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, Pennsylvania 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: 12/31/22
Date of Reporting Period: 12/31/22
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAMNX | Institutional | QQMNX |
Federated Hermes MDT Market Neutral Fund
A Portfolio of Federated Hermes Adviser Series
1 Year | 5 Years | 10 Years | |
Class A Shares | 3.25% | 5.06% | 6.80% |
Institutional Shares | 9.52% | 6.39% | 7.57% |
IBA3MT | 1.46% | 1.26% | 0.76% |
HFRXEHI | -3.18% | 2.63% | 3.27% |
LALSEFA | -5.36% | 3.61% | 4.90% |
Percentage of Total Net Assets | |
Securities Sold Short | (79.0)% |
Common Stocks | 81.6% |
Cash Equivalents1 | 5.7% |
Collateral on Deposit for Securities Sold Short | 84.6% |
Other Assets and Liabilities—Net2 | 7.1% |
TOTAL | 100% |
1 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
2 | Assets, other than investments in securities, securities sold short and collateral on deposit for securities sold short, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition | Percentage of Total Securities Sold Short |
Information Technology | 32.4% |
Consumer Discretionary | 18.5% |
Health Care | 17.2% |
Financials | 10.9% |
Industrials | 6.6% |
Communication Services | 5.2% |
Consumer Staples | 2.6% |
Materials | 2.5% |
Energy | 2.3% |
Real Estate | 1.3% |
Utilities | 0.5% |
TOTAL | 100% |
1 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares | Value | ||
COMMON STOCKS— 81.6% | |||
Communication Services— 5.5% | |||
118,544 | 1 | Altice USA, Inc. | $ 545,302 |
37,697 | 1 | CarGurus, Inc. | 528,135 |
22,755 | 1 | DISH Network Corp., Class A | 319,480 |
4,686 | 1 | EverQuote, Inc. | 69,072 |
28,799 | 1 | Meta Platforms, Inc. | 3,465,672 |
62,330 | 1 | Roku, Inc. | 2,536,831 |
69,595 | 1 | Spotify Technology SA | 5,494,525 |
18,835 | 1 | Yelp, Inc. | 514,949 |
TOTAL | 13,473,966 | ||
Consumer Discretionary— 14.7% | |||
23,172 | 1 | 1-800-FLOWERS.COM, Inc. | 221,524 |
17,889 | 1 | 2U, Inc. | 112,164 |
31,971 | 1 | Airbnb, Inc. | 2,733,521 |
41,160 | 1 | Bright Horizons Family Solutions, Inc. | 2,597,196 |
5,113 | 1 | Children’s Place, Inc./The | 186,215 |
8,123 | eBay, Inc. | 336,861 | |
69,829 | 1 | Expedia Group, Inc. | 6,117,020 |
25,500 | Ford Motor Co. | 296,565 | |
107,642 | Gap (The), Inc. | 1,214,202 | |
14,398 | General Motors Co. | 484,349 | |
5,578 | 1 | Goodyear Tire & Rubber Co. | 56,617 |
31,336 | 1 | Groupon, Inc. | 268,863 |
3,958 | Hasbro, Inc. | 241,478 | |
43,625 | International Game Technology PLC | 989,415 | |
708 | Murphy USA, Inc. | 197,914 | |
79 | 1 | O’Reilly Automotive, Inc. | 66,678 |
9,052 | 1 | Overstock.com, Inc. | 175,247 |
27,746 | 1 | PlayAGS, Inc. | 141,505 |
47,834 | PVH Corp. | 3,376,602 | |
69,907 | 1 | Revolve Group, Inc. | 1,556,130 |
7,626 | Shutterstock, Inc. | 402,043 | |
58,591 | 1 | Sonos, Inc. | 990,188 |
77,881 | 1 | Stitch Fix, Inc. | 242,210 |
24,201 | 1 | Tesla, Inc. | 2,981,079 |
7,525 | Tractor Supply Co. | 1,692,899 | |
2,978 | 1 | Ulta Beauty, Inc. | 1,396,890 |
152,455 | 1 | Under Armour, Inc., Class A | 1,548,943 |
103,149 | V.F. Corp. | 2,847,944 | |
30,350 | 1 | Wayfair, Inc. | 998,212 |
4,370 | Wingstop, Inc. | 601,399 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
26,126 | 1 | WW International, Inc. | $ 100,846 |
10,033 | 1 | YETI Holdings, Inc. | 414,463 |
TOTAL | 35,587,182 | ||
Consumer Staples— 1.3% | |||
37,970 | 1 | Beyond Meat, Inc. | 467,411 |
21,954 | 1 | elf Beauty, Inc. | 1,214,056 |
37,452 | 1 | Hain Celestial Group, Inc. | 605,973 |
2,005 | Hershey Foods Corp. | 464,298 | |
7,907 | Kroger Co. | 352,494 | |
TOTAL | 3,104,232 | ||
Energy— 3.0% | |||
2,423 | APA Corp. | 113,106 | |
26,006 | CONSOL Energy, Inc. | 1,690,390 | |
24,968 | Marathon Petroleum Corp. | 2,906,026 | |
1,722 | 1 | Nabors Industries Ltd. | 266,686 |
44,261 | 1 | Oceaneering International, Inc. | 774,125 |
11,277 | PBF Energy, Inc. | 459,876 | |
27,767 | 1 | Propetro Holding Corp. | 287,944 |
16,110 | Ranger Oil Corp. | 651,327 | |
3,882 | 1 | Weatherford International PLC | 197,671 |
TOTAL | 7,347,151 | ||
Financials— 9.7% | |||
6,309 | American International Group, Inc. | ��� 398,981 | |
4,332 | Assured Guaranty Ltd. | 269,710 | |
14,990 | Bank of New York Mellon Corp. | 682,345 | |
47,490 | Carlyle Group LP/The | 1,417,102 | |
6,007 | Cboe Global Markets, Inc. | 753,698 | |
100,963 | 1 | Coinbase Global, Inc. | 3,573,081 |
11,267 | 1 | eHealth, Inc. | 54,532 |
81,393 | 1 | Green Dot Corp. | 1,287,637 |
1,816 | Hartford Financial Services Group, Inc. | 137,707 | |
4,054 | Interactive Brokers Group, Inc., Class A | 293,307 | |
2,891 | Janus Henderson Group PLC | 67,996 | |
143,079 | 1 | LendingClub Corp. | 1,259,095 |
15,878 | 1 | LendingTree, Inc. | 338,678 |
27,810 | Live Oak Bancshares, Inc. | 839,862 | |
4,909 | LPL Financial Holdings, Inc. | 1,061,179 | |
620 | Marketaxess Holdings, Inc. | 172,912 | |
87,690 | 1 | Open Lending | 591,907 |
11,723 | ProAssurance Corp. | 204,801 | |
32,712 | 1 | PROG Holdings, Inc. | 552,506 |
9,671 | Progressive Corp., OH | 1,254,425 | |
51,440 | 1 | Rocket Companies, Inc. | 360,080 |
49,553 | Signature Bank | 5,709,497 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
4,858 | 1 | Silvergate Capital Corp. | $ 84,529 |
7,355 | 1 | SVB Financial Group | 1,692,680 |
4,955 | Tradeweb Markets, Inc. | 321,728 | |
3,162 | 1 | Triumph Financial, Inc. | 154,527 |
4,329 | Virtu Financial, Inc. | 88,355 | |
TOTAL | 23,622,857 | ||
Health Care— 14.1% | |||
25,759 | 1 | 10X Genomics, Inc. | 938,658 |
125,054 | 1 | Adaptive Biotechnologies Corp. | 955,413 |
12,363 | 1 | Agios Pharmaceuticals, Inc. | 347,153 |
16,625 | 1 | Alector, Inc. | 153,449 |
28,575 | 1 | Align Technology, Inc. | 6,026,467 |
845 | 1 | Amedisys, Inc. | 70,591 |
2,190 | 1 | Arvinas, Inc. | 74,920 |
157 | 1 | Bio-Rad Laboratories, Inc., Class A | 66,017 |
58,160 | 1 | CareDx, Inc. | 663,606 |
10,699 | 1 | Centene Corp. | 877,425 |
47,852 | 1 | Community Health Systems, Inc. | 206,721 |
7,435 | 1 | Editas Medicine, Inc. | 65,948 |
92,820 | 1 | Elanco Animal Health, Inc. | 1,134,260 |
929 | Elevance Health, Inc. | 476,549 | |
12,351 | 1 | Emergent BioSolutions, Inc. | 145,865 |
4,923 | 1 | Enovis Corp. | 263,479 |
41,370 | 1 | Fulgent Genetics, Inc. | 1,231,999 |
674 | 1 | Heska Corp. | 41,896 |
2,727 | Humana, Inc. | 1,396,742 | |
4,310 | 1 | iTeos Therapeutics, Inc. | 84,174 |
7,696 | 1 | Lantheus Holdings, Inc. | 392,188 |
21,266 | 1 | Maravai LifeSciences Holdings, Inc. | 304,316 |
2,281 | 1 | Molina Healthcare, Inc. | 753,232 |
9,688 | 1 | Myriad Genetics, Inc. | 140,573 |
38,764 | 1 | NanoString Technologies, Inc. | 308,949 |
132,194 | 1 | NeoGenomics, Inc. | 1,221,473 |
73,691 | 1 | Nevro Corp. | 2,918,164 |
19,436 | 1 | Novavax, Inc. | 199,802 |
55,561 | 1 | Omnicell, Inc. | 2,801,386 |
3,203 | 1 | Orthofix Medical, Inc. | 65,758 |
22,549 | 1 | Privia Health Group, Inc. | 512,088 |
11,619 | 1 | Prometheus Biosciences, Inc. | 1,278,090 |
29,891 | 1 | Puma Biotechnology, Inc. | 126,439 |
9,154 | 1 | Rocket Pharmaceuticals, Inc. | 179,144 |
3,491 | 1 | Shockwave Medical, Inc. | 717,784 |
53,365 | 1 | Syneos Health, Inc. | 1,957,428 |
183,810 | 1 | Teladoc Health, Inc. | 4,347,106 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
15,354 | 1 | The Joint Corp. | $ 214,649 |
3,955 | 1 | TransMedics Group, Inc. | 244,103 |
413 | 1 | Vertex Pharmaceuticals, Inc. | 119,266 |
3,030 | 1 | Xencor, Inc. | 78,901 |
TOTAL | 34,102,171 | ||
Industrials— 5.7% | |||
14,217 | Apogee Enterprises, Inc. | 632,088 | |
32,080 | 1 | Astronics Corp. | 330,424 |
3,257 | 1 | Atkore, Inc. | 369,409 |
18,213 | 1 | BlueLinx Holdings, Inc. | 1,295,126 |
26,454 | 1 | CIRCOR International, Inc. | 633,838 |
10,105 | 1 | DXP Enterprises, Inc. | 278,393 |
5,824 | Ennis, Inc. | 129,060 | |
9,861 | 1 | Generac Holdings, Inc. | 992,608 |
54,948 | 1 | Lyft, Inc. | 605,527 |
29,715 | Pitney Bowes, Inc. | 112,917 | |
62,494 | 1 | Plug Power, Inc. | 773,051 |
24,675 | 1 | Proto Labs, Inc. | 629,953 |
2,140 | Robert Half International, Inc. | 157,996 | |
41,751 | 1 | SkyWest, Inc. | 689,309 |
16,948 | Stanley Black & Decker, Inc. | 1,273,134 | |
7,541 | 1 | TPI Composites, Inc. | 76,466 |
70,069 | 1 | Trex Co., Inc. | 2,966,021 |
8,221 | 1 | United Airlines Holdings, Inc. | 309,931 |
45,897 | 1 | XPO, Inc. | 1,527,911 |
TOTAL | 13,783,162 | ||
Information Technology— 25.0% | |||
22,588 | 1 | 3D Systems Corp. | 167,151 |
6,987 | 1 | Adobe, Inc. | 2,351,335 |
22,766 | 1 | Ambarella, Inc. | 1,872,048 |
101,126 | 1 | AppLovin Corp. | 1,064,857 |
16,770 | 1 | Arista Networks, Inc. | 2,035,040 |
42,680 | 1 | C3.AI, Inc. | 477,589 |
45,913 | 1 | Cerence, Inc. | 850,768 |
14,235 | 1 | Clear Secure, Inc. | 390,466 |
2,587 | Cognex Corp. | 121,874 | |
7,063 | Cognizant Technology Solutions Corp. | 403,933 | |
957 | 1 | Commvault Systems, Inc. | 60,138 |
1,458 | 1 | Crowdstrike Holdings, Inc. | 153,513 |
34,674 | 1 | Duck Creek Technologies LLC | 417,822 |
34,344 | 1 | Dynatrace Holdings LLC | 1,315,375 |
1,702 | 1 | Enphase Energy, Inc. | 450,962 |
579 | 1 | EPAM Systems, Inc. | 189,761 |
31,292 | 1 | Everbridge, Inc. | 925,617 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
11,393 | 1 | F5, Inc. | $ 1,635,009 |
7,776 | 1 | FormFactor, Inc. | 172,860 |
2,875 | 1 | Guidewire Software, Inc. | 179,860 |
545 | 1 | Impinj, Inc. | 59,503 |
19,207 | 1 | IPG Photonics Corp. | 1,818,327 |
4,463 | Jabil, Inc. | 304,377 | |
28,745 | 1 | LiveRamp Holdings, Inc. | 673,783 |
77,526 | Marvell Technology, Inc. | 2,871,563 | |
17,751 | 1 | MaxLinear, Inc. | 602,646 |
11,503 | 1 | Nutanix, Inc. | 299,653 |
86,513 | 1 | PayPal Holdings, Inc. | 6,161,456 |
129,724 | Pegasystems, Inc. | 4,441,750 | |
35,790 | 1 | Pure Storage, Inc. | 957,740 |
46,604 | 1 | Q2 Holdings, Inc. | 1,252,249 |
2,568 | 1 | Qorvo, Inc. | 232,764 |
2,462 | 1 | Qualys, Inc. | 276,310 |
9,868 | 1 | RingCentral, Inc. | 349,327 |
26,873 | 1 | Salesforce, Inc. | 3,563,091 |
213,284 | 1 | Semtech Corp. | 6,119,118 |
24,945 | Skyworks Solutions, Inc. | 2,273,238 | |
205,215 | 1 | StoneCo Ltd. | 1,937,230 |
14,906 | 1 | Synaptics, Inc. | 1,418,455 |
30,274 | 1 | Telos Corp. | 154,095 |
67,026 | 1 | Twilio, Inc. | 3,281,593 |
679 | 1 | Zebra Technologies Corp., Class A | 174,102 |
89,412 | 1 | Zoom Video Communications, Inc. | 6,056,769 |
TOTAL | 60,515,117 | ||
Materials— 1.1% | |||
8,735 | CF Industries Holdings, Inc. | 744,222 | |
4,199 | Koppers Holdings, Inc. | 118,412 | |
32,118 | Mosaic Co./The | 1,409,017 | |
16,147 | United States Steel Corp. | 404,482 | |
TOTAL | 2,676,133 | ||
Real Estate— 1.5% | |||
4,606 | Crown Castle International Corp. | 624,758 | |
5,528 | eXp World Holdings, Inc. | 61,250 | |
20,936 | Macerich Co. (The) | 235,739 | |
10,966 | Outfront Media, Inc. | 181,816 | |
2,319 | Public Storage | 649,761 | |
50,153 | 1 | Redfin Corp. | 212,649 |
52,350 | 1 | Zillow Group, Inc. | 1,633,843 |
TOTAL | 3,599,816 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $206,450,004) | 197,811,787 |
Shares | Value | ||
INVESTMENT COMPANY— 5.7% | |||
13,814,692 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.36%2 (IDENTIFIED COST $13,810,229) | $13,811,929 | |
TOTAL INVESTMENT IN SECURITIES—87.3% (IDENTIFIED COST $220,260,233)3 | 211,623,716 | ||
OTHER ASSETS AND LIABILITIES - NET—12.7%4 | 30,803,487 | ||
TOTAL NET ASSETS—100% | $242,427,203 |
Shares | Value | ||
Communication Services— (4.1)% | |||
2,981 | ATN International, Inc. | $ 135,069 | |
2,020 | 1 | Bandwidth, Inc. | 46,359 |
35,542 | 1 | E.W. Scripps Co. | 468,799 |
10,539 | 1 | Frontier Communications Parent, Inc. | 268,534 |
2,594 | 1 | Madison Square Garden Entertainment Corp. | 116,652 |
155,382 | 1 | Magnite, Inc. | 1,645,495 |
3,904 | New York Times Co., Class A | 126,724 | |
67,109 | 1 | Pinterest, Inc. | 1,629,406 |
98,739 | 1 | ROBLOX Corp. | 2,810,112 |
16,803 | Sinclair Broadcast Group, Inc. | 260,615 | |
19,314 | 1 | Take-Two Interactive Software, Inc. | 2,011,167 |
83,637 | 1 | Vimeo Holdings, Inc. | 286,875 |
8,172 | 1 | ZoomInfo Technologies, Inc. | 246,059 |
TOTAL | 10,051,866 | ||
Consumer Discretionary— (14.6)% | |||
69,556 | 1 | Amazon.com, Inc. | 5,842,704 |
10,240 | 1 | Bally’s Corp. | 198,451 |
4,946 | 1 | Boot Barn Holdings, Inc. | 309,224 |
13,625 | 1 | Burlington Stores, Inc. | 2,762,605 |
16,078 | 1 | Caesars Entertainment Corp. | 668,845 |
21,929 | 1 | CarMax, Inc. | 1,335,257 |
1,212 | Churchill Downs, Inc. | 256,253 | |
7,354 | 1 | Crocs, Inc. | 797,394 |
53,367 | D. R. Horton, Inc. | 4,757,134 | |
7,651 | 1 | DoorDash, Inc. | 373,522 |
62,809 | 1 | DraftKings, Inc. | 715,395 |
4,485 | 1 | Five Below, Inc. | 793,262 |
15,721 | 1 | Floor & Decor Holdings, Inc. | 1,094,653 |
7,254 | Franchise Group, Inc. | 172,790 | |
3,069 | 1 | Grand Canyon Education, Inc. | 324,271 |
5,162 | Guess ?, Inc. | 106,802 | |
7,746 | 1 | Hilton Grand Vacations, Inc. | 298,531 |
36,595 | 1 | Las Vegas Sands Corp. | 1,759,122 |
Shares | Value | ||
Consumer Discretionary— continued | |||
1,495 | Lear Corp. | $ 185,410 | |
1,075 | 1 | LGI Homes, Inc. | 99,545 |
3,932 | Lithia Motors, Inc. | 805,038 | |
3,777 | 1 | Norwegian Cruise Line Holdings Ltd. | 46,230 |
29,187 | 1 | Ollie’s Bargain Outlet Holding, Inc. | 1,367,119 |
63,628 | 1 | Peloton Interactive, Inc. | 505,206 |
2,463 | 1 | Planet Fitness, Inc. | 194,084 |
14,547 | Polaris, Inc., Class A | 1,469,247 | |
2,687 | 1 | RH | 717,940 |
142,766 | 1 | Rivian Automotive, Inc. | 2,631,177 |
13,512 | 1 | Royal Caribbean Cruises Ltd. | 667,898 |
27,066 | 1 | Skechers USA, Inc., Class A | 1,135,419 |
15,959 | Target Corp. | 2,378,529 | |
18,340 | 1 | The RealReal, Inc. | 22,925 |
580 | 1 | TopBuild Corp. | 90,764 |
662 | Vail Resorts, Inc. | 157,788 | |
33,291 | 1 | Vroom, Inc. | 33,957 |
4,951 | 1 | Wynn Resorts Ltd. | 408,309 |
TOTAL | 35,482,800 | ||
Consumer Staples— (2.1)% | |||
6,308 | 1 | Beauty Health Co./The | 57,403 |
4,096 | 1 | Celsius Holdings, Inc. | 426,148 |
2,418 | 1 | Darling Ingredients, Inc. | 151,343 |
4,836 | Estee Lauder Cos., Inc., Class A | 1,199,860 | |
22,133 | 1 | Freshpet, Inc. | 1,167,958 |
7,762 | Hormel Foods Corp. | 353,559 | |
14,409 | 1 | Monster Beverage Corp. | 1,462,946 |
6,671 | Reynolds Consumer Products, Inc. | 199,996 | |
TOTAL | 5,019,213 | ||
Energy— (1.8)% | |||
12,866 | 1 | CNX Resources Corp. | 216,663 |
2,838 | 1 | DMC Global, Inc. | 55,171 |
28,927 | Enviva, Inc. | 1,532,263 | |
46,225 | Equitrans Midstream Corp. | 309,707 | |
10,151 | 1 | Expro Group Holdings NV | 184,038 |
17,890 | 1 | Green Plains, Inc. | 545,645 |
41,978 | 1 | Liberty Energy, Inc. | 672,068 |
7,588 | New Fortress Energy, Inc. | 321,883 | |
6,673 | 1 | Noble Corp. PLC | 251,639 |
10,749 | 1 | Peabody Energy Corp. | 283,988 |
TOTAL | 4,373,065 | ||
Financials— (8.6)% | |||
4,338 | Ameris Bancorp | 204,493 | |
3,700 | 1 | Berkshire Hathaway, Inc., Class B | 1,142,930 |
32,294 | BGC Partners, Inc., Class A | 121,748 |
Shares | Value | ||
Financials— continued | |||
3,846 | BlackRock, Inc. | $ 2,725,391 | |
9,508 | 1 | Cannae Holdings, Inc. | 196,340 |
39,079 | Citigroup, Inc. | 1,767,543 | |
35,087 | Equitable Holdings, Inc. | 1,006,997 | |
2,975 | Erie Indemnity Co. | 739,942 | |
543 | 1 | GoHealth, Inc. | 5,676 |
3,419 | Goldman Sachs Group, Inc. | 1,174,016 | |
3,295 | 1 | Goosehead Insurance, Inc. | 113,150 |
1,494 | Kemper Corp. | 73,505 | |
34,668 | Morgan Stanley | 2,947,473 | |
29,665 | Redwood Trust, Inc. | 200,535 | |
14,874 | 1 | Ryan Specialty Group Holdings, Inc. | 617,420 |
17,643 | S&P Global, Inc. | 5,909,347 | |
10,404 | SEI Investments Co. | 606,553 | |
6,136 | 1 | StoneX Group, Inc. | 584,761 |
2,852 | 1 | Trupanion, Inc. | 135,556 |
11,913 | Webster Financial Corp. Waterbury | 563,944 | |
TOTAL | 20,837,320 | ||
Health Care— (13.6)% | |||
4,763 | 1 | Accolade, Inc. | 37,104 |
34,079 | 1 | AdaptHealth Corp. | 654,998 |
30,138 | 1 | Apellis Pharmaceuticals, Inc. | 1,558,436 |
4,049 | 1 | Arcturus Therapeutics Holdings, Inc. | 68,671 |
11,838 | 1 | Arrowhead Pharmaceuticals, Inc. | 480,149 |
9,924 | Azenta, Inc. | 577,775 | |
28,848 | Baxter International, Inc. | 1,470,383 | |
1,878 | Becton Dickinson & Co. | 477,575 | |
2,819 | 1 | BioAtla, Inc. | 23,257 |
5,301 | 1 | Coherus Biosciences, Inc. | 41,984 |
21,232 | 1 | Cryoport, Inc. | 368,375 |
11,765 | 1 | Davita, Inc. | 878,493 |
2,312 | 1 | Dexcom, Inc. | 261,811 |
2,362 | 1 | Evolent Health, Inc. | 66,325 |
13,319 | 1 | Exact Sciences Corp. | 659,424 |
7,406 | 1 | Glaukos Corp. | 323,494 |
18,145 | 1 | HealthEquity, Inc. | 1,118,458 |
21,601 | 1 | Heron Therapeutics, Inc. | 54,003 |
9,605 | 1 | ICU Medical, Inc. | 1,512,595 |
8,504 | 1 | Inari Medical, Inc. | 540,514 |
2,567 | 1 | Inspire Medical Systems, Inc. | 646,576 |
8,207 | 1 | Insulet Corp. | 2,416,059 |
1,539 | 1 | iRhythm Technologies, Inc. | 144,158 |
19,736 | 1 | Karyopharm Therapeutics, Inc. | 67,102 |
3,446 | 1 | Kodiak Sciences, Inc. | 24,673 |
6,962 | 1 | Mirati Therapeutics, Inc. | 315,448 |
Shares | Value | ||
Health Care— continued | |||
3,213 | 1 | Moderna, Inc. | $ 577,119 |
29,293 | 1 | Natera, Inc. | 1,176,700 |
25,057 | 1 | Novocure Ltd. | 1,837,931 |
15,219 | 1 | Outset Medical, Inc. | 392,955 |
15,261 | Owens & Minor, Inc. | 298,047 | |
8,357 | 1 | Penumbra, Inc. | 1,859,098 |
5,333 | 1 | PetIQ, Inc. | 49,170 |
39,958 | 1 | Progyny, Inc. | 1,244,692 |
3,972 | 1 | Pulmonx Corp. | 33,484 |
6,255 | 1 | QuidelOrtho Corp. | 535,866 |
121,199 | 1 | R1 RCM, Inc. | 1,327,129 |
11,294 | 1 | Reata Pharmaceuticals, Inc. | 429,059 |
9,361 | 1 | REGENXBIO, Inc. | 212,308 |
828 | 1 | Repligen Corp. | 140,189 |
5,057 | Stryker Corp. | 1,236,386 | |
8,072 | 1 | Surgery Partners, Inc. | 224,886 |
29,117 | 1 | Tenet Healthcare Corp. | 1,420,619 |
6,719 | Thermo Fisher Scientific, Inc. | 3,700,086 | |
30,957 | 1 | Twist Bioscience Corp. | 737,086 |
8,591 | 1 | Ultragenyx Pharmaceutical, Inc. | 398,021 |
4,476 | 1 | Vapotherm, Inc. | 12,085 |
12,202 | Viatris, Inc. | 135,808 | |
4,317 | 1 | Zentalis Pharmaceuticals, LLC | 86,944 |
TOTAL | 32,853,508 | ||
Industrials— (5.2)% | |||
6,938 | 1 | Aerovironment, Inc. | 594,309 |
68,405 | Air Lease Corp. | 2,628,120 | |
4,393 | 1 | Ameresco, Inc. | 251,016 |
1,682 | Arcosa, Inc. | 91,400 | |
14,681 | 1 | Boeing Co. | 2,796,584 |
2,986 | 1 | FTI Consulting, Inc. | 474,177 |
3,270 | 1 | GXO Logistics, Inc. | 139,596 |
6,020 | Heartland Express, Inc. | 92,347 | |
6,732 | 1 | Hydrofarm Holdings Group, Inc. | 10,435 |
4,867 | 1 | Kirby Corp. | 313,191 |
5,865 | 1 | Mastec, Inc. | 500,460 |
2,534 | Otis Worldwide Corp. | 198,438 | |
8,938 | 1 | Star Peak Energy Transition Corp. | 79,906 |
100,580 | 1 | SunRun, Inc. | 2,415,932 |
24,599 | TransUnion | 1,395,993 | |
44,475 | 1 | Upwork, Inc. | 464,319 |
15,146 | Vertiv Holdings Co. | 206,894 | |
TOTAL | 12,653,117 | ||
Information Technology— (25.6)% | |||
6,777 | 1 | ACM Research, Inc. | 52,251 |
Shares | Value | ||
Information Technology— continued | |||
92,517 | 1 | Advanced Micro Devices, Inc. | $ 5,992,326 |
79,088 | 1 | Affirm Holdings, Inc. | 764,781 |
13,672 | 1 | Alteryx, Inc. | 692,760 |
6,620 | 1 | Appian Corp. | 215,547 |
10,511 | Apple, Inc. | 1,365,694 | |
2,254 | 1 | Asana, Inc. | 31,038 |
17,358 | 1 | Atlassian Corp. PLC | 2,233,627 |
47,812 | Bentley Systems, Inc. | 1,767,131 | |
23,026 | 1 | BigCommerce Holdings, Inc. | 201,247 |
16,838 | 1 | Bill.Com Holdings, Inc. | 1,834,668 |
98,854 | 1 | Block, Inc. | 6,211,985 |
66,840 | 1 | CloudFlare, Inc. | 3,021,836 |
50,575 | 1 | Confluent, Inc. | 1,124,788 |
9,576 | 1 | Digitalocean Holdings, Inc. | 243,901 |
52,049 | Entegris, Inc. | 3,413,894 | |
25,884 | 1 | Five9, Inc. | 1,756,488 |
5,767 | Intuit, Inc. | 2,244,632 | |
2,402 | Lam Research Corp. | 1,009,561 | |
4,252 | Microsoft Corp. | 1,019,715 | |
8,194 | MKS Instruments, Inc. | 694,278 | |
15,095 | 1 | MongoDB, Inc. | 2,971,300 |
64,499 | 1 | nCino, Inc. | 1,705,353 |
5,424 | 1 | Okta, Inc. | 370,622 |
23,251 | 1 | ON Semiconductor Corp. | 1,450,165 |
21,113 | 1 | Par Technology Corp. | 550,416 |
22,729 | 1 | PTC, Inc. | 2,728,389 |
3,262 | 1 | Rapid7, Inc. | 110,843 |
16,687 | 1 | Rogers Corp. | 1,991,427 |
525 | 1 | ServiceNow, Inc. | 203,842 |
17,204 | 1 | Shift4 Payments, Inc. | 962,220 |
3,701 | 1 | Sitime Corp. | 376,096 |
2,225 | TD SYNNEX Corp. | 210,730 | |
3,213 | Texas Instruments, Inc. | 530,852 | |
75,844 | 1 | Toast, Inc. | 1,367,467 |
33,703 | 1 | Trade Desk, Inc./The | 1,510,905 |
78,253 | 1 | Unity Software, Inc. | 2,237,253 |
60,026 | 1 | Veeco Instruments, Inc. | 1,115,283 |
17,695 | 1 | ViaSat, Inc. | 560,047 |
37,596 | 1 | Wolfspeed, Inc. | 2,595,628 |
9,125 | 1 | Workday, Inc. | 1,526,886 |
49,464 | 1 | Yext, Inc. | 323,000 |
7,317 | 1 | Zscaler, Inc. | 818,772 |
TOTAL | 62,109,644 | ||
Materials— (2.0)% | |||
11,940 | Alcoa Corp. | 542,912 |
Shares | Value | ||
Materials— continued | |||
20,421 | 1 | Arconic Corp. | $ 432,108 |
5,584 | Carpenter Technology Corp. | 206,273 | |
4,428 | DuPont de Nemours, Inc. | 303,894 | |
38,930 | Freeport-McMoRan, Inc. | 1,479,340 | |
5,175 | Quaker Chemical Corp. | 863,707 | |
15,245 | Southern Copper Corp. | 920,646 | |
TOTAL | 4,748,880 | ||
Real Estate— (1.0)% | |||
23,359 | Americold Realty Trust, Inc. | 661,293 | |
21,180 | Healthcare Realty Trust, Inc. | 408,139 | |
13,888 | 1 | Howard Hughes Corp. | 1,061,321 |
4,844 | Realty Income Corp. | 307,255 | |
TOTAL | 2,438,008 | ||
Utilities— (0.4)% | |||
4,475 | Brookfield Renewable Corp. | 123,241 | |
6,580 | Southwest Gas Holdings, Inc. | 407,170 | |
23,760 | 1 | Sunnova Energy International, Inc. | 427,918 |
TOTAL | 958,329 | ||
Total Securities Sold Short (PROCEEDS $206,008,820) | $191,525,750 |
Affiliated | Value as of 12/31/2021 | Purchases at Cost | Proceeds from Sales |
Health Care: | |||
Alector, Inc. | $— | $171,027 | $— |
Affiliated Issuers no longer in the portfolio at period end | $655,607 | $— | $(486,766) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $655,607 | $171,027 | $(486,766) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 12/31/2022 | Shares Held as of 12/31/2022 | Dividend Income |
$(17,578) | $— | $153,449 | 16,625 | $— |
$90,794 | $(259,635) | $— | — | $— |
$73,216 | $(259,635) | $153,449 | 16,625 | $— |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 12/31/2021 | $3,036,673 |
Purchases at Cost | $304,252,177 |
Proceeds from Sales | $(293,479,058) |
Change in Unrealized Appreciation/Depreciation | $1,915 |
Net Realized Gain/(Loss) | $222 |
Value as of 12/31/2022 | $13,811,929 |
Shares Held as of 12/31/2022 | 13,814,692 |
Dividend Income | $197,473 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | The cost of investments for federal tax purposes amounts to $227,394,352. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
(formerly, Investor Class Shares)
Year Ended December 31, | Period Ended December 31, 20203 | Year Ended January 31, | ||||
2022 | 20212 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 | $17.82 |
Income From Investment Operations: | ||||||
Net investment income (loss)4 | 0.08 | (0.07) | (0.07) | (0.05) | 0.105 | 0.035 |
Net realized and unrealized gain (loss) | 1.48 | 4.04 | (0.40) | 1.02 | (1.24) | 1.95 |
Total From Investment Operations | 1.56 | 3.97 | (0.47) | 0.97 | (1.14) | 1.98 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | (0.09) | (0.07) | — |
Distributions from net realized gain | (2.03) | (3.69) | — | — | (1.27) | (0.26) |
Total Distributions | (2.03) | (3.69) | — | (0.09) | (1.34) | (0.26) |
Net Asset Value, End of Period | $17.28 | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 |
Total Return6 | 9.24% | 23.16% | (2.62)% | 5.69% | (5.42)%5 | 11.18%5 |
Ratios to Average Net Assets: | ||||||
Net expenses7 | 1.85% | 1.26% | 1.61% | 1.50% | 1.35% | 1.34% |
Net expenses excluding dividends and other expenses related to short sales | 1.33% | 0.93% | 1.43% | 1.34% | 1.22% | 1.24% |
Net investment income (loss) | 0.43% | (0.36)% | (0.47)% | (0.28)% | 0.51%5 | 0.15%5 |
Expense waiver/reimbursement8 | 0.15% | 0.13% | —% | —% | —% | —% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,276 | $2,554 | $2,765 | $12,667 | $14,875 | $19,994 |
Portfolio turnover9 | 270% | 204% | 74% | 83% | 84% | 104% |
1 | Hancock Horizon Quantitative Long/Short Fund (the “Predecessor Fund”) was reorganized into Federated Hermes MDT Market Neutral Fund (the “Fund”), a portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund’s operations. |
2 | Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public accounting firms. |
3 | For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31. |
4 | Per share numbers have been calculated using the average shares method. |
5 | For the years ended January 31, 2019 and 2018, amounts included reimbursement for payments of prior years’ Shareholder Servicing fees as follows: Net Investment Income Per Share of $0.00 and $0.05, Net Investment Income Ratio of 0.02% and 0.18%, and Total Returns of 0.02% and 0.26%, respectively. |
6 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
7 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
8 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
9 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended December 31, | Period Ended December 31, 20203 | Year Ended January 31, | ||||
2022 | 20212 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 | $18.23 |
Income From Investment Operations: | ||||||
Net investment income (loss)4 | 0.10 | (0.11) | (0.04) | 0.11 | 0.12 | 0.03 |
Net realized and unrealized gain (loss) | 1.55 | 4.12 | (0.40) | 0.91 | (1.24) | 1.97 |
Total From Investment Operations | 1.65 | 4.01 | (0.44) | 1.02 | (1.12) | 2.00 |
Less Distributions: | ||||||
Distributions from net investment income | (0.02) | — | (0.08) | (0.14) | (0.10) | — |
Distributions from net realized gain | (2.03) | (3.69) | — | — | (1.27) | (0.26) |
Total Distributions | (2.05) | (3.69) | (0.08) | (0.14) | (1.37) | (0.26) |
Net Asset Value, End of Period | $17.76 | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 |
Total Return5 | 9.52% | 22.90% | (2.37)% | 5.83% | (5.21)% | 11.04% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 1.60% | 1.44% | 1.37% | 1.25% | 1.20% | 1.14% |
Net expenses excluding dividends and other expenses related to short sales | 1.08% | 1.12% | 1.19% | 1.08% | 1.07% | 1.04% |
Net investment income (loss) | 0.55% | (0.55)% | (0.29)% | 0.63% | 0.64% | 0.18% |
Expense waiver/reimbursement7 | 0.16% | 0.14% | —% | —% | —% | —% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $232,152 | $85,310 | $79,415 | $120,650 | $114,494 | $141,821 |
Portfolio turnover8 | 270% | 204% | 74% | 83% | 84% | 104% |
1 | The Predecessor Fund was reorganized into the Fund, a portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund’s operations. |
2 | Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public accounting firms. |
3 | For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31. |
4 | Per share numbers have been calculated using the average shares method. |
5 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
6 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
7 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
December 31, 2022
Assets: | |
Investment in securities, at value including $13,811,929 of investments in affiliated holdings and $153,449 of investments in affiliated companies* (identified cost $220,260,233) | $211,623,716 |
Due from broker (Note 2) | 12,000,000 |
Deposit at broker for short sales | 205,205,872 |
Income receivable | 18,230 |
Income receivable from affiliated holdings | 57,261 |
Interest receivable on short positions | 468,074 |
Receivable for investments sold | 6,683,670 |
Receivable for shares sold | 2,715,309 |
Total Assets | 438,772,132 |
Liabilities: | |
Securities sold short, at value (proceeds $206,008,820) | 191,525,750 |
Dividends payable on short positions | 50,468 |
Payable for investments purchased | 4,386,549 |
Payable for shares redeemed | 302,267 |
Payable for investment adviser fee (Note 5) | 10,438 |
Payable for administrative fee (Note 5) | 1,032 |
Payable for other service fees (Notes 2 and 5) | 3,258 |
Accrued expenses (Note 5) | 65,167 |
Total Liabilities | 196,344,929 |
Net assets for 13,664,997 shares outstanding | $242,427,203 |
Net Assets Consist of: | |
Paid-in capital | $234,331,986 |
Total distributable earnings (loss) | 8,095,217 |
Total Net Assets | $242,427,203 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($10,275,692 ÷ 594,758 shares outstanding), no par value, unlimited shares authorized | $17.28 |
Offering price per share (100/94.50 of $17.28) | $18.29 |
Redemption proceeds per share | $17.28 |
Institutional Shares: | |
Net asset value per share ($232,151,511 ÷ 13,070,239 shares outstanding), no par value, unlimited shares authorized | $17.76 |
Offering price per share | $17.76 |
Redemption proceeds per share | $17.76 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended December 31, 2022
Investment Income: | |
Interest | $1,680,226 |
Dividends (including $197,473 received from affiliated holdings*) | 750,615 |
TOTAL INCOME | 2,430,841 |
Expenses: | |
Investment adviser fee (Note 5) | 900,089 |
Administrative fee (Note 5) | 93,449 |
Custodian fees | 74,737 |
Transfer agent fees | 90,784 |
Directors’/Trustees’ fees (Note 5) | 783 |
Auditing fees | 43,793 |
Legal fees | 10,254 |
Portfolio accounting fees | 60,808 |
Other service fees (Notes 2 and 5) | 12,922 |
Share registration costs | 86,005 |
Printing and postage | 14,087 |
Miscellaneous (Note 5) | 24,853 |
Expenses related to short positions | 580,890 |
TOTAL EXPENSES | 1,993,454 |
Waiver/reimbursement of investment adviser fee (Note 5) | (179,011) |
Net expenses | 1,814,443 |
Net investment income | 616,398 |
Realized and Unrealized Gain (Loss) on Investments and Short Sales: | |
Net realized loss on investments (including net realized loss of $(259,413) on sales of investments in affiliated companies and holdings*) | (319,846) |
Net realized gain on short sales | 16,982,106 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $75,131 of investments in affiliated companies and holdings*) | (12,244,156) |
Net change in unrealized appreciation of securities sold short | 8,392,865 |
Net realized and unrealized gain (loss) on investments and short sales | 12,810,969 |
Change in net assets resulting from operations | $13,427,367 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended December 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $616,398 | $(451,904) |
Net realized gain (loss) | 16,662,260 | 26,661,477 |
Net change in unrealized appreciation/depreciation | (3,851,291) | (9,026,736) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 13,427,367 | 17,182,837 |
Distributions to Shareholders: | ||
Class A Shares | (962,936) | (442,439) |
Institutional Shares | (17,134,281) | (14,836,176) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,097,217) | (15,278,615) |
Share Transactions: | ||
Proceeds from sale of shares | 241,868,426 | 8,890,987 |
Net asset value of shares issued to shareholders in payment of distributions declared | 17,504,346 | 15,125,053 |
Cost of shares redeemed | (100,139,711) | (20,235,768) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 159,233,061 | 3,780,272 |
Change in net assets | 154,563,211 | 5,684,494 |
Net Assets: | ||
Beginning of period | 87,863,992 | 82,179,498 |
End of period | $242,427,203 | $87,863,992 |
Other Service Fees Incurred | |
Class A Shares | $12,922 |
Year Ended 12/31/2022 | Year Ended 12/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 631,129 | $11,406,989 | 13,465 | $258,463 |
Shares issued to shareholders in payment of distributions declared | 56,612 | 962,404 | 25,262 | 439,806 |
Shares redeemed | (236,875) | (4,237,683) | (53,154) | (963,074) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 450,866 | $8,131,710 | (14,427) | $(264,805) |
Year Ended 12/31/2022 | Year Ended 12/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,696,076 | $230,461,437 | 458,771 | $8,632,524 |
Shares issued to shareholders in payment of distributions declared | 945,640 | 16,541,942 | 824,088 | 14,685,247 |
Shares redeemed | (5,268,822) | (95,902,028) | (1,037,340) | (19,272,694) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 8,372,894 | $151,101,351 | 245,519 | $4,045,077 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 8,823,760 | $159,233,061 | 231,092 | $3,780,272 |
2022 | 2021 | |
Ordinary income1 | $14,774,680 | $— |
Long-term capital gains | $3,322,537 | $15,278,615 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income1 | $9,100,056 |
Net unrealized depreciation | $(1,287,566) |
Undistributed long-term capital gains | $282,727 |
TOTAL | $8,095,217 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
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 |
Purchases | $401,475,195 |
Sales | $267,688,576 |
February 22, 2023
Beginning Account Value 7/1/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,051.60 | $9.412 |
Institutional Shares | $1,000 | $1,052.30 | $8.073 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.03 | $9.252 |
Institutional Shares | $1,000 | $1,017.34 | $7.933 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.82% |
Institutional Shares | 1.56% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class A Shares current Fee Limit of 1.33% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $6.88 and $6.77, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 1.08% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.59 and $5.50, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Director and Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (natural gas). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as Associate General Secretary of the Diocese of Pittsburgh, a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally- Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (natural gas). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy Hospital. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: May 2017 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: May 2017 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: May 2017 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: May 2017 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: May 2017 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A432
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 – $420,678
Fiscal year ended 2021 - $422,525
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 - $3,000
Fiscal year ended 2021 - $21,070
Fiscal year ended 2022- Audit consent from prior auditor for N-1A financial highlights.
Fiscal year ended 2021- Audit consent fees for N-1A filings.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 - $0
Fiscal year ended 2021 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 - $0
Fiscal year ended 2021 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $74,628 and $73,423 respectively. Fiscal year ended 2022- Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2021- Service fees for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2022 – 0%
Fiscal year ended 2021 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2022 – 0%
Fiscal year ended 2021 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2022 – 0%
Fiscal year ended 2021 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2022 - $241,989
Fiscal year ended 2021 - $148,584
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 period covered by this 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 February 22, 2023
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 February 22, 2023
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date February 22, 2023