# EDGAR Filing Document

**Accession Number:** 0000745968
**File Stem:** 0001193125-26-065553
**Filing Date:** 2026-2
**Character Count:** 97158
**Document Hash:** 401dc2dee8ca022fd9affea0189249c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-065553.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065553

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04017
- **FILM NUMBER:** 26667775

**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

December 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. TREASURY—37.9% |  |
| <sup>1</sup> <br>| **U.S. Treasury Bills—37.9%** |  |
| $32000000<br><sup>2</sup> <br>| United States Treasury Bill, 3.812%, 1/20/2026 <br>(IDENTIFIED COST $31,935,611)<br>| &nbsp;&nbsp; $31943379 |
|  | COMMON STOCKS—12.0% |  |
|  | **Communication Services—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000<br><sup>3</sup> <br>| Criteo S.A., ADR | &nbsp;&nbsp; 103050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000<br><sup>3</sup> <br>| DoubleVerify Holdings, Inc. | &nbsp;&nbsp; 114400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500<br><sup>3</sup> <br>| Match Group Holdings II LLC | &nbsp;&nbsp; 80725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000<br><sup>3</sup> <br>| MNTN, Inc. | &nbsp;&nbsp; 143280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | T-Mobile USA, Inc. | &nbsp;&nbsp; 101520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542975 |
|  | **Consumer Discretionary—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000<br><sup>3</sup> <br>| Airbnb, Inc. | &nbsp;&nbsp; 135720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000<br><sup>3</sup> <br>| Cirsa Enterprises S.A. | &nbsp;&nbsp; 139156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000<br><sup>3</sup> <br>| DraftKings, Inc. | &nbsp;&nbsp; 172300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000<br><sup>3</sup> <br>| HBX Group International PLC | &nbsp;&nbsp; 175478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | JD.com, Inc., ADR | &nbsp;&nbsp; 86100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000<br><sup>3</sup> <br>| Savers Value Village, Inc. | &nbsp;&nbsp; 112080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820834 |
|  | **Consumer Staples—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000<br><sup>3</sup> <br>| Celsius Holdings, Inc. | &nbsp;&nbsp; 91480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000<br><sup>3</sup> <br>| Oddity Tech Ltd. | &nbsp;&nbsp; 160720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | PepsiCo, Inc. | &nbsp;&nbsp; 143520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | Philip Morris International, Inc. | &nbsp;&nbsp; 96240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000<br><sup>3</sup> <br>| Sprouts Farmers Market, Inc. | &nbsp;&nbsp; 79670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571630 |
|  | **Energy—0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Civitas Resources, Inc. | &nbsp;&nbsp; 108360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000<br><sup>3</sup> <br>| Infinity Natural Resources, Inc. | &nbsp;&nbsp; 117840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000<br><sup>3</sup> <br>| NS Group, Inc. | &nbsp;&nbsp; 427413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653613 |
|  | **Financials—2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | American Express Co. | &nbsp;&nbsp; 110985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600<br><sup>3</sup> <br>| American Integrity Insurance Group, Inc. | &nbsp;&nbsp; 116648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Cboe Global Markets, Inc. | &nbsp;&nbsp; 75300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | Citizens Financial Group, Inc. | &nbsp;&nbsp; 81774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000<br><sup>3</sup> <br>| Exzeo Group, Inc. | &nbsp;&nbsp; 436500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 175800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | JPMorgan Chase & Co. | &nbsp;&nbsp; 193332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | M&T Bank Corp. | &nbsp;&nbsp; 120888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000<br><sup>3</sup> <br>| Oportun Financial Corp. | &nbsp;&nbsp; 84640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000<br><sup>3</sup> <br>| PayPal Holdings, Inc. | &nbsp;&nbsp; 116760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000<br><sup>3</sup> <br>| SBI Shinsei Bank Ltd. | &nbsp;&nbsp; 111083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | State Street Corp. | &nbsp;&nbsp; 154812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | The Hartford Insurance Group, Inc. | &nbsp;&nbsp; 68900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | Visa, Inc., Class A | &nbsp;&nbsp; 140284 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| 22000<br><sup>3</sup> <br>| Wealthfront Corp. | &nbsp;&nbsp; $298980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2286686 |
|  | **Health Care—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | AbbVie, Inc. | &nbsp;&nbsp; 137094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | Amgen, Inc. | &nbsp;&nbsp; 98193 |
| &nbsp;&nbsp; 2600 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 140244 |
| &nbsp;&nbsp; 3000<br><sup>3</sup> <br>| Caris Life Sciences, Inc. | &nbsp;&nbsp; 80940 |
| &nbsp;&nbsp; 1500<br><sup>3</sup> <br>| CG Oncology, Inc. | &nbsp;&nbsp; 62280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100 | Eli Lilly & Co. | &nbsp;&nbsp; 107468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800<br><sup>3</sup> <br>| Illumina, Inc. | &nbsp;&nbsp; 104928 |
| &nbsp;&nbsp; 4000<br><sup>3</sup> <br>| Inmode Ltd. | &nbsp;&nbsp; 58760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500<br><sup>3</sup> <br>| IQVIA Holdings, Inc. | &nbsp;&nbsp; 112705 |
| &nbsp;&nbsp; 8000<br><sup>3</sup> <br>| Kyverna Therapeutics, Inc. | &nbsp;&nbsp; 75200 |
| &nbsp;&nbsp; 2000<br><sup>3</sup> <br>| LB Pharmaceuticals, Inc. | &nbsp;&nbsp; 44520 |
| &nbsp;&nbsp; 6600<br><sup>3</sup> <br>| Legend Biotech Corp., ADR | &nbsp;&nbsp; 143484 |
| &nbsp;&nbsp; 8333<br><sup>3</sup> <br>| Lumexa Imaging Holdings, Inc. | &nbsp;&nbsp; 154160 |
| &nbsp;&nbsp; 1200 | Merck & Co., Inc. | &nbsp;&nbsp; 126312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750<br><sup>3</sup> <br>| Neurocrine Biosciences, Inc. | &nbsp;&nbsp; 106373 |
| &nbsp;&nbsp; 3500 | Royalty Pharma PLC | &nbsp;&nbsp; 135240 |
| &nbsp;&nbsp; 4000 | Simulations Plus, Inc. | &nbsp;&nbsp; 72920 |
| 75071<br><sup>3</sup> <br>| Sophia Genetics S.A. | &nbsp;&nbsp; 350582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2111403 |
|  | **Industrials—1.1%** |  |
| 15000<br><sup>3</sup> <br>| Astroscale Holdings, Inc. | &nbsp;&nbsp; 63202 |
| &nbsp;&nbsp; 3000<br><sup>3</sup> <br>| BETA Technologies, Inc. | &nbsp;&nbsp; 84630 |
| &nbsp;&nbsp; 7560<br><sup>3</sup> <br>| Cardinal Infrastructure Group, Inc. | &nbsp;&nbsp; 182801 |
| &nbsp;&nbsp; 4000<br><sup>3</sup> <br>| Fiverr International Ltd. | &nbsp;&nbsp; 79040 |
| &nbsp;&nbsp; 4000<br><sup>3</sup> <br>| Grupo Aeromexico SAB de CV, ADR | &nbsp;&nbsp; 87840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | Lockheed Martin Corp. | &nbsp;&nbsp; 193468 |
| &nbsp;&nbsp; 5800<br><sup>3</sup> <br>| Lyft, Inc. | &nbsp;&nbsp; 112346 |
| 10000<br><sup>3</sup> <br>| Timee, Inc. | &nbsp;&nbsp; 80802 |
| &nbsp;&nbsp; 1200<br><sup>3</sup> <br>| Uber Technologies, Inc. | &nbsp;&nbsp; 98052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982181 |
|  | **Information Technology—1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500<br><sup>3</sup> <br>| Atlassian Corp. PLC | &nbsp;&nbsp; 81070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600<br><sup>3</sup> <br>| GoDaddy, Inc. | &nbsp;&nbsp; 74448 |
| &nbsp;&nbsp; 4008<br><sup>3</sup> <br>| Innoscripta SE | &nbsp;&nbsp; 425153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600<br><sup>3</sup> <br>| Monday.com Ltd. | &nbsp;&nbsp; 88536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | NVIDIA Corp. | &nbsp;&nbsp; 111900 |
| 85000<br><sup>3</sup> <br>| Silvaco Group, Inc. | &nbsp;&nbsp; 344250 |
| 12000<br><sup>3</sup> <br>| SimilarWeb Ltd. | &nbsp;&nbsp; 89880 |
| &nbsp;&nbsp; 5000<br><sup>3</sup> <br>| Tekscend Photomask Corp. | &nbsp;&nbsp; 95132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1310369 |
|  | **Real Estate—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | American Tower Corp. | &nbsp;&nbsp; 105342 |
| &nbsp;&nbsp; 1700 | Crown Castle, Inc. | &nbsp;&nbsp; 151079 |
| &nbsp;&nbsp; 8000<br><sup>3</sup> <br>| Fermi LLC | &nbsp;&nbsp; 64000 |
| &nbsp;&nbsp; 4000 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 70920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350 | Public Storage | &nbsp;&nbsp; 90825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482166 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Utilities—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Duke Energy Corp. | &nbsp;&nbsp; $117210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | National Fuel Gas Co. | &nbsp;&nbsp; 80060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | UGI Corp. | &nbsp;&nbsp; 112290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | Vistra Corp. | &nbsp;&nbsp; 96798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $10,665,993)<br>| &nbsp;&nbsp; 10168215 |
|  | INVESTMENT COMPANY—48.9% |  |
| 41216791 | Federated Hermes Government Obligations Fund, Premier Shares, 3.68%<sup>4</sup> <br>(IDENTIFIED COST $41,216,791)<br>| &nbsp;&nbsp; 41216791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—98.8% <br>(IDENTIFIED COST $83,818,395)<br>| &nbsp;&nbsp; 83328385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—1.2%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 1032924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $84361309 |

---

**SECURITIES SOLD SHORT—(65.6)%** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Communication Services—(0.2)%** |  |
| &nbsp;&nbsp; 1500 | AT&T, Inc. | &nbsp;&nbsp; $37260 |
| &nbsp;&nbsp; 1400 | News Corp., Class A | &nbsp;&nbsp; 36568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | Omnicom Group, Inc. | &nbsp;&nbsp; 48450 |
| &nbsp;&nbsp; 1080 | Verizon Communications, Inc. | &nbsp;&nbsp; 43988 |
| &nbsp;&nbsp; 3000<br><sup>3</sup> <br>| ZoomInfo Technologies, Inc. | &nbsp;&nbsp; 30510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196776 |
|  | **Consumer Discretionary—(0.9)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 280<br><sup>3</sup> <br>| AutoNation, Inc. | &nbsp;&nbsp; 57814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Choice Hotels International, Inc. | &nbsp;&nbsp; 76208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 49493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | Genuine Parts Co. | &nbsp;&nbsp; 73776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | Hyatt Hotels Corp. | &nbsp;&nbsp; 64128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450 | Lennar Corp., Class A | &nbsp;&nbsp; 46260 |
| &nbsp;&nbsp; 2600 | LKQ Corp. | &nbsp;&nbsp; 78520 |
| &nbsp;&nbsp; 2900<br><sup>3</sup> <br>| Millrose Properties, Inc. | &nbsp;&nbsp; 86623 |
| 12900 | Newell Brands, Inc. | &nbsp;&nbsp; 47988 |
| &nbsp;&nbsp; 1290 | Restaurant Brands International, Inc. | &nbsp;&nbsp; 88017 |
| &nbsp;&nbsp; 2000<br><sup>3</sup> <br>| Valvoline, Inc. | &nbsp;&nbsp; 58120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760 | Whirlpool Corp. | &nbsp;&nbsp; 54826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781773 |
|  | **Consumer Staples—(0.4)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 900 | Bunge Global S.A. | &nbsp;&nbsp; 80172 |
| &nbsp;&nbsp; 1450 | McCormick & Co., Inc. | &nbsp;&nbsp; 98760 |
| &nbsp;&nbsp; 1400 | Mondelez International, Inc. | &nbsp;&nbsp; 75362 |
| &nbsp;&nbsp; 4300 | Reynolds Consumer Products, Inc. | &nbsp;&nbsp; 98556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352850 |
|  | **Energy—(0.4)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 730 | Diamondback Energy, Inc. | &nbsp;&nbsp; 109741 |
| &nbsp;&nbsp; 3200 | Kinder Morgan, Inc. | &nbsp;&nbsp; 87968 |
| &nbsp;&nbsp; 1700 | Viper Energy, Inc. | &nbsp;&nbsp; 65671 |
| &nbsp;&nbsp; 1700 | Williams Cos., Inc. | &nbsp;&nbsp; 102187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365567 |

---

**3**

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---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Financials—(1.2)%** |  |
| &nbsp;&nbsp; 2000 | Ally Financial, Inc. | &nbsp;&nbsp; $90580 |
| &nbsp;&nbsp; 4800 | Blue Owl Capital, Inc. | &nbsp;&nbsp; 71712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | BOK Financial Corp. | &nbsp;&nbsp; 59230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700 | Brown & Brown | &nbsp;&nbsp; 55790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400<br><sup>3</sup> <br>| Freedom Holding Corp. | &nbsp;&nbsp; 48672 |
| &nbsp;&nbsp; 5000 | KeyCorp | &nbsp;&nbsp; 103200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 55288 |
| &nbsp;&nbsp; 1200 | Ryan Specialty Group Holdings, Inc. | &nbsp;&nbsp; 61956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | South State Corp. | &nbsp;&nbsp; 75288 |
| &nbsp;&nbsp; 4700 | Starwood Property Trust, Inc. | &nbsp;&nbsp; 84647 |
| &nbsp;&nbsp; 1700 | TPG, Inc. | &nbsp;&nbsp; 108528 |
| 13000 | UWM Holdings Corp. | &nbsp;&nbsp; 56940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | White Mountains Insurance Group, Inc. | &nbsp;&nbsp; 103901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975732 |
|  | **Health Care—(0.9)%** |  |
| &nbsp;&nbsp; 3500 | Baxter International, Inc. | &nbsp;&nbsp; 66885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | Becton Dickinson & Co. | &nbsp;&nbsp; 77628 |
| &nbsp;&nbsp; 1700 | Bruker Corp. | &nbsp;&nbsp; 80087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900<br><sup>3</sup> <br>| Cooper Cos., Inc. | &nbsp;&nbsp; 73764 |
| &nbsp;&nbsp; 3000<br><sup>3</sup> <br>| Elanco Animal Health, Inc. | &nbsp;&nbsp; 67890 |
| &nbsp;&nbsp; 1000 | GE HealthCare Technologies, Inc. | &nbsp;&nbsp; 82020 |
| &nbsp;&nbsp; 2600<br><sup>3</sup> <br>| Moderna, Inc. | &nbsp;&nbsp; 76674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700 | Revvity, Inc. | &nbsp;&nbsp; 67725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900<br><sup>3</sup> <br>| Solventum Corp. | &nbsp;&nbsp; 71316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 120 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 69534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733523 |
|  | **Industrials—(1.1)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | 3M Co. | &nbsp;&nbsp; 96060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | Aaon, Inc. | &nbsp;&nbsp; 61000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300<br><sup>3</sup> <br>| Boeing Co. | &nbsp;&nbsp; 65136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350 | Dover Corp. | &nbsp;&nbsp; 68334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | Emerson Electric Co. | &nbsp;&nbsp; 66360 |
| &nbsp;&nbsp; 1600 | Fastenal Co. | &nbsp;&nbsp; 64208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500<br><sup>3</sup> <br>| FTI Consulting, Inc. | &nbsp;&nbsp; 85415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600 | Ingersoll-Rand, Inc. | &nbsp;&nbsp; 47532 |
| &nbsp;&nbsp; 1400 | Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 73192 |
| &nbsp;&nbsp; 2200 | Manpower, Inc. | &nbsp;&nbsp; 65406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | Nordson Corp. | &nbsp;&nbsp; 72129 |
| &nbsp;&nbsp; 1700<br><sup>3</sup> <br>| Trex Co., Inc. | &nbsp;&nbsp; 59636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180 | Watsco, Inc. | &nbsp;&nbsp; 60651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885059 |
|  | **Information Technology—(0.7)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200<br><sup>3</sup> <br>| Arrow Electronics, Inc. | &nbsp;&nbsp; 22036 |
| &nbsp;&nbsp; 1130 | Bentley Systems, Inc. | &nbsp;&nbsp; 43127 |
| &nbsp;&nbsp; 2500<br><sup>3</sup> <br>| CCC Intelligent Solutions Holdings, Inc. | &nbsp;&nbsp; 19875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310 | CDW Corp. | &nbsp;&nbsp; 42222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500 | Crane NXT Co. | &nbsp;&nbsp; 23535 |
| &nbsp;&nbsp; 1000<br><sup>3</sup> <br>| Dynatrace Holdings LLC | &nbsp;&nbsp; 43340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250 | Entegris, Inc. | &nbsp;&nbsp; 21063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100<br><sup>3</sup> <br>| F5, Inc. | &nbsp;&nbsp; 25526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 680<br><sup>3</sup> <br>| Gitlab, Inc. | &nbsp;&nbsp; 25520 |
| &nbsp;&nbsp; 1200 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 28824 |
| &nbsp;&nbsp; 2250 | HP, Inc. | &nbsp;&nbsp; 50130 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Information Technology—continued** |  |
| 2800<br><sup>3</sup> <br>| Ingram Micro Holding Corp. | &nbsp;&nbsp; $59752 |
| &nbsp;&nbsp; 550<br><sup>3</sup> <br>| Intel Corp. | &nbsp;&nbsp; 20295 |
| &nbsp;&nbsp; 800<br><sup>3</sup> <br>| nCino, Inc. | &nbsp;&nbsp; 20512 |
| &nbsp;&nbsp; 100<br><sup>3</sup> <br>| Palo Alto Networks, Inc. | &nbsp;&nbsp; 18420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40 | Roper Technologies, Inc. | &nbsp;&nbsp; 17805 |
| 1000<br><sup>3</sup> <br>| Sailpoint, Inc. | &nbsp;&nbsp; 20230 |
| &nbsp;&nbsp; 270 | TD SYNNEX Corp. | &nbsp;&nbsp; 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40 | Ubiquiti Networks, Inc. | &nbsp;&nbsp; 22134 |
| &nbsp;&nbsp; 380 | Universal Display Corp. | &nbsp;&nbsp; 44376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609284 |
|  | **Materials—(0.4)%** |  |
| &nbsp;&nbsp; 290 | Air Products & Chemicals, Inc. | &nbsp;&nbsp; 71636 |
| 3000 | Dow, Inc. | &nbsp;&nbsp; 70140 |
| 3900 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 58734 |
| 1600 | International Paper Co. | &nbsp;&nbsp; 63024 |
| 1500 | Silgan Holdings, Inc. | &nbsp;&nbsp; 60555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324089 |
|  | **Real Estate—(0.4)%** |  |
| &nbsp;&nbsp; 300 | Avalonbay Communities, Inc. | &nbsp;&nbsp; 54393 |
| 2800 | Cousins Properties, Inc. | &nbsp;&nbsp; 72184 |
| &nbsp;&nbsp; 310 | Essex Property Trust, Inc. | &nbsp;&nbsp; 81121 |
| 2300 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 89056 |
| 2500 | Weyerhaeuser Co. | &nbsp;&nbsp; 59225 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355979 |
|  | **Utilities—(0.3)%** |  |
| 1000 | Alliant Energy Corp. | &nbsp;&nbsp; 65010 |
| 1100 | Dominion Energy, Inc. | &nbsp;&nbsp; 64449 |
| &nbsp;&nbsp; 700 | Sempra Energy | &nbsp;&nbsp; 61803 |
| &nbsp;&nbsp; 750 | Xcel Energy, Inc. | &nbsp;&nbsp; 55395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Sold Short <br>(PROCEEDS $22,061,121)<br>| &nbsp;&nbsp; $55334681 |

---

At December 31, 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; 105 | &nbsp;&nbsp;&nbsp; $36185625 | March 2026 | &nbsp;&nbsp;&nbsp; $(68549) |

---

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

**5**

------

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

---

| | |
|:---|:---|
|  | **Federated** <br>**Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 9/30/2025 | &nbsp;&nbsp; $8029553 |
| Purchases at Cost | &nbsp;&nbsp; $69299428 |
| Proceeds from Sales | &nbsp;&nbsp; $(36112190) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 12/31/2025 | &nbsp;&nbsp; $41216791 |
| Shares Held as of 12/31/2025 | &nbsp;&nbsp; 41216791 |
| Dividend Income | &nbsp;&nbsp; $523791 |

---

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

---

| | |
|:---|:---|
| 1 | *Discount rate(s) at time of purchase.* |
| 2 | *All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding short futures and securities sold short* <br> *contracts.*<br>|
| 3 | *Non-income-producing security.* |
| 4 | *7-day net yield.* |
| 5 | *Assets, other than investments in securities, less liabilities* |

---

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

**Investment Valuation** 

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

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

**Fair Valuation and Significant Events Procedures** 

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

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

**6**

------

on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

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

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

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

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

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

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

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

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

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

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

&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 December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31943379 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31943379 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp;&nbsp;&nbsp; 7772624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7772624 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 1416668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978923 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2395591 |
| **Investment Company** | &nbsp;&nbsp; 41216791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41216791 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $50406083 | &nbsp;&nbsp; $32922302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83328385 |
| **Other Financial Instruments:** |  |  |  |  |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Securities Sold Short | &nbsp;&nbsp; $(55334681) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55334681) |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68549) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(55403230) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55403230) |

---

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

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

**7**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

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

  - **Telephone number:** 8003417400

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

- **a. Name of Series:** Federated Hermes 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $139978893.74

**Total Liabilities:** $55635807.04

**Net Assets:** $84343086.70

**Cash Not Reported:** $56242005.01

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000068994 | -1.22%               | -0.25%               | 0.67%                |
| Class ID C000068995 | -1.49%               | 0.00%                | 0.37%                |
| Class ID C000068996 | -1.40%               | 0.00%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-890402.69              | $-37509.99                                 |
| Month 2  | $-192890.02              | $-427924.37                                |
| Month 3  | $-4976886.46             | $5389262.45                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CDW Corp/DE                                  | CDW Corp/DE                                  | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Short            | EC               | CORP              | US        |      -310 | NS      | $-42222.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Infrastructure Group                | Cardinal Infrastructure Group Inc            | CUSIP: 14154A102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7560 | NS      | $182800.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                                    | Fermi Inc                                    | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |      8000 | NS      | $64000.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom Holding Corp/NV                      | Freedom Holding Corp/NV                      | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Short            | EC               | CORP              | US        |      -400 | NS      | $-48672.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                     | AAON Inc                                     | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -800 | NS      | $-61000.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                          | Alliant Energy Corp                          | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-65010.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                           | Ally Financial Inc                           | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-90580.00    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group Inc       | American Integrity Insurance Group Inc       | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |      5600 | NS      | $116648.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                        | Arrow Electronics Inc                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Short            | EC               | CORP              | US        |      -200 | NS      | $-22036.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                          | Bentley Systems Inc                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -1130 | NS      | $-43126.45    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                             | Genuine Parts Co                             | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Short            | EC               | CORP              | US        |      -600 | NS      | $-73776.00    | -0.09%            |  |  |  | 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      | $175800.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                 | Graphic Packaging Holding Co                 | CUSIP: 388689101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3900 | NS      | $-58734.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                               | ELI LILLY & CO                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       100 | NS      | $107468.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumexa Imaging Holdings Inc                  | Lumexa Imaging Holdings Inc                  | CUSIP: 550249106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8333 | NS      | $154160.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                | M&T Bank Corp                                | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       600 | NS      | $120888.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                | Boeing Co/The                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |      -300 | NS      | $-65136.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                            | Brown & Brown Inc                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Short            | EC               | CORP              | US        |      -700 | NS      | $-55790.00    | -0.07%            |  |  |  | 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      | $-19875.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                      | Caris Life Sciences Inc                      | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |      3000 | NS      | $80940.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                           | Cooper Cos Inc/The                           | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |      -900 | NS      | $-73764.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                             | Crown Castle International Corp              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1700 | NS      | $151079.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                    | DoubleVerify Holdings Inc                    | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $114400.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                      | Dow Inc                                      | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-70140.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                  | Fastenal Co                                  | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Short            | EC               | CORP              | US        |     -1600 | NS      | $-64208.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T               | Hartford Financial Services Group Inc/The    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       500 | NS      | $68900.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                 | Illumina Inc                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       800 | NS      | $104928.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                           | Ingersoll Rand Inc                           | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |      -600 | NS      | $-47532.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                      | KeyCorp                                      | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-103200.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                     | LKQ Corp                                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Short            | EC               | CORP              | US        |     -2600 | NS      | $-78520.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                          | Legend Biotech Corp                          | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |      6600 | NS      | $143484.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                  | Lennar Corp                                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Short            | EC               | CORP              | US        |      -450 | NS      | $-46260.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                     | Lyft Inc                                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |      5800 | NS      | $112346.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MNTN Inc                                     | MNTN Inc                                     | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $143280.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                        | McCormick & Co Inc/MD                        | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Short            | EC               | CORP              | US        |     -1450 | NS      | $-98759.50    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                      | Millrose Properties Inc                      | CUSIP: 601137102<br>LEI: N/A                  | Short            | EC               |  | US        |     -2900 | NS      | $-86623.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                   | Mondelez International Inc                   | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Short            | EC               | CORP              | US        |     -1400 | NS      | $-75362.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                             | Viper Energy Inc                             | CUSIP: 64361Q101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1700 | NS      | $-65671.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                 | Nordson Corp                                 | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Short            | EC               | CORP              | US        |      -300 | NS      | $-72129.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks Inc                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |      -100 | NS      | $-18420.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In               | Philip Morris International Inc              | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       600 | NS      | $96240.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                | Rexford Industrial Realty Inc                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               | CORP              | US        |     -2300 | NS      | $-89056.00    | -0.11%            |  |  |  | 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        |    -72600 | NS      | $-49507392.00 | -58.70%           |  |  |  | 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      | $112080.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |  41216791 | NS      | $41216791.34  | 48.87%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                    | nCino Inc                                    | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Short            | EC               | CORP              | US        |      -800 | NS      | $-20512.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                       | Sempra Energy                                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Short            | EC               | CORP              | US        |      -700 | NS      | $-61803.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                  | Trex Co Inc                                  | CUSIP: 89531P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1700 | NS      | $-59636.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                            | UWM Holdings Corp                            | CUSIP: 91823B109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13000 | NS      | $-56940.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                                | Valvoline Inc                                | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-58120.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                          | Silgan Holdings Inc                          | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-60555.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile US Inc                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       500 | NS      | $101520.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                       | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |        50 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd          | White Mountains Insurance Group Ltd          | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Short            | EC               | CORP              | BM        |       -50 | NS      | $-103901.50   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                      | TPG Inc                                      | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Short            | EC               | CORP              | US        |     -1700 | NS      | $-108528.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                     | UGI Corp                                     | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      3000 | NS      | $112290.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HBX Group International PLC                  | HBX Group International PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     20000 | NS      | $175477.92    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Ubiquiti Inc                                 | Ubiquiti Inc                                 | CUSIP: 90353W103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -40 | NS      | $-22134.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                   | Verizon Communications Inc                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Short            | EC               | CORP              | US        |     -1080 | NS      | $-43988.40    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group Inc                 | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      1400 | NS      | $81774.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exzeo Group Inc                              | TypTap Insurance Group Inc                   | CUSIP: 30234F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $436500.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                       | HP Inc                                       | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |     -2250 | NS      | $-50130.00    | -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        |      8000 | NS      | $117840.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                           | IQVIA Holdings Inc                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       500 | NS      | $112705.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                   | JD.com Inc                                   | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      3000 | NS      | $86100.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                            | Kinder Morgan Inc                            | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Short            | EC               | CORP              | US        |     -3200 | NS      | $-87968.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                              | Match Group Inc                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      2500 | NS      | $80725.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                   | Neurocrine Biosciences Inc                   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |       750 | NS      | $106372.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                            | Newell Brands Inc                            | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Short            | EC               | CORP              | US        |    -12900 | NS      | $-47988.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Financial Corp                       | Oportun Financial Corp                       | CUSIP: 68376D104<br>LEI: 549300351Y4J4FKIOR78 | Long             | EC               | CORP              | US        |     16000 | NS      | $84640.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sophia Genetics SA                           | Sophia Genetics SA                           | CUSIP: 000000000<br>LEI: 506700H1GPU9GGM8W895 | Long             | EC               | CORP              | CH        |     75071 | NS      | $350581.57    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                              | Bunge Global SA                              | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Short            | EC               | CORP              | CH        |      -900 | NS      | $-80172.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Cirsa Enterprises SA                         | Cirsa Enterprises SA                         | CUSIP: 000000000<br>LEI: 254900PU87HSLE4V5K18 | Long             | EC               | CORP              | ES        |      8000 | NS      | $139156.48    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                           | Royalty Pharma PLC                           | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |      3500 | NS      | $135240.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiverr International Ltd                     | Fiverr International Ltd                     | CUSIP: 000000000<br>LEI: 549300Z8OREY6THCPF67 | Long             | EC               | CORP              | IL        |      4000 | NS      | $79040.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SimilarWeb Ltd                               | SimilarWeb Ltd                               | CUSIP: 000000000<br>LEI: 254900GWO7PNBAYCPJ12 | Long             | EC               | CORP              | IL        |     12000 | NS      | $89880.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Astroscale Holdings Inc                      | Astroscale Holdings Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15000 | NS      | $63201.40     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Shinsei Bank Ltd                         | SBI Shinsei Bank Ltd                         | CUSIP: 000000000<br>LEI: 549300PZYOQ2NW83V760 | Long             | EC               | CORP              | JP        |     10000 | NS      | $111082.74    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                   | Airbnb Inc                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1000 | NS      | $135720.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc               | Air Products and Chemicals Inc               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Short            | EC               | CORP              | US        |      -290 | NS      | $-71635.80    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                          | American Express Co                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       300 | NS      | $110985.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                    | Amgen Inc                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       300 | NS      | $98193.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                         | Blue Owl Capital Inc                         | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4800 | NS      | $-71712.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Criteo SA                                    | Criteo SA                                    | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |      5000 | NS      | $103050.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                          | Dominion Energy Inc                          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Short            | EC               | CORP              | US        |     -1100 | NS      | $-64449.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                     | Essex Property Trust Inc                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Short            | EC               |  | US        |      -310 | NS      | $-81120.80    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeromexico SAB de CV                   | Grupo Aeromexico SAB de CV                   | CUSIP: 40054J109<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      4000 | NS      | $87840.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                | Hewlett Packard Enterprise Co                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Short            | EC               | CORP              | US        |     -1200 | NS      | $-28824.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                    | Host Hotels & Resorts Inc                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      4000 | NS      | $70920.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LB Pharmaceuticals Inc                       | LB Pharmaceuticals Inc                       | CUSIP: 50180M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $44520.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                         | Lockheed Martin Corp                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       400 | NS      | $193468.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                               | Merck & Co Inc                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1200 | NS      | $126312.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                         | National Fuel Gas Co                         | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1000 | NS      | $80060.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                    | Prosperity Bancshares Inc                    | CUSIP: 743606105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -800 | NS      | $-55288.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                         | SOUTHSTATE BANK CORP                         | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Short            | EC               | CORP              | US        |      -800 | NS      | $-75288.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                               | SYNNEX Corp                                  | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Short            | EC               | CORP              | US        |      -270 | NS      | $-40562.10    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                | United States Treasury Bill                  | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32000000 | PA      | $31943379.20  | 37.87%            | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                              | Weyerhaeuser Co                              | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Short            | EC               |  | US        |     -2500 | NS      | $-59225.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                               | Whirlpool Corp                               | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Short            | EC               | CORP              | US        |      -760 | NS      | $-54826.40    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                  | S+P500 EMINI FUT MAR26                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |      -105 | NC      | $-68549.25    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                       | SPDR S+P 500 ETF TRUST                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |       200 | NC      | $62900.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                  | Vistra Corp                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       600 | NS      | $96798.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                   | Watsco Inc                                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               | CORP              | US        |      -180 | NS      | $-60651.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                         | Williams Cos Inc/The                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Short            | EC               | CORP              | US        |     -1700 | NS      | $-102187.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                              | Xcel Energy Inc                              | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Short            | EC               | CORP              | US        |      -750 | NS      | $-55395.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                    | ZoomInfo Technologies Inc                    | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-30510.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Timee Inc                                    | Timee Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10000 | NS      | $80802.30     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                   | AbbVie Inc                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       600 | NS      | $137094.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                          | American Tower Corp                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       600 | NS      | $105342.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T Inc                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-37260.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                               | AutoNation Inc                               | CUSIP: 05329W102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -280 | NS      | $-57814.40    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                    | AvalonBay Communities Inc                    | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Short            | EC               |  | US        |      -300 | NS      | $-54393.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                               | Atlassian Corp                               | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       500 | NS      | $81070.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                           | BOK Financial Corp                           | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Short            | EC               | CORP              | US        |      -500 | NS      | $-59230.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                                  | Bruker Corp                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |     -1700 | NS      | $-80087.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                       | Cousins Properties Inc                       | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Short            | EC               | CORP              | US        |     -2800 | NS      | $-72184.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                 | Crane Holdings Co                            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Short            | EC               | CORP              | US        |      -500 | NS      | $-23535.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                            | Hyatt Hotels Corp                            | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Short            | EC               | CORP              | US        |      -400 | NS      | $-64128.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                           | FTI Consulting Inc                           | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Short            | EC               | CORP              | US        |      -500 | NS      | $-85415.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                       | F5 Inc                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Short            | EC               | CORP              | US        |      -100 | NS      | $-25526.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       600 | NS      | $193332.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvaco Group Inc                            | Silvaco Group Inc                            | CUSIP: 82728C102<br>LEI: 89450009UUSWTJL6DP68 | Long             | EC               | CORP              | US        |     80242 | NS      | $324980.10    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                   | Gitlab Inc                                   | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Short            | EC               | CORP              | US        |      -680 | NS      | $-25520.40    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                  | GoDaddy Inc                                  | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       600 | NS      | $74448.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc                   | Sprouts Farmers Market Inc                   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      1000 | NS      | $79670.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                  | Starwood Property Trust Inc                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Short            | EC               | CORP              | US        |     -4700 | NS      | $-84647.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                     | Visa Inc                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       400 | NS      | $140284.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Wealthfront Corp                             | Wealthfront Corp                             | CUSIP: 947002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $298980.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoscripta SE                               | Innoscripta SE                               | CUSIP: 000000000<br>LEI: 894500BA6B025ZEF0T83 | Long             | EC               | CORP              | DE        |      4008 | NS      | $425152.98    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Tekscend Photomask Corp                      | Tekscend Photomask Corp                      | CUSIP: 000000000<br>LEI: 353800F4MU4MCZEB9S06 | Long             | EC               | CORP              | JP        |      5000 | NS      | $95132.21     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co                       | International Paper Co                       | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               | CORP              | US        |     -1600 | NS      | $-63024.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Kyverna Therapeutics Inc                     | Kyverna Therapeutics Inc                     | CUSIP: 501976104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $75200.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                            | ManpowerGroup Inc                            | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Short            | EC               | CORP              | US        |     -2200 | NS      | $-65406.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                  | Moderna Inc                                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Short            | EC               | CORP              | US        |     -2600 | NS      | $-76674.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                    | News Corp                                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Short            | EC               | CORP              | US        |     -1400 | NS      | $-36568.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                  | NVIDIA Corp                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       600 | NS      | $111900.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                            | Omnicom Group Inc                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |      -600 | NS      | $-48450.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                          | PayPal Holdings Inc                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      2000 | NS      | $116760.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                  | PepsiCo Inc                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1000 | NS      | $143520.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                  | Ryan Specialty Holdings Inc                  | CUSIP: 78351F107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1200 | NS      | $-61956.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                | SailPoint Inc                                | CUSIP: 78781J109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1000 | NS      | $-20230.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                         | Simulations Plus Inc                         | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $72920.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                               | Solventum Corp                               | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Short            | EC               | CORP              | US        |      -900 | NS      | $-71316.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                            | State Street Corp                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1200 | NS      | $154812.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies Inc                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      1200 | NS      | $98052.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                   | Inmode Ltd                                   | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |      4000 | NS      | $58760.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                               | Monday.com Ltd                               | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |       600 | NS      | $88536.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NS Group Inc                                 | NS Group Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     50000 | NS      | $427413.18    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Beta Technologies Inc                        | Beta Technologies Inc                        | CUSIP: 086921103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $84630.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc               | Reynolds Consumer Products Inc               | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Short            | EC               | CORP              | US        |     -4300 | NS      | $-98556.00    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                        | 3M Co                                        | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Short            | EC               | CORP              | US        |      -600 | NS      | $-96060.00    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                              | Oddity Tech Ltd                              | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |      4000 | NS      | $160720.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                     | Baxter International Inc                     | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Short            | EC               | CORP              | US        |     -3500 | NS      | $-66885.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                      | Cboe Global Markets Inc                      | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       300 | NS      | $75300.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In               | Choice Hotels International Inc              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Short            | EC               | CORP              | US        |      -800 | NS      | $-76208.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                        | Civitas Resources Inc                        | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      4000 | NS      | $108360.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy Inc                       | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Short            | EC               | CORP              | US        |      -730 | NS      | $-109740.90   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                    | Dick's Sporting Goods Inc                    | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Short            | EC               | CORP              | US        |      -250 | NS      | $-49492.50    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                   | Dover Corp                                   | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Short            | EC               | CORP              | US        |      -350 | NS      | $-68334.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                               | DraftKings Inc                               | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |      5000 | NS      | $172300.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                             | Duke Energy Corp                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1000 | NS      | $117210.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                | Dynatrace Inc                                | CUSIP: 268150109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1000 | NS      | $-43340.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                     | Elanco Animal Health Inc                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-67890.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                          | Emerson Electric Co                          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Short            | EC               | CORP              | US        |      -500 | NS      | $-66360.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                 | Entegris Inc                                 | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Short            | EC               | CORP              | US        |      -250 | NS      | $-21062.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingram Micro Holding Corp                    | Ingram Micro Holding Corp                    | CUSIP: 457152106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2800 | NS      | $-59752.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                   | Intel Corp                                   | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Short            | EC               | CORP              | US        |      -550 | NS      | $-20295.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho               | Knight-Swift Transportation Holdings Inc     | CUSIP: 499049104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1400 | NS      | $-73192.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                  | Revvity Inc                                  | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |      -700 | NS      | $-67725.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                               | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |       350 | NS      | $90825.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                       | Roper Technologies Inc                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Short            | EC               | CORP              | US        |       -40 | NS      | $-17805.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific Inc                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Short            | EC               | CORP              | US        |      -120 | NS      | $-69534.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                       | Universal Display Corp                       | CUSIP: 91347P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -380 | NS      | $-44376.40    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                        | Becton Dickinson and Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Short            | EC               | CORP              | US        |      -400 | NS      | $-77628.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                      | Bristol-Myers Squibb Co                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2600 | NS      | $140244.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                         | Celsius Holdings Inc                         | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $91480.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology Inc                              | CG oncology Inc                              | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $62280.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc               | GE HealthCare Technologies Inc               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-82020.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc          | Restaurant Brands International Inc          | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Short            | EC               | CORP              | CA        |     -1290 | NS      | $-88016.70    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer