Federated Hermes MDT Small Cap Core Fund
Portfolio of Investments
April 30, 2026 (unaudited)  
Shares
 
 
Value
           
 
COMMON STOCKS—98.1%
 
Communication Services—1.8%
691,974
1
Bumble, Inc.
$    2,871,691
1,084,837
1
Lumen Technologies, Inc.
    9,589,959
150,706
1
Sphere Entertainment Co.
   21,468,070
 
TOTAL
33,929,720
 
Consumer Discretionary—7.0%
26,347
1
Abercrombie & Fitch Co., Class A
    2,248,717
358,404
1
Adient PLC
    7,544,404
134,940
 
Advance Auto Parts, Inc.
    8,030,279
146,379
 
American Eagle Outfitters, Inc.
    2,549,922
905,533
1,2
Bed Bath & Beyond, Inc.
    4,437,112
860,647
 
Bloomin Brands, Inc.
    5,249,947
11,597
1
Brinker International, Inc.
    1,765,527
126,770
 
Caleres, Inc.
    1,660,687
313,526
1
Capri Holdings Ltd.
    6,116,892
727,173
1
Coursera, Inc.
    4,326,679
826,108
1,2
EVgo, Inc.
    1,734,827
182,479
1
FIGS, Inc.
    2,729,886
348,343
1
Garrett Motion, Inc.
    8,921,064
203,106
1
Helen of Troy Ltd.
    4,701,904
312,742
 
Kohl’s Corp.
    4,431,554
887,381
1
Krispy Kreme, Inc.
    3,496,281
71,233
1,2
Lands’ End, Inc.
      804,221
406,664
1
National Vision Holdings, Inc.
    9,442,738
415,281
1
PetMed Express, Inc.
      930,229
87,497
 
Phinia, Inc.
    6,312,909
82,015
 
Polaris, Inc., Class A
    5,435,134
68,521
1
Revolve Group, Inc.
    1,743,860
225,723
1
Rush Street Interactive, Inc.
    6,342,816
936,565
1
Stoneridge, Inc.
    6,555,955
411,671
 
Super Group SGHC Ltd.
    5,335,256
1,765,285
1,2
Sweetgreen, Inc.
   12,145,161
97,239
1
Victoria’s Secret & Co.
    5,039,897
178,534
 
Wolverine World Wide, Inc.
    3,038,649
 
TOTAL
133,072,507
 
Consumer Staples—1.2%
27,140
 
Cal-Maine Foods, Inc.
    2,096,836
616,259
 
MGP Ingredients, Inc.
   12,288,205
253,625
1
The Simply Good Foods Co.
    3,390,966
43,064
1
United Natural Foods, Inc.
    2,154,061
222,030
1,2
Vital Farms, Inc.
    3,030,710
 
TOTAL
22,960,778
 
Energy—5.0%
245,160
 
Ardmore Shipping Corp.
    4,344,235
119,472
1
Calumet, Inc.
    3,909,124
305,562
1
CNX Resources Corp.
   11,889,417
167,263
 
Comstock Resources, Inc.
    2,913,721
307,156
 
Crescent Energy Co.
    4,131,248
1
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Energy—continued
160,532
 
Delek US Holdings, Inc.
$    7,479,186
188,199
1
DMC Global, Inc.
    1,163,070
44,997
1
Dorian LPG Ltd.
    1,734,634
363,573
1
Green Plains, Inc.
    6,318,899
181,180
 
Kodiak Gas Services, Inc.
   12,284,004
31,660
1
Nabors Industries Ltd.
    3,248,633
63,067
1
Oceaneering International, Inc.
    2,367,535
309,021
1
Oil States International, Inc.
    3,547,561
211,054
 
Peabody Energy Corp.
    5,626,700
31,658
1
Seadrill Ltd.
    1,573,086
635,648
1
Talos Energy, Inc.
   10,119,516
130,259
1
Tidewater, Inc.
   11,636,037
 
TOTAL
94,286,606
 
Financials—17.2%
184,470
 
Acadian Asset Management, Inc.
   12,424,054
114,660
 
Alerus Financial Corp.
    3,088,940
220,056
 
Amalgamated Financial Corp.
    8,995,889
361,085
 
Artisan Partners Asset Management, Inc.
   13,519,022
245,093
 
Associated Banc-Corp.
    6,901,819
70,789
 
Banco Latinoamericano de Comercio Exterior S.A., Class E
    3,782,256
321,841
 
BankUnited, Inc.
   14,959,170
1,006,066
 
BrightSpire Capital, Inc.
    5,835,183
457,955
 
Byline Bancorp, Inc.
   14,723,253
355,839
 
CNO Financial Group, Inc.
   15,817,044
73,723
1
Customers Bancorp, Inc.
    5,622,853
286,072
 
FB Financial Corp.
   15,467,913
35,085
 
First Business Financial Services, Inc.
    1,971,777
88,768
 
First Financial Bancorp
    2,687,895
753,160
 
Flagstar Bank, N.A.
   10,521,645
81,071
1
Flywire Corp.
    1,095,269
172,285
 
Fulton Financial Corp.
    3,719,633
563,439
1
Hamilton Insurance Group Ltd.
   18,463,896
46,305
 
Hancock Whitney Corp.
    3,126,051
24,586
 
HCI Group, Inc.
    3,775,672
31,294
 
Hometrust Bancshares, Inc.
    1,429,197
113,779
 
Independent Bank Corp./MI
    3,778,601
196,380
 
Jackson Financial, Inc.
   22,734,913
66,070
1
Lemonade, Inc.
    3,742,205
263,929
1
LendingClub Corp.
    4,505,268
89,116
1
LendingTree, Inc.
    4,419,262
105,922
 
Marex Group PLC
    5,650,939
47,003
 
Mercury General Corp.
    4,573,862
65,508
1
NCR Atleos Corp.
    2,907,245
168,875
 
OFG Bancorp
    7,761,495
47,536
1
Palomar Holdings, Inc.
    5,722,384
208,226
1
Payoneer Global, Inc.
    1,036,965
48,114
 
Peapack-Gladstone Financial Corp.
    2,008,759
27,694
 
Preferred Bank Los Angeles, CA
    2,623,453
95,810
 
QCR Holdings, Inc.
    8,663,140
10,116
1
Root, Inc.
      551,120
348,356
1
Siriuspoint Ltd.
    8,155,014
261,888
1
Skyward Specialty Insurance Group, Inc.
   11,902,810
2
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Financials—continued
200,348
1
Slide Insurance Holdings, Inc.
$    3,736,490
85,387
1
Texas Capital Bancshares, Inc.
    8,598,471
217,125
 
The Bank of NT Butterfield & Son Ltd.
   12,039,581
308,986
 
Trustmark Corp.
   13,709,709
42,264
 
UMB Financial Corp.
    5,332,449
55,361
 
United Bankshares, Inc.
    2,425,365
65,588
 
United Community Banks, Inc.
    2,186,048
42,612
 
Universal Insurance Holdings, Inc.
    1,688,714
259,410
 
Valley National Bancorp
    3,520,194
15,755
 
Victory Capital Holdings, Inc.
    1,236,925
138,739
 
Western New England Bancorp, Inc.
    1,935,409
 
TOTAL
325,075,221
 
Health Care—17.1%
442,335
1
4D Molecular Therapeutics, Inc.
    3,923,511
824,121
1
ADMA Biologics, Inc.
    8,447,240
206,391
1
Alignment Healthcare, Inc.
    4,652,053
198,740
1
AMN Healthcare Services, Inc.
    4,068,208
36,079
1
AnaptysBio, Inc.
    2,371,473
526,280
1,2
Anavex Life Sciences Corp.
    1,757,775
73,107
1
Apogee Therapeutics, Inc.
    6,059,839
1,389,112
1,2
Aquestive Therapeutics, Inc.
    5,695,359
417,222
1
Arcutis Biotherapeutics, Inc.
    9,687,895
429,216
1
Arvinas, Inc.
    4,249,238
44,704
1
Axsome Therapeutics, Inc.
    9,287,256
167,498
1
Azenta, Inc.
    4,115,426
110,647
1
BioCryst Pharmaceuticals, Inc.
    1,013,527
163,560
1
Bridgebio Pharma, Inc.
   11,630,752
564,687
1
BrightSpring Health Services, Inc.
   27,088,035
109,509
1
Brookdale Senior Living, Inc.
    1,572,549
245,070
1
Catalyst Pharmaceutical Partners, Inc.
    6,893,819
46,918
1
Celcuity, Inc.
    5,693,499
104,264
1
CG Oncology, Inc.
    6,958,579
159,790
1
Cogent Biosciences, Inc.
    5,718,884
316,030
1
Emergent BioSolutions, Inc.
    2,600,927
74,533
1
Erasca, Inc.
      793,776
399,795
1
EyePoint Pharmaceuticals, Inc.
    5,277,294
85,995
1
Guardant Health, Inc.
    7,488,445
33,398
1
Haemonetics Corp.
    2,006,886
48,313
1
Halozyme Therapeutics, Inc.
    3,075,606
105,851
1
Harmony Biosciences Holdings, Inc.
    3,308,902
639,458
1,2
ImmunityBio, Inc.
    4,540,152
494,281
1
Indivior Pharmaceuticals, Inc.
   18,179,655
371,379
1
Inogen, Inc.
    2,640,505
9,511
1
Insmed, Inc.
    1,296,635
494,640
1,2
Intellia Therapeutics, Inc.
    6,667,747
40,934
1
IRhythm Holdings, Inc.
    5,287,035
1,286,341
1
Ironwood Pharmaceuticals, Inc.
    5,306,157
298,188
1
Janux Therapeutics, Inc.
    4,284,962
382,340
1
Keros Therapeutics, Inc.
    4,251,621
186,413
1
Kodiak Sciences, Inc.
    8,105,237
12,146
1
Krystal Biotech, Inc.
    3,185,410
22,982
 
LeMaitre Vascular, Inc.
    2,522,274
3
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Health Care—continued
495,322
1,2
LifeMD, Inc.
$    2,318,107
173,800
1
Liquidia Corp.
    6,814,698
3,308
1
Madrigal Pharmaceuticals, Inc.
    1,711,526
32,976
1
Merit Medical Systems, Inc.
    2,248,304
229,141
1
Mirum Pharmaceuticals, Inc.
   22,297,711
1,181,362
1
Myriad Genetics, Inc.
    5,611,469
136,014
1
PROCEPT BioRobotics Corp.
    3,269,777
394,352
1
Prothena Corp. PLC
    4,361,533
79,820
1
PTC Therapeutics, Inc.
    5,193,089
45,787
1
Rhythm Pharmaceuticals, Inc.
    3,725,230
694,683
1
Rocket Pharmaceuticals, Inc.
    2,417,497
493,931
1
RxSight, Inc.
    3,492,092
55,289
1
Septerna, Inc.
    1,313,667
329,945
1
Tactile Systems Technology, Inc.
    7,595,334
49,696
1
Tandem Diabetes Care, Inc.
      970,314
310,646
1
Teladoc Health, Inc.
    1,882,515
153,471
1
TruBridge, Inc.
    3,944,205
430,408
1
Vanda Pharmaceuticals, Inc.
    3,055,897
180,110
1
Varex Imaging Corp.
    2,098,281
28,503
1
Vaxcyte, Inc.
    1,631,512
334,924
1
Viridian Therapeutics, Inc.
    4,514,776
746,848
1
Wave Life Sciences Ltd.
    5,272,747
232,668
1
Xeris Biopharma Holdings, Inc.
    1,425,091
156,803
1
Zymeworks, Inc.
    4,318,355
 
TOTAL
323,187,870
 
Industrials—20.0%
177,222
1
Allegiant Travel Co.
   13,405,072
129,761
 
Apogee Enterprises, Inc.
    4,723,300
72,618
 
Atkore, Inc.
    5,675,097
103,913
 
Atmus Filtration Technologies, Inc.
    6,588,084
130,745
1
Bloom Energy Corp.
   37,047,903
95,146
1
Blue Bird Corp.
    6,099,810
329,259
1
BrightView Holdings, Inc.
    3,918,182
161,576
1
CoreCivic, Inc.
    3,305,845
240,969
 
Costamare, Inc.
    4,004,905
9,700
 
Emcor Group, Inc.
    8,649,199
17,451
 
EnerSys, Inc.
    3,721,600
618,158
1,2
Fluence Energy, Inc.
    7,529,165
399,715
1
Fluor Corp.
   21,324,795
154,013
1
Franklin Covey Co.
    3,265,076
204,889
1,2
Fuelcell Energy, Inc.
    2,663,557
90,970
 
Granite Construction, Inc.
   12,469,258
55,195
 
Griffon Corp.
    5,032,128
453,891
1,2
Hertz Global Holdings, Inc.
    2,886,747
67,890
1
Hurco Co., Inc.
    1,137,836
42,145
1
Huron Consulting Group, Inc.
    5,506,876
69,088
 
Hyster-Yale, Inc.
    2,726,903
34,518
 
ICF International, Inc.
    2,473,560
124,354
 
Insperity, Inc.
    4,423,272
82,314
 
Interface, Inc.
    2,294,914
75,722
 
Kennametal, Inc.
    2,931,199
70,527
1
Kratos Defense & Security Solutions
    4,446,727
4
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Industrials—continued
168,989
1
Legence Corp.
$   14,695,284
167,657
 
Leonardo DRS, Inc.
    6,811,904
99,739
1
Manitowoc, Inc.
    1,355,453
499,192
1
Mistras Group, Inc.
    9,424,745
16,324
 
MOOG, Inc., Class A
    4,918,585
584,713
 
Mueller Water Products, Inc.
   16,307,646
107,538
1
NextPower, Inc.
   12,811,002
198,396
 
Pitney Bowes, Inc.
    3,067,202
262,022
1
Planet Labs PBC
    9,686,953
108,260
 
Powell Industries, Inc.
   30,017,250
156,541
 
Primoris Services Corp.
   28,357,402
53,644
1
Rocket Lab Corp.
    4,426,167
86,406
1
SkyWest, Inc.
    7,095,661
18,374
1
Sterling Infrastructure, Inc.
    9,474,002
96,785
 
TriNet Group, Inc.
    4,430,817
1,460,829
1,2
TTEC Holdings, Inc.
    4,251,012
180,991
1
V2X, Inc.
   12,273,000
228,100
 
Wabash National Corp.
    1,982,189
28,142
 
Watts Industries, Inc., Class A
    8,447,103
202,165
 
Zurn Elkay Water Solutions Corp.
   10,504,493
 
TOTAL
378,588,880
 
Information Technology—17.2%
489,718
1
8x8, Inc.
      940,259
594,117
 
Adtran Holdings, Inc.
   10,509,930
25,507
 
Advanced Energy Industries, Inc.
    9,792,392
77,562
1
Alarm.com Holdings, Inc.
    3,444,528
107,096
1,2
Applied Digital Corp.
    3,668,038
28,959
1
Applied Optoelectronics, Inc.
    4,759,701
495,962
1
Arteris, Inc.
   14,363,060
236,481
1
Asana, Inc.
    1,494,560
214,943
1
AvePoint, Inc.
    2,095,694
54,434
1
Axcelis Technologies, Inc.
    7,572,314
74,464
 
Badger Meter, Inc.
    9,003,442
106,941
1
Blackline, Inc.
    3,341,906
194,693
1
Box, Inc.
    4,711,571
240,188
1,2
C3.AI, Inc.
    2,120,860
138,624
1
Calix, Inc.
    6,038,461
381,749
1
Cerence, Inc.
    3,473,916
137,894
1
Ceva, Inc.
    4,211,283
225,933
1
Cipher Digital, Inc.
    4,008,051
48,679
 
Clear Secure, Inc.
    2,598,972
60,614
1
Credo Technology Group Holding Ltd.
   10,547,442
53,550
1
Digi International, Inc.
    3,000,942
75,054
1
Everforth, Inc.
    1,583,639
199,976
1
Evolv Technologies Holdings, Inc.
    1,439,827
414,300
1
Extreme Networks, Inc.
    9,151,887
5,489
1
Fabrinet
    3,751,567
93,986
1
FormFactor, Inc.
   12,775,517
413,903
1
Freshworks, Inc.
    3,377,448
772,863
1
Grid Dynamics Holdings, Inc.
    4,397,590
142,949
 
Hackett Group, Inc.
    1,845,472
32,949
1
Hut 8 Mining Corp.
    2,496,875
5
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Information Technology—continued
583,350
1,2
indie Semiconductor, Inc.
$    2,630,909
17,058
1
Insight Enterprises, Inc.
    1,243,528
89,996
1
Intapp, Inc.
    2,020,410
10,348
 
InterDigital, Inc.
    3,068,803
37,085
1
Itron, Inc.
    3,107,723
36,124
 
Kulicke & Soffa Industries, Inc.
    3,088,602
246,308
1
MaxLinear, Inc.
   17,426,291
1,060,516
 
Methode Electronics, Inc., Class A
    8,505,338
128,692
 
Napco Security Technologies, Inc.
    6,016,351
68,075
1
NetScout Systems, Inc.
    2,294,128
100,386
1
nLight, Inc.
    7,011,962
316,444
1
Par Technology Corp.
    4,253,007
96,672
 
Power Integrations, Inc.
    7,029,021
187,201
1
Q2 Holdings, Inc.
    9,500,451
69,814
1
Qualys, Inc.
    6,068,931
43,037
1
Semtech Corp.
    4,521,037
978,891
1
Sprinklr, Inc.
    4,816,144
354,913
1
SPS Commerce, Inc.
   19,917,718
411,976
1
Tenable Holdings, Inc.
    8,606,179
380,297
1,2
Terawulf, Inc.
    8,263,854
99,070
1
Ultra Clean Holdings, Inc.
    7,742,320
642,050
1
Unisys Corp.
    1,675,751
103,283
1
Viant Technology, Inc.
    1,121,653
330,002
1
ViaSat, Inc.
   21,750,432
117,055
1
Viavi Solutions, Inc.
    6,133,682
488,603
1
Weave Communications, Inc.
    2,399,041
49,742
1
Workiva, Inc.
    2,660,202
 
TOTAL
325,390,612
 
Materials—3.8%
442,391
1
Aspen Aerogels, Inc.
    1,641,271
522,579
1
Coeur Mining, Inc.
    9,390,745
192,370
 
Commercial Metals Corp.
   13,265,835
179,049
 
Compass Minerals International, Inc.
    4,782,399
253,220
1
Constellium SE
    7,920,721
139,347
1
Contango Silver & Gold, Inc.
    3,198,014
110,959
1,2
Flotek Industries, Inc.
    1,875,207
508,112
 
Hecla Mining Co.
    9,156,178
158,381
 
Mativ Holdings, Inc.
    1,469,776
242,019
1
Perimeter Solutions, Inc.
    7,333,176
103,467
2
Ramaco Resources, Inc.
    1,536,485
293,416
1
SSR Mining, Inc.
    8,453,315
20,923
 
Warrior Met Coal, Inc.
    1,879,931
 
TOTAL
71,903,053
 
Real Estate—6.1%
863,055
 
American Healthcare REIT, Inc.
   43,825,933
416,106
 
Brandywine Realty Trust
    1,260,801
61,872
 
COPT Defense Properties
    1,933,500
609,000
1
Cushman & Wakefield Ltd.
    8,550,360
246,651
 
Essential Properties Realty Trust, Inc.
    7,752,241
351,789
2
NetSTREIT Corp.
    7,236,300
547,504
 
Newmark Group, Inc.
    8,825,764
399,242
 
Outfront Media, Inc.
   12,316,616
6
Shares
 
 
Value
           
 
COMMON STOCKS—continued
 
Real Estate—continued
550,605
2
Postal Realty Trust, Inc.
$   12,047,237
271,514
 
RMR Group, Inc./The
    4,835,664
180,246
 
Tanger, Inc.
    6,683,522
 
TOTAL
115,267,938
 
Utilities—1.7%
54,072
 
Avista Corp.
    2,222,359
49,955
 
Brookfield Infrastructure Corp.
    1,848,335
63,712
 
California Water Service Group
    2,691,195
19,823
2
H2O America
    1,113,854
150,674
 
Hawaiian Electric Industries, Inc.
    2,270,657
67,570
 
ONE Gas, Inc.
    6,028,596
98,912
 
Otter Tail Corp.
    8,826,907
155,668
 
Portland General Electric Co.
    8,083,839
 
TOTAL
33,085,742
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,347,177,705)
1,856,748,927
 
INVESTMENT COMPANY—5.3%
100,995,244
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.58%3
(IDENTIFIED COST $100,995,244)
  100,995,244
 
TOTAL INVESTMENT IN SECURITIES—103.4%
(IDENTIFIED COST $1,448,172,949)
1,957,744,171
 
OTHER ASSETS AND LIABILITIES - NET—(3.4)%4
(64,611,774)
 
NET ASSETS—100%
$1,893,132,397
An affiliated company is a company in which the Fund, alone or in combination with other Federated Hermes funds, has ownership of at least 5% of the voting shares. Transactions with the affiliated companies during the period ended April 30, 2026, were as follows:  
Affiliated
Value as of
7/31/2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Net
Realized Gain/
(Loss)
Value as of
4/30/2026
Shares
Held as of
4/30/2026
Dividend
Income
Consumer Discretionary:
Advance Auto Parts, Inc.
$6,151,131
$1,712,567
$(530,994)
$848,529
$(150,954)
$8,030,279
134,940
$104,035
Consumer Staples:
MGP Ingredients, Inc.
$15,060,938
$8,994,249
$(5,916,340)
$(3,110,446)
$(2,740,196)
$12,288,205
616,259
$251,466
Health Care:
EyePoint Pharmaceuticals, Inc.
$6,096,443
$—
$(2,703,565)
$479,217
$1,405,199
$5,277,294
399,795
$—
Industrials:
TTEC Holdings, Inc.
$8,112,629
$—
$(424,507)
$(3,185,377)
$(251,733)
$4,251,012
1,460,829
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$35,421,141
$10,706,816
$(9,575,406)
$(4,968,077)
$(1,737,684)
$29,846,790
2,611,823
$355,501
7
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended April 30, 2026, were as follows:  
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares*
Value as of 7/31/2025
$51,228,116
Purchases at Cost
$1,024,409,700
Proceeds from Sales
$(974,642,572)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 4/30/2026
$100,995,244
Shares Held as of 4/30/2026
100,995,244
Dividend Income
$2,235,971
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of April 30, 2026, securities subject to this type of arrangement and
related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$62,033,255
$64,138,306
 
3
7-day net yield.
4
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at April 30, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of Federated MDTA LLC (the “Adviser”), certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Commitee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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
8
Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review 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 ask 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 Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee 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;
■ 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 Adviser has 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 Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of April 30, 2026, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.  
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust
9