United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-7193
(Investment Company Act File Number)
Federated Hermes Institutional Trust
______________________________________________________________
(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: 5/31/24
Date of Reporting Period: Six months ended 11/30/23
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FGUAX | Institutional | FGUSX | Service | FEUSX | R6 | FGULX |
Federated Hermes Government Ultrashort Fund
A Portfolio of Federated Hermes Institutional Trust
Investment Type | Percentage of Total Net Assets |
U.S. Government Agency Mortgage-Backed Securities | 70.2% |
U.S. Treasury Securities | 3.6% |
U.S. Government Agency Securities | 2.0% |
Repurchase Agreements | 24.5% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the principal types of securities in which the Fund invests. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— 63.5% | ||
Federal Home Loan Mortgage Corporation— 37.2% | |||
$ 394,305 | Class FE, 5.838% (30-DAY AVERAGE SOFR +0.514%), 7/15/2036 | $ 385,919 | |
37,923 | Series 2111, Class MA, 5.938% (30-DAY AVERAGE SOFR +0.614%), 1/15/2029 | 37,834 | |
38,747 | Series 2111, Class MB, 5.938% (30-DAY AVERAGE SOFR +0.614%), 1/15/2029 | 38,657 | |
39,572 | Series 2111, Class MC, 5.938% (30-DAY AVERAGE SOFR +0.614%), 1/15/2029 | 39,479 | |
30,408 | Series 2286, Class FA, 5.838% (30-DAY AVERAGE SOFR +0.514%), 2/15/2031 | 30,224 | |
78,408 | Series 2296, Class FC, 5.938% (30-DAY AVERAGE SOFR +0.614%), 6/15/2029 | 78,055 | |
120,417 | Series 2326, Class FJ, 6.388% (30-DAY AVERAGE SOFR +1.064%), 6/15/2031 | 120,450 | |
215,879 | Series 2344, Class FP, 6.388% (30-DAY AVERAGE SOFR +1.064%), 8/15/2031 | 215,936 | |
92,131 | Series 2367, Class FG, 6.058% (30-DAY AVERAGE SOFR +0.734%), 6/15/2031 | 91,834 | |
37,030 | Series 2380, Class FI, 6.038% (30-DAY AVERAGE SOFR +0.714%), 6/15/2031 | 36,892 | |
194,293 | Series 2380, Class FL, 6.038% (30-DAY AVERAGE SOFR +0.714%), 11/15/2031 | 193,746 | |
119,822 | Series 2386, Class FE, 6.138% (30-DAY AVERAGE SOFR +0.814%), 6/15/2031 | 119,665 | |
48,713 | Series 2389, Class FI, 6.188% (30-DAY AVERAGE SOFR +0.864%), 6/15/2031 | 48,709 | |
13,038 | Series 2395, Class FT, 5.888% (30-DAY AVERAGE SOFR +0.564%), 12/15/2031 | 12,958 | |
13,906 | Series 2396, Class FL, 6.038% (30-DAY AVERAGE SOFR +0.714%), 12/15/2031 | 13,871 | |
148,404 | Series 2412, Class OF, 6.388% (30-DAY AVERAGE SOFR +1.064%), 12/15/2031 | 148,430 | |
62,321 | Series 2418, Class FO, 6.338% (30-DAY AVERAGE SOFR +1.014%), 2/15/2032 | 62,284 | |
77,035 | Series 242, Class F29, 5.688% (30-DAY AVERAGE SOFR +0.364%), 11/15/2036 | 75,197 | |
58,158 | Series 244, Class F22, 5.788% (30-DAY AVERAGE SOFR +0.464%), 12/15/2036 | 56,858 | |
137,026 | Series 244, Class F30, 5.738% (30-DAY AVERAGE SOFR +0.414%), 12/15/2036 | 134,039 | |
41,693 | Series 2451, Class FC, 6.438% (30-DAY AVERAGE SOFR +1.114%), 5/15/2031 | 41,755 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal Home Loan Mortgage Corporation— continued | |||
$ 4,513 | Series 2452, Class FG, 5.988% (30-DAY AVERAGE SOFR +0.664%), 3/15/2032 | $ 4,485 | |
69,022 | Series 2460, Class FE, 6.438% (30-DAY AVERAGE SOFR +1.114%), 6/15/2032 | 69,132 | |
20,647 | Series 2470, Class FI, 5.838% (30-DAY AVERAGE SOFR +0.514%), 10/15/2026 | 20,589 | |
42,269 | Series 2470, Class FW, 6.438% (30-DAY AVERAGE SOFR +1.114%), 5/15/2031 | 42,332 | |
40,471 | Series 2470, Class FX, 6.438% (30-DAY AVERAGE SOFR +1.114%), 5/15/2031 | 40,531 | |
69,332 | Series 2470, Class GF, 6.438% (30-DAY AVERAGE SOFR +1.114%), 6/15/2032 | 69,442 | |
38,591 | Series 2471, Class FS, 5.938% (30-DAY AVERAGE SOFR +0.614%), 2/15/2032 | 38,258 | |
179,705 | Series 2475, Class FL, 6.438% (30-DAY AVERAGE SOFR +1.114%), 2/15/2032 | 179,977 | |
119,803 | Series 2476, Class FC, 6.438% (30-DAY AVERAGE SOFR +1.114%), 2/15/2032 | 119,984 | |
66,870 | Series 2477, Class FD, 5.838% (30-DAY AVERAGE SOFR +0.514%), 7/15/2032 | 66,392 | |
56,972 | Series 2479, Class FA, 5.838% (30-DAY AVERAGE SOFR +0.514%), 8/15/2032 | 56,766 | |
31,047 | Series 2481, Class FC, 6.438% (30-DAY AVERAGE SOFR +1.114%), 5/15/2031 | 31,094 | |
75,003 | Series 2493, Class F, 5.838% (30-DAY AVERAGE SOFR +0.514%), 9/15/2029 | 74,594 | |
40,875 | Series 2495, Class F, 5.838% (30-DAY AVERAGE SOFR +0.514%), 9/15/2032 | 40,761 | |
71,748 | Series 2498, Class HF, 6.438% (30-DAY AVERAGE SOFR +1.114%), 6/15/2032 | 71,862 | |
43,822 | Series 2504, Class FP, 5.938% (30-DAY AVERAGE SOFR +0.614%), 3/15/2032 | 43,436 | |
125,386 | Series 2526, Class FC, 5.838% (30-DAY AVERAGE SOFR +0.514%), 11/15/2032 | 124,497 | |
109,959 | Series 2530, Class FK, 5.838% (30-DAY AVERAGE SOFR +0.514%), 6/15/2029 | 109,250 | |
206,673 | Series 2551, Class FD, 5.838% (30-DAY AVERAGE SOFR +0.514%), 1/15/2033 | 204,329 | |
35,417 | Series 2610, Class FD, 5.938% (30-DAY AVERAGE SOFR +0.614%), 12/15/2032 | 35,051 | |
641,775 | Series 2631, Class FC, 5.838% (30-DAY AVERAGE SOFR +0.514%), 6/15/2033 | 634,046 | |
136,576 | Series 2671, Class F, 5.888% (30-DAY AVERAGE SOFR +0.564%), 9/15/2033 | 135,008 | |
189,253 | Series 2684, Class FV, 6.338% (30-DAY AVERAGE SOFR +1.014%), 10/15/2033 | 188,954 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal Home Loan Mortgage Corporation— continued | |||
$ 828,599 | Series 2750, Class FG, 5.838% (30-DAY AVERAGE SOFR +0.514%), 2/15/2034 | $ 816,737 | |
2,100,490 | Series 2750, Class FH, 5.938% (30-DAY AVERAGE SOFR +0.614%), 2/15/2034 | 2,079,833 | |
64,514 | Series 2796, Class FD, 5.788% (30-DAY AVERAGE SOFR +0.464%), 7/15/2026 | 64,320 | |
285,796 | Series 2812, Class LF, 5.838% (30-DAY AVERAGE SOFR +0.514%), 6/15/2034 | 284,022 | |
251,117 | Series 3036, Class NF, 5.738% (30-DAY AVERAGE SOFR +0.414%), 8/15/2035 | 245,613 | |
52,009 | Series 3085, Class FW, 6.138% (30-DAY AVERAGE SOFR +0.814%), 8/15/2035 | 51,669 | |
362,028 | Series 3085, Class VF, 5.758% (30-DAY AVERAGE SOFR +0.434%), 12/15/2035 | 355,015 | |
353,242 | Series 3184, Class JF, 5.838% (30-DAY AVERAGE SOFR +0.514%), 7/15/2036 | 346,568 | |
30,959 | Series 3300, Class FA, 5.738% (30-DAY AVERAGE SOFR +0.414%), 8/15/2035 | 30,276 | |
31,069 | Series 3325, Class NF, 5.738% (30-DAY AVERAGE SOFR +0.414%), 8/15/2035 | 30,383 | |
398,376 | Series 3380, Class FP, 5.788% (30-DAY AVERAGE SOFR +0.464%), 11/15/2036 | 389,496 | |
309,283 | Series 3542, Class NF, 6.188% (30-DAY AVERAGE SOFR +0.864%), 7/15/2036 | 306,781 | |
16,222,368 | Series 4915, Class FD, 5.892% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049 | 15,708,969 | |
3,213,668 | Series 4925, Class FH, 5.842% (30-DAY AVERAGE SOFR +0.514%), 10/25/2049 | 3,118,836 | |
2,619,073 | Series 4936, Class PF, 5.942% (30-DAY AVERAGE SOFR +0.614%), 12/25/2049 | 2,508,333 | |
7,347,310 | Series 4965, Class KF, 6.092% (30-DAY AVERAGE SOFR +0.764%), 4/25/2050 | 7,061,533 | |
33,274,495 | Series 5323 FA, Class FA, 5.978% (30-DAY AVERAGE SOFR +0.650%), 7/25/2053 | 32,580,069 | |
4,713,694 | Series KF73, Class AS, 5.991% (SOFR +0.670%), 11/25/2029 | 4,699,134 | |
13,544,802 | Series KF76, Class AS, 5.931% (SOFR +0.610%), 1/25/2030 | 13,502,562 | |
1,741,610 | Series KF85, Class AL, 5.734% (30-DAY AVERAGE SOFR +0.414%), 8/25/2030 | 1,736,740 | |
4,448,727 | Series KF87, Class AL, 5.784% (30-DAY AVERAGE SOFR +0.464%), 8/25/2030 | 4,413,034 | |
6,190,436 | Series KF88, Class AL, 5.764% (30-DAY AVERAGE SOFR +0.444%), 9/25/2030 | 6,173,840 | |
30,000,000 | Series KF146, Class AS, 6.199% (30-DAY AVERAGE SOFR +0.880%), 10/25/2032 | 29,946,318 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal Home Loan Mortgage Corporation— continued | |||
$ 26,000,000 | Series KF147, Class AS, 6.199% (30-DAY AVERAGE SOFR +0.880%), 11/25/2032 | $ 26,094,994 | |
23,425,000 | FHLMC REMIC, Series KF148, Class AS, 6.159% (30-DAY AVERAGE SOFR +0.840%), 11/25/2032 | 23,482,066 | |
22,995,111 | FHLMC REMIC, Series KF149, Class AS, 5.959% (30-DAY AVERAGE SOFR +0.640%), 12/25/2032 | 22,876,677 | |
40,000,000 | Series KF150, Class AS, 5.879% (30-DAY AVERAGE SOFR +0.560%), 12/25/2032 | 39,580,532 | |
43,300,000 | Series KF151, Class AS, 5.829% (30-DAY AVERAGE SOFR +0.510%), 12/25/2032 | 43,170,537 | |
53,350,000 | FHLMC REMIC, Series KF157, Class AS, 5.700% (30-DAY AVERAGE SOFR +0.660%), 4/25/2033 | 52,897,411 | |
TOTAL | 338,935,860 | ||
Federal National Mortgage Association— 6.9% | |||
72,792 | Class FB, 5.942% (30-DAY AVERAGE SOFR +0.614%), 8/25/2039 | 71,893 | |
419,549 | Class NF, 6.042% (30-DAY AVERAGE SOFR +0.714%), 2/25/2037 | 419,058 | |
19,379 | Series 1998-22, Class FA, 5.839% (30-DAY AVERAGE SOFR +0.514%), 4/18/2028 | 19,307 | |
15,088 | Series 2000-34, Class F, 5.892% (30-DAY AVERAGE SOFR +0.564%), 10/25/2030 | 14,940 | |
6,612 | Series 2000-37, Class FA, 5.942% (30-DAY AVERAGE SOFR +0.614%), 11/25/2030 | 6,558 | |
148 | Series 2001-34, Class FB, 5.739% (30-DAY AVERAGE SOFR +0.414%), 12/18/2028 | 148 | |
13,917 | Series 2001-34, Class FL, 5.942% (30-DAY AVERAGE SOFR +0.614%), 8/25/2031 | 13,886 | |
69,549 | Series 2001-46, Class F, 5.839% (30-DAY AVERAGE SOFR +0.514%), 9/18/2031 | 69,368 | |
85,712 | Series 2001-53, Class FX, 5.792% (30-DAY AVERAGE SOFR +0.464%), 10/25/2031 | 84,736 | |
175,026 | Series 2001-56, Class FG, 5.942% (30-DAY AVERAGE SOFR +0.614%), 10/25/2031 | 174,560 | |
60,287 | Series 2001-68, Class FD, 5.942% (30-DAY AVERAGE SOFR +0.614%), 12/25/2031 | 60,045 | |
129,509 | Series 2002-17, Class JF, 6.442% (30-DAY AVERAGE SOFR +1.114%), 4/25/2032 | 129,758 | |
126,972 | Series 2002-34, Class FC, 6.439% (30-DAY AVERAGE SOFR +1.114%), 12/18/2031 | 127,178 | |
77,941 | Series 2002-37, Class F, 6.242% (30-DAY AVERAGE SOFR +0.914%), 11/25/2031 | 77,683 | |
4,581 | Series 2002-39, Class FB, 5.989% (30-DAY AVERAGE SOFR +0.664%), 3/18/2032 | 4,550 | |
60,968 | Series 2002-4, Class FJ, 5.892% (30-DAY AVERAGE SOFR +0.564%), 2/25/2032 | 60,474 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal National Mortgage Association— continued | |||
$ 30,973 | Series 2002-41, Class F, 5.992% (30-DAY AVERAGE SOFR +0.664%), 7/25/2032 | $ 30,871 | |
362,808 | Series 2002-47, Class NF, 6.442% (30-DAY AVERAGE SOFR +1.114%), 4/25/2032 | 363,530 | |
61,185 | Series 2002-52, Class FD, 5.942% (30-DAY AVERAGE SOFR +0.614%), 9/25/2032 | 60,766 | |
74,117 | Series 2002-53, Class FG, 6.542% (30-DAY AVERAGE SOFR +1.214%), 7/25/2032 | 74,466 | |
267,532 | Series 2002-58, Class FD, 6.042% (30-DAY AVERAGE SOFR +0.714%), 8/25/2032 | 265,894 | |
92,985 | Series 2002-64, Class FJ, 6.442% (30-DAY AVERAGE SOFR +1.114%), 4/25/2032 | 93,164 | |
26,129 | Series 2002-74, Class FV, 5.892% (30-DAY AVERAGE SOFR +0.564%), 11/25/2032 | 26,074 | |
52,240 | Series 2002-75, Class FD, 6.439% (30-DAY AVERAGE SOFR +1.114%), 11/18/2032 | 52,326 | |
150,700 | Series 2002-77, Class FH, 5.839% (30-DAY AVERAGE SOFR +0.514%), 12/18/2032 | 149,797 | |
100,133 | Series 2002-8, Class FA, 6.189% (30-DAY AVERAGE SOFR +0.864%), 3/18/2032 | 99,913 | |
32,345 | Series 2002-82, Class FB, 5.942% (30-DAY AVERAGE SOFR +0.614%), 12/25/2032 | 32,060 | |
133,387 | Series 2002-82, Class FC, 6.442% (30-DAY AVERAGE SOFR +1.114%), 9/25/2032 | 133,645 | |
2,181 | Series 2002-82, Class FG, 5.892% (30-DAY AVERAGE SOFR +0.564%), 12/25/2032 | 2,175 | |
283,655 | Series 2002-89, Class F, 5.742% (30-DAY AVERAGE SOFR +0.414%), 1/25/2033 | 280,031 | |
73,932 | Series 2002-9, Class FH, 5.942% (30-DAY AVERAGE SOFR +0.614%), 3/25/2032 | 73,580 | |
53,353 | Series 2002-90, Class FH, 5.942% (30-DAY AVERAGE SOFR +0.614%), 9/25/2032 | 52,897 | |
491,172 | Series 2002-93, Class FJ, 5.992% (30-DAY AVERAGE SOFR +0.664%), 1/25/2033 | 487,304 | |
111,415 | Series 2003-102, Class FT, 5.842% (30-DAY AVERAGE SOFR +0.514%), 10/25/2033 | 110,368 | |
274,550 | Series 2003-107, Class FD, 5.942% (30-DAY AVERAGE SOFR +0.614%), 11/25/2033 | 271,613 | |
663,592 | Series 2003-116, Class HF, 5.992% (30-DAY AVERAGE SOFR +0.664%), 11/25/2033 | 657,311 | |
205,832 | Series 2003-121, Class FD, 5.842% (30-DAY AVERAGE SOFR +0.514%), 12/25/2033 | 203,436 | |
48,918 | Series 2003-14, Class FT, 5.942% (30-DAY AVERAGE SOFR +0.614%), 3/25/2033 | 48,472 | |
92,299 | Series 2003-19, Class FY, 5.842% (30-DAY AVERAGE SOFR +0.514%), 3/25/2033 | 91,263 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal National Mortgage Association— continued | |||
$ 55,450 | Series 2003-2, Class FA, 5.942% (30-DAY AVERAGE SOFR +0.614%), 2/25/2033 | $ 54,961 | |
93,864 | Series 2003-21, Class TF, 5.892% (30-DAY AVERAGE SOFR +0.564%), 3/25/2033 | 92,830 | |
193,093 | Series 2003-66, Class FA, 5.792% (30-DAY AVERAGE SOFR +0.464%), 7/25/2033 | 189,998 | |
213,714 | Series 2003-79, Class FC, 5.892% (30-DAY AVERAGE SOFR +0.564%), 8/25/2033 | 210,783 | |
452,810 | Series 2004-17, Class FT, 5.842% (30-DAY AVERAGE SOFR +0.514%), 4/25/2034 | 446,710 | |
223,490 | Series 2004-2, Class FW, 5.842% (30-DAY AVERAGE SOFR +0.514%), 2/25/2034 | 222,240 | |
250,108 | Series 2004-49, Class FN, 5.842% (30-DAY AVERAGE SOFR +0.514%), 7/25/2034 | 248,165 | |
631,219 | Series 2004-49, Class FQ, 5.892% (30-DAY AVERAGE SOFR +0.564%), 7/25/2034 | 628,018 | |
629,552 | Series 2004-51, Class FY, 5.822% (30-DAY AVERAGE SOFR +0.494%), 7/25/2034 | 620,693 | |
310,363 | Series 2004-53, Class FC, 5.892% (30-DAY AVERAGE SOFR +0.564%), 7/25/2034 | 306,365 | |
186,413 | Series 2004-64, Class FW, 5.892% (30-DAY AVERAGE SOFR +0.564%), 8/25/2034 | 184,780 | |
311,803 | Series 2005-104, Class FA, 5.842% (30-DAY AVERAGE SOFR +0.514%), 12/25/2035 | 306,410 | |
1,124,578 | Series 2006-75, Class FP, 5.742% (30-DAY AVERAGE SOFR +0.414%), 8/25/2036 | 1,098,593 | |
262,150 | Series 2006-79, Class DF, 5.792% (30-DAY AVERAGE SOFR +0.464%), 8/25/2036 | 257,726 | |
356,918 | Series 2006-81, Class FA, 5.792% (30-DAY AVERAGE SOFR +0.464%), 9/25/2036 | 349,478 | |
819,747 | Series 2006-90, Class FE, 5.892% (30-DAY AVERAGE SOFR +0.564%), 9/25/2036 | 811,272 | |
415,790 | Series 2006-98, Class FB, 5.752% (30-DAY AVERAGE SOFR +0.424%), 10/25/2036 | 407,226 | |
1,384,416 | Series 2006-W1, Class 2AF1, 5.662% (30-DAY AVERAGE SOFR +0.334%), 2/25/2046 | 1,367,788 | |
421,765 | Series 2008-52, Class FD, 5.792% (30-DAY AVERAGE SOFR +0.464%), 6/25/2036 | 413,680 | |
5,166,255 | Series 2012-116, Class FA, 5.742% (30-DAY AVERAGE SOFR +0.414%), 10/25/2042 | 5,007,109 | |
3,630,711 | Series 2018-31, Class FD, 5.742% (30-DAY AVERAGE SOFR +0.414%), 5/25/2048 | 3,459,874 | |
10,561,367 | Series 2018-70, Class HF, 5.792% (30-DAY AVERAGE SOFR +0.464%), 10/25/2058 | 10,234,539 | |
5,361,231 | Series 2018-95, Class FB, 5.842% (30-DAY AVERAGE SOFR +0.514%), 1/25/2049 | 5,169,845 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Federal National Mortgage Association— continued | |||
$ 19,673,413 | Series 2019-41, Class FD, 5.942% (30-DAY AVERAGE SOFR +0.614%), 8/25/2059 | $ 19,143,449 | |
7,343,979 | Series 2019-81, Class FJ, 5.942% (30-DAY AVERAGE SOFR +0.614%), 1/25/2050 | 7,098,617 | |
TOTAL | 63,326,247 | ||
Government National Mortgage Association— 19.4% | |||
107,306 | Series 2004-59, Class FV, 5.695% (CME Term SOFR 1 Month +0.364%), 10/20/2033 | 106,228 | |
4,240,146 | Series 2010-62, Class PF, 5.945% (CME Term SOFR 1 Month +0.614%), 5/20/2040 | 4,148,717 | |
2,986,908 | Series 2011-23, Class KF, 5.844% (CME Term SOFR 1 Month +0.514%), 2/16/2041 | 2,912,827 | |
1,825,131 | Series 2011-51, Class FA, 5.845% (CME Term SOFR 1 Month +0.514%), 4/20/2041 | 1,777,326 | |
2,942,921 | Series 2012-H15, Class FB, 5.354% (CME Term SOFR 1 Month +0.614%), 6/20/2062 | 2,931,205 | |
744,862 | Series 2012-H18, Class FA, 5.988% (CME Term SOFR 1 Month +0.664%), 8/20/2062 | 741,149 | |
1,534,494 | Series 2012-H18, Class SA, 6.018% (CME Term SOFR 1 Month +0.694%), 8/20/2062 | 1,527,262 | |
4,317,027 | Series 2012-H24, Class FC, 5.838% (CME Term SOFR 1 Month +0.514%), 10/20/2062 | 4,289,578 | |
3,566,531 | Series 2012-H25, Class BF, 5.818% (CME Term SOFR 1 Month +0.494%), 9/20/2062 | 3,546,336 | |
2,682,173 | Series 2012-H29, Class BF, 5.778% (CME Term SOFR 1 Month +0.454%), 11/20/2062 | 2,665,635 | |
3,096,822 | Series 2012-H29, Class CF, 5.778% (CME Term SOFR 1 Month +0.454%), 2/20/2062 | 3,073,767 | |
1,370,220 | Series 2012-H30, Class SA, 5.808% (CME Term SOFR 1 Month +0.484%), 12/20/2062 | 1,360,931 | |
2,508,813 | Series 2012-H31, Class FA, 5.788% (CME Term SOFR 1 Month +0.464%), 11/20/2062 | 2,493,408 | |
7,121,275 | Series 2016-147, Class AF, 5.845% (CME Term SOFR 1 Month +0.514%), 10/20/2046 | 6,856,642 | |
11,675,840 | Series 2017-H08, Class FC, 6.038% (CME Term SOFR 1 Month +0.714%), 3/20/2067 | 11,598,703 | |
6,781,596 | Series 2019-10, Class FC, 5.895% (CME Term SOFR 1 Month +0.564%), 1/20/2049 | 6,568,597 | |
16,435,474 | Series 2021-H06, Class JF, 6.825% (30-DAY AVERAGE SOFR +1.500%), 4/20/2071 | 16,621,428 | |
9,106,386 | Series 2021-H06, Class TF, 6.825% (30-DAY AVERAGE SOFR +1.500%), 4/20/2071 | 9,207,364 | |
11,486,092 | Series 2022-H06, Class FL, 5.775% (30-DAY AVERAGE SOFR +0.450%), 1/20/2072 | 11,407,585 |
Principal Amount | Value | ||
1 | COLLATERALIZED MORTGAGE OBLIGATIONS— continued | ||
Government National Mortgage Association— continued | |||
$ 23,857,989 | Series 2023-13, Class JF, 5.975% (30-DAY AVERAGE SOFR +0.650%), 1/20/2053 | $ 23,390,978 | |
24,536,889 | Series 2023-84, Class JF, 6.225% (30-DAY AVERAGE SOFR +0.900%), 6/20/2053 | 24,239,485 | |
