NPORT-EX 2 poi_fhmdtsmallcapcorefd.htm POI - FEDERATED HERMES MDT SMALL CAP CORE FUND EDGAR HTML
Federated Hermes MDT Small Cap Core Fund
(formerly, Federated MDT Small Cap Core Fund)
Portfolio of Investments
October 31, 2020 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—98.3%
 
 
 
Communication Services—1.7%
 
103,653
1,2
AMC Networks, Inc.
$2,202,626  
9,961
1,2
Bandwidth, Inc.
1,597,296  
9,920
1
CarGurus, Inc.
197,706    
297,002
1
Cars.com, Inc.
2,194,845  
210,392
1,2
Consolidated Communications Holdings, Inc.
982,531    
759,544
2
Emerald Holding, Inc.
1,990,005  
88,839
1
Yelp, Inc.
1,747,463  
 
 
TOTAL
10,912,472
 
 
Consumer Discretionary—13.6%
 
29,428
1
1-800-FLOWERS.COM, Inc.
583,557    
99,319
 
Aaron’s Holdings Company, Inc.
5,190,411  
354,304
1
American Axle & Manufacturing Holdings, Inc.
2,380,923  
26,092
1,2
Asbury Automotive Group, Inc.
2,686,954  
22,678
1
At Home Group, Inc.
369,425    
8,181
 
Bed Bath & Beyond, Inc.
161,984    
41,193
 
Big Lots, Inc.
1,960,787  
40,309
 
Bluegreen Vacations Holding Corp.
328,518    
181,481
 
Camping World Holdings, Inc.
4,798,358  
36,288
1
Chegg, Inc.
2,664,991  
11,008
2
Children’s Place, Inc./The
278,172    
86,612
1,2
Fossil, Inc.
494,555    
270,504
1,2
Funko, Inc.
1,714,995  
199,205
1,2
G-III Apparel Group Ltd.
2,685,283  
14,171
1
Immunovant, Inc.
618,139    
78,537
1
Installed Building Products, Inc.
7,110,740  
47,007
 
Jack in the Box, Inc.
3,763,380  
23,171
1
Meritage Corp.
2,017,962  
41,404
1
Michaels COS, Inc.
335,786    
462,310
1
Modine Manufacturing Co.
2,958,784  
84,118
 
Movado Group, Inc.
917,727    
7,149
 
Murphy USA, Inc.
874,251    
4,761
1
National Vision Holdings, Inc.
192,011    
15,014
1
Nautilus, Inc.
325,654    
62,693
 
ODP Corp./The
1,222,514  
23,807
 
Papa Johns International, Inc.
1,823,616  
125,714
1
Perdoceo Education Corp.
1,419,311  
180,615
 
Rent-A-Center, Inc.
5,581,004  
18,211
 
Shutterstock, Inc.
1,191,910  
46,624
 
Sonic Automotive, Inc.
1,681,262  
294,138
 
Steven Madden Ltd.
7,062,253  
1,173
1
TopBuild Corp.
179,715    
72,550
 
Tupperware Brands Corp.
2,301,286  
11,134
1
Turtle Beach Corp.
200,635    
10,912
1
Vista Outdoor, Inc.
215,730    
58,408
2
Wingstop, Inc.
6,794,603  
143,043
1
WW International, Inc.
3,026,790  
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
14,229
1,3
XPEL, Inc.
$352,595    
198,944
1
YETI Holdings, Inc.
9,843,749  
 
 
TOTAL
88,310,320
 
 
Consumer Staples—3.6%
 
121,712
2
B&G Foods, Inc., Class A
3,232,671  
187,418
1
BJ’s Wholesale Club Holdings, Inc.
7,176,235  
57,731
1
Central Garden & Pet Co., Class A
2,043,100  
140,348
1
elf Beauty, Inc.
2,844,854  
13,217
1
Freshpet, Inc.
1,513,347  
27,990
 
