# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0001193125-25-212451
**Filing Date:** 2025-9
**Character Count:** 89596
**Document Hash:** 868eb33cfa046c6e453ec4b835111c9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-212451.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001193125-25-212451

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Equity Funds
- **CENTRAL INDEX KEY:** 0000745968

**ORGANIZATION NAME:**
- **EIN:** 251470423
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04017
- **FILM NUMBER:** 251331917

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19950810

## Series and Classes Contracts Data

### Federated Hermes Kaufmann Small Cap Fund (Series ID: S000009730)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026733 | Class A Shares       | FKASX           |
| C000026735 | Class C Shares       | FKCSX           |
| C000026736 | Class R Shares       | FKKSX           |
| C000164583 | Institutional Shares | FKAIX           |
| C000188312 | Class T Shares       |  |
| C000195257 | Class R6 Shares      | FKALX           |

## Nport-Ex

Federated Hermes Kaufmann Small Cap Fund

Portfolio of Investments

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—96.3% |  |
|  | **Communication Services—1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000<br><sup>1</sup> <br>| MNTN, Inc. | &nbsp;&nbsp; $14784000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| Pinterest, Inc. | &nbsp;&nbsp; 11580000 |
| &nbsp;&nbsp;&nbsp; 1994611<br><sup>1</sup> <br>| Reservoir Media, Inc. | &nbsp;&nbsp; 15837211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42201211 |
|  | **Consumer Discretionary—15.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000<br><sup>1</sup> <br>| Birkenstock Holding PLC | &nbsp;&nbsp; 30054000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378700<br><sup>1</sup> <br>| Cava Group, Inc. | &nbsp;&nbsp; 33329387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000<br><sup>2</sup> <br>| Choice Hotels International, Inc. | &nbsp;&nbsp; 10216800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000<br><sup>1</sup> <br>| DraftKings, Inc. | &nbsp;&nbsp; 30402000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000<br><sup>1</sup> <br>| Duolingo, Inc. | &nbsp;&nbsp; 34655000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521200<br><sup>1</sup> <br>| Dutch Bros, Inc. | &nbsp;&nbsp; 30891524 |
| &nbsp;&nbsp;&nbsp; 1058000<br><sup>1</sup> <br>| First Watch Restaurant Group, Inc. | &nbsp;&nbsp; 18292820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262000<br><sup>1</sup> <br>| Floor & Decor Holdings, Inc. | &nbsp;&nbsp; 20079680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260900 | Moncler SpA | &nbsp;&nbsp; 13887510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000<br><sup>1</sup> <br>| Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp; 10930400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703400<br><sup>1</sup> <br>| On Holding AG | &nbsp;&nbsp; 34164138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000<br><sup>1</sup> <br>| Planet Fitness, Inc. | &nbsp;&nbsp; 38216500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527300<br><sup>1</sup> <br>| Smith Douglas Home Corp. | &nbsp;&nbsp; 9934332 |
| &nbsp;&nbsp;&nbsp; 1600000<br><sup>1</sup> <br>| Sportradar Group AG | &nbsp;&nbsp; 47312000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71800 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 13292334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000<br><sup>1</sup> <br>| Viking Holdings Ltd. | &nbsp;&nbsp; 44627200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172000 | Wingstop, Inc. | &nbsp;&nbsp; 64902480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476700<br><sup>1</sup> <br>| YETI Holdings, Inc. | &nbsp;&nbsp; 17513958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 502702063 |
|  | **Consumer Staples—2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662700<br><sup>1</sup> <br>| Chefs Warehouse, Inc. | &nbsp;&nbsp; 45434712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000<br><sup>1</sup> <br>| Maplebear, Inc. | &nbsp;&nbsp; 21586500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67021212 |
|  | **Energy—1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | Archrock, Inc. | &nbsp;&nbsp; 14716800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816200 | Aris Water Solutions, Inc. | &nbsp;&nbsp; 17360574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Matador Resources Co. | &nbsp;&nbsp; 12220600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44297974 |
|  | **Financials—6.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| Accelerant Holdings | &nbsp;&nbsp; 8262000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| American Integrity Insurance Group, Inc. | &nbsp;&nbsp; 5598000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | Ares Management Corp. | &nbsp;&nbsp; 68646100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Artisan Partners Asset Management, Inc. | &nbsp;&nbsp; 9050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000<br><sup>1</sup> <br>| Ategrity Specialty Holdings LLC | &nbsp;&nbsp; 599400 |
| &nbsp;&nbsp;&nbsp; 1200000 | Blue Owl Capital, Inc. | &nbsp;&nbsp; 23220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319062<br><sup>1</sup> <br>| Chime Financial, Inc. | &nbsp;&nbsp; 10978923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Etoro Group Ltd. | &nbsp;&nbsp; 11992000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | First Financial Bankshares, Inc. | &nbsp;&nbsp; 6058500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | Hamilton Lane, Inc. | &nbsp;&nbsp; 57874000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 5273400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178575<br><sup>1</sup> <br>| Slide Insurance Holdings, Inc. | &nbsp;&nbsp; 3357210 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308000<br><sup>1</sup> <br>| Toast, Inc. | &nbsp;&nbsp; $15042720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 225952253 |
|  | **Health Care—24.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000<br><sup>1,2</sup> <br>| Abivax S.A., ADR | &nbsp;&nbsp; 3588500 |
| &nbsp;&nbsp;&nbsp; 2198020<br><sup>1</sup> <br>| Arcturus Therapeutics Holdings, Inc. | &nbsp;&nbsp; 26837824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235018<br><sup>1</sup> <br>| Argenx SE | &nbsp;&nbsp; 157205020 |
| &nbsp;&nbsp;&nbsp; 5074231<br><sup>1,2,3</sup> <br>| AstraZeneca PLC, Rights | &nbsp;&nbsp; 2790827 |
| &nbsp;&nbsp;&nbsp; 6620000<br><sup>1</sup> <br>| aTyr Pharma, Inc. | &nbsp;&nbsp; 31246400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794000<br><sup>1</sup> <br>| Centessa Pharmaceuticals Ltd., ADR | &nbsp;&nbsp; 13632980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786751<br><sup>1,2</sup> <br>| Ceribell, Inc. | &nbsp;&nbsp; 11329214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190200<br><sup>1,3</sup> <br>| Clementia Pharmaceuticals, Inc., Rights | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; 1950000<br><sup>1,2,3</sup> <br>| Contra Akouos, Inc., Rights | &nbsp;&nbsp; 1025700 |
| &nbsp;&nbsp;&nbsp; 1485000<br><sup>1</sup> <br>| EyePoint Pharmaceuticals, Inc. | &nbsp;&nbsp; 14582700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461432<br><sup>1</sup> <br>| Forte Biosciences, Inc. | &nbsp;&nbsp; 4605091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522872<br><sup>1</sup> <br>| Guardant Health, Inc. | &nbsp;&nbsp; 21427295 |
| &nbsp;&nbsp;&nbsp; 1850000<br><sup>1</sup> <br>| IDEAYA Biosciences, Inc. | &nbsp;&nbsp; 45047500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103800<br><sup>1</sup> <br>| Inspire Medical Systems, Inc. | &nbsp;&nbsp; 12927252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155200<br><sup>1</sup> <br>| Insulet Corp. | &nbsp;&nbsp; 44759680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1,2</sup> <br>| Kestra Medical Technologies, Inc. | &nbsp;&nbsp; 6600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267300<br><sup>1</sup> <br>| Kymera Therapeutics, Inc. | &nbsp;&nbsp; 11694375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527700<br><sup>1</sup> <br>| Legend Biotech Corp., ADR | &nbsp;&nbsp; 20617239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000<br><sup>1</sup> <br>| Merus NV | &nbsp;&nbsp; 42393600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000<br><sup>1</sup> <br>| Minerva Neurosciences, Inc. | &nbsp;&nbsp; 1161600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503000<br><sup>1</sup> <br>| Moonlake Immunotherapeutics | &nbsp;&nbsp; 25371320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142800<br><sup>1</sup> <br>| Natera, Inc. | &nbsp;&nbsp; 19086648 |
| &nbsp;&nbsp; 14729500<br><sup>1,3</sup> <br>| Novartis AG, Rights | &nbsp;&nbsp; 17086220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>1,2</sup> <br>| Omada Health, Inc. | &nbsp;&nbsp; 8760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43300<br><sup>1</sup> <br>| Pieris Pharmaceuticals, Inc. | &nbsp;&nbsp; 1583914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239000<br><sup>1</sup> <br>| PROCEPT BioRobotics Corp. | &nbsp;&nbsp; 11593890 |
| &nbsp;&nbsp;&nbsp; 4345860<br><sup>1,2</sup> <br>| Rezolute, Inc. | &nbsp;&nbsp; 25857867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758000<br><sup>1</sup> <br>| Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp; 64604340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188702<br><sup>1,3,4</sup> <br>| Sail Biomedicines, Inc. | &nbsp;&nbsp; 4392567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328800<br><sup>1</sup> <br>| Scholar Rock Holding Corp. | &nbsp;&nbsp; 12182040 |
| &nbsp;&nbsp;&nbsp; 2430101<br><sup>1,2</sup> <br>| Scynexis, Inc. | &nbsp;&nbsp; 1677013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Shoulder Innovations, Inc. | &nbsp;&nbsp; 3010000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500 | UCB S.A. | &nbsp;&nbsp; 3948764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195600<br><sup>1</sup> <br>| Ultragenyx Pharmaceutical, Inc. | &nbsp;&nbsp; 5343792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70600<br><sup>1</sup> <br>| Veeva Systems, Inc. | &nbsp;&nbsp; 20064520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370100<br><sup>1</sup> <br>| Vericel Corp. | &nbsp;&nbsp; 12931294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656000<br><sup>1</sup> <br>| Verona Pharma PLC, ADR | &nbsp;&nbsp; 68939040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232500<br><sup>1</sup> <br>| Xenon Pharmaceuticals, Inc. | &nbsp;&nbsp; 7100550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742676<br><sup>1,2</sup> <br>| Zenas Biopharma, Inc. | &nbsp;&nbsp; 11667440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151443<br><sup>1</sup> <br>| Zenas Biopharma, Inc. | &nbsp;&nbsp; 2379170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 801053186 |
|  | **Industrials—20.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252400 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 68526600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429100<br><sup>1</sup> <br>| ATI, Inc. | &nbsp;&nbsp; 33014954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61100<br><sup>1</sup> <br>| Axon Enterprise, Inc. | &nbsp;&nbsp; 46160439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235700 | AZZ, Inc. | &nbsp;&nbsp; 25809150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904800<br><sup>1</sup> <br>| Centuri Holdings, Inc. | &nbsp;&nbsp; 19724640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131300 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 92343290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93200 | CSW Industrials, Inc. | &nbsp;&nbsp; 24183536 |

---

**2**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Industrials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000<br><sup>1</sup> <br>| Fiverr International Ltd. | &nbsp;&nbsp; $16339200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171200 | FTAI Aviation Ltd. | &nbsp;&nbsp; 23558832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116500<br><sup>1</sup> <br>| GMS, Inc. | &nbsp;&nbsp; 12773060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169500 | HEICO Corp. | &nbsp;&nbsp; 55392600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136793<br><sup>1</sup> <br>| Kratos Defense & Security Solutions | &nbsp;&nbsp; 8029749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56200<br><sup>1</sup> <br>| Limbach Holdings, Inc. | &nbsp;&nbsp; 7699400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559920<br><sup>1</sup> <br>| Loar Holdings, Inc. | &nbsp;&nbsp; 41383688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273000<br><sup>1</sup> <br>| NEXTracker, Inc. | &nbsp;&nbsp; 15904980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101800 | Powell Industries, Inc. | &nbsp;&nbsp; 24136780 |
| &nbsp;&nbsp;&nbsp; 1321733<br><sup>1</sup> <br>| StandardAero, Inc. | &nbsp;&nbsp; 37735477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657200 | UL Solutions, Inc. | &nbsp;&nbsp; 48054464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391000<br><sup>1,2</sup> <br>| Voyager Technologies, Inc. | &nbsp;&nbsp; 15647820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274300<br><sup>1</sup> <br>| XPO, Inc. | &nbsp;&nbsp; 32995547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281000 | Xylem, Inc. | &nbsp;&nbsp; 40638220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 690052426 |
|  | **Information Technology—19.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000<br><sup>1</sup> <br>| Astera Labs, Inc. | &nbsp;&nbsp; 19825850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186800 | BE Semiconductor Industries N.V. | &nbsp;&nbsp; 25165869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000<br><sup>1</sup> <br>| Braze, Inc. | &nbsp;&nbsp; 21738600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000<br><sup>1,2</sup> <br>| Camtek Ltd. | &nbsp;&nbsp; 57431500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000<br><sup>1,2</sup> <br>| Circle Internet Finance PLC | &nbsp;&nbsp; 6423200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92600<br><sup>1</sup> <br>| Commvault Systems, Inc. | &nbsp;&nbsp; 17589370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174500<br><sup>1</sup> <br>| CyberArk Software Ltd. | &nbsp;&nbsp; 71801515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470200<br><sup>1</sup> <br>| Elastic N.V. | &nbsp;&nbsp; 39355740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33200<br><sup>1</sup> <br>| HubSpot, Inc. | &nbsp;&nbsp; 17252380 |
| &nbsp;&nbsp;&nbsp; 1362400<br><sup>1</sup> <br>| Klaviyo, Inc. | &nbsp;&nbsp; 42370640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | Motorola Solutions, Inc. | &nbsp;&nbsp; 10535520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000<br><sup>1</sup> <br>| Olo, Inc. | &nbsp;&nbsp; 9432000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000<br><sup>1</sup> <br>| OneStream, Inc. | &nbsp;&nbsp; 20272500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000<br><sup>1</sup> <br>| Q2 Holdings, Inc. | &nbsp;&nbsp; 28420000 |
| &nbsp;&nbsp;&nbsp; 1430000<br><sup>1</sup> <br>| QXO, Inc. | &nbsp;&nbsp; 28685800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725500<br><sup>1</sup> <br>| Rubrik, Inc. | &nbsp;&nbsp; 68886225 |
| &nbsp;&nbsp;&nbsp; 1726800<br><sup>1</sup> <br>| SentinelOne, Inc. | &nbsp;&nbsp; 31669512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343000<br><sup>1</sup> <br>| Shopify, Inc. | &nbsp;&nbsp; 41918030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000<br><sup>1</sup> <br>| Sitime Corp. | &nbsp;&nbsp; 20285000 |
| &nbsp;&nbsp;&nbsp; 1197800<br><sup>1</sup> <br>| SoundThinking, Inc. | &nbsp;&nbsp; 13666898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000<br><sup>1</sup> <br>| SPS Commerce, Inc. | &nbsp;&nbsp; 10886500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37000<br><sup>1</sup> <br>| Tyler Technologies, Inc. | &nbsp;&nbsp; 21628720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000<br><sup>1</sup> <br>| Vertex, Inc. | &nbsp;&nbsp; 8790050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000<br><sup>1</sup> <br>| Wix.com Ltd. | &nbsp;&nbsp; 20404500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 654435919 |
|  | **Materials—1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102900 | Eagle Materials, Inc. | &nbsp;&nbsp; 23079441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | James Hardie Industries PLC | &nbsp;&nbsp; 16601600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39681041 |
|  | **Real Estate—3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| CoStar Group, Inc. | &nbsp;&nbsp; 28557000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| FrontView, Inc. | &nbsp;&nbsp; 3531000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 22790000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Healthpeak Properties, Inc. | &nbsp;&nbsp; 8470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Lamar Advertising Co. | &nbsp;&nbsp; 25061250 |

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**3**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; $42301700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 130710950 |
|  | **Utilities—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154700 | Pinnacle West Capital Corp. | &nbsp;&nbsp; 14018914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $1,959,813,402)<br>| &nbsp;&nbsp; 3212127149 |
|  | PREFERRED STOCK—0.3% |  |
|  | **Health Care—0.3%** |  |
| &nbsp;&nbsp;&nbsp; 2178049<br><sup>3,4</sup> <br>| CeQur S.A. <br>(IDENTIFIED COST $11,664,324)<br>| &nbsp;&nbsp; 10957127 |
|  | WARRANTS—0.6% |  |
|  | **Health Care—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766284<br><sup>1</sup> <br>| Gossamer Bio, Inc., Warrants 7/24/2028 | &nbsp;&nbsp; 873104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162100<br><sup>1</sup> <br>| Minerva Neurosciences, Inc., Warrants 12/31/2099 | &nbsp;&nbsp; 311232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193334<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 10/8/2027 | &nbsp;&nbsp; 220401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64800<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 1/1/2099 | &nbsp;&nbsp; 385560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533000<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 4/30/2099 | &nbsp;&nbsp; 3171350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839900<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 6/24/2099 | &nbsp;&nbsp; 4997405 |
| &nbsp;&nbsp;&nbsp; 1685800<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 12/31/2099 | &nbsp;&nbsp; 10030510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165355<br><sup>1</sup> <br>| Scynexis, Inc., Warrants 4/26/2029 | &nbsp;&nbsp; 23232 |
| &nbsp;&nbsp;&nbsp; 1441000<br><sup>1</sup> <br>| Scynexis, Inc., Warrants 1/1/2099 | &nbsp;&nbsp; 994434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WARRANTS <br>(IDENTIFIED COST $22,635,357)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21007228 |
|  | INVESTMENT COMPANY—5.7% |  |
| 189492003 | Federated Hermes Government Obligations Fund, Premier Shares, 4.24%<sup>5</sup> <br>(IDENTIFIED COST $189,492,003)<br>| &nbsp;&nbsp; 189492003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—102.9% <br>(IDENTIFIED COST $2,183,605,086)<br>| &nbsp;&nbsp; 3433583507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(2.9)%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (96895227) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $3336688280 |

---

**4**

------

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 July 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** | **Value as of** <br>**10/31/2024**<br>| **Purchases** <br>**at Cost\***<br>| **Proceeds** <br>**from Sales\***<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)\***<br>| **Net** <br>**Realized Gain/** <br>**(Loss)\***<br>| **Value as of** <br>**7/31/2025**<br>| **Shares** <br>**Held as of** <br>**7/31/2025**<br>| **Dividend** <br>**Income\***<br>|
| **Consumer Discretionary:** |  |  |  |  |  |  |  |  |
| Smith Douglas Home Corp. | $17464176 | $— | $— | $(7529844) | $— | $9934332 | &nbsp;&nbsp;&nbsp;&nbsp; 527300 | $— |
| **Health Care:** |  |  |  |  |  |  |  |  |
| Arcturus Therapeutics Holdings, Inc. | $38970895 | $— | $— | $(12133071) | $— | $26837824 | &nbsp;&nbsp; 2198020 | $— |
| aTyr Pharma, Inc. | $20654400 | $— | $— | $10592000 | $— | $31246400 | &nbsp;&nbsp; 6620000 | $— |
| EyePoint Pharmaceuticals, Inc. | $18945219 | $— | $(540634) | $(2976651) | $(845234) | $14582700 | &nbsp;&nbsp; 1485000 | $— |
| Forte Biosciences, Inc. | $— | $5398640 | $— | $(793549) | $— | $4605091 | &nbsp;&nbsp;&nbsp;&nbsp; 461432 | $— |
| IDEAYA Biosciences, Inc. | $66492214 | $1331597 | $(11825677) | $(6145034) | $(4805600) | $45047500 | &nbsp;&nbsp; 1850000 | $— |
| Minerva Neurosciences, Inc. | $1448975 | $— | $— | $(287375) | $— | $1161600 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | $— |
| Minerva Neurosciences, Inc., Warrants <br> 12/31/2099<br>| $388229 | $— | $— | $(76997) | $— | $311232 | &nbsp;&nbsp;&nbsp;&nbsp; 162100 | $— |
| Rezolute, Inc. | $20894473 | $1732250 | $— | $3231144 | $— | $25857867 | &nbsp;&nbsp; 4345860 | $— |
| Rezolute, Inc., Warrants 10/8/2027 | $299030 | $— | $— | $(78629) | $— | $220401 | &nbsp;&nbsp;&nbsp;&nbsp; 193334 | $— |
| Rezolute, Inc., Warrants 1/1/2099 | $355104 | $— | $— | $30456 | $— | $385560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64800 | $— |
| Rezolute, Inc., Warrants 4/30/2099 | $— | $1731717 | $— | $1439633 | $— | $3171350 | &nbsp;&nbsp;&nbsp;&nbsp; 533000 | $— |
| Rezolute, Inc., Warrants 6/24/2099 | $4602652 | $— | $— | $394753 | $— | $4997405 | &nbsp;&nbsp;&nbsp;&nbsp; 839900 | $— |
| Rezolute, Inc., Warrants 12/31/2099 | $9238184 | $— | $— | $792326 | $— | $10030510 | &nbsp;&nbsp; 1685800 | $— |
| Scynexis, Inc. | $3714160 | $— | $(322002) | $670945 | $(2386090) | $1677013 | &nbsp;&nbsp; 2430101 | $— |
| Scynexis, Inc., Warrants 4/26/2029 | $95079 | $— | $— | $(71847) | $— | $23232 | &nbsp;&nbsp;&nbsp;&nbsp; 165355 | $— |
| Scynexis, Inc., Warrants 1/1/2099 | $1959760 | $— | $— | $(965326) | $— | $994434 | &nbsp;&nbsp; 1441000 | $— |
| **Information Technology:** |  |  |  |  |  |  |  |  |
| SoundThinking, Inc. | $15037800 | $63108 | $(3436503) | $6790700 | $(4788207) | $13666898 | &nbsp;&nbsp; 1197800 | $— |
| Affiliated issuers no longer in the port-<br> folio at period end<br>| $38806288 | $— | $(128090520) | $5475879 | $83808353 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED COMPANIES <br>TRANSACTIONS<br>| $259366638 | $10257312 | $(144215336) | $(1640487) | $70983222 | $194751349 | 26805802 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *A portion of the amount shown may have been recorded when the Fund no longer had ownership of at least 5% of the voting shares.*

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended July 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares\***<br>|
| Value as of 10/31/2024 | &nbsp;&nbsp; $169166677 |
| Purchases at Cost | &nbsp;&nbsp; $1291568607 |
| Proceeds from Sales | &nbsp;&nbsp; $(1271243281) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 7/31/2025 | &nbsp;&nbsp; $189492003 |
| Shares Held as of 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 189492003 |
| Dividend Income | &nbsp;&nbsp; $5003586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Non-income-producing security.* |
| 2 | *All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of July 31, 2025, securities subject to this type of arrangement and* <br> *related collateral were as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fair Value of** <br>**Securities Loaned**<br>| **Collateral** <br>**Received**<br>|
| $86249075 | &nbsp;&nbsp; $88739486 |

---

**5**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 3 | *Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the general supervision of the Fund's Adviser acting through its Valuation Committee.*<br>|
| 4 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2025, these restricted securities amounted to $15,349,694,* <br> *which represented 0.5% of net assets.*<br>|

---

Additional information on restricted securities held at July 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| CeQur S.A. | &nbsp;&nbsp; 3/26/2021 | &nbsp;&nbsp; $11664325 | &nbsp;&nbsp; $10957127 |
| Sail Biomedicines, Inc. | &nbsp;&nbsp; 7/28/2021 | &nbsp;&nbsp; $5283656 | &nbsp;&nbsp; $4392567 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5 *7-day net yield.* <br> 6 *Assets, other than investments in securities, less liabilities.*

Note: The categories of investments are shown as a percentage of net assets at July 31, 2025.

**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.

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Global Investment Management Corp. (the "Adviser").

■ 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 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, 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

**6**

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp; $2341159188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22504487 | &nbsp;&nbsp; $2363663675 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 645465484 | &nbsp;&nbsp; 200207163 | &nbsp;&nbsp;&nbsp; 2790827 | &nbsp;&nbsp;&nbsp;&nbsp; 848463474 |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10957127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10957127 |
| **Debt Securities:** |  |  |  |  |
| **Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18896057 | &nbsp;&nbsp;&nbsp;&nbsp; 2111171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21007228 |
| **Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp; 189492003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189492003 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $3195012732 | &nbsp;&nbsp; $202318334 | &nbsp;&nbsp; $36252441 | &nbsp;&nbsp; $3433583507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following acronym(s) are used throughout this portfolio: <br> ADR —American Depositary Receipt

**7**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Equity Funds

- **b. Investment Company Act file number:** 811-04017

- **c. CIK number of Registrant:** 0000745968

- **d. LEI of Registrant:** 254900QLYYRKC7NVWP04

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Kaufmann Small Cap Fund

- **b. EDGAR series identifier (if any):** S000009730

- **c. LEI of Series:** F9HYTNU10JO6FBUXPG81

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3437864682.93

**Total Liabilities:** $98032797.84

**Net Assets:** $3339831885.09

**Cash Not Reported:** $5079.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026733 | 5.90%                | 4.22%                | 2.60%                |
| Class ID C000026735 | 5.85%                | 4.14%                | 2.55%                |
| Class ID C000026736 | 5.88%                | 4.21%                | 2.62%                |
| Class ID C000164583 | 5.94%                | 4.24%                | 2.66%                |
| Class ID C000195257 | 5.94%                | 4.23%                | 2.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26965580.65             | $155348415.56                              |
| Month 2  | $133981158.82            | $2796754.50                                |
| Month 3  | $16892243.97             | $66962325.08                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATI Inc                                      | ATI Inc                                      | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    429100 | NS      | $33014954.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance G               | American Integrity Insurance Group Inc       | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |    300000 | NS      | $5598000.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcturus Therapeutics Holdings Inc           | Arcturus Therapeutics Holdings Inc           | CUSIP: 03969T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2198020 | NS      | $26837824.20  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Centessa Pharmaceuticals PLC                 | Centessa Pharmaceuticals PLC                 | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |    794000 | NS      | $13632980.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| aTyr Pharma Inc                              | aTyr Pharma Inc                              | CUSIP: 002120202<br>LEI: 529900ENQUXMC5EBKO36 | Long             | EC               | CORP              | US        |   6620000 | NS      | $31246400.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                      | AZZ Inc                                      | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |    235700 | NS      | $25809150.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie               | Applied Industrial Technologies Inc          | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    252400 | NS      | $68526600.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                 | Archrock Inc                                 | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    630000 | NS      | $14716800.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Abivax SA                                    | Abivax SA                                    | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |     50000 | NS      | $3588500.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Aris Water Solutions Inc                     | Aris Water Solution Inc                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    816200 | NS      | $17360574.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                         | Blue Owl Capital Inc                         | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1200000 | NS      | $23220000.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                    | Braze Inc                                    | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |    780000 | NS      | $21738600.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                               | Dutch Bros Inc                               | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    521200 | NS      | $30891524.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                      | GMS Inc                                      | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |    116500 | NS      | $12773060.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chime Financial Inc                          | Chime Financial Inc                          | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319062 | NS      | $10978923.42  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In               | Choice Hotels International Inc              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     80000 | NS      | $10216800.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| SoundThinking Inc                            | ShotSpotter Inc                              | CUSIP: 82536T107<br>LEI: 549300MQV8SOWVNVZ667 | Long             | EC               | CORP              | US        |   1197800 | NS      | $13666898.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                 | Vericel Corp                                 | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    370100 | NS      | $12931294.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                               | DraftKings Inc                               | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    675000 | NS      | $30402000.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group Inc             | First Watch Restaurant Group Inc             | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1058000 | NS      | $18292820.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties                | Gaming and Leisure Properties Inc            | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    500000 | NS      | $22790000.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                 | Insulet Corp                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |    155200 | NS      | $44759680.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc        | Artisan Partners Asset Management Inc        | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    200000 | NS      | $9050000.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                              | Astera Labs Inc                              | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145000 | NS      | $19825850.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LLC              | Ategrity Specialty Holdings LLC              | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |     30000 | NS      | $599400.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                          | Axon Enterprise Inc                          | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     61100 | NS      | $46160439.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                          | CSW Industrials Inc                          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     93200 | NS      | $24183536.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc                         | Centuri Holdings Inc                         | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    904800 | NS      | $19724640.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceribell Inc                                 | Ceribell Inc                                 | CUSIP: 15678C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    786751 | NS      | $11329214.40  | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Circle Internet Group Inc                    | Circle Internet Group Inc                    | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |     35000 | NS      | $6423200.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| RESERVOIR MEDIA PIPE                         | RESERVOIR MEDIA PIPE                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1500000 | NS      | $11910000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GOSSAMER BIO, INC.                           | GOSSAMER BIO, INC.                           | CUSIP: 000000000<br>LEI: 549300ZOC0N2W6PSFR58 | N/A              | DE               |  | US        |    766284 | NS      | $873103.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA CLEMENTIA PHARM F                     | CONTRA CLEMENTIA PHARM F COMMON STOCK        | CUSIP: 185CVR016<br>LEI: N/A                  | N/A              | DE               |  | CA        |    190200 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Commvault Systems Inc                        | CommVault Systems Inc                        | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     92600 | NS      | $17589370.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                             | CoStar Group Inc                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $28557000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Pharmaceuticals Inc                 | EyePoint Pharmaceuticals Inc                 | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |   1485000 | NS      | $14582700.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                   | Floor & Decor Holdings Inc                   | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    262000 | NS      | $20079680.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Forte Biosciences Inc                        | Forte Biosciences Inc                        | CUSIP: 34962G208<br>LEI: 529900Z84WFDHPS3JP76 | Long             | EC               | CORP              | US        |    457202 | NS      | $4562875.96   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FrontView REIT Inc                           | FrontView REIT Inc                           | CUSIP: 35922N100<br>LEI: N/A                  | Long             | EC               |  | US        |    300000 | NS      | $3531000.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA FUSION PHARMACE                       | CONTRA FUSION PHARMACE                       | CUSIP: 361CVR012<br>LEI: N/A                  | N/A              | DE               |  | CA        |   5074231 | NS      | $2790827.05   | 0.08%             |  |  |  | No            |                  3 | On Loan: —       |
| Guardant Health Inc                          | Guardant Health Inc                          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    515000 | NS      | $21104700.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                            | Hamilton Lane Inc                            | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |    380000 | NS      | $57874000.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                    | Healthpeak Properties Inc                    | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    500000 | NS      | $8470000.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                   | HEICO Corp                                   | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    169500 | NS      | $55392600.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                  | James Hardie Industries PLC                  | CUSIP: 47030M106<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |    640000 | NS      | $16601600.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                  | Klaviyo Inc                                  | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1362400 | NS      | $42370640.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                  | HubSpot Inc                                  | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     33200 | NS      | $17252380.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ideaya Biosciences Inc                       | Ideaya Biosciences Inc                       | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |   1850000 | NS      | $45047500.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                  | Inspire Medical Systems Inc                  | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    103800 | NS      | $12927252.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc      | Kratos Defense & Security Solutions Inc      | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    136793 | NS      | $8029749.10   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                      | Kymera Therapeutics Inc                      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    267300 | NS      | $11694375.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                          | Legend Biotech Corp                          | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |    527700 | NS      | $20617239.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MNTN Inc                                     | MNTN Inc                                     | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525000 | NS      | $14784000.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                         | Matador Resources Co                         | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    245000 | NS      | $12220600.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                       | Motorola Solutions Inc                       | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     24000 | NS      | $10535520.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc                                      | Olo Inc                                      | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    900000 | NS      | $9432000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Omada Health Inc                             | Omada Health Inc                             | CUSIP: 68170A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $8760000.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Onestream Inc                                | Onestream Inc                                | CUSIP: 68278B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    850000 | NS      | $20272500.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Palvella Therapeutics Inc                    | Palvella Therapeutics Inc                    | CUSIP: 697947109<br>LEI: 254900AJDH8PAOOI5T33 | Long             | EC               | CORP              | US        |     35380 | NS      | $1294200.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In               | Pinnacle Financial Partners Inc              | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     60000 | NS      | $5273400.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                           | Planet Fitness Inc                           | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    350000 | NS      | $38216500.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                              | Q2 Holdings Inc                              | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    335000 | NS      | $27202000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA REGULUS THERAPE                       | CONTRA REGULUS THERAPE                       | CUSIP: 759CVR012<br>LEI: N/A                  | N/A              | DE               |  | US        |  14729500 | NS      | $17086220.00  | 0.51%             |  |  |  | No            |                  3 | On Loan: No      |
| Reservoir Media Inc                          | Reservoir Media Inc                          | CUSIP: 76119X105<br>LEI: 549300PHPDQ9M9QSNU18 | Long             | EC               | CORP              | US        |    494611 | NS      | $3927211.34   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rezolute Inc                                 | Rezolute Inc                                 | CUSIP: 76200L309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4345860 | NS      | $25857867.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals Inc                   | Rhythm Pharmaceuticals Inc                   | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    758000 | NS      | $64604340.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc             | Ryman Hospitality Properties Inc             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |    445000 | NS      | $42301700.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                    | Scholar Rock Holding Corp                    | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    328800 | NS      | $12182040.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                              | SentinelOne Inc                              | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |   1726800 | NS      | $31669512.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc                 | Slide Insurance Holdings Inc                 | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    100000 | NS      | $1880000.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiverr International Ltd                     | Fiverr International Ltd                     | CUSIP: 000000000<br>LEI: 549300Z8OREY6THCPF67 | Long             | EC               | CORP              | IL        |    740000 | NS      | $16339200.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith Douglas Homes Corp                     | Smith Douglas Homes Corp                     | CUSIP: 83207R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    527300 | NS      | $9934332.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                  | Starwood Property Trust Inc                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    100000 | NS      | $1946000.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                    | Toast Inc                                    | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    308000 | NS      | $15042720.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                | Ultragenyx Pharmaceutical Inc                | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    195600 | NS      | $5343792.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                            | Veeva Systems Inc                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     70600 | NS      | $20064520.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                            | Verona Pharma PLC                            | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    656000 | NS      | $68939040.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                   | Vertex Inc                                   | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    265000 | NS      | $8790050.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Technologies Inc                     | Voyager Technologies Inc                     | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    391000 | NS      | $15647820.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| CEQUR SA                                     | FED HERMES KAUFMANN SM CAP CEQUR SA          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |   2178049 | NS      | $10957126.99  | 0.33%             |  |  |  | No            |                  3 | On Loan: No      |
| SCYNEXIS INC WARRANTS                        | SCYNEXIS INC WARRANTS                        | CUSIP: 000000000<br>LEI: 529900XBHFGMNTU70154 | N/A              | DE               |  | US        |    165355 | NS      | $23232.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA AKOUOS INC                            | CONTRA AKOUOS INC                            | CUSIP: 009CVR036<br>LEI: N/A                  | N/A              | DE               |  | US        |   1950000 | NS      | $1025700.00   | 0.03%             |  |  |  | No            |                  3 | On Loan: —       |
| Ares Management Corp                         | Ares Management Corp                         | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    370000 | NS      | $68646100.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                         | Lamar Advertising Co                         | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |    205000 | NS      | $25061250.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                | Maplebear Inc                                | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    450000 | NS      | $21586500.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                               | Cava Group Inc                               | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    378700 | NS      | $33329387.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                     | Chefs' Warehouse Inc/The                     | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    662700 | NS      | $45434712.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        | 100752517 | NS      | $100752516.85 | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                   | Natera Inc                                   | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142800 | NS      | $19086648.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                      | Comfort Systems USA Inc                      | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    131300 | NS      | $92343290.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | Duolingo Inc                                 | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $34655000.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                          | Eagle Materials Inc                          | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    102900 | NS      | $23079441.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc               | First Financial Bankshares Inc               | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |    175000 | NS      | $6058500.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding               | Ollie's Bargain Outlet Holdings Inc          | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     80000 | NS      | $10930400.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                | Pinterest Inc                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $11580000.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                        | Powell Industries Inc                        | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |    101800 | NS      | $24136780.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                     | PROCEPT BioRobotics Corp                     | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    239000 | NS      | $11593890.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                             | SPS Commerce Inc                             | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |    100000 | NS      | $10886500.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SCYNEXIS Inc                                 | SCYNEXIS Inc                                 | CUSIP: 811292200<br>LEI: 529900XBHFGMNTU70154 | Long             | EC               | CORP              | US        |   2430101 | NS      | $1677012.70   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| MINERVA NEUROSCIENCES INC PIPE               | MINERVA NEUROSCIENCES INC PIPE               | CUSIP: 000000000<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |     70950 | NS      | $136224.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERVA NEUROSCIENCES INC                    | MINERVA NEUROSCIENCES INC                    | CUSIP: 000000000<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |    162100 | NS      | $311232.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                  | Shopify Inc                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    343000 | NS      | $41918030.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                                  | SiTime Corp                                  | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $20285000.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc                         | Limbach Holdings Inc                         | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     56200 | NS      | $7699400.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                            | Loar Holdings Inc                            | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    559920 | NS      | $41383687.20  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerva Neurosciences Inc                    | Minerva Neurosciences Inc                    | CUSIP: 603380205<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |    534050 | NS      | $1025376.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                  | MoonLake Immunotherapeutics                  | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    503000 | NS      | $25371320.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                               | NEXTracker Inc                               | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273000 | NS      | $15904980.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                   | Pinnacle West Capital Corp                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |    154700 | NS      | $14018914.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                   | Rubrik Inc                                   | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |    725500 | NS      | $68886225.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                             | Standardaero Inc                             | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1321733 | NS      | $37735477.15  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                          | Texas Roadhouse Inc                          | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     71800 | NS      | $13292334.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                       | Tyler Technologies Inc                       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     37000 | NS      | $21628720.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIL BIOMEDICINES,INC.                       | SAIL BIOMEDICINES,INC.                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    188702 | NS      | $4392567.42   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| UL Solutions Inc                             | UL Solutions Inc                             | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |    657200 | NS      | $48054464.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ZENAS BIOPHARMA INC                          | ZENAS BIOPHARMA INC                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151443 | NS      | $2379169.53   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                      | XPO Logistics Inc                            | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    274300 | NS      | $32995547.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                    | Xenon Pharmaceuticals Inc                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |    232500 | NS      | $7100550.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zenas Biopharma Inc                          | Zenas Biopharma Inc                          | CUSIP: 98937L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    742676 | NS      | $11667439.96  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| SCYNEXIS INC WARRANT                         | SCYNEXIS INC WARRANT EXP 01/01/2099          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |   1441000 | NS      | $994434.10    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| REZOLUTE INC                                 | REZOLUTE INC                                 | CUSIP: 000000000<br>LEI: 549300T05L48T72P2G08 | N/A              | DE               |  | US        |   1685800 | NS      | $10030510.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                       | UCB SA                                       | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     18500 | NS      | $3948763.59   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd                          | Viking Holdings Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    760000 | NS      | $44627200.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                          | Accelerant Holdings                          | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |    300000 | NS      | $8262000.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                     | Merus NV                                     | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    640000 | NS      | $42393600.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | Wingstop Inc                                 | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    172000 | NS      | $64902480.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| REZOLUTE INC WARRANT                         | REZOLUTE INC   WARRANT STRIKE PRICE 0.39     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    193334 | NS      | $220400.76    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QXO                                          | QXO                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1430000 | NS      | $28685800.00  | 0.86%             |  |  |  | No            |                  3 | On Loan: No      |
| REZOLUTE, INC                                | REZOLUTE, INC                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    839900 | NS      | $4997405.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                 | Xylem Inc/NY                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |    281000 | NS      | $40638220.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                            | YETI Holdings Inc                            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    476700 | NS      | $17513958.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| REZOLUTE, INC                                | REZOLUTE, INC                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     64800 | NS      | $385560.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REZOLUTE                                     | REZOLUTE                                     | CUSIP: 000000000<br>LEI: 549300T05L48T72P2G08 | N/A              | DE               |  | US        |    533000 | NS      | $3171350.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                          | Sportradar Holding AG                        | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |   1600000 | NS      | $47312000.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                            | Camtek Ltd/Israel                            | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |    610000 | NS      | $57431500.00  | 1.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Kestra Medical Technologies Ltd              | Kestra Medical Technologies Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $6600000.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| On Holding AG                                | On Holding AG                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    703400 | NS      | $34164138.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                  | Wix.com Ltd                                  | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |    150000 | NS      | $20404500.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler SpA                                  | Moncler SpA                                  | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |    260900 | NS      | $13887510.39  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Birkenstock Holding Plc                      | Birkenstock Holding Plc                      | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    600000 | NS      | $30054000.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                            | FTAI Aviation Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    171200 | NS      | $23558832.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                    | Argenx SE                                    | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |    235018 | NS      | $157205019.90 | 4.71%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV               | BE Semiconductor Industries NV               | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |    186800 | NS      | $25165868.65  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Elastic NV                                   | Elastic NV                                   | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |    470200 | NS      | $39355740.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                        | CyberArk Software Ltd                        | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |    174500 | NS      | $71801515.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Etoro Group Ltd                              | Etoro Group Ltd                              | CUSIP: 000000000<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | VG        |    200000 | NS      | $11992000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Federated Hermes Equity Funds

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Equity Funds

**Title:** Chief Compliance Officer