35,485,480 | Series 2023-H01, Class FB, 6.175% (30-DAY AVERAGE SOFR +0.850%), 1/20/2073 | 35,220,422 | |
TOTAL | 176,685,573 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $585,208,445) | 578,947,680 | ||
MORTGAGE-BACKED SECURITIES— 6.6% | |||
Federal National Mortgage Association— 6.6% | |||
1,359,762 | 3.500%, 9/1/2049 | 1,228,513 | |
11,568,419 | 5.500%, 2/1/2038 | 11,598,797 | |
20,292,620 | 5.500%, 4/1/2038 | 20,345,906 | |
21,073,797 | 6.000%, 1/1/2053 | 21,168,890 | |
5,982,586 | 6.500%, 5/1/2053 | 6,083,808 | |
31,303 | 7.500%, 1/1/2032 | 32,564 | |
69,575 | 7.500%, 8/1/2032 | 72,583 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $60,856,337) | 60,531,061 | ||
U.S. TREASURIES— 3.6% | |||
U.S. Treasury Bills— 1.9% | |||
5,000,000 | United States Treasury Bill, 5.215%, 12/28/2023 | 4,980,159 | |
5,000,000 | United States Treasury Bill, 5.270%, 2/22/2024 | 4,939,443 | |
3,000,000 | United States Treasury Bill, 5.285%, 2/15/2024 | 2,966,756 | |
2,000,000 | United States Treasury Bill, 5.320%, 5/2/2024 | 1,956,045 | |
3,000,000 | United States Treasury Bill, 5.325%, 4/25/2024 | 2,937,100 | |
TOTAL | 17,779,503 | ||
1 | U.S. Treasury Notes— 1.7% | ||
6,000,000 | United States Treasury Floating Rate Notes, 5.476% (91-day T-Bill +0.125%), 12/5/2023 | 5,995,299 | |
5,000,000 | United States Treasury Floating Rate Notes, 5.491% (91-day T-Bill +0.140%), 12/5/2023 | 5,002,729 | |
2,500,000 | United States Treasury Floating Rate Notes, 5.520% (91-day T-Bill +0.169%), 12/5/2023 | 2,501,065 | |
2,000,000 | United States Treasury Floating Rate Notes, 5.551% (91-day T-Bill +0.200%), 12/5/2023 | 2,002,115 | |
TOTAL | 15,501,208 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $33,271,399) | 33,280,711 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES— 2.0% | |||
1 | Federal Farm Credit Bank System Floating Rate Notes— 1.1% | ||
$ 5,000,000 | 5.400% (SOFR +0.090%), 9/16/2024 | $ 4,999,080 | |
2,000,000 | 5.410% (SOFR +0.100%), 10/7/2024 | 2,001,552 | |
2,000,000 | 5.470% (SOFR +0.160%), 7/21/2025 | 1,998,956 | |
1,000,000 | 5.475% (SOFR +0.165%), 9/5/2025 | 1,001,602 | |
TOTAL | 10,001,190 | ||
Federal Home Loan Bank System— 0.3% | |||
2,000,000 | 5.630%, 10/22/2024 | 1,999,106 | |
1,000,000 | 5.640%, 11/1/2024 | 999,455 | |
TOTAL | 2,998,561 | ||
1 | Federal Home Loan Bank System Floating Rate Notes— 0.6% | ||
5,000,000 | 5.380% (SOFR +0.070%), 4/1/2024 | 5,000,309 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $18,000,000) | 18,000,060 | ||
1 | ADJUSTABLE RATE MORTGAGES— 0.1% | ||
Federal National Mortgage Association ARM— 0.1% | |||
293 | 4.129%, 4/1/2024 | 292 | |
9,336 | 4.340%, 2/1/2033 | 9,414 | |
5,766 | 4.415%, 12/1/2032 | 5,827 | |
269,439 | 4.683%, 4/1/2033 | 264,367 | |
296,549 | 5.431%, 8/1/2034 | 299,063 | |
85,841 | 5.959%, 9/1/2035 | 87,194 | |
6,686 | 6.182%, 8/1/2032 | 6,727 | |
44,996 | 6.200%, 5/1/2040 | 44,747 | |
68,335 | 6.200%, 8/1/2040 | 67,904 | |
TOTAL ADJUSTABLE RATE MORTGAGES (IDENTIFIED COST $802,108) | 785,535 | ||
REPURCHASE AGREEMENTS— 24.5% | |||
23,411,000 | Interest in $99,000,000 joint repurchase agreement 5.31%, dated 11/30/2023 under which Bank of America, N.A. will repurchase securities provided as collateral for $99,014,603 on 12/1/2023. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2050 and the market value of those underlying securities was $100,994,895. | 23,411,000 | |
100,000,000 | Interest in $1,600,000,000 joint repurchase agreement 5.31%, dated 11/30/2023 under which Bank of Montreal will repurchase securities provided as collateral for $1,600,236,000 on 12/1/2023. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2072 and the market value of those underlying securities was $1,642,335,274. | 100,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$100,000,000 | Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2023 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $2,000,295,556 on 12/1/2023. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2053 and the market value of those underlying securities was $2,040,000,001. | $100,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $223,411,000) | 223,411,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $921,549,289)2 | 914,956,047 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%3 | (2,654,929) | ||
TOTAL NET ASSETS—100% | $912,301,118 |
1 | Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description above. |
2 | Also represents cost of investments for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
ARM | —Adjustable Rate Mortgage | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate |
Six Months Ended (unaudited) 11/30/2023 | Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | ||||
Net Asset Value, Beginning of Period | $9.78 | $9.83 | $9.90 | $9.88 | $9.83 | $9.83 | $9.83 |
Income From Investment Operations: | |||||||
Net investment income (loss)2 | 0.26 | 0.34 | 0.003 | 0.003 | 0.11 | 0.15 | 0.09 |
Net realized and unrealized gain (loss) | (0.05) | (0.07) | (0.07) | 0.03 | 0.08 | (0.00)3 | 0.003 |
Total From Investment Operations | 0.21 | 0.27 | (0.07) | 0.03 | 0.19 | 0.15 | 0.09 |
Less Distributions: | |||||||
Distributions from net investment income | (0.26) | (0.32) | (0.00)3 | (0.01) | (0.14) | (0.15) | (0.09) |
Distributions from net realized gain | — | — | (0.00)3 | (0.00)3 | — | — | (0.00)3 |
Total Distributions | (0.26) | (0.32) | (0.00)3 | (0.01) | (0.14) | (0.15) | (0.09) |
Net Asset Value, End of Period | $9.73 | $9.78 | $9.83 | $9.90 | $9.88 | $9.83 | $9.83 |
Total Return4 | 2.20% | 2.77% | (0.65)% | 0.32% | 1.92% | 1.49% | 0.95% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.41%6 | 0.41% | 0.41% | 0.41% | 0.50% | 0.71%6 | 0.71% |
Net investment income | 5.41%6 | 3.52% | 0.01% | 0.09% | 1.12% | 1.78%6 | 0.91% |
Expense waiver/reimbursement7 | 0.14%6 | 0.16% | 0.17% | 0.20% | 0.28% | 0.27%6 | 0.33% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $53,388 | $43,347 | $20,566 | $34,072 | $39,260 | $7,551 | $7,283 |
Portfolio turnover8 | 5% | 76% | 34% | 30% | 26% | 31% | 18% |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | 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. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 11/30/2023 | Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | ||||
Net Asset Value, Beginning of Period | $9.83 | $9.89 | $9.96 | $9.93 | $9.89 | $9.89 | $9.89 |
Income From Investment Operations: | |||||||
Net investment income (loss)2 | 0.27 | 0.30 | 0.02 | 0.02 | 0.16 | 0.18 | 0.14 |
Net realized and unrealized gain (loss) | (0.05) | (0.03) | (0.07) | 0.04 | 0.05 | (0.00)3 | 0.003 |
Total From Investment Operations | 0.22 | 0.27 | (0.05) | 0.06 | 0.21 | 0.18 | 0.14 |
Less Distributions: | |||||||
Distributions from net investment income | (0.27) | (0.33) | (0.02) | (0.03) | (0.17) | (0.18) | (0.14) |
Distributions from net realized gain | — | — | (0.00)3 | (0.00)3 | — | — | (0.00)3 |
Total Distributions | (0.27) | (0.33) | (0.02) | (0.03) | (0.17) | (0.18) | (0.14) |
Net Asset Value, End of Period | $9.78 | $9.83 | $9.89 | $9.96 | $9.93 | $9.89 | $9.89 |
Total Return4 | 2.28% | 2.82% | (0.54)% | 0.57% | 2.12% | 1.87% | 1.40% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.26%6 | 0.26% | 0.26% | 0.26% | 0.26% | 0.26%6 | 0.26% |
Net investment income | 5.54%6 | 3.09% | 0.17% | 0.24% | 1.66% | 2.24%6 | 1.37% |
Expense waiver/ reimbursement7 | 0.16%6 | 0.17% | 0.17% | 0.22% | 0.24% | 0.22%6 | 0.27% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $543,974 | $511,563 | $786,207 | $798,369 | $806,378 | $548,896 | $455,799 |
Portfolio turnover8 | 5% | 76% | 34% | 30% | 26% | 31% | 18% |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 11/30/2023 | Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | ||||
Net Asset Value, Beginning of Period | $9.83 | $9.89 | $9.95 | $9.93 | $9.88 | $9.89 | $9.88 |
Income From Investment Operations: | |||||||
Net investment income (loss)2 | 0.27 | 0.32 | 0.01 | 0.02 | 0.16 | 0.18 | 0.13 |
Net realized and unrealized gain (loss) | (0.05) | (0.06) | (0.06) | 0.02 | 0.05 | (0.01) | 0.01 |
Total From Investment Operations | 0.22 | 0.26 | (0.05) | 0.04 | 0.21 | 0.17 | 0.14 |
Less Distributions: | |||||||
Distributions from net investment income | (0.27) | (0.32) | (0.01) | (0.02) | (0.16) | (0.18) | (0.13) |
Distributions from net realized gain | — | — | (0.00)3 | (0.00)3 | — | — | (0.00)3 |
Total Distributions | (0.27) | (0.32) | (0.01) | (0.02) | (0.16) | (0.18) | (0.13) |
Net Asset Value, End of Period | $9.78 | $9.83 | $9.89 | $9.95 | $9.93 | $9.88 | $9.89 |
Total Return4 | 2.23% | 2.72% | (0.53)% | 0.37% | 2.12% | 1.69% | 1.40% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.36%6 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36%6 | 0.36% |
Net investment income | 5.43%6 | 3.20% | 0.07% | 0.14% | 1.60% | 2.13%6 | 1.27% |
Expense waiver/ reimbursement7 | 0.17%6 | 0.18% | 0.17% | 0.22% | 0.24% | 0.22%6 | 0.27% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $149,168 | $151,233 | $175,146 | $187,175 | $228,306 | $211,677 | $222,133 |
Portfolio turnover8 | 5% | 76% | 34% | 30% | 26% | 31% | 18% |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 11/30/2023 | Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | ||||
Net Asset Value, Beginning of Period | $9.84 | $9.89 | $9.95 | $9.93 | $9.89 | $9.89 | $9.89 |
Income From Investment Operations: | |||||||
Net investment income (loss)2 | 0.27 | 0.34 | 0.02 | 0.03 | 0.15 | 0.18 | 0.15 |
Net realized and unrealized gain (loss) | (0.06) | (0.05) | (0.06) | 0.02 | 0.06 | (0.00)3 | (0.01) |
Total From Investment Operations | 0.21 | 0.29 | (0.04) | 0.05 | 0.21 | 0.18 | 0.14 |
Less Distributions: | |||||||
Distributions from net investment income | (0.27) | (0.34) | (0.02) | (0.03) | (0.17) | (0.18) | (0.14) |
Distributions from net realized gain | — | — | (0.00)3 | (0.00)3 | — | — | (0.00)3 |
Total Distributions | (0.27) | (0.34) | (0.02) | (0.03) | (0.17) | (0.18) | (0.14) |
Net Asset Value, End of Period | $9.78 | $9.84 | $9.89 | $9.95 | $9.93 | $9.89 | $9.89 |
Total Return4 | 2.19% | 2.94% | (0.42)% | 0.49% | 2.14% | 1.89% | 1.42% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.24%6 | 0.24% | 0.24% | 0.24% | 0.24% | 0.24%6 | 0.24% |
Net investment income | 5.56%6 | 3.41% | 0.20% | 0.26% | 1.55% | 2.27%6 | 1.49% |
Expense waiver/ reimbursement7 | 0.14%6 | 0.15% | 0.14% | 0.19% | 0.22% | 0.19%6 | 0.24% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $165,770 | $147,802 | $125,883 | $72,998 | $54,636 | $35,355 | $18,767 |
Portfolio turnover8 | 5% | 76% | 34% | 30% | 26% | 31% | 18% |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in repurchase agreements | $223,411,000 |
Investment in securities | 691,545,047 |
Investment in securities, at value (identified cost $921,549,289) | 914,956,047 |
Cash | 1,620 |
Income receivable | 1,157,688 |
Receivable for shares sold | 1,070,279 |
Total Assets | 917,185,634 |
Liabilities: | |
Payable for shares redeemed | 4,135,634 |
Income distribution payable | 672,630 |
Payable for investment adviser fee (Note 5) | 2,545 |
Payable for administrative fee (Note 5) | 1,938 |
Payable for other service fees (Notes 2 and 5) | 18,604 |
Accrued expenses (Note 5) | 53,165 |
Total Liabilities | 4,884,516 |
Net assets for 93,328,416 shares outstanding | $912,301,118 |
Net Assets Consist of: | |
Paid-in capital | $924,772,676 |
Total distributable earnings (loss) | (12,471,558) |
Total Net Assets | $912,301,118 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($53,388,477 ÷ 5,488,961 shares outstanding), no par value, unlimited shares authorized | $9.73 |
Institutional Shares: | |
Net asset value per share ($543,974,203 ÷ 55,632,326 shares outstanding), no par value, unlimited shares authorized | $9.78 |
Service Shares: | |
Net asset value per share ($149,168,476 ÷ 15,256,684 shares outstanding), no par value, unlimited shares authorized | $9.78 |
Class R6 Shares: | |
Net asset value per share ($165,769,962 ÷ 16,950,445 shares outstanding), no par value, unlimited shares authorized | $9.78 |
Investment Income: | |
Interest | $27,159,589 |
Expenses: | |
Investment adviser fee (Note 5) | 1,169,932 |
Administrative fee (Note 5) | 365,724 |
Custodian fees | 21,324 |
Transfer agent fees (Note 2) | 181,659 |
Directors’/Trustees’ fees (Note 5) | 3,103 |
Auditing fees | 16,135 |
Legal fees | 5,695 |
Portfolio accounting fees | 80,429 |
Other service fees (Notes 2 and 5) | 131,756 |
Share registration costs | 64,360 |
Printing and postage | 15,828 |
Miscellaneous (Note 5) | 30,939 |
TOTAL EXPENSES | 2,086,884 |
Waiver and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (669,033) |
Reimbursement of other operating expenses (Notes 2 and 5) | (64,805) |
TOTAL WAIVER AND REIMBURSEMENT | (733,838) |
Net expenses | 1,353,046 |
Net investment income | 25,806,543 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments | (240,285) |
Net change in unrealized depreciation of investments | (5,105,273) |
Net realized and unrealized gain (loss) on investments | (5,345,558) |
Change in net assets resulting from operations | $20,460,985 |
Six Months Ended (unaudited) 11/30/2023 | Year Ended 5/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $25,806,543 | $30,067,233 |
Net realized gain (loss) | (240,285) | (2,989,168) |
Net change in unrealized appreciation/depreciation | (5,105,273) | (2,589,180) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 20,460,985 | 24,488,885 |
Distributions to Shareholders: | ||
Class A Shares | (2,074,636) | (904,683) |
Institutional Shares | (14,938,438) | (19,011,983) |
Service Shares | (4,049,853) | (5,312,839) |
Class R6 Shares | (4,773,905) | (4,991,392) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (25,836,832) | (30,220,897) |
Share Transactions: | ||
Proceeds from sale of shares | 405,641,906 | 644,979,468 |
Net asset value of shares issued to shareholders in payment of distributions declared | 21,465,231 | 25,848,242 |
Cost of shares redeemed | (363,374,932) | (918,953,170) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 63,732,205 | (248,125,460) |
Change in net assets | 58,356,358 | (253,857,472) |
Net Assets: | ||
Beginning of period | 853,944,760 | 1,107,802,232 |
End of period | $912,301,118 | $853,944,760 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $9,635 | $(21) |
Institutional Shares | 122,449 | (44,450) |
Service Shares | 42,046 | (20,334) |
Class R6 Shares | 7,529 | — |
TOTAL | $181,659 | $(64,805) |
Other Service Fees Incurred | |
Class A Shares | $57,504 |
Service Shares | 74,252 |
TOTAL | $131,756 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,245,317 | $70,729,723 | 3,680,190 | $36,022,933 |
Shares issued to shareholders in payment of distributions declared | 206,433 | 2,009,228 | 91,591 | 896,442 |
Shares redeemed | (6,395,092) | (62,142,764) | (1,430,783) | (14,010,001) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,056,658 | $10,596,187 | 2,340,998 | $22,909,374 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,744,019 | $242,120,646 | 48,797,070 | $480,435,186 |
Shares issued to shareholders in payment of distributions declared | 1,236,287 | 12,097,566 | 1,616,321 | 15,909,679 |
Shares redeemed | (22,366,932) | (218,789,957) | (77,885,885) | (767,120,639) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,613,374 | $35,428,255 | (27,472,494) | $(270,775,774) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,326,529 | $12,991,557 | 2,506,783 | $24,684,722 |
Shares issued to shareholders in payment of distributions declared | 405,267 | 3,965,784 | 532,732 | 5,242,376 |
Shares redeemed | (1,854,265) | (18,165,005) | (5,372,877) | (52,910,660) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (122,469) | $(1,207,664) | (2,333,362) | $(22,983,562) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,143,691 | $79,799,980 | 10,533,550 | $103,836,627 |
Shares issued to shareholders in payment of distributions declared | 346,653 | 3,392,653 | 385,994 | 3,799,745 |
Shares redeemed | (6,566,287) | (64,277,206) | (8,621,160) | (84,911,870) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,924,057 | $18,915,427 | 2,298,384 | $22,724,502 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 6,471,620 | $63,732,205 | (25,166,474) | $(248,125,460) |
Short-Term | Long-Term | Total |
$3,519,825 | $2,091,543 | $5,611,368 |
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 | |
Service Shares | 0.05% |
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,022.00 | $2.07 |
Institutional Shares | $1,000 | $1,022.80 | $1.31 |
Service Shares | $1,000 | $1,022.30 | $1.82 |
Class R6 Shares | $1,000 | $1,021.90 | $1.21 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,022.95 | $2.07 |
Institutional Shares | $1,000 | $1,023.70 | $1.32 |
Service Shares | $1,000 | $1,023.20 | $1.82 |
Class R6 Shares | $1,000 | $1,023.80 | $1.21 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.41% |
Institutional Shares | 0.26% |
Service Shares | 0.36% |
Class R6 Shares | 0.24% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420B888
CUSIP 31420B805
CUSIP 31420B854
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Institutional Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 23, 2024
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 January 23, 2024
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 23, 2024