Ingles Markets, Inc., Class A
1,003,721  
101,184
 
Inter Parfums, Inc.
4,154,615  
67,693
 
SpartanNash Co.
1,246,228  
27,430
1
United Natural Foods, Inc.
399,655    
 
 
TOTAL
23,614,426
 
 
Energy—2.9%
 
53,808
 
Arch Resources, Inc.
1,643,834  
234,484
1,2
CONSOL Energy, Inc.
888,694    
248,955
 
CVR Energy, Inc.
2,740,995  
104,653
 
Delek US Holdings, Inc.
1,052,809  
111,305
1
Gulf Island Fabrication, Inc.
362,854    
25,828
 
Nabors Industries Ltd.
734,032    
362,889
1
Newpark Resources, Inc.
259,502    
415,128
1
Oceaneering International, Inc.
1,693,722  
765,919
1
Oil States International, Inc.
1,907,138  
66,376
 
Ovintiv, Inc.
610,659    
1,005,702
1
Peabody Energy Corp.
1,297,356  
74,170
1
Renewable Energy Group, Inc.
4,183,188  
178,925
 
SFL Corporation Ltd.
1,164,802  
 
 
TOTAL
18,539,585
 
 
Financials—16.6%
 
35,148
 
1st Source Corp.
1,177,107  
3,586
 
A-Mark Precious Metals, Inc.
111,453    
36,399
 
Argo Group International Holdings Ltd.
1,298,716  
202,051
 
Artisan Partners Asset Management, Inc.
8,094,163  
49,775
 
Berkshire Hills Bancorp, Inc.
648,568    
228,231
 
Brightsphere Investment Group, Inc.
3,149,588  
22,921
1
BRP Group, Inc.
584,486    
80,471
 
CNO Financial Group, Inc.
1,428,360  
95,190
 
Donegal Group, Inc., Class A
1,381,207  
45,420
 
Eagle Bancorp, Inc.
1,358,966  
41,227
 
Employers Holdings, Inc.
1,319,676  
272,495
1
Ezcorp, Inc., Class A
1,215,328  
54,486
 
Financial Institutions, Inc.
966,037    
465,338
 
First BanCorp
3,020,044  
264,637
 
First Bancorp, Inc.
6,375,105  
145,788
 
First Foundation, Inc.
2,167,868  
40,431
1
Focus Financial Partners, Inc.
1,476,136  
20,487
1
Goosehead Insurance, Inc.
2,510,477  
75,692
1
Green Dot Corp.
4,035,897  
46,590
 
Heartland Financial USA, Inc.
1,534,675  
31,028
 
HomeStreet, Inc.
964,040    
110,084
 
Horace Mann Educators Corp.
3,732,948  
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Financials—continued
 
38,484
 
Independent Bank Corp.- Michigan
$576,106    
707,766
 
Investors Bancorp, Inc.
5,987,700  
37,573
 
Kinsale Capital Group, Inc.
7,043,810  
88,257
 
Live Oak Bancshares, Inc.
3,290,221  
215,531
 
Meridian Bancorp, Inc.
2,683,361  
35,290
1
Mr. Cooper Group, Inc.
743,913    
196,932
 
Northwest Bancshares, Inc.
2,101,264  
123,618
 
Peapack-Gladstone Financial Corp.
2,086,672  
82,704
 
Pennymac Financial Services, Inc.
4,203,017  
277,040
 
ProAssurance Corp.
4,274,727  
146,879
 
QCR Holdings, Inc.
4,557,655  
218,958
 
Selective Insurance Group, Inc.
11,398,954 
69,635
 
State Auto Financial Corp.
859,296    
41,900
 
TriCo Bancshares
1,212,167  
9,009
1,2
Trupanion, Inc.
644,504    
21,310
 
UMB Financial Corp.
1,297,140  
97,578
 
Waddell & Reed Financial, Inc., Class A
1,497,822  
135,296
 
Waterstone Financial, Inc.
2,283,797  
134,084
 
Western New England Bancorp, Inc.
772,324    
171,039
2
WisdomTree Investments, Inc.
622,582    
8,853
1,2
World Acceptance Corp.
743,563    
 
 
TOTAL
107,431,440
 
 
Health Care—19.9%
 
5,614
1
Acceleron Pharma, Inc.
587,112    
627,148
1,2
Acorda Therapeutics, Inc.
548,253    
66,205
1,4
Adeptus Health, Inc., Class A
0          
96,407
1
Amphastar Pharmaceuticals, Inc.
1,888,613  
178,605
1
AnaptysBio, Inc.
5,261,703  
118,378
1
ANI Pharmaceuticals, Inc.
3,017,455  
70,799
1,2
Anika Therapeutics, Inc.
2,309,463  
545,846
1
Assertio Holdings, Inc.
338,425    
18,880
1,2
Axonics Modulation Technologies, Inc.
885,283    
8,090
1,2
Beam Therapeutics, Inc.
276,435    
17,229
1
Biohaven Pharmaceutical Holding Co. Ltd.
1,334,558  
12,109
1
Blueprint Medicines Corp.
1,238,509  
43,113
1
Castle Biosciences, Inc.
2,001,737  
239,793
1
Catalyst Pharmaceutical Partners, Inc.
712,185    
9,504
1
ChemoCentryx, Inc.
456,192    
190,305
1,2
Community Health Systems, Inc.
1,187,503  
9,386
2
CONMED Corp.
731,826    
111,823
1
Cytomx Therapeutics, Inc.
740,268    
63,086
1
Denali Therapeutics, Inc.
2,698,819  
21,704
1
Emergent BioSolutions, Inc.
1,952,709  
12,455
1
Enanta Pharmaceuticals, Inc.
543,412    
58,289
1
Fate Therapeutics, Inc.
2,588,032  
19,290
1
FibroGen, Inc.
740,350    
173,820
1
G1 Therapeutics, Inc.
1,910,282  
129,377
1
GlycoMimetics, Inc.
362,256    
58,258
1
Gossamer Bio, Inc.
483,541    
160,340
1
Halozyme Therapeutics, Inc.
4,489,520  
91,390
1
Inogen, Inc.
2,669,502  
138,131
1
Inovalon Holdings, Inc.
2,623,108  
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
40,547
1,2
Inspire Medical Systems, Inc.
$4,842,528  
38,927
1,2
Intellia Therapeutics, Inc.
931,912    
3,848
1
iRhythm Technologies, Inc.
813,660    
148,250
1,2
Ironwood Pharmaceuticals, Inc.
1,464,710  
2,958
1
Karuna Therapeutics, Inc.
240,160    
71,801
1
Kiniksa Pharmaceuticals Ltd.
1,124,404  
19,440
1
Kodiak Sciences, Inc.
1,765,346  
111,467
1
Kura Oncology, Inc.
3,483,344  
90,347
1,2
Lannett Co., Inc.
580,931    
13,841
 
LeMaitre Vascular, Inc.
449,556    
628,152
1,2
Lexicon Pharmaceuticals, Inc.
697,249    
5,003
1
Ligand Pharmaceuticals, Inc., Class B
412,497    
105,374
1
MEDNAX, Inc.
1,343,519  
53,757
1
Medpace Holdings, Inc.
5,963,802  
19,047
1
Mirati Therapeutics, Inc.
4,135,866  
316,029
1
Myriad Genetics, Inc.
3,928,240  
14,470
1
Natera, Inc.
973,252    
27,771
1
NextCure, Inc.
268,268    
3,472
1
Novavax, Inc.
280,225    
17,468
1
Omnicell, Inc.
1,511,855  
15,441
1
Orthofix Medical, Inc.
482,686    
19,992
 
Owens & Minor, Inc.
502,199    
157,373
1
Pacific Biosciences of California, Inc.
2,063,160  
55,809
1
Pacira BioSciences, Inc.
2,918,811  
75,361
1
Personalis, Inc.
1,863,678  
22,379
1
Prestige Consumer Healthcare, Inc.
739,178    
48,711
1,2
Prevail Therapeutics, Inc.
476,881    
151,214
1
Puma Biotechnology, Inc.
1,265,661  
62,756
1
Retrophin, Inc.
1,270,181  
75,837
1,2
Rocket Pharmaceuticals, Inc.
2,118,886  
34,785
1,2
Scholar Rock Holding Corp.
1,353,136  
194,091
1
Select Medical Holdings Corp.
4,072,029  
28,541
1
Seres Therapeutics, Inc.
796,008    
95,357
1
Shockwave Medical, Inc.
6,514,790  
37,398
1
SI-BONE, Inc.
784,236    
96,397
1
Silk Road Medical, Inc.
5,841,658  
54,107
1
Supernus Pharmaceuticals, Inc.
993,405    
35,918
1
Surgery Partners, Inc.
783,731    
8,085
1
Syneos Health, Inc.
429,152    
12,331
1
TCR2 Therapeutics, Inc.
242,551    
32,120
1
Turning Point Therapeutics, Inc.
2,961,143  
5,205
1
Twist Bioscience Corp.
398,911    
30,713
1
Ultragenyx Pharmaceutical, Inc.
3,086,656  
228,468
1
Vanda Pharmaceuticals, Inc.
2,442,323  
19,962
1
Vocera Communications, Inc.
654,354    
168,255
1,2
Voyager Therapeutics, Inc.
1,788,551  
33,049
1
Xencor, Inc.
1,268,421  
48,399
1
Zogenix, Inc.
1,031,867  
19,474
1
Zynex, Inc.
249,462    
 
 
TOTAL
129,182,080
 
 
Industrials—13.7%
 
78,768
 
AAR Corp.
1,532,825  
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
124,356
 
Advanced Drainage System, Inc.
$7,887,901  
68,772
1
Aerojet Rocketdyne Holdings, Inc.
2,229,588  
189,762
 
Albany International Corp., Class A
9,666,476  
277,424
 
Apogee Enterprises, Inc.
6,627,659  
20,219
 
ArcBest Corp.
617,084    
7,914
 
Arcosa, Inc.
365,389    
388,060
1
Astronics Corp.
2,483,584  
133,792
1
Atlas Air Worldwide Holdings, Inc.
7,915,135  
72,033
1
Builders Firstsource, Inc.
2,182,600  
255,877
1
CECO Environmental Corp.
1,811,609  
22,668
1
Cimpress PLC
1,663,831  
284,514
 
Costamare, Inc.
1,618,885  
164,541
1
Echo Global Logistics, Inc.
4,437,671  
46,464
 
Exponent, Inc.
3,233,430  
341,049
1
Foundation Building Materials, Inc.
4,965,674  
94,660
1
Franklin Covey Co.
1,601,647  
147,169
1
GMS, Inc.
3,326,019  
69,230
1
Great Lakes Dredge & Dock Corp.
715,146    
36,625
 
Heidrick & Struggles International, Inc.
836,881    
33,816
 
Helios Technologies, Inc.
1,414,861  
81,951
 
Hurco Co., Inc.
2,445,418  
15,941
 
KAR Auction Services, Inc.
232,101    
10,634
1,2
Mastec, Inc.
527,872    
246,857
1
Mistras Group, Inc.
918,308    
271,687
1
MRC Global, Inc.
1,157,387  
328,534
1
Now, Inc.
1,337,133  
61,297
 
Powell Industries, Inc.
1,448,448  
27,793
 
Scorpio Bulkers, Inc.
305,167    
38,599
1
Siteone Landscape Supply, Inc.
4,612,195  
69,574
 
Steelcase, Inc., Class A
726,353    
242,834
1
Team, Inc.
1,301,590  
6,832
 
Tennant Co.
407,324    
17,532
 
The Shyft Group, Inc.
338,543    
175,241
1
Titan Machinery, Inc.
2,626,863  
10,993
1
TriNet Group, Inc.
757,638    
247,212
 
Triumph Group, Inc.
1,631,599  
39,465
1
Veritiv Corp.
568,296    
 
 
TOTAL
88,476,130
 
 
Information Technology—14.5%
 
79,092
 
Amkor Technology, Inc.
937,240    
144,896
1
Avaya Holdings Corp.
2,492,211  
8,514
1
Axcelis Technologies, Inc.
187,904    
28,963
 
