EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

811-21904

(Investment Company Act File Number)

Federated Hermes MDT Series

_______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, Pennsylvania 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 07/31/21

Date of Reporting Period: 07/31/21

Item 1.

Reports to Stockholders

Annual Shareholder Report

July 31, 2021

Share Class | Ticker

A | QAACX

C | QCACX

Institutional | QIACX

R6 | QKACX

Federated Hermes MDT All Cap Core Fund

Fund Established 2002

A Portfolio of Federated Hermes MDT Series

Dear Valued Shareholder,

We are pleased to present the Annual Shareholder Report for your fund covering the period from August 1, 2020 through July 31, 2021. This report includes Management’s Discussion of Fund Performance, a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Table	6
Portfolio of Investments	7
Financial Highlights	15
Statement of Assets and Liabilities	19
Statement of Operations	21
Statement of Changes in Net Assets	22
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	35
Shareholder Expense Example	37
Board of Trustees and Trust Officers	39
Evaluation and Approval of Advisory Contract	45
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	55
Voting Proxies on Fund Portfolio Securities	57
Quarterly Portfolio Schedule	57

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes MDT All Cap Core Fund (the “Fund”), based on net asset value, for the 12-month reporting period ended July 31, 2021, was 38.40% for Class A Shares, 37.37% for Class C Shares, 38.83% for Institutional Shares and 38.84% for Class R6 Shares. The total return for the Russell 3000® Index (R3000),1 the Fund’s broad-based securities market index, was 38.73% for the same period. The total return of the Morningstar Large Blend Funds Average (MLBFA),2 a peer group average for the Fund, was 36.72% during the same period. The Fund’s and MLBFA’s total returns for the most recently completed fiscal year reflected actual cash flows, transaction costs and other expenses, which were not reflected in the total return of the R3000.

During the reporting period, the Fund’s investment strategy focused on stock selection. Stock selection was the most significant factor affecting the Fund’s performance relative to the R3000 during the period.

The following discussion will focus on the performance of the Fund’s R6 Shares relative to the R3000.

Market Overview

The reporting period was marked by the gradual but continuing recovery of the economy from the pandemic. The market has been less volatile than during the prior reporting period, and the market preferences for style in these 12 months have reversed some of the large differentials of the prior period. During the previous 12-month reporting period, the growth style led the value style by almost 35% (the Russell 3000® Growth Index (R3000G)3 returned 28.24% while the Russell 3000® Value Index (R3000V)4 returned -6.67%). During this reporting period, the value style led the growth style by a much more moderate amount of just under 4% (R3000V returned 40.72% and R3000G returned 36.83%). Similarly, in the capitalization ranges, the small cap stocks5 in the Russell 2000® Index6 led the mega-cap stocks in the Russell Top 200® Index7 by 15.53% this period rather than trailing by 20.43% for the prior period. The market still reacted quickly to new economic data, but now there was far less uncertainty about the future than there was at the end of the prior reporting period.

The best performing sectors in the R3000 during the reporting period were Financials (55.49%), Energy (48.42%) and Industrials (47.58%). Underperforming sectors during the same period included Consumer Staples (18.99%), Health Care (27.88%) and Real Estate (35.53%).

Annual Shareholder Report

STOCK SELECTION

When looking at the Fund’s outperformance in terms of fundamental and technical characteristics, most of the Fund’s outperformance relative to the R3000 was driven by strong stock selection among young companies with very high analyst conviction but prices not near 52-week highs. Unfavorable stock selection among stocks with prices near 52-week highs and neutral to high analyst conviction provided a partial offset. The Fund’s sector exposures continued to remain close to R3000 weights; there were no significant overweight or underweight positions at the end of the reporting period. Favorable stock selection in the Information Technology, Materials and Energy sectors contributed the most to the Fund’s outperformance versus the benchmark. The largest unfavorable offsets included Consumer Discretionary, Financials and Industrials sectors.

Individual stocks enhancing the Fund’s performance during the reporting period included Spirit AeroSystems Holdings, Inc. (Class A), DXC Technology Co. and Fortinet, Inc.

Individual stocks detracting from the Fund’s performance during the reporting period included Tesla Inc., Cogent Communications Holdings Inc. and Kimberly-Clark Corporation. Tesla outperformed the R3000 but was underweighted by the Fund.

Please see the footnotes to the line graphs below for definitions of, and further information about, the Russell 3000® Index.

Please see the footnotes to the line graphs below for definitions of, and further information about, the Morningstar peer group average.

The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.*

The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.*

Annual Shareholder Report

Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.*

The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the total market capitalization of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.*

The index is unmanaged, and it is not possible to invest directly in an index.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes MDT All Cap Core Fund (the “Fund”) from July 31, 2011 to July 31, 2021, compared to the Russell 3000®Index (R3000)2 and the Morningstar Large Blend Funds Average (MLBFA).3 The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of July 31, 2021

■ Total returns shown for the Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable.

The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses. See the Average Annual Total Return table below for the returns of additional classes not shown in the line graph above.

Average Annual Total Returns for the Period Ended 7/31/2021

(returns reflect all applicable sales charges and contingent deferred sales charges as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares	30.78%	16.63%	14.39%
Class C Shares	36.37%	17.08%	14.33%
Institutional Shares	38.83%	18.31%	15.37%
Class R6 Shares4	38.84%	18.29%	14.93%
R3000	38.73%	17.36%	15.16%
MLBFA	36.72%	15.80%	13.73%

Annual Shareholder Report

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The R3000 and MLBFA have been adjusted to reflect reinvestment of dividends of securities.

The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.

Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses.

Annual Shareholder Report

Portfolio of Investments Summary Table (unaudited)

At July 31, 2021, the Fund’s sector composition1 was as follows:

Sector Composition	Percentage of Total Net Assets
Information Technology	27.2%
Health Care	14.0%
Financials	12.3%
Consumer Discretionary	11.5%
Communication Services	10.0%
Industrials	8.5%
Consumer Staples	5.5%
Materials	3.4%
Real Estate	3.0%
Energy	1.4%
Utilities	1.3%
Cash Equivalents2	1.7%
Other Assets and Liabilities—Net3	0.2%
TOTAL	100%

1	Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS.
2	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Annual Shareholder Report

Portfolio of Investments

July 31, 2021

Shares			Value
		COMMON STOCKS— 98.1%
		Communication Services— 10.0%
13,395		Activision Blizzard, Inc.	$1,120,090
9,446	1	Alphabet, Inc., Class A	25,452,530
81,453	1	Altice USA, Inc.	2,503,051
65,486	1	Cars.com, Inc.	791,071
189	1	Charter Communications, Inc.	140,625
13,344		Electronic Arts, Inc.	1,921,002
11,705	1	Facebook, Inc.	4,170,492
2,955	1	Netflix, Inc.	1,529,419
69,931		News Corp., Inc., Class A	1,722,401
14,846	1	Pinterest, Inc.	874,429
10,893	1	Take-Two Interactive Software, Inc.	1,889,064
36,970		Verizon Communications, Inc.	2,062,187
		TOTAL	44,176,361
		Consumer Discretionary— 11.5%
5,124		Advance Auto Parts, Inc.	1,086,595
3,295	1	Amazon.com, Inc.	10,964,409
1,585	1	AutoZone, Inc.	2,573,358
8,667	1	Burlington Stores, Inc.	2,901,712
2,553	1	Cooper-Standard Holding, Inc.	66,506
4,789	1	CROCs, Inc.	650,394
3,997		Dick’s Sporting Goods, Inc.	416,248
10,690		Domino’s Pizza, Inc.	5,617,488
3,282	1	Five Below, Inc.	638,086
35,900	1	Ford Motor Co.	500,805
53,197	1	Goodyear Tire & Rubber Co.	835,725
7,769		Home Depot, Inc.	2,549,708
1,839		Kontoor Brands, Inc.	101,844
2,035		L Brands, Inc.	162,942
2,114	1	LGI Homes, Inc.	361,283
14,470		Lowe’s Cos., Inc.	2,788,224
169,981	1	Macy’s, Inc.	2,889,677
7,196		McDonald’s Corp.	1,746,541
2,682		Nike, Inc., Class B	449,262
7,463	1	O’Reilly Automotive, Inc.	4,506,458
14,148	1	SeaWorld Entertainment, Inc.	670,757
2,668		Starbucks Corp.	323,975
2,306	1	Tesla, Inc.	1,584,683
834		Wingstop, Inc.	142,873
17,573	1	YETI Holdings, Inc.	1,692,807

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Consumer Discretionary— continued
37,039		Yum! Brands, Inc.	$4,866,554
		TOTAL	51,088,914
		Consumer Staples— 5.5%
36,107	1	BJ’s Wholesale Club Holdings, Inc.	1,828,459
72,342		Colgate-Palmolive Co.	5,751,189
5,439		Costco Wholesale Corp.	2,337,247
9,374		Hershey Foods Corp.	1,676,821
7,602		Molson Coors Beverage Company, Class B	371,662
18,951		PepsiCo, Inc.	2,974,359
95,231		Philip Morris International, Inc.	9,531,671
		TOTAL	24,471,408
		Energy— 1.4%
4,297	1	Cheniere Energy, Inc.	364,944
14,278		Continental Resources, Inc.	487,594
46,821		EOG Resources, Inc.	3,411,378
17,376		Helmerich & Payne, Inc.	498,170
63,055		Marathon Oil Corp.	730,808
7,087		Marathon Petroleum Corp.	391,344
6,339		Targa Resources, Inc.	266,935
		TOTAL	6,151,173
		Financials— 12.3%
765	1	Alleghany Corp.	507,271
40,855		Allstate Corp.	5,313,193
57,314		Ally Financial, Inc.	2,943,647
130,312		Bank of New York Mellon Corp.	6,688,915
11,854		Equitable Holdings, Inc.	365,933
5,368		Fidelity National Financial, Inc.	239,466
35,342		Interactive Brokers Group, Inc., Class A	2,186,256
310	1	Markel Corp.	373,913
12,712		MSCI, Inc., Class A	7,575,844
13,379		NASDAQ, Inc.	2,498,261
43,356		Northern Trust Corp.	4,892,725
37,749		Prudential Financial, Inc.	3,785,470
1,662		Signature Bank	377,224
87,929		State Street Corp.	7,662,133
24,637		The Travelers Cos., Inc.	3,668,942
40,471		Tradeweb Markets, Inc.	3,510,050
38,383		Zions Bancorporation, N.A.	2,001,673
		TOTAL	54,590,916
		Health Care— 14.0%
32,266		AbbVie, Inc.	3,752,536
23,240		Amgen, Inc.	5,613,390
40,396	1	AnaptysBio, Inc.	928,300
6,580		Anthem, Inc.	2,526,786

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Health Care— continued
47,299	1	Avantor, Inc.	$1,777,496
1,025	1	Biohaven Pharmaceutical Holding Co. Ltd.	129,160
5,128		Cerner Corp.	412,240
15,619		CVS Health Corp.	1,286,381
14,814	1	Davita, Inc.	1,781,384
6,122	1	Envista Holdings Corp.	263,736
3,975		Humana, Inc.	1,692,794
26,976	1	IQVIA Holdings, Inc.	6,681,955
10,787	1	Jazz Pharmaceuticals PLC.	1,828,612
25,357		Johnson & Johnson	4,366,475
38,540		McKesson Corp.	7,855,608
50,137		Merck & Co., Inc.	3,854,031
4,943	1	Moderna, Inc.	1,747,845
37,635	1	Myriad Genetics, Inc.	1,190,395
6,423	1	Progyny, Inc.	357,697
5,032	1	Shockwave Medical, Inc.	915,824
3,995	1	United Therapeutics Corp.	726,810
10,911	1	Veeva Systems, Inc.	3,630,199
13,106	1	Vertex Pharmaceuticals, Inc.	2,641,907
816	1	Waters Corp.	318,085
28,585		Zoetis, Inc.	5,794,180
		TOTAL	62,073,826
		Industrials— 8.5%
10,871		AGCO Corp.	1,436,168
16,108		Allegion PLC	2,200,353
18,699	1	Astronics Corp.	319,379
5,977	1	Avis Budget Group, Inc.	494,716
57,393		Carrier Global Corp.	3,170,963
28,412	1	CIRCOR International, Inc.	876,226
2,880		Flowserve Corp.	121,219
12,880		Fortune Brands Home & Security, Inc.	1,255,414
5,908	1	Generac Holdings, Inc.	2,477,579
21,775	1	IAA Spinco, Inc.	1,316,952
117,749	1	KAR Auction Services, Inc.	1,940,504
5,425		Lennox International, Inc.	1,787,158
1,213		Manpower, Inc.	143,838
37,452		Masco Corp.	2,236,259
134,208		Otis Worldwide Corp.	12,018,326
37,735		Ryder System, Inc.	2,873,520
24,178		Spirit AeroSystems Holdings, Inc., Class A	1,044,731
11,956	1	SPX Corp.	796,987
3,051		United Parcel Service, Inc.	583,839
2,779	1	XPO Logistics, Inc.	385,419
		TOTAL	37,479,550

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Information Technology— 27.2%
2,339	1	Adobe, Inc.	$1,453,993
16,358		Alliance Data Systems Corp.	1,525,383
6,095	1	Ambarella, Inc.	600,297
107,832		Apple, Inc.	15,728,376
16,812		Applied Materials, Inc.	2,352,503
6,182	1	Arista Networks, Inc.	2,351,571
35,739	1	Arrow Electronics, Inc.	4,237,573
10,232	1	Asana, Inc.	727,086
1,652	1	Atlassian Corp. PLC	537,098
12,438		Bentley Systems, Inc.	756,355
8,490		Broadcom, Inc.	4,121,046
21,864	1	Cirrus Logic, Inc.	1,805,748
2,221	1	CloudFlare, Inc.	263,477
9,243	1	Commvault Systems, Inc.	698,678
13,421	1	Crowdstrike Holdings, Inc.	3,403,700
4,803	1	Datadog, Inc.	531,692
8,511	1	Dropbox, Inc.	268,011
108,883	1	DXC Technology Co.	4,353,142
19,101	1	EPAM Systems, Inc.	10,692,740
9,896	1	FleetCor Technologies, Inc.	2,555,345
28,488	1	Fortinet, Inc.	7,755,573
1,816	1	Gartner, Inc., Class A	480,750
17,451		Hewlett Packard Enterprise Co.	253,040
50,473		HP, Inc.	1,457,156
9,288	1	HubSpot, Inc.	5,535,834
46,303		Intel Corp.	2,487,397
8,352	1	MA-COM Technology Solutions Holdings, Inc.	515,485
5,562		Mastercard, Inc.	2,146,598
45,610		Microsoft Corp.	12,994,745
6,681	1	Nutanix, Inc.	240,650
28,612		NVIDIA Corp.	5,579,054
28,048		Oracle Corp.	2,444,103
5,230	1	Palo Alto Networks, Inc.	2,087,031
21,076		Paychex, Inc.	2,398,870
9,396	1	Paylocity Corp.	1,949,294
15,923	1	PayPal Holdings, Inc.	4,387,264
40,911	1	Plantronics, Inc.	1,276,014
37,764		Qualcomm, Inc.	5,657,047
66,109		Western Union Co.	1,534,390
19,682		Xerox Holdings Corp.	474,927
		TOTAL	120,619,036
		Materials— 3.4%
83,199	1	Alcoa Corp.	3,340,440
46,545	1	Allegheny Technologies, Inc.	955,569

Annual Shareholder Report

Shares			Value
		COMMON STOCKS— continued
		Materials— continued
51,721	1	Berry Global Group, Inc.	$3,325,143
138,595		Chemours Co./The	4,608,284
34,432		Dow, Inc.	2,140,293
2,676	1	Ingevity Corp.	227,299
2,163		RPM International, Inc.	187,294
		TOTAL	14,784,322
		Real Estate— 3.0%
11,565		Coresite Realty Corp.	1,598,399
967		Crown Castle International Corp.	186,718
10,460		Extra Space Storage, Inc.	1,821,504
12,177		Iron Mountain, Inc.	532,865
76,810		Macerich Co. (The)	1,252,003
32,263		National Storage Affiliates Trust	1,747,687
10,197		Public Storage	3,186,359
7,255		SBA Communications, Corp.	2,473,882
8,122		SL Green Realty Corp.	604,764
		TOTAL	13,404,181
		Utilities— 1.3%
2,865		American Electric Power Co., Inc.	252,464
2,309		Entergy Corp.	237,642
48,448		Exelon Corp.	2,267,366
37,132		OGE Energy Corp.	1,253,205
29,350		Public Service Enterprises Group, Inc.	1,826,451
		TOTAL	5,837,128
		TOTAL COMMON STOCKS (IDENTIFIED COST $315,455,980)	434,676,815
		INVESTMENT COMPANY— 1.7%
7,659,010		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.02%2 (IDENTIFIED COST $7,662,074)	7,662,074
		TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $323,118,054)3	442,338,889
		OTHER ASSETS AND LIABILITIES - NET—0.2%4	771,266
		TOTAL NET ASSETS—100%	$443,110,155

Annual Shareholder Report

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 period ended July 31, 2021, were as follows:

	Value as of 7/31/2020	Purchases at Cost*	Proceeds from Sales*
Consumer Discretionary:
Wingstop, Inc.**	$3,630,781	$—	$(3,030,488)
Health Care:
AnaptysBio, Inc.**	$759,600	$—	$(41,091)
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS	$4,390,381	$—	$(3,071,579)

Annual Shareholder Report

Change in Unrealized Appreciation/ Depreciation*	Net Realized Gain/ (Loss)*	Value as of 7/31/2021	Shares Held as of 7/31/2021	Dividend Income*

$(757,014)	$299,594	$142,873	834	$101,373

$197,277	$12,514	$928,300	40,396	$—
$(559,737)	$312,108	$1,071,173	41,230	$101,373

*	A portion of the amount shown may have been recorded when the Fund did not have ownership of at least 5% of the voting shares.
**	At July 31, 2021, 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 affiliated fund holdings during the period ended July 31, 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	$7,296,777	$5,679,483	$12,976,260
Purchases at Cost	$16,818,480	$142,155,254	$158,973,734
Proceeds from Sales	$(24,115,257)	$(140,173,771)	$(164,289,028)
Change in Unrealized Appreciation/ Depreciation	N/A	$521	$521
Net Realized Gain/(Loss)	N/A	$587	$587
Value as of 7/31/2021	$—	$7,662,074	$7,662,074
Shares Held as of 7/31/2021	—	7,659,010	7,659,010
Dividend Income	$1,494	$5,982	$7,476

*	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	7-day net yield.
3	The cost of investments for federal tax purposes amounts to $323,255,042.
4	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2021.

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.

Annual Shareholder Report

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.

As of July 31, 2021, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$31.77	$29.90	$30.01	$24.95	$21.77
Income From Investment Operations:
Net investment income (loss)	0.081	0.131	0.161	0.091	0.26
Net realized and unrealized gain (loss)	11.90	2.69	1.81	5.08	3.11
Total From Investment Operations	11.98	2.82	1.97	5.17	3.37
Less Distributions:
Distributions from net investment income	(0.12)	(0.11)	(0.07)	(0.11)	(0.19)
Distributions from net realized gain	(0.88)	(0.84)	(2.01)	—	—
Total Distributions	(1.00)	(0.95)	(2.08)	(0.11)	(0.19)
Net Asset Value, End of Period	$42.75	$31.77	$29.90	$30.01	$24.95
Total Return2	38.40%	9.66%	7.80%	20.78%	15.56%
Ratios to Average Net Assets:
Net expenses3	1.04%	1.04%	1.08%	1.36%	1.38%
Net investment income	0.23%	0.44%	0.57%	0.31%	0.69%
Expense waiver/reimbursement4	0.17%	0.20%	0.24%	0.00%5	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$109,747	$79,301	$69,221	$40,539	$33,799
Portfolio turnover	63%	160%	87%	82%	77%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$29.57	$27.99	$28.37	$23.66	$20.66
Income From Investment Operations:
Net investment income (loss)	(0.18)1	(0.08)1	(0.05)1	(0.11)1	(0.19)
Net realized and unrealized gain (loss)	11.04	2.50	1.68	4.82	3.23
Total From Investment Operations	10.86	2.42	1.63	4.71	3.04
Less Distributions:
Distributions from net investment income	—	—	—	—	(0.04)
Distributions from net realized gain	(0.88)	(0.84)	(2.01)	—	—
Total Distributions	(0.88)	(0.84)	(2.01)	—	(0.04)
Net Asset Value, End of Period	$39.55	$29.57	$27.99	$28.37	$23.66
Total Return2	37.37%	8.86%	6.96%	19.91%	14.72%
Ratios to Average Net Assets:
Net expenses3	1.79%	1.79%	1.85%	2.09%	2.13%
Net investment income (loss)	(0.52)%	(0.31)%	(0.20)%	(0.41)%	(0.06)%
Expense waiver/reimbursement4	0.16%	0.21%	0.24%	0.00%5	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$38,028	$31,030	$32,178	$39,625	$36,440
Portfolio turnover	63%	160%	87%	82%	77%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$32.22	$30.29	$30.37	$25.24	$22.02
Income From Investment Operations:
Net investment income (loss)	0.191	0.221	0.251	0.161	0.39
Net realized and unrealized gain (loss)	12.08	2.74	1.81	5.16	3.09
Total From Investment Operations	12.27	2.96	2.06	5.32	3.48
Less Distributions:
Distributions from net investment income	(0.21)	(0.19)	(0.13)	(0.19)	(0.26)
Distributions from net realized gain	(0.88)	(0.84)	(2.01)	—	—
Total Distributions	(1.09)	(1.03)	(2.14)	(0.19)	(0.26)
Net Asset Value, End of Period	$43.40	$32.22	$30.29	$30.37	$25.24
Total Return2	38.83%	10.01%	8.08%	21.15%	15.90%
Ratios to Average Net Assets:
Net expenses3	0.74%	0.74%	0.78%	1.07%	1.08%
Net investment income	0.52%	0.73%	0.87%	0.57%	1.01%
Expense waiver/reimbursement4	0.21%	0.25%	0.29%	0.00%5	0.00%5
Supplemental Data:
Net assets, end of period (000 omitted)	$283,822	$243,490	$215,799	$95,290	$52,169
Portfolio turnover	63%	160%	87%	82%	77%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
5	Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights – Class R6 Shares1

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$31.62	$29.75	$29.89	$24.85	$21.46
Income From Investment Operations:
Net investment income (loss)	0.202	0.212	0.232	0.182	0.21
Net realized and unrealized gain (loss)	11.84	2.69	1.79	5.06	3.18
Total From Investment Operations	12.04	2.90	2.02	5.24	3.39
Less Distributions:
Distributions from net investment income	(0.22)	(0.19)	(0.15)	(0.20)	—
Distributions from net realized gain	(0.88)	(0.84)	(2.01)	—	—
Total Distributions	(1.10)	(1.03)	(2.16)	(0.20)	—
Net Asset Value, End of Period	$42.56	$31.62	$29.75	$29.89	$24.85
Total Return3	38.84%	10.00%	8.08%	21.17%	15.80%
Ratios to Average Net Assets:
Net expenses4	0.73%	0.73%	0.81%	1.02%	1.07%
Net investment income	0.54%	0.75%	0.78%	0.65%	0.95%
Expense waiver/reimbursement5	0.15%	0.17%	0.18%	0.00%6	0.00%6
Supplemental Data:
Net assets, end of period (000 omitted)	$11,513	$8,571	$9,183	$20,425	$17,363
Portfolio turnover	63%	160%	87%	82%	77%

1	Prior to September 1, 2016, the Fund’s Class R6 Shares were designated as Class R Shares.
2	Per share numbers have been calculated using the average shares method.
3	Based on net asset value.
4	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
6	Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
July 31, 2021

Assets:
Investment in securities, at value including $7,662,074 of investment in an affiliated holding and $1,071,173 of investment in affiliated companies* (identified cost $323,118,054)	$442,338,889
Income receivable	219,354
Income receivable from an affiliated holding	292
Receivable for investments sold	1,828,085
Receivable for shares sold	953,045
Total Assets	445,339,665
Liabilities:
Payable for investments purchased	1,072,089
Payable for shares redeemed	933,393
Payable for investment adviser fee (Note 5)	13,665
Payable for administrative fee (Note 5)	1,903
Payable for auditing fees	26,300
Payable for transfer agent fees	11,936
Payable for distribution services fee (Note 5)	23,885
Payable for other service fees (Notes 2 and 5)	40,390
Accrued expenses (Note 5)	105,949
Total Liabilities	2,229,510
Net assets for 10,339,095 shares outstanding	$443,110,155
Net Assets Consist of:
Paid-in capital	$268,404,039
Total distributable earnings (loss)	174,706,116
Total Net Assets	$443,110,155

Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($109,747,361 ÷ 2,567,424 shares outstanding), no par value, unlimited shares authorized	$42.75
Offering price per share (100/94.50 of $42.75)	$45.24
Redemption proceeds per share	$42.75
Class C Shares:
Net asset value per share ($38,027,995 ÷ 961,430 shares outstanding), no par value, unlimited shares authorized	$39.55
Offering price per share	$39.55
Redemption proceeds per share (99.00/100 of $39.55)	$39.15
Institutional Shares:
Net asset value per share ($283,822,071 ÷ 6,539,741 shares outstanding), no par value, unlimited shares authorized	$43.40
Offering price per share	$43.40
Redemption proceeds per share	$43.40
Class R6 Shares:
Net asset value per share ($11,512,728 ÷ 270,500 shares outstanding), no par value, unlimited shares authorized	$42.56
Offering price per share	$42.56
Redemption proceeds per share	$42.56

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended July 31, 2021

Investment Income:
Dividends (including $107,355 received from affiliated companies and an affiliated holding*)	$5,077,009
Net income on securities loaned (includes $1,494 earned from an affiliated holding related to cash collateral balances*) (Note 2)	88,863
TOTAL INCOME	5,165,872
Expenses:
Investment adviser fee (Note 5)	2,851,801
Administrative fee (Note 5)	320,424
Custodian fees	39,991
Transfer agent fees (Note 2)	350,321
Directors’/Trustees’ fees (Note 5)	3,329
Auditing fees	27,800
Legal fees	11,957
Portfolio accounting fees	130,677
Distribution services fee (Note 5)	256,572
Other service fees (Notes 2 and 5)	312,940
Share registration costs	73,590
Printing and postage	38,338
Miscellaneous (Note 5)	36,313
TOTAL EXPENSES	4,454,053
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(603,073)
Reimbursement of other operating expenses (Notes 2 and 5)	(185,157)
TOTAL WAIVER AND REIMBURSEMENTS	(788,230)
Net expenses	3,665,823
Net investment income	1,500,049
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments (including net realized gain of $312,695 on sales of investments in affiliated companies and an affiliated holding*)	65,974,347
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(559,216) on investments in affiliated companies and an affiliated holding*)	66,920,393
Net realized and unrealized gain (loss) on investments	132,894,740
Change in net assets resulting from operations	$134,394,789

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2021	2020
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,500,049	$1,858,375
Net realized gain (loss)	65,974,347	3,253,617
Net change in unrealized appreciation/depreciation	66,920,393	24,231,474
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	134,394,789	29,343,466
Distributions to Shareholders:
Class A Shares	(2,423,144)	(2,420,345)
Class C Shares	(882,794)	(981,926)
Institutional Shares	(8,071,148)	(7,530,512)
Class R6 Shares	(290,075)	(293,094)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(11,667,161)	(11,225,877)
Share Transactions:
Proceeds from sale of shares	138,525,280	138,101,946
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund	—	4,799,602
Net asset value of shares issued to shareholders in payment of distributions declared	10,673,152	10,177,441
Cost of shares redeemed	(191,208,255)	(135,185,593)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(42,009,823)	17,893,396
Change in net assets	80,717,805	36,010,985
Net Assets:
Beginning of period	362,392,350	326,381,365
End of period	$443,110,155	$362,392,350

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2021

1. ORGANIZATION

Federated Hermes MDT Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of five portfolios. The financial statements included herein are only those of Federated Hermes MDT All Cap Core Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is long-term capital appreciation.

On November 15, 2019, the Fund acquired all of the net assets of PNC Multi-Factor All Cap Fund (the “Acquired Fund”), an open-end investment company, in a tax-free reorganization in exchange for shares of the Fund pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders on November 5, 2019. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, the assets received and the shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes.

For every one share of the Acquired Fund’s Class A Shares exchanged, a shareholder received 0.707 shares of the Fund’s Class A Shares.

For every one share of the Acquired Fund’s Class C Shares exchanged, a shareholder received 0.692 shares of the Fund’s Class C Shares.

For every one share of the Acquired Fund’s Class I Shares exchanged, a shareholder received 0.714 shares of the Fund’s Institutional Shares.

The Fund received net assets from the Acquired Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Acquired Fund’s Net Assets Received	Unrealized Depreciation1	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
158,091	$4,799,602	$481,958	$334,525,804	$339,325,406

1	Unrealized Depreciation is included in the Net Assets Received amount shown above.

Annual Shareholder Report

Assuming the acquisition had been completed on August 1, 2019, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the year ended July 31, 2020, were as follows:

Net investment income	$1,879,088
Net realized and unrealized gain on investments	27,688,497
Net increase in net assets resulting from operations	$29,567,585

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amount of earnings of the Acquired Fund that has been included in the Fund’s Statement of Changes in Net Assets as of July 31, 2020.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

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 Fund’s Board of Trustees (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.

Annual Shareholder Report

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 and Significant Events 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 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.

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

Annual Shareholder Report

■

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■

Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses and Distributions

Annual Shareholder Report

accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursements of $788,230 is disclosed in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Transfer Agent Fees

For the year ended July 31, 2021, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$89,021	$(20,328)
Class C Shares	30,281	(4,494)
Institutional Shares	229,533	(160,335)
Class R6 Shares	1,486	—
TOTAL	$350,321	$(185,157)

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares and Class C Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the year ended July 31, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$227,416
Class C Shares	85,524
TOTAL	$312,940

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended July 31, 2021, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of July 31, 2021, tax years 2018 through 2021 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that is invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

Securities lending transactions are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.

As of July 31, 2021, the Fund had no outstanding securities on loan.

Restricted Securities

Annual Shareholder Report

another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Trustees.

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 7/31/2021		Year Ended 7/31/2020
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	516,489	$19,262,460	690,025	$19,860,088
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	69,799	2,108,622
Shares issued to shareholders in payment of distributions declared	65,002	2,282,814	75,909	2,245,758
Shares redeemed	(510,501)	(18,302,996)	(654,712)	(18,099,902)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	70,990	$3,242,278	181,021	$6,114,566
	Year Ended 7/31/2021		Year Ended 7/31/2020
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	150,210	$5,136,189	229,788	$6,229,160
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	5,925	167,267
Shares issued to shareholders in payment of distributions declared	25,498	828,435	32,298	888,524
Shares redeemed	(263,607)	(8,987,701)	(368,127)	(9,700,529)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(87,899)	$(3,023,077)	(100,116)	$(2,415,578)

Annual Shareholder Report

	Year Ended 7/31/2021		Year Ended 7/31/2020
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	3,029,771	$110,406,642	3,765,883	$109,245,509
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	82,367	2,523,713
Shares issued to shareholders in payment of distributions declared	206,534	7,372,239	227,539	6,839,149
Shares redeemed	(4,253,413)	(160,052,945)	(3,642,257)	(103,350,480)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(1,017,108)	$(42,274,064)	433,532	$15,257,891
	Year Ended 7/31/2021		Year Ended 7/31/2020
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	101,756	$3,719,989	96,159	$2,767,189
Shares issued to shareholders in payment of distributions declared	5,416	189,664	6,915	204,010
Shares redeemed	(107,736)	(3,864,613)	(140,698)	(4,034,682)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	(564)	$45,040	(37,624)	$(1,063,483)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(1,034,581)	$(42,009,823)	476,813	$17,893,396

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2021 and 2020, was as follows:

	2021	2020
Ordinary income1	$7,381,835	$5,661,147
Long-term capital gains	$4,285,326	$5,564,730

1	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of July 31, 2021, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income1	$39,831,151
Net unrealized appreciation	$119,083,847
Undistributed long-term capital gains	$15,791,118

1	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales.

Annual Shareholder Report

At July 31, 2021, the cost of investments for federal tax purposes was $323,255,042. The net unrealized appreciation of investments for federal tax purposes was $119,083,847. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $121,767,254 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,683,407.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.70% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the year ended July 31, 2021, the Adviser voluntarily waived $596,738 of its fee and voluntarily reimbursed $185,157 of transfer agent fees. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended July 31, 2021, the Adviser reimbursed $6,335.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2021, the annualized fee paid to FAS was 0.079% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class A Shares, and Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class C Shares	0.75%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2021, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred
Class C Shares	$256,572

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the year ended July 31, 2021, FSC retained $23,374 of fees paid by the Fund. For the year ended July 31, 2021, Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended July 31, 2021, FSC retained $22,026 in sales charges from the sale of Class A Shares. FSC also retained $282 of CDSC relating to redemptions of Class A Shares and $1,738 relating to redemptions of Class C Shares, respectively.

Other Service Fees

For the year ended July 31, 2021, FSSC received $5,820 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSSC, FAS and FSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective October 1, 2021, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Class A Shares, Class C Shares Institutional Shares and R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.04%, 1.81%, 0.74% and 0.73% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 1, 2022; or (b) the date of the Fund’s next effective Prospectus. Prior to

Annual Shareholder Report

October 1, 2021, the Fee Limit for the Class C Shares was 1.79%. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended July 31, 2021, were as follows:

Purchases	$248,446,110
Sales	$302,981,491

7. CONCENTRATION OF RISK

The Fund may invest a portion of its assets in securities of companies that are deemed by the Fund’s management to be classified in similar business sectors. Economic developments may have an effect on the liquidity and volatility of the portfolio securities. A substantial portion of the Fund’s portfolio may be comprised of entities in the Information Technology sector. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 23, 2021. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of July 31, 2021, the Fund had no outstanding loans. During the year ended July 31, 2021, the Fund did not utilize the LOC.

Annual Shareholder Report

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2021, there were no outstanding loans. During the year ended July 31, 2021, the program was not utilized.

10. OTHER MATTERS

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short-term or may last for an extended period of time and has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund’s investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.

11. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended July 31, 2021, the amount of long-term capital gains designated by the Fund was $4,285,326.

For the fiscal year ended July 31, 2021, 32.27% of total ordinary income distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended July 31, 2021, 32.26% qualify for the dividend received deduction available to corporate shareholders.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED HERMES MDT SERIES AND SHAREHOLDERS OF FEDERATED HERMES MDT ALL CAP CORE FUND:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes MDT All Cap Core Fund (the “Fund”) (one of the portfolios constituting Federated Hermes MDT Series (the “Trust”)), including the portfolio of investments, as of July 31, 2021, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes MDT Series) at July 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Annual Shareholder Report

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
September 23, 2021

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2021 to July 31, 2021.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 2/1/2021	Ending Account Value 7/31/2021	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$1,203.20	$5.68
Class C Shares	$1,000	$1,198.50	$9.76
Institutional Shares	$1,000	$1,204.90	$4.05
Class R6 Shares	$1,000	$1,205.00	$3.99
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,019.64	$5.21
Class C Shares	$1,000	$1,015.92	$8.95
Institutional Shares	$1,000	$1,021.12	$3.71
Class R6 Shares	$1,000	$1,021.17	$3.66

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Class A Shares	1.04%
Class C Shares	1.79%
Institutional Shares	0.74%
Class R6 Shares	0.73%

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2020, the Trust comprised five portfolio(s), and the Federated Hermes Fund Family consisted of 41 investment companies (comprising 163 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held and Previous Position(s)

J. Christopher Donahue*

Birth Date: April 11, 1949

President and Trustee

Indefinite Term

Began serving: May 2006

Principal Occupations: Principal Executive Officer and President of

certain of the Funds in the Federated Hermes Fund Family; Director or

Trustee of the Funds in the Federated Hermes Fund Family; President,

Chief Executive Officer and Director, Federated Hermes, Inc.;

Chairman and Trustee, Federated Investment Management Company;

Trustee, Federated Investment Counseling; Chairman and Director,

Federated Global Investment Management Corp.; Chairman and

Trustee, Federated Equity Management Company of Pennsylvania;

Trustee, Federated Shareholder Services Company; Director,

Federated Services Company.

Previous Positions: President, Federated Investment Counseling;

President and Chief Executive Officer, Federated Investment

Management Company, Federated Global Investment Management

Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.

Annual Shareholder Report

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held and Previous Position(s)

John B. Fisher*

Birth Date: May 16, 1956

Trustee

Indefinite Term

Began serving: May 2016

Principal Occupations: Principal Executive Officer and President of

certain of the Funds in the Federated Hermes Fund Family; Director or

Trustee of certain of the Funds in the Federated Hermes Fund Family;

Vice President, Federated Hermes, Inc.; President, Director/Trustee

and CEO, Federated Advisory Services Company, Federated Equity

Management Company of Pennsylvania, Federated Global Investment

Management Corp., Federated Investment Counseling, Federated

Investment Management Company; President of some of the Funds in

the Federated Hermes Fund Family and Director, Federated Investors

Trust Company.

Previous Positions: President and Director of the Institutional Sales

Division of Federated Securities Corp.; President and Director of

Federated Investment Counseling; President and CEO of Passport

Research, Ltd.; Director, Edgewood Securities Corp.; Director,

Federated Services Company; Director, Federated Hermes, Inc.;

Chairman and Director, Southpointe Distribution Services, Inc. and

President, Technology, Federated Services Company.

Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held, Previous Position(s) and Qualifications

John T. Collins

Birth Date: January 24, 1947

Trustee

Indefinite Term

Began serving: October 2013

Principal Occupations: Director or Trustee, and Chair of the Board

of Directors or Trustees, of the Federated Hermes Fund Family;

formerly, Chairman and CEO, The Collins Group, Inc. (a private equity

firm) (Retired).

Other Directorships Held: Chairman of the Board of Directors,

Director, KLX Energy Services Holdings, Inc. (oilfield services); former

Director of KLX Corp. (aerospace).

Qualifications: Mr. Collins has served in several business and financial

management roles and directorship positions throughout his career.

Mr. Collins previously served as Chairman and CEO of The Collins

Group, Inc. (a private equity firm) and as a Director of KLX Corp.

Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins

previously served as Director and Audit Committee Member, Bank of

America Corp.; Director, FleetBoston Financial Corp.; and Director,

Beth Israel Deaconess Medical Center (Harvard University

Affiliate Hospital).

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name

Birth Date

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years,

Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh

Birth Date:

November 28, 1957

Trustee

Indefinite Term

Began serving: June 2006

Principal Occupations: Director or Trustee of the Federated Hermes

Fund Family; President and Director, Heat Wagon, Inc. (manufacturer

of construction temporary heaters); President and Director,

Manufacturers Products, Inc. (distributor of portable construction

heaters); President, Portable Heater Parts, a division of Manufacturers

Products, Inc.

Other Directorships Held: None.

Qualifications: Mr. Walsh has served in several business management

roles and directorship positions throughout his career. Mr. Walsh

previously served as Vice President, Walsh & Kelly, Inc.

(paving contractors).

OFFICERS

Name

Birth Date

Address

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years

and Previous Position(s)

Lori A. Hensler

Birth Date: January 6, 1967

TREASURER

Officer since: April 2013

Principal Occupations: Principal Financial Officer and Treasurer of the

Federated Hermes Fund Family; Senior Vice President, Federated

Administrative Services; Financial and Operations Principal for

Federated Securities Corp.; and Assistant Treasurer, Federated

Investors Trust Company. Ms. Hensler has received the Certified

Public Accountant designation.

Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice

President and Assistant Treasurer, Federated Investors Management

Company; Treasurer, Federated Investors Trust Company; Assistant

Treasurer, Federated Administrative Services, Federated

Administrative Services, Inc., Federated Securities Corp., Edgewood

Services, Inc., Federated Advisory Services Company, Federated

Equity Management Company of Pennsylvania, Federated Global

Investment Management Corp., Federated Investment Counseling,

Federated Investment Management Company, Passport Research,

Ltd., and Federated MDTA, LLC; Financial and Operations Principal for

Federated Securities Corp., Edgewood Services, Inc. and Southpointe

Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Address Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012	Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

Federated Hermes MDT All Cap Core Fund (the “Fund”)

At its meetings in May 2021 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated MDTA LLC (the “Adviser”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer,” prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional

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matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the Adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”), which include a comprehensive array of funds with different investment objectives, policies and strategies, and the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the

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fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with a fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds.

In addition to considering the above-referenced factors, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection

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with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by the Adviser and its affiliates. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade execution capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund’s investment program.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.

The Board considered the quality of the Adviser’s communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account the Adviser’s communications with the Board in light of the market volatility amidst the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

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The Board received and evaluated information regarding the Adviser’s regulatory and compliance environment. The Board considered the Adviser’s compliance program, compliance history, and reports from the CCO about the Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and, in particular, the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.

The Board also considered discussions with Federated Hermes regarding the implementation of its business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant investment categories and the Fund’s benchmark index, portfolio attribution information and commentary on the effect of current and recent market conditions.

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The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ investment objectives or investment management techniques, or the costs to implement funds, even within the same Performance Peer Group. In this connection, the Board considered that the Fund’s quantitative focus makes fee and expense comparisons particularly difficult as the funds in the Performance Peer Group varied widely in their complexity, and the management of the Fund is among the more complex relative to its Performance Peer Group. The Board also considered a report comparing the performance of the Fund solely to other funds with a quantitative focus in the Performance Peer Group.

For the one-year, three-year and five-year periods ended December 31, 2020, the Fund’s performance was above the median of the Performance Peer Group. In addition, the Board was informed by the Adviser that, for the same periods, the Fund outperformed its benchmark index for the one-year, three-year and five-year periods.

Following such evaluation and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.

Fund Expenses

The Board considered the advisory fee, and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

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believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other mutual funds’ fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board. In this regard, the Board had been previously advised that, while comparisons to its Expense Peer Group are relevant in judging the reasonableness of advisory fees, the Fund’s quantitative focus makes fee and expense comparisons particularly difficult. Although the Fund’s advisory fee was above the median of its Expense Peer Group range, the funds in the Expense Peer Group varied widely in their complexity, and the Board has been informed that the management of the Fund is among the more complex funds relative to its Expense Peer Group.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-mutual fund clients (such as institutional separate accounts) and third-party unaffiliated mutual funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that mon-mutual fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing, addressing different administrative responsibilities, and addressing different degrees of risk associated with management; and (vi) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s mutual fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an

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unaffiliated third-party mutual fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.

Following such evaluation and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.

Profitability and Other Benefits

The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so (or continue to do so) in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements.

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the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

In 2019, the Board approved a reduction of 5 basis points in the contractual advisory fee.

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management (including market data on which portfolio managers make investment decisions), trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in

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connection with the May Meetings. The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints or to apply breakpoints, at higher levels and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fees as a fund attains a certain size.

Conclusions

The Board considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Annual Shareholder Report

Liquidity Risk Management Program–
Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes MDT Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes MDT All Cap Core Fund (the “Fund” and, collectively with the other non-money market open-end funds advised by Federated Hermes, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s investment adviser as the administrator for the Program with respect to the Fund (the “Administrator”). Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program with respect to each Federated Hermes Fund that is managed by such advisory subsidiary (collectively, the “Administrator”). The Administrator, in turn, has delegated day-to-day responsibility for the administration of the Program to multiple Liquidity Risk Management Committees, which are comprised of representatives from certain divisions within Federated Hermes.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

At its meetings in May 2021, the Board received and reviewed a written report (the “Report”) from the Federated Hermes Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from April 1, 2020 through March 31, 2021 (the “Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness, including, where

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applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund’s access to other available funding sources such as the Federated Hermes Funds’ interfund lending facility, redemptions in-kind and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:

■ confirmation that the Fund did not utilize alternative funding sources during the Period;

■ the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;

■ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;

■ the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;

■ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and

■ liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the March-April 2020 market conditions, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

Based on this review, the Administrator concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.

Annual Shareholder Report

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated Hermes MDT All Cap Core Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31421R106
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718

37309 (9/21)

Annual Shareholder Report

July 31, 2021

Share Class | Ticker

A | QABGX

C | QCBGX

Institutional | QIBGX

R6 | QKBGX

Federated Hermes MDT Balanced Fund

Fund Established 2002

A Portfolio of Federated Hermes MDT Series

Dear Valued Shareholder,

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Tables	7
Portfolio of Investments	9
Financial Highlights	29
Statement of Assets and Liabilities	33
Statement of Operations	35
Statement of Changes in Net Assets	37
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	52
Shareholder Expense Example	54
Board of Trustees and Trust Officers	56
Evaluation and Approval of Advisory Contract	62
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	72
Voting Proxies on Fund Portfolio Securities	74
Quarterly Portfolio Schedule	74

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes MDT Balanced Fund (the “Fund”), based on net asset value for the 12-month reporting period ended July 31, 2021, was 23.31% for Class A Shares, 22.37% for Class C Shares, 23.59% for Institutional Shares and 23.70% for Class R6 Shares. Over the same period, the Fund’s custom blended benchmark (“Blended Index”),1 which consists of a 60%/40% blend of the Standard & Poor’s 500 Index(S&P 500)2 and the Bloomberg U.S. Aggregate Bond Index (BAB),3 returned 20.52%. The total return of the Morningstar US Allocation 50% - 70% Equity Category Average (MA50-70),4 a peer group average for the Fund, was 23.53% during the period. The Fund’s and the MA50-70’s total return for the most recently completed fiscal year reflected actual cash flows, transaction costs and other expenses, which were not reflected in the total return of the Blended Index.

During the reporting period, the Fund’s investment strategy focused on overall asset allocation, security selection within the domestic equity segment of the portfolio, sector allocation within the fixed income segment of the portfolio and security selection among the REIT investments of the portfolio. These were the most significant factors affecting the Fund’s performance relative to the Blended Index during the period.

The following discussion will focus on the performance of the Fund’s R6 Shares relative to the Blended Index.

MArket Overview

The reporting period featured a continuing recovery of the economy from the pandemic and strong performance in the equity market as evidenced by the 38.73% return of the whole market Russell 3000® Index.5 Market volatility declined and the market preferences for style in the reporting period reversed some of the large differentials of the prior period. During the prior reporting period, the growth style led the value style by almost 35% (the Russell 3000® Growth Index (R3000G)6 returned 28.24% while the Russell 3000® Value Index (R3000V)7 returned -6.67%). During this reporting period, the value style led the growth style by a much more moderate amount of just under 4% (R3000V returned 40.72% and R3000G returned 36.83%). Similarly, in the capitalization ranges, the small cap stocks8 in the Russell 2000® Index9 led the mega-cap stocks in the Russell Top 200® Index10 by 15.53% rather than trailing by 20.43%, as they did the prior reporting period. The market still reacted quickly to new economic data, but now there was far less uncertainty about the future than there was at the end of the prior reporting period.

Annual Shareholder Report

International equities11 in developed markets had a solid result although they underperformed the domestic equity market during the reporting period with the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index12 returning 30.31%. Emerging market13 equity results were more modest, with the MSCI Emerging Markets Index14 returning 23.42% during the reporting period.

While short-term rates were largely unchanged, rates on intermediate- and long-term maturities increased from the extreme lows of last summer resulting in a loss of -0.70% for the BAB Index during the reporting period.15

ASSET ALLOCATION

The performance differential between equities and fixed income was material over the entire period. A significant overweight position to equities throughout the reporting period contributed positively to the Fund’s relative results.

EQUITIES

Domestic equity investments finished ahead of their benchmark, the Russell 3000® Index, during the reporting period. Investments in the Information Technology, Materials and Consumer Discretionary sectors were the most significant positive factors, while investments in the Financials, Consumer Staples and Industrials sectors were the most significant negative contributors to relative results.

FIXED INCOME

During the reporting period, the fixed income portion of the portfolio outperformed the BAB. Sector allocation made the most significant positive contribution to relative performance with security selection, much of it from an allocation to Treasury Inflation Protected notes, also a positive contributor.

REITS

REIT investments finished behind their benchmark, the MSCI US REIT Index,16 during the reporting period. An underweight position in shares of companies in the Self-Storage sector, which performed steadily, and security selection within the Health Care and Residential sectors, where the most distressed companies rallied materially off the lows at the beginning of the period, were the most negative contributors to relative results.

The Fund’s Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund’s broad-based securities market index, the Fund’s Adviser believes it is more reflective of the Fund’s balanced investment style.

Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500 Index, one of the Fund’s broad-based securities market indices. The S&P 500’s return for the 12-month reporting period was 36.45%.

Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund’s broad-based securities market indices. The BAB’s return for the 12-month reporting period was -0.70%.

Annual Shareholder Report

Please see the footnotes to the line graphs below for definitions of, and further information about, the Morningstar peer group average.

The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.*

Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks.

International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada.*

Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets.

The MSCI Emerging Markets Index is an unmanaged index consisting of 27 emerging market countries.*

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

The MSCI REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market.*

The index is unmanaged, and it is not possible to invest directly in an index.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes MDT Balanced Fund (the “Fund”) from July 31, 2011 to July 31, 2021, compared to the Standard and Poor’s 500 Index (S&P 500),2 the Bloomberg U.S. Aggregate Bond Index (BAB),3 60% S&P 500/40% BAB (Blended Index) and the Morningstar Allocation-50% to 70% Equity Funds Average (MA50-70).4 The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of July 31, 2021

■ Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable.

Annual Shareholder Report

Average Annual Total Returns for the Periods Ended 7/31/2021

(returns reflect all applicable sales charges and contingent deferred sales charges as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares	16.53%	10.32%	8.98%
Class C Shares	21.37%	10.74%	8.95%
Institutional Shares	23.59%	11.85%	9.87%
Class R6 Shares5	23.70%	11.85%	9.56%
S&P 500	36.45%	17.35%	15.35%
BAB	-0.70%	3.13%	3.35%
Blended Index	20.52%	11.76%	10.66%
MA50-70	23.53%	9.94%	8.59%

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500, BAB and MA50-70 have been adjusted to reflect reinvestment of dividends on securities in the indexes.

The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance.

The BAB, a broad-based securities market index of the Fund, is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. Effective August 24, 2021, the name of the index changed from Bloomberg Barclays U.S. Aggregate Bond Index to Bloomberg U.S. Aggregate Bond Index. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund’s performance.

Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2021, the Fund’s portfolio composition1 was as follows:

Portfolio Composition	Percentage of Total Net Assets
Domestic Equity Securities	57.0%
Corporate Debt Securities	10.3%
International Equity Securities (including International Exchange-Traded Funds)	8.9%
Mortgage Core Fund	3.0%
High Yield Bond Core Fund	2.7%
U.S. Treasury Securities2	2.5%
Bank Loan Core Fund	2.0%
Project and Trade Finance Core Fund	1.5%
Emerging Markets Core Fund	1.3%
Asset-Backed Securities	0.9%
Commercial Mortgage-Backed Securities	0.8%
Mortgage-Backed Securities	0.3%
Government Agency	0.1%
Municipal Bond3	0.0%
Collateralized Mortgage Obligations3	0.0%
Securities Lending Collateral4	0.1%
Cash Equivalents5	7.8%
Derivative Contracts3,6	0.0%
Other Assets and Liabilities—Net7	0.8%
TOTAL	100%

Annual Shareholder Report

At July 31, 2021, the Fund’s sector composition8 for its equity securities (excluding exchange-traded funds) was as follows:

Sector Composition	Percentage of Equity Securities
Information Technology	26.2%
Health Care	13.8%
Consumer Discretionary	12.5%
Financials	12.1%
Industrials	9.5%
Communication Services	8.8%
Consumer Staples	5.8%
Real Estate	5.7%
Materials	3.1%
Utilities	1.3%
Energy	1.2%
Total	100%

1	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets, are listed individually in the table.
2	Includes U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
3	Represents less than 0.1%.
4	Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements.
5	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending.
6	Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
7	Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.
8	Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS.

Annual Shareholder Report

Portfolio of Investments

July 31, 2021

Shares or Principal Amount			Value
		COMMON STOCKS— 57.9%
		Communication Services— 5.1%
5,703		Activision Blizzard, Inc.	$476,885
2,376	1	Alphabet, Inc., Class A	6,402,203
9,730	1	Altice USA, Inc.	299,003
21,112	1	Cars.com, Inc.	255,033
348	1	Charter Communications, Inc.	258,929
3,811		Electronic Arts, Inc.	548,632
2,382	1	Facebook, Inc.	848,707
6,754		Lumen Technologies, Inc.	84,222
19,249		News Corp., Inc., Class A	474,103
2,935	1	Pinterest, Inc.	172,872
2,310	1	Take-Two Interactive Software, Inc.	400,600
14,027		Verizon Communications, Inc.	782,426
		TOTAL	11,003,615
		Consumer Discretionary— 7.2%
1,044		Advance Auto Parts, Inc.	221,391
1,029	1	Amazon.com, Inc.	3,424,090
346	1	AutoZone, Inc.	561,755
2,632	1	Burlington Stores, Inc.	881,194
1,955	1	Capri Holdings Ltd.	110,086
440	1	Cooper-Standard Holding, Inc.	11,462
630	1	CROCs, Inc.	85,560
1,060		Dick’s Sporting Goods, Inc.	110,388
3,306		Domino’s Pizza, Inc.	1,737,270
1,149	1	Five Below, Inc.	223,388
24,635	1	Ford Motor Co.	343,658
2,558	1	G-III Apparel Group Ltd.	76,382
15,297	1	Goodyear Tire & Rubber Co.	240,316
3,667		Home Depot, Inc.	1,203,473
755		L Brands, Inc.	60,453
371	1	LGI Homes, Inc.	63,404
6,086		Lowe’s Cos., Inc.	1,172,711
43,386	1	Macy’s, Inc.	737,562
2,000		McDonald’s Corp.	485,420
2,144	1	O’Reilly Automotive, Inc.	1,294,633
3,062	1	SeaWorld Entertainment, Inc.	145,169
1,009		Starbucks Corp.	122,523
623	1	Tesla, Inc.	428,126
1,003		Wingstop, Inc.	171,824
4,331	1	YETI Holdings, Inc.	417,205

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Consumer Discretionary— continued
10,540		Yum! Brands, Inc.	$1,384,851
		TOTAL	15,714,294
		Consumer Staples— 3.4%
1,691	2	Albertsons Cos., Inc.	36,526
6,671	1	BJ’s Wholesale Club Holdings, Inc.	337,819
271		Coca-Cola Bottling Co.	108,170
26,085		Colgate-Palmolive Co.	2,073,757
104		Costco Wholesale Corp.	44,691
337		Estee Lauder Cos., Inc., Class A	112,501
6,075		Hershey Foods Corp.	1,086,696
5,083		PepsiCo, Inc.	797,777
23,001		Philip Morris International, Inc.	2,302,170
1,048	1	Post Holdings, Inc.	107,252
2,149		Procter & Gamble Co.	305,652
		TOTAL	7,313,011
		Energy— 0.7%
13,000		Continental Resources, Inc.	443,950
9,513		EOG Resources, Inc.	693,117
5,348		Helmerich & Payne, Inc.	153,327
21,158		Marathon Oil Corp.	245,222
		TOTAL	1,535,616
		Financials— 7.0%
285	1	Alleghany Corp.	188,984
10,516		Allstate Corp.	1,367,606
17,829		Ally Financial, Inc.	915,698
36,583		Bank of New York Mellon Corp.	1,877,805
242		Evercore, Inc., Class A	31,992
15,952		Huntington Bancshares, Inc.	224,604
9,463		Interactive Brokers Group, Inc., Class A	585,381
3,357		MSCI, Inc., Class A	2,000,638
4,743		NASDAQ, Inc.	885,660
44,000		New Residential Investment Corp.	429,440
11,430		Northern Trust Corp.	1,289,876
6,902		Prudential Financial, Inc.	692,133
932		Santander Consumer USA Holdings, Inc.	38,240
23,831		State Street Corp.	2,076,633
9,961		The Travelers Cos., Inc.	1,483,392
9,566		Tradeweb Markets, Inc.	829,659
5,580		Zions Bancorporation, N.A.	290,997
		TOTAL	15,208,738
		Health Care— 8.0%
9,183		AbbVie, Inc.	1,067,983

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Health Care— continued
4,945		Amgen, Inc.	$1,194,415
11,086	1	AnaptysBio, Inc.	254,756
1,318		Anthem, Inc.	506,125
12,393	1	Avantor, Inc.	465,729
849	1	Biohaven Pharmaceutical Holding Co. Ltd.	106,983
580		CIGNA Corp.	133,104
15,524	1	Community Health Systems, Inc.	206,780
3,813		CVS Health Corp.	314,039
3,872	1	Davita, Inc.	465,608
953		Eli Lilly & Co.	232,056
1,634	1	Envista Holdings Corp.	70,393
900		Humana, Inc.	383,274
338	1	IDEXX Laboratories, Inc.	229,343
7,106	1	IQVIA Holdings, Inc.	1,760,156
2,525	1	Jazz Pharmaceuticals PLC.	428,038
7,106		Johnson & Johnson	1,223,653
8,952		McKesson Corp.	1,824,686
13,595		Merck & Co., Inc.	1,045,048
2,015	1	Moderna, Inc.	712,504
7,854	1	Myriad Genetics, Inc.	248,422
3,787		Pfizer, Inc.	162,121
1,738	1	Progyny, Inc.	96,789
1,239	1	SAGE Therapeutics, Inc.	54,181
1,169	1	Shockwave Medical, Inc.	212,758
432	1	United Therapeutics Corp.	78,594
3,644	1	Veeva Systems, Inc.	1,212,395
4,079	1	Vertex Pharmaceuticals, Inc.	822,245
191	1	Waters Corp.	74,454
8,612		Zoetis, Inc.	1,745,652
		TOTAL	17,332,284
		Industrials— 5.5%
212		Acuity Brands, Inc.	37,180
2,875		AGCO Corp.	379,816
7,271		Allegion PLC	993,219
1,980	1	Avis Budget Group, Inc.	163,885
16,827		Carrier Global Corp.	929,692
7,124	1	CIRCOR International, Inc.	219,704
1,665		Flowserve Corp.	70,080
3,032		Fortune Brands Home & Security, Inc.	295,529
1,171	1	Generac Holdings, Inc.	491,070
5,025	1	IAA Spinco, Inc.	303,912
414		Illinois Tool Works, Inc.	93,841

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Industrials— continued
32,966	1	KAR Auction Services, Inc.	$543,280
2,523		Lennox International, Inc.	831,152
9,134		Masco Corp.	545,391
36,390		Otis Worldwide Corp.	3,258,724
10,000		Pitney Bowes, Inc.	80,000
9,727		Ryder System, Inc.	740,711
6,409		Spirit AeroSystems Holdings, Inc., Class A	276,933
7,730	1	SPX Corp.	515,282
2,704		TransUnion	324,642
1,458	1	TriNet Group, Inc.	120,985
3,535		United Parcel Service, Inc.	676,458
233	1	XPO Logistics, Inc.	32,315
614		Xylem, Inc.	77,272
		TOTAL	12,001,073
		Information Technology— 15.2%
1,432	1	Adobe, Inc.	890,174
2,935		Alliance Data Systems Corp.	273,689
1,705	1	Ambarella, Inc.	167,925
25,312		Apple, Inc.	3,692,008
3,030		Applied Materials, Inc.	423,988
1,785	1	Arista Networks, Inc.	678,996
7,214	1	Arrow Electronics, Inc.	855,364
3,790	1	Asana, Inc.	269,317
144	1	Atlassian Corp. PLC	46,817
3,305		Bentley Systems, Inc.	200,977
1,613		Broadcom, Inc.	782,950
4,701	1	Cirrus Logic, Inc.	388,256
298	1	CloudFlare, Inc.	35,352
2,931	1	Commvault Systems, Inc.	221,554
4,123	1	Crowdstrike Holdings, Inc.	1,045,634
322	1	Datadog, Inc.	35,645
2,333	1	Dell Technologies, Inc.	225,415
4,697	1	Dropbox, Inc.	147,909
28,217	1	DXC Technology Co.	1,128,116
5,463	1	EPAM Systems, Inc.	3,058,187
2,903	1	FleetCor Technologies, Inc.	749,613
7,164	1	Fortinet, Inc.	1,950,327
705	1	Gartner, Inc., Class A	186,635
14,151		Hewlett Packard Enterprise Co.	205,190
10,855		HP, Inc.	313,384
2,245	1	HubSpot, Inc.	1,338,065
9,807		Intel Corp.	526,832

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Information Technology— continued
224		Intuit, Inc.	$118,713
3,825	1	MA-COM Technology Solutions Holdings, Inc.	236,079
3,271		Mastercard, Inc.	1,262,410
11,281		Microsoft Corp.	3,214,070
6,088		NVIDIA Corp.	1,187,099
4,369		Oracle Corp.	380,715
1,924	1	Palo Alto Networks, Inc.	767,772
10,932		Paychex, Inc.	1,244,280
2,166	1	Paylocity Corp.	449,358
4,972	1	PayPal Holdings, Inc.	1,369,935
9,836	1	Plantronics, Inc.	306,785
9,835		Qualcomm, Inc.	1,473,283
8,203		Vishay Intertechnology, Inc.	181,532
31,056		Western Union Co.	720,810
9,197		Xerox Holdings Corp.	221,924
		TOTAL	32,973,084
		Materials— 1.8%
19,650	1	Alcoa Corp.	788,948
18,593	1	Allegheny Technologies, Inc.	381,714
13,951	1	Berry Global Group, Inc.	896,910
44,373		Chemours Co./The	1,475,402
6,018		Dow, Inc.	374,079
		TOTAL	3,917,053
		Real Estate— 3.3%
3,600		American Campus Communities, Inc.	181,116
14,400		American Homes 4 Rent	604,800
46,900	2	Braemar Hotels & Resorts, Inc.	239,190
24,600	1	Chatham Lodging Trust	302,088
3,500		Duke Realty Corp.	178,080
320		Equinix, Inc.	262,531
4,400		Equity Residential Properties Trust	370,172
12,500		Hudson Pacific Properties, Inc.	340,750
8,000		Invitation Homes, Inc.	325,440
24,000		Kimco Realty Corp.	511,920
17,000		Kite Realty Group Trust	342,720
18,000		Pebblebrook Hotel Trust	404,820
5,700		Regency Centers Corp.	372,837
4,900		Rexford Industrial Realty, Inc.	301,448
3,500		Safety Income and Growth, Inc.	316,120
3,100		Simon Property Group, Inc.	392,212
900		Sun Communities, Inc.	176,499
21,800	1	Sunstone Hotel Investors, Inc.	251,572

Annual Shareholder Report

Shares or Principal Amount			Value
		COMMON STOCKS— continued
		Real Estate— continued
4,750		Terreno Realty Corp.	$324,710
6,800		UDR, Inc.	373,932
19,500		VICI Properties, Inc.	608,205
		TOTAL	7,181,162
		Utilities— 0.7%
2,108		Evergy, Inc.	137,484
12,828		Exelon Corp.	600,350
1,476		NextEra Energy, Inc.	114,980
19,281		OGE Energy Corp.	650,734
1,401		Public Service Enterprises Group, Inc.	87,184
		TOTAL	1,590,732
		TOTAL COMMON STOCKS (IDENTIFIED COST $92,184,452)	125,770,662
		CORPORATE BONDS— 10.3%
		Basic Industry - Chemicals— 0.0%
$ 10,000		DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038	13,386
		Basic Industry - Metals & Mining— 0.1%
15,000		Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040	18,750
62,000		Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023	64,784
100,000		Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023	105,728
20,000		Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040	27,870
		TOTAL	217,132
		Capital Goods - Aerospace & Defense— 0.6%
200,000		BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050	202,013
275,000		Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025	308,591
5,000		Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023	5,360
110,000		Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025	120,477
300,000		Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031	298,374
170,000		Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025	185,340
10,000		Raytheon Technologies Corp., Sr. Unsecd. Note, 3.100%, 11/15/2021	10,010
15,000		Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028	14,546
40,000	3	Textron Financial Corp., Jr. Sub. Note, 144A, 1.891% (3-month USLIBOR +1.735%), 2/15/2042	34,067
50,000		Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026	56,156
50,000		Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024	54,091
		TOTAL	1,289,025
		Capital Goods - Building Materials— 0.1%
200,000		Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024	213,274
		Capital Goods - Construction Machinery— 0.0%
10,000		CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022	10,257

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Capital Goods - Diversified Manufacturing— 0.1%
$ 30,000	General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023	$31,164
60,000	Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027	60,573
175,000	Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030	175,894
	TOTAL	267,631
	Communications - Cable & Satellite— 0.1%
145,000	Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051	144,097
15,000	Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038	17,521
10,000	Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035	12,244
	TOTAL	173,862
	Communications - Media & Entertainment— 0.2%
30,000	Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046	42,789
400,000	ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025	453,616
	TOTAL	496,405
	Communications - Telecom Wireless— 0.2%
150,000	Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026	166,526
200,000	Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049	255,579
	TOTAL	422,105
	Communications - Telecom Wirelines— 0.4%
300,000	AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051	318,939
5,000	AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035	5,995
12,000	AT&T, Inc., Sr. Unsecd. Note, 144A, 3.500%, 9/15/2053	12,429
11,000	AT&T, Inc., Sr. Unsecd. Note, 144A, 3.650%, 9/15/2059	11,394
150,000	Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049	198,361
90,000	Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030	98,154
90,000	Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024	97,865
29,000	Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 2.987%, 10/30/2056	28,259
	TOTAL	771,396
	Consumer Cyclical - Automotive— 0.0%
10,000	DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031	15,397
10,000	General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024	10,764
	TOTAL	26,161
	Consumer Cyclical - Lodging— 0.0%
20,000	American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024	21,786
30,000	Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023	31,237
	TOTAL	53,023
	Consumer Cyclical - Retailers— 0.2%
170,000	AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030	203,472
250,000	AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025	270,031
15,000	CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023	15,764

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Consumer Cyclical - Retailers— continued
$ 15,000	CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025	$16,640
10,000	WalMart, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040	14,589
	TOTAL	520,496
	Consumer Cyclical - Services— 0.2%
200,000	Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023	207,544
125,000	Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024	137,174
15,000	Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030	15,764
10,000	University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111	16,194
70,000	Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025	76,843
15,000	Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035	18,779
	TOTAL	472,298
	Consumer Non-Cyclical - Food/Beverage— 0.7%
30,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036	37,362
300,000	Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026	323,834
140,000	Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026	153,730
80,000	General Mills, Inc., Sr. Unsecd. Note, 144A, 3.000%, 2/1/2051	82,780
270,000	Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028	300,484
200,000	Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023	207,220
15,000	Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045	19,053
50,000	Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025	56,488
235,000	PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050	282,349
	TOTAL	1,463,300
	Consumer Non-Cyclical - Health Care— 0.2%
135,000	Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029	143,345
180,000	Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030	195,977
	TOTAL	339,322
	Consumer Non-Cyclical - Pharmaceuticals— 0.4%
500,000	AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049	613,576
15,000	Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045	18,765
10,000	Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039	12,357
15,000	Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036	17,890
165,000	Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050	175,316
	TOTAL	837,904
	Consumer Non-Cyclical - Supermarkets— 0.0%
10,000	Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047	12,209
	Energy - Independent— 0.4%
250,000	Canadian Natural Resources Ltd., 3.900%, 2/1/2025	273,207
125,000	Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027	139,179
20,000	EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027	21,726
475,000	Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031	469,601
	TOTAL	903,713

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Energy - Integrated— 0.7%
$ 135,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026	$147,296
20,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024	21,398
300,000	BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028	345,394
5,000	ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039	7,473
270,000	Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025	290,097
75,000	Husky Energy, Inc., 4.000%, 4/15/2024	80,520
240,000	Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029	272,921
275,000	Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051	305,679
	TOTAL	1,470,778
	Energy - Midstream— 0.4%
20,000	Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027	23,774
115,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025	125,002
75,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024	81,603
10,000	Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045	12,877
170,000	Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027	191,430
20,000	Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038	29,001
40,000	MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027	45,140
5,000	MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038	5,763
225,000	MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049	293,505
20,000	Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022	20,416
10,000	Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028	10,875
	TOTAL	839,386
	Energy - Refining— 0.0%
15,000	HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026	17,388
15,000	Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048	17,292
10,000	Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041	14,068
15,000	Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028	17,153
	TOTAL	65,901
	Financial Institution - Banking— 1.4%
74,000	American Express Co., 2.650%, 12/2/2022	76,407
300,000	Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026	331,616
200,000	Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025	219,689
15,000	Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024	16,452
15,000	Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026	17,000
20,000	Bank of New York Mellon, N.A., 3.400%, 5/15/2024	21,573
40,000	Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023	40,956
15,000	Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023	15,202
250,000	Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025	272,597
170,000	Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026	187,299
15,000	Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027	17,330

Annual Shareholder Report

Shares or Principal Amount			Value
		CORPORATE BONDS— continued
		Financial Institution - Banking— continued
$ 30,000		Comerica, Inc., 3.800%, 7/22/2026	$33,525
75,000		Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024	80,449
40,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023	41,649
275,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023	288,397
150,000		Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041	224,866
10,000	4	JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024	10,894
25,000	4	JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024	26,405
20,000		JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024	21,040
15,000		JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038	17,564
400,000		JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023	420,026
300,000		Morgan Stanley, 4.300%, 1/27/2045	375,469
15,000		Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023	15,606
15,000		Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025	16,708
15,000		Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023	15,969
10,000		State Street Corp., Sub. Deb., 3.031%, 11/1/2034	10,833
45,000		Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023	46,859
250,000		US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030	243,885
10,000		Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026	11,273
10,000		Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031	11,184
		TOTAL	3,128,722
		Financial Institution - Broker/Asset Mgr/Exchange— 0.1%
80,000		Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026	89,041
70,000		Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028	81,664
15,000		XLIT Ltd., Sub., 4.450%, 3/31/2025	16,897
		TOTAL	187,602
		Financial Institution - Finance Companies— 0.2%
150,000		AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024	163,278
250,000		GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035	307,118
		TOTAL	470,396
		Financial Institution - Insurance - Life— 0.6%
400,000		AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040	418,486
25,000		American International Group, Inc., 4.500%, 7/16/2044	31,334
35,000		American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024	38,086
125,000		American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028	144,883
220,000		Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030	221,252
10,000		Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022	10,236
15,000		MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036	19,298
10,000		MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039	17,255
250,000		MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024	270,524
15,000		Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040	22,959

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Financial Institution - Insurance - Life— continued
$ 10,000	Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023	$10,474
10,000	Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022	10,325
50,000	Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040	71,061
	TOTAL	1,286,173
	Financial Institution - Insurance - P&C— 0.2%
10,000	Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048	12,639
55,000	Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050	63,019
205,000	Nationwide Mutual Insurance Co., Sub., 144A, 4.950%, 4/22/2044	253,852
65,000	Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039	115,221
	TOTAL	444,731
	Financial Institution - REIT - Apartment— 0.1%
20,000	Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022	20,631
200,000	UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032	197,011
70,000	UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026	75,576
	TOTAL	293,218
	Financial Institution - REIT - Healthcare— 0.1%
185,000	Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027	198,074
	Financial Institution - REIT - Office— 0.0%
70,000	Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028	80,068
	Financial Institution - REIT - Other— 0.1%
105,000	WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029	118,501
75,000	WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024	81,866
	TOTAL	200,367
	Financial Institution - REIT - Retail— 0.2%
300,000	Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030	313,881
50,000	Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022	51,652
	TOTAL	365,533
	Financial Institution - REITs— 0.0%
60,000	Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030	64,765
	Supranational— 0.0%
30,000	Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022	30,996
	Technology— 0.5%
10,000	Apple, Inc., 3.850%, 5/4/2043	12,054
30,000	Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023	31,121
200,000	Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049	211,347
70,000	Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051	74,087
20,000	Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042	25,588
240,000	Dell International LLC / EMC Corp., 6.020%, 6/15/2026	289,050
110,000	Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029	122,976
20,000	Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022	20,479
265,000	Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025	289,289

Annual Shareholder Report

Shares or Principal Amount		Value
	CORPORATE BONDS— continued
	Technology— continued
$ 7,000	Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052	$7,570
8,000	Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036	9,485
10,000	Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022	10,396
50,000	Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045	69,123
	TOTAL	1,172,565
	Technology Services— 0.0%
5,000	Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029	5,422
	Transportation - Airlines— 0.1%
30,000	Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024	30,431
110,000	Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025	125,673
	TOTAL	156,104
	Transportation - Railroads— 0.2%
50,000	Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040	72,351
30,000	Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023	31,069
225,000	Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026	244,487
	TOTAL	347,907
	Transportation - Services— 0.2%
15,000	Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042	21,010
20,000	FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035	23,480
70,000	Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022	70,879
200,000	Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023	211,848
125,000	United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025	138,473
	TOTAL	465,690
	Utility - Electric— 1.0%
70,000	Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050	82,138
70,000	Electricite de France SA, Note, 144A, 5.600%, 1/27/2040	95,651
300,000	Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028	351,189
140,000	Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046	170,310
170,000	EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026	184,918
200,000	Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026	219,774
100,000	Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022	102,444
110,000	National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046	120,122
25,000	National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032	38,389
250,000	PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026	270,836
175,000	Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026	191,417
300,000	WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030	293,975
	TOTAL	2,121,163
	Utility - Natural Gas— 0.3%
65,000	National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023	67,680
445,000	National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026	519,194

Annual Shareholder Report

Shares or Principal Amount			Value
		CORPORATE BONDS— continued
		Utility - Natural Gas— continued
$ 15,000		Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023	$15,517
5,000		TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037	6,954
		TOTAL	609,345
		TOTAL CORPORATE BONDS (IDENTIFIED COST $20,246,449)	22,507,805
		U.S. TREASURIES— 2.5%
		Treasury Inflation-Indexed Note— 1.3%
1,742,020		U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2031	1,972,815
723,590	5	U.S. Treasury Inflation-Protected Notes, 0.125%, 2/15/2051	829,229
		TOTAL	2,802,044
		U.S. Treasury Bond— 0.4%
850,000		United States Treasury Bonds, 2.375%, 5/15/2051	941,472
		U.S. Treasury Note— 0.8%
300,000		United States Treasury Notes, 0.125%, 6/30/2023	299,725
150,000		United States Treasury Notes, 1.125%, 2/15/2031	148,717
250,000		United States Treasury Notes, 1.250%, 6/30/2028	254,314
1,050,000		United States Treasury Notes, 1.625%, 5/15/2031	1,088,071
		TOTAL	1,790,827
		TOTAL U.S. TREASURIES (IDENTIFIED COST $5,369,783)	5,534,343
		ASSET-BACKED SECURITIES— 0.9%
		Auto Receivables— 0.2%
400,000		Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025	411,662
90,000		World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027	89,822
		TOTAL	501,484
		Equipment Lease— 0.3%
500,000		HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030	511,517
		Other— 0.2%
450,000		PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026	455,476
		Student Loans— 0.2%
399,148		Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069	400,526
		TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,838,874)	1,869,003
		COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.8%
		Commercial Mortgage— 0.8%
190,000		Bank, Class A4, 3.488%, 11/15/2050	212,579
200,000		Commercial Mortgage Trust 2013-CR8, Class B, 3.931%, 6/10/2046	208,176
54,729		Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025	56,453
394,477		Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029	410,056
350,000		Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026	376,021
200,000		FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.620%, 11/25/2045	205,770

Annual Shareholder Report

Shares or Principal Amount		Value
	COMMERCIAL MORTGAGE-BACKED SECURITIES— continued
	Commercial Mortgage— continued
$ 200,000	JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049	$218,711
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,620,100)	1,687,766
	MORTGAGE-BACKED SECURITIES— 0.3%
	Federal Home Loan Mortgage Corporation— 0.0%
31,785	Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044	34,743
	Federal National Mortgage Association— 0.3%
7,740	Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035	8,961
931	Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033	1,066
27,570	Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040	30,277
48,835	Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043	53,396
36,376	Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040	40,510
19,208	Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042	20,552
23,010	Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043	24,621
19,010	Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028	20,125
27,421	Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048	29,696
12,979	Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048	13,677
17,977	Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048	19,072
19,553	Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047	20,766
18,579	Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049	19,455
14,368	Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049	15,410
32,010	Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047	33,850
14,797	Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049	15,854
27,265	Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040	30,922
26,737	Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041	29,734
31,034	Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043	33,205
35,793	Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031	37,628
	TOTAL	498,777
	Government National Mortgage Association— 0.0%
18,634	Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042	20,153
12,645	Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043	13,780
	TOTAL	33,933
	TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $535,473)	567,453
	GOVERNMENT AGENCY— 0.1%
	Federal National Mortgage Association— 0.1%
250,000	Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,614)	251,054

Annual Shareholder Report

Shares or Principal Amount			Value
		MUNICIPAL BOND— 0.0%
$ 30,000		Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $33,522)	$37,498
		COLLATERALIZED MORTGAGE OBLIGATIONS— 0.0%
		Federal Home Loan Mortgage Corporation— 0.0%
217		Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022	223
244		Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022	250
2,576		Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032	2,931
		TOTAL	3,404
		Federal National Mortgage Association— 0.0%
1,007	3	Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%), 7/25/2023	1,056
525		Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033	553
		TOTAL	1,609
		Non-Agency Mortgage— 0.0%
141	6	Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.280%, 3/25/2031	143
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $4,874)	5,156
		EXCHANGE-TRADED FUNDS— 8.0%
33,100		iShares Core MSCI Emerging Markets ETF	2,092,251
191,800		iShares MSCI EAFE ETF	15,246,182
		Total Exchange-Traded Funds (IDENTIFIED COST $15,559,125)	17,338,433
		INVESTMENT COMPANIES— 18.4%
440,962		Bank Loan Core Fund	4,255,287
280,120		Emerging Markets Core Fund	2,857,224
168,995		Federated Hermes Government Obligations Fund, Premier Shares, 0.01%7	168,995
16,941,121		Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.02%7	16,947,898
931,592		High Yield Bond Core Fund	5,962,186
665,680		Mortgage Core Fund	6,610,200
361,421		Project and Trade Finance Core Fund	3,205,801
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $40,186,084)	40,007,591
		TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $177,828,350)8	215,576,764
		OTHER ASSETS AND LIABILITIES - NET—0.8%9	1,756,365
		TOTAL NET ASSETS—100%	$217,333,129

Annual Shareholder Report

At July 31, 2021, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation (Depreciation)
Long Future:
1United States Treasury Notes 10-Year Ultra Long Futures	1	$150,250	September 2021	$1,060
Short Futures:
1United States Treasury Notes 2-Year Short Futures	2	$441,313	September 2021	$(457)
1United States Treasury Notes 5-Year Short Futures	11	$1,368,898	September 2021	$(5,293)
1United States Treasury Notes 10-Year Short Futures	6	$806,719	September 2021	$(4,576)
1United States Treasury Ultra Bond Short Futures	6	$1,197,187	September 2021	$(76,733)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(85,999)

Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”

Annual Shareholder Report

[PAGE INTENTIONALLY LEFT BLANK]

Annual Shareholder Report

Affiliates	Value as of 7/31/2020	Purchases at Cost	Proceeds from Sales
Bank Loan Core Fund	$2,617,248	$3,469,024	$(1,970,000)
Emerging Markets Core Fund	$3,240,602	$1,615,975	$(2,059,430)
Federated Hermes Government Obligations Fund, Premier Shares*	$1,431,638	$61,027,375	$(62,290,018)
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares	$5,427,864	$49,008,885	$(37,489,851)
High Yield Bond Core Fund	$3,878,566	$2,981,380	$(1,086,000)
Mortgage Core Fund	$11,545,574	$1,708,813	$(6,455,370)
Project and Trade Finance Core Fund	$2,538,696	$636,179	$—
TOTAL OF AFFILIATED TRANSACTIONS	$30,680,188	$120,447,631	$(111,350,669)

Annual Shareholder Report

Change in Unrealized Appreciation/ Depreciation	Net Realized Gain/ (Loss)	Value as of 7/31/2021	Shares Held as of 7/31/2021	Dividend Income
$86,811	$52,204	$4,255,287	440,962	$157,965
$(60,353)	$120,430	$2,857,224	280,120	$194,495
N/A	N/A	$168,995	168,995	$405
$1,162	$(162)	$16,947,898	16,941,121	$3,931
$132,640	$55,600	$5,962,186	931,592	$285,629
$(185,746)	$(3,071)	$6,610,200	665,680	$220,173
$30,926	$—	$3,205,801	361,421	$81,979
$5,440	$225,001	$40,007,591	19,789,891	$944,577

*	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.
3	Floating/variable note with current rate and current maturity or next reset date shown.
4	Perpetual Bond Security. The maturity date reflects the next call date.
5	All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
6	JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities.
7	7-day net yield.
8	The cost of investments for federal tax purposes amounts to $177,785,260.
9	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2021.

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 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.

Annual Shareholder Report

The following is a summary of the inputs used, as of July 31, 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	$123,917,594	$—	$—	$123,917,594
International	1,853,068	—	—	1,853,068
Debt Securities:
Corporate Bonds	—	22,507,805	—	22,507,805
U.S. Treasuries	—	5,534,343	—	5,534,343
Asset-Backed Securities	—	1,869,003	—	1,869,003
Commercial Mortgage-Backed Securities	—	1,687,766	—	1,687,766
Mortgage-Backed Securities	—	567,453	—	567,453
Government Agency	—	251,054	—	251,054
Municipal Bond	—	37,498	—	37,498
Collateralized Mortgage Obligations	—	5,156	—	5,156
Exchange-Traded Funds	17,338,433	—	—	17,338,433
Investment Companies1	36,801,790	—	—	40,007,591
TOTAL SECURITIES	$179,910,885	$32,460,078	$—	$215,576,764
Other Financial Instruments:2
Assets	$1,060	$—	$—	$1,060
Liabilities	(87,059)	—	—	(87,059)
TOTAL OTHER FINANCIAL INSTRUMENTS	$(85,999)	$—	$—	$(85,999)

As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company

valued at $3,205,801 is measured at fair value using the net asset value (NAV) per share practical

expedient and has not been categorized in the chart above, but is included in the Total column.

The amount included herein is intended to permit reconciliation of the fair value classifications to

the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed

of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up

to twenty-four days after receipt of a shareholder redemption request.

Other financial instruments are futures contracts.

The following acronym(s) are used throughout this portfolio:
ETF	—Exchange-Traded Fund
FREMF	—Freddie Mac Multifamily K-Deals
GMTN	—Global Medium Term Note
LIBOR	—London Interbank Offered Rate
MTN	—Medium Term Note
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$19.59	$18.71	$19.59	$17.74	$16.52
Income From Investment Operations:
Net investment income (loss)1	0.16	0.19	0.25	0.21	0.26
Net realized and unrealized gain (loss)	4.30	1.46	0.57	1.89	1.23
Total From Investment Operations	4.46	1.65	0.82	2.10	1.49
Less Distributions:
Distributions from net investment income	(0.07)	(0.24)	(0.19)	(0.25)	(0.27)
Distributions from net realized gain	(0.80)	(0.53)	(1.51)	—	—
Total Distributions	(0.87)	(0.77)	(1.70)	(0.25)	(0.27)
Net Asset Value, End of Period	$23.18	$19.59	$18.71	$19.59	$17.74
Total Return2	23.31%	9.08%	5.28%	11.91%	9.11%
Ratios to Average Net Assets:
Net expenses3	1.31%	1.31%	1.31%	1.32%	1.26%
Net investment income	0.77%	1.04%	1.35%	1.11%	1.51%
Expense waiver/reimbursement4	0.04%	0.07%	0.08%	0.06%	0.15%
Supplemental Data:
Net assets, end of period (000 omitted)	$124,559	$95,559	$84,243	$61,553	$61,405
Portfolio turnover	61%	152%	92%	89%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$19.35	$18.50	$19.31	$17.49	$16.30
Income From Investment Operations:
Net investment income (loss)1	0.002	0.05	0.11	0.06	0.13
Net realized and unrealized gain (loss)	4.23	1.43	0.59	1.87	1.20
Total From Investment Operations	4.23	1.48	0.70	1.93	1.33
Less Distributions:
Distributions from net investment income	—	(0.10)	(0.00)2	(0.11)	(0.14)
Distributions from net realized gain	(0.80)	(0.53)	(1.51)	—	—
Total Distributions	(0.80)	(0.63)	(1.51)	(0.11)	(0.14)
Net Asset Value, End of Period	$22.78	$19.35	$18.50	$19.31	$17.49
Total Return3	22.37%	8.25%	4.54%	11.09%	8.23%
Ratios to Average Net Assets:
Net expenses4	2.06%	2.06%	2.06%	2.07%	2.01%
Net investment income	0.01%	0.29%	0.60%	0.35%	0.75%
Expense waiver/reimbursement5	0.05%	0.09%	0.10%	0.04%	0.13%
Supplemental Data:
Net assets, end of period (000 omitted)	$16,941	$15,043	$15,492	$27,577	$29,007
Portfolio turnover	61%	152%	92%	89%	82%

1	Per share numbers have been calculated using the average shares method.
2	Represents less than $0.01.
3	Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
4	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$19.67	$18.78	$19.64	$17.79	$16.57
Income From Investment Operations:
Net investment income (loss)1	0.22	0.24	0.30	0.26	0.30
Net realized and unrealized gain (loss)	4.30	1.46	0.58	1.89	1.23
Total From Investment Operations	4.52	1.70	0.88	2.15	1.53
Less Distributions:
Distributions from net investment income	(0.11)	(0.28)	(0.23)	(0.30)	(0.31)
Distributions from net realized gain	(0.80)	(0.53)	(1.51)	—	—
Total Distributions	(0.91)	(0.81)	(1.74)	(0.30)	(0.31)
Net Asset Value, End of Period	$23.28	$19.67	$18.78	$19.64	$17.79
Total Return2	23.59%	9.33%	5.61%	12.15%	9.36%
Ratios to Average Net Assets:
Net expenses3	1.06%	1.06%	1.06%	1.07%	1.00%
Net investment income	1.02%	1.29%	1.62%	1.35%	1.77%
Expense waiver/reimbursement4	0.04%	0.07%	0.08%	0.02%	0.12%
Supplemental Data:
Net assets, end of period (000 omitted)	$73,997	$54,440	$53,035	$54,358	$39,136
Portfolio turnover	61%	152%	92%	89%	82%

1	Per share numbers have been calculated using the average shares method.
2	Based on net asset value.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,
	2021	2020	2019	2018	20171
Net Asset Value, Beginning of Period	$19.61	$18.74	$19.62	$17.76	$16.49
Income From Investment Operations:
Net investment income (loss)2	0.22	0.24	0.27	0.26	0.28
Net realized and unrealized gain (loss)	4.31	1.44	0.60	1.90	1.24
Total From Investment Operations	4.53	1.68	0.87	2.16	1.52
Less Distributions:
Distributions from net investment income	(0.10)	(0.28)	(0.24)	(0.30)	(0.25)
Distributions from net realized gain	(0.80)	(0.53)	(1.51)	—	—
Total Distributions	(0.90)	(0.81)	(1.75)	(0.30)	(0.25)
Net Asset Value, End of Period	$23.24	$19.61	$18.74	$19.62	$17.76
Total Return3	23.70%	9.26%	5.56%	12.24%	9.32%
Ratios to Average Net Assets:
Net expenses4	1.05%	1.05%	1.05%	1.06%	1.05%
Net investment income	1.03%	1.29%	1.40%	1.36%	1.64%
Expense waiver/reimbursement5	0.01%	0.03%	0.06%	0.02%	0.06%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,836	$1,516	$3,165	$12,178	$10,439
Portfolio turnover	61%	152%	92%	89%	82%

1	Effective September 1, 2016, the Fund’s Class R Shares were redesignated as Class R6 Shares.
2	Per share numbers have been calculated using the average shares method.
3	Based on net asset value.
4	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
July 31, 2021

Assets:
Investment in securities, at value including $148,358 of securities loaned and $40,007,591 of investment in affiliated holdings* (identified cost $177,828,350)	$215,576,764
Cash	221
Cash denominated in foreign currencies (identified cost $3,315)	3,494
Income receivable	293,096
Income receivable from affiliated holdings	77,081
Receivable for investments sold	1,963,544
Receivable for shares sold	261,768
Total Assets	218,175,968
Liabilities:
Payable for investments purchased	410,603
Payable for shares redeemed	44,658
Payable for variation margin on futures contracts	7,347
Payable for collateral due to broker for securities lending (Note 2)	168,995
Payable for investment adviser fee (Note 5)	8,889
Payable for administrative fee (Note 5)	932
Payable for auditing fees	32,600
Payable for custodian fees	13,512
Payable for legal fees	4,417
Payable for portfolio accounting fees	31,122
Payable for transfer agent fees	14,548
Payable for distribution services fee (Note 5)	10,601
Payable for other service fees (Notes 2 and 5)	56,828
Accrued expenses (Note 5)	37,787
Total Liabilities	842,839
Net assets for 9,374,653 shares outstanding	$217,333,129
Net Assets Consist of:
Paid-in capital	$167,223,291
Total distributable earnings (loss)	50,109,838
Total Net Assets	$217,333,129

Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($124,559,143 ÷ 5,373,783 shares outstanding), no par value, unlimited shares authorized	$23.18
Offering price per share (100/94.50 of $23.18)	$24.53
Redemption proceeds per share	$23.18
Class C Shares:
Net asset value per share ($16,940,707 ÷ 743,653 shares outstanding), no par value, unlimited shares authorized	$22.78
Offering price per share	$22.78
Redemption proceeds per share (99.00/100 of $22.78)	$22.55
Institutional Shares:
Net asset value per share ($73,996,859 ÷ 3,178,183 shares outstanding), no par value, unlimited shares authorized	$23.28
Offering price per share	$23.28
Redemption proceeds per share	$23.28
Class R6 Shares:
Net asset value per share ($1,836,420 ÷ 79,034 shares outstanding), no par value, unlimited shares authorized	$23.24
Offering price per share	$23.24
Redemption proceeds per share	$23.24

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended July 31, 2021

Investment Income:
Dividends (including $944,172 received from affiliated holdings*)	$2,848,598
Interest	1,066,706
Net income on securities loaned (includes $405 earned from an affiliated holding* related to cash collateral balances) (Note 2)	7,434
TOTAL INCOME	3,922,738
Expenses:
Investment adviser fee (Note 5)	1,409,044
Administrative fee (Note 5)	152,676
Custodian fees	50,798
Transfer agent fees (Note 2)	162,099
Directors’/Trustees’ fees (Note 5)	2,292
Auditing fees	34,100
Legal fees	11,958
Portfolio accounting fees	114,194
Distribution services fee (Note 5)	119,429
Other service fees (Notes 2 and 5)	296,415
Share registration costs	75,545
Printing and postage	31,778
Miscellaneous (Note 5)	38,556
TOTAL EXPENSES	2,498,884
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	(11,958)
Reimbursement of other operating expenses (Notes 2 and 5)	(59,371)
TOTAL WAIVER AND REIMBURSEMENTS	(71,329)
Net expenses	2,427,555
Net investment income	1,495,183

Annual Shareholder Report

Statement of Operations–continued

Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts:
Net realized gain on investments (including net realized gain of $225,001 on sales of investments in affiliated holdings*)	$16,328,699
Net realized gain on foreign currency transactions	14,251
Net realized loss on futures contracts	(182,507)
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $5,440 of investments in affiliated holdings*)	21,988,970
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency	110
Net change in unrealized appreciation of futures contracts	(103,580)
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	38,045,943
Change in net assets resulting from operations	$39,541,126

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2021	2020
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,495,183	$1,653,661
Net realized gain (loss)	16,160,443	4,438,996
Net change in unrealized appreciation/depreciation	21,885,500	7,120,161
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	39,541,126	13,212,818
Distributions to Shareholders:
Class A Shares	(4,237,449)	(3,813,305)
Class C Shares	(600,829)	(539,280)
Institutional Shares	(2,568,687)	(2,518,867)
Class R6 Shares	(74,229)	(108,342)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(7,481,194)	(6,979,794)
Share Transactions:
Proceeds from sale of shares	36,726,310	29,726,646
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Balanced Allocation Fund	—	11,298,197
Net asset value of shares issued to shareholders in payment of distributions declared	7,145,158	6,622,021
Cost of shares redeemed	(25,156,864)	(43,256,472)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	18,714,604	4,390,392
Change in net assets	50,774,536	10,623,416
Net Assets:
Beginning of period	166,558,593	155,935,177
End of period	$217,333,129	$166,558,593

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2021

1. ORGANIZATION

Federated Hermes MDT Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of five portfolios. The financial statements included herein are only those of Federated Hermes MDT Balanced Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is the possibility of long-term growth of capital and income.

On November 15, 2019, the Fund acquired all of the net assets of PNC Balanced Allocation Fund (the “Acquired Fund”), an open-end investment company, in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders on November 5, 2019. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes.

For every one share of the Acquired Fund’s Class A Shares exchanged, a shareholder received 0.616 shares of the Fund’s Class A Shares.

For every one share of the Acquired Fund’s Class C Shares exchanged, a shareholder received 0.609 shares of the Fund’s Class C Shares.

For every one share of the Acquired Fund’s Class I Shares exchanged, a shareholder received 0.610 shares of the Fund’s Institutional Shares.

The Fund received net assets from the Acquired Fund as a result of the tax-free reorganization as follows:

Shares of the Fund Issued	Acquired Fund’s Net Assets Received	Unrealized Appreciation1	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
593,132	$11,298,197	$2,170,935	$154,177,771	$165,475,968

1	Unrealized Appreciation is included in the Net Assets Received amount shown above.

Annual Shareholder Report

Net investment income	$1,721,772
Net realized and unrealized gain on investments	11,959,769
Net increase in net assets resulting from operations	$13,681,541

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with GAAP.

Investment Valuation

In calculating its 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.

■

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

■

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

■

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.

■

Annual Shareholder Report

Fair Valuation and Significant Events 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.

■

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

Annual Shareholder Report

■

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Annual Shareholder Report

gains and losses) are classified as part of investment income. Positive or negative inflation adjustments on Treasury Inflation-Protected Securities are included in interest income. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursements of $71,329 is disclosed in various locations in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Transfer Agent Fees

For the year ended July 31, 2021, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$98,241	$(34,572)
Class C Shares	14,028	(6,215)
Institutional Shares	49,167	(18,584)
Class R6 Shares	663	—
TOTAL	$162,099	$(59,371)

Other Service Fees

For the year ended July 31, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$256,690
Class C Shares	39,725
TOTAL	$296,415

Federal Taxes

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Futures Contracts

The Fund purchases and sells financial futures contracts to seek to increase returns and to manage currency, duration, market, sector/asset class and yield curve risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund’s Portfolio of Investments.

The average notional value of long and short futures contracts held by the Fund throughout the period was $12,644,074 and $3,064,820, respectively. This is based on amounts held as of each month-end throughout the fiscal period.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Annual Shareholder Report

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

Securities lending transactions are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated below, the cash collateral received by the Fund exceeds the market value of the securities loaned reducing the net settlement amount to zero. The chart below identifies the amount of collateral received as well as the market value of securities on loan. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund.

As of July 31, 2021, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Collateral Received
$148,358	$168,995

Annual Shareholder Report

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Trustees.

Additional Disclosure Related to Derivative Instruments

Fair Value of Derivative Instruments
	Liabilities
	Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Interest rate contracts	Payable for variation margin on futures contracts	$85,999*

*	Includes cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended July 31, 2021

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$(182,507)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$(103,580)

Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 7/31/2021		Year Ended 7/31/2020
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	871,492	$18,715,026	602,633	$11,030,108
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	425,056	8,093,068
Shares issued to shareholders in payment of distributions declared	194,924	3,995,498	191,088	3,554,535
Shares redeemed	(571,167)	(12,038,249)	(842,124)	(15,137,260)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	495,249	$10,672,275	376,653	$7,540,451
	Year Ended 7/31/2021		Year Ended 7/31/2020
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	194,456	$4,082,733	156,794	$2,848,857
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	24,943	468,430
Shares issued to shareholders in payment of distributions declared	27,279	549,947	26,632	488,464
Shares redeemed	(255,679)	(5,368,466)	(268,255)	(4,750,816)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(33,944)	$(735,786)	(59,886)	$(945,065)
	Year Ended 7/31/2021		Year Ended 7/31/2020
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	629,515	$13,538,386	806,718	$15,223,232
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund	—	—	143,133	2,736,699
Shares issued to shareholders in payment of distributions declared	122,521	2,525,489	132,428	2,472,322
Shares redeemed	(342,167)	(7,302,718)	(1,138,214)	(21,041,358)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	409,869	$8,761,157	(55,935)	$(609,105)

Annual Shareholder Report

	Year Ended 7/31/2021		Year Ended 7/31/2020
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	18,465	$390,165	33,882	$624,449
Shares issued to shareholders in payment of distributions declared	3,611	74,224	5,727	106,700
Shares redeemed	(20,326)	(447,431)	(131,269)	(2,327,038)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	1,750	$16,958	(91,660)	$(1,595,889)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	872,924	$18,714,604	169,172	$4,390,392

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2021 and 2020, was as follows:

	2021	2020
Ordinary income1	$5,122,149	$4,219,861
Long-term capital gains	$2,359,045	$2,759,933

1	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of July 31, 2021, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income1	$7,945,885
Net unrealized appreciation	$37,767,459
Undistributed long-term capital gains	$4,396,494

1	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

The difference between book-basis and tax-basis net unrealized appreciation is attributable to differing treatments for the deferral of losses on wash sales, mark to market of futures contracts, deferral of paydown losses, straddle loss deferrals and partnership adjustments.

At July 31, 2021, the cost of investments for federal tax purposes was $177,785,260. The net unrealized appreciation of investments for federal tax purposes was $37,767,214. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $39,310,024 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,542,810. The amounts presented are inclusive of derivative contracts.

At July 31, 2021, for federal tax purposes, the Fund had $24,290 in straddle loss deferrals.

Annual Shareholder Report

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.75% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the year ended July 31, 2021, the Adviser voluntarily waived $7,335 of its fee and voluntarily reimbursed $59,371 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended July 31, 2021, the Adviser reimbursed $4,623.

Certain of the Fund’s assets are managed by Federated Investment Management Company (the “Sub-Adviser”). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an allocable portion of the Fund’s adviser fee. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. For the year ended July 31, 2021, the Sub-Adviser earned a fee of $152,788.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class A Shares and Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class C Shares	0.75%

	Distribution Services Fees Incurred
Class C Shares	$119,429

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the year ended July 31, 2021, FSC retained $12,764 of fees paid by the Fund. For the year ended July 31, 2021, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended July 31, 2021, FSC retained $19,415 in sales charges from the sale of Class A Shares. FSC also retained $2,091 of CDSC relating to redemptions of Class C Shares.

Other Service Fees

For the year ended July 31, 2021, FSSC received $16,181 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective October 1, 2021, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.31%, 2.07%, 1.06% and 1.05% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 1, 2022; or (b) the date of the Fund’s next effective Prospectus. Prior to October 1, 2021, the Fee Limit for the Class C Shares was 2.06%. While the Adviser and

Annual Shareholder Report

its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended July 31, 2021, were as follows:

Purchases	$94,160,543
Sales	$98,467,076

7. CONCENTRATION OF RISK

8. LINE OF CREDIT

Annual Shareholder Report

9. INTERFUND LENDING

10. OTHER MATTERS

11. Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04 “Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU 2020-04 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

12. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended July 31, 2021, the amount of long-term capital gains designated by the Fund was $2,359,045.

For the fiscal year ended July 31, 2021, 13.36% of total ordinary income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended July 31, 2021, 10.99% qualify for the dividend received deduction available to corporate shareholders.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE board of trustees OF federated Hermes MDT Series and shareholders of Federated Hermes MDT Balanced Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes MDT Balanced Fund (the “Fund”) (one of the portfolios constituting Federated Hermes MDT Series (the “Trust”)), including the portfolio of investments, as of July 31, 2021, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes MDT Series) at July 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Annual Shareholder Report

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
September 23, 2021

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2021	Ending Account Value 7/31/2021	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$1,122.50	$6.89
Class C Shares	$1,000	$1,118.30	$10.82
Institutional Shares	$1,000	$1,124.10	$5.58
Class R6 Shares	$1,000	$1,124.30	$5.53
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,018.30	$6.56
Class C Shares	$1,000	$1,014.58	$10.29
Institutional Shares	$1,000	$1,019.54	$5.31
Class R6 Shares	$1,000	$1,019.59	$5.26

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Class A Shares	1.31%
Class C Shares	2.06%
Institutional Shares	1.06%
Class R6 Shares	1.05%