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, 2022 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—98.1%
 
 
 
Communication Services—3.7%
 
276,451
1
AMC Networks, Inc.
$    9,020,596
228,957
1
Cars.com, Inc.
    2,546,002
21,443
 
Cogent Communications Holdings, Inc.
    1,254,415
124,311
1
EverQuote, Inc.
    1,725,437
407,586
1,2
GOGO, Inc.
    7,503,658
331,278
1
iHeartMedia, Inc.
    5,297,135
47,763
 
Shenandoah Telecommunications Co.
      964,813
540,309
1
Yelp, Inc.
   17,576,252
 
 
TOTAL
45,888,308
 
 
Consumer Discretionary—10.5%
 
128,899
1
Abercrombie & Fitch Co., Class A
    4,457,328
41,674
 
Academy Sports and Outdoors, Inc.
    1,556,941
363,957
1
American Axle & Manufacturing Holdings, Inc.
    2,409,395
421,154
2
American Eagle Outfitters, Inc.
    6,363,637
23,319
2
Big Lots, Inc.
      720,557
109,715
 
Bloomin Brands, Inc.
    2,412,633
53,266
1
Boot Barn Holdings, Inc.
    4,797,136
19,207
1
Brinker International, Inc.
      697,790
19,353
 
Cheesecake Factory, Inc.
      714,319
102,037
1,2
Citi Trends, Inc.
    2,853,975
101,900
1,2
Container Store Group, Inc.
      779,535
150,423
1
Everi Holdings, Inc.
    2,611,343
115,053
1
Funko, Inc.
    1,874,213
25,313
1
Golden Entertainment, Inc.
    1,214,012
414,034
1,2
Groupon, Inc.
    8,077,803
25,637
2
Jack in the Box, Inc.
    2,121,718
15,247
 
Kontoor Brands, Inc.
      605,763
40,903
1,2
Lands’ End, Inc.
      573,460
47,984
1
Lumber Liquidators, Inc.
      662,659
660,668
 
Macy’s, Inc.
   15,968,346
12,207
 
Movado Group, Inc.
      439,086
7,265
 
Murphy USA, Inc.
    1,697,104
1,037,561
1,2
Purple Innovation, Inc.
    4,274,751
164,616
1
Quotient Technology, Inc.
      874,111
46,806
1
Red Robin Gourmet Burgers
      617,371
161,781
 
Red Rock Resorts, Inc.
    7,111,893
292,766
1
Sally Beauty Holdings, Inc.
    4,426,622
161,801
1
SeaWorld Entertainment, Inc.
   10,911,860
102,713
 
Smith & Wesson Brands, Inc.
    1,410,250
285,243
1,2
Sonos, Inc.
    6,509,245
1,304,114
1
Stitch Fix, Inc.
   12,389,083
214,366
1
Target Hospitality Corp.
    1,341,931
59,967
1
Vista Outdoor, Inc.
    2,112,637
917,981
1
WW International, Inc.
    8,987,034
42,457
1
Xponential Fitness, Inc.
      879,709
64,578
1
YETI Holdings, Inc.
    3,155,927
 
 
TOTAL
128,611,177
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Consumer Staples—3.0%
 
87,959
1
Bellring Brands, Inc.
$    1,884,961
92,845
1
Central Garden & Pet Co., Class A
    3,841,926
13,431
 
Coca-Cola Bottling Co.
    5,929,786
25,241
 
Energizer Holdings, Inc.
      764,550
323,052
1
Hostess Brands, Inc.
    7,330,050
21,258
 
Ingles Markets, Inc., Class A
    1,979,545
106,918
 
Primo Water Corp.
    1,565,280
235,792
1,2
Rite Aid Corp.
    1,501,995
75,823
 
SpartanNash Co.
    2,599,212
37,739
1,2
Sprouts Farmers Market, Inc.
    1,124,622
37,506
1,2
The Duckhorn Portfolio, Inc.
      728,367
10,801
1
The Simply Good Foods Co.
      449,862
83,877
1
United Natural Foods, Inc.
    3,600,840
319,129
 
Vector Group Ltd.
    4,059,321
 
 
TOTAL
37,360,317
 
 
Energy—7.1%
 
308,540
1
Antero Resources Corp.
   10,860,608
33,563
 
Brigham Minerals, Inc.
      831,691
49,405
 
Cactus, Inc.
    2,466,792
29,056
1
Comstock Resources, Inc.
      494,824
302,365
1
CONSOL Energy, Inc.
   14,377,456
48,502
 
CVR Energy, Inc.
    1,215,945
125,197
1
Gulf Island Fabrication, Inc.
      465,733
51,072
1
Kosmos Energy Ltd.
      345,247
10,304
1
Laredo Petroleum
      733,748
373,148
 
Magnolia Oil & Gas Corp.
    8,671,959
16,538
 
Matador Resources Co.
      807,385
23,599
1
Nabors Industries Ltd.
    3,648,877
284,634
1
Newpark Resources, Inc.
      993,373
41,726
1
Nextier Oilfield Solutions, Inc.
      460,238
12,250
 
Oasis Petroleum, Inc.
    1,625,085
66,420
1
Oceaneering International, Inc.
      752,539
79,924
 
Ovintiv, Inc.
    4,091,309
493,466
1
PBF Energy, Inc.
   14,340,122
158,076
1
Propetro Holding Corp.
    2,235,195
161,233
1
Range Resources Corp.
    4,827,316
79,849
 
SFL Corporation Ltd.
      792,102
56,600
 
SM Energy Co.
    2,010,998
106,226
1
Southwestern Energy Co.
      796,695
431,330
1
Talos Energy, Inc.
    7,837,266
113,068
1
US Silica Holdings, Inc.
    2,100,803
 
 
TOTAL
87,783,306
 
 
Financials—16.7%
 
11,680
 
1st Source Corp.
      505,394
12,077
1
A-Mark Precious Metals, Inc.
      951,668
71,499
 
Amerant Bancorp, Inc.
    1,901,158
244,730
2
Ares Commercial Real Estate Corp.
    3,688,081
174,868
 
Artisan Partners Asset Management, Inc.
    5,620,257
57,749
 
Byline Bancorp, Inc.
    1,354,791
724,503
 
Chimera Investment Corp.
    7,259,520
51,587
 
Cowen Group, Inc.
    1,178,763
272,480
1
Customers Bancorp, Inc.
   11,463,234
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Financials—continued
 
181,108
1
Donnelley Financial Solutions, Inc.
$    5,301,031
1,166,844
 
Eastern Bankshares, Inc.
   22,356,731
393,274
1
eHealth, Inc.
    3,165,856
13,650
 
Equity Bancshares, Inc.
      416,734
70,182
 
Financial Institutions, Inc.
    1,953,867
189,926
 
First Bancorp, Inc.
    7,114,628
39,208
 
First Foundation, Inc.
      871,202
68,252
 
Fulton Financial Corp.
    1,035,383
160,975
 
Granite Point Mortgage Trust, Inc.
    1,566,287
764,209
1
Green Dot Corp.
   20,236,254
52,538
 
Heartland Financial USA, Inc.
    2,299,588
276,781
 
HomeStreet, Inc.
   11,234,541
185,531
 
Houlihan Lokey, Inc.
   15,452,877
43,353
 
Independent Bank Corp.- Michigan
      855,788
513,527
1
LendingClub Corp.
    7,831,287
39,041
1
LendingTree, Inc.
    3,100,636
2,926
1
Metropolitan Bank Holding Corp.
      260,560
13,936
 
Midland States Bancorp, Inc.
      367,353
349,007
 
Moelis & Co.
   15,447,050
130,654
1
Open Lending
    1,782,121
48,266
 
Peapack-Gladstone Financial Corp.
    1,495,763
31,753
 
Piper Jaffray Cos., Inc.
    3,650,960
20,118
 
Preferred Bank Los Angeles, CA
    1,350,320
311,789
 
ProAssurance Corp.
    7,660,656
15,061
1
PROG Holdings, Inc.
      398,665
165,410
 
QCR Holdings, Inc.
    8,980,109
135,429
 
Sculptor Capital Management, Inc.
    1,416,587
9,966
 
Selective Insurance Group, Inc.
      820,800
508,438
1,2
SelectQuote, Inc.
    1,047,382
38,593
 
ServisFirst Bancshares, Inc.
    3,099,790
104,464
 
StepStone Group, Inc.
    2,676,368
47,206
 
TriCo Bancshares
    1,772,585
66,124
1
Triumph Bancorp, Inc.
    4,591,650
137,433
 
Veritex Holdings, Inc.
    4,514,674
169,446
 
Waterstone Financial, Inc.
    2,721,303
150,981
 
Western New England Bancorp, Inc.
    1,296,927
193,499
2
WisdomTree Investments, Inc.
    1,128,099
 
 
TOTAL
205,195,278
 
 
Health Care—16.1%
 
66,205
3
Adeptus Health, Inc.
            0
32,838
1
Agios Pharmaceuticals, Inc.
      721,451
968,698
1,2
Akebia Therapeutics, Inc.
      402,203
67,694
1
Akero Therapeutics, Inc.
      710,110
754,444
1
Alector, Inc.
    7,242,662
485,857
1,2
Allakos, Inc.
    1,831,681
283,982
1
Allogene Therapeutics, Inc.
    2,371,250
178,927
1
Allscripts Healthcare Solutions, Inc.
    3,696,632
1,574,797
1
American Well Corp.
    4,929,115
38,498
1
AMN Healthcare Services, Inc.
    3,763,179
125,546
1
Amphastar Pharmaceuticals, Inc.
    4,453,117
113,662
1,2
ANI Pharmaceuticals, Inc.
    3,354,166
1,563,302
1
Atea Pharmaceuticals, Inc.
    9,176,583
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
39,892
1
Avanos Medical, Inc.
$    1,163,251
229,153
1
Avrobio, Inc.
      211,485
1,430,512
1,2
Berkeley Lights, Inc.
    7,116,797
141,558
1,2
Black Diamond Therapeutics, Inc.
      343,986
1,081,295
1
Bluebird Bio, Inc.
    3,925,101
47,036
1
Cardiovascular Systems, Inc.
      879,573
16,293
1,2
Cassava Sciences, Inc.
      340,035
270,529
1
Catalyst Pharmaceutical Partners, Inc.
    2,061,431
30,555
1,2
ChemoCentryx, Inc.
      564,045
143,142
1
Collegium Pharmaceutical, Inc.
    2,304,586
470,668
1
Community Health Systems, Inc.
    3,610,024
198,811
1,2
Cortexyme, Inc.
      727,648
156,936
1
Covetrus, Inc.
    2,165,717
122,223
1
Cross Country Healthcare, Inc.
    2,290,459
280,409
1
Curis, Inc.
      256,210
128,305
1
Cutera, Inc.
    6,968,245
1,058,746
1
Deciphera Pharmaceuticals, Inc.
   10,714,509
57,668
1
Eagle Pharmaceuticals, Inc.
    2,544,889
155,620
1
Emergent BioSolutions, Inc.
    5,038,976
438,607
1
Endo International PLC
      877,214
1,228,696
1
FibroGen, Inc.
   11,426,873
60,364
1
Forma Therapeutics Holdings
      456,352
522,579
1,2
Frequency Therapeutics, Inc.
      679,353
23,491
1
Haemonetics Corp.
    1,190,289
1,009,944
1
Immunovant, Inc.
    4,655,842
40,431
1
Innovage Holding Corp.
      185,578
148,386
1
Inogen, Inc.
    3,751,198
205,571
1
iTeos Therapeutics, Inc.
    5,486,690
46,568
1,2
Kezar Life Sciences, Inc.
      553,228
127,262
1,2
Kodiak Sciences, Inc.
      766,117
17,859
 
LeMaitre Vascular, Inc.
      771,687
219,441
1
MacroGenics, Inc.
    1,569,003
193,974
1
Magenta Therapeutics, Inc.
      277,383
263,056
1
Mersana Therapeutics, Inc.
      915,435
989,764
1,2
MiMedx Group, Inc.
    3,909,568
52,783
1
Mirum Pharmaceuticals, Inc.
    1,255,180
37,078
1
Myriad Genetics, Inc.
      760,099
19,113
1
NanoString Technologies, Inc.
      358,942
46,761
1
NeoGenomics, Inc.
      441,891
92,482
1
Nevro Corp.
    5,705,215
137,674
1
NextCure, Inc.
      572,724
73,923
1
NuVasive, Inc.
    3,802,599
553,671
1
Ocular Therapeutix, Inc.
    1,976,605
633,925
1
Organogenesis Holdings, Inc.
    4,082,477
22,713
1
Orthofix Medical, Inc.
      704,103
41,634
1
Pacira BioSciences, Inc.
    3,104,647
42,681
 
Patterson Cos., Inc.
    1,313,294
27,735
1
Praxis Precision Medicines, Inc.
      224,653
129,139
1
Prestige Consumer Healthcare, Inc.
    7,058,738
137,082
1
Puma Biotechnology, Inc.
      323,513
355,457
1
Rocket Pharmaceuticals, Inc.
    3,654,098
339,055
1,2
Sangamo BioSciences, Inc.
    1,407,078
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
121,441
 
Select Medical Holdings Corp.
$    2,745,781
933,864
1
Seres Therapeutics, Inc.
    4,417,177
93,065
1
Supernus Pharmaceuticals, Inc.
    2,596,513
857,012
1,2
Tg Therapeutics, Inc.
    5,947,663
25,081
1,2
Travere Therapeutics, Inc.
      630,286
299,805
1
Vanda Pharmaceuticals, Inc.
    2,974,066
320,742
1
Varex Imaging Corp.
    6,366,729
286,650
1
Voyager Therapeutics, Inc.
    2,101,144
 
 
TOTAL
197,876,141
 
 
Industrials—15.6%
 
29,587
 
ArcBest Corp.
    2,134,998
244,629
1
Astronics Corp.
    2,370,455
173,374
1,2
Atkore, Inc.
   16,661,241
74,991
1
Atlas Air Worldwide Holdings, Inc.
    5,169,879
211,457
1
Beacon Roofing Supply, Inc.
   12,609,181
251,153
 
Boise Cascade Co.
   18,982,144
231,025
1
CECO Environmental Corp.
    1,097,369
435,991
1
Daseke, Inc.
    3,662,324
23,203
 
EnPro Industries, Inc.
    2,162,752
297,970
1
Evoqua Water Technologies Corp.
   12,422,369
115,722
1
Franklin Covey Co.
    4,636,981
294,859
1
Gibraltar Industries, Inc.
   11,157,465
395,032
1
GMS, Inc.
   18,941,784
41,261
 
Heidrick & Struggles International, Inc.
    1,318,702
269,193
 
Hillenbrand, Inc.
   10,988,458
83,808
 
Hurco Co., Inc.
    2,377,633
391,473
1,2
Mistras Group, Inc.
    2,227,481
464,886
1
MRC Global, Inc.
    5,573,983
93,000
1
MYR Group, Inc.
    7,355,370
222,171
1
Now, Inc.
    2,421,664
601,494
 
Pitney Bowes, Inc.
    3,169,873
249,320
1
Proto Labs, Inc.
   10,623,525
24,148
1
Saia, Inc.
    4,973,522
69,803
1
SkyWest, Inc.
    2,034,757
11,745
 
Tennant Co.
      758,492
63,217
 
Terex Corp.
    2,149,378
215,713
1
Titan Machinery, Inc.
    5,086,513
13,682
1
TrueBlue, Inc.
      349,849
60,791
1
Veritiv Corp.
    8,543,567
35,968
1
WESCO International, Inc.
    4,433,416
177,186
1
Willscot Corp.
    6,219,229
 
 
TOTAL
192,614,354
 
 
Information Technology—12.1%
 
375,528
1,2
3D Systems Corp.
    4,258,488
217,679
1,2
8x8, Inc.
    1,996,116
68,697
1
Axcelis Technologies, Inc.
    3,740,552
98,814
1
Benefitfocus, Inc.
    1,052,369
691,746
1
Box, Inc.
   21,181,263
1,430,859
1
Brightcove, Inc.
   10,087,556
146,626
1
Cambium Networks Corp.
    2,238,979
30,885
1
Cerence, Inc.
      911,107
33,589
1
Ceva, Inc.
    1,220,624
5
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
91,922
1
Cohu, Inc.
$    2,441,448
257,759
1
Commvault Systems, Inc.
   15,723,299
466,259
1
Conduent, Inc.
    2,625,038
6,719
 
CSG Systems International, Inc.
      413,017
119,042
1
Diebold Nixdorf, Inc.
      488,072
16,658
 
Evertec, Inc.
      656,325
120,484
1
Evo Payments, Inc.
    2,714,505
90,615
1
Exlservice Holding, Inc.
   12,337,232
195,712
1
Extreme Networks, Inc.
    1,878,835
245,910
1
Itron, Inc.
   11,749,580
96,115
1
MA-COM Technology Solutions Holdings, Inc.
    4,897,059
141,379
1
MaxLinear, Inc.
    6,767,813
343,667
1
ON24, Inc.
    4,354,261
36,154
1,2
OneSpan, Inc.
      510,856
7,971
1
OSI Systems, Inc.
      630,506
46,453
1,2
Rackspace Technology, Inc.
      459,420
1,269,728
1
Ribbon Communications, Inc.
    4,380,562
152,759
1
Secureworks Corp.
    1,686,459
37,586
1,2
SMART Global Holdings, Inc.
      851,699
39,789
1
SPS Commerce, Inc.
    4,759,958
10,493
1
Synaptics, Inc.
    1,557,581
118,858
1
Telos Corp.
      925,904
159,712
1
TTM Technologies, Inc.
    2,227,982
263,543
1
Upland Software, Inc.
    3,932,062
303,228
1
Velodyne Lidar, Inc.
      570,069
118,647
1
Verint Systems, Inc.
    6,473,380
330,890
1
Verra Mobility Corp.
    4,642,387
373,284
1
Yext, Inc.
    2,161,314
 
 
TOTAL
149,503,677
 
 
Materials—2.9%
 
7,975
 
AdvanSix, Inc.
      355,207
42,899
 
Alcoa Corp.
    2,908,552
78,301
 
Commercial Metals Corp.
    3,210,341
403,561
1
Constellium SE
    6,735,433
13,277
 
Greif, Inc., Class A
      805,648
55,213
 
Koppers Holdings, Inc.
    1,339,467
100,654
 
Myers Industries, Inc.
    2,207,342
226,250
1
O-I Glass, Inc.
    3,049,850
235,025
1
Ranpak Holdings Corp.
    3,544,177
60,695
 
Ryerson Holding Corp.
    2,234,183
736,720
 
SunCoke Energy, Inc.
    6,129,511
29,567
 
Trox Holdings PLC
      508,552
88,268
 
Warrior Met Coal, Inc.
    3,007,291
 
 
TOTAL
36,035,554
 
 
Real Estate—8.9%
 
756,071
1
Cushman & Wakefield PLC
   13,533,671
96,944
1
DigitalBridge Group, Inc.
      674,730
46,508
 
Gladstone Land Corp.
    1,692,891
741,710
2
Independence Realty Trust
   20,219,015
118,121
 
Marcus & Millichap Co., Inc.
    5,290,640
282,222
 
National Storage Affiliates Trust
   15,973,765
169,754
 
Newmark Group, Inc.
    2,062,511
6
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
243,390
 
NexPoint Residential Trust, Inc.
$   21,700,653
361,630
 
Outfront Media, Inc.
    9,257,728
347,222
2
Plymouth Industrial REIT, Inc.
    8,374,995
236,537
 
RMR Group, Inc./The
    6,452,729
309,685
 
Uniti Group, Inc.
    3,836,997
 
 
TOTAL
109,070,325
 
 
Utilities—1.5%
 
11,857
 
Chesapeake Utilities Corp.
    1,484,141
156,613
 
Clearway Energy, Inc.
    4,450,941
59,441
 
Consolidated Water Co.
      646,718
7,997
 
ONE Gas, Inc.
      674,707
28,548
 
Otter Tail Corp.
    1,654,642
195,575
 
Portland General Electric Co.
    9,256,565
 
 
TOTAL
18,167,714
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,206,331,285)
1,208,106,151
 
 
INVESTMENT COMPANIES—5.5%
 
24,491,913
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.26%4
   24,491,913
43,452,069
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%4
   43,439,033
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $67,927,044)
67,930,946
 
 
TOTAL INVESTMENT IN SECURITIES—103.6%
(IDENTIFIED COST $1,274,258,329)
1,276,037,097
 
 
OTHER ASSETS AND LIABILITIES - NET—(3.6)%5
(44,286,316)
 
 
TOTAL NET ASSETS—100%
$1,231,750,781
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, 2022, were as follows:  
Affiliated
Value as of
7/31/2021
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized Gain/
(Loss)
Value as of
4/30/2022
Shares
Held as of
4/30/2022
Dividend
Income
Consumer Discretionary:
 
 
 
 
 
 
 
 
Xponential Fitness, Inc.
$—
$981,500
$—
$(101,791)
$—
$879,709
42,457
$—
Financials:
 
 
 
 
 
 
 
 
StepStone Group, Inc.
$3,732,503
$2,668,114
$(1,212,283)
$(2,034,512)
$(477,454)
$2,676,368
104,464
$50,533
Health Care:
 
 
 
 
 
 
 
 
Alector, Inc.
$659,520
$10,417,868
$—
$(3,834,726)
$—
$7,242,662
754,444
$—
Amphastar Pharmaceuticals, Inc.
$2,019,727
$662,516
$—
$1,770,874
$—
$4,453,117
125,546
$—
Avrobio, Inc.
$—
$1,066,551
$—
$(855,066)
$—
$211,485
229,153
$—
Frequency Therapeutics, Inc.
$431,744
$2,840,200
$—
$(2,592,591)
$—
$679,353
522,579
$—
Seres Therapeutics, Inc.
$—
$7,242,535
$—
$(2,825,358)
$—
$4,417,177
933,864
$—
Information Technology:
 
 
 
 
 
 
 
 
Brightcove, Inc.
$1,560,104
$11,542,981
$(190,549)
$(2,789,365)
$(35,615)
$10,087,556
1,430,859
$—
Affiliated issuers no longer in the portfolio at
period end
$22,238,348
$11,934,213
$(28,010,115)
$267,921
$(6,430,366)
$—
—
$20,184
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$30,641,946
$49,356,478
$(29,412,947)
$(12,994,614)
$(6,943,435)
$30,647,427
4,143,366
$70,717
7
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, 2022, 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 7/31/2021
$4,285,672
$19,586,412
$23,872,084
Purchases at Cost
$167,801,529
$431,359,296
$599,160,825
Proceeds from Sales
$(147,595,288)
$(407,484,921)
$(555,080,209)
Change in Unrealized Appreciation/Depreciation
N/A
$1,031
$1,031
Net Realized Gain/(Loss)
N/A
$(22,785)
$(22,785)
Value as of 4/30/2022
$24,491,913
$43,439,033
$67,930,946
Shares Held as of 4/30/2022
24,491,913
43,452,069
67,943,982
Dividend Income
$3,387
$24,477
$27,864
 
*
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, 2022, securities subject to this type of arrangement and
related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$45,766,373
$49,311,913
 
3
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”).
4
7-day net yield.
5
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, 2022.
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, or NAV per share practical expedient, as applicable.
◾ 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
8
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, 2022, 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
$1,176,362,379
$—
$0
$1,176,362,379
International
31,743,772
—
—
31,743,772
Investment Companies
67,930,946
—
—
67,930,946
TOTAL SECURITIES
$1,276,037,097
$—
$0
$1,276,037,097
 
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust
9