NPORT-EX 2 poi_fhmdtsmallcapcorefd.htm POI - FEDERATED HERMES MDT SMALL CAP CORE FUND EDGAR HTML
Federated Hermes MDT Small Cap Core Fund
Portfolio of Investments
April 30, 2021 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—98.1%
 
 
 
Communication Services—3.4%
 
89,440
1
AMC Networks, Inc.
$4,497,043    
454,582
1
CarGurus, Inc.
11,219,084   
230,538
1
Cars.com, Inc.
3,045,407    
208,587
1
Eventbrite, Inc.
4,916,396    
263,588
1
Yelp, Inc.
10,359,008   
 
 
TOTAL
34,036,938
 
 
Consumer Discretionary—15.2%
 
191,988
1
Abercrombie & Fitch Co., Class A
7,197,630    
114,603
1
Academy Sports and Outdoors, Inc.
3,530,918    
354,304
1
American Axle & Manufacturing Holdings, Inc.
3,287,941    
24,407
1
American Public Education, Inc.
743,437      
148,240
1,2
Bed Bath & Beyond, Inc.
3,753,437    
49,987
 
Big Lots, Inc.
3,446,104    
64,081
1
Bloomin Brands, Inc.
2,024,960    
47,554
1
Bluegreen Vacations Holding Corp.
880,700      
89,156
1
Brinker International, Inc.
5,985,042    
167,479
 
Camping World Holdings, Inc.
7,292,036    
30,085
1
Century Communities, Inc.
2,224,485    
32,466
1
Citi Trends, Inc.
3,395,944    
71,998
1
Container Store Group, Inc.
1,014,452    
82,208
1
CROCs, Inc.
8,230,665    
24,593
2
Dillards, Inc., Class A
2,432,494    
102,313
1
Funko, Inc.
2,203,822    
41,445
 
Installed Building Products, Inc.
5,580,569    
3,902
1
iRobot Corp.
424,538      
59,353
 
Jack in the Box, Inc.
7,160,939    
81,412
 
Kontoor Brands, Inc.
5,115,116    
64,849
1
Lovesac Co./The
4,751,486    
323,241
1
Modine Manufacturing Co.
5,262,364    
92,342
 
Movado Group, Inc.
2,896,769    
10,718
 
Murphy USA, Inc.
1,494,089    
37,393
1
National Vision Holdings, Inc.
1,884,981    
13,454
1
ODP Corp./The
543,945      
37,639
1
Perdoceo Education Corp.
438,871      
11,131
1
Red Robin Gourmet Burgers
404,723      
270,306
1
Red Rock Resorts, Inc.
9,901,309    
137,037
 
Rent-A-Center, Inc.
7,886,479    
113,375
1
SeaWorld Entertainment, Inc.
6,208,415    
26,363
1
Shake Shack, Inc.
2,866,976    
43,186
 
Shutterstock, Inc.
3,764,955    
15,416
1
Sleep Number Corp.
1,724,896    
46,624
 
Sonic Automotive, Inc.
2,300,428    
170,991
1
Sonos, Inc.
6,844,770    
7,401
1
TopBuild Corp.
1,645,834    
25,422
 
Tupperware Brands Corp.
619,534      
86,041
1
Vista Outdoor, Inc.
2,805,797    
41,558
1,3
XPEL, Inc.
2,663,868    
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Consumer Discretionary—continued
 
124,517
1
YETI Holdings, Inc.
$10,636,242   
 
 
TOTAL
153,471,960
 
 
Consumer Staples—2.2%
 
67,983
1
Bellring Brands, Inc.
1,753,282    
68,563
1
BJ’s Wholesale Club Holdings, Inc.
3,062,709    
82,634
1
Central Garden & Pet Co., Class A
4,071,377    
11,202
 
Coca-Cola Bottling Co.
3,284,986    
39,930
1
elf Beauty, Inc.
1,207,883    
70,774
1
Hostess Brands, Inc.
1,082,134    
26,420
 
Ingles Markets, Inc., Class A
1,619,282    
53,001
 
Primo Water Corp.
887,237      
67,693
 
SpartanNash Co.
1,311,213    
52,274
1
United Natural Foods, Inc.
1,926,820    
120,282
 