Benchmark Electronics, Inc.
603,299    
95,173
 
Blackbaud, Inc.
4,695,836  
126,610
1
Box, Inc.
1,962,455  
18,254
1
Calix, Inc.
427,326    
70,770
1
Commvault Systems, Inc.
2,801,784  
698,160
1
Conduent, Inc.
2,433,088  
94,342
1
Domo, Inc.
2,997,245  
49,525
1
Endurance International Group Holdings, Inc.
287,740    
13,813
1
Envestnet, Inc.
1,060,010  
43,986
 
Evertec, Inc.
1,463,854  
5
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
106,772
1
Evo Payments, Inc.
$2,249,686  
13,488
1
Five9, Inc.
2,046,399  
82,152
1
FormFactor, Inc.
2,329,009  
63,226
1
Inphi Corp.
8,836,466  
21,508
1,2
Intelligent Systems Corp.
815,583    
30,035
1
International Money Express, Inc.
417,787    
163,796
1
MA-COM Technology Solutions Holdings, Inc.
5,978,554  
67,172
 
ManTech International Corp., Class A
4,358,119  
41,509
1
MaxLinear, Inc.
1,097,498  
114,130
1
Model N, Inc.
4,020,800  
77,924
1
NeoPhotonics Corp.
530,663    
13,244
1
Netgear, Inc.
408,180    
16,775
1
OSI Systems, Inc.
1,294,359  
33,331
 
Perspecta, Inc.
597,625    
169,386
2
Plantronics, Inc.
3,306,415  
14,660
1
Qualys, Inc.
1,287,881  
170,348
1
SailPoint Technologies Holding
7,071,146  
133,238
1
Secureworks Corp.
1,385,675  
32,927
1
Sitime Corp.
2,749,075  
33,668
1
Sprout Social, Inc.
1,471,292  
77,987
1
SPS Commerce, Inc.
6,674,907  
66,124
1
SVMK, Inc.
1,383,975  
7,591
1
Synaptics, Inc.
582,002    
198,829
1,2
Synchronoss Technologies, Inc.
550,756    
69,219
1
Tenable Holdings, Inc.
2,361,060  
32,780
 
TTEC Holdings, Inc.
1,795,689  
38,410
1
Varonis Systems, Inc.
4,439,044  
24,247
1
Workiva, Inc.
1,341,102  
 
 
TOTAL
93,730,739
 
 
Materials—3.8%
 
375,015
1
Allegheny Technologies, Inc.
3,453,888  
22,035
1
Arconic Corp.
479,041    
123,730
 
Boise Cascade Co.
4,748,757  
224,095
 
Carpenter Technology Corp.
3,917,181  
18,890
1
Clearwater Paper Corp.
701,764    
107,817
 
Commercial Metals Corp.
2,226,421  
58,434
 
Fuller (H.B.) Co.
2,644,138  
27,762
 
Haynes International, Inc.
450,022    
10,252
1
Ingevity Corp.
562,630    
67,665
1
Koppers Holdings, Inc.
1,517,726  
155,575
 
Myers Industries, Inc.
2,230,945  
76,006
 
O-I Glass, Inc.
716,737    
178,898
 
SunCoke Energy, Inc.
624,354    
48,583
 
Verso Corp.
377,976    
 
 
TOTAL
24,651,580
 
 
Real Estate—6.0%
 
25,963
 
Alexander and Baldwin, Inc.
333,625    
38,011
 
CareTrust REIT, Inc.
649,988    
121,557
 
CIM Commercial Trust Corp.
972,456    
73,667
2
CorEnergy Infrastructure Trust, Inc.
344,762    
99,653
 
Easterly Government Properties, Inc.
2,082,748  
40,085
1
eXp World Holdings, Inc.
1,699,203  
6
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
489,041
 
Independence Realty Trust
$5,941,848  
50,305
 
LTC Properties, Inc.
1,660,568  
506,719
2
Macerich Co. (The)
3,526,764  
29,162
 
PotlatchDeltic Corp.
1,211,681  
104,399
2
QTS Realty Trust, Inc.
6,421,582  
92,164
1
Redfin Corp.
3,849,690  
228,864
 
RMR Group, Inc./The
6,101,514  
296,791
 
Sabra Health Care REIT, Inc.
3,905,770  
69,093
 
Whitestone Project
411,794    
 
 
TOTAL
39,113,993
 
 
Utilities—2.0%
 
3,675
 
Chesapeake Utilities Corp.
357,247    
171,167
 
Clearway Energy, Inc.
4,486,287  
26,488
 
Consolidated Water Co.
266,469    
183,297
 
Portland General Electric Co.
7,203,572  
28,054
1
Sunnova Energy International, Inc.
674,979    
 
 
TOTAL
12,988,554
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $604,645,906)
636,951,319
 
 
INVESTMENT COMPANIES—6.0%
 
19,432,488
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5
19,432,488 
19,573,627
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%5
19,581,456 
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $39,013,944)
39,013,944
 
 
TOTAL INVESTMENT IN SECURITIES—104.3%
(IDENTIFIED COST $643,659,850)
675,965,263
 
 
OTHER ASSETS AND LIABILITIES - NET—(4.3)%6
(27,689,807)
 
 
TOTAL NET ASSETS—100%
$648,275,456
7
An affiliated company is a company in which the Fund, alone or in combination with other funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the year ended October 31, 2020, were as follows:  
 
Value as of
7/31/2020
Purchases
at Cost*
Proceeds
from Sales*
Consumer Discretionary:
 
 
 
Wingstop, Inc.**
$16,774,687
$—
$(7,193,124)
Health Care:
 
 
 
Amphastar Pharmaceuticals, Inc.
$1,702,621
$229,700
$—
AnaptysBio, Inc.
$4,555,051
$—
$(1,942,001)
Ultragenyx Pharmaceutical, Inc.
$2,220,838
$470,460
$(246,339)
Information Technology:
 
 
 
International Money Express, Inc.
$—
$ 467,657
$—
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS
$25,253,197
$1,167,817
$(9,381,464)
8
 
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized Gain/
(Loss)*
Value as of
10/31/2020
Shares
Held as of
10/31/2020
Dividend
Income*
 
 
 
 
 
$(5,057,641)
$2,270,681
$6,794,603
58,408
$11,953
 
 
 
 
 
$(43,708)
$—
$1,888,613
96,407
$—
$2,172,933
$475,720
$5,261,703
178,605
$—
$689,077
$(47,380)
$3,086,656
30,713
$—
 
 
 
 
 
$(49,870)
$—
$ 417,787
30,035
$—
$(2,289,209)
$2,699,021
$17,449,362
394,168
$11,953
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
**
At October 31, 2020, the Fund no longer has ownership of at least 5% voting shares.
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended October 31, 2020, were as follows:  
 
Federated
Government
Obligations Fund,
Premier Shares*
Federated
Institutional
Prime Value
Obligations Fund,
Institutional Shares*
 
Total of
Affiliated
Transactions
Value as of 7/31/2020
$31,624,077
$44,520,839
 
$76,144,916
Purchases at Cost
$32,597,607
$84,588,572
 
$117,186,179
Proceeds from Sales
$(44,789,196)
$(109,526,013)
 
$(154,315,209)
Change in Unrealized Appreciation/Depreciation
N/A
$(2,178)
 
$(2,178)
Net Realized Gain/(Loss)
N/A
$236
 
$236
Value as of 10/31/2020
$19,432,488
$19,581,456
 
$39,013,944
Shares Held as of 10/31/2020
19,432,488
19,573,627
 
39,006,115
Dividend Income
$0
$3,700
 
$3,700
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of October 31, 2020, securities subject to this type of arrangement
and related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$27,667,734
$29,152,488
 
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 October 31, 2020, this restricted security amounted to $352,595, which
represented 0.1% 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
Assets, other than investments in securities, less liabilities.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
9
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$627,440,455
$—
$0
$627,440,455
International
9,510,864
—
—
9,510,864
Investment Companies
39,013,944
—
—
39,013,944
TOTAL SECURITIES
$675,965,263
$—
$0
$675,965,263
 
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust
10