NPORT-EX 2 poi_fhmdtsmallcapgrowth.htm POI - FEDERATED HERMES MDT SMALL CAP GROWTH FUND EDGAR HTML
Federated Hermes MDT Small Cap Growth Fund
Portfolio of Investments
October 31, 2023 (unaudited)  
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Value
         
 
COMMON STOCKS—98.3%
 
 
 
Communication Services—3.2%
 
50,826
1
CarGurus, Inc.
$    875,732
191,146
1
Cinemark Holdings, Inc.
  3,151,998
213,285
1
Eventbrite, Inc.
  1,766,000
294,677
 
Gray Television, Inc.
  1,921,294
13,815
 
Shutterstock, Inc.
    561,994
92,699
1
TechTarget, Inc.
  2,334,161
224,153
1
Vimeo Holdings, Inc.
    690,391
18,875
1
Yelp, Inc.
    796,336
 
 
TOTAL
12,097,906
 
 
Consumer Discretionary—11.3%
 
14,766
1
Abercrombie & Fitch Co., Class A
    898,068
233,020
1
Chegg, Inc.
  1,754,641
547,510
 
Clarus Corp.
  3,170,083
156,637
1
Coursera, Inc.
  2,716,086
23,239
1
Duolingo, Inc.
  3,394,056
12,160
1
Frontdoor, Inc.
    351,789
50,746
1
GoPro, Inc.
    127,372
139,788
1,2
Groupon, Inc.
  1,787,889
104,799
1
Inspired Entertainment, Inc.
  1,045,894
1,030
 
Installed Building Products, Inc.
    115,020
22,798
 
International Game Technology PLC
    579,525
65,975
1,2
Kirkland’s, Inc.
    105,560
16,132
1
MCBC Holdings, Inc.
    329,738
21,723
 
Murphy USA, Inc.
  7,878,715
9,856
1
National Vision Holdings, Inc.
    153,162
115,942
1
PlayAGS, Inc.
    827,826
85,882
1,2
Red Robin Gourmet Burgers
    694,785
34,360
1,2
Revolve Group, Inc.
    472,450
528,138
1
Rush Street Interactive, Inc.
  1,885,453
10,899
1
Stride, Inc.
    599,227
58,374
 
Texas Roadhouse, Inc.
  5,927,296
69,422
 
Upbound Group, Inc.
  1,809,137
17,286
1
Visteon Corp.
  1,990,137
16,566
 
Wingstop, Inc.
  3,027,768
130,888
1
WW International, Inc.
  1,023,544
 
 
TOTAL
42,665,221
 
 
Consumer Staples—4.9%
 
58,383
1
Bellring Brands, Inc.
  2,553,089
6,424
 
Coca-Cola Bottling Co.
  4,088,298
51,005
1
elf Beauty, Inc.
  4,724,593
19,957
 
Energizer Holdings, Inc.
    630,242
78,682
1
Herbalife Ltd.
  1,121,218
94,999
1
Sprouts Farmers Market, Inc.
  3,991,858
22,380
 
Turning Point Brands, Inc.
    448,719
110,122
1
Vital Farms, Inc.
  1,217,949
 
 
TOTAL
18,775,966
1
Shares
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Energy—5.9%
 
15,110
1
Callon Petroleum Corp.
$    564,358
15,778
1
Dorian LPG Ltd.
    504,423
17,312
2
Enviva, Inc.
     62,669
96,525
 
Equitrans Midstream Corp.
    856,177
61,556
 
Liberty Energy, Inc.
  1,212,653
109,454
1
Oceaneering International, Inc.
  2,406,893
34,939
 
PBF Energy, Inc.
  1,660,651
8,947
 
Permian Resources, Inc.
    130,358
18,836
 
SM Energy Co.
    759,468
145,797
1
US Silica Holdings, Inc.
  1,759,770
40,574
1
Vital Energy, Inc.
  2,030,323
113,380
1
Weatherford International PLC
 10,554,544
 
 
TOTAL
22,502,287
 
 
Financials—5.5%
 
237,245
1
AvidXchange Holdings, Inc.
  2,049,797
7,416
1
Bancorp, Inc., DE
    264,380
99,204
1
Cantaloupe, Inc.
    652,762
9,480
1
Goosehead Insurance, Inc.
    614,968
205,512
1
Green Dot Corp.
  2,297,624
6,165
 
Kinsale Capital Group, Inc.
  2,058,555
40,012
1
LendingTree, Inc.
    529,359
19,434
1
Oscar Health, Inc.
     99,502
55,065
1
PagSeguro Digital Ltd.
    388,759
90,735
1
PROG Holdings, Inc.
  2,485,232
146,585
1
Remitly Global, Inc.
  3,947,534
11,110
 
RLI Corp.
  1,480,296
246,465
1
SelectQuote, Inc.
    325,334
56,424
1,2
Skyward Specialty Insurance Group, Inc.
  1,588,335
217,661
1
StoneCo Ltd.
  2,158,109
 
 
TOTAL
20,940,546
 
 
Health Care—21.9%
 
30,937
1
Acadia Pharmaceuticals, Inc.
    698,248
29,979
1
Aclaris Therapeutics, Inc.
    149,295
59,544
1
AdaptHealth Corp.
    436,458
247,593
1
ADMA Biologics, Inc.
    836,864
22,260
1
Agiliti, Inc.
    125,324
809,713
1,2
Akebia Therapeutics, Inc.
    712,547
33,376
1
Alector, Inc.
    173,555
183,338
1
Alkermes, Inc.
  4,434,946
19,324
1
AMN Healthcare Services, Inc.
  1,465,919
78,431
1
Amphastar Pharmaceuticals, Inc.
  3,550,571
19,662
1
Arcutis Biotherapeutics, Inc.
     44,240
85,826
1
Arvinas, Inc.
  1,383,515
304,735
1,2
Assembly Biosciences, Inc.
    267,222
156,686
1
Atea Pharmaceuticals, Inc.
    509,230
99,821
1
Bridgebio Pharma, Inc.
  2,599,339
81,181
1
Catalyst Pharmaceutical Partners, Inc.
  1,007,456
575,966
1
Codexis, Inc.
    956,104
51,285
1
Collegium Pharmaceutical, Inc.
  1,115,962
224,337
1
Community Health Systems, Inc.
    480,081
18,462
1
Corcept Therapeutics, Inc.
    518,413
124,250
1
Cross Country Healthcare, Inc.
  2,877,630
2
Shares
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
54,434
1
Cryoport, Inc.
$    528,010
112,462
1
Cutera, Inc.
    349,757
85,625
1
Cytek Biosciences, Inc.
    360,481
18,799
1
Enanta Pharmaceuticals, Inc.
    169,567
6,718
 
Ensign Group, Inc.
    648,959
211,073
1,2
EyePoint Pharmaceuticals, Inc.
  1,270,659
846,188
1
Fate Therapeutics, Inc.
  1,531,600
14,669
1
Glaukos Corp.
  1,000,426
372,220
1
Gossamer Bio, Inc.
    186,110
11,536
1
Haemonetics Corp.
    983,213
83,610
1
Halozyme Therapeutics, Inc.
  2,831,871
191,164
1
Harmony Biosciences Holdings, Inc.
  4,500,001
321,049
1
Hims & Hers Health, Inc.
  1,919,873
228,903
1
Inmode Ltd.
  4,372,047
14,623
1
Insmed, Inc.
    366,452
7,817
1
Intra-Cellular Therapies, Inc.
    388,974
29,019
1
Ligand Pharmaceuticals, Inc., Class B
  1,517,404
49,729
1
Livanova PLC
  2,439,207
212,523
1
MacroGenics, Inc.
  1,109,370
393,046
1
MiMedx Group, Inc.
  2,578,382
4,816
1
Morphic Holding, Inc.
     96,079
13,513
1
Nevro Corp.
    194,993
315,180
1
NextCure, Inc.
    324,635
337,511
1,2
NGM Biopharmaceuticals, Inc.
    286,851
190,140
1,2
Novavax, Inc.
  1,266,332
60,806
1
Omnicell, Inc.
  2,161,045
87,374
1
OptimizeRX Corp
    704,234
116,381
1
Outset Medical, Inc.
    411,989
53,462
 
Owens & Minor, Inc.
    766,110
98,193
1
Pacira BioSciences, Inc.
  2,774,934
41,382
1
PetIQ, Inc.
    776,740
75,149
1,2
ProKidney Corp.
    122,493
12,059
1
Protagonist Therapeutics, Inc.
    175,338
159,667
1
Puma Biotechnology, Inc.
    392,781
99,839
1
Relmada Therapeutics, Inc.
    298,519
108,287
1
RxSight, Inc.
  2,397,474
70,190
1
SAGE Therapeutics, Inc.
  1,314,659
392,471
1
Sangamo BioSciences, Inc.
    247,335
119,111
1
SI-BONE, Inc.
  2,026,078
1,341,085
1
Siga Technologies, Inc.
  6,839,534
155,081
1
Silk Road Medical, Inc.
  1,164,658
17,401
1
Supernus Pharmaceuticals, Inc.
    415,014
158,663
1
Tactile Systems Technology, Inc.
  1,732,600
11,669
1
UroGen Pharma Ltd.
    130,810
99,172
1
Vanda Pharmaceuticals, Inc.
    434,373
263,955
1
Voyager Therapeutics, Inc.
  1,734,184
44,474
1
Y-mAbs Therapeutics, Inc.
    237,491
 
 
TOTAL
82,822,565
 
 
Industrials—20.0%
 
166,984
1
ACV Auctions, Inc.
  2,225,897
4,987
 
Allegiant Travel Co.
    332,234
40,833
1
APi Group Corp.
  1,056,350
3
Shares
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
41,070
 
Apogee Enterprises, Inc.
$  1,762,724
28,824
1
Array Technologies, Inc.
    499,520
64,457
1
Atkore, Inc.
  8,010,716
17,836
1
Beacon Roofing Supply, Inc.
  1,269,388
44,806
1
Blink Charging Co.
    106,638
26,893
 
Boise Cascade Co.
  2,521,219
37,385
1
Cimpress PLC
  2,230,763
9,702
 
Comfort Systems USA, Inc.
  1,764,309
26,482
 
Emcor Group, Inc.
  5,472,505
58,959
1
Energy Recovery, Inc.
    896,177
17,176
 
EnerSys, Inc.
  1,469,922
180,986
1
Enviri Corp.
  1,038,860
120,517
1
Exlservice Holding, Inc.
  3,146,699
70,489
1,2
Fluence Energy, Inc.
  1,220,869
16,884
1
Fluor Corp.
    562,068
108,407
1
Forrester Research, Inc.
  2,515,042
69,728
1
Franklin Covey Co.
  2,747,980
100,904
1
GMS, Inc.
  5,900,866
16,529
 
Griffon Corp.
    660,168
45,537
 
Healthcare Services Group, Inc.
    432,602
85,879
 
Heidrick & Struggles International, Inc.
  2,090,295
19,089
1
HireRight Holdings Corp.
    175,810
28,986
1
Huron Consulting Group, Inc.
  2,880,049
2,117
 
ICF International, Inc.
    268,287
215,978
1
JELD-WEN Holding, Inc.
  2,447,031
28,271
 
KForce Com, Inc.
  1,725,662
126,506
1
Legalzoom.com, Inc.
  1,261,265
2,148
1
Masonite International Corp.
    169,993
164,960
1
Mistras Group, Inc.
    902,331
34,622
1
MRC Global, Inc.
    363,877
11,112
1
MYR Group, Inc.
  1,287,103
56,977
1
NEXTracker, Inc.
  1,980,521
4,980
1
Proto Labs, Inc.
    117,578
409,046
1,2
SunPower Corp.
  1,746,626
2,278
 
Tennant Co.
    169,073
92,833
 
Terex Corp.
  4,251,751
20,657
 
The Shyft Group, Inc.
    226,814
38,097
1
TPI Composites, Inc.
     88,004
9,138
 
TTEC Holdings, Inc.
    188,060
10,554
 
Universal Truckload Services, Inc.
    236,199
182,504
1
Upwork, Inc.
  1,907,167
18,846
 
Watts Industries, Inc., Class A
  3,260,546
6,909
1
Willdan Group, Inc.
    121,875
8,275
1
Xometry, Inc.
    118,701
 
 
TOTAL
75,828,134
 
 
Information Technology—20.5%
 
317,058
1
8x8, Inc.
    754,598
55,209
 
A10 Networks, Inc.
    600,122
15,925
1
Alarm.com Holdings, Inc.
    814,245
22,901
1
AppFolio, Inc.
  4,295,541
287,534
1
Arlo Technologies, Inc.
  2,441,164
213,961
1
AvePoint, Inc.
  1,602,568
4
Shares
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
10,277
1
Axcelis Technologies, Inc.
$  1,310,317
2,539
 
Badger Meter, Inc.
    351,778
25,363
1
Blackbaud, Inc.
  1,658,740
9,074
1
Box, Inc.
    225,580
64,216
1
Braze, Inc.
  2,734,317
161,489
1
Brightcove, Inc.
    497,386
9,053
1
Calix, Inc.
    299,835
126,602
1,2
Cambium Networks Corp.
    630,478
33,454
1
Ceva, Inc.
    574,405
15,689
1
Clearfield, Inc.
    376,850
50,904
1,2
Coda Octopus Group, Inc.
    335,966
41,068
1
CommScope Holdings Co., Inc.
     60,781
38,744
1
Commvault Systems, Inc.
  2,531,920
141,497
1
Digital Turbine, Inc.
    670,696
4,814
1
Diodes, Inc.
    313,295
11,988
2
Ebix, Inc.
     73,007
29,105
1
Everbridge, Inc.
    599,854
94,894
1
Expensify, Inc.
    253,367
51,680
1
Extreme Networks, Inc.
  1,065,642
199,553
1
Freshworks, Inc.
  3,579,981
29,615
 
Information Services Group, Inc.
    120,237
34,934
1
Intapp, Inc.
  1,194,743
429,174
1
LivePerson, Inc.
  1,133,019
117,859
1
MaxLinear, Inc.
  1,791,457
329,985
1,2
ON24, Inc.
  2,029,408
18,737
1
Photronics, Inc.
    344,011
59,122
1
Q2 Holdings, Inc.
  1,775,434
35,101
1
Qualys, Inc.
  5,368,698
24,840
1
Rogers Corp.
  3,052,588
134,582
 
Sapiens International Corp. NV
  3,431,841
35,241
1
Secureworks Corp.
    207,217
46,443
1
SMART Global Holdings, Inc.
    636,269
283,921
1
Sprinklr, Inc.
  3,858,486
6,458
1
SPS Commerce, Inc.
  1,035,476
160,240
1
Squarespace, Inc.
  4,552,418
24,523
1
Synaptics, Inc.
  2,051,594
269,718
1
Telos Corp.
    625,746
11,947
1
Tenable Holdings, Inc.
    503,088
584,931
1
Unisys Corp.
  1,626,108
108,587
1
Varonis Systems, Inc.
  3,652,867
31,692
1
Verint Systems, Inc.
    596,126
153,301
1
Viavi Solutions, Inc.
  1,192,682
145,805
1
Weave Communications, Inc.
  1,043,964
33,300
1
Workiva, Inc.
  2,900,097
739,493
1
Yext, Inc.
  4,459,143
 
 
TOTAL
77,835,150
 
 
Materials—3.1%
 
21,971
1
ATI, Inc.
    829,845
28,942
 
Commercial Metals Corp.
  1,223,957
139,205
1
Constellium SE
  2,199,439
19,874
 
Koppers Holdings, Inc.
    726,792
55,733
1
LSB Industries, Inc.
    507,728
5
Shares
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Materials—continued
 
15,861
 
Myers Industries, Inc.
$    265,989
126,954
1
O-I Glass, Inc.
  1,961,439
11,993
 
Orion S.A.
    243,458
86,100
1,3
Rentech, Inc.
          0
38,453
 
Ryerson Holding Corp.
  1,117,060
53,170
 
Warrior Met Coal, Inc.
  2,590,974
 
 
TOTAL
11,666,681
 
 
Real Estate—1.5%
 
27,475
1
Anywhere Real Estate, Inc.
    128,308
380,766
1,2
Redfin Corp.
  1,774,370
163,729
 
RMR Group, Inc./The
  3,687,177
 
 
TOTAL
5,589,855
 
 
Utilities—0.5%
 
80,036
 
Clearway Energy, Inc.
  1,630,333
1,625
 
Otter Tail Corp.
    125,028
 
 
TOTAL
1,755,361
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $369,212,166)
372,479,672
 
 
INVESTMENT COMPANIES—4.3%
 
9,618,028
 
Federated Hermes Government Obligations Fund, Premier Shares, 5.26%4
  9,618,028
6,628,279
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.45%4
  6,628,279
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $16,246,307)
16,246,307
 
 
TOTAL INVESTMENT IN SECURITIES—102.6%
(IDENTIFIED COST $385,458,473)
388,725,979
 
 
OTHER ASSETS AND LIABILITIES - NET—(2.6)%5
(9,860,875)
 
 
TOTAL NET ASSETS—100%
$378,865,104
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 October 31, 2023, were as follows:  
Affiliated
Value as of
7/31/2023
Purchases
at Cost*
Proceeds
from Sales*
Change in
Unrealized
Appreciation/
(Depreciation)*
Net
Realized Gain/
(Loss)*
Value as of
10/31/2023
Shares
Held as of
10/31/2023
Dividend
Income*
Health Care:
 
 
 
 
 
 
 
 
Alector, Inc.**
$1,449,449
$—
$(1,295,794)
$334,209
$(314,309)
$173,555
33,376
$—
Amphastar Pharmaceuticals, Inc.
$6,068,818
$2,148,152
$(1,021,861)
$(4,087,048)
$442,510
$3,550,571
78,431
$—
Siga Technologies, Inc.
$8,635,566
$—
$(3,412,469)
$2,069,986
$(453,549)
$6,839,534
1,341,085
$—
Information Technology:
 
 
 
 
 
 
 
 
Brightcove, Inc.**
$1,688,806
$—
$(2,305,300)
$2,655,532
$(1,541,652)
$497,386
161,489
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$17,842,639
$2,148,152
$(8,035,424)
$972,679
$(1,867,000)
$11,061,046
1,614,381
$—
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
**
At October 31, 2023, the Fund no longer has ownership of at least 5% of the voting shares.
6
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended October 31, 2023, 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 7/31/2023
$14,815,356
$4,936,612
$19,751,968
Purchases at Cost
$23,882,874
$22,103,449
$45,986,323
Proceeds from Sales
$(29,080,202)
$(20,412,681)
$(49,492,883)
Change in Unrealized Appreciation/Depreciation
$—
$(70)
$(70)
Net Realized Gain/(Loss)
$—
$969
$969
Value as of 10/31/2023
$9,618,028
$6,628,279
$16,246,307
Shares Held as of 10/31/2023
9,618,028
6,628,279
16,246,307
Dividend Income
$202,033
$108,246
$310,279
 
*
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 October 31, 2023, securities subject to this type of arrangement
and related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$8,942,970
$9,618,028
 
3
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee (“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 total net assets at October 31, 2023.
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, 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
7
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.

The following is a summary of the inputs used, as of October 31, 2023, 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
$336,131,350
$—
$0
$336,131,350
International
36,348,322
—
—
36,348,322
Investment Companies
16,246,307
—
—
16,246,307
TOTAL SECURITIES
$388,725,979
$—
$0
$388,725,979
8