United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-4017
(Investment Company Act File Number)
Federated Hermes Equity Funds
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/21
Date of Reporting Period: Six months ended 04/30/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | KAUAX | B | KAUBX | C | KAUCX |
R | KAUFX | Institutional | KAUIX |
Federated Hermes Kaufmann Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Health Care | 33.4% |
Information Technology | 20.3% |
Industrials | 11.4% |
Consumer Discretionary | 9.2% |
Financials | 7.2% |
Materials | 6.5% |
Communication Services | 1.8% |
Real Estate | 1.7% |
Energy | 1.4% |
Consumer Staples | 1.0% |
Utilities | 0.1% |
Securities Lending Collateral2 | 3.4% |
Cash Equivalents3 | 6.3% |
Other Assets and Liabilities—Net4 | (3.7)% |
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— 93.6% | |||
Communication Services— 1.8% | |||
315,000 | Activision Blizzard, Inc. | $28,724,850 | |
77,600 | 1 | Bumble, Inc. | 4,674,624 |
100,000 | 1 | Pinterest, Inc. | 6,637,000 |
729,820 | 1 | Playtika Holding Corp. | 20,274,400 |
122,500 | 1 | Take-Two Interactive Software, Inc. | 21,484,050 |
1,348,000 | 1 | ZoomInfo Technologies, Inc. | 69,907,280 |
TOTAL | 151,702,204 | ||
Consumer Discretionary— 9.2% | |||
110,000 | 1,2 | Airbnb, Inc. | 18,998,100 |
130,000 | 1 | Alibaba Group Holding Ltd., ADR | 30,023,500 |
23,450 | 1 | Amazon.com, Inc. | 81,310,999 |
45,700 | 1 | Bright Horizons Family Solutions, Inc. | 6,618,731 |
300,000 | 1 | Chegg, Inc. | 27,099,000 |
14,600 | 1,2 | Chewy, Inc. | 1,163,912 |
10,900 | 1 | Chipotle Mexican Grill, Inc. | 16,263,127 |
125,000 | 1,2 | Coupang LLC | 5,237,500 |
300,000 | 1,2 | DraftKings, Inc. | 16,998,000 |
200,000 | 1 | Etsy, Inc. | 39,758,000 |
974,000 | 1,3 | Fisker, Inc. | 12,778,880 |
750,000 | 1 | Floor & Decor Holdings, Inc. | 83,190,000 |
72,800 | 1 | GrubHub, Inc. | 4,953,312 |
71,400 | Home Depot, Inc. | 23,110,038 | |
150,000 | 1,2 | Just Eat Takeaway | 15,505,701 |
637,300 | 1 | Las Vegas Sands Corp. | 39,040,998 |
128,503 | 1 | Lululemon Athletica, Inc. | 43,083,201 |
31,000 | 1 | Mercadolibre, Inc. | 48,700,380 |
614,539 | 2 | Moncler S.p.A | 37,774,758 |
24,740,000 | NagaCorp Ltd. | 26,459,438 | |
300,000 | 1 | Planet Fitness, Inc. | 25,197,000 |
30,000 | Vail Resorts, Inc. | 9,754,800 | |
635,100 | Wingstop, Inc. | 100,606,191 | |
486,900 | 1 | YETI Holdings, Inc. | 41,590,998 |
TOTAL | 755,216,564 | ||
Consumer Staples— 1.0% | |||
19,600 | Costco Wholesale Corp. | 7,292,964 | |
83,500 | Estee Lauder Cos., Inc., Class A | 26,202,300 | |
155,222 | 1 | Freshpet, Inc. | 28,688,130 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
300,000 | 1 | Grocery Outlet Holding Corp. | $12,117,000 |
573,623 | 1 | The Duckhorn Portfolio, Inc. | 10,732,486 |
TOTAL | 85,032,880 | ||
Energy— 1.4% | |||
2,283,500 | 2 | New Fortress Energy, Inc. | 97,094,420 |
125,000 | Pioneer Natural Resources, Inc. | 19,228,750 | |
TOTAL | 116,323,170 | ||
Financials— 7.2% | |||
840,000 | 2 | Apollo Global Management LLC | 46,510,800 |
591,906 | Artisan Partners Asset Management, Inc. | 30,139,854 | |
3,445,000 | Ashmore Group PLC | 19,028,141 | |
85,350 | BlackRock, Inc. | 69,927,255 | |
100,000 | 1,2 | Coinbase Global, Inc. | 29,764,000 |
1 | 1,3,4 | FA Private Equity Fund IV LP | 281,526 |
4,650,000 | 2 | FinecoBank Banca Fineco SPA | 80,230,879 |
49,500 | Goldman Sachs Group, Inc. | 17,248,275 | |
1,000,000 | 1 | Hamilton Lane Alliance Holdings I, Inc. | 9,770,000 |
775,000 | Hamilton Lane, Inc. | 70,098,750 | |
725,000 | Housing Development Finance Corp. Ltd. | 23,787,671 | |
1 | 1,3,4 | Infrastructure Fund | 0 |
1,200,000 | KKR & Co., Inc, Class Common | 67,896,000 | |
48,700 | London Stock Exchange Group PLC | 4,975,498 | |
35,000 | 1 | Markel Corp. | 41,174,700 |
70,000 | MSCI, Inc., Class A | 34,003,900 | |
1,416,598 | StepStone Group, Inc. | 47,172,713 | |
TOTAL | 592,009,962 | ||
Health Care— 33.0% | |||
200,000 | Abbott Laboratories | 24,016,000 | |
124,500 | 1,3,4 | Adagio Therapeutics, Inc. | 9,721,682 |
132,863 | 1 | Agilon Health, Inc. | 4,189,170 |
1,186,949 | 1,2 | Akouos, Inc. | 16,878,415 |
133,047 | 1 | Akoya Biosciences, Inc. | 2,985,575 |
1,324,024 | 1 | Albireo Pharma, Inc. | 42,501,170 |
2,351,170 | 1,2 | Alector, Inc. | 45,847,815 |
418,851 | 1 | Alnylam Pharmaceuticals, Inc. | 58,907,205 |
292,765 | 1,2 | American Well Corp. | 4,505,653 |
1,266,686 | 1 | Amphastar Pharmaceuticals, Inc. | 22,040,336 |
1,000,000 | 1 | Annexon, Inc. | 19,930,000 |
1 | 3,4 | Apollo Investment Fund V | 85,712 |
1,657,004 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 60,745,767 |
935,469 | 1 | Argenx SE | 269,187,684 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
811,000 | 1,2 | Avidity Biosciences LLC | $19,009,840 |
711,251 | 1 | Avrobio, Inc. | 8,307,412 |
2,631,567 | 1 | Calithera Biosciences, Inc. | 5,710,500 |
870,000 | 1 | Catalent, Inc. | 97,848,900 |
38,079,337 | 1,4 | CeQur SA | 10,648,746 |
861,000 | 1,2 | ContraFect Corp. | 3,814,230 |
4,939,007 | 1 | Corcept Therapeutics, Inc. | 112,559,970 |
232,000 | 1 | CRISPR Therapeutics AG | 30,454,640 |
490,000 | Danaher Corp. | 124,430,600 | |
296,000 | 1 | Dexcom, Inc. | 114,285,600 |
6,065,247 | 1,2 | Dynavax Technologies Corp. | 60,531,165 |
284,300 | 1,2 | Editas Medicine, Inc. | 10,521,943 |
267,000 | 1 | Edwards Lifesciences Corp. | 25,503,840 |
121,800 | 1 | Fate Therapeutics, Inc. | 10,644,102 |
1,615,784 | 1,2 | Frequency Therapeutics, Inc. | 18,759,252 |
205,800 | 1 | Frequency Therapeutics, Inc. | 2,389,338 |
4,559,168 | 1 | Gamida Cell Ltd. | 33,646,660 |
151,400 | 1 | Genmab A/S | 55,855,593 |
576,734 | 1 | Genmab A/S, ADR | 21,264,183 |
450,000 | 1,2 | Gossamer Bio, Inc. | 3,888,000 |
565,000 | 1 | Gracell Biotechnologies, Inc., ADR | 6,881,700 |
510,524 | 1 | IDEAYA Biosciences, Inc. | 10,491,268 |
59,300 | 1 | IDEXX Laboratories, Inc. | 32,555,107 |
400,000 | 1,3 | Immatics N.V. | 4,888,000 |
340,600 | 1,2 | Immatics N.V. | 4,162,132 |
255,000 | 1 | Insulet Corp. | 75,281,100 |
146,000 | 1 | Intellia Therapeutics, Inc. | 11,208,420 |
24,900 | 1 | Intuitive Surgical, Inc. | 21,538,500 |
803,500 | 1,2 | Kaleido Biosciences, Inc. | 6,339,615 |
430,100 | 1 | Karuna Therapeutics, Inc. | 47,745,401 |
1 | 1,3,4 | Latin Healthcare Fund | 298,469 |
917,736 | 1,2 | Legend Biotech Corp., ADR | 27,623,854 |
1,300,105 | 1 | Merus NV | 27,224,199 |
5,200,000 | 1 | Minerva Neurosciences, Inc. | 12,376,000 |
500,000 | 1 | Moderna, Inc. | 89,410,000 |
781,736 | 1,2 | Molecular Partners AG | 19,042,883 |
50,000 | 1 | Morphic Holding, Inc. | 2,770,000 |
530,000 | 1 | Orchard Therapeutics PLC | 3,158,800 |
1,056,396 | 1,2 | Orchard Therapeutics PLC, ADR | 6,296,120 |
3,000,000 | 1 | Otonomy, Inc. | 7,050,000 |
154,813 | 1 | Privia Health Group, Inc. | 5,622,808 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
200,000 | 1 | Repligen Corp. | $42,342,000 |
609,000 | 1 | Rezolute, Inc. | 4,080,300 |
1,226,441 | 1 | Rhythm Pharmaceuticals, Inc. | 26,442,068 |
485,189 | 1,2 | Rubius Therapeutics, Inc. | 12,139,429 |
120,000 | 1 | Sarepta Therapeutics, Inc. | 8,500,800 |
519,749 | 1,2 | Scynexis, Inc. | 3,929,302 |
1,992,518 | 1,2 | Seres Therapeutics, Inc. | 41,464,300 |
165,853 | 1 | Signify Health, Inc. | 4,701,933 |
959,018 | 1,4 | Soteira, Inc. | 0 |
319,000 | 1,2 | Stoke Therapeutics, Inc. | 10,303,700 |
115,000 | Stryker Corp. | 30,202,450 | |
361,975 | 1 | Surgery Partners, Inc. | 17,447,195 |
348,075 | 1,2 | Talis Biomedical Corp. | 4,176,900 |
850,000 | 1 | Tandem Diabetes Care, Inc. | 78,115,000 |
1,284,042 | 1 | Translate Bio, Inc. | 29,815,455 |
382,337 | 1 | Turning Point Therapeutics, Inc. | 29,145,549 |
1,716,643 | 1 | Ultragenyx Pharmaceutical, Inc. | 191,646,025 |
1,700,000 | 1 | UniQure N.V. | 54,859,000 |
600,000 | 1 | Veeva Systems, Inc. | 169,470,000 |
916,600 | 1 | Zai Lab Ltd., ADR | 152,348,086 |
568,932 | 1,2 | Zentalis Pharmaceuticals, LLC | 33,749,046 |
572,907 | 1,2 | Zogenix, Inc. | 10,822,213 |
TOTAL | 2,729,281,825 | ||
Industrials— 11.4% | |||
1,335,500 | 1 | Azek Co., Inc. | 64,477,940 |
1,025,000 | 1,2 | Azul S.A., ADR | 21,812,000 |
628,000 | 1 | Colfax Corp. | 28,379,320 |
127,000 | 1 | CoStar Group, Inc. | 108,512,610 |
660,000 | 1,2 | Dun & Bradstreet Holdings, Inc. | 15,681,600 |
262,300 | 1 | Generac Holdings, Inc. | 84,972,085 |
619,700 | HEICO Corp. | 87,253,760 | |
360,000 | IHS Markit Ltd. | 38,728,800 | |
478,500 | 1 | Ingersoll-Rand, Inc. | 23,642,685 |
1,410,000 | 1 | Mercury Systems, Inc. | 106,088,400 |
289,200 | 1 | Plug Power, Inc. | 8,245,092 |
118,600 | Roper Technologies, Inc. | 52,947,784 | |
288,500 | Timken Co. | 24,196,495 | |
473,300 | Trane Technologies PLC | 82,273,739 | |
764,400 | 1 | Trex Co., Inc. | 82,547,556 |
325,000 | 1 | Upwork, Inc. | 14,969,500 |
175,000 | Verisk Analytics, Inc. | 32,935,000 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
460,600 | 1 | XPO Logistics, Inc. | $64,078,672 |
TOTAL | 941,743,038 | ||
Information Technology— 20.3% | |||
44,408 | 1 | Adobe, Inc. | 22,574,363 |
1,255,000 | 1 | Advanced Micro Devices, Inc. | 102,433,100 |
214,000 | 1 | Ansys, Inc. | 78,251,240 |
272,700 | 1 | Coupa Software, Inc. | 73,367,208 |
100,000 | 1 | DocuSign, Inc. | 22,294,000 |
660,300 | 1 | Envestnet, Inc. | 48,749,949 |
200,000 | 1,2 | Everbridge, Inc. | 26,542,000 |
1,059,322 | 1,3,4 | Expand Networks Ltd. | 0 |
291,400 | Fidelity National Information Services, Inc. | 44,555,060 | |
1,800,000 | 1,2 | GDS Holdings Ltd., ADR | 149,346,000 |
268,000 | 1 | GoDaddy, Inc. | 23,267,760 |
1,350,000 | Marvell Technology, Inc. | 61,033,500 | |
1,959,459 | McAfee Corp. | 47,575,664 | |
565,973 | 1,2 | Medallia, Inc. | 16,690,544 |
1,725,000 | 1,2 | Nexi SpA | 33,040,201 |
1,794,674 | 1,2 | PagSeguro Digital Ltd. | 82,088,389 |
2,920,000 | 1,4 | Paysafe Ltd. | 33,530,293 |
500,000 | 1 | Q2 Holdings, Inc. | 52,010,000 |
1,000,000 | 1,2 | Qualtrics International, Inc. | 37,350,000 |
1,185,000 | 1,2 | Radware Ltd. | 32,836,350 |
560,000 | 1 | Rapid7, Inc. | 45,500,000 |
100,000 | 1 | Salesforce.com, Inc. | 23,032,000 |
3,751 | 1,3,4 | Sensable Technologies, Inc. | 0 |
251,887 | 1 | ServiceNow, Inc. | 127,548,020 |
209,000 | 1 | Shopify, Inc. | 247,144,590 |
375,000 | 1 | Splunk, Inc. | 47,407,500 |
175,500 | 1 | Tyler Technologies, Inc. | 74,562,930 |
242,000 | 1,2 | Unity Software, Inc. | 24,582,360 |
410,500 | 1 | Workday, Inc. | 101,393,500 |
TOTAL | 1,678,706,521 | ||
Materials— 6.5% | |||
1,650,000 | 2,3 | Agnico Eagle Mines Ltd. | 103,026,000 |
462,600 | Ball Corp. | 43,317,864 | |
3,080,000 | Barrick Gold Corp. | 65,450,000 | |
165,000 | Franco-Nevada Corp. | 22,985,762 | |
1,570,000 | Newmont Corp. | 97,983,700 | |
430,000 | Scotts Miracle-Gro Co. | 99,398,800 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
387,861 | Sherwin-Williams Co. | $106,223,492 | |
TOTAL | 538,385,618 | ||
Real Estate— 1.7% | |||
725,000 | Americold Realty Trust | 29,282,750 | |
200,000 | Crown Castle International Corp. | 37,812,000 | |
800,000 | MGM Growth Properties LLC | 28,816,000 | |
270,000 | 1 | Ryman Hospitality Properties | 21,235,500 |
550,000 | STAG Industrial, Inc. | 20,080,500 | |
TOTAL | 137,226,750 | ||
Utilities— 0.1% | |||
100,000 | NextEra Energy, Inc. | 7,751,000 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $3,944,075,556) | 7,733,379,532 | ||
PREFERRED STOCKS— 0.1% | |||
Health Care— 0.1% | |||
673,674 | 1,4 | Century Therapeutics, Inc. | 4,360,018 |
Information Technology— 0.0% | |||
679,348 | 1,3,4 | Multiplex, Inc., Pfd., Series C | 0 |
TOTAL PREFERRED STOCKS (IDENTIFIED COST $9,360,019) | 4,360,018 | ||
WARRANTS— 0.3% | |||
Financials— 0.0% | |||
333,333 | 1 | Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | 246,666 |
Health Care— 0.3% | |||
421,550 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 544,980 |
801,900 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | 651,624 |
3,445,000 | 1 | ContraFect Corp., Warrants 7/20/2022 | 90,948 |
1,735,000 | 1 | ContraFect Corp., Warrants 7/27/2021 | 0 |
377,500 | 1 | Dynavax Technologies Corp., Warrants 2/12/2022 | 2,312,527 |
170,300 | 1 | Immatics N.V., Warrants 12/31/2025 | 607,971 |
200,970 | 1 | Rezolute, Inc., Warrants 10/8/2027 | 1,316,213 |
1,706,000 | 1 | Scynexis, Inc., Warrants 1/1/2099 | 12,897,360 |
853,000 | 1 | Scynexis, Inc., Warrants 12/21/2021 | 1,635,884 |
101,700 | 1 | Scynexis, Inc., Warrants 3/8/2023 | 117,199 |
853,000 | 1 | Scynexis, Inc., Warrants 5/21/2024 | 3,119,762 |
84,825 | 1 | Scynexis, Inc., Warrants 6/24/2021 | 0 |
TOTAL | 23,294,468 | ||
TOTAL WARRANTS (IDENTIFIED COST $11,459,951) | 23,541,134 | ||
INVESTMENT COMPANIES— 9.7% | |||
57,014,763 | Federated Hermes Government Obligations Fund, Premier Shares, 0.02%5 | 57,014,763 |
Shares | Value | ||
INVESTMENT COMPANIES— continued | |||
748,514,928 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5 | $748,664,631 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $805,444,575) | 805,679,394 | ||
TOTAL INVESTMENT IN SECURITIES—103.7% (IDENTIFIED COST $4,770,340,101)6 | 8,566,960,078 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.7)%7 | (305,259,729) | ||
TOTAL NET ASSETS—100% | $8,261,700,349 |
Value as of 10/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Financials: | |||
Hamilton Lane Alliance Holdings I, Inc. | $— | $10,074,175 | $— |
Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | $— | $241,225 | $— |
StepStone Group, Inc. | $— | $41,789,641 | $— |
Health Care: | |||
Akouos, Inc. | $21,966,938 | $758,957 | $— |
Albireo Pharma, Inc. | $44,395,452 | $— | $(3,107,472) |
Alector, Inc. | $14,115,000 | $12,457,851 | $— |
Amphastar Pharmaceuticals, Inc. | $24,814,379 | $— | $— |
Annexon, Inc. | $ 9,406,120 | $15,545,934 | $— |
Arcturus Therapeutics Holdings, Inc. | $29,744,000 | $86,652,651 | $(16,421,876) |
Avrobio, Inc. | $5,487,804 | $4,318,363 | $— |
Calithera Biosciences, Inc. | $11,982,900 | $— | $(2,388,368) |
Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | $264,691 | $— | $— |
Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | $292,132 | $— | $— |
ContraFect Corp. | $— | $4,305,000 | $— |
ContraFect Corp., Warrants 7/20/2022 | $274,567 | $— | $— |
ContraFect Corp., Warrants 7/27/2021 | $32,618 | $— | $— |
Dynavax Technologies Corp. | $22,193,500 | $580,455 | $— |
Dynavax Technologies Corp., Warrants 2/12/2022 | $699,017 | $— | $— |
Frequency Therapeutics, Inc. | $16,847,600 | $8,523,592 | $(8,572,369) |
Frequency Therapeutics, Inc. | $4,502,904 | $— | $— |
Gamida Cell Ltd. | $15,120,381 | $15,250,129 | $(4,064,007) |
Merus NV | $16,545,288 | $— | $(1,426,587) |
Minerva Neurosciences, Inc. | $16,692,000 | $— | $— |
Molecular Partners AG | $17,105,796 | $— | $— |
Otonomy, Inc. | $7,518,000 | $5,005,022 | $— |
Rezolute, Inc. | $12,003,840 | $— | $— |
Rezolute, Inc., Warrants 10/8/2027 | $3,621,289 | $— | $— |
Rhythm Pharmaceuticals, Inc. | $21,457,912 | $6,576,000 | $(190,559) |
Scynexis, Inc. | $2,271,303 | $— | $— |
Scynexis, Inc., Warrants 1/1/2099 | $— | $10,660,794 | $— |
Scynexis, Inc., Warrants 12/21/2021 | $— | $— | $— |
Scynexis, Inc., Warrants 3/8/2023 | $35,290 | $— | $— |
Scynexis, Inc., Warrants 5/21/2024 | $— | $— | $— |
Scynexis, Inc., Warrants 6/24/2021 | $254 | $— | $— |
Soteira, Inc. | $— | $— | $— |
Translate Bio, Inc. | $12,830,000 | $4,650,919 | $— |
Ultragenyx Pharmaceutical, Inc. | $196,527,750 | $— | $(35,086,558) |
UniQure N.V. | $75,604,100 | $9,087,320 | $(14,523,922) |
Affiliated Issuers no longer in the portfolio at period end | $2,885,275 | $— | $(9,192,669) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $607,238,100 | $236,478,028 | $(94,974,387) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 4/30/2021 | Shares Held as of 4/30/2021 | Dividend Income* |
$(304,175) | $— | $9,770,000 | 1,000,000 | $— |
$5,441 | $— | $246,666 | 333,333 | $— |
$5,383,072 | $— | $47,172,713 | 1,416,598 | $— |
$(5,847,480) | $— | $16,878,415 | 1,186,949 | $— |
$1,412,758 | $(199,568) | $42,501,170 | 1,324,024 | $— |
$19,274,964 | $— | $45,847,815 | 2,351,170 | $— |
$(2,774,043) | $— | $22,040,336 | 1,266,686 | $— |
$(5,022,054) | $— | $19,930,000 | 1,000,000 | $— |
$(28,963,237) | $(10,265,771) | $60,745,767 | 1,657,004 | $— |
$(1,498,755) | $— | $8,307,412 | 711,251 | $— |
$(271,374) | $(3,612,658) | $5,710,500 | 2,631,567 | $— |
$280,289 | $— | $544,980 | 421,550 | $— |
$359,492 | $— | $651,624 | 801,900 | $— |
$(490,770) | $— | $3,814,230 | 861,000 | $— |
$(183,619) | $— | $90,948 | 3,445,000 | $— |
$(32,618) | $— | $— | 1,735,000 | $— |
$37,757,210 | $— | $60,531,165 | 6,065,247 | $— |
$1,613,510 | $— | $2,312,527 | 377,500 | $— |
$(4,452,916) | $6,413,345 | $18,759,252 | 1,615,784 | $— |
$(2,113,566) | $— | $2,389,338 | 205,800 | $— |
$6,705,296 | $634,861 | $33,646,660 | 4,559,168 | $— |
$11,739,251 | $366,247 | $27,224,199 | 1,300,105 | $— |
$(4,316,000) | $— | $12,376,000 | 5,200,000 | $— |
$1,937,087 | $— | $19,042,883 | 781,736 | $— |
$(5,473,022) | $— | $7,050,000 | 3,000,000 | $— |
$(7,923,540) | $— | $4,080,300 | 609,000 | $— |
$(2,305,076) | $— | $1,316,213 | 200,970 | $— |
$(1,388,102) | $(13,183) | $26,442,068 | 1,226,441 | $— |
$1,657,999 | $— | $3,929,302 | 519,749 | $— |
$2,236,566 | $— | $12,897,360 | 1,706,000 | $— |
$1,635,884 | $— | $1,635,884 | 853,000 | $— |
$81,909 | $— | $117,199 | 101,700 | $— |
$3,119,762 | $— | $3,119,762 | 853,000 | $— |
$(254) | $— | $— | 84,825 | $— |
$— | $— | $— | 959,018 | $— |
$12,334,536 | $— | $29,815,455 | 1,284,042 | $— |
$10,932,253 | $19,272,580 | $191,646,025 | 1,716,643 | $— |
$(10,016,097) | $(5,292,401) | $54,859,000 | 1,700,000 | $— |
$461,152 | $5,846,242 | $— | — | $— |
$35,551,733 | $13,149,694 | $797,443,168 | 57,062,760 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $90,016,791 | $1,784,982,948 | $1,874,999,739 |
Purchases at Cost | $558,655,615 | $1,433,940,400 | $1,992,596,015 |
Proceeds from Sales | $(591,657,643) | $(2,469,963,519) | $(3,061,621,162) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(405,514) | $(405,514) |
Net Realized Gain/(Loss) | N/A | $110,316 | $110,316 |
Value as of 4/30/2021 | $57,014,763 | $748,664,631 | $805,679,394 |
Shares Held as of 4/30/2021 | 57,014,763 | 748,514,928 | 805,529,691 |
Dividend Income | $8,559 | $598,214 | $606,773 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2021, these restricted securities amounted to $131,080,269, which represented 1.5% of total net assets. |
4 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
5 | 7-day net yield. |
6 | Also represents cost for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $5,962,271,178* | $— | $43,917,682 | $6,006,188,860 |
International | 1,131,653,479 | 584,888,447 | 10,648,746 | 1,727,190,672 |
Preferred Stocks | ||||
Domestic | — | — | 4,360,018 | 4,360,018 |
Debt Securities: | ||||
Warrants | 246,666 | 23,294,468** | — | 23,541,134 |
Investment Companies | 805,679,394 | — | — | 805,679,394 |
TOTAL SECURITIES | $7,899,850,717 | $608,182,915 | $58,926,446 | $8,566,960,078 |
* | Includes $19,921,458 transferred from Level 3 to Level 1 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
** | Includes $3,621,289 transferred from Level 3 to Level 2 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.80 | $6.27 | $6.03 | $6.06 | $5.27 | $6.02 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.09) | (0.05) | (0.06) | (0.06) | (0.05) |
Net realized and unrealized gain (loss) | 0.96 | 1.32 | 1.09 | 0.69 | 1.37 | 0.16 |
Total From Investment Operations | 0.91 | 1.23 | 1.04 | 0.63 | 1.31 | 0.11 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $7.21 | $6.80 | $6.27 | $6.03 | $6.06 | $5.27 |
Total Return2 | 13.55% | 21.52% | 19.52% | 11.64% | 26.97% | 1.77% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.91%4 | 1.94% | 1.95% | 1.95% | 1.95%5 | 1.95%5 |
Net investment income (loss) | (1.51)%4 | (1.38)% | (0.81)% | (1.02)% | (1.13)% | (1.00)% |
Expense waiver/ reimbursement6 | 0.04%4 | 0.03% | 0.03% | 0.03% | 0.04% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,952,634 | $1,808,715 | $1,629,524 | $1,491,496 | $1,324,155 | $1,364,222 |
Portfolio turnover | 17% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 1.95% and 1.95% for the years ended October 31, 2017 and 2016, respectively, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $5.24 | $5.00 | $4.99 | $5.15 | $4.58 | $5.36 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.09) | (0.06) | (0.08) | (0.08) | (0.07) |
Net realized and unrealized gain (loss) | 0.73 | 1.03 | 0.87 | 0.58 | 1.17 | 0.15 |
Total From Investment Operations | 0.68 | 0.94 | 0.81 | 0.50 | 1.09 | 0.08 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $5.42 | $5.24 | $5.00 | $4.99 | $5.15 | $4.58 |
Total Return2 | 13.17% | 21.10% | 18.88% | 11.11% | 26.16% | 1.34% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 2.41%4 | 2.44% | 2.45% | 2.46% | 2.47%5 | 2.48%5 |
Net investment income (loss) | (2.00)%4 | (1.87)% | (1.32)% | (1.54)% | (1.65)% | (1.52)% |
Expense waiver/reimbursement6 | 0.04%4 | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,271 | $35,306 | $41,483 | $50,468 | $65,410 | $72,634 |
Portfolio turnover | 17% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 2.47% and 2.48% for the years ended October 31, 2017 and 2016, respectively, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $5.22 | $4.99 | $4.99 | $5.14 | $4.57 | $5.36 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.09) | (0.06) | (0.08) | (0.08) | (0.07) |
Net realized and unrealized gain (loss) | 0.74 | 1.02 | 0.86 | 0.59 | 1.17 | 0.14 |
Total From Investment Operations | 0.69 | 0.93 | 0.80 | 0.51 | 1.09 | 0.07 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $5.41 | $5.22 | $4.99 | $4.99 | $5.14 | $4.57 |
Total Return2 | 13.41% | 20.96% | 18.69% | 11.36% | 26.22% | 1.15% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 2.41%4 | 2.44% | 2.45% | 2.46% | 2.47%5 | 2.48%5 |
Net investment income (loss) | (2.01)%4 | (1.87)% | (1.31)% | (1.56)% | (1.65)% | (1.52)% |
Expense waiver/reimbursement6 | 0.04%4 | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $150,357 | $141,074 | $135,883 | $144,284 | $306,011 | $343,129 |
Portfolio turnover | 17% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 2.47% and 2.48% for the years ended October 31, 2017 and 2016, respectively, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.82 | $6.28 | $6.04 | $6.07 | $5.28 | $6.03 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.09) | (0.05) | (0.06) | (0.06) | (0.05) |
Net realized and unrealized gain (loss) | 0.97 | 1.33 | 1.09 | 0.69 | 1.37 | 0.16 |
Total From Investment Operations | 0.91 | 1.24 | 1.04 | 0.63 | 1.31 | 0.11 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.50) | (0.70) | (0.80) | (0.66) | (0.52) | (0.86) |
Net Asset Value, End of Period | $7.23 | $6.82 | $6.28 | $6.04 | $6.07 | $5.28 |
Total Return2 | 13.51% | 21.64% | 19.48% | 11.62% | 26.92% | 1.76% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.95%4 | 1.95% | 1.95% | 1.95% | 1.95%5 | 1.95%5 |
Net investment income (loss) | (1.56)%4 | (1.40)% | (0.81)% | (1.03)% | (1.14)% | (1.00)% |
Expense waiver/ reimbursement6 | 0.24%4 | 0.25% | 0.26% | 0.27% | 0.28% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,333,416 | $4,848,579 | $4,313,852 | $3,877,851 | $3,704,278 | $3,206,317 |
Portfolio turnover | 17% | 38% | 42% | 33% | 47% | 55% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for 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. |
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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $6.98 | $6.39 | $6.11 | $6.10 | $4.94 |
Income From Investment Operations: | |||||
Net investment income (loss)2 | (0.04) | (0.06) | (0.02) | (0.03) | (0.03) |
Net realized and unrealized gain (loss) | 1.00 | 1.35 | 1.10 | 0.70 | 1.19 |
Total From Investment Operations | 0.96 | 1.29 | 1.08 | 0.67 | 1.16 |
Less Distributions: | |||||
Distributions from net realized gain | (0.50) | (0.70) | (0.80) | (0.66) | — |
Net Asset Value, End of Period | $7.44 | $6.98 | $6.39 | $6.11 | $6.10 |
Total Return3 | 13.93% | 22.11% | 19.98% | 12.29% | 23.48% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 1.41%5 | 1.44% | 1.45% | 1.46% | 1.47%5, 6 |
Net investment income (loss) | (1.02)%5 | (0.89)% | (0.31)% | (0.52)% | (0.67)%5 |
Expense waiver/reimbursement7 | 0.04%5 | 0.03% | 0.03% | 0.03% | 0.03%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $791,022 | $640,411 | $452,014 | $325,596 | $198,762 |
Portfolio turnover | 17% | 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 $274,375,132 of securities loaned and $805,679,394 of investment in affiliated holdings and $797,443,168 of investment in affiliated companies* (identified cost $4,770,340,101) | $8,566,960,078 |
Cash | 631 |
Cash denominated in foreign currencies (identified cost $57,964) | 58,819 |
Income receivable | 656,798 |
Income receivable from affiliated holdings | 21,662 |
Receivable for investments sold | 710,051 |
Receivable for shares sold | 1,964,870 |
Total Assets | 8,570,372,909 |
Liabilities: | |
Payable for investments purchased | 10,569,838 |
Payable for shares redeemed | 5,967,461 |
Payable for collateral due to broker for securities lending | 285,657,462 |
Payable for investment adviser fee (Note 5) | 288,119 |
Payable for administrative fee (Note 5) | 17,976 |
Payable for distribution services fee (Note 5) | 1,760,278 |
Payable for other service fees (Notes 2 and 5) | 3,782,225 |
Accrued expenses (Note 5) | 629,201 |
Total Liabilities | 308,672,560 |
Net assets for 1,148,616,204 shares outstanding | $8,261,700,349 |
Net Assets Consist of: | |
Paid-in capital | $4,187,162,760 |
Total distributable earnings (loss) | 4,074,537,589 |
Total Net Assets | $8,261,700,349 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($1,952,634,110 ÷ 270,706,480 shares outstanding), no par value, unlimited shares authorized | $7.21 |
Offering price per share (100/94.50 of $7.21) | $7.63 |
Redemption proceeds per share | $7.21 |
Class B Shares: | |
Net asset value per share ($34,271,108 ÷ 6,318,869 shares outstanding), no par value, unlimited shares authorized | $5.42 |
Offering price per share | $5.42 |
Redemption proceeds per share (94.50/100 of $5.42) | $5.12 |
Class C Shares: | |
Net asset value per share ($150,356,875 ÷ 27,806,785 shares outstanding), no par value, unlimited shares authorized | $5.41 |
Offering price per share | $5.41 |
Redemption proceeds per share (99.00/100 of $5.41) | $5.36 |
Class R Shares: | |
Net asset value per share ($5,333,416,458 ÷ 737,488,141 shares outstanding), no par value, unlimited shares authorized | $7.23 |
Offering price per share | $7.23 |
Redemption proceeds per share | $7.23 |
Institutional Shares: | |
Net asset value per share ($791,021,798 ÷ 106,295,929 shares outstanding), no par value, unlimited shares authorized | $7.44 |
Offering price per share | $7.44 |
Redemption proceeds per share | $7.44 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $394,159 received from affiliated holdings* and net of foreign taxes withheld of $423,637) | $15,744,285 |
Net income on securities loaned (includes $212,614 received from affiliated holdings* related to cash collateral balances) (Note 2) | 886,857 |
Interest | 2,981 |
TOTAL INCOME | 16,634,123 |
Expenses: | |
Investment adviser fee (Note 5) | 53,657,290 |
Administrative fee (Note 5) | 3,225,484 |
Custodian fees | 200,893 |
Transfer agent fees (Note 2) | 2,504,137 |
Directors’/Trustees’ fees (Note 5) | 20,443 |
Auditing fees | 21,372 |
Legal fees | 5,243 |
Portfolio accounting fees | 106,071 |
Distribution services fee (Note 5) | 16,516,151 |
Other service fees (Notes 2 and 5) | 9,333,717 |
Share registration costs | 83,265 |
Printing and postage | 96,268 |
Miscellaneous (Note 5) | 25,017 |
TOTAL EXPENSES | 85,795,351 |
Waivers and Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (1,680,727) |
Waiver of other operating expenses (Note 5) | (5,428,794) |
TOTAL WAIVERS AND REIMBURSEMENT | (7,109,521) |
Net expenses | 78,685,830 |
Net investment loss | (62,051,707) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |
Net realized gain on investments (including net realized gain of $13,260,010 on sales of investments in affiliated companies and holdings*) | $446,895,759 |
Net realized loss on foreign currency transactions | (143,135) |
Net realized loss on futures contracts | (775,914) |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $35,146,219 on investments in affiliated companies and holdings*) | 631,418,780 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 1,072 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | 1,077,396,562 |
Change in net assets resulting from operations | $1,015,344,855 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(62,051,707) | $(96,269,547) |
Net realized gain (loss) | 445,976,710 | 555,280,723 |
Net change in unrealized appreciation/depreciation | 631,419,852 | 894,486,034 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,015,344,855 | 1,353,497,210 |
Distributions to Shareholders: | ||
Class A Shares | (132,230,914) | (181,579,785) |
Class B Shares | (3,299,219) | (5,592,184) |
Class C Shares | (13,420,138) | (18,875,257) |
Class R Shares | (353,888,255) | (480,511,980) |
Institutional Shares | (46,545,249) | (49,190,997) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (549,383,775) | (735,750,203) |
Share Transactions: | ||
Proceeds from sale of shares | 341,413,962 | 562,648,735 |
Net asset value of shares issued to shareholders in payment of distributions declared | 484,330,943 | 649,963,701 |
Cost of shares redeemed | (504,091,779) | (929,029,673) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 321,653,126 | 283,582,763 |
Change in net assets | 787,614,206 | 901,329,770 |
Net Assets: | ||
Beginning of period | 7,474,086,143 | 6,572,756,373 |
End of period | $8,261,700,349 | $7,474,086,143 |
Transfer Agent Fees Incurred | |
Class A Shares | $635,918 |
Class B Shares | 11,821 |
Class C Shares | 49,907 |
Class R Shares | 1,560,836 |
Institutional Shares | 245,655 |
TOTAL | $2,504,137 |
Other Service Fees Incurred | |
Class A Shares | $2,453,737 |
Class B Shares | 45,756 |
Class C Shares | 193,107 |
Class R Shares | 6,641,117 |
TOTAL | $9,333,717 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity contracts | $(775,914) |
Market Value of Securities Loaned | Collateral Received |
$274,375,132 | $285,657,462 |
Security | Acquisition Date | Cost | Value |
Adagio Therapeutics, Inc. | 4/16/2021 | $9,721,682 | $9,721,682 |
Agnico Eagle Mines Ltd. | 12/26/2018 | $75,853,911 | $103,026,000 |
Apollo Investment Fund V | 5/18/2001 | $0 | $85,712 |
Expand Networks Ltd. | 9/22/2000 | $2,500,000 | $0 |
FA Private Equity Fund IV LP | 3/4/2002 | $0 | $281,526 |
Fisker, Inc. | 10/29/2020 | $9,740,000 | $12,778,880 |
Immatics N.V. | 6/30/2020 | $4,000,000 | $4,888,000 |
Infrastructure Fund | 8/11/2000 | $404,496 | $0 |
Latin Healthcare Fund | 11/28/2000 | $0 | $298,469 |
Multiplex, Inc., Pfd., Series C | 2/22/2001 | $5,000,001 | $0 |
Sensable Technologies, Inc. | 10/15/2004 | $0 | $0 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,408,270 | $68,070,990 | 21,508,041 | $134,518,515 |
Shares issued to shareholders in payment of distributions declared | 17,650,372 | 124,435,121 | 29,190,075 | 170,761,938 |
Shares redeemed | (22,337,087) | (162,742,810) | (44,773,440) | (277,052,292) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 4,721,555 | $29,763,301 | 5,924,676 | $28,228,161 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 25,870 | $138,997 | 214,763 | $992,781 |
Shares issued to shareholders in payment of distributions declared | 598,462 | 3,177,833 | 1,194,132 | 5,409,421 |
Shares redeemed | (1,047,530) | (5,717,463) | (2,960,752) | (14,527,481) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (423,198) | $(2,400,633) | (1,551,857) | $(8,125,279) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,530,851 | $13,843,401 | 6,283,847 | $30,283,907 |
Shares issued to shareholders in payment of distributions declared | 2,425,908 | 12,857,313 | 3,892,750 | 17,556,301 |
Shares redeemed | (4,165,500) | (22,723,235) | (10,390,614) | (49,763,404) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 791,259 | $3,977,479 | (214,017) | $(1,923,196) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,995,832 | $86,368,229 | 21,264,578 | $130,904,639 |
Shares issued to shareholders in payment of distributions declared | 42,729,473 | 302,097,374 | 70,031,266 | 411,083,530 |
Shares redeemed | (28,402,224) | (206,859,364) | (66,961,751) | (413,516,201) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 26,323,081 | $181,606,239 | 24,334,093 | $128,471,968 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 23,064,059 | $172,992,345 | 40,798,357 | $265,948,893 |
Shares issued to shareholders in payment of distributions declared | 5,752,521 | 41,763,302 | 7,550,587 | 45,152,511 |
Shares redeemed | (14,207,411) | (106,048,907) | (27,409,009) | (174,170,295) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 14,609,169 | $108,706,740 | 20,939,935 | $136,931,109 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 46,021,866 | $321,653,126 | 49,432,830 | $283,582,763 |
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 | $2,459,695 | $— |
Class B Shares | 137,267 | — |
Class C Shares | 579,320 | — |
Class R Shares | 13,339,869 | (5,428,794) |
TOTAL | $16,516,151 | $(5,428,794) |
Purchases | $1,794,351,008 |
Sales | $1,257,912,969 |
Country | Percentage of Total Net Assets |
United States | 82.8% |
Canada | 5.3% |
China | 4.1% |
Netherlands | 3.6% |
Italy | 1.8% |
Brazil | 1.3% |
Bermuda | 1.1% |
Denmark | 0.9% |
Israel | 0.8% |
Switzerland | 0.7% |
Country | Percentage of Total Net Assets |
United Kingdom | 0.4% |
Kampuchea, Democratic | 0.3% |
India | 0.3% |
Germany, Federal Republic of | 0.2% |
Korea, Republic Of | 0.1% |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,135.50 | $10.11 |
Class B Shares | $1,000 | $1,131.70 | $12.74 |
Class C Shares | $1,000 | $1,134.10 | $12.75 |
Class R Shares | $1,000 | $1,135.10 | $10.32 |
Institutional Shares | $1,000 | $1,139.30 | $7.48 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,015.32 | $9.54 |
Class B Shares | $1,000 | $1,012.84 | $12.03 |
Class C Shares | $1,000 | $1,012.84 | $12.03 |
Class R Shares | $1,000 | $1,015.12 | $9.74 |
Institutional Shares | $1,000 | $1,017.80 | $7.05 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.91% |
Class B Shares | 2.41% |
Class C Shares | 2.41% |
Class R Shares | 1.95% |
Institutional Shares | 1.41% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172669
CUSIP 314172651
CUSIP 314172644
CUSIP 31421N873
Share Class | Ticker | A | KLCAX | C | KLCCX | R | KLCKX |
Institutional | KLCIX | R6 | KLCSX |
Federated Hermes Kaufmann Large Cap Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Information Technology | 26.9% |
Health Care | 22.4% |
Consumer Discretionary | 13.1% |
Communication Services | 9.7% |
Financials | 8.9% |
Industrials | 8.7% |
Materials | 4.8% |
Consumer Staples | 1.4% |
Real Estate | 1.1% |
Energy | 0.5% |
Utilities | 0.2% |
Securities Lending Collateral2 | 1.6% |
Cash Equivalents3 | 2.4% |
Other Assets and Liabilities—Net4 | (1.7)% |
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— 97.7% | |||
Communication Services— 9.7% | |||
112,300 | Activision Blizzard, Inc. | $10,240,637 | |
58,000 | 1 | Alphabet, Inc., Class A | 136,503,000 |
362,000 | 1 | Facebook, Inc. | 117,678,960 |
160,000 | 1 | Pinterest, Inc. | 10,619,200 |
1,055,000 | 1 | T-Mobile USA, Inc. | 139,397,150 |
123,103 | Walt Disney Co. | 22,899,620 | |
TOTAL | 437,338,567 | ||
Consumer Discretionary— 13.1% | |||
75,000 | 1,2 | Airbnb, Inc. | 12,953,250 |
164,000 | 1 | Alibaba Group Holding Ltd., ADR | 37,875,800 |
49,200 | 1 | Amazon.com, Inc. | 170,597,064 |
11,950 | 1,2 | Chipotle Mexican Grill, Inc. | 17,829,758 |
450,000 | 1,2 | Coupang LLC | 18,855,000 |
150,000 | 1 | Etsy, Inc. | 29,818,500 |
237,500 | 1 | Floor & Decor Holdings, Inc. | 26,343,500 |
129,300 | Home Depot, Inc. | 41,850,531 | |
952,000 | 1 | Las Vegas Sands Corp. | 58,319,520 |
192,300 | 1 | Lululemon Athletica, Inc. | 64,472,421 |
10,000 | 1 | Mercadolibre, Inc. | 15,709,800 |
20 | 1,3 | New Cotai LLC/Capital | 0 |
332,300 | Nike, Inc., Class B | 44,069,626 | |
764,400 | TJX Cos., Inc. | 54,272,400 | |
TOTAL | 592,967,170 | ||
Consumer Staples— 1.4% | |||
113,000 | Costco Wholesale Corp. | 42,046,170 | |
67,500 | Estee Lauder Cos., Inc., Class A | 21,181,500 | |
TOTAL | 63,227,670 | ||
Energy— 0.5% | |||
530,400 | New Fortress Energy, Inc. | 22,552,608 | |
Financials— 8.9% | |||
123,600 | BlackRock, Inc. | 101,265,480 | |
55,300 | 1,2 | Coinbase Global, Inc. | 16,459,492 |
222,500 | Goldman Sachs Group, Inc. | 77,530,125 | |
535,000 | JPMorgan Chase & Co. | 82,288,350 | |
1,672,200 | KKR & Co., Inc, Class Common | 94,613,076 | |
60,000 | MSCI, Inc., Class A | 29,146,200 | |
TOTAL | 401,302,723 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— 22.4% | |||
200,000 | Abbott Laboratories | $24,016,000 | |
369,200 | Alcon, Inc. | 27,714,376 | |
535,000 | 1 | Alnylam Pharmaceuticals, Inc. | 75,242,400 |
168,500 | 1 | Argenx SE, ADR | 48,310,635 |
405,000 | 1 | Catalent, Inc. | 45,550,350 |
35,000 | 1 | Charles River Laboratories International, Inc. | 11,635,750 |
175,000 | Danaher Corp. | 44,439,500 | |
127,553 | 1 | Dexcom, Inc. | 49,248,213 |
542,511 | 1 | Edwards Lifesciences Corp. | 51,820,651 |
265,000 | 1 | Genmab A/S | 97,765,734 |
167,000 | 1 | IDEXX Laboratories, Inc. | 91,681,330 |
15,200 | 1 | Intuitive Surgical, Inc. | 13,148,000 |
307,000 | 1 | Moderna, Inc. | 54,897,740 |
125,300 | Stryker Corp. | 32,907,539 | |
685,000 | 1 | Ultragenyx Pharmaceutical, Inc. | 76,473,400 |
360,000 | 1 | Veeva Systems, Inc. | 101,682,000 |
249,000 | 1 | Vertex Pharmaceuticals, Inc. | 54,331,800 |
263,200 | 1,2 | Zai Lab Ltd. | 43,915,642 |
396,000 | Zoetis, Inc. | 68,519,880 | |
TOTAL | 1,013,300,940 | ||
Industrials— 8.7% | |||
95,400 | 1 | CoStar Group, Inc. | 81,512,622 |
102,200 | 1 | Generac Holdings, Inc. | 33,107,690 |
810,000 | IHS Markit Ltd. | 87,139,800 | |
852,900 | Trane Technologies PLC | 148,259,607 | |
245,000 | Verisk Analytics, Inc. | 46,109,000 | |
TOTAL | 396,128,719 | ||
Information Technology— 26.9% | |||
260,000 | 1 | Advanced Micro Devices, Inc. | 21,221,200 |
425,000 | Apple, Inc. | 55,870,500 | |
33,500 | 1 | Coupa Software, Inc. | 9,012,840 |
595,000 | Fidelity National Information Services, Inc. | 90,975,500 | |
335,000 | 1 | GDS Holdings Ltd., ADR | 27,794,950 |
514,500 | 1 | GoDaddy, Inc. | 44,668,890 |
881,500 | Marvell Technology, Inc. | 39,852,615 | |
295,000 | Mastercard, Inc. | 112,707,700 | |
757,000 | Microsoft Corp. | 190,900,260 | |
1,963,500 | 1 | PagSeguro Digital Ltd. | 89,810,490 |
33,100 | 1 | PayPal Holdings, Inc. | 8,681,799 |
150,000 | Qualcomm, Inc. | 20,820,000 | |
600,000 | 1 | Qualtrics International, Inc. | 22,410,000 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
547,000 | 1 | Salesforce.com, Inc. | $125,985,040 |
254,100 | 1 | ServiceNow, Inc. | 128,668,617 |
33,400 | 1 | Shopify, Inc. | 39,495,834 |
269,300 | 1 | Splunk, Inc. | 34,044,906 |
133,000 | 1,2 | Unity Software, Inc. | 13,510,140 |
496,900 | Visa, Inc., Class A | 116,055,964 | |
107,000 | 1 | Workday, Inc. | 26,429,000 |
TOTAL | 1,218,916,245 | ||
Materials— 4.8% | |||
75,000 | Air Products & Chemicals, Inc. | 21,636,000 | |
204,500 | Ecolab, Inc. | 45,832,540 | |
150,000 | Scotts Miracle-Gro Co. | 34,674,000 | |
417,300 | Sherwin-Williams Co. | 114,285,951 | |
TOTAL | 216,428,491 | ||
Real Estate— 1.1% | |||
267,900 | Crown Castle International Corp. | 50,649,174 | |
Utilities— 0.2% | |||
147,500 | NextEra Energy, Inc. | 11,432,725 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $2,024,425,624) | 4,424,245,032 | ||
INVESTMENT COMPANIES— 4.0% | |||
29,194,276 | Federated Hermes Government Obligations Fund, Premier Shares, 0.02%4 | 29,194,276 | |
152,363,084 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%4 | 152,393,557 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $181,589,784) | 181,587,833 | ||
TOTAL INVESTMENT IN SECURITIES—101.7% (IDENTIFIED COST $2,206,015,408)5 | 4,605,832,865 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.7)%6 | (77,347,493) | ||
TOTAL NET ASSETS—100% | $4,528,485,372 |
Value as of 10/31/2020 | Purchases at Cost | Proceeds from Sales | |
Health Care: | |||
Ultragenyx Pharmaceutical, Inc. | $74,370,000 | $— | $(6,295,281) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $74,370,000 | $— | $(6,295,281) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 4/30/2021 | Shares Held as of 4/30/2021 | Dividend Income |
$5,704,048 | $2,694,633 | $76,473,400 | 685,000 | $— |
$5,704,048 | $2,694,633 | $76,473,400 | 685,000 | $— |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $34,056,266 | $67,538,330 | $101,594,596 |
Purchases at Cost | $173,259,163 | $648,635,560 | $821,894,723 |
Proceeds from Sales | $(178,121,153) | $(563,757,655) | $(741,878,808) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(10,591) | $(10,591) |
Net Realized Gain/(Loss) | N/A | $(12,087) | $(12,087) |
Value as of 4/30/2021 | $29,194,276 | $152,393,557 | $181,587,833 |
Shares Held as of 4/30/2021 | 29,194,276 | 152,363,084 | 181,557,360 |
Dividend Income | $1,793 | $28,432 | $30,225 |
* | 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 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
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 | $3,776,162,164 | $— | $0 | $3,776,162,164 |
International | 478,687,116 | 169,395,752 | — | 648,082,868 |
Investment Companies | 181,587,833 | — | — | 181,587,833 |
TOTAL SECURITIES | $4,436,437,113 | $169,395,752 | $0 | $4,605,832,865 |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $31.46 | $27.39 | $24.76 | $23.38 | $18.86 | $18.80 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.09) | (0.10) | (0.07) | (0.05) | (0.06) | (0.03) |
Net realized and unrealized gain (loss) | 5.63 | 5.42 | 5.17 | 1.77 | 4.58 | 0.09 |
Total From Investment Operations | 5.54 | 5.32 | 5.10 | 1.72 | 4.52 | 0.06 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.24) | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $35.76 | $31.46 | $27.39 | $24.76 | $23.38 | $18.86 |
Total Return3 | 17.85% | 20.14% | 22.76% | 7.45% | 23.97% | 0.33% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.08%5 | 1.08% | 1.08% | 1.08% | 1.08% | 1.09%6 |
Net investment income (loss) | (0.53)%5 | (0.36)% | (0.29)% | (0.20)% | (0.19)% | (0.15)% |
Expense waiver/reimbursement7 | 0.09%5 | 0.09% | 0.10% | 0.11% | 0.11% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $839,549 | $741,584 | $616,124 | $539,812 | $609,630 | $772,575 |
Portfolio turnover | 18% | 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. 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 1.09% for the year ended October 31, 2016, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $28.08 | $24.76 | $22.77 | $21.69 | $17.64 | $17.72 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.19) | (0.29) | (0.24) | (0.22) | (0.32) | (0.16) |
Net realized and unrealized gain (loss) | 5.01 | 4.86 | 4.70 | 1.64 | 4.37 | 0.08 |
Total From Investment Operations | 4.82 | 4.57 | 4.46 | 1.42 | 4.05 | (0.08) |
Less Distributions: | ||||||
Distributions from net realized gain | (1.24) | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $31.66 | $28.08 | $24.76 | $22.77 | $21.69 | $17.64 |
Total Return3 | 17.42% | 19.21% | 21.85% | 6.64% | 22.96% | (0.44)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.85%5 | 1.85% | 1.85% | 1.85% | 1.86% | 1.86%6 |
Net investment income (loss) | (1.29)%5 | (1.11)% | (1.05)% | (0.97)% | (0.96)% | (0.93)% |
Expense waiver/reimbursement7 | 0.08%5 | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $386,048 | $372,382 | $399,208 | $387,474 | $445,081 | $453,018 |
Portfolio turnover | 18% | 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. 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 1.86% for the year ended October 31, 2016, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $29.58 | $25.92 | $23.64 | $22.42 | $18.16 | $18.17 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.14) | (0.20) | (0.16) | (0.14) | (0.18) | (0.10) |
Net realized and unrealized gain (loss) | 5.28 | 5.11 | 4.91 | 1.70 | 4.44 | 0.09 |
Total From Investment Operations | 5.14 | 4.91 | 4.75 | 1.56 | 4.26 | (0.01) |
Less Distributions: | ||||||
Distributions from net realized gain | (1.24) | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $33.48 | $29.58 | $25.92 | $23.64 | $22.42 | $18.16 |
Total Return3 | 17.62% | 19.69% | 22.32% | 7.05% | 23.46% | (0.05)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.45%5 | 1.46% | 1.46% | 1.47% | 1.47% | 1.47%6 |
Net investment income (loss) | (0.89)%5 | (0.72)% | (0.65)% | (0.59)% | (0.58)% | (0.54)% |
Expense waiver/reimbursement7 | 0.13%5 | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $80,697 | $76,374 | $74,919 | $70,350 | $79,138 | $76,336 |
Portfolio turnover | 18% | 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. 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 year ended October 31, 2016, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $32.53 | $28.21 | $25.37 | $23.89 | $19.22 | $19.11 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.03) | (0.01) | 0.01 | (0.01) | 0.02 |
Net realized and unrealized gain (loss) | 5.83 | 5.60 | 5.32 | 1.81 | 4.68 | 0.09 |
Total From Investment Operations | 5.78 | 5.57 | 5.31 | 1.82 | 4.67 | 0.11 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.24) | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $37.07 | $32.53 | $28.21 | $25.37 | $23.89 | $19.22 |
Total Return3 | 18.00% | 20.46% | 23.07% | 7.72% | 24.30% | 0.58% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.83%5 | 0.83% | 0.83% | 0.83% | 0.84% | 0.84%6 |
Net investment income (loss) | (0.28)%5 | (0.10)% | (0.03)% | 0.05% | 0.05% | 0.10% |
Expense waiver/ reimbursement7 | 0.09%5 | 0.09% | 0.10% | 0.09% | 0.10% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,956,662 | $2,635,157 | $2,264,174 | $1,998,725 | $2,024,361 | $1,332,606 |
Portfolio turnover | 18% | 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. 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 0.84% for the year ended October 31, 2016, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $32.68 | $28.32 | $25.44 | $23.94 | $19.26 | $19.13 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.02) | 0.01 | 0.03 | 0.02 | 0.03 |
Net realized and unrealized gain (loss) | 5.86 | 5.63 | 5.34 | 1.81 | 4.66 | 0.10 |
Total From Investment Operations | 5.82 | 5.61 | 5.35 | 1.84 | 4.68 | 0.13 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.24) | (1.25) | (2.47) | (0.34) | — | (0.00)2 |
Net Asset Value, End of Period | $37.26 | $32.68 | $28.32 | $25.44 | $23.94 | $19.26 |
Total Return3 | 18.04% | 20.52% | 23.17% | 7.79% | 24.30% | 0.69% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.77%5 | 0.77% | 0.77% | 0.77% | 0.78% | 0.78%6 |
Net investment income (loss) | (0.22)%5 | (0.06)% | 0.04% | 0.11% | 0.11% | 0.17% |
Expense waiver/reimbursement7 | 0.08%5 | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $265,529 | $228,285 | $129,987 | $154,136 | $102,285 | $81,107 |
Portfolio turnover | 18% | 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. 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 0.78% for the year ended October 31, 2016, 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. |
Assets: | |
Investment in securities, at value including $72,336,475 of securities loaned and $181,587,833 of investment in affiliated holdings and $76,473,400 of investment in an affiliated company* (identified cost $2,206,015,408) | $4,605,832,865 |
Cash | 1,905 |
Income receivable | 947,937 |
Receivable for shares sold | 3,145,668 |
Total Assets | 4,609,928,375 |
Liabilities: | |
Payable for investments purchased | 770,898 |
Payable for shares redeemed | 4,456,956 |
Payable for collateral due to broker for securities lending | 74,994,276 |
Payable for investment adviser fee (Note 5) | 84,026 |
Payable for administrative fee (Note 5) | 9,824 |
Payable for distribution services fee (Note 5) | 265,049 |
Payable for other service fees (Notes 2 and 5) | 445,193 |
Accrued expenses (Note 5) | 416,781 |
Total Liabilities | 81,443,003 |
Net assets for 124,969,770 shares outstanding | $4,528,485,372 |
Net Assets Consist of: | |
Paid-in capital | $1,777,490,009 |
Total distributable earnings (loss) | 2,750,995,363 |
Total Net Assets | $4,528,485,372 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($839,548,511 ÷ 23,476,528 shares outstanding), no par value, unlimited shares authorized | $35.76 |
Offering price per share (100/94.50 of $35.76) | $37.84 |
Redemption proceeds per share | $35.76 |
Class C Shares: | |
Net asset value per share ($386,047,892 ÷ 12,194,429 shares outstanding), no par value, unlimited shares authorized | $31.66 |
Offering price per share | $31.66 |
Redemption proceeds per share (99.00/100 of $31.66) | $31.34 |
Class R Shares: | |
Net asset value per share ($80,697,480 ÷ 2,410,088 shares outstanding), no par value, unlimited shares authorized | $33.48 |
Offering price per share | $33.48 |
Redemption proceeds per share | $33.48 |
Institutional Shares: | |
Net asset value per share ($2,956,662,104 ÷ 79,761,832 shares outstanding), no par value, unlimited shares authorized | $37.07 |
Offering price per share | $37.07 |
Redemption proceeds per share | $37.07 |
Class R6 Shares: | |
Net asset value per share ($265,529,385 ÷ 7,126,893 shares outstanding), no par value, unlimited shares authorized | $37.26 |
Offering price per share | $37.26 |
Redemption proceeds per share | $37.26 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $23,351 received from affiliated holdings*) | $12,296,648 |
Net income on securities loaned (includes $6,874 received from affiliated holdings* related to cash collateral balances) (Note 2) | 37,442 |
TOTAL INCOME | 12,334,090 |
Expenses: | |
Investment adviser fee (Note 5) | 16,527,490 |
Administrative fee (Note 5) | 1,721,984 |
Custodian fees | 68,960 |
Transfer agent fees (Note 2) | 1,674,368 |
Directors’/Trustees’ fees (Note 5) | 11,255 |
Auditing fees | 20,061 |
Legal fees | 8,232 |
Portfolio accounting fees | 105,753 |
Distribution services fee (Note 5) | 1,666,768 |
Other service fees (Notes 2 and 5) | 1,497,432 |
Share registration costs | 74,335 |
Printing and postage | 61,371 |
Miscellaneous (Note 5) | 24,426 |
TOTAL EXPENSES | 23,462,435 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (1,787,553) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (112,459) |
TOTAL WAIVERS AND REIMBURSEMENTS | (1,900,012) |
Net expenses | 21,562,423 |
Net investment loss | (9,228,333) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Foreign Exchange Contracts: | |
Net realized gain on investments (including net realized gain of $2,682,546 on sales of investments in an affiliated company and holdings*) | $376,841,781 |
Net realized loss on foreign currency transactions | (2,352) |
Net realized loss on foreign exchange contracts | (480) |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $5,693,457 on investments in an affiliated company and holdings*) | 347,513,467 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 3,893 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and foreign exchange contracts | 724,356,309 |
Change in net assets resulting from operations | $715,127,976 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(9,228,333) | $(10,023,747) |
Net realized gain (loss) | 376,838,949 | 159,806,653 |
Net change in unrealized appreciation/depreciation | 347,517,360 | 559,101,351 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 715,127,976 | 708,884,257 |
Distributions to Shareholders: | ||
Class A Shares | (29,185,169) | (27,739,831) |
Class C Shares | (16,216,602) | (19,782,104) |
Class R Shares | (3,184,899) | (3,584,383) |
Institutional Shares | (100,008,954) | (100,227,060) |
Class R6 Shares | (8,646,781) | (5,822,981) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (157,242,405) | (157,156,359) |
Share Transactions: | ||
Proceeds from sale of shares | 391,275,634 | 993,455,302 |
Net asset value of shares issued to shareholders in payment of distributions declared | 143,517,460 | 142,093,834 |
Cost of shares redeemed | (617,975,181) | (1,117,906,865) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (83,182,087) | 17,642,271 |
Change in net assets | 474,703,484 | 569,370,169 |
Net Assets: | ||
Beginning of period | 4,053,781,888 | 3,484,411,719 |
End of period | $4,528,485,372 | $4,053,781,888 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $302,945 | $(16,782) |
Class C Shares | 167,102 | — |
Class R Shares | 95,881 | (126) |
Institutional Shares | 1,094,705 | (75,317) |
Class R6 Shares | 13,735 | — |
TOTAL | $1,674,368 | $(92,225) |
Other Service Fees Incurred | |
Class A Shares | $1,009,289 |
Class C Shares | 488,143 |
TOTAL | $1,497,432 |
Market Value of Securities Loaned | Collateral Received |
$72,336,475 | $74,994,276 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Foreign Exchange Contracts | |
Foreign exchange contracts | $(480) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,083,179 | $71,360,952 | 5,398,613 | $156,081,874 |
Shares issued to shareholders in payment of distributions declared | 779,671 | 26,274,916 | 956,117 | 25,901,215 |
Shares redeemed | (2,959,843) | (101,749,763) | (5,277,358) | (148,210,788) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (96,993) | $(4,113,895) | 1,077,372 | $33,772,301 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 554,304 | $16,845,657 | 1,891,613 | $47,851,501 |
Shares issued to shareholders in payment of distributions declared | 520,267 | 15,571,580 | 700,823 | 17,065,052 |
Shares redeemed | (2,141,961) | (65,265,189) | (5,456,255) | (142,329,474) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (1,067,390) | $(32,847,952) | (2,863,819) | $(77,412,921) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 207,764 | $6,654,222 | 456,374 | $12,131,973 |
Shares issued to shareholders in payment of distributions declared | 99,277 | 3,137,168 | 135,826 | 3,471,704 |
Shares redeemed | (479,093) | (15,339,330) | (900,990) | (23,989,524) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (172,052) | $(5,547,940) | (308,790) | $(8,385,847) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,529,742 | $267,432,733 | 23,415,291 | $665,462,963 |
Shares issued to shareholders in payment of distributions declared | 2,629,176 | 91,758,251 | 3,279,403 | 91,659,306 |
Shares redeemed | (11,407,579) | (404,766,346) | (25,942,103) | (752,284,081) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,248,661) | $(45,575,362) | 752,591 | $4,838,188 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 812,249 | $28,982,070 | 3,917,836 | $111,926,991 |
Shares issued to shareholders in payment of distributions declared | 193,201 | 6,775,545 | 142,429 | 3,996,557 |
Shares redeemed | (864,240) | (30,854,553) | (1,664,861) | (51,092,998) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 141,210 | $4,903,062 | 2,395,404 | $64,830,550 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,443,886) | $(83,182,087) | 1,052,758 | $17,642,271 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $1,464,429 | $— |
Class R Shares | 202,339 | (20,234) |
TOTAL | $1,666,768 | $(20,234) |
Purchases | $780,296,542 |
Sales | $1,083,573,828 |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,178.50 | $5.83 |
Class C Shares | $1,000 | $1,174.20 | $9.97 |
Class R Shares | $1,000 | $1,176.20 | $7.82 |
Institutional Shares | $1,000 | $1,180.00 | $4.49 |
Class R6 Shares | $1,000 | $1,180.40 | $4.16 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.44 | $5.41 |
Class C Shares | $1,000 | $1,015.62 | $9.25 |
Class R Shares | $1,000 | $1,017.60 | $7.25 |
Institutional Shares | $1,000 | $1,020.68 | $4.16 |
Class R6 Shares | $1,000 | $1,020.98 | $3.86 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.08% |
Class C Shares | 1.85% |
Class R Shares | 1.45% |
Institutional Shares | 0.83% |
Class R6 Shares | 0.77% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172438
CUSIP 314172420
CUSIP 314172412
CUSIP 314172131
Share Class | Ticker | A | FKASX | B | FKBSX | C | FKCSX |
R | FKKSX | Institutional | FKAIX | R6 | FKALX |
Federated Hermes Kaufmann Small Cap Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Health Care | 31.9% |
Information Technology | 21.9% |
Consumer Discretionary | 15.1% |
Industrials | 11.6% |
Financials | 6.6% |
Real Estate | 5.0% |
Materials | 2.6% |
Consumer Staples | 2.3% |
Energy | 0.9% |
Communication Services | 0.6% |
Financial Services | 0.0% |
Securities Lending Collateral2 | 8.5% |
Cash Equivalents3 | 1.3% |
Other Assets and Liabilities—Net4 | (8.3)% |
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— 98.2% | |||
Communication Services— 0.6% | |||
700,000 | 1 | Boat Rocker Media, Inc. | $4,891,999 |
2,697,200 | 2 | Infrastrutture Wireless Italiane SPA | 31,496,884 |
75,000 | 1,2 | Motorsport Gaming U.S. LLC | 1,598,250 |
700,000 | 1 | Perion Network Ltd. | 12,523,000 |
540,000 | 1,2 | Skillz Inc. | 9,460,800 |
TOTAL | 59,970,933 | ||
Consumer Discretionary— 15.1% | |||
1,150,500 | 1,2 | Academy Sports and Outdoors, Inc. | 35,446,905 |
2,310,000 | 1 | Boohoo Group PLC | 10,846,890 |
210,000 | 1 | Bright Horizons Family Solutions, Inc. | 30,414,300 |
705,000 | 1 | Chegg, Inc. | 63,682,650 |
460,000 | 1 | Choice Hotels International, Inc. | 52,348,000 |
4,000,000 | 1,3 | CTOS LLC | 32,832,000 |
185,100 | 1 | Delivery Hero SE | 29,387,402 |
415,000 | 1,2 | DraftKings, Inc. | 23,513,900 |
697,313 | 1,2 | Dream Finders Homes, Inc. | 17,628,073 |
462,500 | 1 | Etsy, Inc. | 91,940,375 |
1,400,000 | 1,4 | Fisker, Inc. | 18,368,000 |
265,000 | 1,2 | Fiverr International Ltd. | 55,138,550 |
695,000 | 1 | Floor & Decor Holdings, Inc. | 77,089,400 |
1,850,000 | 1 | Global Fashion Group S.A. | 29,295,023 |
1,033,100 | 1 | GreenTree Hospitality Group Ltd., ADR | 12,975,736 |
1,275,000 | 1 | GrowGeneration Corp. | 55,590,000 |
225,000 | 1 | GrubHub, Inc. | 15,309,000 |
375,800 | 1,2 | Just Eat Takeaway | 38,846,951 |
800,000 | 1 | Latham Group, Inc. | 20,800,000 |
1,010,000 | 1,2 | Leslie’s, Inc. | 28,704,200 |
1,500,000 | 1,3 | Lordstown Motors Corp. | 11,892,000 |
635,000 | 1,2 | Lovesac Co./The | 46,526,450 |
2,500,000 | 1 | Max Stock Ltd. | 8,651,445 |
271,200 | 2 | Moncler S.p.A | 16,670,243 |
300,000 | 1,2 | MYT Netherlands Parent B.V., ADR | 8,991,000 |
36,137,567 | NagaCorp Ltd. | 38,649,139 | |
945,000 | 1,2 | National Vision Holdings, Inc. | 47,637,450 |
650,000 | 1,2 | Neogames SA | 31,908,500 |
417,000 | 1,2 | Ollie’s Bargain Outlet Holding, Inc. | 38,476,590 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
1,030,000 | 1,2 | Pet Acquisition LLC | $24,328,600 |
1,365,000 | 1 | Planet Fitness, Inc. | 114,646,350 |
5,000,000 | 1 | Redbubble Ltd | 15,727,522 |
800,000 | 1 | Revolve Group, Inc. | 38,792,000 |
1,075,000 | 1 | Six Flags Entertainment Corp. | 50,503,500 |
834,800 | 1 | Taylor Morrison Home Corp. | 26,054,108 |
151,000 | Vail Resorts, Inc. | 49,099,160 | |
700,000 | Wingstop, Inc. | 110,887,000 | |
1,196,000 | 1 | YETI Holdings, Inc. | 102,162,320 |
TOTAL | 1,521,760,732 | ||
Consumer Staples— 2.3% | |||
545,000 | 1 | Freshpet, Inc. | 100,726,900 |
1,222,000 | 1 | Grocery Outlet Holding Corp. | 49,356,580 |
160,000 | 1,2 | Laird Superfood, Inc. | 5,841,600 |
675,000 | 1 | Performance Food Group Co. | 39,622,500 |
738,900 | 1,2 | The Duckhorn Portfolio, Inc. | 13,824,819 |
1,040,000 | 1,2 | Vital Farms, Inc. | 25,292,800 |
TOTAL | 234,665,199 | ||
Energy— 0.9% | |||
488,220 | Cactus, Inc. | 14,553,838 | |
1,864,400 | 2 | New Fortress Energy, Inc. | 79,274,288 |
TOTAL | 93,828,126 | ||
Financial Services— 0.0% | |||
34,871 | 1 | FAST Acquisition Corp. | 432,749 |
Financials— 6.6% | |||
600,000 | 1 | AFC Gamma, Inc. | 13,632,000 |
100,000 | 1,2 | Altimeter Growth Corp. | 1,331,000 |
410,000 | A-Mark Precious Metgals, Inc. | 15,280,700 | |
1,600,000 | Ares Management Corp | 84,032,000 | |
1,670,115 | Artisan Partners Asset Management, Inc. | 85,042,256 | |
800,000 | 1 | ARYA Sciences Acquisition Corp. III | 8,928,000 |
9,628,444 | 2 | Ashmore Group PLC | 53,181,826 |
1,000,000 | 1,2 | BCLS Acquisition Corp. | 10,400,000 |
1,487,499 | 1 | CrossFirst Bankshares, Inc. | 21,925,735 |
300,000 | 1 | Dragoneer Growth Opportunities Corp II | 3,084,000 |
4,530,000 | 2 | FinecoBank Banca Fineco SPA | 78,160,404 |
1,000,000 | 1 | Hamilton Lane Alliance Holdings I, Inc. | 9,770,000 |
1,000,000 | Hamilton Lane, Inc. | 90,450,000 | |
300,000 | 1 | HPX Corp. | 2,970,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
1,365,000 | Moelis & Co. | $74,092,200 | |
100,000 | 1,2 | Northern Star Acquisition Corp. | 1,066,000 |
1,000,000 | 1 | Omega Alpha SPAC | 9,930,000 |
102,942 | 1 | Roth CH Acquisition III Co. | 1,035,597 |
368,025 | 1 | SCVX Corp. | 3,654,488 |
1,988,827 | StepStone Group, Inc. | 66,227,939 | |
4,881,467 | Tel Aviv Stock Exchange Ltd. | 31,982,286 | |
TOTAL | 666,176,431 | ||
Health Care— 31.6% | |||
150,000 | 1 | 4D Molecular Therapeutics, Inc. | 5,805,000 |
500,000 | 1 | Abcam PLC, ADR | 10,720,000 |
50,000 | 1,2 | AbCellera Biologics, Inc. | 1,332,500 |
480,000 | 1 | Acadia Pharmaceuticals, Inc. | 9,868,800 |
128,128 | 1,3,4 | Adagio Therapeutics, Inc. | 10,004,977 |
42,000 | 1 | Adaptive Biotechnologies Corp. | 1,747,200 |
163,495 | 1 | Agilon Health, Inc. | 5,154,997 |
1,336,635 | 1,2 | Akouos, Inc. | 19,006,950 |
163,211 | 1 | Akoya Biosciences, Inc. | 3,662,455 |
1,000,000 | 1 | Albireo Pharma, Inc. | 32,100,000 |
2,225,000 | 1 | Alector, Inc. | 43,387,500 |
500,000 | 1,2 | Aligos Therapeutics Inc. | 12,860,000 |
234,487 | 1,2 | American Well Corp. | 3,608,755 |
2,000,000 | 1 | Amphastar Pharmaceuticals, Inc. | 34,800,000 |
1,000,000 | 1 | AnaptysBio, Inc. | 23,350,000 |
341,200 | 2 | Andlauer Healthcare Group Inc. | 10,384,650 |
973,000 | 1,2 | Annexon, Inc. | 19,391,890 |
1,500,000 | 1,2 | Arcturus Therapeutics Holdings, Inc. | 54,990,000 |
573,082 | 1 | Argenx SE | 164,908,315 |
269,150 | 1 | Argenx SE, ADR | 77,167,996 |
1,615,000 | 1,2 | aTyr Pharma, Inc. | 6,540,750 |
967,000 | 1,2 | Avidity Biosciences LLC | 22,666,480 |
1,550,000 | 1,2 | Avrobio, Inc. | 18,104,000 |
200,000 | 1 | Berkeley Lights, Inc. | 9,822,000 |
875,952 | 1,2 | Black Diamond Therapeutics, Inc. | 23,335,361 |
3,960,000 | 1 | Calithera Biosciences, Inc. | 8,593,200 |
10,150,000 | 1 | CASI Pharmaceuticals, Inc. | 18,168,500 |
139,747 | 1 | Castle Biosciences, Inc. | 9,646,735 |
430,000 | 1 | Catalent, Inc. | 48,362,100 |
312,548 | 1,2 | Celcuity, Inc. | 8,645,078 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
324,939 | 1 | Centogene BV | $3,532,087 |
852,909 | 1,3 | Century Therapeutics, Inc. | 5,520,027 |
39,156,130 | 1,3 | CeQur SA | 10,949,868 |
1,950,000 | 1,2 | Cerevel Therapeutics Holdings | 28,372,500 |
400,000 | 1 | Cerevel Therapeutics, Inc. | 5,820,000 |
450,528 | 1 | Certara, Inc. | 14,331,296 |
155,000 | 1 | Charles River Laboratories International, Inc. | 51,529,750 |
190,200 | 1,3 | Clementia Pharmaceuticals Inc., Rights | 0 |
6,412,388 | 1,2 | ContraFect Corp. | 28,406,879 |
342,500 | 1,2 | CRISPR Therapeutics AG | 44,959,975 |
671,370 | 1,2 | Cryoport, Inc. | 37,979,401 |
1,093,113 | 1,2 | DermTech, Inc. | 45,965,402 |
89,555 | 1 | Dexcom, Inc. | 34,577,185 |
6,365,371 | 1,2 | Dynavax Technologies Corp. | 63,526,403 |
700,000 | 1 | Edgewise Therapeutics, Inc. | 20,048,000 |
348,167 | 1,2 | Editas Medicine, Inc. | 12,885,661 |
1,532,000 | 1,2 | Frequency Therapeutics, Inc. | 17,786,520 |
178,000 | 1 | Frequency Therapeutics, Inc. | 2,066,580 |
510,000 | 1,2 | Fusion Pharmaceuticals Inc. | 4,386,000 |
35,582 | 1 | Galapagos NV, ADR | 2,767,212 |
535,000 | 1,2 | Glaukos Corp. | 50,375,600 |
3,000,000 | 1,2 | Gossamer Bio, Inc. | 25,920,000 |
600,338 | 1 | Gracell Biotechnologies, Inc., ADR | 7,312,117 |
988,142 | 3,4 | Graphite Bio, Inc. | 4,999,999 |
100,000 | 1 | Guardant Health, Inc. | 15,898,000 |
707,053 | 1,2 | Icad, Inc. | 12,755,236 |
887,330 | 1 | IDEAYA Biosciences, Inc. | 18,234,631 |
290,000 | 1,4 | Immatics N.V. | 3,543,800 |
1,406,000 | 1,2 | Immatics N.V. | 17,181,320 |
100,000 | 1 | Inari Medical, Inc. | 11,429,000 |
333,500 | 1 | Inspire Medical Systems, Inc. | 78,979,470 |
90,000 | 1 | Insulet Corp. | 26,569,800 |
354,653 | 1 | Intellia Therapeutics, Inc. | 27,226,711 |
500,000 | 1,2 | Itamar Medical Ltd., ADR | 11,975,000 |
508,338 | 1 | Karuna Therapeutics, Inc. | 56,430,601 |
307,800 | 1,2 | Kinnate Biopharma, Inc. | 8,255,196 |
1,162,339 | 1,2 | Legend Biotech Corp., ADR | 34,986,404 |
215,264 | 1,2 | Lucira Health, Inc. | 1,347,553 |
291,606 | 1 | MaxCyte, Inc. | 3,658,690 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,740,000 | 1 | Merus NV | $36,435,600 |
4,272,400 | 1 | Minerva Neurosciences, Inc. | 10,168,312 |
154,700 | 1 | Mirati Therapeutics, Inc. | 25,714,234 |
625,000 | 1 | Moderna, Inc. | 111,762,500 |
873,312 | 1 | Molecular Partners AG | 21,273,650 |
248,700 | 1 | Morphic Holding, Inc. | 13,777,980 |
620,625 | 1,2 | NanoString Technologies, Inc. | 49,445,194 |
1,013,500 | 1,2 | Natera, Inc. | 111,505,270 |
1,123,900 | 1,2 | NeoGenomics, Inc. | 55,059,861 |
300,000 | 1,2 | Oak Street Health, Inc. | 18,489,000 |
260,000 | 1,2 | Olema Pharmaceuticals, Inc. | 7,293,000 |
660,900 | 1 | Orchard Therapeutics PLC | 3,938,964 |
1,582,092 | 1,2 | Orchard Therapeutics PLC, ADR | 9,429,268 |
1,775,000 | 1 | Otonomy, Inc. | 4,171,250 |
100,000 | 1,2 | Penumbra, Inc. | 30,599,000 |
250,000 | 1,2 | PMV Pharmaceuticals, Inc. | 8,432,500 |
336,100 | 1,2 | Prelude Therapeutics, Inc. | 13,927,984 |
188,452 | 1 | Privia Health Group, Inc. | 6,844,577 |
5,761 | 1,2 | Protalix Biotherapeutics, Inc. | 19,299 |
30,000 | 1 | Pulmonx Corp. | 1,410,300 |
818,309 | 1,2 | Relay Therapeutics, Inc. | 25,948,578 |
397,837 | 1 | Repligen Corp. | 84,226,071 |
585,860 | 1 | Rezolute, Inc. | 3,925,262 |
1,849,800 | 1 | Rhythm Pharmaceuticals, Inc. | 39,881,688 |
823,100 | 1,2 | Rubius Therapeutics, Inc. | 20,593,962 |
325,000 | 1,2 | Scholar Rock Holding Corp. | 10,513,750 |
1,596,034 | 1,2 | Scynexis, Inc. | 12,066,017 |
125,000 | 1,2 | Seer, Inc. | 6,366,250 |
715,000 | 1,2 | Seres Therapeutics, Inc. | 14,879,150 |
370,000 | 1 | SI-BONE, Inc. | 13,135,000 |
188,954 | 1 | Signify Health, Inc. | 5,356,846 |
405,200 | 1 | Stoke Therapeutics, Inc. | 13,087,960 |
377,111 | 1 | Surgery Partners, Inc. | 18,176,750 |
439,862 | 1,2 | Talis Biomedical Corp. | 5,278,344 |
400,000 | 1 | Tandem Diabetes Care, Inc. | 36,760,000 |
2,478,742 | 1 | Translate Bio, Inc. | 57,556,389 |
350,000 | 1 | Treace Medical Concepts, Inc. | 10,976,000 |
1,094,193 | 1,2 | Tricida, Inc. | 5,087,997 |
624,965 | 1 | Turning Point Therapeutics, Inc. | 47,641,082 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
162,300 | 1 | Twist Bioscience Corp. | $21,779,037 |
1,446,400 | 1 | Ultragenyx Pharmaceutical, Inc. | 161,476,096 |
1,620,000 | 1,2 | UniQure N.V. | 52,277,400 |
822,570 | 3 | United Therapeutics Corp. | 0 |
555,329 | 1,2 | Vapotherm, Inc. | 12,217,238 |
187,800 | 1 | Veeva Systems, Inc. | 53,044,110 |
1,325,000 | 1 | Vericel Corp. | 82,706,500 |
300,000 | 1,2 | Xeris Pharmaceuticals, Inc. | 1,149,000 |
1,132,800 | 1 | Zai Lab Ltd., ADR | 188,282,688 |
778,448 | 1,2 | Zentalis Pharmaceuticals, LLC | 46,177,535 |
835,595 | 1,2 | Zogenix, Inc. | 15,784,390 |
TOTAL | 3,176,674,896 | ||
Industrials— 11.6% | |||
470,000 | Advanced Drainage System, Inc. | 52,480,200 | |
1,723,500 | 1 | Azek Co., Inc. | 83,210,580 |
1,800,000 | 1,2 | Azul S.A., ADR | 38,304,000 |
7,900,000 | Biffa PLC | 30,168,821 | |
1,020,000 | 1 | Clarivate PLC | 28,488,600 |
1,767,700 | 1 | Colfax Corp. | 79,882,363 |
600,000 | Comfort Systems USA, Inc. | 49,416,000 | |
41,700 | 1 | CoStar Group, Inc. | 35,629,731 |
125,000 | 1 | Driven Brands Holdings Inc. | 3,565,000 |
993,200 | 1 | FTC Solar, Inc. | 13,517,452 |
250,000 | 1 | Generac Holdings, Inc. | 80,987,500 |
1,100,000 | 1 | GMS, Inc. | 48,081,000 |
2,200,000 | 1,2 | Gores Holdings II, Inc. | 19,734,000 |
554,000 | 1,2 | Hydrofarm Holdings Group, Inc. | 36,397,800 |
1,529,500 | 1 | Kratos Defense & Security Solutions | 40,898,830 |
7,875,000 | 1 | Meltwater Holding BV | 50,963,995 |
994,914 | 1 | Mercury Systems, Inc. | 74,857,329 |
675,000 | 1 | Montrose Environmental Group, Inc. | 36,591,750 |
1,164,000 | 1 | Plug Power, Inc. | 33,185,640 |
2,111,591 | 1 | Quest Resource Holding Corp. | 8,045,162 |
1,600,000 | 1 | RADA Electronic Industries Ltd. | 21,104,000 |
360,000 | Tetra Tech, Inc. | 45,946,800 | |
323,500 | Timken Co. | 27,131,945 | |
664,800 | 1 | Trex Co., Inc. | 71,791,752 |
1,350,000 | 1 | Upwork, Inc. | 62,181,000 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
655,000 | 1 | XPO Logistics, Inc. | $91,123,600 |
TOTAL | 1,163,684,850 | ||
Information Technology— 21.9% | |||
80,000 | 1,2 | 908 Devices, Inc. | 4,239,200 |
610,000 | 1 | Alarm.com Holdings, Inc. | 54,753,600 |
1,450,000 | 1 | Allegro MicroSystems, Inc. | 35,786,000 |
400,000 | 1 | Alteryx, Inc. | 32,700,000 |
1,000,000 | 1 | Anaplan, Inc. | 59,650,000 |
150,000 | 1 | Avalara, Inc. | 21,256,500 |
5,000,000 | Avast PLC | 32,994,875 | |
350,000 | 2 | Bentley Systems, Inc. | 17,920,000 |
397,500 | 1 | Blackline, Inc. | 46,133,850 |
2,516,552 | 1 | Camtek Ltd. | 85,713,761 |
666,758 | 1,2 | Cerence, Inc. | 64,282,139 |
755,700 | 1 | CloudFlare, Inc. | 64,038,018 |
600,000 | 1,2 | Datto Holding Corp. | 15,330,000 |
500,000 | 1 | Docebo, Inc. | 26,460,000 |
123,600 | 1 | DocuSign, Inc. | 27,555,384 |
1,137,970 | 1 | Domo, Inc. | 73,160,091 |
1,488,253 | 1 | EMCORE Corp. | 9,271,816 |
390,000 | 1 | Endava PLC, ADR | 35,310,600 |
930,500 | 1,2 | Envestnet, Inc. | 68,698,815 |
490,000 | 1,2 | Everbridge, Inc. | 65,027,900 |
955,000 | 1 | GDS Holdings Ltd. | 9,928,003 |
400,000 | 1,2 | GDS Holdings Ltd., ADR | 33,188,000 |
480,000 | 1,2 | GoDaddy, Inc. | 41,673,600 |
2,717,530 | 1,2 | Grid Dynamics Holdings, Inc. | 39,159,607 |
2,760,000 | 1 | International Money Express, Inc. | 43,552,800 |
940,500 | 1 | Jamf Holding Corp. | 34,347,060 |
7,021,650 | 1 | Kape Technologies PLC | 28,805,913 |
5,175,000 | 1,2 | Limelight Networks, Inc. | 16,197,750 |
1,000,000 | 1,2 | LivePerson, Inc. | 54,650,000 |
2,840,000 | 1 | Magnachip Semiconductor Corp. | 71,028,400 |
1,000,000 | 1,2 | Medallia, Inc. | 29,490,000 |
270,000 | 1 | Mimecast Ltd. | 11,723,400 |
6,500,000 | 1 | Nearmap Ltd. | 10,612,541 |
9,783,259 | 1 | Network International Holdings Ltd. | 56,730,315 |
841,938 | 1 | Nordic Semiconductor ASA | 20,881,987 |
335,000 | 1 | Novoste Corp. | 44,122,850 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,700,000 | 1 | Nuvei Corp. | $118,626,000 |
1,000,000 | 1,2 | ON24, Inc. | 44,000,000 |
830,000 | 1 | Q2 Holdings, Inc. | 86,336,600 |
520,000 | 1,2 | Radware Ltd. | 14,409,200 |
1,160,000 | 1,2 | Rapid7, Inc. | 94,250,000 |
640,000 | 1,2 | SailPoint Technologies Holding | 31,251,200 |
372,000,000 | 1 | Seeing Machines Ltd. | 57,032,462 |
250,000 | 1 | Shift4 Payments, Inc. | 24,722,500 |
42,700 | 1 | Shopify, Inc. | 50,493,177 |
1,110,000 | 1,2 | ShotSpotter, Inc. | 38,783,400 |
700,000 | 1 | Smartsheet, Inc. | 41,510,000 |
1,195,000 | 1 | Sumo Logic, Inc. | 23,290,550 |
3,000,000 | 1,2 | SunPower Corp. | 77,070,000 |
790,000 | 1 | Tufin Software Technologies Ltd. | 7,268,000 |
78,200 | 1 | Tyler Technologies, Inc. | 33,224,052 |
176,500 | 1 | WNS Holdings Ltd., ADR | 12,783,895 |
145,000 | 1 | Zendesk, Inc. | 21,191,750 |
238,800 | 1 | Zscaler, Inc. | 44,808,432 |
TOTAL | 2,207,425,993 | ||
Materials— 2.6% | |||
1,000,000 | 1 | Danimer Scientific LLC | 25,550,000 |
624,700 | 1 | Eagle Materials, Inc. | 86,296,058 |
2,123,500 | 1,2 | Livent Corp. | 38,265,470 |
426,000 | Scotts Miracle-Gro Co. | 98,474,160 | |
1,350,000 | 1,2 | SilverCrest Metals Inc. | 11,704,500 |
TOTAL | 260,290,188 | ||
Real Estate— 5.0% | |||
2,040,000 | Americold Realty Trust | 82,395,600 | |
1,830,000 | 2 | Easterly Government Properties, Inc. | 39,216,900 |
764,632 | JBG Smith Properties | 24,934,649 | |
635,000 | Lamar Advertising Co. | 62,890,400 | |
2,363,800 | MGM Growth Properties LLC | 85,144,076 | |
600,000 | National Storage Affiliates Trust | 27,264,000 | |
465,900 | 2 | QTS Realty Trust, Inc. | 30,977,691 |
970,000 | 1 | Ryman Hospitality Properties | 76,290,500 |
1,865,000 | STAG Industrial, Inc. | 68,091,150 | |
TOTAL | 497,204,966 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $5,864,667,540) | 9,882,115,063 |
Shares or Principal Amount | Value | ||
CORPORATE BOND— 0.0% | |||
Consumer Discretionary— 0.0% | |||
$ 2,500,000 | NagaCorp Ltd., Sr. Unsecd. Note, 144A, 9.375%, 5/21/2021 (IDENTIFIED COST $2,499,671) | $2,507,650 | |
WARRANTS— 0.3% | |||
Financials— 0.0% | |||
333,333 | 1 | FirstMark Horizon Acquisition Corp., Warrants 9/26/2025 | 520,000 |
333,333 | 1 | Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | 246,666 |
100,000 | 1 | Hudson Executive Investment Corp., Warrants 6/21/2025 | 122,000 |
33,333 | 1 | Northern Star Acquisition Corp., Warrants 8/29/2025 | 88,999 |
250,000 | 1 | SCVX Corp., Warrants 1/24/2025 | 247,500 |
TOTAL | 1,225,165 | ||
Health Care— 0.3% | |||
129,500 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | 167,418 |
176,600 | 1 | Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | 143,505 |
283,333 | 1 | Cerevel Therapeutics Holdings, Warrants 10/27/2025 | 1,337,332 |
2,247,188 | 1 | ContraFect Corp., Warrants 5/27/2023 | 3,771,456 |
467,500 | 1 | ContraFect Corp., Warrants 7/20/2022 | 12,342 |
222,500 | 1 | ContraFect Corp., Warrants 7/27/2021 | 0 |
187,500 | 1 | Dynavax Technologies Corp., Warrants 2/12/2022 | 1,148,606 |
200,000 | 1 | Immatics N.V., Warrants 12/31/2025 | 714,000 |
193,334 | 1 | Rezolute, Inc., Warrants 10/8/2027 | 1,266,202 |
1,441,000 | 1 | Scynexis, Inc., Warrants 1/1/2099 | 10,893,960 |
720,500 | 1 | Scynexis, Inc., Warrants 12/21/2021 | 1,381,775 |
15,480 | 1 | Scynexis, Inc., Warrants 3/8/2023 | 17,839 |
720,500 | 1 | Scynexis, Inc., Warrants 5/21/2024 | 2,635,157 |
1,111,111 | 1 | Scynexis, Inc., Warrants 6/12/2023 | 959,222 |
10,944 | 1 | Scynexis, Inc., Warrants 6/24/2021 | 0 |
TOTAL | 24,448,814 | ||
TOTAL WARRANTS (IDENTIFIED COST $11,872,071) | 25,673,979 | ||
INVESTMENT COMPANIES— 9.8% | |||
144,993,562 | Federated Hermes Government Obligations Fund, Premier Shares, 0.02%5 | 144,993,562 | |
844,674,143 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5 | 844,843,078 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $989,990,060) | 989,836,640 | ||
TOTAL INVESTMENT IN SECURITIES—108.3% (IDENTIFIED COST $6,869,029,342)6 | 10,900,133,332 | ||
OTHER ASSETS AND LIABILITIES - NET—(8.3)%7 | (833,408,851) | ||
TOTAL NET ASSETS—100% | $10,066,724,481 |
Value as of 10/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Consumer Discretionary: | |||
CTOSLLC | $— | $20,000,000 | $— |
Lovesac Co./The | $16,216,200 | $580,914 | $(995,377) |
Financials: | |||
ARYASciences Acquisition Corp. III** | $8,192,000 | $— | $— |
BCLSAcquisition Corp. | $10,320,000 | $— | $— |
Hamilton Lane Alliance Holdings I, Inc. | $— | $10,074,174 | $— |
Hamilton Lane Alliance Holdings I, Inc., Warrants 1/8/2026 | $— | $241,225 | $— |
Omega Alpha SPAC | $— | $10,000,000 | $— |
StepStone Group, Inc. | $15,253,434 | $41,865,983 | $— |
Health Care: | |||
Akouos, Inc. | $18,895,635 | $6,203,322 | $— |
Albireo Pharma, Inc. | $30,546,924 | $1,139,005 | $— |
Alector, Inc. | $20,937,250 | $— | $— |
Amphastar Pharmaceuticals, Inc. | $25,452,249 | $13,609,494 | $— |
AnaptysBio, Inc.** | $29,460,000 | $— | $— |
Annexon, Inc. | $20,248,130 | $— | $— |
Arcturus Therapeutics Holdings, Inc. | $43,209,920 | $48,441,474 | $— |
aTyr Pharma, Inc. | $5,119,550 | $— | $— |
Avrobio, Inc. | $7,423,701 | $13,426,820 | $— |
Calithera Biosciences, Inc. | $14,018,400 | $— | $— |
CASIPharmaceuticals, Inc. | $16,215,000 | $8,211,177 | $(321,028) |
Catabasis Pharmaceuticals, Inc., Warrants 2/8/2024 | $81,313 | $— | $— |
Catabasis Pharmaceuticals, Inc., Warrants 6/22/2022 | $64,335 | $— | $— |
Cerevel Therapeutics Holdings | $8,755,000 | $14,615,899 | $— |
Cerevel Therapeutics Holdings, Warrants 10/27/2025 | $705,499 | $— | $— |
ContraFect Corp. | $29,929,112 | $5,576,000 | $— |
ContraFect Corp., Warrants 5/27/2023 | $6,083,812 | $— | $— |
ContraFect Corp., Warrants 7/20/2022 | $37,260 | $— | $— |
ContraFect Corp., Warrants 7/27/2021 | $4,183 | $— | $— |
DermTech, Inc.** | $15,501,639 | $— | $(1,980,622) |
Dynavax Technologies Corp. | $17,997,250 | $7,712,318 | $— |
Dynavax Technologies Corp., Warrants 2/12/2022 | $347,194 | $— | $— |
Frequency Therapeutics, Inc. | $11,640,160 | $8,523,593 | $— |
Frequency Therapeutics, Inc. | $3,894,640 | $— | $— |
Merus NV | $18,757,200 | $4,950,000 | $— |
Minerva Neurosciences, Inc. | $13,714,404 | $— | $— |
Molecular Partners AG | $19,109,645 | $— | $— |
Otonomy, Inc. | $6,354,500 | $— | $— |
Rezolute, Inc. | $11,547,734 | $— | $— |
Rezolute, Inc., Warrants 10/8/2027 | $3,483,696 | $— | $— |
Rhythm Pharmaceuticals, Inc. | $25,933,250 | $18,313,614 | $— |
Scynexis, Inc. | $5,943,200 | $1,749,301 | $— |
Scynexis, Inc., Warrants 1/1/2099 | $— | $9,004,809 | $— |
Scynexis, Inc., Warrants 12/21/2021 | $— | $— | $— |
Scynexis, Inc., Warrants 3/8/2023 | $5,372 | $— | $— |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 4/30/2021 | Shares Held as of 4/30/2021 | Dividend Income* |
$12,832,000 | $— | $32,832,000 | 4,000,000 | $— |
$30,255,584 | $469,129 | $46,526,450 | 635,000 | $— |
$736,000 | $— | $8,928,000 | 800,000 | $— |
$80,000 | $— | $10,400,000 | 1,000,000 | $— |
$(304,174) | $— | $9,770,000 | 1,000,000 | $— |
$5,441 | $— | $246,666 | 333,333 | $— |
$(70,000) | $— | $9,930,000 | 1,000,000 | $— |
$9,108,522 | $— | $66,227,939 | 1,988,827 | $73,110 |
$(6,092,007) | $— | $19,006,950 | 1,336,635 | $— |
$414,071 | $— | $32,100,000 | 1,000,000 | $— |
$22,450,250 | $— | $43,387,500 | 2,225,000 | $— |
$(4,261,743) | $— | $34,800,000 | 2,000,000 | $— |
$(6,110,000) | $— | $23,350,000 | 1,000,000 | $— |
$(856,240) | $— | $19,391,890 | 973,000 | $— |
$(36,661,394) | $— | $54,990,000 | 1,500,000 | $— |
$1,421,200 | $— | $6,540,750 | 1,615,000 | $— |
$(2,746,521) | $— | $18,104,000 | 1,550,000 | $— |
$(5,425,200) | $— | $8,593,200 | 3,960,000 | $— |
$(5,734,543) | $(202,106) | $18,168,500 | 10,150,000 | $— |
$86,105 | $— | $167,418 | 129,500 | $— |
$79,170 | $— | $143,505 | 176,600 | $— |
$5,001,601 | $— | $28,372,500 | 1,950,000 | $— |
$631,833 | $— | $1,337,332 | 283,333 | $— |
$(7,098,233) | $— | $28,406,879 | 6,412,388 | $— |
$(2,312,356) | $— | $3,771,456 | 2,247,188 | $— |
$(24,918) | $— | $12,342 | 467,500 | $— |
$(4,183) | $— | $— | 222,500 | $— |
$31,891,352 | $553,033 | $45,965,402 | 1,093,113 | $— |
$37,816,835 | $— | $63,526,403 | 6,365,371 | $— |
$801,412 | $— | $1,148,606 | 187,500 | $— |
$(2,377,233) | $— | $17,786,520 | 1,532,000 | $— |
$(1,828,060) | $— | $2,066,580 | 178,000 | $— |
$12,728,400 | $— | $36,435,600 | 1,740,000 | $— |
$(3,546,092) | $— | $10,168,312 | 4,272,400 | $— |
$2,164,005 | $— | $21,273,650 | 873,312 | $— |
$(2,183,250) | $— | $4,171,250 | 1,775,000 | $— |
$(7,622,472) | $— | $3,925,262 | 585,860 | $— |
$(2,217,494) | $— | $1,266,202 | 193,334 | $— |
$(4,365,176) | $— | $39,881,688 | 1,849,800 | $— |
$4,373,516 | $— | $12,066,017 | 1,596,034 | $— |
$1,889,151 | $— | $10,893,960 | 1,441,000 | $— |
$1,381,775 | $— | $1,381,775 | 720,500 | $— |
$12,467 | $— | $17,839 | 15,480 | $— |
Value as of 10/31/2020 | Purchases at Cost* | Proceeds from Sales* | |
Health Care—continued | |||
Scynexis, Inc., Warrants 5/21/2024 | $— | $— | $— |
Scynexis, Inc., Warrants 6/12/2023 | $974,444 | $— | $— |
Scynexis, Inc., Warrants 6/24/2021 | $33 | $— | $— |
Translate Bio, Inc. | $20,923,895 | $14,466,428 | $— |
Ultragenyx Pharmaceutical, Inc. | $145,363,200 | $— | $— |
UniQure N.V. | $55,550,820 | $10,594,465 | $— |
Industrials: | |||
Quest Resource Holding Corp. | $4,696,500 | $— | $(1,615,936) |
Information Technology: | |||
Allegro MicroSystems, Inc. | $8,235,000 | $30,300,000 | $— |
Camtek Ltd. | $39,337,200 | $5,950,000 | $(2,241,385) |
Grid Dynamics Holdings, Inc | $21,407,880 | $— | $(426,848) |
International Money Express, Inc. | $38,948,000 | $— | $(626,629) |
Magnachip Semiconductor Corp. | $40,516,979 | $— | $(2,988,109) |
Seeing Machines Ltd. | $22,611,478 | $— | $— |
ShotSpotter, Inc. | $29,016,900 | $4,452,428 | $— |
Materials: | |||
Danimer Scientific LLC | $— | $10,000,000 | $— |
Affiliated Issuers no longer in the portfolio at period end | $12,324,500 | $2,000,000 | $(14,042,439) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $921,305,620 | $322,002,443 | $(25,238,373) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss)* | Value as of 4/30/2021 | Shares Held as of 4/30/2021 | Dividend Income* |
$2,635,157 | $— | $2,635,157 | 720,500 | $— |
$(15,222) | $— | $959,222 | 1,111,111 | $— |
$(33) | $— | $— | 10,944 | $— |
$22,166,066 | $— | $57,556,389 | 2,478,742 | $— |
$16,112,896 | $— | $161,476,096 | 1,446,400 | $— |
$(13,867,885) | $— | $52,277,400 | 1,620,000 | $— |
$4,225,089 | $739,509 | $8,045,162 | 2,111,591 | $— |
$(2,749,000) | $— | $35,786,000 | 1,450,000 | $— |
$41,505,177 | $1,162,769 | $85,713,761 | 2,516,552 | $— |
$18,047,873 | $130,702 | $39,159,607 | 2,717,530 | $— |
$5,144,800 | $86,629 | $43,552,800 | 2,760,000 | $— |
$32,084,110 | $1,415,420 | $71,028,400 | 2,840,000 | $— |
$34,420,984 | $— | $57,032,462 | 372,000,000 | $— |
$5,314,072 | $— | $38,783,400 | 1,110,000 | $— |
$15,550,000 | $— | $25,550,000 | 1,000,000 | $— |
$503,758 | $(785,819) | $— | — | $— |
$255,397,243 | $3,569,266 | $1,477,036,199 | 470,267,878 | $73,110 |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At April 30, 2021, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $172,535,373 | $1,462,347,998 | $1,634,883,371 |
Purchases at Cost | $1,169,587,542 | $2,225,420,340 | $3,395,007,882 |
Proceeds from Sales | $(1,197,129,353) | $(2,842,620,527) | $(4,039,749,880) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(470,113) | $(470,113) |
Net Realized Gain/(Loss) | N/A | $165,380 | $165,380 |
Value as of 4/30/2021 | $144,993,562 | $844,843,078 | $989,836,640 |
Shares Held as of 4/30/2021 | 144,993,562 | 844,674,143 | 989,667,705 |
Dividend Income | $16,689 | $670,355 | $687,044 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
4 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2021, these restricted securities amounted to $36,916,776, which represented 0.4% of total net assets. |
5 | 7-day net yield. |
6 | The cost of investments for federal tax purposes amounts to $6,869,029,342. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $7,715,504,137* | $3,658,690** | $65,249,003 | $7,784,411,830 |
International | 1,219,556,473 | 867,196,892 | 10,949,868 | 2,097,703,233 |
Debt Securities: | ||||
Corporate Bond | — | 2,507,650 | — | 2,507,650 |
Warrants | 2,562,497 | 23,111,482 | — | 25,673,979 |
Investment Companies | 989,836,640 | — | — | 989,836,640 |
TOTAL SECURITIES | $9,927,459,747 | $896,474,714 | $76,198,871 | $10,900,133,332 |
* | Includes $31,115,525 transferred from Level 3 to Level 1 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
** | Includes $3,483,696 transferred from Level 3 to Level 2 because fair values were determined using valuation techniques utilizing observable market data. This transfer represents the value of the security at the beginning of the period. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $49.86 | $40.09 | $36.01 | $32.58 | $23.94 | $25.38 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.28) | (0.29) | 0.01 | (0.13) | (0.27) | (0.17) |
Net realized and unrealized gain (loss) | 16.41 | 10.16 | 6.14 | 5.65 | 9.10 | 0.76 |
Total From Investment Operations | 16.13 | 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) | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Total Distributions | (0.08) | (0.10) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $65.91 | $49.86 | $40.09 | $36.01 | $32.58 | $23.94 |
Total Return2 | 32.36% | 24.64% | 17.96% | 18.10% | 37.12% | 2.27% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.35%4 | 1.35% | 1.36% | 1.35% | 1.85% | 1.95%5 |
Net investment income (loss) | (0.89)%4 | (0.64)% | 0.03% | (0.37)% | (0.95)% | (0.73)% |
Expense waiver/reimbursement6 | 0.11%4 | 0.15% | 0.16% | 0.17% | 0.13% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,422,996 | $1,068,689 | $826,240 | $580,003 | $401,920 | $343,323 |
Portfolio turnover | 13% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.95% for the year ended October 31, 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $42.02 | $33.99 | $31.02 | $28.52 | $21.10 | $22.72 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.39) | (0.47) | (0.21) | (0.31) | (0.37) | (0.26) |
Net realized and unrealized gain (loss) | 13.81 | 8.58 | 5.25 | 4.90 | 7.98 | 0.67 |
Total From Investment Operations | 13.42 | 8.11 | 5.04 | 4.59 | 7.61 | 0.41 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $55.36 | $42.02 | $33.99 | $31.02 | $28.52 | $21.10 |
Total Return2 | 31.95% | 23.89% | 17.23% | 17.36% | 36.33% | 1.70% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.96%4 | 1.98% | 1.98% | 1.99% | 2.42% | 2.50%5 |
Net investment income (loss) | (1.49)%4 | (1.25)% | (0.62)% | (1.01)% | (1.52)% | (1.28)% |
Expense waiver/reimbursement6 | 0.02%4 | 0.04% | 0.04% | 0.07% | 0.12% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,429 | $14,313 | $15,488 | $16,445 | $17,420 | $14,987 |
Portfolio turnover | 13% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.50% 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $42.03 | $34.01 | $31.03 | $28.53 | $21.10 | $22.72 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.40) | (0.49) | (0.19) | (0.31) | (0.37) | (0.26) |
Net realized and unrealized gain (loss) | 13.83 | 8.59 | 5.24 | 4.90 | 7.99 | 0.67 |
Total From Investment Operations | 13.43 | 8.10 | 5.05 | 4.59 | 7.62 | 0.41 |
Less Distributions: | ||||||
Distributions from net realized gain | (0.08) | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $55.38 | $42.03 | $34.01 | $31.03 | $28.53 | $21.10 |
Total Return2 | 31.97% | 23.84% | 17.25% | 17.36% | 36.38% | 1.70% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.96%4 | 1.98% | 1.97% | 1.97% | 2.41% | 2.50%5 |
Net investment income (loss) | (1.50)%4 | (1.28)% | (0.57)% | (1.00)% | (1.50)% | (1.27)% |
Expense waiver/reimbursement6 | 0.02%4 | 0.04% | 0.05% | 0.07% | 0.08% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $411,028 | $289,794 | $204,247 | $117,888 | $151,959 | $144,340 |
Portfolio turnover | 13% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.50% 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $50.12 | $40.29 | $36.17 | $32.70 | $24.02 | $25.44 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.26) | (0.28) | 0.03 | (0.12) | (0.25) | (0.16) |
Net realized and unrealized gain (loss) | 16.49 | 10.22 | 6.16 | 5.68 | 9.12 | 0.77 |
Total From Investment Operations | 16.23 | 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) | (0.08) | (2.07) | (2.09) | (0.19) | (2.03) |
Total Distributions | (0.08) | (0.11) | (2.07) | (2.09) | (0.19) | (2.03) |
Net Asset Value, End of Period | $66.27 | $50.12 | $40.29 | $36.17 | $32.70 | $24.02 |
Total Return2 | 32.39% | 24.71% | 17.99% | 18.15% | 37.17% | 2.35% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.28%4 | 1.31% | 1.31% | 1.32% | 1.80% | 1.91%5 |
Net investment income (loss) | (0.82)%4 | (0.61)% | 0.08% | (0.33)% | (0.91)% | (0.68)% |
Expense waiver/reimbursement6 | 0.32%4 | 0.34% | 0.34% | 0.37% | 0.32% | 0.31% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $264,052 | $188,549 | $120,487 | $78,387 | $47,497 | $37,850 |
Portfolio turnover | 13% | 20% | 33% | 39% | 46% | 48% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.91% 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $50.90 | $40.86 | $36.50 | $32.85 | $24.03 | $24.05 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | (0.14) | (0.10) | 0.22 | 0.04 | (0.14) | (0.05) |
Net realized and unrealized gain (loss) | 16.76 | 10.37 | 6.21 | 5.70 | 9.15 | 0.03 |
Total From Investment Operations | 16.62 | 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) | (0.08) | (2.07) | (2.09) | (0.19) | — |
Total Distributions | (0.08) | (0.23) | (2.07) | (2.09) | (0.19) | — |
Net Asset Value, End of Period | $67.44 | $50.90 | $40.86 | $36.50 | $32.85 | $24.03 |
Total Return3 | 32.66% | 25.20% | 18.51% | 18.65% | 37.74% | (0.08)% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.89%5 | 0.89% | 0.90% | 0.89% | 1.35% | 1.50%5 |
Net investment income (loss) | (0.44)%5 | (0.21)% | 0.56% | 0.11% | (0.50)% | (0.26)%5 |
Expense waiver/reimbursement6 | 0.08%5 | 0.12% | 0.12% | 0.12% | 0.10% | 0.10%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,861,089 | $5,114,974 | $2,339,131 | $735,235 | $215,907 | $81,269 |
Portfolio turnover | 13% | 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. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20171 | |||
2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $50.51 | $40.51 | $36.20 | $32.60 | $30.50 |
Income From Investment Operations: | |||||
Net investment income (loss)2 | (0.14) | (0.10) | 0.25 | 0.06 | (0.01) |
Net realized and unrealized gain (loss) | 16.63 | 10.30 | 6.13 | 5.63 | 2.11 |
Total From Investment Operations | 16.49 | 10.20 | 6.38 | 5.69 | 2.10 |
Less Distributions: | |||||
Distributions from net investment income | — | (0.12) | — | — | — |
Distributions from net realized gain | (0.08) | (0.08) | (2.07) | (2.09) | — |
Total Distributions | (0.08) | (0.20) | (2.07) | (2.09) | — |
Net Asset Value, End of Period | $66.92 | $50.51 | $40.51 | $36.20 | $32.60 |
Total Return3 | 32.66% | 25.24% | 18.53% | 18.64% | 6.89% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.88%5 | 0.88% | 0.88% | 0.88% | 0.88%5 |
Net investment income (loss) | (0.45)%5 | (0.21)% | 0.63% | 0.16% | (0.11)%5 |
Expense waiver/reimbursement6 | 0.02%5 | 0.04% | 0.04% | 0.07% | 0.12%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,091,131 | $651,978 | $195,775 | $29,623 | $58 |
Portfolio turnover | 13% | 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 $829,416,758 of securities loaned and $989,836,640 of investment in affiliated holdings and $1,477,036,199 of investment in affiliated companies* (identified cost $6,869,029,342) | $10,900,133,332 |
Cash denominated in foreign currencies (identified cost $115,351) | 115,567 |
Income receivable | 329,520 |
Income receivable from affiliated holdings | 4,055 |
Receivable for investments sold | 58,020,446 |
Receivable for shares sold | 7,759,567 |
Total Assets | 10,966,362,487 |
Liabilities: | |
Payable for investments purchased | 14,759,012 |
Payable for shares redeemed | 14,475,922 |
Bank overdraft | 8,455,697 |
Payable for collateral due to broker for securities lending | 860,327,920 |
Payable to adviser (Note 5) | 217,838 |
Payable for administrative fee (Note 5) | 21,872 |
Payable for distribution services fee (Note 5) | 536,316 |
Payable for other service fees (Notes 2 and 5) | 693,074 |
Accrued expenses (Note 5) | 150,355 |
Total Liabilities | 899,638,006 |
Net assets for 151,337,651 shares outstanding | $10,066,724,481 |
Net Assets Consist of: | |
Paid-in capital | $5,793,769,013 |
Total distributable earnings (loss) | 4,272,955,468 |
Total Net Assets | $10,066,724,481 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($1,422,995,612 ÷ 21,591,327 shares outstanding), no par value, unlimited shares authorized | $65.91 |
Offering price per share (100/94.50 of $65.91) | $69.75 |
Redemption proceeds per share | $65.91 |
Class B Shares: | |
Net asset value per share ($16,429,149 ÷ 296,765 shares outstanding), no par value, unlimited shares authorized | $55.36 |
Offering price per share | $55.36 |
Redemption proceeds per share (94.50/100 of $55.36) | $52.32 |
Class C Shares: | |
Net asset value per share ($411,027,517 ÷ 7,421,309 shares outstanding), no par value, unlimited shares authorized | $55.38 |
Offering price per share | $55.38 |
Redemption proceeds per share (99.00/100 of $55.38) | $54.83 |
Class R Shares: | |
Net asset value per share ($264,052,180 ÷ 3,984,242 shares outstanding), no par value, unlimited shares authorized | $66.27 |
Offering price per share | $66.27 |
Redemption proceeds per share | $66.27 |
Institutional Shares: | |
Net asset value per share ($6,861,088,585 ÷ 101,738,841 shares outstanding), no par value, unlimited shares authorized | $67.44 |
Offering price per share | $67.44 |
Redemption proceeds per share | $67.44 |
Class R6 Shares: | |
Net asset value per share ($1,091,131,438 ÷ 16,305,167 shares outstanding), no par value, unlimited shares authorized | $66.92 |
Offering price per share | $66.92 |
Redemption proceeds per share | $66.92 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $345,111 received from affiliated companies and holdings* and net of foreign taxes withheld of $78,429) | $19,878,908 |
Net income on securities loaned (includes $415,043 received from affiliated holdings* related to cash collateral balances) (Note 2) | 2,575,726 |
Interest | 121,038 |
TOTAL INCOME | 22,575,672 |
Expenses: | |
Investment adviser fee (Note 5) | 39,509,954 |
Administrative fee (Note 5) | 3,859,775 |
Custodian fees | 177,751 |
Transfer agent fees (Note 2) | 3,890,145 |
Directors’/Trustees’ fees (Note 5) | 21,088 |
Auditing fees | 20,623 |
Legal fees | 5,243 |
Portfolio accounting fees | 111,213 |
Distribution services fee (Note 5) | 3,854,506 |
Other service fees (Notes 2 and 5) | 2,215,241 |
Share registration costs | 201,452 |
Printing and postage | 128,524 |
Miscellaneous (Note 5) | 28,984 |
TOTAL EXPENSES | 54,024,499 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (839,727) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (3,263,021) |
TOTAL WAIVERS AND REIMBURSEMENTS | (4,102,748) |
Net expenses | 49,921,751 |
Net investment loss | (27,346,079) |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Foreign Exchange Contracts: | |
Net realized gain on investments (including net realized gain of $3,734,646 on sales of investments in affiliated companies and holdings*) | $282,495,200 |
Net realized loss on foreign currency transactions | (60,253) |
Net realized loss on foreign exchange contracts | (9,698) |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $254,927,130 on investments in affiliated companies and holdings*) | 2,210,651,100 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 27,068 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions and foreign exchange contracts | 2,493,103,417 |
Change in net assets resulting from operations | $2,465,757,338 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(27,346,079) | $(18,957,030) |
Net realized gain (loss) | 282,425,249 | 24,400,954 |
Net change in unrealized appreciation/depreciation | 2,210,678,168 | 1,179,942,081 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,465,757,338 | 1,185,386,005 |
Distributions to Shareholders: | ||
Class A Shares | (1,653,079) | (1,921,096) |
Class B Shares | (25,352) | (33,450) |
Class C Shares | (540,247) | (459,834) |
Class R Shares | (292,074) | (328,807) |
Institutional Shares | (8,076,795) | (13,697,681) |
Class R6 Shares | (1,083,308) | (1,163,761) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,670,855) | (17,604,629) |
Share Transactions: | ||
Proceeds from sale of shares | 2,520,823,107 | 4,225,873,475 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,048,509 | 16,764,824 |
Cost of shares redeemed | (2,247,531,043) | (1,783,489,845) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 284,340,573 | 2,459,148,454 |
Change in net assets | 2,738,427,056 | 3,626,929,830 |
Net Assets: | ||
Beginning of period | 7,328,297,425 | 3,701,367,595 |
End of period | $10,066,724,481 | $7,328,297,425 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $519,032 | $(315,534) |
Class B Shares | 7,487 | — |
Class C Shares | 161,848 | — |
Class R Shares | 251,329 | — |
Institutional Shares | 2,904,204 | (2,228,780) |
Class R6 Shares | 46,245 | — |
TOTAL | $3,890,145 | $(2,544,314) |
Other Service Fees Incurred | |
Class A Shares | $1,709,701 |
Class B Shares | 20,878 |
Class C Shares | 484,662 |
TOTAL | $2,215,241 |
Market Value of Securities Loaned | Collateral Received |
$829,416,758 | $860,327,920 |
Security | Acquisition Date | Cost | Value |
Adagio Therapeutics, Inc. | 4/16/2021 | $10,004,977 | $10,004,977 |
Fisker, Inc. | 10/29/2020 | $11,700,000 | $18,368,000 |
Graphite Bio, Inc. | 3/11/2021 | $4,999,999 | $4,999,999 |
Immatics N.V. | 6/30/2020 | $2,900,000 | $3,543,800 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Foreign Exchange Contracts | |
Foreign exchange contracts | $(9,698) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,841,703 | $181,107,583 | 7,111,333 | $317,394,833 |
Shares issued to shareholders in payment of distributions declared | 26,595 | 1,569,381 | 43,337 | 1,833,335 |
Shares redeemed | (2,711,663) | (172,821,870) | (6,330,060) | (272,874,388) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 156,635 | $9,855,094 | 824,610 | $46,353,780 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,135 | $115,613 | 7,410 | $275,745 |
Shares issued to shareholders in payment of distributions declared | 503 | 24,990 | 924 | 32,912 |
Shares redeemed | (46,523) | (2,439,137) | (123,290) | (4,548,639) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (43,885) | $(2,298,534) | (114,956) | $(4,239,982) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,426,056 | $76,765,317 | 2,712,145 | $102,512,707 |
Shares issued to shareholders in payment of distributions declared | 10,600 | 526,955 | 12,425 | 442,704 |
Shares redeemed | (909,538) | (49,224,350) | (1,836,039) | (67,850,294) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 527,118 | $28,067,922 | 888,531 | $35,105,117 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 957,493 | $61,489,557 | 1,687,248 | $76,320,016 |
Shares issued to shareholders in payment of distributions declared | 4,919 | 291,805 | 7,619 | 325,306 |
Shares redeemed | (740,355) | (47,439,792) | (922,867) | (39,931,892) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 222,057 | $14,341,570 | 772,000 | $36,713,430 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 27,394,933 | $1,767,481,115 | 72,827,049 | $3,263,513,645 |
Shares issued to shareholders in payment of distributions declared | 127,148 | 7,663,239 | 297,030 | 13,010,261 |
Shares redeemed | (26,273,892) | (1,755,726,683) | (29,886,031) | (1,296,657,632) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,248,189 | $19,417,671 | 43,238,048 | $1,979,866,274 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,732,934 | $433,863,922 | 10,298,681 | $465,856,529 |
Shares issued to shareholders in payment of distributions declared | 16,254 | 972,139 | 25,829 | 1,120,306 |
Shares redeemed | (3,352,960) | (219,879,211) | (2,248,452) | (101,627,000) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 3,396,228 | $214,956,850 | 8,076,058 | $365,349,835 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 5,506,342 | $284,340,573 | 53,684,291 | $2,459,148,454 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $1,710,062 | $(342,012) |
Class B Shares | 62,634 | — |
Class C Shares | 1,453,986 | — |
Class R Shares | 627,824 | (376,695) |
TOTAL | $3,854,506 | $(718,707) |
Purchases | $1,908,764,307 |
Sales | $1,208,076,906 |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,323.60 | $7.78 |
Class B Shares | $1,000 | $1,319.50 | $11.27 |
Class C Shares | $1,000 | $1,319.70 | $11.27 |
Class R Shares | $1,000 | $1,323.90 | $7.38 |
Institutional Shares | $1,000 | $1,326.60 | $5.13 |
Class R6 Shares | $1,000 | $1,326.60 | $5.08 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.10 | $6.76 |
Class B Shares | $1,000 | $1,015.08 | $9.79 |
Class C Shares | $1,000 | $1,015.08 | $9.79 |
Class R Shares | $1,000 | $1,018.45 | $6.41 |
Institutional Shares | $1,000 | $1,020.38 | $4.46 |
Class R6 Shares | $1,000 | $1,020.43 | $4.41 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class B Shares | 1.96% |
Class C Shares | 1.96% |
Class R Shares | 1.28% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172628
CUSIP 314172610
CUSIP 314172537
CUSIP 31421N402
CUSIP 31421N683
Share Class | Ticker | A | FGSAX | C | FGSCX | Institutional | FGSIX | R6 | FGSKX |
Federated Hermes MDT Mid Cap Growth Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Information Technology | 36.4% |
Health Care | 22.7% |
Industrials | 11.0% |
Consumer Discretionary | 10.8% |
Communication Services | 6.7% |
Financials | 4.6% |
Materials | 3.0% |
Consumer Staples | 2.3% |
Real Estate | 0.5% |
Cash Equivalents2 | 2.0% |
Other Assets and Liabilities—Net3,4 | 0.0% |
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 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Represents less than 0.1%. |
Shares | Value | ||
COMMON STOCKS— 98.0% | |||
Communication Services— 6.7% | |||
165,661 | 1 | Altice USA, Inc. | $6,015,151 |
11,004 | 1 | AMC Networks, Inc. | 553,281 |
1,603 | 1 | IAC/InterActiveCorp. | 406,312 |
10,384 | 1 | Match Group, Inc. | 1,616,062 |
11,270 | Nexstar Media Group, Inc., Class A | 1,661,311 | |
117,533 | 1 | Pinterest, Inc. | 7,800,665 |
26,000 | 1 | Roku, Inc. | 8,917,220 |
2,695 | 1 | Spotify Technology SA | 679,463 |
70,337 | 1 | Take-Two Interactive Software, Inc. | 12,335,703 |
59,018 | 1 | Zynga, Inc. | 638,575 |
TOTAL | 40,623,743 | ||
Consumer Discretionary— 10.8% | |||
4,639 | 1 | AutoZone, Inc. | 6,792,053 |
6,630 | Best Buy Co., Inc. | 770,870 | |
5,653 | 1 | Chegg, Inc. | 510,636 |
5,773 | 1 | Chipotle Mexican Grill, Inc. | 8,613,489 |
14,093 | Domino’s Pizza, Inc. | 5,952,038 | |
50,840 | 1 | Etsy, Inc. | 10,106,484 |
30,642 | 1 | Five Below, Inc. | 6,167,315 |
49,802 | 1 | Floor & Decor Holdings, Inc. | 5,524,038 |
17,263 | 1 | O’Reilly Automotive, Inc. | 9,544,367 |
15,274 | 1 | Peloton Interactive, Inc. | 1,502,198 |
93,696 | Tempur Sealy International, Inc. | 3,573,565 | |
21,541 | The Wendy’s Co. | 486,180 | |
12,779 | Tractor Supply Co. | 2,410,119 | |
4,718 | 1 | Wayfair, Inc. | 1,394,499 |
16,790 | Williams-Sonoma, Inc. | 2,866,893 | |
TOTAL | 66,214,744 | ||
Consumer Staples— 2.3% | |||
9,608 | Albertsons Cos., Inc. | 178,421 | |
44,448 | Energizer Holdings, Inc. | 2,191,286 | |
6,930 | 1 | Herbalife Ltd. | 317,186 |
46,854 | Hershey Foods Corp. | 7,698,112 | |
150,862 | 1 | Sprouts Farmers Market, Inc. | 3,863,576 |
TOTAL | 14,248,581 | ||
Financials— 4.6% | |||
35,294 | MSCI, Inc., Class A | 17,144,766 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
103,795 | Tradeweb Markets, Inc. | $8,436,458 | |
83,743 | Virtu Financial, Inc. | 2,481,305 | |
TOTAL | 28,062,529 | ||
Health Care— 22.7% | |||
1,393 | Agilent Technologies, Inc. | 186,161 | |
13,125 | 1 | Align Technology, Inc. | 7,816,331 |
2,217 | 1 | Alnylam Pharmaceuticals, Inc. | 311,799 |
10,621 | AmerisourceBergen Corp. | 1,283,017 | |
246,129 | 1 | Avantor, Inc. | 7,885,973 |
4,700 | Bio-Techne Corp. | 2,009,203 | |
5,874 | Bruker Corp. | 402,486 | |
83,183 | Cardinal Health, Inc. | 5,019,262 | |
94,349 | Cerner Corp. | 7,080,892 | |
23,529 | 1 | Davita, Inc. | 2,741,834 |
39,841 | 1 | Haemonetics Corp. | 2,679,706 |
63,368 | 1 | Hologic, Inc. | 4,153,772 |
43,267 | 1 | Horizon Therapeutics PLC | 4,093,924 |
17,506 | 1 | IDEXX Laboratories, Inc. | 9,610,619 |
44,980 | 1 | IQVIA Holdings, Inc. | 10,556,356 |
24,913 | 1 | Jazz Pharmaceuticals PLC | 4,095,697 |
23,850 | 1 | Masimo Corp. | 5,549,180 |
72,309 | McKesson Corp. | 13,562,276 | |
4,452 | 1 | Mettler-Toledo International, Inc. | 5,846,901 |
56,540 | 1 | Moderna, Inc. | 10,110,483 |
15,499 | 1 | Molina Healthcare, Inc. | 3,953,795 |
53,119 | 1 | Neurocrine Biosciences, Inc. | 5,019,214 |
5,920 | 1 | Novocure Ltd. | 1,208,272 |
15,093 | PerkinElmer, Inc. | 1,956,506 | |
6,528 | 1 | Quidel Corp. | 684,069 |
12,862 | 1 | Repligen Corp. | 2,723,014 |
12,905 | ResMed, Inc. | 2,425,753 | |
6,499 | 1 | SAGE Therapeutics, Inc. | 511,861 |
54,528 | 1 | Veeva Systems, Inc. | 15,401,434 |
TOTAL | 138,879,790 | ||
Industrials— 11.0% | |||
30,051 | Allegion PLC | 4,038,253 | |
38,361 | Allison Transmission Holdings, Inc. | 1,590,831 | |
27,360 | 1 | Azek Co., Inc. | 1,320,941 |
3,867 | C.H. Robinson Worldwide, Inc. | 375,408 | |
8,452 | 1 | CACI International, Inc., Class A | 2,154,077 |
234,288 | Carrier Global Corp. | 10,210,271 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
2,073 | Cintas Corp. | $715,475 | |
3,247 | 1 | CoStar Group, Inc. | 2,774,334 |
22,922 | 1 | Generac Holdings, Inc. | 7,425,582 |
22,486 | Graco, Inc. | 1,726,925 | |
35,506 | Huntington Ingalls Industries, Inc. | 7,538,634 | |
112,274 | 1 | IAA Spinco, Inc. | 7,051,930 |
14,553 | Landstar System, Inc. | 2,507,191 | |
50,156 | Nielsen Holdings PLC | 1,286,501 | |
12,381 | Old Dominion Freight Lines, Inc. | 3,191,946 | |
35,233 | Pitney Bowes, Inc. | 263,190 | |
107,189 | 1 | R.R. Donnelley & Sons Co. | 464,128 |
8,618 | Rockwell Automation, Inc. | 2,277,393 | |
317 | 1 | Transdigm Group, Inc. | 194,556 |
42,250 | TransUnion | 4,418,927 | |
4,343 | 1 | Trex Co., Inc. | 469,001 |
35,773 | 1 | XPO Logistics, Inc. | 4,976,740 |
TOTAL | 66,972,234 | ||
Information Technology— 36.4% | |||
8,280 | 1 | Advanced Micro Devices, Inc. | 675,814 |
12,311 | Alliance Data Systems Corp. | 1,450,851 | |
35,871 | 1 | Arista Networks, Inc. | 11,305,463 |
4,225 | 1 | Aspen Technology, Inc. | 552,799 |
15,155 | Broadridge Financial Solutions | 2,404,038 | |
61,005 | 1 | Cadence Design Systems, Inc. | 8,038,629 |
32,482 | Citrix Systems, Inc. | 4,022,896 | |
44,360 | Cognex Corp. | 3,820,283 | |
48,182 | 1 | Crowdstrike Holdings, Inc. | 10,046,429 |
17,168 | 1 | DocuSign, Inc. | 3,827,434 |
220,617 | 1 | Dropbox, Inc. | 5,669,857 |
136,569 | 1 | Dynatrace Holdings LLC | 7,107,051 |
53,733 | 1 | Elastic N.V. | 6,481,274 |
22,127 | 1 | EPAM Systems, Inc. | 10,128,634 |
2,065 | 1 | Fair Isaac & Co., Inc. | 1,076,712 |
9,111 | 1 | Five9, Inc. | 1,712,595 |
3,571 | 1 | FleetCor Technologies, Inc. | 1,027,448 |
93,991 | 1 | Fortinet, Inc. | 19,195,782 |
22,151 | 1 | Gartner, Inc., Class A | 4,338,938 |
5,959 | 1 | Globant SA | 1,365,684 |
53,834 | 1 | GoDaddy, Inc. | 4,673,868 |
35,926 | 1 | HubSpot, Inc. | 18,913,243 |
13,576 | 1 | IPG Photonics Corp. | 2,947,485 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
61,215 | Jabil, Inc. | $3,208,890 | |
14,513 | 1 | Jamf Holding Corp. | 530,015 |
29,397 | KLA Corp. | 9,270,344 | |
25,683 | Microchip Technology, Inc. | 3,859,898 | |
2,001 | MKS Instruments, Inc. | 358,399 | |
16,109 | Monolithic Power Systems | 5,821,470 | |
11,265 | NetApp, Inc. | 841,383 | |
33,534 | 1 | Nutanix, Inc. | 906,759 |
30,374 | 1 | Okta, Inc. | 8,191,868 |
38,822 | 1 | Palo Alto Networks, Inc. | 13,719,307 |
7,404 | Paychex, Inc. | 721,816 | |
13,170 | 1 | Paycom Software, Inc. | 5,062,680 |
34,979 | 1 | Paylocity Corp. | 6,759,342 |
2,163 | 1 | PTC, Inc. | 283,223 |
39,624 | 1 | Pure Storage, Inc. | 801,197 |
14,046 | 1 | Smartsheet, Inc. | 832,928 |
26,429 | SS&C Technologies Holdings, Inc. | 1,961,560 | |
16,967 | 1 | Synopsys, Inc. | 4,191,867 |
20,622 | 1 | Teradata Corp. | 1,020,170 |
9,035 | Teradyne, Inc. | 1,130,098 | |
9,162 | 1 | Trade Desk, Inc./The | 6,681,938 |
13,264 | Universal Display Corp. | 2,967,024 | |
381,457 | Western Union Co. | 9,826,332 | |
15,692 | 1 | Zscaler, Inc. | 2,944,447 |
TOTAL | 222,676,162 | ||
Materials— 3.0% | |||
85,265 | 1 | Axalta Coating Systems Ltd. | 2,719,101 |
132,252 | 1 | Berry Global Group, Inc. | 8,413,872 |
74,362 | RPM International, Inc. | 7,052,492 | |
TOTAL | 18,185,465 | ||
Real Estate— 0.5% | |||
22,298 | Extra Space Storage, Inc. | 3,315,490 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $465,558,899) | 599,178,738 | ||
INVESTMENT COMPANY— 2.0% | |||
11,935,748 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%2 (IDENTIFIED COST $11,937,504) | 11,937,504 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $477,496,403)3 | 611,116,242 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%4 | 223,394 | ||
TOTAL NET ASSETS—100% | $611,339,636 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $236,922 | $7,589,529 | $7,826,451 |
Purchases at Cost | $4,843,837 | $49,938,738 | $54,782,575 |
Proceeds from Sales | $(5,080,759) | $(45,588,724) | $(50,669,483) |
Change in Unrealized Appreciation/ Depreciation | N/A | $155 | $155 |
Net Realized Gain/(Loss) | N/A | $(2,194) | $(2,194) |
Value as of 4/30/2021 | $— | $11,937,504 | $11,937,504 |
Shares Held as of 4/30/2021 | — | 11,935,748 | 11,935,748 |
Dividend Income | $44 | $4,106 | $4,150 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | The cost of investments for federal tax purposes amounts to $477,496,403. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $44.93 | $41.20 | $41.35 | $43.07 | $33.37 | $42.50 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.18) | (0.19) | (0.07) | (0.14) | (0.04) | 0.05 |
Net realized and unrealized gain (loss) | 11.82 | 7.14 | 4.77 | 3.92 | 10.06 | (0.77) |
Total From Investment Operations | 11.64 | 6.95 | 4.70 | 3.78 | 10.02 | (0.72) |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | (0.02) | — |
Distributions from net realized gain | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Total Distributions | (3.53) | (3.22) | (4.85) | (5.50) | (0.32) | (8.41) |
Net Asset Value, End of Period | $53.04 | $44.93 | $41.20 | $41.35 | $43.07 | $33.37 |
Total Return2 | 26.78% | 18.07% | 13.40% | 9.43% | 30.20% | (2.07)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.13%4 | 1.14% | 1.14% | 1.22% | 1.22% | 1.22% |
Net investment income (loss) | (0.73)%4 | (0.46)% | (0.18)% | (0.33)% | (0.10)% | 0.16% |
Expense waiver/reimbursement5 | 0.09%4 | 0.11% | 0.11% | 0.06% | 0.10% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $322,172 | $266,252 | $257,818 | $238,586 | $236,955 | $206,210 |
Portfolio turnover | 73% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $28.09 | $27.12 | $29.12 | $32.11 | $25.12 | $34.27 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.23) | (0.31) | (0.25) | (0.33) | (0.25) | (0.15) |
Net realized and unrealized gain (loss) | 7.23 | 4.50 | 3.10 | 2.84 | 7.54 | (0.59) |
Total From Investment Operations | 7.00 | 4.19 | 2.85 | 2.51 | 7.29 | (0.74) |
Less Distributions: | ||||||
Distributions from net realized gain | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Net Asset Value, End of Period | $31.56 | $28.09 | $27.12 | $29.12 | $32.11 | $25.12 |
Total Return2 | 26.27% | 17.17% | 12.54% | 8.58% | 29.25% | (2.78)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.92%4 | 1.93% | 1.88% | 1.97% | 1.97% | 1.97% |
Net investment income (loss) | (1.51)%4 | (1.23)% | (0.94)% | (1.09)% | (0.85)% | (0.60)% |
Expense waiver/reimbursement5 | 0.09%4 | 0.12% | 0.16% | 0.08% | 0.12% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,703 | $13,309 | $15,460 | $10,619 | $10,613 | $9,188 |
Portfolio turnover | 73% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $46.74 | $42.60 | $42.48 | $44.01 | $34.09 | $43.14 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.12) | (0.06) | 0.04 | (0.05) | 0.07 | 0.14 |
Net realized and unrealized gain (loss) | 12.32 | 7.42 | 4.93 | 4.02 | 10.25 | (0.78) |
Total From Investment Operations | 12.20 | 7.36 | 4.97 | 3.97 | 10.32 | (0.64) |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | (0.10) | — |
Distributions from net realized gain | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Total Distributions | (3.53) | (3.22) | (4.85) | (5.50) | (0.40) | (8.41) |
Net Asset Value, End of Period | $55.41 | $46.74 | $42.60 | $42.48 | $44.01 | $34.09 |
Total Return2 | 26.95% | 18.46% | 13.71% | 9.69% | 30.52% | (1.81)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.84%4 | 0.84% | 0.84% | 0.95% | 0.97% | 0.97% |
Net investment income (loss) | (0.44)%4 | (0.13)% | 0.10% | (0.12)% | 0.19% | 0.41% |
Expense waiver/reimbursement5 | 0.16%4 | 0.19% | 0.21% | 0.07% | 0.11% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $231,609 | $188,839 | $246,222 | $177,959 | $24,559 | $40,057 |
Portfolio turnover | 73% | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $41.99 | $38.59 | $38.95 | $40.80 | $31.53 | $40.74 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.05) | 0.01 | (0.03) | 0.04 | (0.07) |
Net realized and unrealized gain (loss) | 11.03 | 6.67 | 4.48 | 3.68 | 9.53 | (0.73) |
Total From Investment Operations | 10.93 | 6.62 | 4.49 | 3.65 | 9.57 | (0.80) |
Less Distributions: | ||||||
Distributions from net realized gain | (3.53) | (3.22) | (4.85) | (5.50) | (0.30) | (8.41) |
Net Asset Value, End of Period | $49.39 | $41.99 | $38.59 | $38.95 | $40.80 | $31.53 |
Total Return2 | 26.97% | 18.46% | 13.72% | 9.67% | 30.54% | (2.42)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.83%4 | 0.83% | 0.83% | 0.95% | 0.96% | 1.61% |
Net investment income (loss) | (0.44)%4 | (0.14)% | 0.03% | (0.08)% | 0.12% | (0.22)% |
Expense waiver/reimbursement5 | 0.09%4 | 0.11% | 0.11% | 0.02% | 0.04% | 0.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $41,857 | $31,388 | $31,590 | $6,576 | $37,815 | $1,529 |
Portfolio turnover | 73% | 227% | 179% | 171% | 109% | 115% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at value including $11,937,504 of investments in an affiliated holding* (identified cost $477,496,403) | $611,116,242 |
Income receivable | 43,878 |
Income receivable from an affiliated holding | 453 |
Receivable for investments sold | 6,198,182 |
Receivable for shares sold | 465,280 |
Total Assets | 617,824,035 |
Liabilities: | |
Payable for investments purchased | 5,979,865 |
Payable for shares redeemed | 230,108 |
Payable for investment adviser fee (Note 5) | 11,287 |
Payable for administrative fee (Note 5) | 1,326 |
Payable for distribution services fee (Note 5) | 9,421 |
Payable for other service fees (Notes 2 and 5) | 148,204 |
Accrued expenses (Note 5) | 104,188 |
Total Liabilities | 6,484,399 |
Net assets for 11,599,165 shares outstanding | $611,339,636 |
Net Assets Consist of: | |
Paid-in capital | $407,499,238 |
Total distributable earnings (loss) | 203,840,398 |
Total Net Assets | $611,339,636 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($322,171,531 ÷ 6,073,886 shares outstanding), no par value, unlimited shares authorized | $53.04 |
Offering price per share (100/94.50 of $53.04) | $56.13 |
Redemption proceeds per share | $53.04 |
Class C Shares: | |
Net asset value per share ($15,702,537 ÷ 497,484 shares outstanding), no par value, unlimited shares authorized | $31.56 |
Offering price per share | $31.56 |
Redemption proceeds per share (99.00/100 of $31.56) | $31.24 |
Institutional Shares: | |
Net asset value per share ($231,608,556 ÷ 4,180,268 shares outstanding), no par value, unlimited shares authorized | $55.41 |
Offering price per share | $55.41 |
Redemption proceeds per share | $55.41 |
Class R6 Shares: | |
Net asset value per share ($41,857,012 ÷ 847,527 shares outstanding), no par value, unlimited shares authorized | $49.39 |
Offering price per share | $49.39 |
Redemption proceeds per share | $49.39 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $4,106 received from an affiliated holding*) | $1,166,862 |
Net income on securities loaned (includes $44 received from affiliated holdings* related to cash collateral balances) (Note 2) | 2,232 |
TOTAL INCOME | 1,169,094 |
Expenses: | |
Investment adviser fee (Note 5) | 2,168,693 |
Administrative fee (Note 5) | 226,456 |
Custodian fees | 29,208 |
Transfer agent fees (Note 2) | 252,862 |
Directors’/Trustees’ fees (Note 5) | 1,761 |
Auditing fees | 13,200 |
Legal fees | 5,243 |
Portfolio accounting fees | 68,505 |
Distribution services fee (Note 5) | 56,327 |
Other service fees (Notes 2 and 5) | 399,057 |
Share registration costs | 40,600 |
Printing and postage | 21,662 |
Miscellaneous (Note 5) | 14,020 |
TOTAL EXPENSES | 3,297,594 |
Reimbursement: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (256,219) |
Reimbursement of other operating expenses (Notes 2 and 5) | (77,510) |
TOTAL REIMBURSEMENT | (333,729) |
Net expenses | 2,963,865 |
Net investment loss | (1,794,771) |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments (including net realized loss of $(2,194) on sales of investments in an affiliated holding*) | 79,390,664 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $155 on investments in an affiliated holding*) | 55,610,036 |
Net realized and unrealized gain (loss) on investments | 135,000,700 |
Change in net assets resulting from operations | $133,205,929 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(1,794,771) | $(1,638,100) |
Net realized gain (loss) | 79,390,664 | 36,640,061 |
Net change in unrealized appreciation/depreciation | 55,610,036 | 44,742,339 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 133,205,929 | 79,744,300 |
Distributions to Shareholders: | ||
Class A Shares | (20,893,171) | (19,681,770) |
Class C Shares | (1,648,136) | (1,770,911) |
Institutional Shares | (14,320,888) | (18,251,317) |
Class R6 Shares | (2,636,767) | (2,684,427) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (39,498,962) | (42,388,425) |
Share Transactions: | ||
Proceeds from sale of shares | 52,570,007 | 84,955,913 |
Net asset value of shares issued to shareholders in payment of distributions declared | 34,268,768 | 37,599,957 |
Cost of shares redeemed | (68,993,711) | (211,214,467) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 17,845,064 | (88,658,597) |
Change in net assets | 111,552,031 | (51,302,722) |
Net Assets: | ||
Beginning of period | 499,787,605 | 551,090,327 |
End of period | $611,339,636 | $499,787,605 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $120,005 | $— |
Class C Shares | 8,420 | — |
Institutional Shares | 119,076 | (77,510) |
Class R6 Shares | 5,361 | — |
TOTAL | $252,862 | $(77,510) |
Other Service Fees Incurred | |
Class A Shares | $380,281 |
Class C Shares | 18,776 |
TOTAL | $399,057 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 224,900 | $11,173,865 | 305,538 | $12,123,319 |
Shares issued to shareholders in payment of distributions declared | 391,700 | 18,723,268 | 452,310 | 17,631,062 |
Shares redeemed | (468,116) | (23,571,826) | (1,090,828) | (43,664,616) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 148,484 | $6,325,307 | (332,980) | $(13,910,235) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 29,338 | $882,864 | 61,317 | $1,514,960 |
Shares issued to shareholders in payment of distributions declared | 52,107 | 1,486,605 | 65,613 | 1,610,780 |
Shares redeemed | (57,731) | (1,745,505) | (223,148) | (5,554,957) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 23,714 | $623,964 | (96,218) | $(2,429,217) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 605,946 | $31,820,812 | 1,452,412 | $57,400,016 |
Shares issued to shareholders in payment of distributions declared | 253,604 | 12,647,222 | 413,257 | 16,712,098 |
Shares redeemed | (719,904) | (38,083,389) | (3,604,668) | (144,236,848) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 139,646 | $6,384,645 | (1,738,999) | $(70,124,734) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 187,234 | $8,692,466 | 368,236 | $13,917,618 |
Shares issued to shareholders in payment of distributions declared | 31,758 | 1,411,673 | 45,307 | 1,646,017 |
Shares redeemed | (118,952) | (5,592,991) | (484,606) | (17,758,046) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 100,040 | $4,511,148 | (71,063) | $(2,194,411) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 411,884 | $17,845,064 | (2,239,260) | $(88,658,597) |
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 | $56,327 |
Purchases | $411,244,089 |
Sales | $437,556,258 |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,267.80 | $6.35 |
Class C Shares | $1,000 | $1,262.70 | $10.77 |
Institutional Shares | $1,000 | $1,269.50 | $4.73 |
Class R6 Shares | $1,000 | $1,269.70 | $4.67 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.19 | $5.66 |
Class C Shares | $1,000 | $1,015.27 | $9.59 |
Institutional Shares | $1,000 | $1,020.63 | $4.21 |
Class R6 Shares | $1,000 | $1,020.68 | $4.16 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.92% |
Institutional Shares | 0.84% |
Class R6 Shares | 0.83% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172305
CUSIP 314172198
CUSIP 314172529
Share Class | Ticker | A | SVAAX | C | SVACX | Institutional | SVAIX | R6 | SVALX |
Federated Hermes Strategic Value Dividend Fund
A Portfolio of Federated Hermes Equity Funds
Sector Composition | Percentage of Total Net Assets |
Utilities | 17.2% |
Consumer Staples | 16.7% |
Health Care | 15.7% |
Communication Services | 14.4% |
Energy | 14.4% |
Financials | 11.2% |
Information Technology | 6.4% |
Industrials | 1.9% |
Real Estate | 1.1% |
Cash Equivalents2 | 0.5% |
Other Assets and Liabilities—Net3 | 0.5% |
TOTAL | 100% |
Shares | Dividend Yield | Value in U.S. Dollars | ||
COMMON STOCKS—99.0% | ||||
Communication Services—14.4% | ||||
7,938,890 | AT&T, Inc. | 6.62% | $249,360,535 | |
5,564,710 | BCE, Inc. | 5.12 | 263,035,147 | |
4,648,572 | Verizon Communications, Inc. | 4.34 | 268,640,976 | |
160,860,959 | Vodafone Group PLC | 5.72 | 302,604,458 | |
TOTAL | 1,083,641,116 | |||
Consumer Staples—16.7% | ||||
6,512,929 | British American Tobacco PLC | 8.04 | 241,652,141 | |
1,749,550 | General Mills, Inc. | 3.11 | 106,477,613 | |
506,725 | Kimberly-Clark Corp. | 3.35 | 67,556,577 | |
1,003,122 | PepsiCo, Inc. | 3.42 | 144,610,067 | |
3,951,047 | Philip Morris International, Inc. | 2.98 | 375,349,465 | |
1,559,712 | The Coca-Cola Co. | 5.05 | 84,193,254 | |
3,909,086 | Unilever PLC | 3.51 | 229,206,244 | |
TOTAL | 1,249,045,361 | |||
Energy—14.4% | ||||
3,320,596 | Chevron Corp. | 5.20 | 342,253,830 | |
7,431,025 | Enbridge, Inc. | 5.99 | 286,624,818 | |
5,996,180 | Exxon Mobil Corp. | 6.08 | 343,221,343 | |
2,246,575 | TC Energy Corp. | 4.86 | 111,145,284 | |
TOTAL | 1,083,245,275 | |||
Financials—11.2% | ||||
2,518,850 | Canadian Imperial Bank of Commerce | 3.88 | 261,854,658 | |
9,604,235 | KeyCorp | 3.40 | 208,988,154 | |
498,299 | PNC Financial Services Group | 2.46 | 93,156,998 | |
3,117,103 | Regions Financial Corp. | 2.84 | 67,952,845 | |
924,600 | Truist Financial Corp. | 3.03 | 54,838,026 | |
1,355,191 | U.S. Bancorp | 2.83 | 80,430,586 | |
184,544 | Zurich Insurance Group AG | 4.54 | 75,734,283 | |
TOTAL | 842,955,550 | |||
Health Care—15.7% | ||||
3,118,476 | AbbVie, Inc. | 4.66 | 347,710,074 | |
241,300 | Amgen, Inc. | 2.94 | 57,825,132 | |
3,833,846 | Gilead Sciences, Inc. | 4.47 | 243,334,206 | |
2,529,725 | Merck & Co., Inc. | 3.49 | 188,464,512 | |
7,985,849 | Pfizer, Inc. | 4.04 | 308,653,064 |
Shares | Dividend Yield | Value in U.S. Dollars | ||
COMMON STOCKS—cont. | ||||
Health Care—cont. | ||||
293,410 | Sanofi | 3.12% | $30,767,274 | |
TOTAL | 1,176,754,262 | |||
Industrials—1.9% | ||||
640,000 | 3M Co. | 3.00 | 126,169,600 | |
2,621,375 | BAE Systems PLC | 4.68 | 18,344,278 | |
TOTAL | 144,513,878 | |||
Information Technology—6.4% | ||||
220,650 | Broadcom, Inc. | 3.16 | 100,660,530 | |
3,671,222 | Cisco Systems, Inc. | 2.91 | 186,901,912 | |
920,650 | IBM Corp. | 4.62 | 130,621,822 | |
2,406,084 | Western Union Co. | 3.65 | 61,980,724 | |
TOTAL | 480,164,988 | |||
Real Estate—1.1% | ||||
1,721,425 | National Retail Properties, Inc. | 3.59 | 79,908,549 | |
Utilities—17.2% | ||||
964,800 | American Electric Power Co., Inc. | 3.34 | 85,587,408 | |
1,994,821 | Dominion Energy, Inc. | 3.15 | 159,386,198 | |
2,450,404 | Duke Energy Corp. | 3.83 | 246,731,179 | |
1,311,475 | Evergy, Inc. | 3.35 | 83,895,055 | |
13,206,940 | National Grid-SP PLC | 5.38 | 166,487,076 | |
6,322,830 | PPL Corp. | 5.70 | 184,184,038 | |
1,140,025 | Public Service Enterprises Group, Inc. | 3.23 | 72,003,979 | |
4,360,152 | Southern Co. | 3.99 | 288,511,258 | |
TOTAL | 1,286,786,191 | |||
TOTAL COMMON STOCKS (IDENTIFIED COST $6,427,702,025) | 7,427,015,170 | |||
INVESTMENT COMPANY—0.5% | ||||
32,875,793 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%1 (IDENTIFIED COST $32,882,368) | 32,882,368 | ||
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $6,460,584,393)2 | 7,459,897,538 | |||
OTHER ASSETS AND LIABILITIES - NET—0.5%3 | 40,003,512 | |||
TOTAL NET ASSETS—100% | $7,499,901,050 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 10/31/2020 | $37,521,862 |
Purchases at Cost | $541,222,417 |
Proceeds from Sales | $(545,852,552) |
Change in Unrealized Appreciation/Depreciation | $(41,319) |
Net Realized Gain/(Loss) | $31,960 |
Value as of 4/30/2021 | $32,882,368 |
Shares Held as of 4/30/2021 | 32,875,793 |
Dividend Income | $18,070 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $5,439,559,509 | $— | $— | $5,439,559,509 |
International | 922,659,907 | 1,064,795,754 | — | 1,987,455,661 |
Investment Company | 32,882,368 | — | — | 32,882,368 |
TOTAL SECURITIES | $6,395,101,784 | $1,064,795,754 | $— | $7,459,897,538 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $4.49 | $5.82 | $5.73 | $6.34 | $5.97 | $6.06 |
Income From Investment Operations: | ||||||
Net investment income | 0.10 | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 |
Net realized and unrealized gain (loss) | 1.09 | (1.06) | 0.31 | (0.21) | 0.50 | 0.20 |
TOTAL FROM INVESTMENT OPERATIONS | 1.19 | (0.85) | 0.52 | — | 0.71 | 0.38 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (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 | (0.11) | (0.48) | (0.43) | (0.61) | (0.34) | (0.47) |
Net Asset Value, End of Period | $5.57 | $4.49 | $5.82 | $5.73 | $6.34 | $5.97 |
Total Return1 | 26.65% | (15.65)% | 9.68% | (0.16)% | 12.29% | 6.77% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 1.05%3 | 1.05%4 | 1.06% | 1.05% | 1.06% | 1.05% |
Net investment income | 3.76%3 | 4.08% | 3.75% | 3.44% | 3.36% | 3.00% |
Expense waiver/reimbursement5 | 0.13%3 | 0.13% | 0.12% | 0.12% | 0.13% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,270,230 | $1,060,496 | $1,456,023 | $1,603,675 | $2,400,842 | $3,300,976 |
Portfolio turnover | 9% | 38% | 33% | 9% | 19% | 21% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $4.50 | $5.84 | $5.74 | $6.35 | $5.98 | $6.07 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.17 | 0.17 | 0.16 | 0.16 | 0.13 |
Net realized and unrealized gain (loss) | 1.09 | (1.07) | 0.32 | (0.20) | 0.50 | 0.20 |
TOTAL FROM INVESTMENT OPERATIONS | 1.17 | (0.90) | 0.49 | (0.04) | 0.66 | 0.33 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (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 | (0.09) | (0.44) | (0.39) | (0.57) | (0.29) | (0.42) |
Net Asset Value, End of Period | $5.58 | $4.50 | $5.84 | $5.74 | $6.35 | $5.98 |
Total Return1 | 26.12% | (16.41)% | 9.02% | (0.91)% | 11.43% | 5.97% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 1.80%3 | 1.80%4 | 1.81% | 1.80% | 1.81% | 1.80% |
Net investment income | 3.05%3 | 3.34% | 3.00% | 2.69% | 2.65% | 2.25% |
Expense waiver/reimbursement5 | 0.14%3 | 0.14% | 0.13% | 0.13% | 0.12% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $734,809 | $693,876 | $1,217,811 | $1,472,755 | $1,997,389 | $2,210,580 |
Portfolio turnover | 9% | 38% | 33% | 9% | 19% | 21% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 | $6.09 |
Income From Investment Operations: | ||||||
Net investment income | 0.10 | 0.22 | 0.23 | 0.22 | 0.23 | 0.19 |
Net realized and unrealized gain (loss) | 1.10 | (1.07) | 0.32 | (0.20) | 0.50 | 0.20 |
TOTAL FROM INVESTMENT OPERATIONS | 1.20 | (0.85) | 0.55 | 0.02 | 0.73 | 0.39 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (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 | (0.11) | (0.49) | (0.45) | (0.63) | (0.36) | (0.48) |
Net Asset Value, End of Period | $5.61 | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 |
Total Return1 | 26.86% | (15.49)% | 10.09% | 0.09% | 12.51% | 7.01% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.80%3 | 0.80%4 | 0.81% | 0.80% | 0.81% | 0.80% |
Net investment income | 4.03%3 | 4.34% | 3.99% | 3.69% | 3.64% | 3.23% |
Expense waiver/reimbursement5 | 0.13%3 | 0.13% | 0.12% | 0.12% | 0.13% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,807,250 | $4,214,131 | $6,632,015 | $7,027,654 | $9,293,143 | $9,154,739 |
Portfolio turnover | 9% | 38% | 33% | 9% | 19% | 21% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20161 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 | $6.23 |
Income From Investment Operations: | ||||||
Net investment income | 0.10 | 0.22 | 0.23 | 0.22 | 0.23 | 0.06 |
Net realized and unrealized gain (loss) | 1.09 | (1.07) | 0.32 | (0.20) | 0.50 | (0.22) |
TOTAL FROM INVESTMENT OPERATIONS | 1.19 | (0.85) | 0.55 | 0.02 | 0.73 | (0.16) |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (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 | (0.11) | (0.49) | (0.45) | (0.63) | (0.36) | (0.07) |
Net Asset Value, End of Period | $5.60 | $4.52 | $5.86 | $5.76 | $6.37 | $6.00 |
Total Return2 | 26.64% | (15.48)% | 10.11% | 0.11% | 12.53% | (2.61)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.78%4 | 0.78%5 | 0.79% | 0.78% | 0.79% | 0.78%4 |
Net investment income | 4.03%4 | 4.35% | 4.00% | 3.69% | 3.73% | 1.43%4 |
Expense waiver/reimbursement6 | 0.07%4 | 0.07% | 0.07% | 0.07% | 0.07% | 0.11%4 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $687,612 | $575,195 | $500,119 | $452,251 | $242,131 | $19,279 |
Portfolio turnover | 9% | 38% | 33% | 9% | 19% | 21%7 |
Assets: | ||
Investment in securities, at value including $32,882,368 of investment in an affiliated holding* (identified cost $6,460,584,393) | $7,459,897,538 | |
Cash | 1,321,147 | |
Receivable for investments sold | 30,918,647 | |
Income receivable | 26,747,404 | |
Receivable for shares sold | 21,687,819 | |
Income receivable from an affiliated holding | 1,786 | |
TOTAL ASSETS | 7,540,574,341 | |
Liabilities: | ||
Payable for investments purchased | $31,028,805 | |
Payable for shares redeemed | 7,411,050 | |
Payable for other service fees (Notes 2 and 5) | 754,137 | |
Payable for distribution services fee (Note 5) | 449,060 | |
Payable for investment adviser fee (Note 5) | 146,797 | |
Payable for administrative fee (Note 5) | 16,054 | |
Accrued expenses (Note 5) | 867,388 | |
TOTAL LIABILITIES | 40,673,291 | |
Net assets for 1,339,857,957 shares outstanding | $7,499,901,050 | |
Net Assets Consists of: | ||
Paid-in capital | $6,886,852,775 | |
Total distributable earnings (loss) | 613,048,275 | |
TOTAL NET ASSETS | $7,499,901,050 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($1,270,229,738 ÷ 228,032,184 shares outstanding) no par value, unlimited shares authorized | $5.57 | |
Offering price per share (100/94.50 of $5.57) | $5.89 | |
Redemption proceeds per share | $5.57 | |
Class C Shares: | ||
Net asset value per share ($734,808,811 ÷ 131,596,803 shares outstanding) no par value, unlimited shares authorized | $5.58 | |
Offering price per share | $5.58 | |
Redemption proceeds per share (99.00/100 of $5.58) | $5.52 | |
Institutional Shares: | ||
Net asset value per share ($4,807,250,450 ÷ 857,546,679 shares outstanding) no par value, unlimited shares authorized | $5.61 | |
Offering price per share | $5.61 | |
Redemption proceeds per share | $5.61 | |
Class R6 Shares: | ||
Net asset value per share ($687,612,051 ÷ 122,682,291 shares outstanding) no par value, unlimited shares authorized | $5.60 | |
Offering price per share | $5.60 | |
Redemption proceeds per share | $5.60 |
Investment Income: | |||
Dividends (including $18,070 received from an affiliated holding* and net of foreign taxes withheld of $4,564,606) | $172,235,890 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $26,742,511 | ||
Administrative fee (Note 5) | 2,786,107 | ||
Custodian fees | 143,520 | ||
Transfer agent fees (Note 2) | 3,112,790 | ||
Directors’/Trustees’ fees (Note 5) | 17,535 | ||
Auditing fees | 10,648 | ||
Legal fees | 6,161 | ||
Distribution services fee (Note 5) | 2,706,248 | ||
Other service fees (Notes 2 and 5) | 2,363,619 | ||
Portfolio accounting fees | 106,752 | ||
Share registration costs | 97,586 | ||
Printing and postage | 159,454 | ||
Miscellaneous (Note 5) | 30,119 | ||
TOTAL EXPENSES | 38,283,050 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(2,586,566) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (1,991,196) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (4,577,762) | ||
Net expenses | 33,705,288 | ||
Net investment income | $138,530,602 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including realized gain of $31,960 on sales of investment in an affiliated holding*) and foreign currency transactions | $131,100,214 | ||
Net change in unrealized depreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(41,319) of investment in an affiliated holding*) | 1,409,102,217 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1,540,202,431 | ||
Change in net assets resulting from operations | $1,678,733,033 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $138,530,602 | $341,263,920 |
Net realized gain (loss) | 131,100,214 | (516,998,394) |
Net change in unrealized appreciation/depreciation | 1,409,102,217 | (1,292,746,267) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,678,733,033 | (1,468,480,741) |
Distributions to Shareholders: | ||
Class A Shares | (24,480,946) | (119,190,294) |
Class C Shares | (12,412,558) | (88,123,083) |
Institutional Shares | (100,675,004) | (540,294,227) |
Class R6 Shares | (14,594,844) | (50,769,205) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (152,163,352) | (798,376,809) |
Share Transactions: | ||
Proceeds from sale of shares | 977,003,176 | 2,305,508,473 |
Net asset value of shares issued to shareholders in payment of distributions declared | 130,771,508 | 686,495,445 |
Cost of shares redeemed | (1,678,140,285) | (3,987,418,006) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (570,365,601) | (995,414,088) |
Change in net assets | 956,204,080 | (3,262,271,638) |
Net Assets: | ||
Beginning of period | 6,543,696,970 | 9,805,968,608 |
End of period | $7,499,901,050 | $6,543,696,970 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $535,998 | $(339,048) |
Class C Shares | 368,294 | (248,186) |
Institutional Shares | 2,164,232 | (1,403,962) |
Class R6 Shares | 44,266 | — |
TOTAL | $3,112,790 | $(1,991,196) |
Other Service Fees Incurred | |
Class A Shares | $1,461,536 |
Class C Shares | 902,083 |
TOTAL | $2,363,619 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 26,610,240 | $137,313,191 | 49,658,543 | $246,407,196 |
Shares issued to shareholders in payment of distributions declared | 4,358,376 | 22,360,692 | 21,138,522 | 112,326,110 |
Shares redeemed | (39,165,537) | (199,537,161) | (84,536,164) | (413,143,778) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (8,196,921) | $(39,863,278) | (13,739,099) | $(54,410,472) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,822,248 | $40,603,135 | 16,562,399 | $83,983,046 |
Shares issued to shareholders in payment of distributions declared | 2,324,367 | 11,901,097 | 14,897,039 | 79,986,786 |
Shares redeemed | (32,739,792) | (167,835,274) | (85,933,313) | (422,058,898) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (22,593,177) | $(115,331,042) | (54,473,875) | $(258,089,066) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 124,494,717 | $646,235,171 | 314,877,089 | $1,554,626,535 |
Shares issued to shareholders in payment of distributions declared | 16,693,587 | 86,158,801 | 84,522,995 | 451,167,190 |
Shares redeemed | (216,531,034) | (1,119,352,478) | (598,641,509) | (2,898,593,904) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (75,342,730) | $(386,958,506) | (199,241,425) | $(892,800,179) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 29,391,097 | $152,851,679 | 86,757,508 | $420,491,696 |
Shares issued to shareholders in payment of distributions declared | 2,002,163 | 10,350,918 | 8,091,556 | 43,015,359 |
Shares redeemed | (36,069,258) | (191,415,372) | (52,856,005) | (253,621,426) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (4,675,998) | $(28,212,775) | 41,993,059 | $209,885,629 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (110,808,826) | $(570,365,601) | (225,461,340) | $(995,414,088) |
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 | $2,706,248 |
Purchases | $653,221,721 |
Sales | $1,252,046,265 |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,226.50 | $5.90 |
Class C Shares | $1,000 | $1,261.20 | $10.09 |
Institutional Shares | $1,000 | $1,268.60 | $4.50 |
Class R6 Shares | $1,000 | $1,266.40 | $4.38 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.59 | $5.26 |
Class C Shares | $1,000 | $1,015.87 | $9.00 |
Institutional Shares | $1,000 | $1,020.83 | $4.01 |
Class R6 Shares | $1,000 | $1,020.93 | $3.91 |
Class A Shares | 1.05% |
Class C Shares | 1.80% |
Institutional Shares | 0.80% |
Class R6 Shares | 0.78% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314172578
CUSIP 314172560
CUSIP 31421N881
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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 June 22, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date June 22, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 22, 2021