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: 12/31/23
Date of Reporting Period: Six months ended 06/30/23
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
Percentage of Total Net Assets | |
Securities Sold Short | (80.6)% |
Common Stocks | 85.8% |
Cash Equivalents1 | 7.8% |
Collateral on Deposit for Securities Sold Short | 82.9% |
Other Assets and Liabilities—Net2 | 4.1% |
TOTAL | 100% |
Sector Composition | Percentage of Total Securities Sold Short |
Information Technology | 26.6% |
Health Care | 16.2% |
Consumer Discretionary | 13.2% |
Financials | 10.2% |
Real Estate | 7.0% |
Industrials | 7.0% |
Consumer Staples | 6.0% |
Communication Services | 5.4% |
Energy | 3.8% |
Materials | 3.4% |
Utilities | 1.2% |
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. |
3 | 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— 85.8% | |||
Communication Services— 4.9% | |||
124,615 | Altice USA, Inc. | $ 376,337 | |
168,767 | CarGurus, Inc. | 3,819,197 | |
61,166 | DISH Network Corp., Class A | 403,084 | |
2,267 | IAC, Inc. | 142,368 | |
17,125 | Match Group, Inc. | 716,681 | |
48,781 | Spotify Technology S.A. | 7,831,790 | |
11,355 | Trade Desk, Inc./The | 876,833 | |
19,734 | Yelp, Inc. | 718,515 | |
TOTAL | 14,884,805 | ||
Consumer Discretionary— 12.2% | |||
24,371 | 1 | 1-800-FLOWERS.COM, Inc. | 190,094 |
38,592 | 1 | 2U, Inc. | 155,526 |
5,662 | Academy Sports and Outdoors, Inc. | 306,031 | |
25,683 | Advance Auto Parts, Inc. | 1,805,515 | |
35,576 | 1 | Airbnb, Inc. | 4,559,420 |
18,030 | 1 | Bright Horizons Family Solutions, Inc. | 1,666,873 |
24,696 | 1 | Chegg, Inc. | 219,300 |
1,893 | 1 | Crocs, Inc. | 212,849 |
9,505 | Dick’s Sporting Goods, Inc. | 1,256,466 | |
17,602 | 1 | DraftKings, Inc. | 467,685 |
19,223 | 1 | Duolingo, Inc. | 2,747,736 |
8,835 | 1 | Etsy, Inc. | 747,529 |
63,391 | 1 | Expedia Group, Inc. | 6,934,341 |
26,654 | Ford Motor Co. | 403,275 | |
113,474 | Gap (The), Inc. | 1,013,323 | |
5,997 | International Game Technology PLC | 191,244 | |
1,130 | 1 | Lululemon Athletica, Inc. | 427,705 |
740 | Murphy USA, Inc. | 230,221 | |
29,103 | 1 | PlayAGS, Inc. | 164,432 |
32,647 | PVH Corp. | 2,774,016 | |
73,687 | 1 | Revolve Group, Inc. | 1,208,467 |
19,696 | 1 | Royal Caribbean Cruises, Ltd. | 2,043,263 |
82,045 | 1 | Stitch Fix, Inc. | 315,873 |
5,645 | Tractor Supply Co. | 1,248,110 | |
2,596 | 1 | Ulta Beauty, Inc. | 1,221,665 |
160,013 | 1 | Under Armour, Inc., Class A | 1,155,294 |
8,854 | V.F. Corp. | 169,023 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
13,466 | Wingstop, Inc. | $ 2,695,355 | |
27,303 | 1 | WW International, Inc. | 183,476 |
9,676 | 1 | YETI Holdings, Inc. | 375,816 |
TOTAL | 37,089,923 | ||
Consumer Staples— 4.1% | |||
18,541 | Albertsons Cos., Inc. | 404,565 | |
2,750 | Archer-Daniels-Midland Co. | 207,790 | |
25,581 | 1 | Beyond Meat, Inc. | 332,041 |
24,383 | 1 | elf Beauty, Inc. | 2,785,270 |
39,220 | 1 | Hain Celestial Group, Inc. | 490,642 |
1,902 | Hershey Foods Corp. | 474,929 | |
17,648 | Kroger Co. | 829,456 | |
41,739 | Lamb Weston Holdings, Inc. | 4,797,898 | |
11,920 | PepsiCo, Inc. | 2,207,823 | |
TOTAL | 12,530,414 | ||
Energy— 3.7% | |||
34,177 | 1 | Antero Resources Corp. | 787,096 |
11,922 | 1 | Callon Petroleum Corp. | 418,105 |
27,025 | CONSOL Energy, Inc. | 1,832,565 | |
38,004 | Marathon Petroleum Corp. | 4,431,266 | |
1,795 | 1 | Nabors Industries Ltd. | 166,989 |
46,167 | 1 | Oceaneering International, Inc. | 863,323 |
9,578 | PBF Energy, Inc. | 392,123 | |
28,871 | 1 | Propetro Holding Corp. | 237,897 |
18,550 | SM Energy Co. | 586,737 | |
21,061 | 1 | Weatherford International PLC | 1,398,872 |
TOTAL | 11,114,973 | ||
Financials— 9.6% | |||
13,079 | Ameriprise Financial, Inc. | 4,344,321 | |
5,838 | Assured Guaranty Ltd. | 325,760 | |
25,773 | Bank of New York Mellon Corp. | 1,147,414 | |
3,515 | Berkley, W. R. Corp. | 209,353 | |
6,264 | Cboe Global Markets, Inc. | 864,495 | |
20,266 | 1 | Coinbase Global, Inc. | 1,450,032 |
17,582 | 1 | eHealth, Inc. | 141,359 |
11,861 | Fidelity National Information Services, Inc. | 648,797 | |
85,030 | 1 | Green Dot Corp. | 1,593,462 |
20,212 | Interactive Brokers Group, Inc., Class A | 1,679,011 | |
58,576 | Jackson Financial, Inc. | 1,793,011 | |
149,891 | 1 | LendingClub Corp. | 1,461,437 |
17,697 | 1 | LendingTree, Inc. | 391,281 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
31,866 | Live Oak Bancshares, Inc. | $ 838,395 | |
1,807 | MSCI, Inc., Class A | 848,007 | |
22,698 | NASDAQ, Inc. | 1,131,495 | |
92,163 | 1 | Open Lending | 968,633 |
10,826 | 1 | PayPal Holdings, Inc. | 722,419 |
13,506 | Principal Financial Group, Inc. | 1,024,295 | |
12,294 | ProAssurance Corp. | 185,517 | |
34,258 | 1 | PROG Holdings, Inc. | 1,100,367 |
10,015 | Progressive Corp., OH | 1,325,686 | |
14,552 | Prudential Financial, Inc. | 1,283,777 | |
3,428 | State Street Corp. | 250,861 | |
214,333 | 1 | StoneCo Ltd. | 2,730,602 |
530 | The Travelers Cos., Inc. | 92,040 | |
3,315 | 1 | Triumph Financial, Inc. | 201,287 |
2,069 | Visa, Inc., Class A | 491,346 | |
TOTAL | 29,244,460 | ||
Health Care— 14.1% | |||
9,045 | 1 | 10X Genomics, Inc. | 505,073 |
133,289 | 1 | Adaptive Biotechnologies Corp. | 894,369 |
12,878 | 1 | Agios Pharmaceuticals, Inc. | 364,705 |
17,317 | 1 | Alector, Inc. | 104,075 |
8,101 | 1 | Apellis Pharmaceuticals, Inc. | 738,001 |
29,496 | Baxter International, Inc. | 1,343,838 | |
1,030 | 1 | Biogen, Inc. | 293,396 |
61,125 | 1 | CareDx, Inc. | 519,563 |
29,094 | 1 | Centene Corp. | 1,962,390 |
50,000 | 1 | Community Health Systems, Inc. | 220,000 |
127,020 | 1 | Elanco Animal Health, Inc. | 1,277,821 |
972 | Elevance Health, Inc. | 431,850 | |
3,462 | Eli Lilly & Co. | 1,623,609 | |
12,928 | 1 | Emergent BioSolutions, Inc. | 95,021 |
43,570 | 1 | Fulgent Genetics, Inc. | 1,613,397 |
11,248 | 1 | GE HealthCare Technologies, Inc. | 913,788 |
6,139 | Gilead Sciences, Inc. | 473,133 | |
6,862 | Humana, Inc. | 3,068,206 | |
25,078 | 1 | Incyte Genomics, Inc. | 1,561,106 |
4,894 | Johnson & Johnson | 810,055 | |
20,127 | 1 | Lantheus Holdings, Inc. | 1,689,058 |
22,222 | 1 | Maravai LifeSciences Holdings, Inc. | 276,219 |
3,579 | McKesson Corp. | 1,529,342 | |
7,378 | Merck & Co., Inc. | 851,347 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
4,163 | 1 | Molina Healthcare, Inc. | $ 1,254,062 |
10,051 | 1 | Myriad Genetics, Inc. | 232,982 |
40,950 | 1 | NanoString Technologies, Inc. | 165,848 |
138,267 | 1 | NeoGenomics, Inc. | 2,221,951 |
66,840 | 1 | Nevro Corp. | 1,699,073 |
47,782 | 1 | Novavax, Inc. | 355,020 |
50,529 | 1 | Omnicell, Inc. | 3,722,471 |
14,643 | 1 | Phreesia, Inc. | 454,079 |
23,540 | 1 | Privia Health Group, Inc. | 614,629 |
378 | 1 | Regeneron Pharmaceuticals, Inc. | 271,608 |
5,077 | 1 | Revance Therapeutics, Inc. | 128,499 |
9,481 | 1 | Rocket Pharmaceuticals, Inc. | 188,387 |
249,146 | 1 | Teladoc Health, Inc. | 6,308,377 |
16,150 | 1 | The Joint Corp. | 218,025 |
4,129 | 1 | TransMedics Group, Inc. | 346,753 |
3,991 | 1 | Vertex Pharmaceuticals, Inc. | 1,404,473 |
TOTAL | 42,745,599 | ||
Industrials— 7.8% | |||
23,380 | 1 | 3D Systems Corp. | 232,163 |
11,478 | 3M Co. | 1,148,833 | |
14,910 | Apogee Enterprises, Inc. | 707,778 | |
33,663 | 1 | Astronics Corp. | 668,547 |
4,045 | 1 | Atkore, Inc. | 630,777 |
19,156 | 1 | BlueLinx Holdings, Inc. | 1,796,450 |
3,038 | 1 | Builders Firstsource, Inc. | 413,168 |
60,610 | 1 | Ceridian HCM Holding, Inc. | 4,059,052 |
10,599 | 1 | DXP Enterprises, Inc. | 385,910 |
6,098 | Ennis, Inc. | 124,277 | |
20,144 | 1 | Fluence Energy, Inc. | 536,636 |
9,594 | Paychex, Inc. | 1,073,281 | |
59,573 | Pitney Bowes, Inc. | 210,888 | |
25,732 | 1 | Proto Labs, Inc. | 899,591 |
3,307 | Robert Half International, Inc. | 248,752 | |
1,045 | Rockwell Automation, Inc. | 344,275 | |
35,844 | 1 | SkyWest, Inc. | 1,459,568 |
6,137 | Stanley Black & Decker, Inc. | 575,098 | |
1,585 | Trane Technologies PLC | 303,147 | |
963 | 1 | Transdigm Group, Inc. | 861,086 |
18,242 | 1 | Trex Co., Inc. | 1,195,945 |
29,314 | 1 | Uber Technologies, Inc. | 1,265,485 |
10,965 | 1 | United Airlines Holdings, Inc. | 601,650 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
1,283 | 1 | United Rentals, Inc. | $ 571,410 |
51,022 | 1 | XPO, Inc. | 3,010,298 |
1,914 | Xylem, Inc. | 215,555 | |
TOTAL | 23,539,620 | ||
Information Technology— 22.7% | |||
6,776 | 1 | Allegro MicroSystems, Inc. | 305,869 |
15,150 | 1 | Ambarella, Inc. | 1,267,600 |
115,207 | 1 | AppLovin Corp. | 2,964,276 |
14,268 | 1 | Arista Networks, Inc. | 2,312,272 |
3,303 | Broadcom, Inc. | 2,865,121 | |
12,500 | 1 | C3.AI, Inc. | 455,375 |
15,241 | 1 | Cadence Design Systems, Inc. | 3,574,319 |
48,100 | 1 | Cerence, Inc. | 1,405,963 |
20,301 | 1 | Clear Secure, Inc. | 470,374 |
27,966 | 1 | Confluent, Inc. | 987,479 |
4,095 | 1 | Crowdstrike Holdings, Inc. | 601,433 |
112,673 | 1 | Digital Turbine, Inc. | 1,045,605 |
3,244 | 1 | DocuSign, Inc. | 165,736 |
26,544 | 1 | Dynatrace Holdings LLC | 1,366,220 |
893 | 1 | EPAM Systems, Inc. | 200,702 |
32,767 | 1 | Everbridge, Inc. | 881,432 |
18,985 | 1 | F5, Inc. | 2,776,746 |
963 | 1 | First Solar, Inc. | 183,057 |
5,089 | 1 | FormFactor, Inc. | 174,146 |
42,556 | 1 | Fortinet, Inc. | 3,216,808 |
1,850 | 1 | Guidewire Software, Inc. | 140,748 |
6,913 | 1 | HubSpot, Inc. | 3,678,338 |
7,334 | 1 | Intapp, Inc. | 307,368 |
5,747 | Jabil, Inc. | 620,274 | |
2,680 | KLA Corp. | 1,299,854 | |
16,894 | 1 | Kyndryl Holdings, Inc. | 224,352 |
45,530 | 1 | LiveRamp Holdings, Inc. | 1,300,337 |
72,212 | 1 | MaxLinear, Inc. | 2,279,011 |
20,202 | Microchip Technology, Inc. | 1,809,897 | |
17,922 | 1 | New Relic, Inc. | 1,172,816 |
31,787 | 1 | Nutanix, Inc. | 891,625 |
11,148 | 1 | Palo Alto Networks, Inc. | 2,848,425 |
138,283 | Pegasystems, Inc. | 6,817,352 | |
54,001 | 1 | Pure Storage, Inc. | 1,988,317 |
51,839 | 1 | Q2 Holdings, Inc. | 1,601,825 |
1,250 | 1 | Qorvo, Inc. | 127,537 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
7,074 | 1 | Qualys, Inc. | $ 913,749 |
22,199 | 1 | RingCentral, Inc. | 726,573 |
26,739 | 1 | Semtech Corp. | 680,775 |
7,998 | 1 | Splunk, Inc. | 848,508 |
13,881 | 1 | Squarespace, Inc. | 437,807 |
19,774 | 1 | Synaptics, Inc. | 1,688,304 |
2,748 | 1 | Synopsys, Inc. | 1,196,507 |
99,672 | 1 | Varonis Systems, Inc. | 2,656,259 |
2,671 | 1 | Workday, Inc. | 603,352 |
72,068 | 1 | Zoom Video Communications, Inc. | 4,891,976 |
TOTAL | 68,972,419 | ||
Materials— 1.8% | |||
1,077 | Albemarle Corp. | 240,268 | |
4,376 | Koppers Holdings, Inc. | 149,221 | |
49,588 | Mosaic Co./The | 1,735,580 | |
68,654 | Newmont Corp. | 2,928,780 | |
848 | Steel Dynamics, Inc. | 92,373 | |
16,953 | United States Steel Corp. | 423,994 | |
TOTAL | 5,570,216 | ||
Real Estate— 4.9% | |||
1,696 | Boston Properties, Inc. | 97,673 | |
1,956 | Crown Castle International Corp. | 222,867 | |
225,196 | Kilroy Realty Corp. | 6,776,147 | |
21,947 | Macerich Co. (The) | 247,343 | |
592 | Public Storage | 172,793 | |
83,352 | 1 | Redfin Corp. | 1,035,232 |
87,842 | SL Green Realty Corp. | 2,639,652 | |
61,421 | Vornado Realty Trust, LP | 1,114,177 | |
50,920 | 1 | Zillow Group, Inc. | 2,505,264 |
TOTAL | 14,811,148 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $228,390,636) | 260,503,577 | ||
INVESTMENT COMPANY— 7.8% | |||
23,809,138 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.19%2 (IDENTIFIED COST $23,806,087) | $23,804,376 | |
TOTAL INVESTMENT IN SECURITIES—93.6% (IDENTIFIED COST $252,196,723)3 | 284,307,953 | ||
OTHER ASSETS AND LIABILITIES - NET—6.4%4 | 19,540,113 | ||
TOTAL NET ASSETS—100% | $303,848,066 |
Shares | Value | ||
Communication Services— (4.3)% | |||
26,179 | 1 | Alphabet, Inc., Class A | $ 3,133,626 |
3,126 | ATN International, Inc. | 114,412 | |
37,524 | 1 | E.W. Scripps Co. | 343,345 |
16,463 | 1 | Frontier Communications Parent, Inc. | 306,870 |
163,102 | 1 | Magnite, Inc. | 2,226,342 |
5,917 | 1 | ROBLOX Corp. | 238,455 |
34,052 | 1 | Roku, Inc. | 2,177,966 |
14,840 | Sinclair, Inc. | 205,089 | |
27,016 | 1 | Take-Two Interactive Software, Inc. | 3,975,675 |
86,851 | 1 | Vimeo Holdings, Inc. | 357,826 |
TOTAL | 13,079,606 | ||
Consumer Discretionary— (10.6)% | |||
23,275 | 1 | Amazon.com, Inc. | 3,034,129 |
10,763 | 1 | Bally’s Corp. | 167,472 |
6,389 | 1 | Boot Barn Holdings, Inc. | 541,084 |
31,494 | 1 | CarMax, Inc. | 2,636,048 |
2,542 | Churchill Downs, Inc. | 353,770 | |
31,982 | D. R. Horton, Inc. | 3,891,890 | |
53,873 | 1 | Dave & Buster’s Entertainment, Inc. | 2,400,581 |
23,584 | 1 | Floor & Decor Holdings, Inc. | 2,451,793 |
25,880 | 1 | G-III Apparel Group Ltd. | 498,708 |
3,213 | 1 | Grand Canyon Education, Inc. | 331,614 |
8,137 | 1 | Hilton Grand Vacations, Inc. | 369,745 |
1,128 | 1 | LGI Homes, Inc. | 152,156 |
7,150 | Lithia Motors, Inc. | 2,174,386 | |
103,651 | 1 | National Vision Holdings, Inc. | 2,517,683 |
23,352 | 1 | Ollie’s Bargain Outlet Holdings, Inc. | 1,352,781 |
67,538 | 1 | Peloton Interactive, Inc. | 519,367 |
13,177 | Polaris, Inc., Class A | 1,593,495 | |
2,822 | 1 | RH | 930,103 |
176,492 | 1 | Rivian Automotive, Inc. | 2,940,357 |
28,334 | 1 | Skechers USA, Inc., Class A | 1,492,068 |
5,308 | 1 | Tesla, Inc. | 1,389,475 |
69,817 | 1 | The RealReal, Inc. | 154,994 |
611 | 1 | TopBuild Corp. | 162,538 |
693 | Vail Resorts, Inc. | 174,470 | |
4,992 | 1 | Victoria’s Secret & Co. | 87,010 |
26,070 | 1 | Vroom, Inc. | 37,541 |
TOTAL | 32,355,258 |
Shares | Value | ||
Consumer Staples— (4.9)% | |||
6,879 | 1 | Darling Ingredients, Inc. | $ 438,811 |
33,088 | Dollar General Corp. | 5,617,681 | |
23,501 | Estee Lauder Cos., Inc., Class A | 4,615,126 | |
27,103 | 1 | Freshpet, Inc. | 1,783,648 |
8,130 | Hormel Foods Corp. | 326,989 | |
44,489 | Reynolds Consumer Products, Inc. | 1,256,814 | |
5,433 | Target Corp. | 716,613 | |
TOTAL | 14,755,682 | ||
Energy— (3.1)% | |||
13,458 | 1 | CNX Resources Corp. | 238,476 |
4,448 | 1 | DMC Global, Inc. | 78,997 |
77,531 | Enviva, Inc. | 841,211 | |
48,391 | Equitrans Midstream Corp. | 462,618 | |
10,643 | 1 | Expro Group Holdings NV | 188,594 |
6,276 | Exxon Mobil Corp. | 673,101 | |
21,174 | 1 | Green Plains, Inc. | 682,650 |
18,320 | Hess Corp. | 2,490,604 | |
43,797 | Liberty Energy, Inc. | 585,566 | |
50,136 | New Fortress Energy, Inc. | 1,342,642 | |
6,936 | 1 | Noble Corp. PLC | 286,526 |
54,501 | Sitio Royalties Corp. | 1,431,741 | |
TOTAL | 9,302,726 | ||
Financials— (8.3)% | |||
83,510 | 1 | Affirm Holdings, Inc. | 1,280,208 |
4,557 | Ameris Bancorp | 155,895 | |
20,391 | Bank of America Corp. | 585,018 | |
11,920 | 1 | Berkshire Hathaway, Inc., Class B | 4,064,720 |
33,932 | BGC Partners, Inc., Class A | 150,319 | |
10,384 | Blackstone, Inc. | 965,400 | |
2,275 | 1 | Block, Inc. | 151,447 |
9,976 | 1 | Cannae Holdings, Inc. | 201,615 |
17,082 | Capital One Financial Corp. | 1,868,258 | |
34,122 | Charles Schwab Corp. | 1,934,035 | |
31,981 | Citigroup, Inc. | 1,472,405 | |
43,367 | Comerica, Inc. | 1,837,026 | |
36,811 | Equitable Holdings, Inc. | 999,787 | |
2,813 | Erie Indemnity Co. | 590,758 | |
425 | 1 | GoHealth, Inc. | 8,377 |
3,444 | 1 | Goosehead Insurance, Inc. | 216,593 |
15,844 | KKR & Co., Inc, Class COMMON | 887,264 | |
28,965 | Morgan Stanley | 2,473,611 | |
31,149 | Redwood Trust, Inc. | 198,419 |
Shares | Value | ||
Financials— continued | |||
10,889 | SEI Investments Co. | $ 649,202 | |
6,485 | 1 | StoneX Group, Inc. | 538,774 |
64,269 | Truist Financial Corp. | 1,950,564 | |
37,504 | U.S. Bancorp | 1,239,132 | |
17,401 | Webster Financial Corp. Waterbury | 656,874 | |
TOTAL | 25,075,701 | ||
Health Care— (13.1)% | |||
50,947 | 1 | AdaptHealth Corp. | 620,025 |
6,031 | 1 | Arcturus Therapeutics Holdings, Inc. | 172,969 |
51,233 | 1 | Arrowhead Pharmaceuticals, Inc. | 1,826,969 |
2,208 | 1 | BioAtla, Inc. | 6,624 |
2,554 | Bio-Techne Corp. | 208,483 | |
57,217 | 1 | Catalent, Inc. | 2,480,929 |
19,532 | 1 | Cerevel Therapeutics Holdings | 620,922 |
22,169 | 1 | Cryoport, Inc. | 382,415 |
12,316 | 1 | Davita, Inc. | 1,237,389 |
19,294 | 1 | Evolent Health, Inc. | 584,608 |
7,675 | 1 | Glaukos Corp. | 546,537 |
36,336 | 1 | Guardant Health, Inc. | 1,300,829 |
28,919 | 1 | Halozyme Therapeutics, Inc. | 1,043,108 |
18,974 | 1 | HealthEquity, Inc. | 1,198,018 |
74,290 | 1 | Heron Therapeutics, Inc. | 86,176 |
11,063 | 1 | ICU Medical, Inc. | 1,971,316 |
19,535 | 1 | Illumina, Inc. | 3,662,617 |
25,130 | 1 | Inari Medical, Inc. | 1,461,058 |
30,536 | 1 | Intellia Therapeutics, Inc. | 1,245,258 |
4,237 | 1 | Intra-Cellular Therapies, Inc. | 268,287 |
5,002 | 1 | iRhythm Technologies, Inc. | 521,809 |
10,506 | 1 | Karuna Therapeutics, Inc. | 2,278,226 |
51,016 | 1 | Karyopharm Therapeutics, Inc. | 91,319 |
2,698 | 1 | Kodiak Sciences, Inc. | 18,616 |
7,303 | 1 | Mirati Therapeutics, Inc. | 263,857 |
47,588 | 1 | Neogen Corp. | 1,035,039 |
53,799 | 1 | Novocure Ltd. | 2,232,658 |
15,903 | 1 | Outset Medical, Inc. | 347,799 |
8,407 | 1 | PetIQ, Inc. | 127,534 |
33,561 | 1 | Progyny, Inc. | 1,320,290 |
13,582 | 1 | QuidelOrtho Corp. | 1,125,405 |
217,965 | 1 | R1 RCM, Inc. | 4,021,454 |
5,077 | 1 | Reata Pharmaceuticals, Inc. | 517,651 |
9,716 | 1 | REGENXBIO, Inc. | 194,223 |
2,513 | 1 | Sarepta Therapeutics, Inc. | 287,789 |
Shares | Value | ||
Health Care— continued | |||
15,150 | 1 | Schrodinger, Inc. | $ 756,288 |
10,858 | 1 | Silk Road Medical, Inc. | 352,776 |
25,542 | 1 | Sotera Health Topco, Inc. | 481,211 |
8,468 | 1 | Surgery Partners, Inc. | 380,975 |
12,541 | 1 | Tenet Healthcare Corp. | 1,020,587 |
43,310 | 1 | Twist Bioscience Corp. | 886,123 |
8,921 | 1 | Ultragenyx Pharmaceutical, Inc. | 411,526 |
4,503 | 1 | Zentalis Pharmaceuticals, LLC | 127,030 |
TOTAL | 39,724,722 | ||
Industrials— (5.6)% | |||
7,957 | Advanced Drainage System, Inc. | 905,347 | |
3,037 | 1 | Aerovironment, Inc. | 310,624 |
81,643 | Air Lease Corp. | 3,416,760 | |
14,122 | 1 | Ameresco, Inc. | 686,753 |
11,685 | 1 | Boeing Co. | 2,467,405 |
20,232 | 1 | Chart Industries, Inc. | 3,232,871 |
5,045 | 1 | Copart, Inc. | 460,154 |
3,125 | 1 | FTI Consulting, Inc. | 594,375 |
11,018 | General Electric Co. | 1,210,327 | |
1,974 | 1 | GXO Logistics, Inc. | 124,007 |
5,272 | 1 | Hydrofarm Holdings Group, Inc. | 4,123 |
5,090 | 1 | Kirby Corp. | 391,676 |
6,128 | 1 | Mastec, Inc. | 722,920 |
695 | Old Dominion Freight Lines, Inc. | 256,976 | |
106,708 | 1 | SunRun, Inc. | 1,905,805 |
46,480 | 1 | Upwork, Inc. | 434,123 |
TOTAL | 17,124,246 | ||
Information Technology— (21.4)% | |||
44,367 | 1 | Advanced Micro Devices, Inc. | 5,053,845 |
44,787 | 1 | Alteryx, Inc. | 2,033,330 |
6,955 | 1 | Appian Corp. | 331,058 |
31,126 | 1 | Asana, Inc. | 686,017 |
33,563 | 1 | Aspen Technology, Inc. | 5,625,494 |
28,692 | 1 | Atlassian Corp. PLC | 4,814,805 |
16,176 | 1 | BigCommerce Holdings, Inc. | 160,951 |
11,897 | 1 | Bill.Com Holdings, Inc. | 1,390,164 |
29,637 | 1 | CloudFlare, Inc. | 1,937,371 |
25,233 | 1 | Datadog, Inc. | 2,482,423 |
4,410 | 1 | Enphase Energy, Inc. | 738,587 |
61,824 | Entegris, Inc. | 6,851,336 | |
14,610 | 1 | Five9, Inc. | 1,204,594 |
20,876 | 1 | Impinj, Inc. | 1,871,533 |
Shares | Value | ||
Information Technology— continued | |||
16,756 | Marvell Technology, Inc. | $ 1,001,674 | |
45,387 | Micron Technology, Inc. | 2,864,374 | |
19,152 | MKS Instruments, Inc. | 2,070,331 | |
67,901 | 1 | nCino, Inc. | 2,045,178 |
4,254 | Oracle Corp. | 506,609 | |
22,066 | 1 | Par Technology Corp. | 726,633 |
10,662 | 1 | PTC, Inc. | 1,517,203 |
11,741 | 1 | Rapid7, Inc. | 531,632 |
3,835 | 1 | Rogers Corp. | 621,002 |
23,506 | 1 | SentinelOne, Inc. | 354,941 |
4,721 | 1 | Sitime Corp. | 556,936 |
659 | 1 | Super Micro Computer, Inc. | 164,256 |
33,253 | 1 | Twilio, Inc. | 2,115,556 |
8,382 | Ubiquiti Networks, Inc. | 1,473,136 | |
119,023 | 1 | Unity Software, Inc. | 5,167,979 |
62,780 | 1 | Veeco Instruments, Inc. | 1,612,190 |
18,544 | 1 | ViaSat, Inc. | 765,125 |
62,858 | 1 | Wolfspeed, Inc. | 3,494,276 |
51,350 | 1 | Yext, Inc. | 580,769 |
12,050 | 1 | Zscaler, Inc. | 1,762,915 |
TOTAL | 65,114,223 | ||
Materials— (2.7)% | |||
2,207 | Ball Corp. | 128,470 | |
5,839 | Carpenter Technology Corp. | 327,743 | |
12,764 | Celanese Corp. | 1,478,071 | |
40,371 | Dow, Inc. | 2,150,159 | |
30,413 | DuPont de Nemours, Inc. | 2,172,705 | |
25,407 | Freeport-McMoRan, Inc. | 1,016,280 | |
5,412 | Quaker Chemical Corp. | 1,054,799 | |
TOTAL | 8,328,227 | ||
Real Estate— (5.7)% | |||
24,426 | Americold Realty Trust, Inc. | 788,960 | |
22,188 | 1 | CoStar Group, Inc. | 1,974,732 |
4,454 | Digital Realty Trust, Inc. | 507,177 | |
182,037 | Healthcare Realty Trust, Inc. | 3,433,218 | |
14,548 | 1 | Howard Hughes Corp. | 1,148,128 |
28,256 | ProLogis, Inc. | 3,465,033 | |
5,067 | Realty Income Corp. | 302,956 | |
21,612 | Ventas, Inc. | 1,021,599 | |
56,177 | Welltower, Inc. | 4,544,158 | |
TOTAL | 17,185,961 |
Shares | Value | ||
Utilities— (0.9)% | |||
4,680 | Brookfield Renewable Corp. | $ 147,514 | |
21,948 | Dominion Energy, Inc. | 1,136,687 | |
15,313 | NRG Energy, Inc. | 572,553 | |
8,376 | Southwest Gas Holdings, Inc. | 533,132 | |
25,066 | 1 | Sunnova Energy International, Inc. | 458,958 |
TOTAL | 2,848,844 | ||
Total Securities Sold Short (PROCEEDS $230,760,262) | $244,895,196 |
Affiliated | Value as of 12/31/2022 | Purchases at Cost* | Proceeds from Sales* |
Health Care: | |||
Alector, Inc.** | $153,449 | $40,909 | $(34,449) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $153,449 | $40,909 | $(34,449) |
Change in Unrealized Appreciation/ (Depreciation)* | Net Realized Gain/ (Loss)* | Value as of 6/30/2023 | Shares Held as of 6/30/2023 | Dividend Income* |
$(37,313) | $(18,521) | $104,075 | 17,317 | $— |
$(37,313) | $(18,521) | $104,075 | 17,317 | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
** | At June 30, 2023, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 12/31/2022 | $13,811,929 |
Purchases at Cost | $220,241,683 |
Proceeds from Sales | $(210,253,569) |
Change in Unrealized Appreciation/Depreciation | $(3,411) |
Net Realized Gain/(Loss) | $7,744 |
Value as of 6/30/2023 | $23,804,376 |
Shares Held as of 6/30/2023 | 23,809,138 |
Dividend Income | $659,214 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
(formerly, Investor Class Shares)
Six Months Ended (unaudited) 6/30/2023 | Year Ended December 31, | Period Ended 12/31/20203 | Year Ended January 31, | ||||
2022 | 20212 | 2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $17.28 | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 | $17.82 |
Income From Investment Operations: | |||||||
Net investment income (loss)4 | 0.24 | 0.08 | (0.07) | (0.07) | (0.05) | 0.105 | 0.035 |
Net realized and unrealized gain (loss) | (0.41) | 1.48 | 4.04 | (0.40) | 1.02 | (1.24) | 1.95 |
Total From Investment Operations | (0.17) | 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 | (0.50) | (2.03) | (3.69) | — | — | (1.27) | (0.26) |
Total Distributions | (0.50) | (2.03) | (3.69) | — | (0.09) | (1.34) | (0.26) |
Net Asset Value, End of Period | $16.61 | $17.28 | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 |
Total Return6 | (0.94)% | 9.24% | 23.16% | (2.62)% | 5.69% | (5.42)%5 | 11.18%5 |
Ratios to Average Net Assets: | |||||||
Net expenses7 | 2.06%8 | 1.85% | 1.26% | 1.61% | 1.50% | 1.35% | 1.34% |
Net expenses excluding dividends and other expenses related to short sales | 1.31%8 | 1.33% | 0.93% | 1.43% | 1.34% | 1.22% | 1.24% |
Net investment income (loss) | 2.84%8 | 0.43% | (0.36)% | (0.47)% | (0.28)% | 0.51%5 | 0.15%5 |
Expense waiver/ reimbursement9 | 0.01%8 | 0.15% | 0.13% | —% | —% | —% | —% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $13,136 | $10,276 | $2,554 | $2,765 | $12,667 | $14,875 | $19,994 |
Portfolio turnover10 | 96% | 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 | Computed on an annualized basis. |
9 | 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. |
10 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 6/30/2023 | Year Ended December 31, | Period Ended 12/31/20203 | Year Ended January 31, | ||||
2022 | 20212 | 2020 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $17.76 | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 | $18.23 |
Income From Investment Operations: | |||||||
Net investment income (loss)4 | 0.27 | 0.10 | (0.11) | (0.04) | 0.11 | 0.12 | 0.03 |
Net realized and unrealized gain (loss) | (0.42) | 1.55 | 4.12 | (0.40) | 0.91 | (1.24) | 1.97 |
Total From Investment Operations | (0.15) | 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 | (0.50) | (2.03) | (3.69) | — | — | (1.27) | (0.26) |
Total Distributions | (0.50) | (2.05) | (3.69) | (0.08) | (0.14) | (1.37) | (0.26) |
Net Asset Value, End of Period | $17.11 | $17.76 | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 |
Total Return5 | (0.81)% | 9.52% | 22.90% | (2.37)% | 5.83% | (5.21)% | 11.04% |
Ratios to Average Net Assets: | |||||||
Net expenses6 | 1.84%7 | 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%7 | 1.08% | 1.12% | 1.19% | 1.08% | 1.07% | 1.04% |
Net investment income (loss) | 3.07%7 | 0.55% | (0.55)% | (0.29)% | 0.63% | 0.64% | 0.18% |
Expense waiver/ reimbursement8 | 0.01%7 | 0.16% | 0.14% | —% | —% | —% | —% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $290,712 | $232,152 | $85,310 | $79,415 | $120,650 | $114,494 | $141,821 |
Portfolio turnover9 | 96% | 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 | Computed on an annualized basis. |
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. |
June 30, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $23,804,376 of investments in affiliated holdings* (identified cost $252,196,723, including $23,806,087 of identified cost in affiliated holdings) | $284,307,953 |
Cash | 175 |
Due from broker (Note 2) | 12,000,000 |
Deposit at broker for short sales | 251,842,100 |
Income receivable | 180,022 |
Income receivable from affiliated holdings | 132,650 |
Interest receivable on short positions | 681,568 |
Receivable for investments sold | 5,097,499 |
Receivable for shares sold | 1,741,913 |
Total Assets | 555,983,880 |
Liabilities: | |
Securities sold short, at value (proceeds $230,760,262) | 244,895,196 |
Dividends payable on short positions | 85,699 |
Payable for investments purchased | 5,607,919 |
Payable for shares redeemed | 1,523,980 |
Payable for investment adviser fee (Note 5) | 5,996 |
Payable for administrative fee (Note 5) | 647 |
Payable for other service fees (Notes 2 and 5) | 6,345 |
Accrued expenses (Note 5) | 10,032 |
Total Liabilities | 252,135,814 |
Net assets for 17,784,890 shares outstanding | $303,848,066 |
Net Assets Consist of: | |
Paid-in capital | $312,248,875 |
Total distributable earnings (loss) | (8,400,809) |
Total Net Assets | $303,848,066 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($13,135,886 ÷ 790,980 shares outstanding), no par value, unlimited shares authorized | $16.61 |
Offering price per share (100/94.50 of $16.61) | $17.58 |
Redemption proceeds per share | $16.61 |
Institutional Shares: | |
Net asset value per share ($290,712,180 ÷ 16,993,910 shares outstanding), no par value, unlimited shares authorized | $17.11 |
Offering price per share | $17.11 |
Redemption proceeds per share | $17.11 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended June 30, 2023 (unaudited)
Investment Income: | |
Interest | $5,700,346 |
Dividends (including $659,214 received from affiliated holdings*) | 1,945,636 |
TOTAL INCOME | 7,645,982 |
Expenses: | |
Investment adviser fee (Note 5) | 1,247,473 |
Administrative fee (Note 5) | 124,606 |
Custodian fees | 39,215 |
Transfer agent fees | 146,588 |
Directors’/Trustees’ fees (Note 5) | 778 |
Auditing fees | 20,229 |
Legal fees | 4,913 |
Portfolio accounting fees | 45,554 |
Other service fees (Notes 2 and 5) | 16,059 |
Share registration costs | 46,043 |
Printing and postage | 11,171 |
Miscellaneous (Note 5) | 12,390 |
Expenses related to short positions | 1,177,882 |
TOTAL EXPENSES | 2,892,901 |
Reimbursement of investment adviser fee (Note 5) | (12,182) |
Net expenses | 2,880,719 |
Net investment income | 4,765,263 |
Realized and Unrealized Gain (Loss) on Investments and Short Sales: | |
Net realized loss on investments (including net realized gain of $7,744 on sales of investments in affiliated holdings*) | (1,769,140) |
Net realized loss on short sales | (22,664,439) |
Net change in unrealized depreciation of investments (including net change in unrealized appreciation of $(3,411) on investments in affiliated holdings*) | 40,747,747 |
Net change in unrealized appreciation of securities sold short | (28,618,004) |
Net realized and unrealized gain (loss) on investments and short sales | (12,303,836) |
Change in net assets resulting from operations | $(7,538,573) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 6/30/2023 | Year Ended 12/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,765,263 | $616,398 |
Net realized gain (loss) | (24,433,579) | 16,662,260 |
Net change in unrealized appreciation/depreciation | 12,129,743 | (3,851,291) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (7,538,573) | 13,427,367 |
Distributions to Shareholders: | ||
Class A Shares | (401,264) | (962,936) |
Institutional Shares | (8,556,189) | (17,134,281) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (8,957,453) | (18,097,217) |
Share Transactions: | ||
Proceeds from sale of shares | 216,867,996 | 241,868,426 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,585,060 | 17,504,346 |
Cost of shares redeemed | (147,536,167) | (100,139,711) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 77,916,889 | 159,233,061 |
Change in net assets | 61,420,863 | 154,563,211 |
Net Assets: | ||
Beginning of period | 242,427,203 | 87,863,992 |
End of period | $303,848,066 | $242,427,203 |
Other Service Fees Incurred | |
Class A Shares | $16,059 |
Six Months Ended 6/30/2023 | Year Ended 12/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 469,621 | $8,291,833 | 631,129 | $11,406,989 |
Shares issued to shareholders in payment of distributions declared | 24,512 | 399,546 | 56,612 | 962,404 |
Shares redeemed | (297,911) | (5,090,341) | (236,875) | (4,237,683) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 196,222 | $3,601,038 | 450,866 | $8,131,710 |
Six Months Ended 6/30/2023 | Year Ended 12/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,560,197 | $208,576,163 | 12,696,076 | $230,461,437 |
Shares issued to shareholders in payment of distributions declared | 487,523 | 8,185,514 | 945,640 | 16,541,942 |
Shares redeemed | (8,124,049) | (142,445,826) | (5,268,822) | (95,902,028) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,923,671 | $74,315,851 | 8,372,894 | $151,101,351 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,119,893 | $77,916,889 | 8,823,760 | $159,233,061 |
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 | $272,709,035 |
Sales | $248,978,539 |
Beginning Account Value 1/1/2023 | Ending Account Value 6/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $990.60 | $10.172 |
Institutional Shares | $1,000 | $991.90 | $9.093 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,014.58 | $10.292 |
Institutional Shares | $1,000 | $1,015.67 | $9.203 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 2.06% |
Institutional Shares | 1.84% |
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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $6.56 and $6.64, 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.33 and $5.40, respectively. |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A432
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 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 August 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 August 22, 2023
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date August 22, 2023