# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0000745968-25-000012
**Filing Date:** 2025-8
**Character Count:** 113569
**Document Hash:** 6903b31d9ca11ee8ee7971582cf30946
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000745968-25-000012.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000745968-25-000012

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20250930

**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:** 251242895

**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 Prudent Bear Fund (Series ID: S000023465)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000068994 | Class A Shares       | BEARX           |
| C000068995 | Class C Shares       | PBRCX           |
| C000068996 | Institutional Shares | PBRIX           |
| C000188319 | Class T Shares       |  |

## Nport-Ex

Federated Hermes Prudent Bear Fund

Portfolio of Investments

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares,** <br>**Principal** <br>**Amount** <br>**or Contracts**<br>|  | **Value** |
|  | U.S. TREASURY—48.1% |  |
| <sup>1</sup> <br>| **U.S. Treasury Bills—48.1%** |  |
| $50000000 | United States Treasury Bill, 4.035%, 10/9/2025 <br>(IDENTIFIED COST $49,439,584)<br>| &nbsp;&nbsp; $49419630 |
|  | COMMON STOCKS—15.1% |  |
|  | **Communication Services—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Alphabet, Inc., Class A | &nbsp;&nbsp; 176230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000<br><sup>2</sup> <br>| Baidu, Inc., ADR | &nbsp;&nbsp; 171520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000<br><sup>2</sup> <br>| Criteo S.A., ADR | &nbsp;&nbsp; 119800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000<br><sup>2</sup> <br>| DoubleVerify Holdings, Inc. | &nbsp;&nbsp; 149700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000<br><sup>2</sup> <br>| Integral Ad Science Holding Corp. | &nbsp;&nbsp; 124650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600<br><sup>2</sup> <br>| Match Group Holdings II LLC | &nbsp;&nbsp; 111204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Meta Platforms, Inc. | &nbsp;&nbsp; 147618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200<br><sup>2</sup> <br>| Pinterest, Inc. | &nbsp;&nbsp; 114752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1115474 |
|  | **Consumer Discretionary—1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000<br><sup>2</sup> <br>| Airbnb, Inc. | &nbsp;&nbsp; 132340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 170115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000<br><sup>2</sup> <br>| Amazon.com, Inc. | &nbsp;&nbsp; 219390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000<br><sup>2</sup> <br>| Chagee Holdings Ltd., ADR | &nbsp;&nbsp; 78330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000<br><sup>2</sup> <br>| Chipotle Mexican Grill, Inc. | &nbsp;&nbsp; 168450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000<br><sup>2</sup> <br>| DraftKings, Inc. | &nbsp;&nbsp; 171560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000<br><sup>2</sup> <br>| HBX Group International PLC | &nbsp;&nbsp; 305721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | JD.com, Inc., ADR | &nbsp;&nbsp; 130560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000<br><sup>2</sup> <br>| KinderCare Learning Cos., Inc. | &nbsp;&nbsp; 101000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | Nike, Inc., Class B | &nbsp;&nbsp; 156288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000<br><sup>2</sup> <br>| Savers Value Village, Inc. | &nbsp;&nbsp; 122400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1756154 |
|  | **Consumer Staples—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Conagra Brands, Inc. | &nbsp;&nbsp; 102350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000<br><sup>2</sup> <br>| Hain Celestial Group, Inc. | &nbsp;&nbsp; 60800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Kimberly-Clark Corp. | &nbsp;&nbsp; 128920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500<br><sup>2</sup> <br>| Smithfield Foods, Inc. | &nbsp;&nbsp; 176475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | Tyson Foods, Inc., Class A | &nbsp;&nbsp; 134256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000<br><sup>2</sup> <br>| Zabka Group S.A. | &nbsp;&nbsp; 90001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692802 |
|  | **Energy—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Civitas Resources, Inc. | &nbsp;&nbsp; 165120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | ConocoPhillips | &nbsp;&nbsp; 125636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Halliburton Co. | &nbsp;&nbsp; 81520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000<br><sup>2</sup> <br>| Infinity Natural Resources, Inc. | &nbsp;&nbsp; 146480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518756 |
|  | **Financials—2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | American Express Co. | &nbsp;&nbsp; 95694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16667<br><sup>2</sup> <br>| American Integrity Insurance Group, Inc. | &nbsp;&nbsp; 306506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100<br><sup>2</sup> <br>| Aspen Insurance Holdings Ltd. | &nbsp;&nbsp; 160497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | BlackRock, Inc. | &nbsp;&nbsp; 157388 |

---

**1**

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---

| | | |
|:---|:---|:---|
| **Shares,**<br> **Principal**<br> **Amount**<br> **or Contracts**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; 4000 | Corebridge Financial, Inc. | &nbsp;&nbsp; $142000 |
| &nbsp;&nbsp;&nbsp; 2500 | Fifth Third Bancorp | &nbsp;&nbsp; 102825 |
| &nbsp;&nbsp;&nbsp; 1400<br><sup>2</sup> <br>| Fiserv, Inc. | &nbsp;&nbsp; 241374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 141550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | JPMorgan Chase & Co. | &nbsp;&nbsp; 173946 |
| &nbsp;&nbsp; 10000<br><sup>2</sup> <br>| Oportun Financial Corp. | &nbsp;&nbsp; 71600 |
| &nbsp;&nbsp;&nbsp; 2600<br><sup>2</sup> <br>| Oscar Health, Inc. | &nbsp;&nbsp; 55744 |
| &nbsp;&nbsp;&nbsp; 3000<br><sup>2</sup> <br>| PayPal Holdings, Inc. | &nbsp;&nbsp; 222960 |
| &nbsp;&nbsp;&nbsp; 1200 | State Street Corp. | &nbsp;&nbsp; 127608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | The Hartford Insurance Group, Inc. | &nbsp;&nbsp; 63435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | Visa, Inc., Class A | &nbsp;&nbsp; 177525 |
| &nbsp;&nbsp;&nbsp; 8000<br><sup>2</sup> <br>| Yuanbao, Inc., ADR | &nbsp;&nbsp; 168160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2408812 |
|  | **Health Care—2.6%** |  |
| &nbsp;&nbsp;&nbsp; 1200 | AbbVie, Inc. | &nbsp;&nbsp; 222744 |
| &nbsp;&nbsp; 24000<br><sup>2</sup> <br>| AbCellera Biologics, Inc. | &nbsp;&nbsp; 82320 |
| &nbsp;&nbsp;&nbsp; 2500<br><sup>2</sup> <br>| Amphastar Pharmaceuticals, Inc. | &nbsp;&nbsp; 57400 |
| &nbsp;&nbsp;&nbsp; 2800<br><sup>2</sup> <br>| BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp; 153916 |
| &nbsp;&nbsp;&nbsp; 2600 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 120354 |
| &nbsp;&nbsp;&nbsp; 2028<br><sup>2</sup> <br>| Caris Life Sciences, Inc. | &nbsp;&nbsp; 54188 |
| &nbsp;&nbsp;&nbsp; 5100<br><sup>2</sup> <br>| CG Oncology, Inc. | &nbsp;&nbsp; 132600 |
| &nbsp;&nbsp;&nbsp; 3500 | Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp; 71995 |
| &nbsp;&nbsp;&nbsp; 4000<br><sup>2</sup> <br>| Dynavax Technologies Corp. | &nbsp;&nbsp; 39680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | Eli Lilly & Co. | &nbsp;&nbsp; 101339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800<br><sup>2</sup> <br>| Illumina, Inc. | &nbsp;&nbsp; 76328 |
| &nbsp;&nbsp;&nbsp; 4000<br><sup>2</sup> <br>| Inmode Ltd. | &nbsp;&nbsp; 57760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650<br><sup>2</sup> <br>| IQVIA Holdings, Inc. | &nbsp;&nbsp; 102433 |
| &nbsp;&nbsp; 20000<br><sup>2</sup> <br>| Kyverna Therapeutics, Inc. | &nbsp;&nbsp; 61400 |
| &nbsp;&nbsp;&nbsp; 4000<br><sup>2</sup> <br>| Legend Biotech Corp., ADR | &nbsp;&nbsp; 141960 |
| &nbsp;&nbsp;&nbsp; 1200 | Merck & Co., Inc. | &nbsp;&nbsp; 94992 |
| &nbsp;&nbsp;&nbsp; 8000<br><sup>2</sup> <br>| Mineralys Therapeutics, Inc. | &nbsp;&nbsp; 108240 |
| &nbsp;&nbsp;&nbsp; 1500<br><sup>2</sup> <br>| Mirum Pharmaceuticals, Inc. | &nbsp;&nbsp; 76335 |
| &nbsp;&nbsp; 30000<br><sup>2</sup> <br>| Relay Therapeutics, Inc. | &nbsp;&nbsp; 103800 |
| &nbsp;&nbsp;&nbsp; 3500 | Royalty Pharma PLC | &nbsp;&nbsp; 126105 |
| &nbsp;&nbsp;&nbsp; 3000<br><sup>2</sup> <br>| Schrodinger, Inc. | &nbsp;&nbsp; 60360 |
| &nbsp;&nbsp;&nbsp; 8000 | Simulations Plus, Inc. | &nbsp;&nbsp; 139600 |
| 110000<br><sup>2</sup> <br>| Sophia Genetics S.A. | &nbsp;&nbsp; 341000 |
| &nbsp;&nbsp;&nbsp; 2500<br><sup>2</sup> <br>| Structure Therapeutics, Inc., ADR | &nbsp;&nbsp; 51850 |
| &nbsp;&nbsp;&nbsp; 2500<br><sup>2</sup> <br>| Viking Therapeutics, Inc. | &nbsp;&nbsp; 66250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2644949 |
|  | **Industrials—1.5%** |  |
| &nbsp;&nbsp; 25000<br><sup>2</sup> <br>| Astroscale Holdings, Inc. | &nbsp;&nbsp; 121318 |
| &nbsp;&nbsp;&nbsp; 1400 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 145782 |
| &nbsp;&nbsp; 24000<br><sup>2</sup> <br>| Ferrari NV | &nbsp;&nbsp; 252647 |
| &nbsp;&nbsp; 10000<br><sup>2</sup> <br>| Lyft, Inc. | &nbsp;&nbsp; 157600 |
| &nbsp;&nbsp;&nbsp; 2000<br><sup>2</sup> <br>| Parsons Corp. | &nbsp;&nbsp; 143540 |
| &nbsp;&nbsp;&nbsp; 1700<br><sup>2</sup> <br>| Pfisterer Holding SE | &nbsp;&nbsp; 81603 |
| &nbsp;&nbsp; 14000<br><sup>2</sup> <br>| Sun Country Airlines Holdings, Inc. | &nbsp;&nbsp; 164500 |
| &nbsp;&nbsp;&nbsp; 9000<br><sup>2</sup> <br>| Timee, Inc. | &nbsp;&nbsp; 128710 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Shares,**<br> **Principal**<br> **Amount**<br> **or Contracts**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Industrials—continued** |  |
| &nbsp;&nbsp; 1700<br><sup>2</sup> <br>| Uber Technologies, Inc. | &nbsp;&nbsp; $158610 |
| &nbsp;&nbsp; 1600 | Vertiv Holdings Co. | &nbsp;&nbsp; 205456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1559766 |
|  | **Information Technology—3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | Apple, Inc. | &nbsp;&nbsp; 102585 |
| 16000<br><sup>2</sup> <br>| Arteris, Inc. | &nbsp;&nbsp; 152480 |
| &nbsp;&nbsp; 1000<br><sup>2</sup> <br>| Cirrus Logic, Inc. | &nbsp;&nbsp; 104255 |
| 14000<br><sup>2</sup> <br>| Innoscripta SE | &nbsp;&nbsp; 1659026 |
| &nbsp;&nbsp; 1500 | Marvell Technology, Inc. | &nbsp;&nbsp; 116100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | NVIDIA Corp. | &nbsp;&nbsp; 94794 |
| 51032<br><sup>2</sup> <br>| Qualco Group S.A. | &nbsp;&nbsp; 354668 |
| &nbsp;&nbsp; 1200 | Qualcomm, Inc. | &nbsp;&nbsp; 191112 |
| 28000<br><sup>2</sup> <br>| Rigaku Holdings Corp. | &nbsp;&nbsp; 148729 |
| 90000<br><sup>2</sup> <br>| Silvaco Group, Inc. | &nbsp;&nbsp; 424800 |
| 24000<br><sup>2</sup> <br>| SimilarWeb Ltd. | &nbsp;&nbsp; 188160 |
| 30000<br><sup>2</sup> <br>| Telos Corp. | &nbsp;&nbsp; 95100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3631809 |
|  | **Materials—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Aptargroup, Inc. | &nbsp;&nbsp; 125144 |
| &nbsp;&nbsp; 8000<br><sup>2</sup> <br>| Ivanhoe Electric, Inc. | &nbsp;&nbsp; 72560 |
| 15000<br><sup>2</sup> <br>| Lithium Royalty Corp. | &nbsp;&nbsp; 55737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253441 |
|  | **Real Estate—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | American Tower Corp. | &nbsp;&nbsp; 132612 |
| &nbsp;&nbsp; 4000 | Americold Realty Trust, Inc. | &nbsp;&nbsp; 66520 |
| &nbsp;&nbsp; 1700 | Crown Castle, Inc. | &nbsp;&nbsp; 174641 |
| &nbsp;&nbsp; 6000 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 92160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | Public Storage | &nbsp;&nbsp; 146710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612643 |
|  | **Utilities—0.3%** |  |
| &nbsp;&nbsp; 1000 | Duke Energy Corp. | &nbsp;&nbsp; 118000 |
| &nbsp;&nbsp; 1400 | National Fuel Gas Co. | &nbsp;&nbsp; 118594 |
| &nbsp;&nbsp; 3000 | UGI Corp. | &nbsp;&nbsp; 109260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $16,390,825)<br>| &nbsp;&nbsp;&nbsp; 15540460 |
|  | PURCHASED PUT OPTIONS—0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $12,357,000, Exercise Price $590, Expiration Date 7/31/2025 | &nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $540, Expiration Date 8/15/2025 | &nbsp;&nbsp; 64250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $570, Expiration Date 7/18/2025 | &nbsp;&nbsp; 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580, Expiration Date 7/18/2025 | &nbsp;&nbsp; 41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580, Expiration Date 7/3/2025 | &nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $590, Expiration Date 7/11/2025 | &nbsp;&nbsp; 24750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PURCHASED PUT OPTIONS <br>(IDENTIFIED COST $484,420)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219250 |

---

**3**

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| | | |
|:---|:---|:---|
| **Shares,**<br> **Principal**<br> **Amount**<br> **or Contracts**<br>|  | **Value** |
|  | INVESTMENT COMPANY—40.1% |  |
| 41138241 | Federated Hermes Government Obligations Fund, Premier Shares, 4.25%<sup>3</sup> <br>(IDENTIFIED COST $41,138,241)<br>| &nbsp;&nbsp;&nbsp; 41138241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—103.5% <br>(IDENTIFIED COST $107,453,070)<br>| &nbsp;&nbsp; 106317581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(3.5)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3639837) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $102677744 |

---

**SECURITIES SOLD SHORT—(76.9)%** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Broad Equity Index—(68.9)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | ARK Fintech Innovation ETF | &nbsp;&nbsp; $15072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | ARK Innovation ETF | &nbsp;&nbsp; 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Invesco QQQ Trust Series 1 | &nbsp;&nbsp; 110328 |
| &nbsp;&nbsp;&nbsp; 2000 | iShares FTSE/Xinhua China 25 | &nbsp;&nbsp; 73520 |
| &nbsp;&nbsp;&nbsp; 3000 | iShares MSCI Canada Index Fund | &nbsp;&nbsp; 138600 |
| &nbsp;&nbsp;&nbsp; 6700 | iShares Russell 2000 ETF | &nbsp;&nbsp; 1445793 |
| 108000 | S&P Depositary Receipts Trust | &nbsp;&nbsp; 66727800 |
| &nbsp;&nbsp;&nbsp; 4200 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp; 1850730 |
| &nbsp;&nbsp;&nbsp; 5000 | Vanguard European ETF | &nbsp;&nbsp; 387500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 70763401 |
|  | **Communication Services—(0.4)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430<br><sup>2</sup> <br>| Liberty Media Corp. | &nbsp;&nbsp; 34176 |
| &nbsp;&nbsp;&nbsp; 1200 | Omnicom Group, Inc. | &nbsp;&nbsp; 86328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | TKO Group Holdings, Inc. | &nbsp;&nbsp; 34571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900<br><sup>2</sup> <br>| Trade Desk, Inc./The | &nbsp;&nbsp; 64791 |
| &nbsp;&nbsp;&nbsp; 6300<br><sup>2</sup> <br>| TripAdvisor, Inc. | &nbsp;&nbsp; 82215 |
| &nbsp;&nbsp;&nbsp; 2000 | Verizon Communications, Inc. | &nbsp;&nbsp; 86540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388621 |
|  | **Consumer Discretionary—(0.9)%** |  |
| &nbsp;&nbsp;&nbsp; 2300<br><sup>2</sup> <br>| Amer Sports, Inc. | &nbsp;&nbsp; 89148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | Choice Hotels International, Inc. | &nbsp;&nbsp; 76128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 98905 |
| &nbsp;&nbsp; 11000 | Ford Motor Co. | &nbsp;&nbsp; 119350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | Genuine Parts Co. | &nbsp;&nbsp; 103114 |
| &nbsp;&nbsp;&nbsp; 1800 | LKQ Corp. | &nbsp;&nbsp; 66618 |
| &nbsp;&nbsp; 50000<br><sup>2</sup> <br>| Lucid Group, Inc. | &nbsp;&nbsp; 105500 |
| &nbsp;&nbsp;&nbsp; 5000 | Macy's, Inc. | &nbsp;&nbsp; 58300 |
| &nbsp;&nbsp;&nbsp; 6000<br><sup>2</sup> <br>| Rivian Automotive, Inc. | &nbsp;&nbsp; 82440 |
| &nbsp;&nbsp;&nbsp; 1000<br><sup>2</sup> <br>| SharkNinja, Inc. | &nbsp;&nbsp; 98990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br><sup>2</sup> <br>| Tesla, Inc. | &nbsp;&nbsp; 47649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946142 |
|  | **Consumer Staples—(0.5)%** |  |
| &nbsp;&nbsp;&nbsp; 3000 | Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp; 242910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700<br><sup>2</sup> <br>| elf Beauty, Inc. | &nbsp;&nbsp; 87108 |
| &nbsp;&nbsp;&nbsp; 2200 | Kraft Heinz Co./The | &nbsp;&nbsp; 56804 |
| &nbsp;&nbsp;&nbsp; 1100 | Mondelez International, Inc. | &nbsp;&nbsp; 74184 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461006 |
|  | **Energy—(0.4)%** |  |
| &nbsp;&nbsp;&nbsp; 4000 | Devon Energy Corp. | &nbsp;&nbsp; 127240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 | Diamondback Energy, Inc. | &nbsp;&nbsp; 78318 |

---

**4**

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Energy—continued** |  |
| &nbsp;&nbsp; 1300 | ONEOK, Inc. | &nbsp;&nbsp; $106119 |
| &nbsp;&nbsp; 2100 | Viper Energy Partners LP | &nbsp;&nbsp; 80073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391750 |
|  | **Financials—(1.0)%** |  |
| 10000 | AGNC Investment Corp. | &nbsp;&nbsp; 91900 |
| &nbsp;&nbsp; 3000 | Ally Financial, Inc. | &nbsp;&nbsp; 116850 |
| &nbsp;&nbsp; 4800 | Annaly Capital Management, Inc. | &nbsp;&nbsp; 90336 |
| &nbsp;&nbsp; 5000 | Franklin Resources, Inc. | &nbsp;&nbsp; 119250 |
| 10000 | KeyCorp | &nbsp;&nbsp; 174200 |
| &nbsp;&nbsp; 6200 | Starwood Property Trust, Inc. | &nbsp;&nbsp; 124434 |
| &nbsp;&nbsp; 1800 | Truist Financial Corp. | &nbsp;&nbsp; 77382 |
| 28000 | UWM Holdings Corp. | &nbsp;&nbsp; 115920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | Willis Towers Watson PLC | &nbsp;&nbsp; 91950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1002222 |
|  | **Health Care—(1.4)%** |  |
| &nbsp;&nbsp; 2000<br><sup>2</sup> <br>| Acadia Healthcare Co., Inc. | &nbsp;&nbsp; 45380 |
| &nbsp;&nbsp; 1200 | Bruker Corp. | &nbsp;&nbsp; 49440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900<br><sup>2</sup> <br>| Cooper Cos., Inc. | &nbsp;&nbsp; 64044 |
| &nbsp;&nbsp; 1000<br><sup>2</sup> <br>| Edwards Lifesciences Corp. | &nbsp;&nbsp; 78210 |
| &nbsp;&nbsp; 3000 | Health Care Select Sector SPDR Fund | &nbsp;&nbsp; 404370 |
| &nbsp;&nbsp; 3100<br><sup>2</sup> <br>| Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp; 122481 |
| &nbsp;&nbsp; 1700<br><sup>2</sup> <br>| Moderna, Inc. | &nbsp;&nbsp; 46903 |
| &nbsp;&nbsp; 6000<br><sup>2</sup> <br>| Roivant Sciences Ltd. | &nbsp;&nbsp; 67620 |
| &nbsp;&nbsp; 7200 | SPDR S&P Biotech ETF | &nbsp;&nbsp; 597096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1475544 |
|  | **Industrials—(1.1)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500<br><sup>2</sup> <br>| Boeing Co. | &nbsp;&nbsp; 104765 |
| &nbsp;&nbsp; 1250 | Carrier Global Corp. | &nbsp;&nbsp; 91487 |
| 20000<br><sup>2</sup> <br>| Clarivate PLC | &nbsp;&nbsp; 86000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | Cummins, Inc. | &nbsp;&nbsp; 98250 |
| &nbsp;&nbsp; 2000 | Ingersoll-Rand, Inc. | &nbsp;&nbsp; 166360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Nordson Corp. | &nbsp;&nbsp; 171496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900 | Oshkosh Corp. | &nbsp;&nbsp; 102186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Simpson Manufacturing Co., Inc. | &nbsp;&nbsp; 124248 |
| &nbsp;&nbsp; 1700<br><sup>2</sup> <br>| Trex Co., Inc. | &nbsp;&nbsp; 92446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900 | Xylem, Inc. | &nbsp;&nbsp; 116424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1153662 |
|  | **Information Technology—(1.1)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | Amphenol Corp., Class A | &nbsp;&nbsp; 59250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260 | Analog Devices, Inc. | &nbsp;&nbsp; 61885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150<br><sup>2</sup> <br>| Ansys, Inc. | &nbsp;&nbsp; 52683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180<br><sup>2</sup> <br>| Autodesk, Inc. | &nbsp;&nbsp; 55723 |
| &nbsp;&nbsp; 1130 | Bentley Systems, Inc. | &nbsp;&nbsp; 60986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100<br><sup>2</sup> <br>| Cadence Design Systems, Inc. | &nbsp;&nbsp; 30815 |
| &nbsp;&nbsp; 2500<br><sup>2</sup> <br>| CCC Intelligent Solutions Holdings, Inc. | &nbsp;&nbsp; 23525 |
| &nbsp;&nbsp; 1350 | Cognex Corp. | &nbsp;&nbsp; 42822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550<br><sup>2</sup> <br>| Coherent Corp. | &nbsp;&nbsp; 49066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 920 | Crane NXT Co. | &nbsp;&nbsp; 49588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 480 | Dell Technologies, Inc. | &nbsp;&nbsp; 58848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300<br><sup>2</sup> <br>| First Solar, Inc. | &nbsp;&nbsp; 49662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600<br><sup>2</sup> <br>| Gitlab, Inc. | &nbsp;&nbsp; 27066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250<br><sup>2</sup> <br>| Guidewire Software, Inc. | &nbsp;&nbsp; 58862 |
| &nbsp;&nbsp; 1200 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 24540 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Information Technology—continued** |  |
| 1500 | HP, Inc. | &nbsp;&nbsp; $36690 |
| 1200<br><sup>2</sup> <br>| Ingram Micro Holding Corp. | &nbsp;&nbsp; 25008 |
| &nbsp;&nbsp; 300 | MKS, Inc. | &nbsp;&nbsp; 29808 |
| &nbsp;&nbsp; 800<br><sup>2</sup> <br>| nCino, Inc. | &nbsp;&nbsp; 22376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80 | Roper Technologies, Inc. | &nbsp;&nbsp; 45347 |
| &nbsp;&nbsp; 100<br><sup>2</sup> <br>| Synopsys, Inc. | &nbsp;&nbsp; 51268 |
| &nbsp;&nbsp; 380 | Teradyne, Inc. | &nbsp;&nbsp; 34170 |
| &nbsp;&nbsp; 700<br><sup>2</sup> <br>| Trimble, Inc. | &nbsp;&nbsp; 53186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80<br><sup>2</sup> <br>| Tyler Technologies, Inc. | &nbsp;&nbsp; 47427 |
| &nbsp;&nbsp; 800 | Vontier Corp. | &nbsp;&nbsp; 29520 |
| &nbsp;&nbsp; 890 | Western Digital Corp. | &nbsp;&nbsp; 56951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1137072 |
|  | **Materials—(0.3)%** |  |
| &nbsp;&nbsp; 230 | Air Products & Chemicals, Inc. | &nbsp;&nbsp; 64874 |
| 4900 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 103243 |
| &nbsp;&nbsp; 130 | Martin Marietta Materials | &nbsp;&nbsp; 71365 |
| 1600 | Smurfit WestRock PLC | &nbsp;&nbsp; 69040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308522 |
|  | **Real Estate—(0.5)%** |  |
| 1070<br><sup>2</sup> <br>| CoStar Group, Inc. | &nbsp;&nbsp; 86028 |
| 2000 | Cousins Properties, Inc. | &nbsp;&nbsp; 60060 |
| 6000 | Real Estate Select Sector SPDR Fund | &nbsp;&nbsp; 248520 |
| 1800 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 64026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458634 |
|  | **Utilities—(0.4)%** |  |
| 1000 | Alliant Energy Corp. | &nbsp;&nbsp; 60470 |
| 2700 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 99198 |
| &nbsp;&nbsp; 350 | Constellation Energy Corp. | &nbsp;&nbsp; 112966 |
| 1500 | Essential Utilities, Inc. | &nbsp;&nbsp; 55710 |
| 1000 | EverSource Energy | &nbsp;&nbsp; 63620 |
| &nbsp;&nbsp; 700 | Sempra Energy | &nbsp;&nbsp; 53039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Sold Short <br>(PROCEEDS $43,014,431)<br>| &nbsp;&nbsp; $78931579 |

