# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0001193125-25-212441
**Filing Date:** 2025-9
**Character Count:** 90921
**Document Hash:** 9e52b54ffd6147a00263da773e5c4457
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-212441.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001193125-25-212441

**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:** 251331909

**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 Fund (Series ID: S000009729)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026729 | Class A Shares       | KAUAX           |
| C000026731 | Class C Shares       | KAUCX           |
| C000026732 | Class R Shares       | KAUFX           |
| C000176447 | Institutional Shares | KAUIX           |
| C000188311 | Class T Shares       |  |

## Nport-Ex

Federated Hermes Kaufmann Fund

Portfolio of Investments

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—97.0% |  |
|  | **Communication Services—2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34128 | Meta Platforms, Inc. | &nbsp;&nbsp; $26395960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000<br><sup>1</sup> <br>| Spotify Technology S.A. | &nbsp;&nbsp; 65786700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| Trade Desk, Inc./The | &nbsp;&nbsp; 26088000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 118270660 |
|  | **Consumer Discretionary—12.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130800<br><sup>1</sup> <br>| Airbnb, Inc. | &nbsp;&nbsp; 17319228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000<br><sup>1</sup> <br>| Amazon.com, Inc. | &nbsp;&nbsp; 86620700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647300<br><sup>1</sup> <br>| Birkenstock Holding PLC | &nbsp;&nbsp; 32423257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149700<br><sup>1,2</sup> <br>| Cava Group, Inc. | &nbsp;&nbsp; 13175097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645700<br><sup>1</sup> <br>| Chipotle Mexican Grill, Inc. | &nbsp;&nbsp; 27687616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000<br><sup>1</sup> <br>| DoorDash, Inc. | &nbsp;&nbsp; 43793750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000<br><sup>1</sup> <br>| DraftKings, Inc. | &nbsp;&nbsp; 40536000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000<br><sup>1</sup> <br>| Duolingo, Inc. | &nbsp;&nbsp; 10396500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000<br><sup>1</sup> <br>| Floor & Decor Holdings, Inc. | &nbsp;&nbsp; 13795200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000<br><sup>1</sup> <br>| Mercadolibre, Inc. | &nbsp;&nbsp; 35608350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327400 | Moncler SpA | &nbsp;&nbsp; 17427255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000<br><sup>1</sup> <br>| On Holding AG | &nbsp;&nbsp; 23313600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Planet Fitness, Inc. | &nbsp;&nbsp; 21838000 |
| &nbsp;&nbsp;&nbsp; 1600000<br><sup>1</sup> <br>| Sportradar Group AG | &nbsp;&nbsp; 47312000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99300 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 18383409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264200 | TJX Cos., Inc. | &nbsp;&nbsp; 32900826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972000<br><sup>1</sup> <br>| Viking Holdings Ltd. | &nbsp;&nbsp; 57075840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259700 | Wingstop, Inc. | &nbsp;&nbsp; 97995198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 637601826 |
|  | **Consumer Staples—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58400 | Costco Wholesale Corp. | &nbsp;&nbsp; 54874976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Maplebear, Inc. | &nbsp;&nbsp; 9594000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Philip Morris International, Inc. | &nbsp;&nbsp; 65620000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 130088976 |
|  | **Energy—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132100 | Cheniere Energy, Inc. | &nbsp;&nbsp; 31159748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155700 | Targa Resources, Inc. | &nbsp;&nbsp; 25910037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57069785 |
|  | **Financials—8.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | Apollo Global Management, Inc. | &nbsp;&nbsp; 77019600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | BlackRock, Inc. | &nbsp;&nbsp; 33180300 |
| &nbsp;&nbsp;&nbsp; 4500000<br><sup>1</sup> <br>| Blue Owl Capital, Inc. | &nbsp;&nbsp; 87075000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468188<br><sup>1</sup> <br>| Chime Financial, Inc. | &nbsp;&nbsp; 16110349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br><sup>1,3,4</sup> <br>| FA Private Equity Fund IV LP | &nbsp;&nbsp; 18639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hamilton Lane, Inc. | &nbsp;&nbsp; 76150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56800 | JPMorgan Chase & Co. | &nbsp;&nbsp; 16826432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | MSCI, Inc., Class A | &nbsp;&nbsp; 22454400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | S&P Global, Inc. | &nbsp;&nbsp; 55110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>1</sup> <br>| Toast, Inc. | &nbsp;&nbsp; 24420000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 408364720 |
|  | **Health Care—20.8%** |  |
| &nbsp;&nbsp;&nbsp; 2000000<br><sup>1,3</sup> <br>| Albireo Pharma CVR, Rights | &nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp;&nbsp; 2435880<br><sup>1</sup> <br>| Arcturus Therapeutics Holdings, Inc. | &nbsp;&nbsp; 29742095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239625<br><sup>1</sup> <br>| Argenx SE | &nbsp;&nbsp; 160286671 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp; 5480011<br><sup>1,2,3</sup> <br>| AstraZeneca PLC, Rights | &nbsp;&nbsp; $3014006 |
| &nbsp;&nbsp;&nbsp; 7850000<br><sup>1,2</sup> <br>| aTyr Pharma, Inc. | &nbsp;&nbsp; 37052000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617000<br><sup>1</sup> <br>| Boston Scientific Corp. | &nbsp;&nbsp; 64735640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820500<br><sup>1</sup> <br>| Centessa Pharmaceuticals Ltd., ADR | &nbsp;&nbsp; 14087985 |
| &nbsp;&nbsp;&nbsp; 1942492<br><sup>1,3</sup> <br>| Contra Akouos, Inc., Rights | &nbsp;&nbsp; 1021751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25700 | Eli Lilly & Co. | &nbsp;&nbsp; 19019799 |
| &nbsp;&nbsp;&nbsp; 2038487<br><sup>1</sup> <br>| EyePoint Pharmaceuticals, Inc. | &nbsp;&nbsp; 20017942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680466<br><sup>1</sup> <br>| Forte Biosciences, Inc. | &nbsp;&nbsp; 6791051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720349<br><sup>1</sup> <br>| Guardant Health, Inc. | &nbsp;&nbsp; 29519902 |
| &nbsp;&nbsp;&nbsp; 2702026<br><sup>1</sup> <br>| IDEAYA Biosciences, Inc. | &nbsp;&nbsp; 65794333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121100<br><sup>1</sup> <br>| Inspire Medical Systems, Inc. | &nbsp;&nbsp; 15081794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198500<br><sup>1</sup> <br>| Insulet Corp. | &nbsp;&nbsp; 57247400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114200<br><sup>1</sup> <br>| Intuitive Surgical, Inc. | &nbsp;&nbsp; 54940478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283500<br><sup>1</sup> <br>| Kymera Therapeutics, Inc. | &nbsp;&nbsp; 12403125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br><sup>1,3,4</sup> <br>| Latin Healthcare Fund LP | &nbsp;&nbsp; 225149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513700<br><sup>1</sup> <br>| Legend Biotech Corp., ADR | &nbsp;&nbsp; 20070259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593000<br><sup>1</sup> <br>| Merus NV | &nbsp;&nbsp; 39280320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000<br><sup>1</sup> <br>| Minerva Neurosciences, Inc. | &nbsp;&nbsp; 1392000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000<br><sup>1</sup> <br>| Moonlake Immunotherapeutics | &nbsp;&nbsp; 33542600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360300<br><sup>1</sup> <br>| Natera, Inc. | &nbsp;&nbsp; 48157698 |
| &nbsp;&nbsp; 16264400<br><sup>1,3</sup> <br>| Novartis AG, Rights | &nbsp;&nbsp; 18866704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000<br><sup>1</sup> <br>| Pieris Pharmaceuticals, Inc. | &nbsp;&nbsp; 2377700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278300<br><sup>1</sup> <br>| PROCEPT BioRobotics Corp. | &nbsp;&nbsp; 13500333 |
| &nbsp;&nbsp;&nbsp; 5979000<br><sup>1,2</sup> <br>| Rezolute, Inc. | &nbsp;&nbsp; 35575050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756300<br><sup>1</sup> <br>| Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp; 64459449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164133<br><sup>1,3,4</sup> <br>| Sail Biomedicines, Inc. | &nbsp;&nbsp; 3820655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329900<br><sup>1</sup> <br>| Scholar Rock Holding Corp. | &nbsp;&nbsp; 12222795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453887<br><sup>1,2</sup> <br>| Scynexis, Inc. | &nbsp;&nbsp; 313228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959018<br><sup>1,3</sup> <br>| Soteira, Inc. | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000<br><sup>1</sup> <br>| Structure Therapeutics, Inc., ADR | &nbsp;&nbsp; 8010000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110700 | Stryker Corp. | &nbsp;&nbsp; 43475211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27300 | UCB S.A. | &nbsp;&nbsp; 5827094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292400<br><sup>1</sup> <br>| Ultragenyx Pharmaceutical, Inc. | &nbsp;&nbsp; 7988368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000<br><sup>1</sup> <br>| Veeva Systems, Inc. | &nbsp;&nbsp; 29841000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270200<br><sup>1</sup> <br>| Vericel Corp. | &nbsp;&nbsp; 9440788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476800<br><sup>1</sup> <br>| Verona Pharma PLC, ADR | &nbsp;&nbsp; 50106912 |
| &nbsp;&nbsp;&nbsp; 1267222<br><sup>1,2</sup> <br>| Zenas Biopharma, Inc. | &nbsp;&nbsp; 19908058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 1063457343 |
|  | **Industrials—20.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83900<br><sup>1</sup> <br>| Axon Enterprise, Inc. | &nbsp;&nbsp; 63385611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89100 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 62664030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | Eaton Corp. PLC | &nbsp;&nbsp; 98103600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347700 | GE Aerospace | &nbsp;&nbsp; 94254516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177300<br><sup>1</sup> <br>| GE Vernova, Inc. | &nbsp;&nbsp; 117069417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316600 | HEICO Corp. | &nbsp;&nbsp; 103464880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72500 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 13033325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706600<br><sup>1</sup> <br>| Loar Holdings, Inc. | &nbsp;&nbsp; 52224806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379500 | Quanta Services, Inc. | &nbsp;&nbsp; 154126335 |
| &nbsp;&nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| StandardAero, Inc. | &nbsp;&nbsp; 42825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198300 | Trane Technologies PLC | &nbsp;&nbsp; 86871264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000<br><sup>1</sup> <br>| Uber Technologies, Inc. | &nbsp;&nbsp; 42120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Veralto Corp. | &nbsp;&nbsp; 52939150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310400 | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 59612320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 1042694254 |

---

**2**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Information Technology—21.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000<br><sup>1</sup> <br>| AppLovin Corp. | &nbsp;&nbsp; $9767500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136300<br><sup>1</sup> <br>| Commvault Systems, Inc. | &nbsp;&nbsp; 25890185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127500<br><sup>1</sup> <br>| Crowdstrike Holdings, Inc. | &nbsp;&nbsp; 57957675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108700<br><sup>1</sup> <br>| CyberArk Software Ltd. | &nbsp;&nbsp; 44726789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313600<br><sup>1</sup> <br>| Datadog, Inc. | &nbsp;&nbsp; 43897728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648200<br><sup>1</sup> <br>| Elastic N.V. | &nbsp;&nbsp; 54254340 |
| &nbsp;&nbsp;&nbsp; 1059322<br><sup>1,3,4</sup> <br>| Expand Networks Ltd. | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68108<br><sup>1</sup> <br>| Figma, Inc. | &nbsp;&nbsp; 7866474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000<br><sup>1</sup> <br>| Gartner, Inc., Class A | &nbsp;&nbsp; 6773000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23800<br><sup>1</sup> <br>| HubSpot, Inc. | &nbsp;&nbsp; 12367670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000<br><sup>1</sup> <br>| Impinj, Inc. | &nbsp;&nbsp; 772900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000 | KLA Corp. | &nbsp;&nbsp; 29887020 |
| &nbsp;&nbsp;&nbsp; 1506600<br><sup>1</sup> <br>| Klaviyo, Inc. | &nbsp;&nbsp; 46855260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144700 | Micron Technology, Inc. | &nbsp;&nbsp; 15792558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110800 | Microsoft Corp. | &nbsp;&nbsp; 59111800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114000<br><sup>1</sup> <br>| MongoDB, Inc. | &nbsp;&nbsp; 27119460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Motorola Solutions, Inc. | &nbsp;&nbsp; 35118400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | NVIDIA Corp. | &nbsp;&nbsp; 71148000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000<br><sup>1</sup> <br>| Palantir Technologies, Inc. | &nbsp;&nbsp; 15835000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000<br><sup>1</sup> <br>| Q2 Holdings, Inc. | &nbsp;&nbsp; 22330000 |
| &nbsp;&nbsp;&nbsp; 1700000<br><sup>1</sup> <br>| QXO, Inc. | &nbsp;&nbsp; 34102000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468400<br><sup>1</sup> <br>| Rubrik, Inc. | &nbsp;&nbsp; 44474580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168000 | Salesforce, Inc. | &nbsp;&nbsp; 43399440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3751<br><sup>1,3,4</sup> <br>| Sensable Technologies, Inc. | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; 1790200<br><sup>1</sup> <br>| SentinelOne, Inc. | &nbsp;&nbsp; 32832268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000<br><sup>1</sup> <br>| ServiceNow, Inc. | &nbsp;&nbsp; 70734000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000<br><sup>1</sup> <br>| Shopify, Inc. | &nbsp;&nbsp; 89824350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213000<br><sup>1</sup> <br>| Snowflake, Inc. | &nbsp;&nbsp; 47605500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196900 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 47574978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87100<br><sup>1</sup> <br>| Tyler Technologies, Inc. | &nbsp;&nbsp; 50915176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000<br><sup>1</sup> <br>| Vertex, Inc. | &nbsp;&nbsp; 9951000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Wix.com Ltd. | &nbsp;&nbsp; 27206000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 1086091051 |
|  | **Materials—3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 74616000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76300 | Eagle Materials, Inc. | &nbsp;&nbsp; 17113327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36900 | Martin Marietta Materials | &nbsp;&nbsp; 21213072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125150 | Sherwin-Williams Co. | &nbsp;&nbsp; 41409632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 154352031 |
|  | **Real Estate—3.2%** |  |
| &nbsp;&nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| CoStar Group, Inc. | &nbsp;&nbsp; 95190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 13674000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Healthpeak Properties, Inc. | &nbsp;&nbsp; 8470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 19012000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | VICI Properties, Inc. | &nbsp;&nbsp; 29829000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 166175000 |
|  | **Utilities—2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | American Electric Power Co., Inc. | &nbsp;&nbsp; 22628000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Duke Energy Corp. | &nbsp;&nbsp; 24328000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | NextEra Energy, Inc. | &nbsp;&nbsp; 28424000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118900 | Vistra Corp. | &nbsp;&nbsp; 24795406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 100175406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $2,727,655,690)<br>| &nbsp;&nbsp; 4964341052 |

---

**3**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | PREFERRED STOCKS—0.2% |  |
|  | **Health Care—0.2%** |  |
| &nbsp;&nbsp;&nbsp; 2118042<br><sup>3,4</sup> <br>| CeQur S.A. | &nbsp;&nbsp; $10655250 |
|  | **Information Technology—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679348<br><sup>1,3,4</sup> <br>| Multiplex, Inc., Pfd., Series C | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCKS <br>(IDENTIFIED COST $16,343,052)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10655250 |
|  | WARRANTS—0.6% |  |
|  | **Health Care—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183000<br><sup>1</sup> <br>| Minerva Neurosciences, Inc., Warrants 12/31/2099 | &nbsp;&nbsp; 351360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200970<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 10/8/2027 | &nbsp;&nbsp; 229106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56800<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 1/1/2099 | &nbsp;&nbsp; 337960 |
| &nbsp;&nbsp;&nbsp; 2154000<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 4/30/2099 | &nbsp;&nbsp; 12816300 |
| &nbsp;&nbsp;&nbsp; 1010000<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 6/24/2099 | &nbsp;&nbsp; 6009500 |
| &nbsp;&nbsp;&nbsp; 1690301<br><sup>1</sup> <br>| Rezolute, Inc., Warrants 12/31/2099 | &nbsp;&nbsp; 10057291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167251<br><sup>1</sup> <br>| Scynexis, Inc., Warrants 4/26/2029 | &nbsp;&nbsp; 23499 |
| &nbsp;&nbsp;&nbsp; 1706000<br><sup>1</sup> <br>| Scynexis, Inc., Warrants 1/1/2099 | &nbsp;&nbsp; 1177310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WARRANTS <br>(IDENTIFIED COST $30,316,386)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31002326 |
|  | INVESTMENT COMPANY—2.9% |  |
| 146466702 | Federated Hermes Government Obligations Fund, Premier Shares, 4.24%<sup>5</sup> <br>(IDENTIFIED COST $146,466,702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146466702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.7% <br>(IDENTIFIED COST $2,920,781,830)<br>| &nbsp;&nbsp; 5152465330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.7)%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (33897233) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $5118568097 |

---

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>|
| **Health Care:** |  |  |  |  |  |  |  |  |
| Arcturus Therapeutics Holdings, Inc. | $43188152 | $— | $— | $(13446057) | $— | $29742095 | &nbsp;&nbsp; 2435880 | $— |
| aTyr Pharma, Inc. | $24492000 | $— | $— | $12560000 | $— | $37052000 | &nbsp;&nbsp; 7850000 | $— |
| EyePoint Pharmaceuticals, Inc. | $23972607 | $— | $— | $(3954665) | $— | $20017942 | &nbsp;&nbsp; 2038487 | $— |
| Forte Biosciences, Inc. | $— | $7960356 | $— | $(1169305) | $— | $6791051 | &nbsp;&nbsp;&nbsp;&nbsp; 680466 | $— |
| IDEAYA Biosciences, Inc. | $74457482 | $1794348 | $— | $(10457497) | $— | $65794333 | &nbsp;&nbsp; 2702026 | $— |
| Minerva Neurosciences, Inc. | $1736375 | $— | $— | $(344375) | $— | $1392000 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | $— |
| Minerva Neurosciences, Inc., Warrants <br> 12/31/2099<br>| $438285 | $— | $— | $(86925) | $— | $351360 | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | $— |
| Rezolute, Inc. | $20961000 | $7000500 | $— | $7613550 | $— | $35575050 | &nbsp;&nbsp; 5979000 | $— |
| Rezolute, Inc., Warrants 10/8/2027 | $310840 | $— | $— | $(81734) | $— | $229106 | &nbsp;&nbsp;&nbsp;&nbsp; 200970 | $— |
| Rezolute, Inc., Warrants 1/1/2099 | $311264 | $— | $— | $26696 | $— | $337960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56800 | $— |
| Rezolute, Inc., Warrants 4/30/2099 | $— | $6998346 | $— | $5817954 | $— | $12816300 | &nbsp;&nbsp; 2154000 | $— |
| Rezolute, Inc., Warrants 6/24/2099 | $5534800 | $— | $— | $474700 | $— | $6009500 | &nbsp;&nbsp; 1010000 | $— |
| Rezolute, Inc., Warrants 12/31/2099 | $9262850 | $— | $— | $794441 | $— | $10057291 | &nbsp;&nbsp; 1690301 | $— |
| Scynexis, Inc. | $1145120 | $— | $(415332) | $1593813 | $(2010374) | $313228 | &nbsp;&nbsp;&nbsp;&nbsp; 453887 | $— |
| Scynexis, Inc., Warrants 4/26/2029 | $96169 | $— | $— | $(72670) | $— | $23499 | &nbsp;&nbsp;&nbsp;&nbsp; 167251 | $— |
| Scynexis, Inc., Warrants 1/1/2099 | $2320160 | $— | $— | $(1142849) | $— | $1177310 | &nbsp;&nbsp; 1706000 | $— |
| Soteira, Inc. | $— | $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; 959018 | $— |
| Affiliated issuers no longer in the portfolio <br> at period end<br>| $11389460 | $— | $(63656160) | $2641160 | $49625540 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED COMPANIES <br>TRANSACTIONS<br>| $219616564 | $23753550 | $(64071492) | $766237 | $47615166 | $227680025 | 30992086 | $— |

---

**4**

------

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** <br>**Hermes** <br>**Government** <br>**Obligations** <br>**Fund,** <br>**Premier** <br>**Shares\***<br>|
| Value as of 10/31/2024 | &nbsp;&nbsp; $24022661 |
| Purchases at Cost | &nbsp;&nbsp; $1106858104 |
| Proceeds from Sales | &nbsp;&nbsp; $(984414063) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 7/31/2025 | &nbsp;&nbsp; $146466702 |
| Shares Held as of 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 146466702 |
| Dividend Income | &nbsp;&nbsp; $2680283 |

---

&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>|
| $21459487 | &nbsp;&nbsp; $22081654 |

---

&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 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 $14,719,693,* <br> *which represented 0.3% 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; $11343051 | &nbsp;&nbsp; $10655250 |
| Expand Networks Ltd. | &nbsp;&nbsp; 9/22/2000 | &nbsp;&nbsp; $2500000 | &nbsp;&nbsp; $0 |
| FA Private Equity Fund IV LP | &nbsp;&nbsp;&nbsp; 3/4/2002 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $18639 |
| Latin Healthcare Fund LP | &nbsp;&nbsp; 11/28/2000 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $225149 |
| Multiplex, Inc., Pfd., Series C | &nbsp;&nbsp; 2/22/2001 | &nbsp;&nbsp; $5000001 | &nbsp;&nbsp; $0 |
| Sail Biomedicines, Inc. | &nbsp;&nbsp; 7/28/2021 | &nbsp;&nbsp; $4595724 | &nbsp;&nbsp; $3820655 |
| Sensable Technologies, Inc. | &nbsp;&nbsp; 10/15/2004 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |

---

&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

**5**

------

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 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.

**6**

------

&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; $3835346334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28252898 | &nbsp;&nbsp; $3863599232 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 914186794 | &nbsp;&nbsp; 183541020 | &nbsp;&nbsp;&nbsp; 3014006 | &nbsp;&nbsp; 1100741820 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &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; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &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; 10655250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10655250 |
| **Debt Securities:** |  |  |  |  |
| **Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29572411 | &nbsp;&nbsp;&nbsp;&nbsp; 1429915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31002326 |
| **Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp; 146466702 | &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; 146466702 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $4925572241 | &nbsp;&nbsp; $184970935 | &nbsp;&nbsp; $41922154 | &nbsp;&nbsp; $5152465330 |

---

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

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

**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 Fund

- **b. EDGAR series identifier (if any):** S000009729

- **c. LEI of Series:** Y12J4W1OKXBDT55MIP60

**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:** $5142272387.58

**Total Liabilities:** $26712830.90

**Net Assets:** $5115559556.68

**Cash Not Reported:** $1055958.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026729 | 6.30%                | 4.88%                | 1.66%                |
| Class ID C000026731 | 6.04%                | 4.92%                | 1.48%                |
| Class ID C000026732 | 6.09%                | 5.04%                | 1.49%                |
| Class ID C000176447 | 6.27%                | 4.92%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30987868.36             | $257969303.48                              |
| Month 2  | $157849788.07            | $85339865.15                               |
| Month 3  | $16426788.81             | $63512263.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amazon.com Inc                               | Amazon.com Inc                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    370000 | NS      | $86620700.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                | AppLovin Corp                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     25000 | NS      | $9767500.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcturus Therapeutics Holdings Inc           | Arcturus Therapeutics Holdings Inc                | CUSIP: 03969T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2435880 | NS      | $29742094.80  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                                | Blackrock Inc                                     | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     30000 | NS      | $33180300.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA AKOUOS INC                            | CONTRA AKOUOS INC                                 | CUSIP: 009CVR036<br>LEI: N/A                  | N/A              | DE               |  | US        |   1942492 | NS      | $1021750.79   | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| CONTRA ALBIREO PHARMA                        | CONTRA ALBIREO PHARMA                             | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |   2000000 | NS      | $4300000.00   | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| Cava Group Inc                               | Cava Group Inc                                    | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149700 | NS      | $13175097.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Centessa Pharmaceuticals PLC                 | Centessa Pharmaceuticals PLC                      | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |    820500 | NS      | $14087985.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                      | Comfort Systems USA Inc                           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     89100 | NS      | $62664030.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                        | Costco Wholesale Corp                             | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     58400 | NS      | $54874976.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                       | Agnico Eagle Mines Ltd                            | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    600000 | NS      | $74616000.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                 | Apollo Global Management Inc                      | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    530000 | NS      | $77019600.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| aTyr Pharma Inc                              | aTyr Pharma Inc                                   | CUSIP: 002120202<br>LEI: 529900ENQUXMC5EBKO36 | Long             | EC               | CORP              | US        |   7850000 | NS      | $37052000.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Airbnb Inc                                   | Airbnb Inc                                        | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    150000 | NS      | $19861500.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                          | Axon Enterprise Inc                               | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     83900 | NS      | $63385611.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chime Financial Inc                          | Chime Financial Inc                               | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    468188 | NS      | $16110349.08  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                     | Crowdstrike Holdings Inc                          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    127500 | NS      | $57957675.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                  | Datadog Inc                                       | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    313600 | NS      | $43897728.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                   | Chipotle Mexican Grill Inc                        | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    645700 | NS      | $27687616.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                             | CoStar Group Inc                                  | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $95190000.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                             | Duke Energy Corp                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    200000 | NS      | $24328000.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | Duolingo Inc                                      | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $10396500.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                 | DoorDash Inc                                      | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    180000 | NS      | $45045000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                          | General Electric Co                               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    347700 | NS      | $94254516.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ideaya Biosciences Inc                       | Ideaya Biosciences Inc                            | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |   2702026 | NS      | $65794333.10  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                   | Impinj Inc                                        | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      5000 | NS      | $772900.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                       | Boston Scientific Corp                            | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    617000 | NS      | $64735640.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                          | Cheniere Energy Inc                               | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    132100 | NS      | $31159748.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                        | CommVault Systems Inc                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |    136300 | NS      | $25890185.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                               | DraftKings Inc                                    | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    900000 | NS      | $40536000.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                            | Loar Holdings Inc                                 | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    706600 | NS      | $52224806.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                | Maplebear Inc                                     | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $9594000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc               | American Electric Power Co Inc                    | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    200000 | NS      | $22628000.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund      | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        | 124385048 | NS      | $124385048.08 | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Palvella Therapeutics Inc                    | Palvella Therapeutics Inc                         | CUSIP: 697947109<br>LEI: 254900AJDH8PAOOI5T33 | Long             | EC               | CORP              | US        |     53111 | NS      | $1942800.38   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SCYNEXIS INC WARRANTS                        | SCYNEXIS INC WARRANTS                             | CUSIP: 000000000<br>LEI: 529900XBHFGMNTU70154 | N/A              | DE               |  | US        |    167251 | NS      | $23498.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REZOLUTE                                     | REZOLUTE                                          | CUSIP: 000000000<br>LEI: 549300T05L48T72P2G08 | N/A              | DE               |  | US        |   2154000 | NS      | $12816300.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                          | Sportradar Holding AG                             | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |   1600000 | NS      | $47312000.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                  | Wix.com Ltd                                       | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |    200000 | NS      | $27206000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                      | Birkenstock Holding Plc                           | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    647300 | NS      | $32423257.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Pharmaceuticals Inc                 | EyePoint Pharmaceuticals Inc                      | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |   2038487 | NS      | $20017942.34  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                     | KLA Corp                                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     34000 | NS      | $29887020.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                          | Eagle Materials Inc                               | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     76300 | NS      | $17113327.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Networks Ltd                          | EXPAND NETWORKS LTD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1059322 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Martin Marietta Materials Inc                | Martin Marietta Materials Inc                     | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     36900 | NS      | $21213072.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                             | MercadoLibre Inc                                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     15000 | NS      | $35608350.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                       | Motorola Solutions Inc                            | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     80000 | NS      | $35118400.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                  | NVIDIA Corp                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    400000 | NS      | $71148000.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                   | Floor & Decor Holdings Inc                        | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    180000 | NS      | $13795200.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Forte Biosciences Inc                        | Forte Biosciences Inc                             | CUSIP: 34962G208<br>LEI: 529900Z84WFDHPS3JP76 | Long             | EC               | CORP              | US        |    674140 | NS      | $6727917.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                        | Micron Technology Inc                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    144700 | NS      | $15792558.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                  | MoonLake Immunotherapeutics                       | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    665000 | NS      | $33542600.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     34128 | NS      | $26395960.32  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                               | GE Vernova Inc                                    | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |    181200 | NS      | $119644548.00 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA FUSION PHARMACE                       | CONTRA FUSION PHARMACE                            | CUSIP: 361CVR012<br>LEI: N/A                  | N/A              | DE               |  | CA        |   5480011 | NS      | $3014006.05   | 0.06%             |  |  |  | No            |                  3 | On Loan: —       |
| Gaming and Leisure Properties                | Gaming and Leisure Properties Inc                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    300000 | NS      | $13674000.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                           | Planet Fitness Inc                                | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    200000 | NS      | $21838000.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensable Technologies Inc                    | SENSABLE TECHNOLOGIES INC RESTRICTED SHARES       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3751 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BLUE OWL CAPITAL                             | BLUE OWL CAPITAL PIPE DEAL                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4500000 | NS      | $87075000.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| REZOLUTE, INC                                | REZOLUTE, INC                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     56800 | NS      | $337960.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                               | Eaton Corp PLC                                    | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |    255000 | NS      | $98103600.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                        | Spotify Technology SA                             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |    105000 | NS      | $65786700.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                            | Hamilton Lane Inc                                 | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |    500000 | NS      | $76150000.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                    | Healthpeak Properties Inc                         | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    500000 | NS      | $8470000.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                  | Gartner Inc                                       | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     20000 | NS      | $6773000.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                          | Guardant Health Inc                               | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    708500 | NS      | $29034330.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                   | HEICO Corp                                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    316600 | NS      | $103464880.00 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FA PRIVATE EQUITY FUND JV, LP                | FA PRIVATE EQUITY FUND JV, LP                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |         1 | NS      | $18639.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Insulet Corp                                 | Insulet Corp                                      | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |    198500 | NS      | $57247400.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                       | Intuitive Surgical Inc                            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    114200 | NS      | $54940478.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                         | Howmet Aerospace Inc                              | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     72500 | NS      | $13033325.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                  | HubSpot Inc                                       | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     23800 | NS      | $12367670.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                   | Rhythm Pharmaceuticals Inc                        | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    756300 | NS      | $64459449.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                   | Rubrik Inc                                        | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |    468400 | NS      | $44474580.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                  | Inspire Medical Systems Inc                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    121100 | NS      | $15081794.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     56800 | NS      | $16826432.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                          | Legend Biotech Corp                               | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |    513700 | NS      | $20070259.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                               | ELI LILLY & CO                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     25700 | NS      | $19019799.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                  | MongoDB Inc                                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     72884 | NS      | $17338374.76  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                           | NextEra Energy Inc                                | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    400000 | NS      | $28424000.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                               | S&P Global Inc                                    | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    100000 | NS      | $55110000.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                      | Sherwin-Williams Co/The                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    125150 | NS      | $41409632.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MULTIPLEX INC SERIES C CV PRE                | MULTIPLEX INC SERIES C CV PRE PRIVATE PLACEMENT   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    679348 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Philip Morris International In               | Philip Morris International Inc                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    400000 | NS      | $65620000.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                  | Shopify Inc                                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    735000 | NS      | $89824350.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                   | Structure Therapeutics Inc                        | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    450000 | NS      | $8010000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                              | Q2 Holdings Inc                                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    275000 | NS      | $22330000.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                          | Quanta Services Inc                               | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    379500 | NS      | $154126335.00 | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rezolute Inc                                 | Rezolute Inc                                      | CUSIP: 76200L309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5979000 | NS      | $35575050.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Ryman Hospitality Properties Inc             | Ryman Hospitality Properties Inc                  | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |    200000 | NS      | $19012000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                               | salesforce.com Inc                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    168000 | NS      | $43399440.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SCYNEXIS Inc                                 | SCYNEXIS Inc                                      | CUSIP: 811292200<br>LEI: 529900XBHFGMNTU70154 | Long             | EC               | CORP              | US        |    453887 | NS      | $313227.42    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| TJX Cos Inc/The                              | TJX Cos Inc/The                                   | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    264200 | NS      | $32900826.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                          | Texas Roadhouse Inc                               | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     99300 | NS      | $18383409.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies Inc                             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    480000 | NS      | $42120000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                | Ultragenyx Pharmaceutical Inc                     | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    292400 | NS      | $7988368.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                              | SentinelOne Inc                                   | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |   1790200 | NS      | $32832268.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                               | ServiceNow Inc                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     75000 | NS      | $70734000.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                  | Klaviyo Inc                                       | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1506600 | NS      | $46855260.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                      | Kymera Therapeutics Inc                           | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    283500 | NS      | $12403125.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                 | Veralto Corp                                      | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    505000 | NS      | $52939150.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                 | Vericel Corp                                      | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    270200 | NS      | $9440788.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                  | Vistra Corp                                       | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    118900 | NS      | $24795406.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol               | Wabtec Corp/DE                                    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |    310400 | NS      | $59612320.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERVA NEUROSCIENCES INC PIPE               | MINERVA NEUROSCIENCES INC PIPE                    | CUSIP: 000000000<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |     75000 | NS      | $144000.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REZOLUTE, INC                                | REZOLUTE, INC                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |   1010000 | NS      | $6009500.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                | Snowflake Inc                                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    213000 | NS      | $47605500.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTEIRA INC                                  | SOTEIRA INC COM                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    959018 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LATIN HEALTHCARE FD                          | LATIN HEALTHCARE FD PRIVATE PLACE SEALED ENVELOPE | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $225149.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MSCI Inc                                     | MSCI Inc                                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     40000 | NS      | $22454400.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                               | Microsoft Corp                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    110800 | NS      | $59111800.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerva Neurosciences Inc                    | Minerva Neurosciences Inc                         | CUSIP: 603380205<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |    650000 | NS      | $1248000.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                             | Standardaero Inc                                  | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1500000 | NS      | $42825000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                 | Stryker Corp                                      | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    110700 | NS      | $43475211.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                   | Natera Inc                                        | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    360300 | NS      | $48157698.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                    | Palantir Technologies Inc                         | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    100000 | NS      | $15835000.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                    | Toast Inc                                         | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    500000 | NS      | $24420000.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIL BIOMEDICINES,INC.                       | SAIL BIOMEDICINES,INC.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    164133 | NS      | $3820655.15   | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| PROCEPT BioRobotics Corp                     | PROCEPT BioRobotics Corp                          | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    278300 | NS      | $13500333.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA REGULUS THERAPE                       | CONTRA REGULUS THERAPE                            | CUSIP: 759CVR012<br>LEI: N/A                  | N/A              | DE               |  | US        |  16264400 | NS      | $18866704.00  | 0.37%             |  |  |  | No            |                  3 | On Loan: No      |
| MINERVA NEUROSCIENCES INC                    | MINERVA NEUROSCIENCES INC                         | CUSIP: 000000000<br>LEI: 54930017PANCHC5LYH79 | Long             | EC               | CORP              | US        |    183000 | NS      | $351360.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | Wingstop Inc                                      | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    259700 | NS      | $97995198.00  | 1.92%             |  |  |  | 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        |    200970 | NS      | $229105.80    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                       | UCB SA                                            | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     27300 | NS      | $5827094.37   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd                          | Viking Holdings Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    972000 | NS      | $57075840.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                     | Merus NV                                          | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    593000 | NS      | $39280320.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                | On Holding AG                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    480000 | NS      | $23313600.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                    | Scholar Rock Holding Corp                         | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    329900 | NS      | $12222795.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                         | Taiwan Semiconductor Manufacturing Co Ltd         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    196900 | NS      | $47574978.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                         | Targa Resources Corp                              | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    155700 | NS      | $25910037.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                           | Trade Desk Inc/The                                | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    300000 | NS      | $26088000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                       | Tyler Technologies Inc                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     87100 | NS      | $50915176.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                            | Veeva Systems Inc                                 | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    105000 | NS      | $29841000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                            | Verona Pharma PLC                                 | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    476800 | NS      | $50106912.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                   | Vertex Inc                                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    300000 | NS      | $9951000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                          | VICI Properties Inc                               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    915000 | NS      | $29829000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CEQUR SA                                     | FED HERMES KAUFMANN SM CAP CEQUR SA               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |   2118042 | NS      | $10655249.34  | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| QXO                                          | QXO                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1700000 | NS      | $34102000.00  | 0.67%             |  |  |  | No            |                  3 | On Loan: No      |
| ZENAS BIOPHARMA INC                          | ZENAS BIOPHARMA INC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178507 | NS      | $2804344.97   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zenas Biopharma Inc                          | Zenas Biopharma Inc                               | CUSIP: 98937L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1088715 | NS      | $17103712.65  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| SCYNEXIS INC WARRANT                         | SCYNEXIS INC WARRANT EXP 01/01/2099               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |   1706000 | NS      | $1177310.60   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| REZOLUTE INC                                 | REZOLUTE INC                                      | CUSIP: 000000000<br>LEI: 549300T05L48T72P2G08 | N/A              | DE               |  | US        |   1690301 | NS      | $10057290.95  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                       | Trane Technologies PLC                            | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |    198300 | NS      | $86871264.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                        | CyberArk Software Ltd                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |    108700 | NS      | $44726789.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler SpA                                  | Moncler SpA                                       | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |    327400 | NS      | $17427255.28  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                    | Argenx SE                                         | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |    239625 | NS      | $160286671.20 | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Elastic NV                                   | Elastic NV                                        | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |    648200 | NS      | $54254340.00  | 1.06%             |  |  |  | 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