Federated Hermes MDT Small Cap Value Fund
Portfolio of Investments
June 30, 2026 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—97.9%
 
Communication Services—1.9%
139,314
1
Bumble, Inc.
$    445,805
97,682
1
E.W. Scripps Co.
    270,579
42,225
1
Lumen Technologies, Inc.
    324,288
13,282
1
Sphere Entertainment Co.
  2,298,184
 
TOTAL
3,338,856
 
Consumer Discretionary—8.5%
34,850
1
Adient PLC
    640,543
16,403
2
Advance Auto Parts, Inc.
  1,020,595
61,684
1
Bed Bath & Beyond, Inc.
    357,150
149,713
 
Bloomin Brands, Inc.
  1,368,377
39,997
1
Capri Holdings Ltd.
    742,744
75,676
1
Coursera, Inc.
    426,813
3,130
1
Covista, Inc.
    390,186
66,892
1
Dauch Corp.
    362,555
25,162
1
El Pollo Loco Holdings, Inc.
    426,748
79,319
1
Garrett Motion, Inc.
  2,873,727
44,730
1
Helen of Troy Ltd.
  1,300,301
14,227
 
KB HOME
    890,468
18,985
 
Kohl’s Corp.
    336,414
282,423
1,2
Krispy Kreme, Inc.
    996,953
116,820
1,2
PetMed Express, Inc.
    224,294
14,812
 
Polaris, Inc., Class A
  1,013,733
10,353
1
Victoria’s Secret & Co.
    864,269
35,112
 
Wolverine World Wide, Inc.
    580,401
 
TOTAL
14,816,271
 
Consumer Staples—2.1%
43,560
2
B&G Foods, Inc., Class A
    173,369
23,384
1
Bellring Brands, Inc.
    302,589
61,142
 
Dole PLC
    838,868
39,296
1
Medifast, Inc.
    416,931
74,399
 
MGP Ingredients, Inc.
  1,303,470
44,133
1
The Simply Good Foods Co.
    586,086
 
TOTAL
3,621,313
 
Energy—6.3%
85,585
 
Ardmore Shipping Corp.
  1,199,046
57,276
1
CNX Resources Corp.
  1,943,375
66,621
 
Crescent Energy Co.
    654,218
16,250
1
Green Plains, Inc.
    249,925
69,659
1
Helix Energy Solutions Group, Inc.
    608,820
3,316
 
International Seaways, Inc.
    253,972
35,358
 
Murphy Oil Corp.
  1,151,256
31,528
2
Northern Oil and Gas, Inc.
    572,233
42,090
1
Oil States International, Inc.
    337,141
32,137
 
Patterson-UTI Energy, Inc.
    295,018
20,463
 
PBF Energy, Inc.
    931,476
14,338
 
Peabody Energy Corp.
    331,495
8,544
 
Scorpio Tankers, Inc.
    591,757
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Energy—continued
103,968
1
Talos Energy, Inc.
$  1,342,227
13,167
 
World Kinect Corp.
    433,721
 
TOTAL
10,895,680
 
Financials—28.5%
35,626
 
Amalgamated Financial Corp.
  1,635,232
1,578
 
Amerisafe, Inc.
     53,384
43,363
2
Artisan Partners Asset Management, Inc.
  1,497,324
17,553
 
Associated Banc-Corp.
    540,106
9,952
 
Bank of Hawaii Corp.
    810,988
45,266
 
BankUnited, Inc.
  2,193,138
146,577
 
BrightSpire Capital, Inc.
    798,845
68,981
 
Byline Bancorp, Inc.
  2,597,824
3,183
 
City Holding Co.
    422,193
53,338
 
CNO Financial Group, Inc.
  2,719,171
16,504
1
Customers Bancorp, Inc.
  1,305,466
25,045
 
FB Financial Corp.
  1,386,241
23,711
 
First Business Financial Services, Inc.
  1,497,824
15,120
 
First Financial Bancorp
    511,510
5,888
 
First Financial Corp.
    455,967
94,613
 
Flagstar Bank, N.A.
  1,413,518
24,455
1
Flywire Corp.
    429,674
54,744
 
Fulton Financial Corp.
  1,324,257
60,924
1
Hamilton Insurance Group, Ltd.
  2,067,761
7,593
 
Hancock Whitney Corp.
    567,349
35,774
1
Happen, Inc.
    741,953
39,926
 
Independent Bank Corp./MI
  1,440,131
8,962
 
Jackson Financial, Inc.
    917,619
8,866
 
Live Oak Bancshares, Inc.
    362,087
12,903
 
Mercury General Corp.
  1,375,718
43,537
 
Midland States Bancorp, Inc.
  1,355,742
44,967
 
NB Bancorp, Inc.
    950,153
20,172
 
Northpointe Bancshares, Inc.
    386,899
34,910
 
OFG Bancorp
  1,713,034
19,175
 
Origin Bancorp, Inc.
    980,801
16,057
 
Peapack-Gladstone Financial Corp.
    759,978
15,560
1
Pelagos Insurance Capital
    378,886
19,523
 
Peoples Bancorp, Inc.
    749,878
6,202
 
Preferred Bank Los Angeles, CA
    659,025
10,315
 
QCR Holdings, Inc.
  1,004,165
26,207
 
Radian Group, Inc.
    987,218
17,674
 
Sierra Bancorp
    720,392
69,799
1
Siriuspoint Ltd.
  1,675,176
5,079
1
Skyward Specialty Insurance Group, Inc.
    296,360
57,954
1
Slide Insurance Holdings, Inc.
  1,122,569
7,200
 
Southern Missouri Bancorp, Inc.
    548,712
7,481
 
Texas Capital Bancshares, Inc.
    772,488
19,330
2
TowneBank
    700,519
37,123
 
TPG RE Finance Trust, Inc.
    310,720
50,687
 
Trustmark Corp.
  2,332,109
10,900
 
UMB Financial Corp.
  1,556,084
43,523
 
Western New England Bancorp, Inc.
    622,379
 
TOTAL
49,648,567
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Health Care—10.5%
4,042
1
4D Molecular Therapeutics, Inc.
$     53,759
32,035
1
AMN Healthcare Services, Inc.
  1,036,973
144,637
1,2
Aquestive Therapeutics, Inc.
    601,690
38,564
1
Arvinas, Inc.
    320,467
10,109
1
Azenta, Inc.
    257,982
14,362
1
Bicara Therapeutics, Inc.
    426,408
3,380
1
Bridgebio Pharma, Inc.
    251,742
5,531
1
Cytokinetics, Inc.
    471,186
59,772
1
Emergent BioSolutions, Inc.
    500,889
15,537
1
Erasca, Inc.
    284,638
43,723
1
Indivior Pharmaceuticals, Inc.
  1,793,955
66,050
1
Innovage Holding Corp.
    782,693
36,114
1
Inogen, Inc.
    232,935
45,367
1
Integra Lifesciences Corp.
    814,791
50,719
1,2
Intellia Therapeutics, Inc.
    858,165
136,319
1
Ironwood Pharmaceuticals, Inc.
    573,903
98,111
1
Janux Therapeutics, Inc.
  1,506,985
135,176
1
Myriad Genetics, Inc.
    771,855
59,509
1
Neogen Corp.
    534,986
62,826
1
Olema Pharmaceuticals, Inc.
    785,953
44,621
1,2
Omeros Corp.
    424,346
5,365
1
Omnicell, Inc.
    222,755
43,331
 
Perrigo Co. PLC
    450,209
11,148
 
Phibro Animal Health Corp.
    350,047
80,841
1
Prothena Corp. PLC
    791,433
11,065
1
PTC Therapeutics, Inc.
    902,572
12,774
1
Septerna, Inc.
    427,801
92,800
1
Teladoc Health, Inc.
    786,944
13,877
1
Travere Therapeutics, Inc.
    788,352
59,338
1
Vanda Pharmaceuticals, Inc.
    363,149
 
TOTAL
18,369,563
 
Industrials—12.2%
46,560
1
ACV Auctions, Inc.
    334,767
15,506
1,2
Allegiant Travel Co.
  1,823,506
10,943
 
Apogee Enterprises, Inc.
    500,533
14,587
 
Atkore, Inc.
  1,109,196
12,979
1
Blue Bird Corp.
  1,024,822
35,569
1
BrightView Holdings, Inc.
    504,013
4,918
1
CBIZ, Inc.
    157,769
57,063
1
Concrete Pumping Holdings, Inc.
    687,609
38,774
1
CoreCivic, Inc.
  1,177,954
21,497
 
Costamare, Inc.
    301,388
844
 
Emcor Group, Inc.
    700,419
981
 
EnerSys, Inc.
    229,377
6,084
1
Fluence Energy, Inc.
    120,950
9,706
1
Fluor Corp.
    508,497
45,028
1,2
Fuelcell Energy, Inc.
  1,621,458
9,859
 
Granite Construction, Inc.
  1,558,511
3,304
 
Griffon Corp.
    322,239
97,298
1,2
Hertz Global Holdings, Inc.
    220,380
13,140
 
Hyster-Yale, Inc.
    460,688
241,596
1
JELD-WEN Holding, Inc.
    362,394
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Industrials—continued
24,124
2
Kelly Services, Inc., Class A
$    296,243
9,562
 
Kennametal, Inc.
    335,148
7,635
1
Legence Corp.
    650,731
21,612
1
Manitowoc, Inc.
    300,191
8,024
 
Manpower, Inc.
    270,970
62,774
 
Pitney Bowes, Inc.
  1,099,800
5,929
 
Primoris Services Corp.
    587,682
22,419
1
RXO, Inc.
    618,540
3,354
1
SkyWest, Inc.
    333,153
178,275
1,2
TTEC Holdings, Inc.
    345,854
16,992
1
V2X, Inc.
  1,266,924
69,789
 
Wabash National Corp.
    942,152
1,358
 
Watts Industries, Inc., Class A
    531,589
 
TOTAL
21,305,447
 
Information Technology—9.8%
49,011
 
Adtran Holdings, Inc.
    681,253
25,518
1
Arteris, Inc.
  1,239,920
16,372
1
Consensus Cloud Solutions, Inc.
    624,592
8,301
1
Digi International, Inc.
    622,160
19,828
1
Everforth, Inc.
    354,326
30,880
1
Extreme Networks, Inc.
    999,586
70,892
1
Freshworks, Inc.
    717,427
74,264
1
Grid Dynamics Holdings, Inc.
    421,820
104,966
 
Methode Electronics, Inc., Class A
  1,991,205
24,654
1
nCino, Inc.
    403,093
6,562
1
nLight, Inc.
    456,846
53,488
1
Par Technology Corp.
    931,761
40,659
1
Penguin Solutions, Inc.
  3,090,491
26,723
1
Riot Platforms, Inc.
    731,676
3,029
1
Rogers Corp.
    495,938
6,406
1
SPS Commerce, Inc.
    366,231
18,445
1,2
Terawulf, Inc.
    455,591
4,016
1
Ultra Clean Holdings, Inc.
    572,641
95,592
1
Unisys Corp.
    349,867
17,083
1
ViaSat, Inc.
  1,534,224
 
TOTAL
17,040,648
 
Materials—3.4%
67,720
1
Aspen Aerogels, Inc.
    429,345
21,886
 
Commercial Metals Corp.
  1,373,346
28,638
1
Constellium SE
    912,693
259,575
1,3
Ferroglobe Representation & Warranty Insurance Trust
          0
37,279
 
FMC Corp.
    428,709
5,271
 
H.B. Fuller Co.
    307,247
42,605
 
Hecla Mining Co.
    657,395
80,150
 
Mativ Holdings, Inc.
    606,735
27,924
1
SSR Mining, Inc.
    789,691
4,864
 
Warrior Met Coal, Inc.
    394,762
 
TOTAL
5,899,923
 
Real Estate—10.2%
73,411
 
American Healthcare REIT, Inc.
  3,828,384
94,441
 
Brandywine Realty Trust
    299,378
22,804
 
COPT Defense Properties
    829,837
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Real Estate—continued
105,208
1
Cushman & Wakefield Ltd.
$  1,408,735
66,522
 
Essential Properties Realty Trust, Inc.
  1,985,682
25,093
 
Industrial Logistics Properties Trust
    222,575
19,820
 
NetSTREIT Corp.
    418,797
95,078
 
Newmark Group, Inc.
  1,436,629
46,205
 
Outfront Media, Inc.
  1,513,676
22,038
 
Phillips Edison & Co., Inc.
    917,221
112,060
 
Postal Realty Trust, Inc.
  2,761,158
46,078
 
RMR Group, Inc./The
    945,981
32,256
 
Tanger, Inc.
  1,273,144
 
TOTAL
17,841,197
 
Utilities—4.5%
11,358
 
Avista Corp.
    464,656
18,845
 
California Water Service Group
    916,809
8,700
2
H2O America
    528,699
24,963
 
Hawaiian Electric Industries, Inc.
    337,749
12,228
 
Northwest Natural Holding Co.
    599,906
25,944
 
ONE Gas, Inc.
  1,999,504
12,857
 
Otter Tail Corp.
  1,156,873
34,255
 
Portland General Electric Co.
  1,775,437
 
TOTAL
7,779,633
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $141,630,668)
170,557,098
 
INVESTMENT COMPANY—7.5%
13,082,273
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.55%4
(IDENTIFIED COST $13,082,273)
 13,082,273
 
TOTAL INVESTMENT IN SECURITIES—105.4%
(IDENTIFIED COST $154,712,941)
183,639,371
 
OTHER ASSETS AND LIABILITIES - NET—(5.4)%5
(9,417,146)
 
NET ASSETS—100%
$174,222,225
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended June 30, 2026, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares*
Value as of 9/30/2025
$8,749,162
Purchases at Cost
$74,746,689
Proceeds from Sales
$(70,413,578)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 6/30/2026
$13,082,273
Shares Held as of 6/30/2026
13,082,273
Dividend Income
$209,304
 
*
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 June 30, 2026, securities subject to this type of arrangement and
related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$8,851,074
$9,131,969
5
 
3
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee.
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at June 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.
■ 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 ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by MDTA LLC (the “Adviser”).
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of 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.
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;
6
■ 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.  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
Common Stocks
Domestic
$161,267,049
$—
$0
$161,267,049
International
9,290,049
—
—
9,290,049
Investment Company
13,082,273
—
—
13,082,273
TOTAL SECURITIES
$183,639,371
$—
$0
$183,639,371
 
The following acronym(s) are used throughout this portfolio:
 
REIT
—Real Estate Investment Trust
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