Federated Hermes MDT Small Cap Growth Fund
Portfolio of Investments
April 30, 2026 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—97.8%
 
Communication Services—1.2%
225,098
1
Bumble, Inc.
$    934,157
94,548
1
E.W. Scripps Co.
    452,885
494,525
1
Lumen Technologies, Inc.
  4,371,601
40,554
1
QuinStreet, Inc.
    517,469
321,754
1
Thryv Holdings, Inc.
  1,151,879
62,898
1
Yelp, Inc.
  1,735,985
 
TOTAL
9,163,976
 
Consumer Discretionary—6.5%
38,407
1
Abercrombie & Fitch Co., Class A
  3,278,038
31,586
1
American Public Education, Inc.
  1,836,726
297,344
 
Bloomin Brands, Inc.
  1,813,798
21,397
1
Brinker International, Inc.
  3,257,479
299,336
1
Coursera, Inc.
  1,781,049
7,222
1
Covista, Inc.
    832,119
99,229
2
Cracker Barrel Old Country Store, Inc.
  3,107,852
313,362
1,2
EVgo, Inc.
    658,060
15,244
1
Gentherm, Inc.
    458,844
339,230
1,2
Krispy Kreme, Inc.
  1,336,566
32,838
1,2
McGraw Hill, Inc.
    397,011
148,058
1
National Vision Holdings, Inc.
  3,437,907
18,824
 
OneSpaWorld Holdings Ltd.
    464,200
280,108
1
Peloton Interactive, Inc.
  1,526,589
16,611
 
Red Rock Resorts, Inc.
    896,330
44,478
1
Revolve Group, Inc.
  1,131,965
112,575
1
Rush Street Interactive, Inc.
  3,163,358
17,565
 
Steven Madden Ltd.
    659,741
324,676
 
Super Group SGHC Ltd.
  4,207,801
842,036
1
Sweetgreen, Inc.
  5,793,208
199,448
1
The RealReal, Inc.
  2,371,437
111,139
1
ThredUp, Inc.
    476,786
40,738
1
Victoria’s Secret & Co.
  2,111,451
6,978
 
Visteon Corp.
    779,512
165,596
 
Wolverine World Wide, Inc.
  2,818,444
 
TOTAL
48,596,271
 
Consumer Staples—1.0%
24,155
 
Cal-Maine Foods, Inc.
  1,866,215
103,736
 
MGP Ingredients, Inc.
  2,068,496
86,197
1
The Simply Good Foods Co.
  1,152,454
10,850
 
Turning Point Brands, Inc.
    875,378
16,228
1
Vita Coco Co., Inc./The
  1,070,886
51,882
1,2
Vital Farms, Inc.
    708,189
 
TOTAL
7,741,618
 
Energy—2.4%
72,450
 
Archrock, Inc.
  2,807,438
37,755
 
Comstock Resources, Inc.
    657,692
44,033
 
CVR Energy, Inc.
  1,459,254
55,712
 
Delek US Holdings, Inc.
  2,595,622
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Energy—continued
101,654
 
Kodiak Gas Services, Inc.
$  6,892,141
41,098
1
Tidewater, Inc.
  3,671,284
 
TOTAL
18,083,431
 
Financials—10.1%
137,241
 
Acadian Asset Management, Inc.
  9,243,181
154,370
 
Artisan Partners Asset Management, Inc.
  5,779,613
10,219
1
Axos Financial, Inc.
    985,520
33,061
 
Bank of Hawaii Corp.
  2,628,680
123,022
1,2
BRC Group Holdings, Inc.
  1,056,759
9,537
1
Coastal Financial Corp.
    721,188
36,524
1
Flywire Corp.
    493,439
121,323
1
Hamilton Insurance Group Ltd.
  3,975,755
9,447
 
HCI Group, Inc.
  1,450,776
58,865
1
Lemonade, Inc.
  3,334,114
19,687
1
LendingTree, Inc.
    976,278
97,408
 
Marex Group PLC
  5,196,717
4,888
 
Mercury General Corp.
    475,651
38,796
 
Moelis & Co.
  2,526,396
54,822
1
NCR Atleos Corp.
  2,433,000
35,452
1
Oscar Health, Inc.
    654,444
35,840
1
Palomar Holdings, Inc.
  4,314,419
22,390
 
Pathward Financial, Inc.
  1,944,348
445,980
1
Payoneer Global, Inc.
  2,220,980
8,788
1
Root, Inc.
    478,770
221,645
1
Siriuspoint Ltd.
  5,188,709
119,096
1
Skyward Specialty Insurance Group, Inc.
  5,412,913
99,390
1,2
Slide Insurance Holdings, Inc.
  1,853,624
71,368
1
StoneCo Ltd.
    783,621
32,625
1
Texas Capital Bancshares, Inc.
  3,285,338
24,969
 
UMB Financial Corp.
  3,150,339
66,750
 
Victory Capital Holdings, Inc.
  5,240,542
 
TOTAL
75,805,114
 
Health Care—22.5%
399,550
1
ADMA Biologics, Inc.
  4,095,388
139,432
1
Alignment Healthcare, Inc.
  3,142,797
130,153
1
Alphatec Holdings, Inc.
  1,270,293
88,456
1
AMN Healthcare Services, Inc.
  1,810,695
88,859
1
Amylyx Pharmaceuticals, Inc.
  1,421,744
13,490
1
AnaptysBio, Inc.
    886,698
46,002
1
Apogee Therapeutics, Inc.
  3,813,106
487,617
1,2
Aquestive Therapeutics, Inc.
  1,999,230
218,502
1
Arcutis Biotherapeutics, Inc.
  5,073,616
236,555
1
Arvinas, Inc.
  2,341,895
18,904
1,2
Assembly Biosciences, Inc.
    509,463
66,338
1
Aurinia Pharmaceuticals, Inc.
  1,020,610
306,150
1
Aveanna Healthcare Holdings, Inc.
  2,002,221
29,452
1
Axsome Therapeutics, Inc.
  6,118,653
95,175
1
BioCryst Pharmaceuticals, Inc.
    871,803
75,531
1
Bridgebio Pharma, Inc.
  5,371,009
250,438
1
BrightSpring Health Services, Inc.
 12,013,511
80,908
1
Brookdale Senior Living, Inc.
  1,161,839
216,592
1
Catalyst Pharmaceutical Partners, Inc.
  6,092,733
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Health Care—continued
31,824
1
Celcuity, Inc.
$  3,861,842
46,181
1
CG Oncology, Inc.
  3,082,120
104,674
1
Cogent Biosciences, Inc.
  3,746,282
84,831
1
Cryoport, Inc.
    870,366
55,322
1
Edgewise Therapeutics, Inc.
  1,712,769
16,993
 
Ensign Group, Inc.
  3,172,423
221,743
1
EyePoint Pharmaceuticals, Inc.
  2,927,008
66,023
1
Guardant Health, Inc.
  5,749,283
22,577
1
Halozyme Therapeutics, Inc.
  1,437,252
55,395
1
Harmony Biosciences Holdings, Inc.
  1,731,648
290,526
1,2
ImmunityBio, Inc.
  2,062,735
252,438
1
Indivior Pharmaceuticals, Inc.
  9,284,670
6,777
1
Insmed, Inc.
    923,908
22,103
1
IRhythm Holdings, Inc.
  2,854,824
728,449
1
Ironwood Pharmaceuticals, Inc.
  3,004,852
131,792
1
Janux Therapeutics, Inc.
  1,893,851
116,178
1
Keros Therapeutics, Inc.
  1,291,899
9,962
1
Krystal Biotech, Inc.
  2,612,634
8,097
1
Lantheus Holdings, Inc.
    685,168
15,009
 
LeMaitre Vascular, Inc.
  1,647,238
329,711
1,2
LifeMD, Inc.
  1,543,048
102,425
1
Liquidia Corp.
  4,016,084
5,361
1
Madrigal Pharmaceuticals, Inc.
  2,773,728
91,193
1
Mirum Pharmaceuticals, Inc.
  8,873,991
314,119
1
Neumora Therapeutics, Inc.,
    775,874
188,576
1
Perspective Therapeutics, Inc.
    735,446
19,250
 
Phibro Animal Health Corp.
  1,023,715
102,539
1
PROCEPT BioRobotics Corp.
  2,465,038
156,737
1
Prothena Corp. PLC
  1,733,511
51,228
1
PTC Therapeutics, Inc.
  3,332,894
115,723
1
Puma Biotechnology, Inc.
    869,080
21,437
1
Rhythm Pharmaceuticals, Inc.
  1,744,114
286,989
1
Rocket Pharmaceuticals, Inc.
    998,722
205,124
1
RxSight, Inc.
  1,450,227
109,270
1
Tactile Systems Technology, Inc.
  2,515,395
50,056
1
Tandem Diabetes Care, Inc.
    977,343
22,038
1
Tarsus Pharmaceuticals, Inc.
  1,401,837
538,114
1
Teladoc Health, Inc.
  3,260,971
36,098
1
Tg Therapeutics, Inc.
  1,219,390
23,053
1
TransMedics Group, Inc.
  2,323,512
18,512
1
Travere Therapeutics, Inc.
    779,725
27,239
1
Twist Bioscience Corp.
  1,592,120
108,261
1
Viridian Therapeutics, Inc.
  1,459,358
398,906
1
Wave Life Sciences Ltd.
  2,816,276
292,683
1
Xeris Biopharma Holdings, Inc.
  1,792,683
 
TOTAL
168,044,158
 
Industrials—25.9%
120,560
1
Amprius Technologies, Inc.
  2,538,994
14,065
 
Apogee Enterprises, Inc.
    511,966
4,522
1
ATI, Inc.
    702,990
19,644
 
Atkore, Inc.
  1,535,179
58,117
 
Atmus Filtration Technologies, Inc.
  3,684,618
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Industrials—continued
102,635
1
Bloom Energy Corp.
$ 29,082,654
51,649
1
Blue Bird Corp.
  3,311,217
31,506
1
Bowman Consulting Group Ltd.
    994,329
5,099
 
Comfort Systems USA, Inc.
  9,383,435
6,617
 
Emcor Group, Inc.
  5,900,180
12,270
 
EnerSys, Inc.
  2,616,700
20,408
 
Federal Signal Corp.
  2,512,837
223,156
1
Fluence Energy, Inc.
  2,718,040
31,843
1
Fluor Corp.
  1,698,824
149,637
1
Franklin Covey Co.
  3,172,304
19,463
 
Global Industrial Co.
    644,420
44,730
 
Granite Construction, Inc.
  6,131,141
7,273
 
Griffon Corp.
    663,079
98,445
1,2
Hertz Global Holdings, Inc.
    626,110
8,360
1
Huron Consulting Group, Inc.
  1,092,359
11,709
 
Hyster-Yale, Inc.
    462,154
83,311
 
Insperity, Inc.
  2,963,372
26,281
 
Interface, Inc.
    732,714
43,717
1,2
Intuitive Machines, Inc.
  1,108,226
29,643
 
KForce Com, Inc.
  1,340,160
87,688
1
Kratos Defense & Security Solutions
  5,528,728
72,805
1
Legence Corp.
  6,331,123
43,702
 
Leonardo DRS, Inc.
  1,775,612
156,840
1
Mistras Group, Inc.
  2,961,139
9,446
1
Modine Manufacturing Co.
  2,405,235
19,621
 
MOOG, Inc., Class A
  5,912,004
297,387
 
Mueller Water Products, Inc.
  8,294,123
3,077
1
MYR Group, Inc.
  1,245,600
47,114
1
NextPower, Inc.
  5,612,691
209,810
 
Pitney Bowes, Inc.
  3,243,663
192,111
1
Planet Labs PBC
  7,102,344
39,306
 
Powell Industries, Inc.
 10,898,375
7,469
1,2
Power Solutions International, Inc.
    547,254
64,803
 
Primoris Services Corp.
 11,739,064
38,677
1
Rocket Lab Corp.
  3,191,239
13,052
1
Sterling Infrastructure, Inc.
  6,729,872
48,223
 
TriNet Group, Inc.
  2,207,649
190,984
1,2
TTEC Holdings, Inc.
    555,764
73,967
1
V2X, Inc.
  5,015,702
20,524
 
Watts Industries, Inc., Class A
  6,160,484
15,291
 
Worthington Industries, Inc.
    829,843
171,003
 
Zurn Elkay Water Solutions Corp.
  8,885,316
 
TOTAL
193,300,826
 
Information Technology—22.5%
52,725
 
A10 Networks, Inc.
  1,406,703
14,853
 
Advanced Energy Industries, Inc.
  5,702,215
68,866
1
Alarm.com Holdings, Inc.
  3,058,339
123,430
1,2
Applied Digital Corp.
  4,227,477
15,908
1
Applied Optoelectronics, Inc.
  2,614,639
276,861
1
Arteris, Inc.
  8,017,895
288,048
1
AvePoint, Inc.
  2,808,468
11,683
1
Axcelis Technologies, Inc.
  1,625,222
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Information Technology—continued
41,114
 
Badger Meter, Inc.
$  4,971,094
5,798
 
Belden, Inc.
    652,159
14,637
1
Blackbaud, Inc.
    544,057
32,244
1
Blackline, Inc.
  1,007,625
66,704
1
Box, Inc.
  1,614,237
218,727
1,2
C3.AI, Inc.
  1,931,359
77,031
1
Calix, Inc.
  3,355,470
335,697
1
Cerence, Inc.
  3,054,843
42,082
 
Clear Secure, Inc.
  2,246,758
43,314
1,2
Coda Octopus Group, Inc.
    489,881
56,636
1
Credo Technology Group Holding Ltd.
  9,855,230
63,015
1
Digi International, Inc.
  3,531,361
16,576
1,2
Digitalocean Holdings, Inc.
  1,598,424
82,897
1,2
D-Wave Quantum, Inc.
  1,681,151
189,750
1
Extreme Networks, Inc.
  4,191,578
12,147
1
Fabrinet
  8,302,110
46,388
1
Five9, Inc.
    797,874
40,742
1
FormFactor, Inc.
  5,538,060
204,452
1
Freshworks, Inc.
  1,668,328
345,436
1
Grid Dynamics Holdings, Inc.
  1,965,531
515,494
1,2
indie Semiconductor, Inc.
  2,324,878
12,426
1
Insight Enterprises, Inc.
    905,855
107,177
1
Intapp, Inc.
  2,406,124
6,353
 
InterDigital, Inc.
  1,884,046
38,028
1,2
IonQ, Inc.
  1,715,823
12,717
1
Itron, Inc.
  1,065,685
98,368
1
MaxLinear, Inc.
  6,959,536
37,913
 
Napco Security Technologies, Inc.
  1,772,433
151,895
1,2
Navitas Semiconductor Corp.
  2,506,268
40,696
1
nLight, Inc.
  2,842,616
1,523
1
OSI Systems, Inc.
    436,979
65,167
1
Pagerduty, Inc.
    433,361
182,840
1
Par Technology Corp.
  2,457,370
36,654
 
Power Integrations, Inc.
  2,665,112
88,394
1
Q2 Holdings, Inc.
  4,485,995
33,921
1
Qualys, Inc.
  2,948,753
4,964
1
Rambus, Inc.
    571,406
127,819
1
Rigetti Computing, Inc.
  2,230,442
31,946
1
Semtech Corp.
  3,355,927
5,148
1
Sitime Corp.
  2,893,948
569,083
1
Sprinklr, Inc.
  2,799,888
157,627
1
SPS Commerce, Inc.
  8,846,027
270,949
1
Tenable Holdings, Inc.
  5,660,125
170,228
1,2
Terawulf, Inc.
  3,699,054
33,889
1
Ultra Clean Holdings, Inc.
  2,648,425
400,495
1
Unisys Corp.
  1,045,292
98,720
1
Viavi Solutions, Inc.
  5,172,928
94,518
1
Vistance Networks, Inc.
  1,209,358
38,455
1
Workiva, Inc.
  2,056,573
 
TOTAL
168,458,315
 
Materials—2.9%
21,458
1
Century Aluminum Co.
  1,275,464
5
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Materials—continued
244,885
1
Coeur Mining, Inc.
$  4,400,584
22,402
 
Commercial Metals Corp.
  1,544,842
126,648
 
Compass Minerals International, Inc.
  3,382,768
141,586
1
Constellium SE
  4,428,810
236,415
 
Hecla Mining Co.
  4,260,198
9,527
1
Ingevity Corp.
    725,862
19,874
 
Koppers Holdings, Inc.
    811,455
3,860
 
Quaker Chemical Corp.
    524,535
 
TOTAL
21,354,518
 
Real Estate—2.8%
208,797
 
American Healthcare REIT, Inc.
 10,602,712
244,184
 
Outfront Media, Inc.
  7,533,076
133,461
 
RMR Group, Inc./The
  2,376,940
 
TOTAL
20,512,728
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $521,623,009)
731,060,955
 
INVESTMENT COMPANY—5.2%
38,958,195
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.58%3
(IDENTIFIED COST $38,958,195)
 38,958,195
 
TOTAL INVESTMENT IN SECURITIES—103.0%
(IDENTIFIED COST $560,581,204)
770,019,150
 
OTHER ASSETS AND LIABILITIES - NET—(3.0)%4
(22,611,046)
 
NET ASSETS—100%
$747,408,104
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 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 Staples:
MGP Ingredients, Inc.
$4,939,668
$—
$(1,346,755)
$(649,371)
$(875,046)
$2,068,496
103,736
$—
Health Care:
EyePoint Pharmaceuticals, Inc.
$2,833,345
$—
$(1,004,128)
$483,046
$614,745
$2,927,008
221,743
$—
Industrials:
TTEC Holdings, Inc.
$951,100
$—
$—
$(395,337)
$—
$555,764
190,984
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$8,724,113
$—
$(2,350,883)
$(561,662)
$(260,301)
$5,551,268
516,463
$—
6
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
$25,166,383
Purchases at Cost
$423,181,395
Proceeds from Sales
$(409,389,583)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 4/30/2026
$38,958,195
Shares Held as of 4/30/2026
38,958,195
Dividend Income
$1,140,589
 
*
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
$26,775,681
$27,650,113
 
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 Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation 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 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.
7
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
8