---

At June 30, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**(Depreciation)**<br>|
| **Short Futures:** |  |  |  |  |
| S&P 500 E-Mini Short Futures | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; $31268750 | September 2025 | &nbsp;&nbsp;&nbsp; $(776698) |

---

Net Unrealized Depreciation on Futures Contracts and on the Value of Securities Sold Short is included in "Other Assets and Liabilities—Net."

**6**

------

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended June 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated** <br>**Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 9/30/2024 | &nbsp;&nbsp; $20167456 |
| Purchases at Cost | &nbsp;&nbsp; $307362126 |
| Proceeds from Sales | &nbsp;&nbsp; $(286391341) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 6/30/2025 | &nbsp;&nbsp; $41138241 |
| Shares Held as of 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41138241 |
| Dividend Income | &nbsp;&nbsp; $941388 |

---

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

---

| | |
|:---|:---|
| 1 | *Discount rate(s) at time of purchase.* |
| 2 | *Non-income-producing security.* |
| 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 net assets at June 30, 2025.

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Equity securities including shares of exchange-traded funds 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.

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Equity Management Company of Pennsylvania (the "Adviser").

■ 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 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 valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation and Significant Events Procedures** 

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

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

**7**

------

Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49419630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49419630 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp; 10354163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10354163 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 4139171 | &nbsp;&nbsp;&nbsp; 1047126 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5186297 |
| **Purchased Put Options** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219250 |
| **Investment Company** | &nbsp;&nbsp; 41138241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41138241 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $55850825 | &nbsp;&nbsp; $50466756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106317581 |
| **Other Financial Instruments:** |  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Securities Sold Short | &nbsp;&nbsp; $(78931579) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(78931579) |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (776698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (776698) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(79708277) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(79708277) |

---

**8**

------

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| ADR | —American Depositary Receipt |
| ETF | —Exchange-Traded Fund |
| SPDR | —Standard & Poor's Depositary Receipt |

---

**9**

------

## 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 Prudent Bear Fund

- **b. EDGAR series identifier (if any):** S000023465

- **c. LEI of Series:** DFLN6WC843HZPXL6CQ94

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $186693760.89

**Total Liabilities:** $81114256.15

**Net Assets:** $105579504.74

**Cash Not Reported:** $80562827.47

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.034236000000 | **1-Year:** -0.034236000000 | **5-Year:** -0.034236000000 | **10-Year:** -0.034236000000 | **30-Year:** -0.034236000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000068994 | 0.20%                | -6.34%               | -4.37%               |
| Class ID C000068995 | 0.00%                | -6.23%               | -4.79%               |
| Class ID C000068996 | 0.00%                | -6.10%               | -4.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $663529.66               | $-1969455.31                               |
| Month 2  | $-1178667.56             | $-4201697.94                               |
| Month 3  | $-434261.18              | $-2324309.70                               |

**Designated Index Information**

- **Index Name:** 190% ICE BofAML US 3Mth T Bill Index, -90% S&P500

- **Index Identifier:** 190% LUS3, -90% SPX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARK Fintech Innovation ETF                  | ARK Fintech Innovation ETF                   | CUSIP: 00214Q708<br>LEI: 54930054K1MBIMPS7V72 | Short            | EC               | RF                | US        |      -300 | NS      | $-15072.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AbCellera Biologics Inc                     | AbCellera Biologics Inc                      | CUSIP: 00288U106<br>LEI: 9845000861BC95FF9F73 | Long             | EC               | CORP              | CA        |     24000 | NS      | $82320.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1500 | NS      | $170115.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                         | Alliant Energy Corp                          | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-60470.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                  | Americold Realty Trust Inc                   | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |      4000 | NS      | $66520.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc               | Amphastar Pharmaceuticals Inc                | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      2500 | NS      | $57400.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc             | Choice Hotels International Inc              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Short            | EC               | CORP              | US        |      -600 | NS      | $-76128.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                     | Essential Utilities Inc                      | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-55710.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                           | Eversource Energy                            | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-63620.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                         | Fifth Third Bancorp                          | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      2500 | NS      | $102825.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                      | HP Inc                                       | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-36690.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc               | Annaly Capital Management Inc                | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Short            | EC               |  | US        |     -4800 | NS      | $-90336.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                                 | Arteris Inc                                  | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $190600.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares China Large-Cap ETF                 | iShares China Large-Cap ETF                  | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Short            | EC               | RF                | US        |     -2000 | NS      | $-73520.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                     | KeyCorp                                      | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-174200.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                  | Airbnb Inc                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1000 | NS      | $132340.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                    | NIKE Inc                                     | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      2200 | NS      | $156288.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                | Nordson Corp                                 | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Short            | EC               | CORP              | US        |      -800 | NS      | $-171496.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                            | Oscar Health Inc                             | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2600 | NS      | $55744.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                         | PayPal Holdings Inc                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      3000 | NS      | $222960.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1000 | NS      | $176230.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                          | Analog Devices Inc                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Short            | EC               | CORP              | US        |      -260 | NS      | $-61885.20    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                         | Bentley Systems Inc                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -1130 | NS      | $-60986.10    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                               | Boeing Co/The                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |      -500 | NS      | $-104765.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp            | Booz Allen Hamilton Holding Corp             | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      1400 | NS      | $145782.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co               | Hewlett Packard Enterprise Co                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Short            | EC               | CORP              | US        |     -1200 | NS      | $-24540.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                          | Kraft Heinz Co/The                           | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Short            | EC               | CORP              | US        |     -2200 | NS      | $-56804.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                      | Marvell Technology Inc                       | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $116100.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Relay Therapeutics Inc                      | Relay Therapeutics Inc                       | CUSIP: 75943R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $103800.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF                        | SPDR S&P Biotech ETF                         | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Short            | EC               | RF                | US        |     -7200 | NS      | $-597096.00   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                     | Caris Life Sciences Inc                      | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |      2028 | NS      | $54188.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                            | Cirrus Logic Inc                             | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1000 | NS      | $104255.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                  | AbbVie Inc                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1200 | NS      | $222744.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                                 | Cognex Corp                                  | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Short            | EC               | CORP              | US        |     -1350 | NS      | $-42822.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select Sector SPDR Fund         | Real Estate Select Sector SPDR Fund          | CUSIP: 81369Y860<br>LEI: 549300SPMSTD3BRHL041 | Short            | EC               | RF                | US        |     -6000 | NS      | $-248520.00   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                       | Truist Financial Corp                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Short            | EC               | CORP              | US        |     -1800 | NS      | $-77382.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                       | Civitas Resources Inc                        | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      6000 | NS      | $165120.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                   | Constellation Energy Corp                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Short            | EC               | CORP              | US        |      -350 | NS      | $-112966.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                      | Tyler Technologies Inc                       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Short            | EC               | CORP              | US        |       -80 | NS      | $-47427.20    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Yuanbao Inc                                 | YUANBAO INC-ADR                              | CUSIP: 987910106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8000 | NS      | $168160.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                            | CoStar Group Inc                             | CUSIP: 22160N109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1070 | NS      | $-86028.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                 | Cummins Inc                                  | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Short            | EC               | CORP              | US        |      -300 | NS      | $-98250.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                       | Dell Technologies Inc                        | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Short            | EC               | CORP              | US        |      -480 | NS      | $-58848.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                            | Duke Energy Corp                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1000 | NS      | $118000.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                   | Edwards Lifesciences Corp                    | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-78210.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                             | First Solar Inc                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Short            | EC               | CORP              | US        |      -300 | NS      | $-49662.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                               | Clarivate PLC                                | CUSIP: 000000000<br>LEI: 549300WDHIIODXFO0R55 | Short            | EC               | CORP              | JE        |    -20000 | NS      | $-86000.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                  | Gitlab Inc                                   | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Short            | EC               | CORP              | US        |      -600 | NS      | $-27066.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                      | Guidewire Software Inc                       | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Short            | EC               | CORP              | US        |      -250 | NS      | $-58862.50    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                              | DraftKings Inc                               | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |      4000 | NS      | $171560.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                              | Public Storage                               | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |       500 | NS      | $146710.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1                  | Invesco QQQ Trust Series 1                   | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |      -200 | NS      | $-110328.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                          | IQVIA Holdings Inc                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       650 | NS      | $102433.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | Tesla Inc                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               | CORP              | US        |      -150 | NS      | $-47649.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                             | Tyson Foods Inc                              | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      2400 | NS      | $134256.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                         | Kimberly-Clark Corp                          | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      1000 | NS      | $128920.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc                 | KinderCare Learning Cos Inc                  | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $101000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                          | Royalty Pharma PLC                           | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |      3500 | NS      | $126105.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyverna Therapeutics Inc                    | Kyverna Therapeutics Inc                     | CUSIP: 501976104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $61400.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                             | Match Group Inc                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      3600 | NS      | $111204.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Financial Corp                      | Oportun Financial Corp                       | CUSIP: 68376D104<br>LEI: 549300351Y4J4FKIOR78 | Long             | EC               | CORP              | US        |     10000 | NS      | $71600.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                | Oshkosh Corp                                 | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-170310.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                                | Parsons Corp                                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      2000 | NS      | $143540.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                               | Pinterest Inc                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $114752.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                      | Roper Technologies Inc                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Short            | EC               | CORP              | US        |       -80 | NS      | $-45347.20    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1200 | NS      | $127608.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc           | Sun Country Airlines Holdings Inc            | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     14000 | NS      | $164500.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                      | TKO Group Holdings Inc                       | CUSIP: 87256C101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -190 | NS      | $-34570.50    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                | QUALCOMM Inc                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1200 | NS      | $191112.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                      | SPDR S&P 500 ETF Trust                       | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |   -110600 | NS      | $-68334210.00 | -64.72%           |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States               | Schrodinger Inc/United States                | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |      3000 | NS      | $60360.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                      | Sempra Energy                                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Short            | EC               | CORP              | US        |      -700 | NS      | $-53039.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                | Simpson Manufacturing Co Inc                 | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Short            | EC               | CORP              | US        |      -800 | NS      | $-124248.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                 | Trex Co Inc                                  | CUSIP: 89531P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1700 | NS      | $-92446.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                           | UWM Holdings Corp                            | CUSIP: 91823B109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -28000 | NS      | $-115920.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                  | Verizon Communications Inc                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-86540.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd                | Aspen Insurance Holdings Ltd                 | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |      5100 | NS      | $160497.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                  | Inmode Ltd                                   | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |      4000 | NS      | $57760.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                             | Amer Sports Inc                              | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Short            | EC               | CORP              | KY        |     -3500 | NS      | $-135660.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $27500.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $1250.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sophia Genetics SA                          | Sophia Genetics SA                           | CUSIP: 000000000<br>LEI: 506700H1GPU9GGM8W895 | Long             | EC               | CORP              | CH        |    110000 | NS      | $341000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfisterer Holding SE                        | Pfisterer Holding SE                         | CUSIP: 000000000<br>LEI: 529900APPYG9TGZYS639 | Long             | EC               | CORP              | DE        |      2000 | NS      | $96002.98     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari Group PLC                           | Ferrari Group PLC                            | CUSIP: 000000000<br>LEI: 984500Y7F9EB3DRC4406 | Long             | EC               | CORP              | GB        |     25000 | NS      | $263173.49    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC                        | Smurfit WestRock PLC                         | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Short            | EC               | CORP              | IE        |     -1600 | NS      | $-69040.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Rigaku Holdings Corp                        | Rigaku Holdings Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28000 | NS      | $148729.19    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                              | Zabka Group SA                               | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |     15000 | NS      | $90001.11     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AGNC Investment Corp                        | AGNC Investment Corp                         | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Short            | EC               |  | US        |    -10000 | NS      | $-91900.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                    | Acadia Healthcare Co Inc                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-45380.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc              | Air Products and Chemicals Inc               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Short            | EC               | CORP              | US        |      -230 | NS      | $-64873.80    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group Inc      | American Integrity Insurance Group Inc       | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |     16667 | NS      | $306506.13    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                         | American Tower Corp                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |       600 | NS      | $132612.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                               | Amphenol Corp                                | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Short            | EC               | CORP              | US        |      -600 | NS      | $-59250.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                   | ANSYS Inc                                    | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Short            | EC               | CORP              | US        |      -150 | NS      | $-52683.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                   | Apple Inc                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       500 | NS      | $102585.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                              | AptarGroup Inc                               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       800 | NS      | $125144.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                   | Baidu Inc                                    | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |      2000 | NS      | $171520.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                 | BioMarin Pharmaceutical Inc                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      2800 | NS      | $153916.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                               | Blackrock Inc                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       150 | NS      | $157387.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                                 | Bruker Corp                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |     -1200 | NS      | $-49440.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Chagee Holdings Ltd                         | Chagee Holdings Ltd                          | CUSIP: 15743P104<br>LEI: 984500EBA7IRCB66FD03 | Long             | EC               | CORP              | KY        |      3000 | NS      | $78330.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                  | Chipotle Mexican Grill Inc                   | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $168450.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                          | Conagra Brands Inc                           | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      5000 | NS      | $102350.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Parent Inc         | Concentra Group Holdings Parent Inc          | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $71995.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                          | Cooper Cos Inc/The                           | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |      -900 | NS      | $-64044.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                      | Cousins Properties Inc                       | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Short            | EC               |  | US        |     -2000 | NS      | $-60060.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                      | Diamondback Energy Inc                       | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Short            | EC               | CORP              | US        |      -570 | NS      | $-78318.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                          | Ally Financial Inc                           | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-116850.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                         | American Express Co                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       300 | NS      | $95694.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                | Autodesk Inc                                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Short            | EC               | CORP              | US        |      -180 | NS      | $-55722.60    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                     | Bristol-Myers Squibb Co                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2600 | NS      | $120354.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc      | CCC Intelligent Solutions Holdings Inc       | CUSIP: 12510Q100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2500 | NS      | $-23525.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                  | Cadence Design Systems Inc                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Short            | EC               | CORP              | US        |      -100 | NS      | $-30815.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                         | Carrier Global Corp                          | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Short            | EC               | CORP              | US        |     -1250 | NS      | $-91487.50    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                      | CenterPoint Energy Inc                       | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Short            | EC               | CORP              | US        |     -2700 | NS      | $-99198.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                               | Coherent Corp                                | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |      -550 | NS      | $-49065.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips                               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      1400 | NS      | $125636.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo SA                                   | Criteo SA                                    | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |      5000 | NS      | $119800.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                              | elf Beauty Inc                               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Short            | EC               | CORP              | US        |     -1200 | NS      | $-149328.00   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                               | Ford Motor Co                                | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Short            | EC               | CORP              | US        |    -11000 | NS      | $-119350.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                            | Genuine Parts Co                             | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Short            | EC               | CORP              | US        |      -850 | NS      | $-103113.50   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      4000 | NS      | $81520.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                           | Devon Energy Corp                            | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Short            | EC               | CORP              | US        |     -4000 | NS      | $-127240.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp                   | Dynavax Technologies Corp                    | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      4000 | NS      | $39680.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                          | Meta Platforms Inc                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       200 | NS      | $147618.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                      | Franklin Resources Inc                       | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Short            | EC               | CORP              | US        |     -7000 | NS      | $-166950.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts Inc                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |      6000 | NS      | $92160.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                | Illumina Inc                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       800 | NS      | $76328.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                          | Ingersoll Rand Inc                           | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-166360.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc                   | Ionis Pharmaceuticals Inc                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Short            | EC               | CORP              | US        |     -3100 | NS      | $-122481.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc / US                   | Ivanhoe Electric Inc / US                    | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $72560.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       600 | NS      | $173946.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Live             | Liberty Media Corp-Liberty Live              | CUSIP: 531229748<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -430 | NS      | $-34176.40    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Mineralys Therapeutics Inc                  | Mineralys Therapeutics Inc                   | CUSIP: 603170101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $108240.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                   | Mirum Pharmaceuticals Inc                    | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |      2000 | NS      | $101780.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                 | Moderna Inc                                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Short            | EC               | CORP              | US        |     -1700 | NS      | $-46903.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Federated Government Obligations Fund       | Federated Hermes Government Obligations Fund | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |  41138241 | NS      | $41138241.25  | 38.96%            |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                        | National Fuel Gas Co                         | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1400 | NS      | $118594.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                   | ONEOK Inc                                    | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Short            | EC               | CORP              | US        |     -1300 | NS      | $-106119.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Dow Jones Industrial Average ETF Trust | SPDR Dow Jones Industrial Average ETF Trust  | CUSIP: 78467X109<br>LEI: 54930039F2SG3UG2OZ18 | Short            | EC               | RF                | US        |     -4200 | NS      | $-1850730.00  | -1.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Savers Value Village Inc                    | Savers Value Village Inc                     | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $122400.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR Fund         | Health Care Select Sector SPDR Fund          | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Short            | EC               | RF                | US        |     -3000 | NS      | $-404370.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Staples Select Sector SPDR Fund    | Consumer Staples Select Sector SPDR Fund     | CUSIP: 81369Y308<br>LEI: 549300Z52QUV3UXHLA68 | Short            | EC               | RF                | US        |     -3000 | NS      | $-242910.00   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Smithfield Foods Inc                        | Smithfield Foods Inc                         | CUSIP: 832248207<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | EC               | CORP              | US        |      7500 | NS      | $176475.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingram Micro Holding Corp                   | Ingram Micro Holding Corp                    | CUSIP: 457152106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1200 | NS      | $-25008.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp            | Integral Ad Science Holding Corp             | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $124650.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ARK Innovation ETF                          | ARK Innovation ETF                           | CUSIP: 00214Q104<br>LEI: 254900636IK9WKHH6949 | Short            | EC               | RF                | US        |      -200 | NS      | $-14058.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                | Synopsys Inc                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Short            | EC               | CORP              | US        |      -100 | NS      | $-51268.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Telos Corp                                  | Telos Corp                                   | CUSIP: 87969B101<br>LEI: 549300P7ZDPL8UWNVI47 | Long             | EC               | CORP              | US        |     40000 | NS      | $126800.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TripAdvisor Inc                             | TripAdvisor Inc                              | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Short            | EC               | CORP              | US        |     -6300 | NS      | $-82215.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                     | Viking Therapeutics Inc                      | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |      2500 | NS      | $66250.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Canada ETF                     | iShares MSCI Canada ETF                      | CUSIP: 464286509<br>LEI: 549300DXCD53F4JK3H45 | Short            | EC               | RF                | US        |     -3000 | NS      | $-138600.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                    | iShares Russell 2000 ETF                     | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |     -6700 | NS      | $-1445793.00  | -1.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                            | Viper Energy Inc                             | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Short            | EC               | CORP              | US        |     -2100 | NS      | $-80073.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa Inc                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       500 | NS      | $177525.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                              | Amazon.com Inc                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1000 | NS      | $219390.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology Inc                             | CG oncology Inc                              | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5100 | NS      | $132600.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                        | Western Digital Corp                         | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Short            | EC               | CORP              | US        |      -890 | NS      | $-56951.10    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                        | Roivant Sciences Ltd                         | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Short            | EC               | CORP              | BM        |     -6000 | NS      | $-67620.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Timee Inc                                   | Timee Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $128710.38    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                  | JD.com Inc                                   | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      4000 | NS      | $130560.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                    | LKQ Corp                                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Short            | EC               | CORP              | US        |     -1800 | NS      | $-66618.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                         | Legend Biotech Corp                          | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |      4000 | NS      | $141960.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                              | ELI LILLY & CO                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       130 | NS      | $101338.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                    | Corebridge Financial Inc                     | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      4000 | NS      | $142000.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                | Crane Holdings Co                            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Short            | EC               | CORP              | US        |      -920 | NS      | $-49588.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group Inc                             | Lucid Group Inc                              | CUSIP: 549498103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -50000 | NS      | $-105500.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                    | Lyft Inc                                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     10000 | NS      | $157600.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                            | Crown Castle International Corp              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      1700 | NS      | $174641.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                   | Dick's Sporting Goods Inc                    | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Short            | EC               | CORP              | US        |      -500 | NS      | $-98905.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DoubleVerify Holdings Inc                    | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $149700.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                  | Fiserv Inc                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1400 | NS      | $241374.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                 | Goldman Sachs Group Inc/The                  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       200 | NS      | $141550.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hain Celestial Group Inc/The                | Hain Celestial Group Inc/The                 | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               | CORP              | US        |     40000 | NS      | $60800.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                | Graphic Packaging Holding Co                 | CUSIP: 388689101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4900 | NS      | $-103243.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                  | Mondelez International Inc                   | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Short            | EC               | CORP              | US        |     -1100 | NS      | $-74184.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                   | nCino Inc                                    | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Short            | EC               | CORP              | US        |      -800 | NS      | $-22376.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                 | Starwood Property Trust Inc                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Short            | EC               |  | US        |     -6200 | NS      | $-124434.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The            | Hartford Financial Services Group Inc/The    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       500 | NS      | $63435.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinity Natural Resources Inc              | Infinity Natural Resources Inc               | CUSIP: 456941103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $183100.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                                  | Macy's Inc                                   | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-58300.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc               | Martin Marietta Materials Inc                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Short            | EC               | CORP              | US        |      -130 | NS      | $-71364.80    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Lithium Royalty Corp                        | Lithium Royalty Corp                         | CUSIP: 53680W105<br>LEI: 549300PNTZ1SGOX9FY92 | Long             | EC               | CORP              | CA        |     15000 | NS      | $55737.10     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                     | MKS Instruments Inc                          | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Short            | EC               | CORP              | US        |      -300 | NS      | $-29808.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                                | Vontier Corp                                 | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Short            | EC               | CORP              | US        |      -800 | NS      | $-29520.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| SimilarWeb Ltd                              | SimilarWeb Ltd                               | CUSIP: 000000000<br>LEI: 254900GWO7PNBAYCPJ12 | Long             | EC               | CORP              | IL        |     24000 | NS      | $188160.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                              | Merck & Co Inc                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1200 | NS      | $94992.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc               | Rexford Industrial Realty Inc                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               |  | US        |     -1800 | NS      | $-64026.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                       | Rivian Automotive Inc                        | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Short            | EC               | CORP              | US        |     -6000 | NS      | $-82440.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Silvaco Group Inc                           | Silvaco Group Inc                            | CUSIP: 82728C102<br>LEI: 89450009UUSWTJL6DP68 | Long             | EC               | CORP              | US        |     90000 | NS      | $424800.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                 | NVIDIA Corp                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       600 | NS      | $94794.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group Inc                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |     -1200 | NS      | $-86328.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                  | Structure Therapeutics Inc                   | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2500 | NS      | $51850.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                | Teradyne Inc                                 | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Short            | EC               | CORP              | US        |      -380 | NS      | $-34169.60    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                 | Trimble Inc                                  | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Short            | EC               | CORP              | US        |      -700 | NS      | $-53186.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                    | UGI Corp                                     | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      3000 | NS      | $109260.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                        | Simulations Plus Inc                         | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $139600.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                          | Trade Desk Inc/The                           | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Short            | EC               | CORP              | US        |      -900 | NS      | $-64791.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                       | Uber Technologies Inc                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      1700 | NS      | $158610.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                      | U.S. Treasury Bills                          | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  50000000 | PA      | $49419630.00  | 46.81%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard FTSE Europe ETF                    | Vanguard FTSE Europe ETF                     | CUSIP: 922042874<br>LEI: 5493000IQHGUVNGQR883 | Short            | EC               | RF                | US        |     -5000 | NS      | $-387500.00   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                          | Vertiv Holdings Co                           | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1600 | NS      | $205456.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                | Xylem Inc/NY                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |      -900 | NS      | $-116424.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $15500.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                 | S+P500 EMINI FUT SEP25                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |      -100 | NC      | $-776697.50   | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $24750.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                     | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |       500 | NC      | $64250.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                       | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DE               |  | US        |       200 | NC      | $16600.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoscripta SE                              | Innoscripta SE                               | CUSIP: 000000000<br>LEI: 894500BA6B025ZEF0T83 | Long             | EC               | CORP              | DE        |     14000 | NS      | $1659025.69   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCO GROUP SA                             | QUALCO GROUP SA                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GR        |     51069 | NS      | $354924.89    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                     | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Short            | EC               | CORP              | IE        |      -300 | NS      | $-91950.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                              | SharkNinja Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | KY        |     -1000 | NS      | $-98990.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| HBX Group International PLC                 | HBX Group International PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     24000 | NS      | $305721.37    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Astroscale Holdings Inc                     | Astroscale Holdings Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25000 | NS      | $121318.16    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer