Federated Hermes MDT Market Neutral ETF
Portfolio of Investments
March 31, 2026 (unaudited)  
Shares
 
 
Value
          
 
COMMON STOCKS—82.8%
 
Communication Services—3.7%
7,997
1
CarGurus, Inc.
$    272,298
11,040
 
Fox Corp.
    644,736
170
1
Live Nation Entertainment, Inc.
     25,927
11,271
1
Pinterest, Inc.
    206,710
4,445
1
Reddit, Inc.
    598,519
2,031
 
Sirius XM Radio LLC
     46,875
46,940
1
Trade Desk, Inc./The
  1,065,069
4,224
1
TripAdvisor, Inc.
     45,028
1,154
1
Yelp, Inc.
     28,550
11,738
1
ZoomInfo Technologies, Inc.
     70,193
 
TOTAL
3,003,905
 
Consumer Discretionary—13.6%
30,919
 
Advance Auto Parts, Inc.
  1,630,977
624
1
Airbnb, Inc.
     78,799
5,527
1
Amer Sports, Inc.
    181,949
60
 
Booking Holdings, Inc.
    252,619
10,587
1
Capri Holdings Ltd.
    186,543
906
1
Chewy, Inc.
     24,462
7,517
1
Deckers Outdoor Corp.
    752,377
59
 
Domino’s Pizza, Inc.
     21,169
3,289
1
Duolingo, Inc.
    324,197
519
1
Expedia Group, Inc.
    119,832
8,800
1
Five Below, Inc.
  2,010,624
7,281
 
General Motors Co.
    542,435
5,795
1
Life Time Group Holdings, Inc.
    156,117
8,235
1
Lululemon Athletica, Inc.
  1,260,778
3,070
 
Polaris, Inc., Class A
    167,315
904
 
PVH Corp.
     63,063
766
 
Restaurant Brands International, Inc.
     56,607
3,012
1
Revolve Group, Inc.
     68,101
1,370
1
SharkNinja, Inc.
    145,083
880
 
Steven Madden Ltd.
     29,850
960
1
Ulta Beauty, Inc.
    501,802
9,807
1
Under Armour, Inc., Class A
     57,959
20,616
 
V.F. Corp.
    350,266
25,182
1
Viking Holdings Ltd.
  1,850,373
1,664
1
Wayfair, Inc.
    125,149
1,327
 
Yum! Brands, Inc.
    206,322
 
TOTAL
11,164,768
 
Consumer Staples—2.6%
3,952
1
Bellring Brands, Inc.
     63,588
568
 
Costco Wholesale Corp.
    565,972
6,748
1
Dollar Tree, Inc.
    738,974
18,792
1
Maplebear, Inc.
    703,948
135
 
PepsiCo, Inc.
     20,964
333
1
Post Holdings, Inc.
     32,920
1
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Consumer Staples—continued
572
 
Spectrum Brands Holdings, Inc.
$     42,157
 
TOTAL
2,168,523
 
Energy—3.5%
1,401
1
Antero Resources Corp.
     59,458
2,151
 
Cheniere Energy, Inc.
    610,368
3,740
 
EOG Resources, Inc.
    540,692
1,950
 
Halliburton Co.
     76,031
3,405
 
Murphy Oil Corp.
    140,456
1,169
1
Oceaneering International, Inc.
     41,464
8,542
 
PBF Energy, Inc.
    406,770
446
 
Phillips 66
     81,252
2,358
1
Seadrill Ltd.
    107,289
665
 
Targa Resources, Inc.
    166,736
5,027
1
Tidewater, Inc.
    420,006
1,065
 
Weatherford International PLC
    100,728
1,904
 
Williams Cos., Inc.
    138,573
 
TOTAL
2,889,823
 
Financials—13.1%
1,292
 
Ameriprise Financial, Inc.
    574,165
942
1
Arch Capital Group Ltd.
     90,423
146
 
Assurant, Inc.
     31,800
9,543
 
Bank of New York Mellon Corp.
  1,132,086
5,264
 
Charles Schwab Corp.
    494,711
35,222
1
Fiserv, Inc.
  1,965,388
474
 
Globe Life, Inc.
     65,967
3,420
 
Interactive Brokers Group, Inc., Class A
    229,379
7,858
 
Jackson Financial, Inc.
    830,748
6,986
1
LendingClub Corp.
    100,039
809
1
LendingTree, Inc.
     34,690
2,192
 
Live Oak Bancshares, Inc.
     72,489
1,498
 
Morgan Stanley
    246,526
3,061
 
Northern Trust Corp.
    427,224
938
 
Principal Financial Group, Inc.
     84,523
1,796
 
PROG Holdings, Inc.
     51,527
678
 
Progressive Corp., OH
    134,407
7,578
 
Prudential Financial, Inc.
    740,295
7,754
 
State Street Corp.
    981,346
12,785
1
StoneCo Ltd.
    180,524
3,326
 
Synchrony Financial
    226,234
6,685
 
The Travelers Cos., Inc.
  1,949,881
1,683
1
Toast, Inc.
     44,616
289
1
WEX, Inc.
     44,229
 
TOTAL
10,733,217
 
Health Care—13.7%
6,631
 
AbbVie, Inc.
  1,442,176
6,009
1
Align Technology, Inc.
  1,030,123
1,275
1
Alnylam Pharmaceuticals, Inc.
    421,859
2,380
 
Baxter International, Inc.
     39,984
5,172
1
BioMarin Pharmaceutical, Inc.
    292,166
5,347
1
Bridgebio Pharma, Inc.
    397,068
729
 
Cardinal Health, Inc.
    154,045
1,722
1
Charles River Laboratories International, Inc.
    297,045
2
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Health Care—continued
9,262
1
Community Health Systems, Inc.
$     27,230
3,202
 
Dentsply Sirona, Inc.
     37,143
2,907
1
Doximity, Inc.
     67,733
7,379
1
Elanco Animal Health, Inc.
    176,579
2,728
1
Fulgent Genetics, Inc.
     43,375
3,132
1
Guardant Health, Inc.
    289,303
1,801
1
Halozyme Therapeutics, Inc.
    116,399
3,113
 
Humana, Inc.
    539,763
2,789
1
Illumina, Inc.
    343,772
2,125
1
Incyte Genomics, Inc.
    200,005
1,020
1
Insulet Corp.
    214,037
18,282
1
Moderna, Inc.
    928,726
7,892
1
NeoGenomics, Inc.
     58,559
2,738
1
Omnicell, Inc.
     91,394
825
1
Privia Health Group, Inc.
     16,970
1,818
 
Regeneron Pharmaceuticals, Inc.
  1,404,660
5,596
1
Sarepta Therapeutics, Inc.
    121,769
5,617
1
Teladoc Health, Inc.
     30,613
293
 
Teleflex, Inc.
     35,046
7,278
 
UnitedHealth Group, Inc.
  1,969,354
1,989
1
Veeva Systems, Inc.
    349,388
3,128
1
Waystar Holding Corp.
     75,416
 
TOTAL
11,211,700
 
Industrials—10.3%
246
 
Allegion PLC
     35,741
1,691
 
Allison Transmission Holdings, Inc.
    197,948
3,163
1
APi Group Corp.
    128,165
895
 
Apogee Enterprises, Inc.
     30,018
1,972
1
Astronics Corp.
    131,592
1,650
 
Atmus Filtration Technologies, Inc.
     93,670
1,049
1
BlueLinx Holdings, Inc.
     56,835
2,841
 
Booz Allen Hamilton Holding Corp.
    221,683
2,719
1
Copart, Inc.
     90,271
590
1
DXP Enterprises, Inc.
     82,441
1,968
 
GE Aerospace
    558,459
2,254
 
GE Vernova, Inc.
  1,967,517
701
1
Generac Holdings, Inc.
    136,926
125
 
General Dynamics Corp.
     42,903
42
 
Huntington Ingalls Industries, Inc.
     15,956
357
 
Johnson Controls International PLC
     46,749
711
 
Leidos Holdings, Inc.
    110,575
1,316
 
Masco Corp.
     79,447
204
 
nVent Electric PLC
     24,129
2,456
 
Paycom Software, Inc.
    298,502
3,789
 
Pitney Bowes, Inc.
     41,868
1,138
1
Proto Labs, Inc.
     64,889
990
 
Robert Half, Inc.
     25,146
2,044
1
SkyWest, Inc.
    187,701
8,255
 
Southwest Airlines Co.
    310,140
1,996
 
Stanley Black & Decker, Inc.
    141,836
837
 
Trane Technologies PLC
    348,811
158
1
TransDigm, Inc.
    183,116
3
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Industrials—continued
12,684
1
Uber Technologies, Inc.
$    912,360
4,528
1
United Airlines Holdings, Inc.
    416,893
9,788
 
Veralto Corp.
    865,455
2,512
 
Vertiv Holdings Co.
    629,457
145
 
Xylem, Inc.
     17,328
 
TOTAL
8,494,527
 
Information Technology—15.9%
5,113
 
Accenture PLC
  1,013,857
5,219
1
Adobe, Inc.
  1,268,634
5,585
 
Amkor Technology, Inc.
    251,493
335
 
Analog Devices, Inc.
    106,577
1,852
1
Arista Networks, Inc.
    227,389
7,602
1
Atlassian Corp. PLC
    518,836
1,687
1
Axcelis Technologies, Inc.
    157,026
835
1
Braze, Inc.
     19,714
354
 
Broadcom, Inc.
    109,566
987
 
Clear Secure, Inc.
     47,781
76
1
Crowdstrike Holdings, Inc.
     29,671
1,043
 
Dell Technologies, Inc.
    171,188
270
1
DocuSign, Inc.
     12,801
24,924
1
Enphase Energy, Inc.
    942,376
1,160
1
EPAM Systems, Inc.
    157,064
3,832
1
Fortinet, Inc.
    313,151
1,572
1
Freshworks, Inc.
     12,623
5,562
1
Gartner, Inc., Class A
    880,687
1,313
1
Gitlab, Inc.
     28,413
1,002
1
Globant S.A.
     46,202
3,983
1
GoDaddy, Inc.
    329,275
792
1
HubSpot, Inc.
    193,327
1,757
 
Intuit, Inc.
    759,692
3,360
1
Kyndryl Holdings, Inc.
     44,083
1,856
1
Life360, Inc.
     75,762
1,883
1
LiveRamp Holdings, Inc.
     49,937
93
1
MongoDB, Inc.
     22,764
4,529
 
NetApp, Inc.
    463,724
134
 
NVIDIA Corp.
     23,370
633
1
Okta, Inc.
     49,823
4,467
1
ON Semiconductor Corp.
    276,597
7,738
1
Palantir Technologies, Inc.
  1,131,915
2,449
1
Palo Alto Networks, Inc.
    392,624
6,112
 
Pegasystems, Inc.
    260,127
598
1
Procore Technologies, Inc.
     34,086
2,745
1
Q2 Holdings, Inc.
    129,838
414
1
Qualys, Inc.
     36,370
1,230
1
RingCentral, Inc.
     45,744
4,018
 
Salesforce, Inc.
    750,040
3,162
 
Skyworks Solutions, Inc.
    169,325
909
1
Synaptics, Inc.
     63,666
965
 
TD SYNNEX Corp.
    162,805
1,134
 
Teradyne, Inc.
    336,186
273
1
Tyler Technologies, Inc.
     93,470
3,482
1
UiPath, Inc.
     38,650
4
Shares
 
 
Value
          
 
COMMON STOCKS—continued
 
Information Technology—continued
190
 
Western Digital Corp.
$     51,393
3,506
1
Workday, Inc.
    455,499
386
1
Zebra Technologies Corp., Class A
     80,705
2,434
1
Zoom Communications, Inc.
    195,669
 
TOTAL
13,031,515
 
Materials—4.5%
1,551
 
Albemarle Corp.
    278,451
6,850
 
Alcoa Corp.
    454,360
25,646
 
Celanese Corp.
  1,686,737
532
 
Corteva, Inc.
     44,534
4,313
 
FMC Corp.
     74,270
2,561
 
Freeport-McMoRan, Inc.
    150,536
7,465
 
Mosaic Co./The
    190,358
5,878
 
Newmont Corp.
    636,293
625
 
Nucor Corp.
    105,688
620
 
Steel Dynamics, Inc.
    111,600
 
TOTAL
3,732,827
 
Real Estate—1.6%
12,651
 
American Healthcare REIT, Inc.
    596,621
689
1
CBRE Group, Inc.
     93,332
490
 
Iron Mountain, Inc.
     50,049
8,516
 
Kilroy Realty Corp.
    240,236
4,739
 
SL Green Realty Corp.
    175,059
2,891
 
Vornado Realty Trust LP
     75,137
1,773
1
Zillow Group, Inc.
     73,384
 
TOTAL
1,303,818
 
Utilities—0.3%
1,398
 
Brookfield Infrastructure Corp.
     55,249
2,087
 
Exelon Corp.
    102,305
432
 
Vistra Corp.
     64,942
 
TOTAL
222,496
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $70,024,216)
67,957,119
 
INVESTMENT COMPANY—93.9%
77,003,240
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.58%2
(IDENTIFIED COST $77,003,240)
77,003,240
 
TOTAL INVESTMENT IN SECURITIES—176.7%
(IDENTIFIED COST $147,027,456)
144,960,359
 
OTHER ASSETS AND LIABILITIES - NET—(76.7)%3
(62,908,100)
 
NET ASSETS—100%
$82,052,259
SECURITIES SOLD SHORT—(76.9)%  
Shares
 
 
Value
 
Communication Services—(3.8)%
457
1
AST SpaceMobile, Inc.
$    37,871
586
1
Charter Communications, Inc.
   126,506
3,762
 
Comcast Corp., Class A
   108,007
1,846
1
Echostar Holding Corp.
   216,111
7,822
1
Magnite, Inc.
    92,925
5,864
1
Netflix, Inc.
   563,824
4,544
1
ROBLOX Corp.
   257,009
1,520
1
Spotify Technology S.A.
   737,063
5
Shares
 
 
Value
 
Communication Services—continued
430
1
Take-Two Interactive Software, Inc.
$    84,925
2,500
 
TKO Group Holdings, Inc.
   504,125
1,761
 
T-Mobile USA, Inc.
   369,863
 
TOTAL
3,098,229
 
Consumer Discretionary—(12.7)%
2,269
1
Amazon.com, Inc.
   472,565
26,426
1
Caesars Entertainment, Inc.
   698,439
6,137
1
CarMax, Inc.
   255,176
859
1
Carvana Co.
   270,052
17,395
1
Cava Group, Inc.
 1,407,255
3,960
1
Chipotle Mexican Grill, Inc.
   126,760
1,990
 
Churchill Downs, Inc.
   178,762
5,838
 
D. R. Horton, Inc.
   801,090
2,497
1
Dave & Buster’s Entertainment, Inc.
    27,043
117
 
Dick’s Sporting Goods, Inc.
    23,200
470
1
DoorDash, Inc.
    70,571
18,502
1
DraftKings, Inc.
   400,013
8,241
1
Driven Brands Holdings, Inc.
   103,919
2,387
1
Floor & Decor Holdings, Inc.
   121,260
9,180
 
Flutter Entertainment PLC
   935,901
550
1
Fox Factory Holding Corp.
     9,053
11,392
1
GameStop Corp.
   262,472
2,728
 
Garmin Ltd.
   632,923
1,146
1
G-III Apparel Group Ltd.
    31,744
180
1
Grand Canyon Education, Inc.
    30,605
778
 
Home Depot, Inc.
   255,876
590
 
Lennar Corp., Class A
    51,236
348
 
Lithia Motors, Inc.
    86,903
1,801
 
LKQ Corp.
    52,895
994
 
Lowe’s Cos., Inc.
   234,862
56
 
Marriott International, Inc., Class A
    18,316
2,171
 
Nike, Inc., Class B
   114,672
9,050
1
Norwegian Cruise Line Holdings Ltd.
   169,235
189
1
RH
    26,426
174
 
Ross Stores, Inc.
    37,694
419
 
Royal Caribbean Cruises Ltd.
   115,300
1,726
 
Six Flags Entertainment Corp.
    30,637
17,017
 
Starbucks Corp.
 1,524,553
5,526
1
Stride, Inc.
   487,227
2,173
 
Wingstop, Inc.
   336,750
 
TOTAL
10,401,385
 
Consumer Staples—(2.4)%
830
1
Celsius Holdings, Inc.
    29,449
4,456
1
elf Beauty, Inc.
   270,078
22,553
 
Lamb Weston Holdings, Inc.
   953,090
1,308
1
Performance Food Group Co.
   112,043
13,435
 
Primo Brands Corp.
   252,981
5,070
1
Sprouts Farmers Market, Inc.
   391,049
 
TOTAL
2,008,690
 
Energy—(4.4)%
1,957
 
Chevron Corp.
   404,903
7,907
 
ConocoPhillips
 1,043,724
10,905
 
Diamondback Energy, Inc.
 2,156,900
6
Shares
 
 
Value
 
Energy—continued
606
 
Viper Energy, Inc.
$    28,476
 
TOTAL
3,634,003
 
Financials—(12.0)%
997
1
Affirm Holdings, Inc.
    45,682
2,173
 
American Express Co.
   657,289
1,238
 
Aon PLC
   399,602
9,610
 
Ares Management Corp.
 1,048,451
1,516
 
Arthur J. Gallagher & Co.
   328,335
4,180
1
Berkshire Hathaway, Inc., Class B
 2,003,056
2,752
 
Blackstone, Inc.
   316,452
6,862
1
Block, Inc.
   412,955
5,617
1
Brookfield Asset Management Ltd.
   249,676
20,070
 
Brown & Brown
 1,308,765
895
 
Capital One Financial Co.
   163,275
2,316
 
Citigroup, Inc.
   262,658
1,424
1
Coinbase Global, Inc.
   248,645
5
 
Erie Indemnity Co.
     1,257
1,141
 
Glacier Bancorp, Inc.
    50,968
12,752
 
KKR & Co., Inc.
 1,179,560
7,284
1
Remitly Global, Inc.
   114,140
733
 
SEI Investments Co.
    57,518
4,109
1
Shift4 Payments, Inc.
   179,687
1,236
1
StoneX Group, Inc.
    99,683
6,533
 
Truist Financial Corp.
   300,322
14,118
1
Upstart Holdings, Inc.
   362,127
597
 
Western Alliance Bancorp
    42,297
 
TOTAL
9,832,400
 
Health Care—(12.3)%
4,673
1
10X Genomics, Inc.
    99,208
411
 
Abbott Laboratories
    42,197
1,114
1
Acadia Healthcare Co., Inc.
    26,056
11,339
1
Apellis Pharmaceuticals, Inc.
   456,168
2,863
1
Arrowhead Pharmaceuticals, Inc.
   179,510
926
1
Axsome Therapeutics, Inc.
   156,513
7,223
 
Becton Dickinson & Co.
 1,135,672
3,185
1
Biohaven Ltd.
    26,945
329
1
Boston Scientific Corp.
    20,645
1,309
1
Caris Life Sciences, Inc.
    23,405
15,698
1
Centene Corp.
   513,952
4,732
1
Cytokinetics, Inc.
   311,886
4,302
 
Danaher Corp.
   815,659
2,991
1
HealthEquity, Inc.
   249,958
21,645
1
Hims & Hers Health, Inc.
   449,350
706
1
Immunovant, Inc.
    17,537
326
1
Inspire Medical Systems, Inc.
    16,815
2,622
 
Johnson & Johnson
   640,922
514
1
Madrigal Pharmaceuticals, Inc.
   269,064
197
 
Merck & Co., Inc.
    23,697
1,566
1
PTC Therapeutics, Inc.
   106,692
1,263
1
Repligen Corp.
   148,807
6,261
1
Revolution Medicines, Inc.
   608,882
2,260
1
Scholar Rock Holding Corp.
   111,102
12,199
1
Summit Therapeutics, Inc.
   231,293
7
Shares
 
 
Value
 
Health Care—continued
3,995
1
Tempus AI, Inc.
$   180,654
2,540
 
Thermo Fisher Scientific, Inc.
 1,248,486
2,497
1
TransMedics Group, Inc.
   248,227
9,776
1
Ultragenyx Pharmaceutical, Inc.
   204,807
18,440
1
Vaxcyte, Inc.
 1,071,548
1,705
1
Viking Therapeutics, Inc.
    55,481
775
1
Waters Corp.
   230,795
343
 
West Pharmaceutical Services, Inc.
    85,970
793
 
Zimmer Biomet Holdings, Inc.
    71,703
 
TOTAL
10,079,606
 
Industrials—(8.9)%
207
 
3M Co.
    30,063
3,930
 
Aaon, Inc.
   325,207
1,001
1
Aerovironment, Inc.
   183,233
1,575
1
Ameresco, Inc.
    40,162
2,897
1
Avis Budget Group, Inc.
   422,527
877
1
Axon Enterprise, Inc.
   372,453
598
1
Builders Firstsource, Inc.
    49,233
255
 
Carpenter Technology Corp.
   100,508
350
 
Carrier Global Corp.
    19,709
1,141
1
CBIZ, Inc.
    30,636
9,010
 
Concentrix Corp.
   246,514
853
1
Core & Main, Inc.
    42,138
752
 
Deere & Co.
   423,602
214
1
FTI Consulting, Inc.
    37,829
5,422
1
GXO Logistics, Inc.
   281,131
161
 
Herc Holdings, Inc.
    16,028
4,878
 
Ingersoll-Rand, Inc.
   390,825
325
1
Kirby Corp.
    43,186
6,290
 
Knight-Swift Transportation Holdings, Inc.
   362,178
868
1
Mercury Systems, Inc.
    63,286
250
 
Old Dominion Freight Lines, Inc.
    48,850
4,104
 
PACCAR, Inc.
   474,012
16,541
1
QXO, Inc.
   321,226
214
 
RTX Corp.
    41,281
2,660
1
Saia, Inc.
   934,405
1,332
 
United Parcel Service, Inc.
   131,042
9,319
 
Verisk Analytics, Inc.
 1,768,280
657
1
Vicor Corp.
   105,777
 
TOTAL
7,305,321
 
Information Technology—(12.6)%
6,412
1
Advanced Micro Devices, Inc.
 1,304,393
7,466
1
Allegro MicroSystems, Inc.
   235,403
4,229
 
Amphenol Corp., Class A
   534,334
1,433
1
Appian Corp.
    34,550
732
1
Applied Optoelectronics, Inc.
    61,920
202
1
Astera Labs, Inc.
    22,139
2,559
1
Circle Internet Finance PLC
   244,154
5,298
1
CloudFlare, Inc.
 1,093,189
1,175
 
Corning, Inc.
   159,765
7,060
1
D-Wave Quantum, Inc.
   101,876
2,187
 
Entegris, Inc.
   256,404
2,440
1
First Solar, Inc.
   481,314
8
Shares
 
 
Value
 
Information Technology—continued
962
1
Globalfoundries, Inc.
$    42,790
1,752
1
Impinj, Inc.
   179,930
10,579
1
Intel Corp.
   466,851
7,793
1
IonQ, Inc.
   224,672
3,033
1
nCino, Inc.
    45,434
6,872
1
Nutanix, Inc.
   261,205
880
1
Par Technology Corp.
    11,730
273
1
Sitime Corp.
    94,281
4,224
1
Sprout Social, Inc.
    24,077
7,383
1
Strategy, Inc., Class A
   921,399
8,664
1
Super Micro Computer, Inc.
   197,279
4,761
1
Synopsys, Inc.
 1,887,641
1,005
 
Ubiquiti Networks, Inc.
   794,242
5,654
1
Unity Software, Inc.
   124,049
33,230
1
Zeta Global Holdings Corp.
   529,022
 
TOTAL
10,334,043
 
Materials—(5.2)%
4,036
 
Air Products & Chemicals, Inc.
 1,172,418
49,285
 
Dow, Inc.
 2,052,720
15,580
 
International Paper Co.
   556,206
1,647
 
LyondellBasell Industries N.V.
   132,682
2,512
1
MP Materials Corp.
   121,229
2,300
 
Smurfit WestRock PLC
    91,655
1,364
 
Westlake Corp.
   159,343
 
TOTAL
4,286,253
 
Real Estate—(2.4)%
16,984
 
Alexandria Real Estate Equities, Inc.
   788,397
4,036
 
Extra Space Storage, Inc.
   529,241
9,483
 
Healthcare Realty Trust, Inc.
   161,116
6,868
 
Realty Income Corp.
   420,184
2,888
 
Weyerhaeuser Co.
    70,554
 
TOTAL
1,969,492
 
Utilities—(0.2)%
1,473
 
Brookfield Renewable Corp.
    58,670
237
 
Constellation Energy Corp.
    66,182
469
1
Oklo, Inc.
    23,258
376
 
Southwest Gas Holdings, Inc.
    32,674
 
TOTAL
180,784
 
Total Securities Sold Short
(PROCEEDS $67,430,061)
$63,130,206
An affiliated company is a company in which the Fund, alone or in combination with other Federated Hermes funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended March 31, 2026, were as follows:  
Affiliated
Value as of
12/31/2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Net
Realized Gain/
(Loss)
Value as of
3/31/2026
Shares
Held as of
3/31/2026
Dividend
Income
Consumer Discretionary:
Advance Auto Parts, Inc.
$413,672
$1,034,786
$(75,961)
$264,071
$(5,591)
$1,630,977
30,919
$3,699
9
 
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares
Value as of 12/31/2025
$25,133,439
Purchases at Cost
$64,906,506
Proceeds from Sales
$(13,036,705)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 3/31/2026
$77,003,240
Shares Held as of 3/31/2026
77,003,240
Dividend Income
$485,881
 
1
Non-income-producing security.
2
7-day net yield.
3
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. A significant portion of this balance is the result of short sale
transactions as of March 31, 2026.
Note: The categories of investments are shown as a percentage of net assets at March 31, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities or ETFs listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by Federated MDTA LLC (the “Adviser”).
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between
10
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.
At March 31, 2026, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
11