# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0001193125-26-065624
**Filing Date:** 2026-2
**Character Count:** 109320
**Document Hash:** f20515bb601c4b2df2d18ad9fdd540ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-065624.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065624

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**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:** 26667836

**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 MDT Small Cap Value Fund (Series ID: S000024784)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000073699 | Class A Shares       | VSFAX           |
| C000073700 | Class C Shares       | VSFCX           |
| C000073701 | Institutional Shares | VSFIX           |
| C000096922 | Class R Shares       | VSFRX           |
| C000168179 | Class R6 Shares      | VSFSX           |
| C000188321 | Class T Shares       |  |

## Nport-Ex

Federated Hermes MDT Small Cap Value Fund

(formerly, Federated Hermes Clover Small Value Fund)

Portfolio of Investments

December 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—98.2% |  |
|  | **Communication Services—2.2%** |  |
| &nbsp;&nbsp; 124808<br><sup>1</sup> <br>| Bumble, Inc. | &nbsp;&nbsp; $445565 |
| &nbsp;&nbsp; 147635<br><sup>1</sup> <br>| E.W. Scripps Co. | &nbsp;&nbsp; 589064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4377<br><sup>1</sup> <br>| Echostar Holding Corp. | &nbsp;&nbsp; 475780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87740<br><sup>1</sup> <br>| Lumen Technologies, Inc. | &nbsp;&nbsp; 681740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12269<br><sup>1</sup> <br>| Sphere Entertainment Co. | &nbsp;&nbsp; 1166536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3358685 |
|  | **Consumer Discretionary—9.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34850<br><sup>1</sup> <br>| Adient PLC | &nbsp;&nbsp; 668075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535<br><sup>1</sup> <br>| Adtalem Global Education, Inc. | &nbsp;&nbsp; 365766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16566 | Advance Auto Parts, Inc. | &nbsp;&nbsp; 651044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66892<br><sup>1</sup> <br>| American Axle & Manufacturing Holdings, Inc. | &nbsp;&nbsp; 428778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61684<br><sup>1</sup> <br>| Bed Bath & Beyond, Inc. | &nbsp;&nbsp; 336795 |
| &nbsp;&nbsp; 157177 | Bloomin Brands, Inc. | &nbsp;&nbsp; 969782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70600 | Caleres, Inc. | &nbsp;&nbsp; 859202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48896<br><sup>1</sup> <br>| Capri Holdings Ltd. | &nbsp;&nbsp; 1193062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25162<br><sup>1</sup> <br>| El Pollo Loco Holdings, Inc. | &nbsp;&nbsp; 263195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77694<br><sup>1</sup> <br>| European Wax Center, Inc. | &nbsp;&nbsp; 279698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79319<br><sup>1</sup> <br>| Garrett Motion, Inc. | &nbsp;&nbsp; 1382530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25548<br><sup>1</sup> <br>| Helen of Troy Ltd. | &nbsp;&nbsp; 542895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33207 | Kohl's Corp. | &nbsp;&nbsp; 677755 |
| &nbsp;&nbsp; 140314<br><sup>2</sup> <br>| Krispy Kreme, Inc. | &nbsp;&nbsp; 564062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4982 | Monro, Inc. | &nbsp;&nbsp; 99839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66190<br><sup>1</sup> <br>| National Vision Holdings, Inc. | &nbsp;&nbsp; 1709026 |
| &nbsp;&nbsp; 116820<br><sup>1</sup> <br>| PetMed Express, Inc. | &nbsp;&nbsp; 373824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17745 | Polaris, Inc., Class A | &nbsp;&nbsp; 1122371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15338<br><sup>1</sup> <br>| Taylor Morrison Home Corp. | &nbsp;&nbsp; 902948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40917<br><sup>1</sup> <br>| ThredUp, Inc. | &nbsp;&nbsp; 261460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13513<br><sup>1</sup> <br>| Victoria's Secret & Co. | &nbsp;&nbsp; 731999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18859 | Wolverine World Wide, Inc. | &nbsp;&nbsp; 342291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14726397 |
|  | **Consumer Staples—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34494<br><sup>2</sup> <br>| B&G Foods, Inc., Class A | &nbsp;&nbsp; 148324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9322 | Cal-Maine Foods, Inc. | &nbsp;&nbsp; 741752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42194 | Dole PLC | &nbsp;&nbsp; 632488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46757<br><sup>1,2</sup> <br>| Medifast, Inc. | &nbsp;&nbsp; 499365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77685 | MGP Ingredients, Inc. | &nbsp;&nbsp; 1887745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3909674 |
|  | **Energy—6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 85585 | Ardmore Shipping Corp. | &nbsp;&nbsp; 906345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58754<br><sup>1</sup> <br>| CNX Resources Corp. | &nbsp;&nbsp; 2160385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8947 | Comstock Resources, Inc. | &nbsp;&nbsp; 207391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58149<br><sup>1</sup> <br>| Expro Group Holdings NV | &nbsp;&nbsp; 776289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16250<br><sup>1</sup> <br>| Green Plains, Inc. | &nbsp;&nbsp; 159250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69659<br><sup>1</sup> <br>| Helix Energy Solutions Group, Inc. | &nbsp;&nbsp; 436762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35428 | Murphy Oil Corp. | &nbsp;&nbsp; 1107125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29706<br><sup>1</sup> <br>| Oil States International, Inc. | &nbsp;&nbsp; 201110 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18254 | PBF Energy, Inc. | &nbsp;&nbsp; $495048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44395 | Peabody Energy Corp. | &nbsp;&nbsp; 1318532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8544 | Scorpio Tankers, Inc. | &nbsp;&nbsp; 434292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68714<br><sup>1</sup> <br>| Talos Energy, Inc. | &nbsp;&nbsp; 757228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5455<br><sup>1</sup> <br>| Valaris Ltd. | &nbsp;&nbsp; 274932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11631 | World Kinect Corp. | &nbsp;&nbsp; 272514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9507203 |
|  | **Financials—26.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 35626 | Amalgamated Financial Corp. | &nbsp;&nbsp; 1141101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4801 | Amerisafe, Inc. | &nbsp;&nbsp; 184406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44610 | Artisan Partners Asset Management, Inc. | &nbsp;&nbsp; 1817411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3161 | BancFirst Corp. | &nbsp;&nbsp; 335129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5993 | Bank of Hawaii Corp. | &nbsp;&nbsp; 409741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48267 | BankUnited, Inc. | &nbsp;&nbsp; 2151260 |
| &nbsp;&nbsp; 146577<br><sup>2</sup> <br>| BrightSpire Capital, Inc. | &nbsp;&nbsp; 820831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60522 | Byline Bancorp, Inc. | &nbsp;&nbsp; 1764216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3183 | City Holding Co. | &nbsp;&nbsp; 379414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53026 | CNO Financial Group, Inc. | &nbsp;&nbsp; 2252014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15352<br><sup>1</sup> <br>| Customers Bancorp, Inc. | &nbsp;&nbsp; 1122538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25264 | FB Financial Corp. | &nbsp;&nbsp; 1409731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3238 | Federal Agricultural Mortgage Association, Class C | &nbsp;&nbsp; 568496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23388 | First Business Financial Services, Inc. | &nbsp;&nbsp; 1269968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5888 | First Financial Corp. | &nbsp;&nbsp; 355753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94613 | Flagstar Bank, N.A. | &nbsp;&nbsp; 1191178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54744 | Fulton Financial Corp. | &nbsp;&nbsp; 1058202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54947<br><sup>1</sup> <br>| Hamilton Insurance Group Ltd. | &nbsp;&nbsp; 1533021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8079 | Hancock Whitney Corp. | &nbsp;&nbsp; 514471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38094 | Independent Bank Corp./MI | &nbsp;&nbsp; 1239198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18891 | Jackson Financial, Inc. | &nbsp;&nbsp; 2014725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3263<br><sup>1,2</sup> <br>| Lemonade, Inc. | &nbsp;&nbsp; 232260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42744<br><sup>1</sup> <br>| LendingClub Corp. | &nbsp;&nbsp; 809571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12115 | Mercury General Corp. | &nbsp;&nbsp; 1139537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19546 | Midland States Bancorp, Inc. | &nbsp;&nbsp; 413789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27651<br><sup>1</sup> <br>| NB Bancorp, Inc. | &nbsp;&nbsp; 548043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20172 | Northpointe Bancshares, Inc. | &nbsp;&nbsp; 338486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36103 | OFG Bancorp | &nbsp;&nbsp; 1479501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17803 | Origin Bancorp, Inc. | &nbsp;&nbsp; 669571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15664<br><sup>1</sup> <br>| PagSeguro Digital Ltd. | &nbsp;&nbsp; 151001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16057 | Peapack-Gladstone Financial Corp. | &nbsp;&nbsp; 447188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17244 | Peoples Bancorp, Inc. | &nbsp;&nbsp; 517837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6202 | Preferred Bank Los Angeles, CA | &nbsp;&nbsp; 585655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10315 | QCR Holdings, Inc. | &nbsp;&nbsp; 859240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17674 | Sierra Bancorp | &nbsp;&nbsp; 577586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66591<br><sup>1</sup> <br>| Siriuspoint Ltd. | &nbsp;&nbsp; 1457677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35815<br><sup>1</sup> <br>| Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp; 1830505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200 | Southern Missouri Bancorp, Inc. | &nbsp;&nbsp; 425664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33454<br><sup>1</sup> <br>| StoneCo Ltd. | &nbsp;&nbsp; 494785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6809<br><sup>1</sup> <br>| Texas Capital Bancshares, Inc. | &nbsp;&nbsp; 616487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22309 | TowneBank | &nbsp;&nbsp; 744451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24872 | TPG RE Finance Trust, Inc. | &nbsp;&nbsp; 214148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49906 | Trustmark Corp. | &nbsp;&nbsp; 1943839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8243 | UMB Financial Corp. | &nbsp;&nbsp; 948275 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2423 | Victory Capital Holdings, Inc. | &nbsp;&nbsp; $152867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42715 | Western New England Bancorp, Inc. | &nbsp;&nbsp; 539063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 41669830 |
|  | **Health Care—11.9%** |  |
| &nbsp;&nbsp; 105765<br><sup>1</sup> <br>| 4D Molecular Therapeutics, Inc. | &nbsp;&nbsp; 793238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43361<br><sup>1</sup> <br>| AMN Healthcare Services, Inc. | &nbsp;&nbsp; 683368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18950<br><sup>1</sup> <br>| Amphastar Pharmaceuticals, Inc. | &nbsp;&nbsp; 507481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11576<br><sup>1</sup> <br>| AngioDynamics, Inc. | &nbsp;&nbsp; 148636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75795<br><sup>1</sup> <br>| Aquestive Therapeutics, Inc. | &nbsp;&nbsp; 489636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38564<br><sup>1</sup> <br>| Arvinas, Inc. | &nbsp;&nbsp; 457369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16785<br><sup>1</sup> <br>| Bridgebio Pharma, Inc. | &nbsp;&nbsp; 1283885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013<br><sup>1</sup> <br>| Cytokinetics, Inc. | &nbsp;&nbsp; 254986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54797<br><sup>1</sup> <br>| Emergent BioSolutions, Inc. | &nbsp;&nbsp; 677291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62185<br><sup>1</sup> <br>| EyePoint, Inc. | &nbsp;&nbsp; 1136120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25189<br><sup>1</sup> <br>| Indivior PLC | &nbsp;&nbsp; 903781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36114<br><sup>1</sup> <br>| Inogen, Inc. | &nbsp;&nbsp; 242686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83845<br><sup>1,2</sup> <br>| Intellia Therapeutics, Inc. | &nbsp;&nbsp; 753767 |
| &nbsp;&nbsp; 234792<br><sup>1</sup> <br>| Ironwood Pharmaceuticals, Inc. | &nbsp;&nbsp; 791249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9767<br><sup>1</sup> <br>| Livanova PLC | &nbsp;&nbsp; 600964 |
| &nbsp;&nbsp; 124831<br><sup>1</sup> <br>| Myriad Genetics, Inc. | &nbsp;&nbsp; 767711 |
| &nbsp;&nbsp; 117579<br><sup>1</sup> <br>| Neogen Corp. | &nbsp;&nbsp; 821877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27774<br><sup>1</sup> <br>| Omnicell, Inc. | &nbsp;&nbsp; 1258162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11148 | Phibro Animal Health Corp. | &nbsp;&nbsp; 416489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95968<br><sup>1</sup> <br>| Prothena Corp. PLC | &nbsp;&nbsp; 916494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7113<br><sup>1</sup> <br>| PTC Therapeutics, Inc. | &nbsp;&nbsp; 540304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12884<br><sup>1,2</sup> <br>| Septerna, Inc. | &nbsp;&nbsp; 359206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15492<br><sup>1</sup> <br>| Travere Therapeutics, Inc. | &nbsp;&nbsp; 591949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35615<br><sup>1</sup> <br>| TruBridge, Inc. | &nbsp;&nbsp; 786023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59338<br><sup>1</sup> <br>| Vanda Pharmaceuticals, Inc. | &nbsp;&nbsp; 523361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357<br><sup>1</sup> <br>| Vaxcyte, Inc. | &nbsp;&nbsp; 108752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23519<br><sup>1</sup> <br>| Viridian Therapeutics, Inc. | &nbsp;&nbsp; 731911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30727<br><sup>1</sup> <br>| Waystar Holding Corp. | &nbsp;&nbsp; 1006309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 18553005 |
|  | **Industrials—12.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18580<br><sup>1</sup> <br>| Allegiant Travel Co. | &nbsp;&nbsp; 1584317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12187 | Apogee Enterprises, Inc. | &nbsp;&nbsp; 443729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51175<br><sup>1</sup> <br>| Array Technologies, Inc. | &nbsp;&nbsp; 471833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14587 | Atkore, Inc. | &nbsp;&nbsp; 922628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12979<br><sup>1</sup> <br>| Blue Bird Corp. | &nbsp;&nbsp; 610013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41755<br><sup>1</sup> <br>| BrightView Holdings, Inc. | &nbsp;&nbsp; 529036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41837<br><sup>1</sup> <br>| Concrete Pumping Holdings, Inc. | &nbsp;&nbsp; 280726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42866<br><sup>1</sup> <br>| CoreCivic, Inc. | &nbsp;&nbsp; 819169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11622<br><sup>1</sup> <br>| DNOW, Inc. | &nbsp;&nbsp; 153992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 | Emcor Group, Inc. | &nbsp;&nbsp; 570800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2458 | EnerSys, Inc. | &nbsp;&nbsp; 360711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10696<br><sup>1,2</sup> <br>| Fluence Energy, Inc. | &nbsp;&nbsp; 211567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35823<br><sup>1</sup> <br>| Fluor Corp. | &nbsp;&nbsp; 1419665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58801<br><sup>1</sup> <br>| Fuelcell Energy, Inc. | &nbsp;&nbsp; 429835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11706 | Granite Construction, Inc. | &nbsp;&nbsp; 1350287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3304 | Griffon Corp. | &nbsp;&nbsp; 243340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52617<br><sup>1,2</sup> <br>| Hertz Global Holdings, Inc. | &nbsp;&nbsp; 270451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3512<br><sup>1</sup> <br>| Huron Consulting Group, Inc. | &nbsp;&nbsp; 607260 |

---

**3**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Industrials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13140 | Hyster-Yale, Inc. | &nbsp;&nbsp; $390389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5331 | ICF International, Inc. | &nbsp;&nbsp; 454734 |
| &nbsp;&nbsp; 265876<br><sup>1</sup> <br>| JELD-WEN Holding, Inc. | &nbsp;&nbsp; 654055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28879 | Kelly Services, Inc., Class A | &nbsp;&nbsp; 254135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21612<br><sup>1</sup> <br>| Manitowoc, Inc. | &nbsp;&nbsp; 259128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10333<br><sup>1</sup> <br>| NextPower, Inc. | &nbsp;&nbsp; 900108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57231 | Pitney Bowes, Inc. | &nbsp;&nbsp; 604932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9704 | Primoris Services Corp. | &nbsp;&nbsp; 1204655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397<br><sup>1</sup> <br>| SkyWest, Inc. | &nbsp;&nbsp; 541913 |
| &nbsp;&nbsp; 195862<br><sup>1</sup> <br>| TTEC Holdings, Inc. | &nbsp;&nbsp; 705103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16331<br><sup>1</sup> <br>| V2X, Inc. | &nbsp;&nbsp; 890856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86963 | Wabash National Corp. | &nbsp;&nbsp; 752230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358 | Watts Industries, Inc., Class A | &nbsp;&nbsp; 374835 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 19266432 |
|  | **Information Technology—7.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 49011 | Adtran Holdings, Inc. | &nbsp;&nbsp; 425906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31542<br><sup>1</sup> <br>| ASGN, Inc. | &nbsp;&nbsp; 1519378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46777<br><sup>1,2</sup> <br>| Cipher Mining Technologies, Inc. | &nbsp;&nbsp; 690428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15495<br><sup>1</sup> <br>| Consensus Cloud Solutions, Inc. | &nbsp;&nbsp; 338101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83036<br><sup>1</sup> <br>| Corsair Gaming, Inc. | &nbsp;&nbsp; 493234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8301<br><sup>1</sup> <br>| Digi International, Inc. | &nbsp;&nbsp; 359350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52647<br><sup>1</sup> <br>| Extreme Networks, Inc. | &nbsp;&nbsp; 876572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5147<br><sup>1,2</sup> <br>| Life360, Inc. | &nbsp;&nbsp; 330129 |
| &nbsp;&nbsp; 126787 | Methode Electronics, Inc., Class A | &nbsp;&nbsp; 841866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7468<br><sup>1</sup> <br>| Navitas Semiconductor Corporation | &nbsp;&nbsp; 53321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16670<br><sup>1</sup> <br>| NetScout Systems, Inc. | &nbsp;&nbsp; 451090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11249<br><sup>1</sup> <br>| nLight, Inc. | &nbsp;&nbsp; 421950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86909<br><sup>1</sup> <br>| ON24, Inc. | &nbsp;&nbsp; 691796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19503<br><sup>1</sup> <br>| Pagaya Technologies Ltd. | &nbsp;&nbsp; 407613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55312<br><sup>1</sup> <br>| Penguin Solutions, Inc. | &nbsp;&nbsp; 1081903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18746<br><sup>1</sup> <br>| Riot Platforms, Inc. | &nbsp;&nbsp; 237512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4120<br><sup>1</sup> <br>| Rogers Corp. | &nbsp;&nbsp; 377268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88142<br><sup>1</sup> <br>| Unisys Corp. | &nbsp;&nbsp; 243272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36277<br><sup>1</sup> <br>| ViaSat, Inc. | &nbsp;&nbsp; 1250105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11090794 |
|  | **Materials—4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 88396<br><sup>1</sup> <br>| Aspen Aerogels, Inc. | &nbsp;&nbsp; 250161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46064<br><sup>1</sup> <br>| Coeur Mining, Inc. | &nbsp;&nbsp; 821321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12726 | Commercial Metals Corp. | &nbsp;&nbsp; 880894 |
| &nbsp;&nbsp; 259575<br><sup>1,3</sup> <br>| Ferroglobe Representation & Warranty Insurance Trust | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5914 | H.B. Fuller Co. | &nbsp;&nbsp; 351646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80150 | Mativ Holdings, Inc. | &nbsp;&nbsp; 973822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17129<br><sup>1</sup> <br>| Perimeter Solutions, Inc. | &nbsp;&nbsp; 471561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69031<br><sup>1</sup> <br>| SSR Mining, Inc. | &nbsp;&nbsp; 1513160 |
| &nbsp;&nbsp; 157633 | SunCoke Energy, Inc. | &nbsp;&nbsp; 1134958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6397523 |
|  | **Real Estate—9.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 84059 | American Healthcare REIT, Inc. | &nbsp;&nbsp; 3955817 |
| &nbsp;&nbsp; 319570<br><sup>2</sup> <br>| Brandywine Realty Trust | &nbsp;&nbsp; 933144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22804 | COPT Defense Properties | &nbsp;&nbsp; 633951 |
| &nbsp;&nbsp; 116365<br><sup>1</sup> <br>| Cushman & Wakefield Ltd. | &nbsp;&nbsp; 1883949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70334 | Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 2086106 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 77194 | Newmark Group, Inc. | &nbsp;&nbsp; $1338544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46205 | Outfront Media, Inc. | &nbsp;&nbsp; 1113541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46078 | RMR Group, Inc./The | &nbsp;&nbsp; 686562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21145 | SL Green Realty Corp. | &nbsp;&nbsp; 969921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28175 | Tanger, Inc. | &nbsp;&nbsp; 940200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26868 | Whitestone Project | &nbsp;&nbsp; 373197 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14914932 |
|  | **Utilities—6.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17159 | Avista Corp. | &nbsp;&nbsp; 661308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18288 | Black Hills Corp. | &nbsp;&nbsp; 1269553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25051 | Brookfield Infrastructure Corp. | &nbsp;&nbsp; 1137316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17384 | California Water Service Group | &nbsp;&nbsp; 753249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8665 | H2O America | &nbsp;&nbsp; 424498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14613 | Hawaiian Electric Industries, Inc. | &nbsp;&nbsp; 179740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7510 | Northwest Natural Holding Co. | &nbsp;&nbsp; 351017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261<br><sup>1,2</sup> <br>| Oklo, Inc. | &nbsp;&nbsp; 234009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20693 | ONE Gas, Inc. | &nbsp;&nbsp; 1598534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13411 | Otter Tail Corp. | &nbsp;&nbsp; 1083743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35125 | Portland General Electric Co. | &nbsp;&nbsp; 1685649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9378616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $151,366,444)<br>| &nbsp;&nbsp; 152773091 |
|  | INVESTMENT COMPANY—4.8% |  |
| 7413221 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>4</sup> <br>(IDENTIFIED COST $7,413,221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7413221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—103.0% <br>(IDENTIFIED COST $158,779,665)<br>| &nbsp;&nbsp; 160186312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(3.0)%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4657274) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $155529038 |

---

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

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares\***<br>|
| Value as of 9/30/2025 | &nbsp;&nbsp; $8749162 |
| Purchases at Cost | &nbsp;&nbsp; $28902126 |
| Proceeds from Sales | &nbsp;&nbsp; $(30238067) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $7413221 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7413221 |
| Dividend Income | &nbsp;&nbsp; $83483 |

---

&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 December 31, 2025, securities subject to this type of arrangement* <br> *and 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>|
| $4455377 | &nbsp;&nbsp; $4649797 |

---

**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 | *7-day net yield.* |
| 5 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of net assets at December 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.

■ 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 Federated Equity Management Company of Pennsylvania (the "Adviser").

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

**6**

------

■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **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; $140112184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $140112184 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp; 12660907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12660907 |
| **Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp; 7413221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7413221 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $160186312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $160186312 |

---

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

The following acronym(s) are used throughout this portfolio: <br> REIT —Real Estate Investment Trust

**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 MDT Small Cap Value Fund f/k/a Federated Hermes Clover Small Value Fund

- **b. EDGAR series identifier (if any):** S000024784

- **c. LEI of Series:** 254900S0LSAF92Q6BC82

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $160777183.41

**Total Liabilities:** $5152552.66

**Net Assets:** $155624630.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073699 | -0.32%               | 3.09%                | -0.71%               |
| Class ID C000073700 | -0.36%               | 3.02%                | -0.76%               |
| Class ID C000073701 | -0.31%               | 3.12%                | -0.66%               |
| Class ID C000096922 | -0.33%               | 3.10%                | -0.71%               |
| Class ID C000168179 | -0.27%               | 3.11%                | -0.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-90683.81               | $-424582.60                                |
| Month 2  | $992846.10               | $3637669.31                                |
| Month 3  | $28516253.15             | $-29746644.25                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adtalem Global Education Inc                 | Adtalem Global Education Inc                                  | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      3987 | NS      | $412534.89    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co                          | Allegiant Travel Co                                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     18580 | NS      | $1584316.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                                  | Avista Corp                                                   | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     17159 | NS      | $661307.86    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                      | Brandywine Realty Trust                                       | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    319570 | NS      | $933144.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Brookfield Infrastructure Corp               | Brookfield Infrastructure Corp                                | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |     25051 | NS      | $1137315.40   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                      | EnerSys                                                       | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      2458 | NS      | $360711.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                                 | HB Fuller Co                                                  | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      5914 | NS      | $351646.44    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp                        | Fulton Financial Corp                                         | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     54744 | NS      | $1058201.52   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Global Holdings Inc                    | Hertz Global Holdings Inc                                     | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |     52617 | NS      | $270451.38    | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Kelly Services Inc                           | Kelly Services Inc                                            | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |     28879 | NS      | $254135.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                       | Lumen Technologies Inc                                        | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     87740 | NS      | $681739.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Aquestive Therapeutics Inc                   | Aquestive Therapeutics Inc                                    | CUSIP: 03843E104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75795 | NS      | $489635.70    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                               | BankUnited Inc                                                | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     48267 | NS      | $2151260.19   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                    | Monro Inc                                                     | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7293 | NS      | $146151.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                 | Omnicell Inc                                                  | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     27774 | NS      | $1258162.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                       | Digi International Inc                                        | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      8301 | NS      | $359350.29    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                                | EchoStar Corp                                                 | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      4377 | NS      | $475779.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                    | Phibro Animal Health Corp                                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     11148 | NS      | $416489.28    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                                  | Polaris Inc                                                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     17745 | NS      | $1122371.25   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                                 | Lemonade Inc                                                  | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |      3263 | NS      | $232260.34    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| NetScout Systems Inc                         | NetScout Systems Inc                                          | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     16670 | NS      | $451090.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA                | Preferred Bank/Los Angeles CA                                 | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      6202 | NS      | $585654.86    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                    | Viridian Therapeutics Inc                                     | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |     22003 | NS      | $684733.36    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                              | Whitestone REIT                                               | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26868 | NS      | $373196.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                     | Dole PLC                                                      | CUSIP: 000000000<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |     42194 | NS      | $632488.06    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                                     | DNOW Inc                                                      | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     11622 | NS      | $153991.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bed Bath & Beyond Inc                        | Beyond Inc                                                    | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |     61684 | NS      | $336794.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                            | RMR Group Inc/The                                             | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     46078 | NS      | $686562.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                  | SkyWest Inc                                                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      5397 | NS      | $541912.77    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                     | Travere Therapeutics Inc                                      | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15492 | NS      | $591949.32    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                           | UMB Financial Corp                                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8243 | NS      | $948274.72    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                          | ADTRAN Holdings Inc                                           | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     49011 | NS      | $425905.59    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                          | Cal-Maine Foods Inc                                           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      9322 | NS      | $741751.54    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc                | Consensus Cloud Solutions Inc                                 | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15495 | NS      | $338100.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                     | Independent Bank Corp/MI                                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38094 | NS      | $1239197.82   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp                          | Peabody Energy Corp                                           | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     44395 | NS      | $1318531.50   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                   | Tanger Factory Outlet Centers Inc                             | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     28175 | NS      | $940199.75    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                                  | Arvinas Inc                                                   | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38564 | NS      | $457369.04    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc                | Concrete Pumping Holdings Inc                                 | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41837 | NS      | $280726.27    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FuelCell Energy Inc                          | FuelCell Energy Inc                                           | CUSIP: 35952H700<br>LEI: 549300SRU8020X1X9J22 | Long             | EC               | CORP              | US        |     58801 | NS      | $429835.31    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Inc                              | Hyster-Yale Materials Handling Inc                            | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13140 | NS      | $390389.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp                         | Mercury General Corp                                          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     12115 | NS      | $1139536.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                               | PBF Energy Inc                                                | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     18254 | NS      | $495048.48    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co               | Peapack Gladstone Financial Corp                              | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     16057 | NS      | $447187.45    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Gr               | Skyward Specialty Insurance Group Inc                         | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     35815 | NS      | $1830504.65   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                     | Towne Bank/Portsmouth VA                                      | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     22309 | NS      | $744451.33    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd                      | Cushman & Wakefield Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    116365 | NS      | $1883949.35   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd                      | Pagaya Technologies Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     19503 | NS      | $407612.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd                        | Pagseguro Digital Ltd                                         | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |     15664 | NS      | $151000.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings Inc   | American Axle & Manufacturing Holdings Inc                    | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |     66892 | NS      | $428777.72    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AngioDynamics Inc                            | AngioDynamics Inc                                             | CUSIP: 03475V101<br>LEI: 549300W3VKC5ZKMO8C28 | Long             | EC               | CORP              | US        |     11576 | NS      | $148635.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc                       | Apogee Enterprises Inc                                        | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     12187 | NS      | $443728.67    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc                       | Array Technologies Inc                                        | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |     51175 | NS      | $471833.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem               | Artisan Partners Asset Management Inc                         | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     44610 | NS      | $1817411.40   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods Inc                                | B&G Foods Inc                                                 | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |     34494 | NS      | $148324.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Blue Bird Corp                               | Blue Bird Corp                                                | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     12979 | NS      | $610013.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumble Inc                                   | Bumble Inc                                                    | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124808 | NS      | $445564.56    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                             | Coeur Mining Inc                                              | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     46064 | NS      | $821321.12    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TruBridge Inc                                | Computer Programs and Systems Inc                             | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |     35615 | NS      | $786023.05    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc                    | Emergent BioSolutions Inc                                     | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     54797 | NS      | $677290.92    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                   | Fluor Corp                                                    | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     34656 | NS      | $1373417.28   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                           | Garrett Motion Inc                                            | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |     79319 | NS      | $1382530.17   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                     | Granite Construction Inc                                      | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     11706 | NS      | $1350287.10   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Inc                             | Green Plains Inc                                              | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |     16250 | NS      | $159250.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                                   | Inogen Inc                                                    | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |     36114 | NS      | $242686.08    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc                    | Intellia Therapeutics Inc                                     | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |     83845 | NS      | $753766.55    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| AMN Healthcare Services Inc                  | AMN Healthcare Services Inc                                   | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     43361 | NS      | $683369.36    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc                          | Bloomin' Brands Inc                                           | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    157177 | NS      | $969782.09    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp                           | CNX Resources Corp                                            | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     58754 | NS      | $2160384.58   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                                  | Caleres Inc                                                   | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |     70600 | NS      | $859202.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc                 | Ironwood Pharmaceuticals Inc                                  | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    234792 | NS      | $791249.04    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc                             | Krispy Kreme Inc                                              | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140314 | NS      | $564062.28    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Cipher Mining Inc                            | Cipher Mining Inc                                             | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |     43555 | NS      | $642871.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Commercial Metals Co                         | Commercial Metals Co                                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     12726 | NS      | $880893.72    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The                         | Manitowoc Co Inc/The                                          | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     21612 | NS      | $259127.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                                 | Medifast Inc                                                  | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |     46757 | NS      | $499364.76    | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund                  | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   2763424 | NS      | $2763423.69   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                              | Murphy Oil Corp                                               | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     35428 | NS      | $1107125.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc                 | National Vision Holdings Inc                                  | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     66190 | NS      | $1709025.80   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                  | Neogen Corp                                                   | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |    117579 | NS      | $821877.21    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                            | Newmark Group Inc                                             | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77194 | NS      | $1338543.96   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Northpointe Bancshares Inc                   | Northpointe Bancshares Inc                                    | CUSIP: 66661N886<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EC               | CORP              | US        |     20172 | NS      | $338486.16    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc                 | Oil States International Inc                                  | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     29706 | NS      | $201109.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                                  | ONE Gas Inc                                                   | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     20693 | NS      | $1598534.25   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ON24 Inc                                     | ON24 Inc                                                      | CUSIP: 68339B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92151 | NS      | $733521.96    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                           | Outfront Media Inc                                            | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     46205 | NS      | $1113540.50   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluence Energy Inc                           | Fluence Energy Inc                                            | CUSIP: 34379V103<br>LEI: 25490043LHZ97BT5PP29 | Long             | EC               | CORP              | US        |     10696 | NS      | $211566.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| 4D Molecular Therapeutics Inc                | 4D Molecular Therapeutics Inc                                 | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105765 | NS      | $793237.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                   | Huron Consulting Group Inc                                    | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      3512 | NS      | $607259.92    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                        | Jackson Financial Inc                                         | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     18891 | NS      | $2014725.15   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                        | Penguin Solutions Inc                                         | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |     55312 | NS      | $1081902.72   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                           | Riot Platforms Inc                                            | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     18746 | NS      | $237511.82    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                                  | Kohl's Corp                                                   | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     33207 | NS      | $677754.87    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingClub Corp                             | LendingClub Corp                                              | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |     42744 | NS      | $809571.36    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EW Scripps Co/The                            | EW Scripps Co/The                                             | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |    147635 | NS      | $589063.65    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Septerna Inc                                 | Septerna Inc                                                  | CUSIP: 81734D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12884 | NS      | $359205.92    | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Life360 Inc                                  | Life360 Inc                                                   | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      5147 | NS      | $330128.58    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| NB Bancorp Inc                               | NB Bancorp Inc                                                | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27651 | NS      | $548042.82    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                               | Sierra Bancorp                                                | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17674 | NS      | $577586.32    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc                | Southern Missouri Bancorp Inc                                 | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7200 | NS      | $425664.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc                                | NEXTracker Inc                                                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10333 | NS      | $900107.63    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co                 | Northwest Natural Holding Co                                  | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      7510 | NS      | $351017.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                  | OFG Bancorp                                                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     36103 | NS      | $1479500.94   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc                           | Origin Bancorp Inc                                            | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     17803 | NS      | $669570.83    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                           | SunCoke Energy Inc                                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |    157633 | NS      | $1134957.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                             | Talos Energy Inc                                              | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     68714 | NS      | $757228.28    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                              | Otter Tail Corp                                               | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13411 | NS      | $1083742.91   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                         | PTC Therapeutics Inc                                          | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      5776 | NS      | $438744.96    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc                 | Texas Capital Bancshares Inc                                  | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      6809 | NS      | $616486.86    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc                            | TTEC Holdings Inc                                             | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |    195862 | NS      | $705103.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                               | SSR Mining Inc                                                | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |     69031 | NS      | $1513159.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc                     | TPG RE Finance Trust Inc                                      | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               |  | US        |     24872 | NS      | $214147.92    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                      | V2X Inc                                                       | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16331 | NS      | $890856.05    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                       | Victoria's Secret & Co                                        | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |     13513 | NS      | $731999.21    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                               | Trustmark Corp                                                | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     49906 | NS      | $1943838.70   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc                    | Vanda Pharmaceuticals Inc                                     | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     59338 | NS      | $523361.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc                 | Watts Water Technologies Inc                                  | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      1358 | NS      | $374835.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide Inc                     | Wolverine World Wide Inc                                      | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     18859 | NS      | $342290.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                         | Wabash National Corp                                          | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     86963 | NS      | $752229.95    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                         | Waystar Holding Corp                                          | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30727 | NS      | $1006309.25   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                            | World Kinect Corp                                             | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     11631 | NS      | $272514.33    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                            | Helen of Troy Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     25548 | NS      | $542895.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FERROGLOBE REP + WRNTY INS TRU               | FERROGLOBE REP + WRNTY INS TRU NON TRANSFERABLE BENE INT UNIT | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259575 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SiriusPoint Ltd                              | SiriusPoint Ltd                                               | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     66591 | NS      | $1457676.99   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp                        | Ardmore Shipping Corp                                         | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     85585 | NS      | $906345.15    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV                      | Expro Group Holdings NV                                       | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     58149 | NS      | $776289.15    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                 | LivaNova PLC                                                  | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |      9767 | NS      | $600963.51    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                       | Advance Auto Parts Inc                                        | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     16566 | NS      | $651043.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                               | BancFirst Corp                                                | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |      3161 | NS      | $335129.22    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp                          | Bank of Hawaii Corp                                           | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |      5993 | NS      | $409741.41    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc                       | Comstock Resources Inc                                        | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     10919 | NS      | $253102.42    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr               | Essential Properties Realty Trust Inc                         | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     70334 | NS      | $2086106.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi               | First Business Financial Services Inc                         | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |     23388 | NS      | $1269968.40   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                         | First Financial Corp                                          | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5888 | NS      | $355752.96    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                                 | Griffon Corp                                                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      3304 | NS      | $243339.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co                      | Sphere Entertainment Co                                       | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |     12269 | NS      | $1166536.52   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                     | ASGN Inc                                                      | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     31542 | NS      | $1519378.14   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                    | Agios Pharmaceuticals Inc                                     | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |      5546 | NS      | $150962.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc                      | Methode Electronics Inc                                       | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |    126787 | NS      | $841865.68    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                       | Peoples Bancorp Inc/OH                                        | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17244 | NS      | $517837.32    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc                           | PetMed Express Inc                                            | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |    116820 | NS      | $373824.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc                             | Pitney Bowes Inc                                              | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |     57231 | NS      | $604931.67    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                             | QCR Holdings Inc                                              | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     10315 | NS      | $859239.50    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                         | SL Green Realty Corp                                          | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     21145 | NS      | $969921.15    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                     | Oklo Inc                                                      | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3261 | NS      | $234009.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Amalgamated Financial Corp                   | Amalgamated Financial Corp                                    | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35626 | NS      | $1141100.78   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd                 | Hamilton Insurance Group Ltd                                  | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     54947 | NS      | $1533021.30   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                                   | Adient PLC                                                    | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |     34850 | NS      | $668074.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                                | AMERISAFE Inc                                                 | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      4801 | NS      | $184406.41    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc                | Amphastar Pharmaceuticals Inc                                 | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     18950 | NS      | $507481.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                           | Aspen Aerogels Inc                                            | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88396 | NS      | $250160.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                   | Atkore Inc                                                    | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |     14587 | NS      | $922627.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                             | Black Hills Corp                                              | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     18288 | NS      | $1269552.96   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                         | Bridgebio Pharma Inc                                          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     16785 | NS      | $1283884.65   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc                      | BrightView Holdings Inc                                       | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     41755 | NS      | $529035.85    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                           | Byline Bancorp Inc                                            | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |     60522 | NS      | $1764216.30   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                      | CNO Financial Group Inc                                       | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     53026 | NS      | $2252014.22   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group               | California Water Service Group                                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     17384 | NS      | $753248.72    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                              | City Holding Co                                               | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3183 | NS      | $379413.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                      | Corporate Office Properties Trust                             | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     22804 | NS      | $633951.20    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                        | Customers Bancorp Inc                                         | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     15352 | NS      | $1122538.24   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                             | Cytokinetics Inc                                              | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      4013 | NS      | $254986.02    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc                   | El Pollo Loco Holdings Inc                                    | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     25162 | NS      | $263194.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                              | EMCOR Group Inc                                               | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       933 | NS      | $570800.07    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| European Wax Center Inc                      | European Wax Center Inc                                       | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77694 | NS      | $279698.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc                         | Extreme Networks Inc                                          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     52647 | NS      | $876572.55    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc                      | BrightSpire Capital Inc                                       | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |    146577 | NS      | $820831.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| CoreCivic Inc                                | CoreCivic Inc                                                 | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     42866 | NS      | $819169.26    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc                           | Corsair Gaming Inc                                            | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |     83036 | NS      | $493233.84    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                           | Mativ Holdings Inc                                            | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     80150 | NS      | $973822.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                  | Vaxcyte Inc                                                   | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      2357 | NS      | $108751.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                                   | Viasat Inc                                                    | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     36277 | NS      | $1250105.42   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                            | FB Financial Corp                                             | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     25264 | NS      | $1409731.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp           | Federal Agricultural Mortgage Corp                            | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |      3238 | NS      | $568495.66    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                         | Hancock Whitney Corp                                          | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |      8079 | NS      | $514470.72    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I               | Hawaiian Electric Industries Inc                              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |     14613 | NS      | $179739.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group Inc             | Helix Energy Solutions Group Inc                              | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     69659 | NS      | $436761.93    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc                        | ICF International Inc                                         | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      5331 | NS      | $454734.30    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                                  | StoneCo Ltd                                                   | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |     33454 | NS      | $494784.66    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                          | Scorpio Tankers Inc                                           | CUSIP: 000000000<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MH        |      8544 | NS      | $434291.52    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc                         | JELD-WEN Holding Inc                                          | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |    265876 | NS      | $654054.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                          | MGP Ingredients Inc                                           | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     77685 | NS      | $1887745.50   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                   | Midland States Bancorp Inc                                    | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |     19546 | NS      | $413788.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bank NA                             | New York Community Bancorp Inc                                | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     94613 | NS      | $1191177.67   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                   | nLight Inc                                                    | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11249 | NS      | $421949.99    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                 | Portland General Electric Co                                  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     35125 | NS      | $1685648.75   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                       | Primoris Services Corp                                        | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      9704 | NS      | $1204654.56   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                  | Rogers Corp                                                   | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |      4120 | NS      | $377268.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                  | SJW Group                                                     | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8665 | NS      | $424498.35    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                    | Taylor Morrison Home Corp                                     | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     15338 | NS      | $902948.06    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ThredUp Inc                                  | ThredUp Inc                                                   | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |     40917 | NS      | $261459.63    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                                  | Unisys Corp                                                   | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     88142 | NS      | $243271.92    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc                 | Victory Capital Holdings Inc                                  | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      2423 | NS      | $152867.07    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western New England Bancorp In               | Western New England Bancorp Inc                               | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |     42715 | NS      | $539063.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                                  | Valaris Ltd                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      5455 | NS      | $274932.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior PLC                                 | Indivior PLC                                                  | CUSIP: 000000000<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     25189 | NS      | $903781.32    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Prothena Corp PLC                            | Prothena Corp PLC                                             | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |     95968 | NS      | $916494.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                           | Capri Holdings Ltd                                            | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     48896 | NS      | $1193062.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Inc                                 | EyePoint Pharmaceuticals Inc                                  | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |     62185 | NS      | $1136119.95   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                 | American Healthcare REIT Inc                                  | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84059 | NS      | $3955816.54   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Myriad Genetics Inc                          | Myriad Genetics Inc                                           | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               | CORP              | US        |    124831 | NS      | $767710.65    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                      | Perimeter Solutions Inc                                       | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17129 | NS      | $471561.37    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer