Federated Hermes Prudent Bear Fund
Portfolio of Investments
June 30, 2025 (unaudited)
Shares,
Principal
Amount
or Contracts
 
 
Value
          
 
U.S. TREASURY—48.1%
1
U.S. Treasury Bills—48.1%
$50,000,000
 
United States Treasury Bill, 4.035%, 10/9/2025
(IDENTIFIED COST $49,439,584)
$49,419,630
 
COMMON STOCKS—15.1%
 
Communication Services—1.1%
1,000
 
Alphabet, Inc., Class A
    176,230
2,000
2
Baidu, Inc., ADR
    171,520
5,000
2
Criteo S.A., ADR
    119,800
10,000
2
DoubleVerify Holdings, Inc.
    149,700
15,000
2
Integral Ad Science Holding Corp.
    124,650
3,600
2
Match Group Holdings II LLC
    111,204
200
 
Meta Platforms, Inc.
    147,618
3,200
2
Pinterest, Inc.
    114,752
 
TOTAL
1,115,474
 
Consumer Discretionary—1.7%
1,000
2
Airbnb, Inc.
    132,340
1,500
 
Alibaba Group Holding Ltd., ADR
    170,115
1,000
2
Amazon.com, Inc.
    219,390
3,000
2
Chagee Holdings Ltd., ADR
     78,330
3,000
2
Chipotle Mexican Grill, Inc.
    168,450
4,000
2
DraftKings, Inc.
    171,560
24,000
2
HBX Group International PLC
    305,721
4,000
 
JD.com, Inc., ADR
    130,560
10,000
2
KinderCare Learning Cos., Inc.
    101,000
2,200
 
Nike, Inc., Class B
    156,288
12,000
2
Savers Value Village, Inc.
    122,400
 
TOTAL
1,756,154
 
Consumer Staples—0.7%
5,000
 
Conagra Brands, Inc.
    102,350
40,000
2
Hain Celestial Group, Inc.
     60,800
1,000
 
Kimberly-Clark Corp.
    128,920
7,500
2
Smithfield Foods, Inc.
    176,475
2,400
 
Tyson Foods, Inc., Class A
    134,256
15,000
2
Zabka Group S.A.
     90,001
 
TOTAL
692,802
 
Energy—0.5%
6,000
 
Civitas Resources, Inc.
    165,120
1,400
 
ConocoPhillips
    125,636
4,000
 
Halliburton Co.
     81,520
8,000
2
Infinity Natural Resources, Inc.
    146,480
 
TOTAL
518,756
 
Financials—2.3%
300
 
American Express Co.
     95,694
16,667
2
American Integrity Insurance Group, Inc.
    306,506
5,100
2
Aspen Insurance Holdings Ltd.
    160,497
150
 
BlackRock, Inc.
    157,388
1

Shares,
Principal
Amount
or Contracts
 
 
Value
 
COMMON STOCKS—continued
 
Financials—continued
4,000
 
Corebridge Financial, Inc.
$    142,000
2,500
 
Fifth Third Bancorp
    102,825
1,400
2
Fiserv, Inc.
    241,374
200
 
Goldman Sachs Group, Inc.
    141,550
600
 
JPMorgan Chase & Co.
    173,946
10,000
2
Oportun Financial Corp.
     71,600
2,600
2
Oscar Health, Inc.
     55,744
3,000
2
PayPal Holdings, Inc.
    222,960
1,200
 
State Street Corp.
    127,608
500
 
The Hartford Insurance Group, Inc.
     63,435
500
 
Visa, Inc., Class A
    177,525
8,000
2
Yuanbao, Inc., ADR
    168,160
 
TOTAL
2,408,812
 
Health Care—2.6%
1,200
 
AbbVie, Inc.
    222,744
24,000
2
AbCellera Biologics, Inc.
     82,320
2,500
2
Amphastar Pharmaceuticals, Inc.
     57,400
2,800
2
BioMarin Pharmaceutical, Inc.
    153,916
2,600
 
Bristol-Myers Squibb Co.
    120,354
2,028
2
Caris Life Sciences, Inc.
     54,188
5,100
2
CG Oncology, Inc.
    132,600
3,500
 
Concentra Group Holdings Parent, Inc.
     71,995
4,000
2
Dynavax Technologies Corp.
     39,680
130
 
Eli Lilly & Co.
    101,339
800
2
Illumina, Inc.
     76,328
4,000
2
Inmode Ltd.
     57,760
650
2
IQVIA Holdings, Inc.
    102,433
20,000
2
Kyverna Therapeutics, Inc.
     61,400
4,000
2
Legend Biotech Corp., ADR
    141,960
1,200
 
Merck & Co., Inc.
     94,992
8,000
2
Mineralys Therapeutics, Inc.
    108,240
1,500
2
Mirum Pharmaceuticals, Inc.
     76,335
30,000
2
Relay Therapeutics, Inc.
    103,800
3,500
 
Royalty Pharma PLC
    126,105
3,000
2
Schrodinger, Inc.
     60,360
8,000
 
Simulations Plus, Inc.
    139,600
110,000
2
Sophia Genetics S.A.
    341,000
2,500
2
Structure Therapeutics, Inc., ADR
     51,850
2,500
2
Viking Therapeutics, Inc.
     66,250
 
TOTAL
2,644,949
 
Industrials—1.5%
25,000
2
Astroscale Holdings, Inc.
    121,318
1,400
 
Booz Allen Hamilton Holding Corp.
    145,782
24,000
2
Ferrari NV
    252,647
10,000
2
Lyft, Inc.
    157,600
2,000
2
Parsons Corp.
    143,540
1,700
2
Pfisterer Holding SE
     81,603
14,000
2
Sun Country Airlines Holdings, Inc.
    164,500
9,000
2
Timee, Inc.
    128,710
2

Shares,
Principal
Amount
or Contracts
 
 
Value
 
COMMON STOCKS—continued
 
Industrials—continued
1,700
2
Uber Technologies, Inc.
$    158,610
1,600
 
Vertiv Holdings Co.
    205,456
 
TOTAL
1,559,766
 
Information Technology—3.5%
500
 
Apple, Inc.
    102,585
16,000
2
Arteris, Inc.
    152,480
1,000
2
Cirrus Logic, Inc.
    104,255
14,000
2
Innoscripta SE
  1,659,026
1,500
 
Marvell Technology, Inc.
    116,100
600
 
NVIDIA Corp.
     94,794
51,032
2
Qualco Group S.A.
    354,668
1,200
 
Qualcomm, Inc.
    191,112
28,000
2
Rigaku Holdings Corp.
    148,729
90,000
2
Silvaco Group, Inc.
    424,800
24,000
2
SimilarWeb Ltd.
    188,160
30,000
2
Telos Corp.
     95,100
 
TOTAL
3,631,809
 
Materials—0.3%
800
 
Aptargroup, Inc.
    125,144
8,000
2
Ivanhoe Electric, Inc.
     72,560
15,000
2
Lithium Royalty Corp.
     55,737
 
TOTAL
253,441
 
Real Estate—0.6%
600
 
American Tower Corp.
    132,612
4,000
 
Americold Realty Trust, Inc.
     66,520
1,700
 
Crown Castle, Inc.
    174,641
6,000
 
Host Hotels & Resorts, Inc.
     92,160
500
 
Public Storage
    146,710
 
TOTAL
612,643
 
Utilities—0.3%
1,000
 
Duke Energy Corp.
    118,000
1,400
 
National Fuel Gas Co.
    118,594
3,000
 
UGI Corp.
    109,260
 
TOTAL
345,854
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $16,390,825)
15,540,460
 
PURCHASED PUT OPTIONS—0.2%
200
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $12,357,000, Exercise Price $590, Expiration Date 7/31/2025
     60,000
500
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $540, Expiration Date 8/15/2025
     64,250
500
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $570, Expiration Date 7/18/2025
     27,500
500
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580, Expiration Date 7/18/2025
     41,500
500
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580, Expiration Date 7/3/2025
      1,250
500
 
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $590, Expiration Date 7/11/2025
     24,750
 
TOTAL PURCHASED PUT OPTIONS
(IDENTIFIED COST $484,420)
219,250
3

Shares,
Principal
Amount
or Contracts
 
 
Value
 
INVESTMENT COMPANY—40.1%
41,138,241
 
Federated Hermes Government Obligations Fund, Premier Shares, 4.25%3
(IDENTIFIED COST $41,138,241)
41,138,241
 
TOTAL INVESTMENT IN SECURITIES—103.5%
(IDENTIFIED COST $107,453,070)
106,317,581
 
OTHER ASSETS AND LIABILITIES - NET—(3.5)%4
(3,639,837)
 
NET ASSETS—100%
$102,677,744
SECURITIES SOLD SHORT—(76.9)%
Shares
 
 
Value
 
Broad Equity Index—(68.9)%
300
 
ARK Fintech Innovation ETF
$    15,072
200
 
ARK Innovation ETF
    14,058
200
 
Invesco QQQ Trust Series 1
   110,328
2,000
 
iShares FTSE/Xinhua China 25
    73,520
3,000
 
iShares MSCI Canada Index Fund
   138,600
6,700
 
iShares Russell 2000 ETF
1,445,793
108,000
 
S&P Depositary Receipts Trust
66,727,800
4,200
 
SPDR Dow Jones Industrial Average ETF Trust
1,850,730
5,000
 
Vanguard European ETF
   387,500
 
TOTAL
70,763,401
 
Communication Services—(0.4)%
430
2
Liberty Media Corp.
    34,176
1,200
 
Omnicom Group, Inc.
    86,328
190
 
TKO Group Holdings, Inc.
    34,571
900
2
Trade Desk, Inc./The
    64,791
6,300
2
TripAdvisor, Inc.
    82,215
2,000
 
Verizon Communications, Inc.
    86,540
 
TOTAL
388,621
 
Consumer Discretionary—(0.9)%
2,300
2
Amer Sports, Inc.
    89,148
600
 
Choice Hotels International, Inc.
    76,128
500
 
Dick’s Sporting Goods, Inc.
    98,905
11,000
 
Ford Motor Co.
   119,350
850
 
Genuine Parts Co.
   103,114
1,800
 
LKQ Corp.
    66,618
50,000
2
Lucid Group, Inc.
   105,500
5,000
 
Macy’s, Inc.
    58,300
6,000
2
Rivian Automotive, Inc.
    82,440
1,000
2
SharkNinja, Inc.
    98,990
150
2
Tesla, Inc.
    47,649
 
TOTAL
946,142
 
Consumer Staples—(0.5)%
3,000
 
Consumer Staples Select Sector SPDR Fund
   242,910
700
2
elf Beauty, Inc.
    87,108
2,200
 
Kraft Heinz Co./The
    56,804
1,100
 
Mondelez International, Inc.
    74,184
 
TOTAL
461,006
 
Energy—(0.4)%
4,000
 
Devon Energy Corp.
   127,240
570
 
Diamondback Energy, Inc.
    78,318
4

Shares
 
 
Value
 
Energy—continued
1,300
 
ONEOK, Inc.
$   106,119
2,100
 
Viper Energy Partners LP
    80,073
 
TOTAL
391,750
 
Financials—(1.0)%
10,000
 
AGNC Investment Corp.
    91,900
3,000
 
Ally Financial, Inc.
   116,850
4,800
 
Annaly Capital Management, Inc.
    90,336
5,000
 
Franklin Resources, Inc.
   119,250
10,000
 
KeyCorp
   174,200
6,200
 
Starwood Property Trust, Inc.
   124,434
1,800
 
Truist Financial Corp.
    77,382
28,000
 
UWM Holdings Corp.
   115,920
300
 
Willis Towers Watson PLC
    91,950
 
TOTAL
1,002,222
 
Health Care—(1.4)%
2,000
2
Acadia Healthcare Co., Inc.
    45,380
1,200
 
Bruker Corp.
    49,440
900
2
Cooper Cos., Inc.
    64,044
1,000
2
Edwards Lifesciences Corp.
    78,210
3,000
 
Health Care Select Sector SPDR Fund
   404,370
3,100
2
Ionis Pharmaceuticals, Inc.
   122,481
1,700
2
Moderna, Inc.
    46,903
6,000
2
Roivant Sciences Ltd.
    67,620
7,200
 
SPDR S&P Biotech ETF
   597,096
 
TOTAL
1,475,544
 
Industrials—(1.1)%
500
2
Boeing Co.
   104,765
1,250
 
Carrier Global Corp.
    91,487
20,000
2
Clarivate PLC
    86,000
300
 
Cummins, Inc.
    98,250
2,000
 
Ingersoll-Rand, Inc.
   166,360
800
 
Nordson Corp.
   171,496
900
 
Oshkosh Corp.
   102,186
800
 
Simpson Manufacturing Co., Inc.
   124,248
1,700
2
Trex Co., Inc.
    92,446
900
 
Xylem, Inc.
   116,424
 
TOTAL
1,153,662
 
Information Technology—(1.1)%
600
 
Amphenol Corp., Class A
    59,250
260
 
Analog Devices, Inc.
    61,885
150
2
Ansys, Inc.
    52,683
180
2
Autodesk, Inc.
    55,723
1,130
 
Bentley Systems, Inc.
    60,986
100
2
Cadence Design Systems, Inc.
    30,815
2,500
2
CCC Intelligent Solutions Holdings, Inc.
    23,525
1,350
 
Cognex Corp.
    42,822
550
2
Coherent Corp.
    49,066
920
 
Crane NXT Co.
    49,588
480
 
Dell Technologies, Inc.
    58,848
300
2
First Solar, Inc.
    49,662
600
2
Gitlab, Inc.
    27,066
250
2
Guidewire Software, Inc.
    58,862
1,200
 
Hewlett Packard Enterprise Co.
    24,540
5

Shares
 
 
Value
 
Information Technology—continued
1,500
 
HP, Inc.
$    36,690
1,200
2
Ingram Micro Holding Corp.
    25,008
300
 
MKS, Inc.
    29,808
800
2
nCino, Inc.
    22,376
80
 
Roper Technologies, Inc.
    45,347
100
2
Synopsys, Inc.
    51,268
380
 
Teradyne, Inc.
    34,170
700
2
Trimble, Inc.
    53,186
80
2
Tyler Technologies, Inc.
    47,427
800
 
Vontier Corp.
    29,520
890
 
Western Digital Corp.
    56,951
 
TOTAL
1,137,072
 
Materials—(0.3)%
230
 
Air Products & Chemicals, Inc.
    64,874
4,900
 
Graphic Packaging Holding Co.
   103,243
130
 
Martin Marietta Materials
    71,365
1,600
 
Smurfit WestRock PLC
    69,040
 
TOTAL
308,522
 
Real Estate—(0.5)%
1,070
2
CoStar Group, Inc.
    86,028
2,000
 
Cousins Properties, Inc.
    60,060
6,000
 
Real Estate Select Sector SPDR Fund
   248,520
1,800
 
Rexford Industrial Realty, Inc.
    64,026
 
TOTAL
458,634
 
Utilities—(0.4)%
1,000
 
Alliant Energy Corp.
    60,470
2,700
 
CenterPoint Energy, Inc.
    99,198
350
 
Constellation Energy Corp.
   112,966
1,500
 
Essential Utilities, Inc.
    55,710
1,000
 
EverSource Energy
    63,620
700
 
Sempra Energy
    53,039
 
TOTAL
445,003
 
Total Securities Sold Short
(PROCEEDS $43,014,431)
$78,931,579
At June 30, 2025, the Fund had the following outstanding futures contracts:
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
(Depreciation)
Short Futures:
 
S&P 500 E-Mini Short Futures
100
$31,268,750
September 2025
$(776,698)
Net Unrealized Depreciation on Futures Contracts and on the Value of Securities Sold Short is included in “Other Assets and Liabilities—Net.”
6

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended June 30, 2025, were as follows:
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares
Value as of 9/30/2024
$20,167,456
Purchases at Cost
$307,362,126
Proceeds from Sales
$(286,391,341)
Change in Unrealized Appreciation/Depreciation
$
Net Realized Gain/(Loss)
$
Value as of 6/30/2025
$41,138,241
Shares Held as of 6/30/2025
41,138,241
Dividend Income
$941,388
1
Discount rate(s) at time of purchase.
2
Non-income-producing security.
3
7-day net yield.
4
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at June 30, 2025.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
Equity securities including shares of exchange-traded funds listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Equity Management Company of Pennsylvania (the “Adviser”).
Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the fund, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation
7

Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund’s assets carried at fair value:
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
U.S. Treasury
$
$49,419,630
$
$49,419,630
Equity Securities:
Common Stocks
Domestic
10,354,163
10,354,163
International
4,139,171
1,047,126
5,186,297
Purchased Put Options
219,250
219,250
Investment Company
41,138,241
41,138,241
TOTAL SECURITIES
$55,850,825
$50,466,756
$
$106,317,581
Other Financial Instruments:
Liabilities
Securities Sold Short
$(78,931,579)
$
$
$(78,931,579)
Futures Contracts
(776,698)
(776,698)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(79,708,277)
$
$
$(79,708,277)
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The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
ETF
—Exchange-Traded Fund
SPDR
—Standard & Poor’s Depositary Receipt
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