# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0001145549-23-008201
**Filing Date:** 2023-2
**Character Count:** 58510
**Document Hash:** 7cc4aed20296fda33369eec7fcebed57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008201.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Equity Funds
- **CENTRAL INDEX KEY:** 0000745968
- **IRS NUMBER:** 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:** 23652613

**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 Clover Small 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 Clover Small Value Fund

Portfolio of Investments

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—96.4% |  |
|  | **Communication Services—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 53463<br><sup>1</sup> <br>| Yelp, Inc. | $1461678 |
|  | **Consumer Discretionary—8.1%** |  |
| &nbsp;&nbsp; 138711<br><sup>1</sup> <br>| Bowlero Corp. | &nbsp;&nbsp; 1869824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41560 | Boyd Gaming Corp. | &nbsp;&nbsp; 2266267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13518<br><sup>1</sup> <br>| LGI Homes, Inc. | &nbsp;&nbsp; 1251767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36124<br><sup>1</sup> <br>| Meritage Corp. | &nbsp;&nbsp; 3330633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44287 | Monro Inc. | &nbsp;&nbsp; 2001772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28984<br><sup>1</sup> <br>| Ollie's Bargain Outlet Holding, Inc. | &nbsp;&nbsp; 1357611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48950 | Travel + Leisure Co. | &nbsp;&nbsp; 1781780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16562<br><sup>1</sup> <br>| Visteon Corp. | &nbsp;&nbsp; 2166806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 16026460 |
|  | **Consumer Staples—3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 80545<br><sup>1</sup> <br>| Hostess Brands, Inc. | &nbsp;&nbsp; 1807430 |
| &nbsp;&nbsp; 162279<br><sup>1</sup> <br>| Mission Produce, Inc. | &nbsp;&nbsp; 1885682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23363 | PriceSmart, Inc. | &nbsp;&nbsp; 1420003 |
| &nbsp;&nbsp; 160871 | Vector Group Ltd. | &nbsp;&nbsp; 1907930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7021045 |
|  | **Energy—6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 57840 | Civitas Resources, Inc. | &nbsp;&nbsp; 3350671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29035 | Helmerich & Payne, Inc. | &nbsp;&nbsp; 1439265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64165 | Magnolia Oil & Gas Corp. | &nbsp;&nbsp; 1504669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90961 | Northern Oil and Gas, Inc. | &nbsp;&nbsp; 2803418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57472 | PBF Energy, Inc. | &nbsp;&nbsp; 2343708 |
| &nbsp;&nbsp; 109540 | TechnipFMC PLC | &nbsp;&nbsp; 1335293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12777024 |
|  | **Financials—28.4%** |  |
| &nbsp;&nbsp; 299222 | AGNC Investment Corp. | &nbsp;&nbsp; 3096948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78397 | American Equity Investment Life Holding Co. | &nbsp;&nbsp; 3576471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85263<br><sup>1</sup> <br>| Blucora, Inc. | &nbsp;&nbsp; 2176764 |
| &nbsp;&nbsp; 173813 | Cadence Bank | &nbsp;&nbsp; 4286229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62328 | CNO Financial Group, Inc. | &nbsp;&nbsp; 1424195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71471 | CVB Financial Corp. | &nbsp;&nbsp; 1840378 |
| &nbsp;&nbsp; 177584 | First Commonwealth Financial Corp. | &nbsp;&nbsp; 2480848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65840 | First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp; 2544716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79811 | Hancock Whitney Corp. | &nbsp;&nbsp; 3862054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18559 | Hanover Insurance Group, Inc. | &nbsp;&nbsp; 2507878 |
| &nbsp;&nbsp; 144874 | KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp; 2022441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56320 | OceanFirst Financial Corp. | &nbsp;&nbsp; 1196800 |
| &nbsp;&nbsp; 214066 | Old National Bancorp | &nbsp;&nbsp; 3848907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12399 | Primerica, Inc. | &nbsp;&nbsp; 1758426 |
| &nbsp;&nbsp; 111619 | Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 3481397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19401 | Selective Insurance Group, Inc. | &nbsp;&nbsp; 1719123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56549 | South State Corp. | &nbsp;&nbsp; 4318082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67458 | United Bankshares, Inc. | &nbsp;&nbsp; 2731374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57971 | United Community Banks, Inc. | &nbsp;&nbsp; 1959420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43273 | Wintrust Financial Corp. | &nbsp;&nbsp; 3657434 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 37175 | WSFS Financial Corp. | $1685514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 56175399 |
|  | **Health Care—8.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 85261<br><sup>1</sup> <br>| AdaptHealth Corp. | &nbsp;&nbsp; 1638716 |
| &nbsp;&nbsp; 399224<br><sup>1</sup> <br>| ADMA Biologics, Inc. | &nbsp;&nbsp; 1548989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71179<br><sup>1</sup> <br>| Avanos Medical, Inc. | &nbsp;&nbsp; 1926104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40253<br><sup>1</sup> <br>| Envista Holdings Corp. | &nbsp;&nbsp; 1355318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39660<br><sup>1</sup> <br>| Halozyme Therapeutics, Inc. | &nbsp;&nbsp; 2256654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19668<br><sup>1</sup> <br>| Harmony Biosciences Holdings, Inc. | &nbsp;&nbsp; 1083707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51734<br><sup>1</sup> <br>| Prestige Consumer Healthcare, Inc. | &nbsp;&nbsp; 3238548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31432<br><sup>1</sup> <br>| Revance Therapeutics, Inc. | &nbsp;&nbsp; 580235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34008<br><sup>1</sup> <br>| Schrodinger, Inc. | &nbsp;&nbsp; 635610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56034<br><sup>1</sup> <br>| Tenet Healthcare Corp. | &nbsp;&nbsp; 2733899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 16997780 |
|  | **Industrials—16.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 56627<br><sup>1</sup> <br>| APi Group Corp. | &nbsp;&nbsp; 1065154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31955 | Arcosa, Inc. | &nbsp;&nbsp; 1736435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38660 | Astec Industries, Inc. | &nbsp;&nbsp; 1571916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37172<br><sup>1</sup> <br>| Azek Co., Inc. | &nbsp;&nbsp; 755335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34786 | BWX Technologies, Inc. | &nbsp;&nbsp; 2020371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14585 | EnPro Industries, Inc. | &nbsp;&nbsp; 1585244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30363 | Esab Corp. | &nbsp;&nbsp; 1424632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57758 | Federal Signal Corp. | &nbsp;&nbsp; 2684014 |
| &nbsp;&nbsp; 116260 | Genco Shipping & Trading Ltd. | &nbsp;&nbsp; 1785753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38074<br><sup>1</sup> <br>| Gibraltar Industries, Inc. | &nbsp;&nbsp; 1746835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53461 | H&E Equipment Services, Inc. | &nbsp;&nbsp; 2427129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20119 | Herc Holdings, Inc. | &nbsp;&nbsp; 2647057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44366 | Hillenbrand, Inc. | &nbsp;&nbsp; 1893097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10264<br><sup>1</sup> <br>| NV5 Holdings, Inc. | &nbsp;&nbsp; 1358132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50823 | Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp; 1504361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46051 | Terex Corp. | &nbsp;&nbsp; 1967299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11300 | Unifirst Corp. | &nbsp;&nbsp; 2180787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40361<br><sup>1</sup> <br>| XPO, Inc. | &nbsp;&nbsp; 1343618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 31697169 |
|  | **Information Technology—8.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15085<br><sup>1</sup> <br>| Diodes, Inc. | &nbsp;&nbsp; 1148572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29622<br><sup>1</sup> <br>| IPG Photonics Corp. | &nbsp;&nbsp; 2804315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92212<br><sup>1</sup> <br>| Mitek Systems, Inc. | &nbsp;&nbsp; 893534 |
| &nbsp;&nbsp; 234865<br><sup>1</sup> <br>| TTM Technologies, Inc. | &nbsp;&nbsp; 3541764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51498<br><sup>1</sup> <br>| Ultra Clean Holdings, Inc. | &nbsp;&nbsp; 1707159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65900<br><sup>1</sup> <br>| Verint Systems, Inc. | &nbsp;&nbsp; 2390852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56167<br><sup>1</sup> <br>| WNS Holdings Ltd., ADR | &nbsp;&nbsp; 4492798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 16978994 |
|  | **Materials—4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31749 | Ashland, Inc. | &nbsp;&nbsp; 3413970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42141 | Commercial Metals Corp. | &nbsp;&nbsp; 2035410 |
| &nbsp;&nbsp; 259575<br><sup>1,2</sup> <br>| Ferroglobe Representation & Warranty Insurance Trust | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56430<br><sup>1</sup> <br>| MP Materials Corp. | &nbsp;&nbsp; 1370121 |
| &nbsp;&nbsp; 186041 | Trox Holdings PLC | &nbsp;&nbsp; 2550622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9370123 |
|  | **Real Estate—6.9%** |  |
| &nbsp;&nbsp; 113811 | Corporate Office Properties Trust | &nbsp;&nbsp; 2952257 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 96905 | Easterly Government Properties, Inc. | $1382834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49713 | EPR Properties | &nbsp;&nbsp; 1875175 |
| &nbsp;&nbsp; 128831 | Kite Realty Group Trust | &nbsp;&nbsp; 2711893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21945 | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 1794662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88654 | STAG Industrial, Inc. | &nbsp;&nbsp; 2864411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13581232 |
|  | **Utilities—4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 37564 | Idacorp, Inc. | &nbsp;&nbsp; 4051277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88489 | Portland General Electric Co. | &nbsp;&nbsp; 4335961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 8387238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $178,858,031)<br>| &nbsp;&nbsp; 190474142 |
|  | INVESTMENT COMPANY—3.7% |  |
| 7342362 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.36%<sup>3</sup> <br>(IDENTIFIED COST $7,339,420)<br>| $7340894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $186,197,451)<br>| &nbsp;&nbsp; 197815036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (292747) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $197522289 |

---

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Institutional** <br>**Prime Value** <br>**Obligations Fund,** <br>**Institutional Shares**<br>|
| Value as of 9/30/2022 | $6347851 |
| Purchases at Cost | $31283654 |
| Proceeds from Sales | $(30290775) |
| Change in Unrealized Appreciation/Depreciation | $84 |
| Net Realized Gain/(Loss) | $80 |
| Value as of 12/31/2022 | $7340894 |
| Shares Held as of 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 7342362 |
| Dividend Income | $59461 |

---

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

---

| | |
|:---|:---|
| 1 | *Non-income-producing security.* |
| 2 | *Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the supervision of the Fund's Adviser acting through its Valuation Committee.*<br>|
| 3 | *7-day net yield.* |
| 4 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of total net assets at December 31, 2022.

**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

**3**

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duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

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

**Fair Valuation and Significant Events Procedures** 

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

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

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

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

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

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

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

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

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

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

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

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

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

**4**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | $180309676 | $— | $0 | $180309676 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp; 10164466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10164466 |
| **Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp; 7340894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7340894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $197815036 | $— | $0 | $197815036 |

---

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

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

**5**

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## 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 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $198333361.00

**Total Liabilities:** $1080223.31

**Net Assets:** $197253137.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073699 | 12.95%               | 3.29%                | -6.34%               |
| Class ID C000073700 | 12.91%               | 3.19%                | -6.39%               |
| Class ID C000073701 | 13.00%               | 3.32%                | -6.32%               |
| Class ID C000096922 | 12.99%               | 3.25%                | -6.35%               |
| Class ID C000168179 | 12.98%               | 3.31%                | -6.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $475681.00               | $21828227.94                               |
| Month 2  | $367165.36               | $5759496.67                                |
| Month 3  | $1076998.46              | $-14482185.55                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashland Inc                                                 | Ashland Global Holdings Inc                                   | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     31749 | NS      | $3413969.97   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                                          | Avanos Medical Inc                                            | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     71179 | NS      | $1926103.74   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                              | EPR Properties                                                | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     49713 | NS      | $1875174.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil and Gas Inc                                    | Northern Oil and Gas Inc                                      | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     90961 | NS      | $2803418.02   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                                        | TTM Technologies Inc                                          | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    234173 | NS      | $3531328.84   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                                       | Tenet Healthcare Corp                                         | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     56034 | NS      | $2733898.86   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                                         | Tronox Holdings PLC                                           | CUSIP: 000000000<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |    186041 | NS      | $2550622.11   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc                                          | ADMA Biologics Inc                                            | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    399224 | NS      | $1548989.12   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp                                        | AGNC Investment Corp                                          | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |    299222 | NS      | $3096947.70   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                              | API Group Corp                                                | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     56627 | NS      | $1065153.87   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp                                            | AdaptHealth Corp                                              | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85261 | NS      | $1638716.42   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Life Holding Co                  | American Equity Investment Life Holding Co                    | CUSIP: 025676206<br>LEI: 549300RK5RZQ740FPL83 | Long             | EC               | CORP              | US        |     78397 | NS      | $3576471.14   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                                  | Arcosa Inc                                                    | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     31955 | NS      | $1736434.70   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc                                        | Astec Industries Inc                                          | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     38660 | NS      | $1571915.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                                             | AZEK Co Inc/The                                               | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |     37172 | NS      | $755335.04    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                                        | BWX Technologies Inc                                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     34786 | NS      | $2020370.88   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blucora Inc                                                 | Blucora Inc                                                   | CUSIP: 095229100<br>LEI: 5299001IO03J69IP6L77 | Long             | EC               | CORP              | US        |     85263 | NS      | $2176764.39   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowlero Corp                                                | Bowlero Corp                                                  | CUSIP: 10258P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138711 | NS      | $1869824.28   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                                            | Boyd Gaming Corp                                              | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     41560 | NS      | $2266266.80   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                                     | CNO Financial Group Inc                                       | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     62328 | NS      | $1424194.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                                          | CVB Financial Corp                                            | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71471 | NS      | $1840378.25   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                                | Cadence Bank                                                  | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    173813 | NS      | $4286228.58   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                       | Civitas Resources Inc                                         | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     57840 | NS      | $3350671.20   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                                        | Commercial Metals Co                                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     42141 | NS      | $2035410.30   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Tr                              | Corporate Office Properties Trust                             | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    113811 | NS      | $2952257.34   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                                                  | Diodes Inc                                                    | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     15085 | NS      | $1148571.90   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                          | Easterly Government Properties Inc                            | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               |  | US        |     96905 | NS      | $1382834.35   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries Inc                                        | EnPro Industries Inc                                          | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     14585 | NS      | $1585243.65   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                                       | Envista Holdings Corp                                         | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     40253 | NS      | $1355318.51   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Esab Corp                                                   | Esab Corp                                                     | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |     30363 | NS      | $1424631.96   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                                         | Federal Signal Corp                                           | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     57758 | NS      | $2684014.26   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp                           | First Commonwealth Financial Corp                             | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |    177584 | NS      | $2480848.48   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc                             | First Interstate BancSystem Inc                               | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     65840 | NS      | $2544716.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                                    | Gibraltar Industries Inc                                      | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38074 | NS      | $1746835.12   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| H&E Equipment Services Inc                                  | H&E Equipment Services Inc                                    | CUSIP: 404030108<br>LEI: 254900KVLRCDMQRYY541 | Long             | EC               | CORP              | US        |     53461 | NS      | $2427129.40   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                                   | Halozyme Therapeutics Inc                                     | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     39660 | NS      | $2256654.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                                        | Hancock Whitney Corp                                          | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     79811 | NS      | $3862054.29   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th                              | Hanover Insurance Group Inc/The                               | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     18559 | NS      | $2507877.67   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc                            | Harmony Biosciences Holdings Inc                              | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19668 | NS      | $1083706.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                                       | Helmerich & Payne Inc                                         | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     29035 | NS      | $1439264.95   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                                           | Herc Holdings Inc                                             | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |     20119 | NS      | $2647056.83   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                                             | Hillenbrand Inc                                               | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     44366 | NS      | $1893097.22   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc                                          | Hostess Brands Inc                                            | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80545 | NS      | $1807429.80   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                                          | IPG Photonics Corp                                            | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     29622 | NS      | $2804314.74   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                                 | IDACORP Inc                                                   | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     37564 | NS      | $4051277.40   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc                           | KKR Real Estate Finance Trust Inc                             | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               |  | US        |    144874 | NS      | $2022441.04   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                                     | Kite Realty Group Trust                                       | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128831 | NS      | $2711892.55   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                               | LGI Homes Inc                                                 | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     13518 | NS      | $1251766.80   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                           | MP Materials Corp                                             | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56430 | NS      | $1370120.40   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                                     | Magnolia Oil & Gas Corp                                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64165 | NS      | $1504669.25   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                                         | Meritage Homes Corp                                           | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     36124 | NS      | $3330632.80   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                                         | Mission Produce Inc                                           | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |    162279 | NS      | $1885681.98   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                                           | Mitek Systems Inc                                             | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     92212 | NS      | $893534.28    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Institutional Prime Value Obligations Fund | Federated Institutional Prime Value Obligations Fund          | CUSIP: 60934N583<br>LEI: 254900OXLDDVEP8MMK94 | Long             | STIV             | RF                | US        |   7342362 | NS      | $7340893.97   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                                   | Monro Inc                                                     | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44287 | NS      | $2001772.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                                              | NV5 Global Inc                                                | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10264 | NS      | $1358132.48   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                                   | OceanFirst Financial Corp                                     | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56320 | NS      | $1196800.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                                     | Old National Bancorp/IN                                       | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    214066 | NS      | $3848906.68   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                              | Ollie's Bargain Outlet Holdings Inc                           | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     28984 | NS      | $1357610.56   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                                              | PBF Energy Inc                                                | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     57472 | NS      | $2343708.16   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                                | Portland General Electric Co                                  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     88489 | NS      | $4335961.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                            | Prestige Brands Holdings Inc                                  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51734 | NS      | $3238548.40   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                              | PriceSmart Inc                                                | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     23363 | NS      | $1420003.14   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                                               | Primerica Inc                                                 | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     12399 | NS      | $1758426.18   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Revance Therapeutics Inc                                    | Revance Therapeutics Inc                                      | CUSIP: 761330109<br>LEI: 549300N33TFDZHS81H11 | Long             | EC               | CORP              | US        |     31432 | NS      | $580234.72    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                            | Ryman Hospitality Properties Inc                              | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     21945 | NS      | $1794662.10   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States                               | Schrodinger Inc/United States                                 | CUSIP: 80810D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34008 | NS      | $635609.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida                            | Seacoast Banking Corp of Florida                              | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    111619 | NS      | $3481396.61   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc                               | Selective Insurance Group Inc                                 | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     19401 | NS      | $1719122.61   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                                             | SouthState Corp                                               | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     56549 | NS      | $4318081.64   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings Inc                             | Spirit AeroSystems Holdings Inc                               | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50823 | NS      | $1504360.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                                         | STAG Industrial Inc                                           | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     88654 | NS      | $2864410.74   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                                                  | Terex Corp                                                    | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     46051 | NS      | $1967298.72   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                                         | Travel + Leisure Co                                           | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     48950 | NS      | $1781780.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                                    | Ultra Clean Holdings Inc                                      | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     51498 | NS      | $1707158.70   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                                            | UniFirst Corp/MA                                              | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     11300 | NS      | $2180787.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA                               | United Community Banks Inc/GA                                 | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     57971 | NS      | $1959419.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV                                    | United Bankshares Inc/WV                                      | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     67458 | NS      | $2731374.42   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd                                            | Vector Group Ltd                                              | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |    160871 | NS      | $1907930.06   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                                          | Verint Systems Inc                                            | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     65900 | NS      | $2390852.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                                                | Visteon Corp                                                  | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     16562 | NS      | $2166806.46   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                                         | WSFS Financial Corp                                           | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     37175 | NS      | $1685514.50   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                                            | WNS Holdings Ltd                                              | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |     56167 | NS      | $4492798.33   | 2.28%             |  |  |  | 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      |
| Wintrust Financial Corp                                     | Wintrust Financial Corp                                       | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     43273 | NS      | $3657433.96   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO LOGISTICS INC                                           | XPO Logistics Inc                                             | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     40361 | NS      | $1343617.69   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                                    | Yelp Inc                                                      | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     53463 | NS      | $1461678.42   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                                              | TechnipFMC PLC                                                | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    109540 | NS      | $1335292.60   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd                                | Genco Shipping & Trading Ltd                                  | CUSIP: 000000000<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | MH        |    116260 | NS      | $1785753.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer