United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-23259
(Investment Company Act File Number)
Federated Hermes Adviser Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/21
Date of Reporting Period: Six months ended 04/30/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FHEQX | Institutional | FHESX |
Federated Hermes SDG Engagement Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
United States | 53.0% |
Japan | 11.4% |
United Kingdom | 7.5% |
Netherlands | 4.9% |
Hong Kong | 3.0% |
Italy | 2.3% |
Finland | 2.3% |
Sweden | 2.2% |
Switzerland | 2.1% |
Singapore | 1.9% |
Ireland | 1.6% |
China | 1.5% |
Spain | 1.1% |
France | 1.1% |
Peru | 1.0% |
Taiwan | 0.7% |
India | 0.5% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100% |
Sector Composition | Percentage of Total Net Assets |
Industrials | 26.6% |
Materials | 14.1% |
Consumer Discretionary | 13.7% |
Information Technology | 10.2% |
Health Care | 10.2% |
Financials | 7.4% |
Real Estate | 5.9% |
Consumer Staples | 5.4% |
Utilities | 2.1% |
Communication Services | 2.0% |
Energy | 0.5% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—98.1% | |||
China—1.5% | |||
521,000 | Shenzhen International Holdings Ltd. | $867,413 | |
Finland—2.3% | |||
27,798 | Huhtamaki Oyj | 1,321,289 | |
France—1.1% | |||
3,018 | 1 | Silicon-On-Insulator Technologies (SOITEC) | 609,693 |
Hong Kong—3.0% | |||
95,000 | Techtronic Industries Co. | 1,718,531 | |
India—0.5% | |||
22,226 | Varun Beverages Ltd. | 284,903 | |
Ireland—1.6% | |||
62,566 | Glanbia PLC | 923,247 | |
Italy—2.3% | |||
22,809 | 1 | Marr SpA | 510,209 |
62,481 | 1 | Technogym S.P.A. | 839,799 |
TOTAL | 1,350,008 | ||
Japan—11.4% | |||
18,179 | Horiba Ltd. | 1,183,426 | |
36,468 | NIFCO, Inc. | 1,245,388 | |
19,900 | Nissan Chemical Industries | 1,024,023 | |
33,945 | Open House Co. Ltd. | 1,412,377 | |
14,230 | Relo Holdings, Inc. | 292,518 | |
21,838 | Yaoko Co. Ltd. | 1,392,991 | |
TOTAL | 6,550,723 | ||
Netherlands—4.9% | |||
25,246 | Aalberts Industries NV | 1,366,866 | |
9,979 | IMCD Group NV | 1,450,845 | |
TOTAL | 2,817,711 | ||
Peru—1.0% | |||
5,033 | Credicorp Ltd. | 600,940 | |
Singapore—1.9% | |||
514,022 | Mapletree Industrial Trust | 1,092,181 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Spain—1.1% | |||
59,271 | Merlin Properties SOCIMI SA | $656,483 | |
Sweden—2.2% | |||
48,986 | Trelleborg AB, Class B | 1,276,978 | |
Switzerland—2.1% | |||
3,368 | Burckhardt Compression Holdings AG | 1,209,448 | |
Taiwan—0.7% | |||
42,000 | Land Mark Optoelectronics Corp. | 373,111 | |
United Kingdom—7.5% | |||
591,092 | 1 | Breedon Group PLC | 842,524 |
171,135 | Central Asia Metals PLC | 657,172 | |
13,239 | DCC PLC | 1,148,622 | |
23,207 | 1 | Draper Esprit Plc | 270,144 |
304,382 | Harworth Group PLC | 539,483 | |
195,655 | 1 | SSP Group PLC | 865,521 |
TOTAL | 4,323,466 | ||
United States—53.0% | |||
21,675 | Alliant Energy Corp. | 1,217,485 | |
22,126 | 1 | AMN Healthcare Services, Inc. | 1,754,592 |
10,405 | Aptargroup, Inc. | 1,569,178 | |
16,555 | Brunswick Corp. | 1,773,537 | |
14,637 | 1 | Clean Harbors, Inc. | 1,302,108 |
3,763 | Cooper Cos., Inc. | 1,546,179 | |
180,958 | 2 | Diversified Gas & Oil PLC | 305,044 |
8,583 | Eagle Materials, Inc. | 1,185,656 | |
14,198 | Fortune Brands Home & Security, Inc. | 1,490,506 | |
13,463 | 1 | Kirby Corp. | 857,593 |
11,893 | 1 | LKQ Corp. | 555,522 |
20,098 | National Instruments Corp. | 832,258 | |
7,624 | Reinsurance Group of America | 995,161 | |
46,433 | Retail Opportunity Investments Corp. | 817,221 | |
15,818 | RPM International, Inc. | 1,500,179 | |
648,692 | 1 | Samsonite International SA | 1,201,028 |
11,208 | 1 | Silicon Laboratories, Inc. | 1,579,768 |
12,785 | Simpson Manufacturing Co., Inc. | 1,440,869 | |
7,126 | STERIS PLC | 1,503,728 | |
23,073 | TCF Financial Corp. | 1,050,283 | |
3,196 | West Pharmaceutical Services, Inc. | 1,049,950 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
United States—continued | |||
6,345 | 1 | WEX, Inc. | $1,302,057 |
20,509 | Wiley (John) & Sons, Inc., Class A | 1,167,782 | |
17,692 | Wintrust Financial Corp. | 1,364,053 | |
9,377 | Woodward, Inc. | 1,172,219 | |
TOTAL | 30,533,956 | ||
TOTAL INVESTMENT IN SECURITIES—98.1% (IDENTIFIED COST $38,318,440)3 | 56,510,081 | ||
OTHER ASSETS AND LIABILITIES - NET—1.9%4 | 1,123,356 | ||
TOTAL NET ASSETS—100% | $57,633,437 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $ 29,027,884 | $ 1,506,072 | $— | $30,533,956 |
International | 600,940 | 25,375,185 | — | 25,976,125 |
TOTAL SECURITIES | $ 29,628,824 | $ 26,881,257 | $— | $56,510,081 |
Six Months Ended (unaudited) 4/30/2021 | Period Ended 10/31/20201 | |
Net Asset Value, Beginning of Period | $10.31 | $11.24 |
Income From Investment Operations: | ||
Net investment income2 | 0.003 | 0.07 |
Net realized and unrealized gain (loss) | 3.28 | (0.83) |
TOTAL FROM INVESTMENT OPERATIONS | 3.28 | (0.76) |
Less Distributions: | ||
Distributions from net investment income | (0.11) | (0.12) |
Distributions from net realized gain | —- | (0.05) |
TOTAL DISTRIBUTIONS | (0.11) | (0.17) |
Net Asset Value, End of Period | $13.48 | $10.31 |
Total Return4 | 31.93% | (6.87)% |
Ratios to Average Net Assets: | ||
Net expenses5 | 1.19%6,7 | 1.19%6,7 |
Net investment income | 0.02%6 | 0.70%6 |
Expense waiver/reimbursement8 | 0.57%6 | 1.31%6 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $330 | $158 |
Portfolio turnover | 9% | 52%9 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | Period Ended 10/31/20191 | ||
Net Asset Value, Beginning of Period | $10.34 | $11.05 | $10.00 | |
Income From Investment Operations: | ||||
Net investment income2 | 0.02 | 0.07 | 0.12 | |
Net realized and unrealized gain (loss) | 3.28 | (0.61) | 0.93 | |
TOTAL FROM INVESTMENT OPERATIONS | 3.30 | (0.54) | 1.05 | |
Less Distributions: | ||||
Distributions from net investment income | (0.11) | (0.12) | — | |
Distributions from net realized gain | — | (0.05) | — | |
TOTAL DISTRIBUTIONS | (0.11) | (0.17) | — | |
Net Asset Value, End of Period | $13.53 | $10.34 | $11.05 | |
Total Return3 | 32.03% | (4.99)% | 10.50% | |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.94%5,6 | 0.94%5 | 0.94%5,6 | |
Net investment income | 0.25%6 | 0.70% | 1.13%6 | |
Expense waiver/reimbursement7 | 0.63%6 | 1.13% | 1.16%6 | |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $57,304 | $39,785 | $33,602 | |
Portfolio turnover | 9% | 52% | 13% |
Assets: | ||
Investment in securities, at value (identified cost $38,318,440) | $56,510,081 | |
Cash | 923,177 | |
Receivable for investments sold | 451,588 | |
Income receivable | 114,398 | |
Receivable for shares sold | 61,724 | |
TOTAL ASSETS | 58,060,968 | |
Liabilities: | ||
Payable for investments purchased | $256,240 | |
Payable for shares redeemed | 22,955 | |
Payable for capital gains taxes withheld | 6,908 | |
Payable for custodian fees | 48,081 | |
Payable for portfolio accounting fees | 45,839 | |
Payable for share registration costs | 29,537 | |
Payable for investment adviser fee (Note 5) | 1,392 | |
Payable for other service fees (Notes 2 and 5) | 117 | |
Accrued expenses (Note 5) | 16,462 | |
TOTAL LIABILITIES | 427,531 | |
Net assets for 4,259,954 shares outstanding | $57,633,437 | |
Net Assets Consists of: | ||
Paid-in capital | $44,594,093 | |
Total distributable earnings (loss) | 13,039,344 | |
TOTAL NET ASSETS | $57,633,437 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($329,610 ÷ 24,459 shares outstanding), no par value, unlimited shares authorized | $13.48 | |
Offering price per share (100/94.50 of $13.48) | $14.26 | |
Redemption proceeds per share | $13.48 | |
Institutional Shares: | ||
Net asset value per share ($57,303,827 ÷ 4,235,495 shares outstanding), no par value, unlimited shares authorized | $13.53 | |
Offering price per share | $13.53 | |
Redemption proceeds per share | $13.53 |
Investment Income: | |||
Dividends (net of foreign tax withheld of $14,076) | $305,825 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $194,043 | ||
Administrative fee (Note 5) | 20,415 | ||
Custodian fees | 54,935 | ||
Transfer agent fees (Note 2) | 17,359 | ||
Directors’/Trustees’ fees (Note 5) | 496 | ||
Auditing fees | 12,833 | ||
Legal fees | 5,151 | ||
Other service fees (Notes 2 and 5) | 332 | ||
Portfolio accounting fees | 66,539 | ||
Share registration costs | 12,689 | ||
Printing and postage | 10,689 | ||
Miscellaneous (Notes 2 and 5) | 14,786 | ||
TOTAL EXPENSES | 410,267 | ||
Waiver, Reimbursements and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(151,644) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (13,823) | ||
Reduction of custodian fees (Note 6) | (3,453) | ||
TOTAL WAIVER, REIMBURSEMENTS AND REDUCTION | (168,920) | ||
Net expenses | 241,347 | ||
Net investment income | 64,478 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 119,937 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 13,268,954 | ||
Net realized and unrealized gain on investments and foreign currency transactions | 13,388,891 | ||
Change in net assets resulting from operations | $13,453,369 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,478 | $254,594 |
Net realized gain (loss) | 119,937 | (5,022,542) |
Net change in unrealized appreciation/depreciation | 13,268,954 | 3,168,369 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 13,453,369 | (1,599,579) |
Distributions to Shareholders: | ||
Class A Shares | (2,120) | (2) |
Institutional Shares | (440,219) | (562,503) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (442,339) | (562,505) |
Share Transactions: | ||
Proceeds from sale of shares | 11,847,515 | 27,054,291 |
Net asset value of shares issued to shareholders in payment of distributions declared | 436,948 | 562,502 |
Cost of shares redeemed | (7,604,476) | (19,113,790) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,679,987 | 8,503,003 |
Change in net assets | 17,691,017 | 6,340,919 |
Net Assets: | ||
Beginning of period | 39,942,420 | 33,601,501 |
End of period | $57,633,437 | $39,942,420 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $31 | $— |
Institutional Shares | $17,328 | $(11,234) |
TOTAL | $17,359 | $(11,234) |
Other Service Fees Incurred | |
Class A Shares | $332 |
Security | Acquisition Date | Acquisition Cost | Value |
Diversified Gas & Oil PLC | 7/24/2020-4/30/2021 | $236,214 | $305,044 |
Six Months Ended 4/30/2021 | Period Ended 10/31/20201 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,507 | $128,721 | 15,301 | $141,471 |
Shares issued to shareholders in payment of distributions declared | 124 | 1,482 | — | — |
Shares redeemed | (1,473) | (19,530) | — | — |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 9,158 | $110,673 | 15,301 | $141,471 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 937,992 | $11,718,794 | 2,924,952 | $26,912,820 |
Shares issued to shareholders in payment of distributions declared | 36,349 | 435,466 | 49,911 | 562,502 |
Shares redeemed | (587,785) | (7,584,946) | (2,167,264) | (19,113,790) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 386,556 | $4,569,314 | 807,599 | $8,361,532 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 395,714 | $4,679,987 | 822,900 | $8,503,003 |
Short-Term | Long-Term | Total |
$433,255 | $1,097,696 | $1,530,951 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Purchases | $8,285,438 |
Sales | $4,372,172 |
Beginning Account Value 11/1/2020 | Ending Account Value 04/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $ 1,000.00 | $ 1,319.30 | $ 6.84 |
Institutional Shares | $ 1,000.00 | $ 1,320.30 | $ 5.41 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $ 1,000.00 | $ 1,018.89 | $ 5.96 |
Institutional Shares | $ 1,000.00 | $ 1,020.13 | $4.71 |
Class A Shares | 1.19% |
Institutional Shares | 0.94% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A309
Share Class | Ticker | A | FSTRX | B | QBLVX | C | QCLVX |
R | QRLVX | Institutional | FMSTX | Service | FSTKX | |
R6 | FSTLX |
Federated Hermes MDT Large Cap Value Fund
A Portfolio of Federated Hermes Adviser Series
Sector Composition | Percentage of Total Net Assets |
Financials | 22.0% |
Industrials | 13.7% |
Health Care | 13.4% |
Communication Services | 9.1% |
Information Technology | 8.1% |
Consumer Staples | 7.7% |
Consumer Discretionary | 7.4% |
Materials | 5.6% |
Energy | 4.0% |
Utilities | 3.9% |
Real Estate | 3.3% |
Securities Lending Collateral2,3 | 0.0% |
Cash equivalents4 | 1.8% |
Other Assets and Liabilities—Net3,5 | (0.0)% |
TOTAL | 100% |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Communication Services—9.1% | |||
171,284 | Activision Blizzard, Inc. | $15,619,388 | |
9,164 | 1 | Alphabet, Inc., Class A | 21,567,474 |
526,494 | AT&T, Inc. | 16,537,177 | |
15,110 | 1 | Charter Communications, Inc. | 10,175,829 |
32,671 | Electronic Arts, Inc. | 4,641,896 | |
552,659 | News Corp., Inc., Class A | 14,476,902 | |
48,645 | 1 | Take-Two Interactive Software, Inc. | 8,531,360 |
479,397 | Verizon Communications, Inc. | 27,704,353 | |
TOTAL | 119,254,379 | ||
Consumer Discretionary—7.4% | |||
34,619 | Advance Auto Parts, Inc. | 6,929,339 | |
155,366 | 1 | Capri Holdings Ltd. | 8,557,559 |
134,402 | eBay, Inc. | 7,498,287 | |
474,327 | 1 | Ford Motor Co. | 5,473,734 |
70,294 | Home Depot, Inc. | 22,752,059 | |
108,445 | Kohl’s Corp. | 6,361,384 | |
43,350 | McDonald’s Corp. | 10,234,068 | |
16,535 | 1 | Mohawk Industries, Inc. | 3,397,942 |
38,210 | Starbucks Corp. | 4,374,663 | |
180,396 | Yum! Brands, Inc. | 21,560,930 | |
TOTAL | 97,139,965 | ||
Consumer Staples—7.7% | |||
282,780 | Colgate-Palmolive Co. | 22,820,346 | |
102,246 | Hershey Foods Corp. | 16,799,018 | |
213,958 | 1 | Molson Coors Beverage Company, Class B | 11,756,992 |
352,125 | Philip Morris International, Inc. | 33,451,875 | |
115,533 | Procter & Gamble Co. | 15,414,413 | |
TOTAL | 100,242,644 | ||
Energy—4.0% | |||
187,487 | 1 | Continental Resources, Inc. | 5,107,146 |
275,127 | EOG Resources, Inc. | 20,260,352 | |
527,578 | Halliburton Co. | 10,319,426 | |
926,503 | Marathon Oil Corp. | 10,432,424 | |
249,901 | Schlumberger Ltd. | 6,759,822 | |
TOTAL | 52,879,170 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—22.0% | |||
4,366 | 1 | Alleghany Corp. | $2,964,383 |
202,629 | Allstate Corp. | 25,693,357 | |
517,147 | Ally Financial, Inc. | 26,607,213 | |
45,030 | Ameriprise Financial, Inc. | 11,635,752 | |
144,289 | 1 | Arch Capital Group Ltd. | 5,729,716 |
552,769 | Bank of America Corp. | 22,403,728 | |
483,309 | Bank of New York Mellon Corp. | 24,107,453 | |
6,354 | 1 | Berkshire Hathaway, Inc., Class B | 1,747,032 |
116,562 | M & T Bank Corp. | 18,380,662 | |
464,323 | MetLife, Inc. | 29,544,873 | |
30,137 | NASDAQ, Inc. | 4,868,331 | |
241,594 | Northern Trust Corp. | 27,493,397 | |
161,831 | Popular, Inc. | 11,969,021 | |
183,829 | Prudential Financial, Inc. | 18,449,079 | |
326,939 | State Street Corp. | 27,446,529 | |
150,393 | The Travelers Cos., Inc. | 23,259,781 | |
58,248 | Tradeweb Markets, Inc. | 4,734,397 | |
TOTAL | 287,034,704 | ||
Health Care—13.4% | |||
81,257 | AbbVie, Inc. | 9,060,156 | |
38,930 | Amgen, Inc. | 9,329,185 | |
13,882 | Anthem, Inc. | 5,266,692 | |
139,935 | Cardinal Health, Inc. | 8,443,678 | |
24,384 | CIGNA Corp. | 6,071,860 | |
82,208 | 1 | Davita, Inc. | 9,579,698 |
17,531 | Eli Lilly & Co. | 3,204,141 | |
46,099 | 1 | Hologic, Inc. | 3,021,789 |
12,327 | Humana, Inc. | 5,488,473 | |
77,677 | 1 | IQVIA Holdings, Inc. | 18,230,015 |
207,886 | Johnson & Johnson | 33,829,289 | |
110,891 | McKesson Corp. | 20,798,716 | |
186,258 | Merck & Co., Inc. | 13,876,221 | |
245,450 | Pfizer, Inc. | 9,486,642 | |
18,909 | 1 | Waters Corp. | 5,670,242 |
80,528 | Zoetis, Inc. | 13,933,760 | |
TOTAL | 175,290,557 | ||
Industrials—13.7% | |||
169,547 | AGCO Corp. | 24,740,298 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
387,698 | Carrier Global Corp. | $16,895,879 | |
15,093 | Deere & Co. | 5,597,239 | |
205,249 | Fortune Brands Home & Security, Inc. | 21,547,040 | |
73,073 | Illinois Tool Works, Inc. | 16,840,404 | |
141,597 | 1 | Lyft, Inc. | 7,881,289 |
371,454 | Masco Corp. | 23,728,481 | |
279,099 | Nielsen Holdings PLC | 7,158,889 | |
440,411 | Otis Worldwide Corp. | 34,294,805 | |
47,553 | Republic Services, Inc. | 5,054,884 | |
241,657 | 1 | SPX Corp. | 14,658,914 |
TOTAL | 178,398,122 | ||
Information Technology—8.1% | |||
49,833 | Applied Materials, Inc. | 6,613,337 | |
21,854 | 1 | Arista Networks, Inc. | 6,887,725 |
48,436 | 1 | Crowdstrike Holdings, Inc. | 10,099,390 |
140,440 | 1 | Dell Technologies, Inc. | 13,809,465 |
384,391 | 1 | DXC Technology Co. | 12,650,308 |
225,091 | HP, Inc. | 7,677,854 | |
43,108 | IBM Corp. | 6,116,163 | |
255,352 | Intel Corp. | 14,690,401 | |
73,035 | Motorola, Inc. | 13,752,490 | |
83,181 | Paychex, Inc. | 8,109,316 | |
219,810 | Vishay Intertechnology, Inc. | 5,400,732 | |
TOTAL | 105,807,181 | ||
Materials—5.6% | |||
255,731 | 1 | Berry Global Group, Inc. | 16,269,606 |
382,244 | 1 | Domtar, Corp. | 15,068,059 |
335,404 | Dow, Inc | 20,962,750 | |
52,067 | PPG Industries, Inc. | 8,915,953 | |
128,255 | RPM International, Inc. | 12,163,704 | |
TOTAL | 73,380,072 | ||
Real Estate—3.3% | |||
8,405 | Crown Castle International Corp. | 1,589,049 | |
7,282 | Essex Property Trust, Inc. | 2,115,567 | |
50,859 | Extra Space Storage, Inc. | 7,562,225 | |
216,126 | Gaming and Leisure Properties, Inc. | 10,047,698 | |
10,875 | Mid-American Apartment Communities, Inc. | 1,710,964 | |
6,384 | Public Storage | 1,794,925 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
255,302 | 2 | SL Green Realty Corp. | $18,894,901 |
TOTAL | 43,715,329 | ||
Utilities—3.9% | |||
342,815 | Exelon Corp. | 15,406,106 | |
135,849 | Pinnacle West Capital Corp. | 11,499,618 | |
242,938 | Public Service Enterprises Group, Inc. | 15,343,964 | |
22,817 | Sempra Energy | 3,138,935 | |
339,228 | Vistra Corp. | 5,722,776 | |
TOTAL | 51,111,399 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $983,566,651) | 1,284,253,522 | ||
INVESTMENT COMPANIES—1.8% | |||
1,842 | Federated Hermes Government Obligations Fund, Premier Shares, 0.02%3 | 1,842 | |
22,935,676 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%3 | 22,940,263 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $22,926,236)4 | 22,942,105 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $1,006,492,887) | 1,307,195,627 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%5 | (124,850) | ||
TOTAL NET ASSETS—100% | $1,307,070,777 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 10/31/2020 | $683,400 | $19,345,453 | $20,028,853 |
Purchases at Cost | $24,934,220 | $64,229,559 | $89,163,779 |
Proceeds from Sales | $(25,615,778) | $(60,630,433) | $(86,246,211) |
Change in Unrealized Appreciation/Depreciation | N/A | $(2,638) | $(2,638) |
Net Realized Gain/(Loss) | N/A | $(1,678) | $(1,678) |
Value | $ 1,842 | $22,940,263 | $22,942,105 |
Balance of Shares Held 04/30/2021 | 1,842 | 22,935,676 | 22,937,518 |
Dividend Income | $225 | $8,077 | $8,302 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.00 | $27.31 | $27.84 | $29.29 | $26.09 | $27.84 |
Income From Investment Operations: | ||||||
Net investment income | 0.16 | 0.37 | 0.40 | 0.322 | 0.382 | 0.422 |
Net realized and unrealized gain (loss) | 8.67 | (1.95) | 1.48 | 1.04 | 4.22 | 0.16 |
TOTAL FROM INVESTMENT OPERATIONS | 8.83 | (1.58) | 1.88 | 1.36 | 4.60 | 0.58 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.37) | (0.41) | (0.33) | (0.40) | (0.42) |
Distributions from net realized gain | — | (0.36) | (2.00) | (2.48) | (1.00) | (1.91) |
TOTAL DISTRIBUTIONS | (0.19) | (0.73) | (2.41) | (2.81) | (1.40) | (2.33) |
Net Asset Value, End of Period | $33.64 | $25.00 | $27.31 | $27.84 | $29.29 | $26.09 |
Total Return3 | 35.42% | (5.78)% | 7.41% | 4.69% | 18.08% | 2.47% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.98%5 | 0.98%6 | 0.98%6 | 0.98%6 | 0.99% | 0.98% |
Net investment income | 1.06%5 | 1.44% | 1.52% | 1.23% | 1.37% | 1.65% |
Expense waiver/reimbursement7 | 0.20%5 | 0.23% | 0.22% | 0.21% | 0.21% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $560,938 | $432,229 | $492,088 | $508,415 | $24,237 | $14,389 |
Portfolio turnover | 35% | 139% | 81% | 95% | 99% | 88% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20181 | ||
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $25.05 | $27.33 | $27.85 | $28.04 |
Income From Investment Operations: | ||||
Net investment income | 0.01 | 0.11 | 0.14 | 0.102 |
Net realized and unrealized gain (loss) | 8.72 | (1.89) | 1.51 | (0.17) |
TOTAL FROM INVESTMENT OPERATIONS | 8.73 | (1.78) | 1.65 | (0.07) |
Less Distributions: | ||||
Distributions from net investment income | (0.06) | (0.14) | (0.17) | (0.12) |
Distributions from net realized gain | — | (0.36) | (2.00) | — |
TOTAL DISTRIBUTIONS | (0.06) | (0.50) | (2.17) | (0.12) |
Net Asset Value, End of Period | $33.72 | $25.05 | $27.33 | $27.85 |
Total Return3 | 34.90% | (6.56)% | 6.49% | (0.24)% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 1.82%5 | 1.81%6 | 1.83%6 | 1.83%5,6 |
Net investment income | 0.24%5 | 0.63% | 0.72% | 0.38%5 |
Expense waiver/reimbursement7 | 0.17%5 | 0.19% | 0.18% | 0.17%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $4,049 | $3,556 | $6,710 | $11,823 |
Portfolio turnover | 35% | 139% | 81% | 95%8 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20181 | ||
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $25.04 | $27.32 | $27.85 | $28.04 |
Income From Investment Operations: | ||||
Net investment income | 0.03 | 0.14 | 0.19 | 0.122 |
Net realized and unrealized gain (loss) | 8.70 | (1.91) | 1.47 | (0.18) |
TOTAL FROM INVESTMENT OPERATIONS | 8.73 | (1.77) | 1.66 | (0.06) |
Less Distributions: | ||||
Distributions from net investment income | (0.07) | (0.15) | (0.19) | (0.13) |
Distributions from net realized gain | — | (0.36) | (2.00) | — |
TOTAL DISTRIBUTIONS | (0.07) | (0.51) | (2.19) | (0.13) |
Net Asset Value, End of Period | $33.70 | $25.04 | $27.32 | $27.85 |
Total Return3 | 34.93% | (6.53)% | 6.53% | (0.21)% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 1.77%5 | 1.80%6 | 1.77%6 | 1.79%5,6 |
Net investment income | 0.27%5 | 0.64% | 0.74% | 0.44%5 |
Expense waiver/reimbursement7 | 0.17%5 | 0.19% | 0.18% | 0.17%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $11,560 | $8,848 | $13,760 | $15,215 |
Portfolio turnover | 35% | 139% | 81% | 95%8 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20181 | ||
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $25.01 | $27.31 | $27.85 | $28.04 |
Income From Investment Operations: | ||||
Net investment income (loss) | 0.09 | 0.25 | 0.29 | 0.202 |
Net realized and unrealized gain (loss) | 8.69 | (1.94) | 1.47 | (0.16) |
TOTAL FROM INVESTMENT OPERATIONS | 8.78 | (1.69) | 1.76 | 0.04 |
Less Distributions: | ||||
Distributions from net investment income | (0.13) | (0.25) | (0.30) | (0.23) |
Distributions from net realized gain | — | (0.36) | (2.00) | — |
TOTAL DISTRIBUTIONS | (0.13) | (0.61) | (2.30) | (0.23) |
Net Asset Value, End of Period | $33.66 | $25.01 | $27.31 | $27.85 |
Total Return3 | 35.19% | (6.20)% | 6.93% | 0.12% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 1.39%5 | 1.43%6 | 1.41%6 | 1.43%5,6 |
Net investment income | 0.65%5 | 1.00% | 1.09% | 0.78%5 |
Expense waiver/reimbursement7 | 0.17%5 | 0.22% | 0.18% | 0.17%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $18,639 | $14,572 | $17,450 | $18,198 |
Portfolio turnover | 35% | 139% | 81% | 95%8 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.01 | $27.33 | $27.86 | $29.30 | $26.10 | $27.85 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.19 | 0.42 | 0.46 | 0.442 | 0.462 | 0.482 |
Net realized and unrealized gain (loss) | 8.68 | (1.95) | 1.47 | 0.98 | 4.20 | 0.15 |
TOTAL FROM INVESTMENT OPERATIONS | 8.87 | (1.53) | 1.93 | 1.42 | 4.66 | 0.63 |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (0.43) | (0.46) | (0.38) | (0.46) | (0.47) |
Distributions from net realized gain | — | (0.36) | (2.00) | (2.48) | (1.00) | (1.91) |
TOTAL DISTRIBUTIONS | (0.22) | (0.79) | (2.46) | (2.86) | (1.46) | (2.38) |
Net Asset Value, End of Period | $33.66 | $25.01 | $27.33 | $27.86 | $29.30 | $26.10 |
Total Return3 | 35.59% | (5.58)% | 7.64% | 4.92% | 18.32% | 2.70% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.76%5 | 0.76%6 | 0.76%6 | 0.77%6 | 0.78% | 0.76% |
Net investment income | 1.27%5 | 1.66% | 1.75% | 1.52% | 1.64% | 1.87% |
Expense waiver/reimbursement7 | 0.17%5 | 0.20% | 0.19% | 0.18% | 0.21% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $499,993 | $363,057 | $353,550 | $416,364 | $368,749 | $241,699 |
Portfolio turnover | 35% | 139% | 81% | 95% | 99% | 88% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.03 | $27.34 | $27.87 | $29.31 | $26.11 | $27.85 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.18 | 0.41 | 0.43 | 0.392 | 0.402 | 0.422 |
Net realized and unrealized gain (loss) | 8.66 | (1.99) | 1.45 | 0.96 | 4.20 | 0.17 |
TOTAL FROM INVESTMENT OPERATIONS | 8.84 | (1.58) | 1.88 | 1.35 | 4.60 | 0.59 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.37) | (0.41) | (0.31) | (0.40) | (0.42) |
Distributions from net realized gain | — | (0.36) | (2.00) | (2.48) | (1.00) | (1.91) |
TOTAL DISTRIBUTIONS | (0.19) | (0.73) | (2.41) | (2.79) | (1.40) | (2.33) |
Net Asset Value, End of Period | $33.68 | $25.03 | $27.34 | $27.87 | $29.31 | $26.11 |
Total Return3 | 35.42% | (5.77)% | 7.42% | 4.67% | 18.06% | 2.50% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.98%5 | 0.98%6 | 0.98%6 | 0.99%6 | 0.99% | 0.98% |
Net investment income | 1.06%5 | 1.44% | 1.53% | 1.32% | 1.42% | 1.66% |
Expense waiver/reimbursement7 | 0.19%5 | 0.21% | 0.20% | 0.18% | 0.21% | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $164,145 | $135,813 | $179,844 | $216,890 | $270,371 | $251,246 |
Portfolio turnover | 35% | 139% | 81% | 95% | 99% | 88% |
Six Months Ended (unaudited) 4/30/2021 | Year Ended October 31, | Period Ended 10/31/20162 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $25.03 | $27.35 | $27.88 | $29.31 | $26.11 | $24.51 |
Income From Investment Operations: | ||||||
Net investment income | 0.20 | 0.43 | 0.47 | 0.443 | 0.473 | 0.083 |
Net realized and unrealized gain (loss) | 8.69 | (1.95) | 1.48 | 1.00 | 4.21 | 1.62 |
TOTAL FROM INVESTMENT OPERATIONS | 8.89 | (1.52) | 1.95 | 1.44 | 4.68 | 1.70 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.44) | (0.48) | (0.39) | (0.48) | (0.10) |
Distributions from net realized gain | — | (0.36) | (2.00) | (2.48) | (1.00) | — |
TOTAL DISTRIBUTIONS | (0.23) | (0.80) | (2.48) | (2.87) | (1.48) | (0.10) |
Net Asset Value, End of Period | $33.69 | $25.03 | $27.35 | $27.88 | $29.31 | $26.11 |
Total Return4 | 35.65% | (5.51)% | 7.72% | 5.01% | 18.40% | 6.95% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.69%6 | 0.69%7 | 0.69%7 | 0.70%7 | 0.71% | 0.69%6 |
Net investment income | 1.34%6 | 1.73% | 1.80% | 1.57% | 1.67% | 0.85%6 |
Expense waiver/reimbursement8 | 0.17%6 | 0.19% | 0.18% | 0.17% | 0.19% | 0.24%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $47,748 | $36,020 | $42,678 | $28,350 | $51,147 | $28,838 |
Portfolio turnover | 35% | 139% | 81% | 95% | 99% | 88%9 |
Assets: | ||
Investment in securities, at value including $1,776 of securities loaned and $22,942,105 of investment in affiliated holdings* (identified cost $1,006,492,887) | $1,307,195,627 | |
Receivable for investments sold | 10,285,404 | |
Income receivable | 1,438,267 | |
Income receivable from affiliated holding | 807 | |
Receivable for shares sold | 657,608 | |
TOTAL ASSETS | 1,319,577,713 | |
Liabilities: | ||
Payable for investments purchased | $10,339,249 | |
Payable for shares redeemed | 1,681,912 | |
Payable for collateral due to broker for securities lending | 1,842 | |
Payable for other service fees (Notes 2 and 5) | 259,277 | |
Payable for investment adviser fee (Note 5) | 23,187 | |
Payable for distribution services fee (Note 5) | 17,118 | |
Payable for administrative fee (Note 5) | 2,489 | |
Accrued expenses (Note 5) | 181,862 | |
TOTAL LIABILITIES | 12,506,936 | |
Net assets for 38,835,556 shares outstanding | $1,307,070,777 | |
Net Assets Consists of: | ||
Paid-in capital | $934,871,612 | |
Total distributable earnings (loss) | 372,199,165 | |
TOTAL NET ASSETS | $1,307,070,777 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($560,937,689 ÷ 16,672,767 shares outstanding), no par value, unlimited shares authorized | $33.64 | |
Offering price per share (100/94.50 of $33.64) | $35.60 | |
Redemption proceeds per share | $33.64 | |
Class B Shares: | ||
Net asset value per share ($4,049,396 ÷ 120,076 shares outstanding), no par value, unlimited shares authorized | $33.72 | |
Offering price per share | $33.72 | |
Redemption proceeds per share (94.50/100 of 33.72) | $31.87 | |
Class C Shares: | ||
Net asset value per share ($11,559,740 ÷ 343,024 shares outstanding), no par value, unlimited shares authorized | $33.70 | |
Offering price per share | $33.70 | |
Redemption proceeds per share (99/100 of 33.70) | $33.36 | |
Class R Shares: | ||
Net asset value per share ($18,638,574 ÷ 553,754 shares outstanding), no par value, unlimited shares authorized | $33.66 | |
Offering price per share | $33.66 | |
Redemption proceeds per share | $33.66 | |
Institutional Shares: | ||
Net asset value per share ($499,992,819 ÷ 14,855,558 shares outstanding), no par value, unlimited shares authorized | $33.66 | |
Offering price per share | $33.66 | |
Redemption proceeds per share | $33.66 | |
Service Shares: | ||
Net asset value per share ($164,144,609 ÷ 4,873,054 shares outstanding), no par value, unlimited shares authorized | $33.68 | |
Offering price per share | $33.68 | |
Redemption proceeds per share | $33.68 | |
Class R6 Shares: | ||
Net asset value per share ($47,747,950 ÷ 1,417,323 shares outstanding), no par value, unlimited shares authorized | $33.69 | |
Offering price per share | $33.69 | |
Redemption proceeds per share | $33.69 |
Investment Income: | |||
Dividends (including $8,077 received from an affiliated holding* and net of foreign taxes withheld of $12,946) | $11,953,664 | ||
Net income on securities loaned (includes $225 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 2,795 | ||
TOTAL INCOME | 11,956,459 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,076,005 | ||
Administrative fee (Note 5) | 458,548 | ||
Custodian fees | 24,521 | ||
Transfer agent fees (Note 2) | 659,525 | ||
Directors’/Trustees’ fees (Note 5) | 3,026 | ||
Auditing fees | 13,201 | ||
Legal fees | 7,763 | ||
Distribution services fee (Note 5) | 96,402 | ||
Other service fees (Notes 2 and 5) | 836,714 | ||
Portfolio accounting fees | 99,761 | ||
Share registration costs | 56,785 | ||
Printing and postage | 42,141 | ||
Miscellaneous (Note 5) | 21,673 | ||
TOTAL EXPENSES | 6,396,065 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(978,820) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (96,019) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (1,074,839) | ||
Net expenses | 5,321,226 | ||
Net investment income | 6,635,233 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including realized loss of $(1,678) on sales of investments in an affiliated holding*) | 91,218,750 | ||
Net change in unrealized appreciation of investments, (including net change in unrealized appreciation of $(2,638) of investments in an affiliated holding*) | 250,546,845 | ||
Net realized and unrealized gain (loss) on investments | 341,765,595 | ||
Change in net assets resulting from operations | $348,400,828 |
Six Months Ended (unaudited) 4/30/2021 | Year Ended 10/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,635,233 | $15,954,104 |
Net realized gain (loss) | 91,218,750 | (16,631,457) |
Net change in unrealized appreciation/depreciation | 250,546,845 | (62,469,838) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 348,400,828 | (63,147,191) |
Distributions to Shareholders: | ||
Class A Shares | (3,231,058) | (13,393,414) |
Class B Shares | (8,423) | (113,796) |
Class C Shares | (26,139) | (254,922) |
Class R Shares | (76,723) | (382,739) |
Institutional Shares | (3,251,103) | (11,727,917) |
Service Shares | (1,001,416) | (4,524,863) |
Class R6 Shares | (336,577) | (1,266,751) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,931,439) | (31,664,402) |
Share Transactions: | ||
Proceeds from sale of shares | 79,089,664 | 136,254,076 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Large Cap Value Fund | — | 109,835,119 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,111,792 | 28,990,808 |
Cost of shares redeemed | (113,694,683) | (292,253,391) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (27,493,227) | (17,173,388) |
Change in net assets | 312,976,162 | (111,984,981) |
Net Assets: | ||
Beginning of period | 994,094,615 | 1,106,079,596 |
End of period | $1,307,070,777 | $994,094,615 |
Shares of the Fund Issued | Acquired Fund Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
3,948,585 | $109,835,119 | $9,883,976 | $1,121,367,148 | $1,231,202,267 |
Net Investment Income | $16,094,864 |
Net realized and unrealized gain on investments | $(73,573,947) |
Net decrease in net assets resulting from operations | $(57,479,083) |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $278,665 | $(70,551) |
Class B Shares | 3,250 | — |
Class C Shares | 6,371 | — |
Class R Shares | 20,525 | — |
Institutional Shares | 256,162 | (10,907) |
Service Shares | 85,338 | (14,561) |
Class R6 Shares | 9,214 | — |
TOTAL | $659,525 | $(96,019) |
Other Service Fees Incurred | |
Class A Shares | $629,465 |
Class B Shares | 4,821 |
Class C Shares | 13,101 |
Service Shares | 189,327 |
TOTAL | $836,714 |
Market Value of Securities Loaned | Collateral Received |
$1,776 | $1,842 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 384,073 | $11,644,912 | 621,685 | $15,497,820 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Large Cap Value Fund | — | — | 718,844 | 19,983,865 |
Shares issued to shareholders in payment of distributions declared | 99,091 | 2,956,331 | 486,208 | 12,301,937 |
Shares redeemed | (1,100,771) | (32,566,812) | (2,555,912) | (64,305,617) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (617,607) | $(17,965,569) | (729,175) | $(16,521,995) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 270 | $7,831 | 1,872 | $50,952 |
Shares issued to shareholders in payment of distributions declared | 278 | 8,173 | 4,199 | 110,674 |
Shares redeemed | (22,399) | (658,128) | (109,631) | (2,774,859) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (21,851) | $(642,124) | (103,560) | $(2,613,233) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 63,559 | $1,942,654 | 65,379 | $1,668,560 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Large Cap Value Fund | — | — | 10,069 | 280,012 |
Shares issued to shareholders in payment of distributions declared | 885 | 26,045 | 9,441 | 247,849 |
Shares redeemed | (74,753) | (2,292,455) | (235,125) | (5,785,609) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (10,309) | $(323,756) | (150,236) | $(3,589,188) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 52,606 | $1,567,880 | 145,561 | $3,585,580 |
Shares issued to shareholders in payment of distributions declared | 2,581 | 76,723 | 14,925 | 382,738 |
Shares redeemed | (84,062) | (2,553,806) | (216,818) | (5,364,510) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (28,875) | $(909,203) | (56,332) | $(1,396,192) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,757,112 | $53,317,451 | 3,881,672 | $91,612,120 |
Proceeds from shares issued in connection with the tax-free transfer of asset from PNC Multi-Factor Large Cap Value Fund | — | — | 3,219,672 | 89,571,242 |
Shares issued to shareholders in payment of distributions declared | 95,693 | 2,862,566 | 428,372 | 10,788,078 |
Shares redeemed | (1,515,403) | (45,821,695) | (5,949,312) | (152,414,999) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 337,402 | $10,358,322 | 1,580,404 | $39,556,441 |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 187,966 | $5,664,285 | 539,511 | $13,539,293 |
Shares issued to shareholders in payment of distributions declared | 29,057 | 867,714 | 155,989 | 3,966,043 |
Shares redeemed | (770,576) | (23,822,582) | (1,847,313) | (47,507,928) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (553,553) | $(17,290,583) | (1,151,813) | $(30,002,592) |
Six Months Ended 4/30/2021 | Year Ended 10/31/2020 | ||||
Class R6 Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 164,381 | $4,944,651 | 413,698 | $10,299,751 | |
Shares issued to shareholders in payment of distributions declared | 10,503 | 314,240 | 47,646 | 1,193,489 | |
Shares redeemed | (196,619) | (5,979,205) | (582,871) | (14,099,869) | |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (21,735) | $(720,314) | (121,527) | $(2,606,629) | |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (916,528) | $(27,493,227) | (732,239) | $(17,173,388) |
Short-Term | Long-Term | Total |
$14,002,902 | $— | $14,002,902 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Service Fees Incurred | |
Class B Shares | $14,463 |
Class C Shares | 39,303 |
Class R Shares | 42,636 |
TOTAL | $96,402 |
Purchases | $399,352,745 |
Sales | $432,125,857 |
Beginning Account Value 11/1/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,354.20 | $5.72 |
Class B Shares | $1,000 | $1,349.00 | $10.60 |
Class C Shares | $1,000 | $1,349.30 | $10.31 |
Class R Shares | $1,000 | $1,351.90 | $8.11 |
Institutional Shares | $1,000 | $1,355.90 | $4.44 |
Service Shares | $1,000 | $1,354.20 | $5.72 |
Class R6 Shares | $1,000 | $1,356.50 | $4.03 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.93 | $4.91 |
Class B Shares | $1,000 | $1,015.77 | $9.10 |
Class C Shares | $1,000 | $1,016.02 | $8.85 |
Class R Shares | $1,000 | $1,017.90 | $6.95 |
Institutional Shares | $1,000 | $1,021.03 | $3.81 |
Service Shares | $1,000 | $1,019.93 | $4.91 |
Class R6 Shares | $1,000 | $1,021.37 | $3.46 |
Class A Shares | 0.98% |
Class B Shares | 1.82% |
Class C Shares | 1.77% |
Class R Shares | 1.39% |
Institutional Shares | 0.76% |
Service Shares | 0.98% |
Class R6 Shares | 0.69% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314209305
CUSIP 314209404
CUSIP 314209503
CUSIP 314209701
CUSIP 314209800
CUSIP 314209602
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Adviser Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 22, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date June 22, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 22, 2021