 | 257,384,732 | |
TOTAL | 1,160,455,322 | |||
TOTAL COMMON STOCKS (IDENTIFIED COST $6,898,127,164) | 6,488,580,398 | |||
INVESTMENT COMPANY—0.6% | ||||
37,506,859 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%1 (IDENTIFIED COST $37,480,543) | 37,521,862 | ||
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $6,935,607,707)2 | 6,526,102,260 | |||
OTHER ASSETS AND LIABILITIES - NET—0.3%3 | 17,594,710 | |||
TOTAL NET ASSETS—100% | $6,543,696,970 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 10/31/2019 | $60,562,230 |
Purchases at Cost | $1,641,302,004 |
Proceeds from Sales | $(1,664,268,615) |
Change in Unrealized Appreciation/Depreciation | $25,224 |
Net Realized Gain/(Loss) | $(98,981) |
Value as of 10/31/2020 | $ 37,521,862 |
Shares Held as of 10/31/2020 | 37,506,859 |
Dividend Income | $710,948 |
Gain Distributions Received | $301 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $4,915,765,302 | $— | $— | $4,915,765,302 |
International | 721,488,677 | 851,326,419 | — | 1,572,815,096 |
Investment Company | 37,521,862 | — | — | 37,521,862 |
TOTAL SECURITIES | $5,674,775,841 | $851,326,419 | $— | $6,526,102,260 |
Year Ended October 31 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $5.82 | $5.73 | $6.34 | $5.97 | $6.06 | |
Income From Investment Operations: | ||||||
Net investment income | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 | |
Net realized and unrealized gain (loss) | (1.06) | 0.31 | (0.21) | 0.50 | 0.20 | |
TOTAL FROM INVESTMENT OPERATIONS | (0.85) | 0.52 | — | 0.71 | 0.38 | |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.21) | (0.20) | (0.21) | (0.18) | |
Distributions from net realized gain | (0.27) | (0.22) | (0.41) | (0.13) | (0.29) | |
TOTAL DISTRIBUTIONS | (0.48) | (0.43) | (0.61) | (0.34) | (0.47) | |
Net Asset Value, End of Period | $4.49 | $5.82 | $5.73 | $6.34 | $5.97 | |
Total Return1 | (15.65)% | 9.68% | (0.16)% | 12.29% | 6.77% | |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 1.05%3 | 1.06% | 1.05% | 1.06% | 1.05% | |
Net investment income | 4.08% | 3.75% | 3.44% | 3.36% | 3.00% | |
Expense waiver/reimbursement4 | 0.13% | 0.12% | 0.12% | 0.13% | 0.14% | |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,060,496 | $1,456,023 | $1,603,675 | $2,400,842 | $3,300,976 | |
Portfolio turnover | 38% | 33% | 9% | 19% | 21% |
Year Ended October 31 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $5.84 | $5.74 | $6.35 | $5.98 | $6.07 | |
Income From Investment Operations: | ||||||
Net investment income | 0.17 | 0.17 | 0.16 | 0.16 | 0.13 | |
Net realized and unrealized gain (loss) | (1.07) | 0.32 | (0.20) | 0.50 | 0.20 | |
TOTAL FROM INVESTMENT OPERATIONS | (0.90) | 0.49 | (0.04) | 0.66 | 0.33 | |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.17) | (0.16) | (0.16) | (0.13) | |
Distributions from net realized gain | (0.27) | (0.22) | (0.41) | (0.13) | (0.29) | |
TOTAL DISTRIBUTIONS | (0.44) | (0.39) | (0.57) | (0.29) | (0.42) | |
Net Asset Value, End of Period | $4.50 | $5.84 | $5.74 | $6.35 | $5.98 | |
Total Return1 | (16.41)% | 9.02% | (0.91)% | 11.43% | 5.97% | |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 1.80%3 | 1.81% | 1.80% | 1.81% | 1.80% | |
Net investment income | 3.34% | 3.00% | 2.69% | 2.65% | 2.25% | |
Expense waiver/reimbursement4 | 0.14% | 0.13% | 0.13% | 0.12% | 0.13% | |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $693,876 | $1,217,811 | $1,472,755 | $1,997,389 | $2,210,580 | |
Portfolio turnover | 38% | 33% | 9% | 19% | 21% |
Year Ended October 31 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $5.86 | $5.76 | $6.37 | $6.00 | $6.09 | |
Income From Investment Operations: | ||||||
Net investment income | 0.22 | 0.23 | 0.22 | 0.23 | 0.19 | |
Net realized and unrealized gain (loss) | (1.07) | 0.32 | (0.20) | 0.50 | 0.20 | |
TOTAL FROM INVESTMENT OPERATIONS | (0.85) | 0.55 | 0.02 | 0.73 | 0.39 | |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (0.23) | (0.22) | (0.23) | (0.19) | |
Distributions from net realized gain | (0.27) | (0.22) | (0.41) | (0.13) | (0.29) | |
TOTAL DISTRIBUTIONS | (0.49) | (0.45) | (0.63) | (0.36) | (0.48) | |
Net Asset Value, End of Period | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 | |
Total Return1 | (15.49)% | 10.09% | 0.09% | 12.51% | 7.01% | |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.80%3 | 0.81% | 0.80% | 0.81% | 0.80% | |
Net investment income | 4.34% | 3.99% | 3.69% | 3.64% | 3.23% | |
Expense waiver/reimbursement4 | 0.13% | 0.12% | 0.12% | 0.13% | 0.13% | |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,214,131 | $6,632,015 | $7,027,654 | $9,293,143 | $9,154,739 | |
Portfolio turnover | 38% | 33% | 9% | 19% | 21% |
Year Ended October 31, | Period Ended 10/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $5.86 | $5.76 | $6.37 | $6.00 | $6.23 |
Income From Investment Operations: | |||||
Net investment income | 0.22 | 0.23 | 0.22 | 0.23 | 0.06 |
Net realized and unrealized gain (loss) | (1.07) | 0.32 | (0.20) | 0.50 | (0.22) |
TOTAL FROM INVESTMENT OPERATIONS | (0.85) | 0.55 | 0.02 | 0.73 | (0.16) |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.23) | (0.22) | (0.23) | (0.07) |
Distributions from net realized gain | (0.27) | (0.22) | (0.41) | (0.13) | — |
TOTAL DISTRIBUTIONS | (0.49) | (0.45) | (0.63) | (0.36) | (0.07) |
Net Asset Value, End of Period | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 |
Total Return2 | (15.48)% | 10.11% | 0.11% | 12.53% | (2.61)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.78%4 | 0.79% | 0.78% | 0.79% | 0.78%5 |
Net investment income | 4.35% | 4.00% | 3.69% | 3.73% | 1.43%5 |
Expense waiver/reimbursement6 | 0.07% | 0.07% | 0.07% | 0.07% | 0.11%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $575,195 | $500,119 | $452,251 | $242,131 | $19,279 |
Portfolio turnover | 38% | 33% | 9% | 19% | 21%7 |
Assets: | ||
Investment in securities, at value including $37,521,862 of investment in an affiliated holding* (identified cost $6,935,607,707) | $6,526,102,260 | |
Cash | 1,159,582 | |
Income receivable | 30,802,597 | |
Receivable for shares sold | 6,949,477 | |
Income receivable from an affiliated holding | 5,281 | |
TOTAL ASSETS | 6,565,019,197 | |
Liabilities: | ||
Payable for shares redeemed | $18,613,327 | |
Payable for transfer agent fees (Note 2) | 823,314 | |
Payable for other service fees (Notes 2 and 5) | 757,246 | |
Payable for distribution services fee (Note 5) | 465,530 | |
Payable for investment adviser fee (Note 5) | 240,207 | |
Payable for administrative fee (Note 5) | 28,039 | |
Accrued expenses (Note 5) | 394,564 | |
TOTAL LIABILITIES | 21,322,227 | |
Net assets for 1,450,666,783 shares outstanding | $6,543,696,970 | |
Net Assets Consists of: | ||
Paid-in capital | $7,457,218,376 | |
Total distributable earnings (loss) | (913,521,406) | |
TOTAL NET ASSETS | $6,543,696,970 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($1,060,495,798 ÷ 236,229,105 shares outstanding), no par value, unlimited shares authorized | $4.49 | |
Offering price per share (100/94.50 of $4.49) | $4.75 | |
Redemption proceeds per share | $4.49 | |
Class C Shares: | ||
Net asset value per share ($693,875,611 ÷ 154,189,980 shares outstanding), no par value, unlimited shares authorized | $4.50 | |
Offering price per share | $4.50 | |
Redemption proceeds per share (99.00/100 of $4.50) | $4.46 | |
Institutional Shares: | ||
Net asset value per share ($4,214,130,705 ÷ 932,889,409 shares outstanding), no par value, unlimited shares authorized | $4.52 | |
Offering price per share | $4.52 | |
Redemption proceeds per share | $4.52 | |
Class R6 Shares: | ||
Net asset value per share ($575,194,856 ÷ 127,358,289 shares outstanding), no par value, unlimited shares authorized | $4.52 | |
Offering price per share | $4.52 | |
Redemption proceeds per share | $4.52 |
Investment Income: | |||
Dividends (including $710,948 received from an affiliated holding* and net of foreign taxes withheld of $8,279,632) | $419,440,602 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $61,171,593 | ||
Administrative fee (Note 5) | 6,383,175 | ||
Custodian fees | 379,123 | ||
Transfer agent fees (Note 2) | 7,214,330 | ||
Directors’/Trustees’ fees (Note 5) | 44,934 | ||
Auditing fees | 31,599 | ||
Legal fees | 11,170 | ||
Distribution services fee (Note 5) | 7,161,631 | ||
Other service fees (Notes 2 and 5) | 5,477,961 | ||
Portfolio accounting fees | 219,977 | ||
Share registration costs | 220,788 | ||
Printing and postage | 415,508 | ||
Miscellaneous (Notes 5) | 72,281 | ||
TOTAL EXPENSES | 88,804,070 | ||
Waiver, Reimbursements and Reduction: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(5,844,227) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (4,778,809) | ||
Reduction of custodian fees (Note 6) | (4,352) | ||
TOTAL WAIVER, REIMBURSEMENTS AND REDUCTION | (10,627,388) | ||
Net expenses | 78,176,682 | ||
Net investment income | $341,263,920 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including realized loss of $(99,282) on sales of investment in an affiliated holding*) and foreign currency transactions | $(516,998,695) | ||
Realized gain distribution from affiliated investment company shares* | 301 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $25,224 of investment in an affiliated holding*) | (1,292,746,267) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (1,809,744,661) | ||
Change in net assets resulting from operations | $(1,468,480,741) |
Year Ended October 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $341,263,920 | $376,924,796 |
Net realized gain (loss) | (516,998,394) | 456,820,382 |
Net change in unrealized appreciation/depreciation | (1,292,746,267) | 67,705,532 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (1,468,480,741) | 901,450,710 |
Distributions to Shareholders: | ||
Class A Shares | (119,190,294) | (114,942,699) |
Class C Shares | (88,123,083) | (95,273,313) |
Institutional Shares | (540,294,227) | (530,242,937) |
Class R6 Shares | (50,769,205) | (35,421,670) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (798,376,809) | (775,880,619) |
Share Transactions: | ||
Proceeds from sale of shares | 2,305,508,473 | 2,203,967,091 |
Net asset value of shares issued to shareholders in payment of distributions declared | 686,495,445 | 655,243,949 |
Cost of shares redeemed | (3,987,418,006) | (3,735,146,572) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (995,414,088) | (875,935,532) |
Change in net assets | (3,262,271,638) | (750,365,441) |
Net Assets: | ||
Beginning of period | 9,805,968,608 | 10,556,334,049 |
End of period | $6,543,696,970 | $9,805,968,608 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $1,127,369 | $(740,909) |
Class C Shares | 926,817 | (629,930) |
Institutional Shares | 5,095,152 | (3,407,970) |
Class R6 Shares | 64,992 | — |
TOTAL | $7,214,330 | $(4,778,809) |
Other Service Fees Incurred | |
Class A Shares | $3,090,750 |
Class C Shares | 2,387,211 |
TOTAL | $5,477,961 |
Year Ended October 31 | 2020 | 2019 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 49,658,543 | $246,407,196 | 45,025,375 | $252,233,312 |
Shares issued to shareholders in payment of distributions declared | 21,138,522 | 112,326,110 | 19,620,677 | 109,050,725 |
Shares redeemed | (84,536,164) | (413,143,778) | (94,389,716) | (525,047,879) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (13,739,099) | $(54,410,472) | (29,743,664) | $(163,763,842) |
Year Ended October 31 | 2020 | 2019 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,562,399 | $83,983,046 | 21,409,272 | $119,245,885 |
Shares issued to shareholders in payment of distributions declared | 14,897,039 | 79,986,786 | 15,609,041 | 86,815,966 |
Shares redeemed | (85,933,313) | (422,058,898) | (84,784,306) | (474,079,827) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (54,473,875) | $(258,089,066) | (47,765,993) | $(268,017,976) |
Year Ended October 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 314,877,089 | $1,554,626,535 | 293,586,685 | $1,645,788,849 |
Shares issued to shareholders in payment of distributions declared | 84,522,995 | 451,167,190 | 76,639,483 | 428,341,959 |
Shares redeemed | (598,641,509) | (2,898,593,904) | (457,444,077) | (2,556,973,504) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (199,241,425) | $(892,800,179) | (87,217,909) | $(482,842,696) |
Year Ended October 31 | 2020 | 2019 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 86,757,508 | $420,491,696 | 33,257,961 | $186,699,045 |
Shares issued to shareholders in payment of distributions declared | 8,091,556 | 43,015,359 | 5,550,054 | 31,035,299 |
Shares redeemed | (52,856,005) | (253,621,426) | (31,901,466) | (179,045,362) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 41,993,059 | $209,885,629 | 6,906,549 | $38,688,982 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (225,461,340) | $(995,414,088) | (157,821,017) | $(875,935,532) |
2020 | 2019 | |
Ordinary income1 | $351,562,329 | $399,580,989 |
Long-term capital gains | $446,814,480 | $376,299,630 |
Undistributed ordinary income2 | $16,434,437 |
Net unrealized depreciation | $(409,361,433) |
Capital loss carryforward | $(520,594,410) |
Short-Term | Long-Term | Total |
$288,450,043 | $232,144,367 | $520,594,410 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $7,161,631 |
Purchases | $3,010,177,640 |
Sales | $4,419,856,640 |
December 23, 2020
Beginning Account Value 5/1/2020 | Ending Account Value 10/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $995.70 | $5.27 |
Class C Shares | $1,000 | $991.80 | $9.01 |
Institutional Shares | $1,000 | $999.10 | $4.02 |
Class R6 Shares | $1,000 | $999.30 | $3.92 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.86 | $5.33 |
Class C Shares | $1,000 | $1,016.09 | $9.12 |
Institutional Shares | $1,000 | $1,021.11 | $4.06 |
Class R6 Shares | $1,000 | $1,021.22 | $3.96 |
Class A Shares | 1.05% |
Class C Shares | 1.80% |
Institutional Shares | 0.80% |
Class R6 Shares | 0.78% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: September 1999 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly also previously served as Chair of the Risk Management Committee for Holy Ghost Preparatory School, Philadelphia and Secretary and Chair of the Governance Committee, Oakland Catholic High School Board of Trustees, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172578
CUSIP 314172560
CUSIP 31421N881
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $321,016
Fiscal year ended 2019 - $331,286
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $4,816 respectively. Fiscal year ended 2019- Audit consent for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $44,125 and $35,229 respectively. Fiscal year ended 2020- Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2019- Service fees for analysis of potential Passive Foreign Investment Company holdings
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its Chairman for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser and any entity controlling, controlled by to under common control with the investment adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2020 - $131,139
Fiscal year ended 2019 - $801,398
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the 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 Equity Funds
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2020
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 December 23, 2020
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2020