Vector Group Ltd.
1,569,680    
 
 
TOTAL
21,776,603
 
 
Energy—2.1%
 
86,063
1
Antero Resources Corp.
776,288      
39,505
1
Bonanza Creek Energy, Inc.
1,307,220    
111,305
1
Gulf Island Fabrication, Inc.
463,029      
229,437
1
Magnolia Oil & Gas Corp.
2,583,461    
44,826
 
Matador Resources Co.
1,179,372    
19,079
1
Nabors Industries Ltd.
1,542,537    
253,565
1
Newpark Resources, Inc.
720,125      
370,978
1
Oceaneering International, Inc.
3,988,014    
338,192
1
Oil States International, Inc.
1,897,257    
115,117
 
Ovintiv, Inc.
2,754,750    
34,995
1
PDC Energy, Inc.
1,277,667    
42,127
1
Renewable Energy Group, Inc.
2,338,891    
 
 
TOTAL
20,828,611
 
 
Financials—16.5%
 
29,171
 
1st Source Corp.
1,388,248    
111,664
 
Ares Commercial Real Estate Corp.
1,648,161    
221,738
 
Artisan Partners Asset Management, Inc.
11,290,899   
15,433
 
BankUnited, Inc.
719,332      
193,993
 
Brightsphere Investment Group, Inc.
4,366,782    
22,304
 
CNO Financial Group, Inc.
569,421      
38,053
2
Cowen Group, Inc.
1,502,713    
80,321
1
Customers Bancorp, Inc.
2,772,681    
100,997
 
Donegal Group, Inc., Class A
1,558,384    
20,098
1
Donnelley Financial Solutions, Inc.
614,195      
466,320
 
Eastern Bankshares, Inc.
9,946,606    
48,387
 
Employers Holdings, Inc.
1,958,706    
62,276
 
Financial Institutions, Inc.
1,988,473    
66,716
 
First BanCorp
838,620      
191,731
 
First Bancorp, Inc.
8,129,394    
145,788
 
First Foundation, Inc.
3,469,754    
46,355
 
Flagstar Bancorp, Inc.
2,157,362    
277,245
 
Great Western Bancorp, Inc.
9,162,947    
104,743
1
Green Dot Corp.
4,793,040    
46,590
 
Heartland Financial USA, Inc.
2,342,079    
146,181
 
HomeStreet, Inc.
5,970,032    
124,373
 
Horace Mann Educators Corp.
4,987,357    
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Financials—continued
 
20,085
 
Houlihan Lokey, Inc.
$1,331,033    
38,484
 
Independent Bank Corp.- Michigan
906,683      
707,766
 
Investors Bancorp, Inc.
10,361,694   
44,195
 
KKR Real Estate Finance Trust, Inc.
932,515      
100,735
 
Live Oak Bancshares, Inc.
6,443,011    
138,582
 
Meridian Bancorp, Inc.
3,064,048    
151,317
 
Moelis & Co.
8,213,487    
233,740
 
Navient Corp.
3,933,844    
3,322
1
Nicolet Bankshares, Inc.
264,963      
177,500
 
Northwest Bancshares, Inc.
2,492,100    
42,829
 
Peapack-Gladstone Financial Corp.
1,370,528    
70,921
 
PJT Partners, Inc.
5,214,821    
17,855
 
Preferred Bank Los Angeles, CA
1,170,217    
277,040
 
ProAssurance Corp.
6,926,000    
146,879
 
QCR Holdings, Inc.
7,082,505    
55,760
 
Selective Insurance Group, Inc.
4,245,566    
10,240
 
ServisFirst Bancshares, Inc.
647,578      
9,198
1
Silvergate Capital Corp.
986,210      
82,015
 
StepStone Group, Inc.
2,731,099    
41,900
 
TriCo Bancshares
1,939,132    
97,179
1
Triumph Bancorp, Inc.
8,612,975    
18,444
 
Veritex Holdings, Inc.
623,038      
141,145
 
Waterstone Financial, Inc.
2,780,556    
134,084
 
Western New England Bancorp, Inc.
1,086,080    
171,039
2
WisdomTree Investments, Inc.
1,160,500    
 
 
TOTAL
166,695,369
 
 
Health Care—18.8%
 
104,525
1,2
Acorda Therapeutics, Inc.
545,621      
66,205
1,4
Adeptus Health, Inc.
0            
84,945
1
Alphatec Holdings, Inc.
1,358,271    
96,407
1
Amphastar Pharmaceuticals, Inc.
1,677,482    
118,462
1
ANI Pharmaceuticals, Inc.
3,942,415    
19,310
1
Arvinas, Inc.
1,331,231    
43,567
1
Avid Bioservices, Inc.
932,552      
57,188
1
AxoGen, Inc.
1,070,559    
98,320
1,2
Axonics, Inc.
6,187,278    
13,965
1
Blueprint Medicines Corp.
1,345,109    
370,078
1
Brookdale Senior Living, Inc.
2,420,310    
239,793
1
Catalyst Pharmaceutical Partners, Inc.
1,098,252    
296,264
1
Community Health Systems, Inc.
3,303,344    
108,816
1
Cross Country Healthcare, Inc.
1,449,429    
374,411
1
Cytomx Therapeutics, Inc.
3,504,487    
33,931
1
Denali Therapeutics, Inc.
2,050,790    
65,844
1
Dicerna Pharmaceuticals, Inc.
2,053,674    
48,942
1
Eagle Pharmaceuticals, Inc.
1,998,302    
11,633
1
Editas Medicine, Inc.
430,537      
78,390
1
Emergent BioSolutions, Inc.
4,780,222    
27,778
1
Evolent Health, Inc.
601,671      
73,279
1
Evolus, Inc.
667,572      
4,945
1
Glaukos Corp.
465,621      
129,377
1
GlycoMimetics, Inc.
310,505      
129,444
1
Halozyme Therapeutics, Inc.
6,465,728    
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
46,858
1
Harpoon Therapeutics, Inc.
$1,060,865    
30,317
1
Health Catalyst, Inc.
1,755,354    
55,366
1,2
Hookipa Pharma, Inc.
749,656      
124,821
1
IDEAYA Biosciences, Inc.
2,565,072    
191,478
1
Immunogen, Inc.
1,543,313    
4,422
1
Inari Medical, Inc.
505,390      
10,033
1
Inogen, Inc.
656,058      
142,559
1
Inovalon Holdings, Inc.
4,306,707    
56,127
1
Inspire Medical Systems, Inc.
13,291,996   
77,268
1
Intellia Therapeutics, Inc.
5,931,864    
148,250
1
Ironwood Pharmaceuticals, Inc.
1,636,680    
7,761
1
Karuna Therapeutics, Inc.
861,549      
86,506
1
Krystal Biotech, Inc.
6,872,037    
90,347
1,2
Lannett Co., Inc.
394,816      
26,428
 
LeMaitre Vascular, Inc.
1,386,677    
70,110
1
Magenta Therapeutics, Inc.
816,782      
12,871
1
Medpace Holdings, Inc.
2,183,951    
123,211
1,2
Omeros Corp.
2,175,906    
17,468
1
Omnicell, Inc.
2,533,209    
42,675
1
OptimizeRX Corp.
2,153,381    
283,654
1
Organogenesis Holdings, Inc.
6,342,503    
20,181
1
Orthofix Medical, Inc.
895,027      
29,143
 
Owens & Minor, Inc.
1,051,771    
60,025
1
Pacira BioSciences, Inc.
3,792,380    
15,215
 
Patterson Cos., Inc.
489,010      
39,189
1
Pennant Group, Inc./The
1,584,019    
52,243
1
Phreesia, Inc.
2,703,575    
108,603
1
Prestige Consumer Healthcare, Inc.
4,730,747    
113,734
1,2
Puma Biotechnology, Inc.
1,121,417    
52,218
1
Radius Health, Inc.
1,164,461    
15,292
1
Rhythm Pharmaceuticals, Inc.
329,696      
8,742
1
Scholar Rock Holding Corp.
282,804      
168,132
1
Select Medical Holdings Corp.
6,341,939    
154,374
1
Selecta Biosciences, Inc.
463,122      
33,806
1
Shockwave Medical, Inc.
5,525,929    
124,858
1
SI-BONE, Inc.
4,432,459    
53,691
1,2
Soliton, Inc.
961,606      
143,118
1
Stoke Therapeutics, Inc.
4,622,711    
54,529
1
Supernus Pharmaceuticals, Inc.
1,660,408    
24,161
1
Surgery Partners, Inc.
1,164,560    
136,257
1
Sutro Biopharma, Inc.
2,794,631    
8,085
1
Syneos Health, Inc.
686,012      
57,961
1
TCR2 Therapeutics, Inc.
1,316,294    
63,376
1
Tenet Healthcare Corp.
3,755,662    
99,608
1
The Joint Corp.
5,526,252    
145,926
1
Travere Therapeutics, Inc.
3,607,291    
12,753
1
Turning Point Therapeutics, Inc.
972,161      
266,334
1
Vanda Pharmaceuticals, Inc.
4,421,144    
99,114
1
Vericel Corp.
6,186,696    
97,882
1
Vocera Communications, Inc.
3,540,392    
204,534
1,2
Voyager Therapeutics, Inc.
985,854      
33,049
1
Xencor, Inc.
1,406,565    
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
31,810
1
Y-mAbs Therapeutics, Inc.
$956,527      
 
 
TOTAL
189,187,850
 
 
Industrials—14.6%
 
57,183
 
Advanced Drainage System, Inc.
6,385,054    
195,595
 
Apogee Enterprises, Inc.
6,871,252    
26,251
 
ArcBest Corp.
1,910,023    
226,806
1
Astronics Corp.
3,948,692    
129,392
1
Atkore, Inc.
10,128,806   
81,270
1
Atlas Air Worldwide Holdings, Inc.
5,519,046    
37,259
1
Beacon Roofing Supply, Inc.
2,098,799    
123,730
 
Boise Cascade Co.
8,255,266    
56,939
1
Builders Firstsource, Inc.
2,771,221    
204,738
1
CECO Environmental Corp.
1,494,587    
340,414
 
Costamare, Inc.
3,581,155    
164,541
1
Echo Global Logistics, Inc.
5,380,491    
102,939
1
Franklin Covey Co.
3,143,757    
36,832
1
Fuelcell Energy, Inc.
357,639      
242,543
1
GMS, Inc.
10,601,555   
36,625
 
Heidrick & Struggles International, Inc.
1,549,238    
17,924
1
Herc Holdings, Inc.
1,892,774    
246,238
 
Hillenbrand, Inc.
12,087,823   
81,951
 
Hurco Co., Inc.
2,815,017    
33,545
 
ManTech International Corp., Class A
2,863,066    
246,857
1
Mistras Group, Inc.
2,747,518    
252,200
1
MRC Global, Inc.
2,375,724    
82,537
1
MYR Group, Inc.
6,429,632    
197,808
1
Now, Inc.
1,942,475    
68,585
 
Powell Industries, Inc.
2,416,935    
123,121
 
Primoris Services Corp.
4,021,132    
134,262
1
Resideo Technologies, Inc.
4,029,203    
62,293
 
Rexnord Corp.
3,110,289    
6,832
 
Tennant Co.
539,113      
38,402
 
Terex Corp.
1,804,510    
191,908
1
Titan Machinery, Inc.
5,010,718    
82,554
1
TriNet Group, Inc.
6,497,825    
110,168
 
Triton International Ltd.
5,527,129    
116,032
1
Upwork, Inc.
5,344,434    
43,391
1
Veritiv Corp.
1,817,215    
 
 
TOTAL
147,269,113
 
 
Information Technology—13.5%
 
22,693
1
Altair Engineering, Inc.
1,475,045    
60,438
1
Ambarella, Inc.
5,892,101    
79,092
 
Amkor Technology, Inc.
1,599,240    
135,621
1
Avaya Holdings Corp.
3,901,816    
72,995
1
Axcelis Technologies, Inc.
3,031,482    
43,417
1
Blackbaud, Inc.
3,087,817    
29,620
1
Box, Inc.
630,906      
78,384
1
Cambium Networks Corp.
4,703,040    
75,055
1
Cohu, Inc.
3,002,951    
274,542
1
Commvault Systems, Inc.
19,083,414   
413,634
1
Conduent, Inc.
2,812,711    
11,369
1
Domo, Inc.
730,913      
5
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
59,750
 
Evertec, Inc.
$2,384,025    
106,772
1
Evo Payments, Inc.
3,044,070    
45,274
1
Exlservice Holding, Inc.
4,182,412    
197,347
1
Extreme Networks, Inc.
2,245,809    
66,666
1
FormFactor, Inc.
2,609,974    
143,095
1
Grid Dynamics Holdings, Inc.
2,061,999    
15,472
1
Impinj, Inc.
734,301      
30,035
1
International Money Express, Inc.
473,952      
63,451
1
j2 Global, Inc.
7,677,571    
163,669
1
MA-COM Technology Solutions Holdings, Inc.
9,265,302    
59,308
1
NeoPhotonics Corp.
555,123      
13,244
1
Netgear, Inc.
492,809      
19,641
1
OSI Systems, Inc.
1,896,731    
62,468
1
Plantronics, Inc.
2,498,095    
19,728
 
QAD, Inc.
1,394,572    
77,324
1
SailPoint Technologies Holding
3,775,731    
18,444
1
Sanmina Corp.
753,253      
136,248
1
Secureworks Corp.
1,772,587    
13,527
1
Sitime Corp.
1,251,924    
77,857
1
SMART Global Holdings, Inc.
3,593,101    
77,987
1
SPS Commerce, Inc.
7,988,988    
166,525
1,2
Synchronoss Technologies, Inc.
556,194      
32,780
 
TTEC Holdings, Inc.
3,334,709    
318,578
1
TTM Technologies, Inc.
4,778,670    
44,059
1
Turtle Beach Corp.
1,224,400    
11,201
1
Ultra Clean Holdings, Inc.
572,035      
164,979
1,2
Veritone, Inc.
3,979,294    
101,712
1
Workiva, Inc.
9,560,928    
80,348
1
Zuora, Inc.
1,301,638    
 
 
TOTAL
135,911,633
 
 
Materials—4.9%
 
267,974
1
Alcoa Corp.
9,818,567    
65,788
1
Clearwater Paper Corp.
2,201,267    
60,586
 
Commercial Metals Corp.
1,770,323    
184,334
1
Domtar, Corp.
7,266,446    
17,657
 
Fuller (H.B.) Co.
1,179,841    
67,665
1
Koppers Holdings, Inc.
2,249,185    
69,923
 
Louisiana-Pacific Corp.
4,606,527    
129,419
 
Myers Industries, Inc.
2,919,693    
154,866
1
O-I Glass, Inc.
2,553,740    
235,025
1
Ranpak Holdings Corp.
4,519,531    
53,805
1
Ryerson Holding Corp.
854,423      
178,898
 
SunCoke Energy, Inc.
1,207,562    
131,373
 
Trinseo SA
8,133,302    
 
 
TOTAL
49,280,407
 
 
Real Estate—5.5%
 
56,883
 
CareTrust REIT, Inc.
1,375,431    
303,692
1
Colony Capital, Inc.
2,125,844    
137,795
2
CorEnergy Infrastructure Trust, Inc.
835,038      
489,041
 
Independence Realty Trust
8,235,450    
43,785
 
LTC Properties, Inc.
1,862,176    
25,497
1
Marcus & Millichap Co., Inc.
900,554      
6
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
167,506
 
National Storage Affiliates Trust
$7,611,473    
27,536
 
Newmark Group, Inc.
296,012      
66,480
 
Plymouth Industrial REIT, Inc.
1,239,187    
113,412
 
PotlatchDeltic Corp.
6,732,136    
240,253
 
RMR Group, Inc./The
9,509,214    
38,184
 
STAG Industrial, Inc.
1,394,098    
27,072
 
Terreno Realty Corp.
1,746,685    
988,594
 
Uniti Group, Inc.
11,269,972   
53,521
 
Whitestone Project
522,900      
 
 
TOTAL
55,656,170
 
 
Utilities—1.4%
 
7,773
 
Chesapeake Utilities Corp.
921,256      
163,384
 
Clearway Energy, Inc.
4,342,747    
52,824
 
Consolidated Water Co.
621,738      
157,403
 
Portland General Electric Co.
8,005,517    
 
 
TOTAL
13,891,258
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $773,861,884)
988,005,912
 
 
INVESTMENT COMPANIES—3.3%
 
10,029,288
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.02%5
10,029,288   
22,684,922
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5
22,689,459   
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $32,718,747)
32,718,747
 
 
TOTAL INVESTMENT IN SECURITIES—101.4%
(IDENTIFIED COST $806,580,631)
1,020,724,659
 
 
OTHER ASSETS AND LIABILITIES - NET—(1.4)%6
(13,909,539)
 
 
TOTAL NET ASSETS—100%
$1,006,815,120
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 the affiliated companies during the period ended April 30, 2021, were as follows:  
 
Value as of
7/31/2020
Purchases
at Cost*
Proceeds
from Sales*
Change in
Unrealized
Appreciation/
Depreciation*
Net
Realized Gain/
(Loss)*
Value as of
4/30/2021
Shares
Held as of
4/30/2021
Dividend
Income*
Consumer Discretionary:
 
 
 
 
 
 
 
 
Grid Dynamics Holdings, Inc.
$—
$2,263,794
$—
$(201,795)
$—
$2,061,999
143,095
$—
Lovesac Co./The
$—
$3,785,390
$—
$966,096
$—
$4,751,486
64,849
$—
Financials:
 
 
 
 
 
 
 
 
StepStone Group, Inc.
$—
$2,651,682
$—
$79,417
$—
$2,731,099
82,015
$5,119
Health Care:
 
 
 
 
 
 
 
 
Acorda Therapeutics, Inc.
$394,351
$—
$—
$151,316
$(46)
$545,621
104,525
$—
Amphastar Pharmaceuticals, Inc.
$1,702,621
$229,700
$—
$(254,839)
$—
$1,677,482
96,407
$—
Rhythm Pharmaceuticals, Inc.
$—
$306,602
$—
$23,094
$—
$329,696
15,292
$—
Information Technology:
 
 
 
 
 
 
 
 
International Money Express, Inc.
$—
$467,657
$—
$6,295
$—
$473,952
30,035
$—
Affiliated Issuers no longer in the portfolio
at period end
$23,550,576
$470,460
$(25,586,808)
$(8,797,870)
$10,363,642
$—
—
$145,130
TOTAL OF AFFILIATED
COMPANIES TRANSACTIONS
$25,647,548
$10,175,285
$(25,586,808)
$(8,028,286)
$10,363,596
$12,571,335
536,218
$150,249
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2021, were as follows:  
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares*
Federated
Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares*
Total of
Affiliated
Transactions
Value as of 7/31/2020
$31,624,077
$44,520,839
$76,144,916
Purchases at Cost
$120,251,654
$259,536,013
$379,787,667
Proceeds from Sales
$(141,846,443)
$(281,361,802)
$(423,208,245)
Change in Unrealized Appreciation/Depreciation
N/A
$(2,178)
$(2,178)
Net Realized Gain/(Loss)
N/A
$(3,413)
$(3,413)
Value as of 4/30/2021
$10,029,288
$22,689,459
$32,718,747
Shares Held as of 4/30/2021
10,029,288
22,684,922
32,714,210
Dividend Income
$7,303
$26,822
$34,125
 
*
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 April 30, 2021, securities subject to this type of arrangement and
related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$10,810,222
$12,149,288
 
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, this restricted security amounted to $2,663,868, which
represented 0.3% 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.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2021.
8
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.
■ 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.
9
The following is a summary of the inputs used, as of April 30, 2021, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$953,524,572
$—
$0
$953,524,572
International
34,481,340
—
—
34,481,340
Investment Companies
32,718,747
—
—
32,718,747
TOTAL SECURITIES
$1,020,724,659
$—
$0
$1,020,724,659
 
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust
10