NPORT-EX 2 poi_fhmdtsmallcapgrfund.htm POI - FEDERATED HERMES MDT SMALL CAP GROWTH FUND EDGAR HTML
Federated Hermes MDT Small Cap Growth Fund
Portfolio of Investments
April 30, 2021 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—98.3%
 
 
 
Communication Services—3.2%
 
54,937
1,2
AMC Networks, Inc.
$2,762,233  
501,298
1
CarGurus, Inc.
12,372,035 
277,749
1
Cars.com, Inc.
3,669,064  
99,477
1
Eventbrite, Inc.
2,344,673  
12,468
1
EverQuote, Inc.
422,291    
189,401
1
Yelp, Inc.
7,443,459  
 
 
TOTAL
29,013,755
 
 
Consumer Discretionary—15.9%
 
135,086
1
Academy Sports and Outdoors, Inc.
4,162,000  
83,521
 
Big Lots, Inc.
5,757,938  
40,271
1
Bloomin Brands, Inc.
1,272,564  
33,004
1
Brinker International, Inc.
2,215,559  
153,672
 
Camping World Holdings, Inc.
6,690,879  
107,478
1
CROCs, Inc.
10,760,697 
12,700
1
Deckers Outdoor Corp.
4,295,140  
149,625
1
Grid Dynamics Holdings, Inc.
2,156,096  
48,312
 
Installed Building Products, Inc.
6,505,211  
9,123
1
iRobot Corp.
992,582    
57,559
 
Jack in the Box, Inc.
6,944,493  
18,011
1
Lakes Gaming, Inc.
620,839    
1,663
1
LGI Homes, Inc.
275,692    
81,639
1
Lovesac Co./The
5,981,690  
40,254
 
Murphy USA, Inc.
5,611,408  
39,103
1
National Vision Holdings, Inc.
1,971,182  
7,488
1
Onewater Marine, Inc.
383,610    
18,589
 
Papa Johns International, Inc.
1,797,928  
139,473
1
Perdoceo Education Corp.
1,626,255  
177,104
1
Red Rock Resorts, Inc.
6,487,320  
133,252
 
Rent-A-Center, Inc.
7,668,653  
5,593
1,2
RH
3,848,096  
86,200
1
SeaWorld Entertainment, Inc.
4,720,312  
46,099
1
Shake Shack, Inc.
5,013,266  
82,230
 
Shutterstock, Inc.
7,168,811  
15,189
1
Sleep Number Corp.
1,699,497  
260,495
1
Sonos, Inc.
10,427,615 
32,700
1
TopBuild Corp.
7,271,826  
9,442
 
Wingstop, Inc.
1,495,707  
53,143
1,3
XPEL, Inc.
3,406,466  
161,200
1
YETI Holdings, Inc.
13,769,704 
 
 
TOTAL
142,999,036
 
 
Consumer Staples—2.0%
 
169,455
1
BJ’s Wholesale Club Holdings, Inc.
7,569,555  
104,269
1
Central Garden & Pet Co., Class A
5,137,334  
16,783
 
Coca-Cola Bottling Co.
4,921,615  
36,315
1
Hostess Brands, Inc.
555,256    
 
 
TOTAL
18,183,760
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Energy—0.2%
 
177,163
1
Magnolia Oil & Gas Corp.
$1,994,855  
 
 
Financials—4.9%
 
193,704
 
Artisan Partners Asset Management, Inc.
9,863,408  
24,541
 
CNB Financial Corp.
624,814    
41,164
 
Cowen Group, Inc.
1,625,566  
287,896
 
Eastern Bankshares, Inc.
6,140,822  
95,719
1
Green Dot Corp.
4,380,101  
36,685
 
Guaranty Bancshares, Inc.
1,427,047  
67,209
 
Houlihan Lokey, Inc.
4,453,940  
172,321
 
Moelis & Co.
9,353,584  
48,765
 
PJT Partners, Inc.
3,585,690  
66,460
 
StepStone Group, Inc.
2,213,118  
 
 
TOTAL
43,668,090
 
 
Health Care—31.8%
 
25,924
1
Addus Homecare Corp.
2,742,759  
51,904
1,4
Adeptus Health, Inc.
0          
114,361
1
Alphatec Holdings, Inc.
1,828,632  
33,798
1
Amphastar Pharmaceuticals, Inc.
588,085    
59,020
1
AnaptysBio, Inc.
1,378,117  
35,179
1,2
Anavex Life Sciences Corp.
424,962    
135,073
1
ANI Pharmaceuticals, Inc.
4,495,229  
14,442
1
Apellis Pharmaceuticals, Inc.
731,776    
37,962
1
Arcus Biosciences, Inc.
1,281,218  
9,486
1
Arrowhead Pharmaceuticals, Inc.
690,201    
39,212
1
Arvinas, Inc.
2,703,275  
95,797
1
Assembly Biosciences, Inc.
410,011    
111,897
1
Atara Biotherapeutics, Inc.
1,573,272  
77,466
1
Avid Bioservices, Inc.
1,658,160  
68,663
1
AxoGen, Inc.
1,285,371  
161,238
1
Axonics, Inc.
10,146,707 
24,331
1,2
BioCryst Pharmaceuticals, Inc.
283,091    
43,254
1
Blueprint Medicines Corp.
4,166,225  
26,953
1
CareDx, Inc.
2,131,174  
373,362
1
Catalyst Pharmaceutical Partners, Inc.
1,709,998  
14,070
1
Chinook Therapeutics, Inc.
252,557    
281,779
1
Cross Country Healthcare, Inc.
3,753,296  
456,098
1
Cytomx Therapeutics, Inc.
4,269,077  
89,550
1
Denali Therapeutics, Inc.
5,412,402  
168,618
1
Dicerna Pharmaceuticals, Inc.
5,259,195  
77,892
1
Eagle Pharmaceuticals, Inc.
3,180,330  
41,131
1
Editas Medicine, Inc.
1,522,258  
113,903
1
Emergent BioSolutions, Inc.
6,945,805  
26,993
1
Enanta Pharmaceuticals, Inc.
1,369,625  
88,954
1
Endo International PLC
509,706    
81,173
1
Evolent Health, Inc.
1,758,207  
70,764
1,2
Evolus, Inc.
644,660    
17,688
1
Fate Therapeutics, Inc.
1,545,754  
36,777
1
Glaukos Corp.
3,462,922  
212,114
1
GlycoMimetics, Inc.
509,074    
208,511
1
Halozyme Therapeutics, Inc.
10,415,124 
56,267
1
Harpoon Therapeutics, Inc.
1,273,885  
79,680
1
Health Catalyst, Inc.
4,613,472  
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
48,926
1
Homology Medicines, Inc.
$331,229    
83,889
1,2
Hookipa Pharma, Inc.
1,135,857  
81,007
1
IDEAYA Biosciences, Inc.
1,664,694  
256,300
1
Immunogen, Inc.
2,065,778  
27,085
1
Inari Medical, Inc.
3,095,545  
13,873
1
Inogen, Inc.
907,156    
179,547
1
Inovalon Holdings, Inc.
5,424,115  
87,643
1
Inspire Medical Systems, Inc.
20,755,615 
117,325
1
Intellia Therapeutics, Inc.
9,007,040  
316,943
1
Ironwood Pharmaceuticals, Inc.
3,499,051  
16,911
1
Karuna Therapeutics, Inc.
1,877,290  
98,095
1
Krystal Biotech, Inc.
7,792,667  
96,760
 
LeMaitre Vascular, Inc.
5,076,997  
6,729
1
LHC Group, Inc.
1,401,449  
2,866
1
Ligand Pharmaceuticals, Inc., Class B
418,121    
84,062
1
Magenta Therapeutics, Inc.
979,322    
225,219
1,2
Mannkind Corp.
1,029,251  
34,505
1
Medpace Holdings, Inc.
5,854,808  
45,557
1
MeiraGTx Holdings PLC
682,444    
18,931
1
Merit Medical Systems, Inc.
1,204,012  
46,059
1
Natera, Inc.
5,067,411  
153,704
1
NextCure, Inc.
1,347,984  
42,419
1
NextGen Healthcare, Inc.
776,692    
81,501
1,2
Omeros Corp.
1,439,308  
42,263
1
Omnicell, Inc.
6,128,980  
82,203
1
OptimizeRX Corp.
4,147,963  
269,632
1
Organogenesis Holdings, Inc.
6,028,972  
34,780
1
Orthofix Medical, Inc.
1,542,493  
68,967
1
Pacira BioSciences, Inc.
4,357,335  
75,623
1
PAVmed, Inc.
345,597    
32,654
1
Pennant Group, Inc./The
1,319,875  
97,949
1
Phreesia, Inc.
5,068,861  
18,291
1
Precision Biosciences, Inc.
169,923    
46,601
1
Prestige Consumer Healthcare, Inc.
2,029,940  
148,540
1,2
Puma Biotechnology, Inc.
1,464,604  
88,137
1
Radius Health, Inc.
1,965,455  
3,083
1
Repligen Corp.
652,702    
13,174
1
Rhythm Pharmaceuticals, Inc.
284,031    
158,801
1,2
Savara, Inc.
301,722    
26,212
1
Scholar Rock Holding Corp.
847,958    
144,208
1
Select Medical Holdings Corp.
5,439,526  
225,611
1
Selecta Biosciences, Inc.
676,833    
53,906
1
Shockwave Medical, Inc.
8,811,475  
120,608
1
SI-BONE, Inc.
4,281,584  
36,930
1
Soliton, Inc.
661,416    
9,473
1
Spero Therapeutics, Inc.
130,349    
155,950
1
Stoke Therapeutics, Inc.
5,037,185  
64,742
1
Supernus Pharmaceuticals, Inc.
1,971,394  
49,043
1
Surgery Partners, Inc.
2,363,873  
161,133
1
Sutro Biopharma, Inc.
3,304,838  
15,194
1
Syneos Health, Inc.
1,289,211  
47,585
1
TCR2 Therapeutics, Inc.
1,080,655  
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
16,398
1
Tenet Healthcare Corp.
$971,746    
39,206
1,2
The Joint Corp.
2,175,149  
23,699
1
Translate Bio, Inc.
550,291    
154,114
1
Travere Therapeutics, Inc.
3,809,698  
42,649
1
Turning Point Therapeutics, Inc.
3,251,133  
207,043
1
Vanda Pharmaceuticals, Inc.
3,436,914  
105,078
1
Vericel Corp.
6,558,969  
128,911
1
Vocera Communications, Inc.
4,662,711  
196,414
1,2
Voyager Therapeutics, Inc.
946,716    
128,369
1
Xencor, Inc.
5,463,385  
59,639
1
Y-mAbs Therapeutics, Inc.
1,793,345  
 
 
TOTAL
285,084,255
 
 
Industrials—13.2%
 
95,996
 
Advanced Drainage System, Inc.
10,718,913 
6,821
1
Aerovironment, Inc.
752,834    
176,984
 
Apogee Enterprises, Inc.
6,217,448  
103,228
1
Atkore, Inc.
8,080,688  
107,990
1
Atlas Air Worldwide Holdings, Inc.
7,333,601  
119,794
 
Boise Cascade Co.
7,992,656  
81,857
1
Builders Firstsource, Inc.
3,983,980  
113,645
 
Covanta Holding Corp.
1,709,221  
11,435
 
CSW Industrials, Inc.
1,548,413  
163,237
1
Echo Global Logistics, Inc.
5,337,850  
12,781
 
Exponent, Inc.
1,231,194  
108,824
1
Franklin Covey Co.
3,323,485  
64,084
1
Fuelcell Energy, Inc.
622,256    
99,652
1
GMS, Inc.
4,355,789  
113,267
 
Heidrick & Struggles International, Inc.
4,791,194  
13,253
 
Helios Technologies, Inc.
957,927    
12,375
1
Herc Holdings, Inc.
1,306,800  
196,159
1
Mistras Group, Inc.
2,183,250  
303,184
1
MRC Global, Inc.
2,855,993  
55,719
1
MYR Group, Inc.
4,340,510  
67,583
1
Plug Power, Inc.
1,926,791  
90,447
 
Primoris Services Corp.
2,953,999  
18,791
1
Proto Labs, Inc.
2,105,719  
46,520
1
REV Group, Inc.
848,525    
73,520
 
Rexnord Corp.
3,670,854  
3,869
1
Saia, Inc.
907,280    
17,159
1
Siteone Landscape Supply, Inc.
3,077,981  
21,596
 
Tennant Co.
1,704,140  
96,905
1
TriNet Group, Inc.
7,627,393  
8,632
 
UFP Industries, Inc.
725,433    
199,195
1
Upwork, Inc.
9,174,922  
88,603
 
Werner Enterprises, Inc.
4,096,117  
 
 
TOTAL
118,463,156
 
 
Information Technology—20.6%
 
18,820
 
Advanced Energy Industries, Inc.
2,076,034  
96,342
1
Altair Engineering, Inc.
6,262,230  
59,186
1
Ambarella, Inc.
5,770,043  
44,606
 
Amkor Technology, Inc.
901,933    
3,731
1,2
Appian Corp.
452,123    
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
192,411
1
Avaya Holdings Corp.
$5,535,664  
142,936
1
Axcelis Technologies, Inc.
5,936,132  
64,752
1
Blackbaud, Inc.
4,605,162  
151,936
1
Box, Inc.
3,236,237  
24,323
1
Brightcove, Inc.
353,170    
103,610
1
Cambium Networks Corp.
6,216,600  
150,254
1
ChannelAdvisor Corp.
3,177,872  
88,241
1,2
Coda Octopus Group, Inc.
705,928    
49,696
1
Cohu, Inc.
1,988,337  
278,777
1
Commvault Systems, Inc.
19,377,789 
10,270
1
Digital Turbine, Inc.
774,666    
52,613
1
Domo, Inc.
3,382,490  
106,085
 
Evertec, Inc.
4,232,792  
21,248
1
Evo Payments, Inc.
605,781    
33,385
1
Exlservice Holding, Inc.
3,084,106  
258,407
1
Extreme Networks, Inc.
2,940,672  
123,838
1
FormFactor, Inc.
4,848,258  
13,797
1
II-VI, Inc.
926,331    
16,431
1
Impinj, Inc.
779,815    
91,492
1
j2 Global, Inc.
11,070,532 
7,150
1
LiveRamp Holdings, Inc.
350,207    
170,989
1
MA-COM Technology Solutions Holdings, Inc.
9,679,687  
40,438
1
OSI Systems, Inc.
3,905,098  
61,776
1
Plantronics, Inc.
2,470,422  
9,128
 
Power Integrations, Inc.
755,890    
36,182
 
QAD, Inc.
2,557,706  
202,357
1
SailPoint Technologies Holding
9,881,092  
172,715
1
Secureworks Corp.
2,247,022  
47,216
1
Semtech Corp.
3,198,412  
39,097
1
Sitime Corp.
3,618,427  
55,343
1
SMART Global Holdings, Inc.
2,554,079  
126,143
1
SPS Commerce, Inc.
12,922,089 
5,435
1
Synaptics, Inc.
760,193    
15,918
1
Tenable Holdings, Inc.
596,845    
57,704
 
TTEC Holdings, Inc.
5,870,228  
24,887
1
Ultra Clean Holdings, Inc.
1,270,979  
161,697
1,2
Veritone, Inc.
3,900,132  
163,745
1
Workiva, Inc.
15,392,030 
206,829
1
Zuora, Inc.
3,350,630  
 
 
TOTAL
184,521,865
 
 
Materials—2.7%
 
132,089
1
Koppers Holdings, Inc.
4,390,638  
127,187
 
Louisiana-Pacific Corp.
8,379,079  
54,821
 
Myers Industries, Inc.
1,236,762  
86,100
1,4
Rentech, Inc.
0          
103,128
1
Ryerson Holding Corp.
1,637,673  
142,514
 
Trinseo SA
8,823,042  
 
 
TOTAL
24,467,194
 
 
Real Estate—3.4%
 
24,903
1,2
eXp World Holdings, Inc.
855,667    
61,796
 
National Storage Affiliates Trust
2,808,010  
18,301
 
Plymouth Industrial REIT, Inc.
341,131    
5
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
248,369
 
RMR Group, Inc./The
$9,830,445  
47,953
 
STAG Industrial, Inc.
1,750,764  
46,172
 
Terreno Realty Corp.
2,979,017  
1,033,094
 
Uniti Group, Inc.
11,777,272 
 
 
TOTAL
30,342,306
 
 
Utilities—0.4%
 
18,605
 
California Water Service Group
1,093,044  
9,727
 
Chesapeake Utilities Corp.
1,152,844  
36,698
 
Clearway Energy, Inc.
975,433    
 
 
TOTAL
3,221,321
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $686,664,412)
881,959,593
 
 
INVESTMENT COMPANIES—3.4%
 
10,196,893
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.02%5
10,196,893 
19,969,784
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5
19,973,778 
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $30,170,671)
30,170,671
 
 
TOTAL INVESTMENT IN SECURITIES—101.7%
(IDENTIFIED COST $716,835,083)
912,130,264
 
 
OTHER ASSETS AND LIABILITIES - NET—(1.7)%6
(15,063,025)
 
 
TOTAL NET ASSETS—100%
$897,067,239
6
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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
$—
$2,365,969
$—
$(209,873)
$—
$2,156,096
149,625
$—
Lovesac Co./The
$872,806
$2,808,868
$—
$2,300,016
$—
$5,981,690
81,639
$—
Wingstop, Inc.**
$19,605,937
$526,838
$(16,871,706)
$(9,020,808)
$7,255,446
$1,495,707
9,442
$191,968
Financials:
 
 
 
 
 
 
 
 
StepStone Group, Inc.
$—
$2,182,710
$—
$30,408
$—
$2,213,118
66,460
$1,178
Health Care:
 
 
 
 
 
 
 
 
Amphastar Pharmaceuticals, Inc.
$—
$686,809
$—
$(98,724)
$—
$588,085
33,798
$—
AnaptysBio, Inc.**
$5,832,007
$—
$(6,801,732)
$62,697
$2,285,145
$1,378,117
59,020
$—
Rhythm Pharmaceuticals, Inc.
$—
$269,280
$—
$14,751
$—
$284,031
13,174
$—
Translate Bio, Inc.
$—
$5,121,820
$(3,720,273)
$19,975
$(871,231)
$550,291
23,699
$—
Affiliated Issuers no longer in the portfolio
at period end
$5,869,250
$4,423,779
$(12,632,427)
$(418,586)
$2,757,984
$—
—
$—
TOTAL OF AFFILIATED
COMPANIES TRANSACTIONS
$32,180,000
$18,386,073
$(40,026,138)
$(7,320,144)
$11,427,344
$14,647,135
436,857
$193,146
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
**
At April 30, 2021, the Fund no longer has ownership of at least 5% of the voting shares.
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
$35,185,159
$62,871,883
$98,057,042
Purchases at Cost
$110,934,818
$230,478,550
$341,413,368
Proceeds from Sales
$(135,923,084)
$(273,371,986)
$(409,295,070)
Change in Unrealized Appreciation/Depreciation
N/A
$—
$—
Net Realized Gain/(Loss)
N/A
$(4,669)
$(4,669)
Value as of 4/30/2021
$10,196,893
$19,973,778
$30,170,671
Shares Held as of 4/30/2021
10,196,893
19,969,784
30,166,677
Dividend Income
$8,230
$35,105
$43,335
 
*
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
$13,125,360
$13,085,893
 
3
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2021, these restricted securities amounted to $3,406,466, which
represented 0.4% of total net assets.
 
Security
Acquisition
Date
Cost
Value
XPEL, Inc.
10/12/2020
$2,211,157
$3,406,466
 
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.
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.
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
$857,403,679
$—
$0
$857,403,679
International
24,555,914
—
—
24,555,914
Investment Companies
30,170,671
—
—
30,170,671
TOTAL SECURITIES
$912,130,264
$—
$0
$912,130,264
 
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust