Federated Adviser Series N-CSR Certified annual shareholder report (management investment company)

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 Adviser Series

_______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Investors Funds

4000 Ericsson Drive

Warrendale, Pennsylvania 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 10/31/18

Date of Reporting Period: 10/31/18

Item 1. Reports to Stockholders

Annual Shareholder Report

October 31, 2018

Share Class | Ticker	A | FSTRX	B | QBLVX	C | QCLVX	R | QRLVX
	Institutional | FMSTX	Service | FSTKX	R6 | FSTLX

Federated MDT Large Cap Value Fund

Fund Established 1982

A Portfolio of Federated Adviser Series

(formerly, Federated MDT Equity Trust)

Dear Valued Shareholder,

I am pleased to present the Annual Shareholder Report for your fund covering the period from November 1, 2017 through October 31, 2018. This report includes Management's Discussion of Fund Performance, a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

In addition, our website, FederatedInvestors.com, offers easy access to Federated resources that include timely fund updates, economic and market insights from our investment strategists, and financial planning tools.

Thank you for investing with Federated. I hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ■ May Lose Value ■ No Bank Guarantee

CONTENTS

Management's Discussion of Fund Performance	1
Portfolio of Investments Summary Table	7
Portfolio of Investments	8
Financial Highlights	13
Statement of Assets and Liabilities	20
Statement of Operations	22
Statement of Changes in Net Assets	24
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	39
Shareholder Expense Example	41
In Memoriam	43
Board of Trustees and Trust Officers	43
Evaluation and Approval of Advisory Contract–May 2018	50
Voting Proxies on Fund Portfolio Securities	58
Quarterly Portfolio Schedule	58

Management's Discussion of Fund Performance (unaudited)

The total return of Federated MDT Large Cap Value Fund (the “Fund”), based on net asset value for the 12-month reporting period ended October 31, 2018, was 4.69% for the Class A Shares, 3.82% for the Class B Shares¹, 3.86% for the Class C Shares¹, 4.24% for the Class R Shares¹, 4.92% for the Institutional Shares, 4.67% for the Service Shares and 5.01% for the Class R6 Shares. The total return of the Russell 1000^® Value Index (R1000V),² the Fund's broad-based securities market index, was 3.03% for the same period. The total return of the Morningstar Large Value Funds Average (MLVFA),³ a peer group average for the Fund, was 3.20% for the period. The Fund's and MLVFA's total returns for the most recently completed reporting period reflected actual cash flows, transaction costs and other expenses, which were not reflected in the total return of the R1000V.

During the reporting period, the Fund's investment strategy focused on stock selection, which was the most significant factor affecting the Fund's performance relative to the R1000V during the period.

The following discussion will focus on the performance of the Fund's Class R6 Shares.

Market Overview

During the reporting period, the most significant feature of the market was the continued run of growth stocks ahead of value stocks, even after a pull-back in October 2018, the last month of the reporting period. The Russell 3000^® Index⁴ returned 6.60% during the reporting period and within that index, the Russell 3000^® Growth Index⁵ returned 10.20% while the Russell 3000^® Value Index⁶ returned 2.78%. By capitalization range, the market preferred large caps: the mega-cap Russell Top 200^® Index⁷ returned 8.64%, the Russell Midcap^® Index⁸ returned 2.80%, and the small-cap Russell 2000^® Index⁹ returned 1.85%.

The best performing sectors in the R1000V during the reporting period were Health Care (13.93%), Communication Services (9.25%) and Information Technology (8.75%). Underperforming sectors during the same period included Materials (-9.39%), Industrials (-8.31%) and Financials (-0.45%).

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1

STOCK SELECTION

Stock selection was the biggest contributor to the Fund's outperformance relative to the R1000V during the reporting period. The Fund looked for stocks with the specific combinations of fundamental and technical factors that internal research has shown to predict outperformance relative to the R1000V. Although it was a growth-oriented period, it was very strong value stocks with high structural earnings, high tangible book-to-price ratios and favorable cash flows that contributed the most to the Fund's outperformance. Additional contribution came from stocks with strong relative price trends but worsening earnings-to-price trends. Stocks ranked highly for their combination of prices near 52-week highs and either high structural earnings or high earnings-to-price trends detracted the most from Fund performance.

The Fund's sector exposures remained close to R1000V weights. At the end of the reporting period, there was an underweight in the Real Estate sector (the Fund does not invest in the Real Estate sector), and no significant overweights. Strong stock selection in the Energy sector and the Consumer Discretionary sector contributed the most to the Fund's outperformance versus the R1000V.

Individual stocks enhancing the Fund's performance included Valero Energy Corporation, NetApp, Inc. and Target Corporation. These stocks all outperformed in the reporting period and were overweighted relative to the R1000V. Individual stocks detracting from the Fund's performance included Cisco Systems, Inc., Western Digital Corporation, Owens Corning and PACCAR Inc. Cisco Systems, Inc. outperformed the benchmark and was not held by the Fund, while the rest underperformed the benchmark and were overweighted by the Fund.

1	Please see the narrative and footnotes to the line graphs below for definitions of, and further information about the Class B Shares, Class C Shares and Class R Shares.
2	Please see the footnotes to the line graphs below for definitions of, and further information about, the R1000V.
3	Please see the footnotes to the line graphs below for definitions of, and further information about, the MLVFA.
4	The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.*
5	The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.*
6	The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.*

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7	The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.*
8	The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.*
9	The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.*
*	The index is unmanaged, and it is not possible to invest directly in an index.

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FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The Federated MDT Large Cap Value Fund (the “Fund”) is the legal entity successor to Federated MDT Large Cap Value Fund (a Massachusetts business trust with the same name as the Fund) (the “Predecessor Fund”), pursuant to a tax-free reorganization involving the Fund, the Predecessor Fund and the Federated Clover Value Fund that was completed on the close of business on December 8, 2017. The Predecessor Fund is both the tax and accounting survivor of the reorganization. Prior to the date of the reorganization, the Fund had no investment operations. Accordingly, the performance information, including information on fees and expenses and financial information provided in this report for periods prior to December 8, 2017 (the Fund's commencement of investment operations) is historical information for the Predecessor Fund. The Predecessor Fund was also managed by the Fund's adviser and had substantially identical investment objectives and strategies as the Fund. Given the above, unless specifically stated otherwise, subsequent references in this section to the Fund should be read to include the Predecessor Fund.

The graph below illustrates the hypothetical investment of $10,000¹ in the Fund from October 31, 2008 to October 31, 2018, compared to the Russell 1000^® Value Index (R1000V)² and the Morningstar Large Value Funds Average (MLVFA).³ The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 INVESTMENT

Growth of $10,000 as of October 31, 2018

Federated MDT Large Cap Value Fund -	Institutional Shares	Class B Shares	Service Shares	R1000V	MLVFA
	F	F	F	I	I
10/31/2008	10,000	10,000	10,000	10,000	10,000
10/31/2009	10,798	10,707	10,799	10,478	10,970
10/31/2010	11,844	11,624	11,832	12,124	12,501
10/31/2011	12,615	12,252	12,579	12,871	13,142
10/31/2012	14,493	13,925	14,419	15,045	14,923
10/31/2013	20,030	19,032	19,877	19,301	18,930
10/31/2014	23,822	22,395	23,590	22,478	21,489
10/31/2015	24,136	22,447	23,850	22,597	21,547
10/31/2016	24,788	22,813	24,446	24,036	22,324
10/31/2017	29,329	26,702	28,861	28,310	26,672
10/31/2018	30,772	27,722	30,209	29,170	27,527

41 graphic description end -->

■  Total returns shown for Class B shares include the maximum contingent deferred sales charge of 5.50% as applicable.

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The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses. See the Average Annual Total Return table below for the returns of additional classes not shown in the line graph above.

Average Annual Total Returns for the Period Ended 10/31/2018

(returns reflect all applicable sales charge as specified below in footnote #1)

	1 Year	5 Years	10 Years
Class A Shares4	-1.06%	7.52%	11.06%
Class B Shares5	-1.41%	7.52%	10.74%
Class C Shares5	2.91%	7.86%	10.79%
Institutional Shares4	4.92%	8.97%	11.90%
Service Shares	4.67%	8.73%	11.69%
Class R Shares5	4.24%	8.26%	11.20%
Class R6 Shares6	5.01%	8.88%	11.76%
R1000V	3.03%	8.61%	11.30%
MLVFA	3.20%	7.78%	10.66%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1

Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date.

2

The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. The R1000V is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The R1000V is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The R1000V is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

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3	Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.
4	The Fund's Class A Shares and Institutional Shares commenced operations on May 1, 2014 and January 29, 2010, respectively. For the period prior to the commencement of operations of the Class A Shares and Institutional Shares, the performance information shown is for the Fund's Service Shares. The performance of the Service Shares has been adjusted to reflect the expenses of the Fund's Class A Shares for each year for which the Fund's Class A Shares' expenses would have exceeded the actual expenses paid by the Fund's Service Shares. The performance of the Service Shares has not been adjusted to reflect the expenses applicable to Institutional Shares since Institutional Shares have a lower expense ratio than the expense ratio of the Service Shares. The performance of Service Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Service Shares that may have occurred during the period prior to the commencement of operations of Institutional Shares.
5	The Fund's B, C and R classes commenced operations on December 8, 2017. The Predecessor Fund did not have corresponding B, C and R classes. For the periods prior to the commencement of operations of the B, C and R classes, the performance information shown is for the Predecessor Fund's SS class. The performance of the SS class has not been adjusted to reflect the higher expenses applicable to the B, C and R classes, respectively.
6	The Fund's Class R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for the Service Shares adjusted to reflect the expenses of the Fund's Class R6 Shares for each year for which the Fund's Class R6 Shares' expenses would have exceeded the actual expenses paid by the Fund's Service Shares.

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Portfolio of Investments Summary Table (unaudited)

At October 31, 2018, the Fund's sector composition¹ was as follows:

Sector Composition	Percentage of Total Net Assets
Financials	23.4%
Health Care	14.6%
Energy	10.8%
IT Services	10.5%
Consumer Staples	7.0%
Industrials	8.6%
Utilities	6.8%
Communication Services	6.6%
Consumer Discretionary	6.3%
Materials	3.3%
Security Lending Collateral2	0.7%
Cash Equivalents3	2.0%
Other Assets and Liabilities—Net4	(0.6)%
TOTAL	100.0%

1	Except for Cash Equivalents, Securities Lending Collateral and Other Assets and Liabilities, 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.
2	Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements.
3	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending.
4	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

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Portfolio of Investments

October 31, 2018

Shares			Value in U.S. Dollars
		COMMON STOCKS—97.9%
		Communication Services—6.6%
737,728		AT&T, Inc.	$22,633,495
114,681	1	DISH Network Corp., Class A	3,525,294
389,672	1	T-Mobile USA, Inc.	26,712,016
417,832		Verizon Communications, Inc.	23,854,029
119,441		Viacom, Inc., Class B	3,819,723
		TOTAL	80,544,557
		Consumer Discretionary—6.3%
138,324		Abercrombie & Fitch Co., Class A	2,724,983
43,767	2	Big Lots, Inc.	1,817,206
115,074	2	Dillard's Inc., Class A	8,103,511
500,106		DR Horton, Inc.	17,983,812
65,148	1	eBay, Inc.	1,891,246
474,327		Ford Motor Co.	4,529,823
55,190		Kohl's Corp.	4,179,539
69,625		Newell Brands, Inc.	1,105,645
159,418		Toll Brothers, Inc.	5,366,010
316,642		Yum! Brands, Inc.	28,627,603
		TOTAL	76,329,378
		Consumer Staples—7.0%
419,566		Archer-Daniels-Midland Co.	19,824,493
193,945		Colgate-Palmolive Co.	11,549,425
67,139		Kellogg Co.	4,396,262
142,374	1	Post Holdings, Inc.	12,588,709
294,453		Procter & Gamble Co.	26,112,092
133,371		Walgreens Boots Alliance, Inc.	10,639,005
		TOTAL	85,109,986
		Energy—10.8%
371,637		Chevron Corp.	41,493,271
270,803		ConocoPhillips	18,929,130
65,865		EOG Resources, Inc.	6,938,219
415,088		Exxon Mobil Corp.	33,074,212
78,347		HollyFrontier Corp.	5,283,722
85,221		Murphy Oil Corp.	2,715,141
1,105,570	1	Noble Corp. PLC	5,549,961

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Energy—continued
220,299		Occidental Petroleum Corp.	$14,775,454
26,980		Phillips 66	2,774,083
		TOTAL	131,533,193
		Financials—23.4%
36,895		Aflac, Inc.	1,589,068
363,155		Allstate Corp.	34,761,197
161,295	1	Arch Capital Group Ltd.	4,575,939
123,055	1	Athene Holding Ltd.	5,626,075
935,062		Bank of America Corp.	25,714,205
11,027	1	Berkshire Hathaway, Inc., Class B	2,263,622
91,491		Capital One Financial Corp.	8,170,146
42,670		Citizens Financial Group, Inc.	1,593,725
108,483		Comerica, Inc.	8,847,873
22,647		Everest Re Group Ltd.	4,933,875
766,707		Fifth Third Bancorp	20,693,422
551,187		First Horizon National Corp.	8,896,158
331,962		JPMorgan Chase & Co.	36,190,497
255,705		KeyCorp	4,643,603
51,434		M&T Bank Corp.	8,507,698
273,264		Navient Corp.	3,164,397
327,459		Northern Trust Corp.	30,804,068
148,086		Popular, Inc.	7,701,953
242,751		Prudential Financial, Inc.	22,765,189
41,908		State Street Corp.	2,881,175
79,192		SunTrust Banks, Inc.	4,962,171
275,943		The Travelers Cos., Inc.	34,528,748
		TOTAL	283,814,804
		Health Care—14.6%
38,794		Agilent Technologies, Inc.	2,513,463
11,613		Allergan PLC	1,834,970
6,383		Anthem, Inc.	1,758,963
443,649		Baxter International, Inc.	27,732,499
30,347	1	Bio-Rad Laboratories, Inc., Class A	8,280,179
227,203		Bristol-Myers Squibb Co.	11,482,840
539,119	1,2	Community Health Systems, Inc.	1,703,616
32,114		Danaher Corp.	3,192,132
101,083	1	DaVita Healthcare Partners, Inc.	6,806,929
311,657		Eli Lilly & Co.	33,796,085

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Health Care—continued
52,258		HCA Holdings, Inc.	$6,978,011
117,010	1	IQVIA Holdings, Inc.	14,384,039
48,943		Johnson & Johnson	6,851,531
377,266		Merck & Co., Inc.	27,770,550
241,888		Pfizer, Inc.	10,415,697
126,291		Quest Diagnostics, Inc.	11,885,246
		TOTAL	177,386,750
		Industrials—8.6%
108,853		AGCO Corp.	6,100,122
370,476		CSX Corp.	25,510,977
98,360		Cummins, Inc.	13,444,828
65,388		Fortune Brands Home & Security, Inc.	2,931,344
117,520	1	JetBlue Airways Corp.	1,966,110
7,494		Norfolk Southern Corp.	1,257,718
44,519		Owens Corning	2,104,413
520,500		Paccar, Inc.	29,777,805
247,581	1	SPX Corp.	7,259,075
49,173		Stanley Black & Decker Inc.	5,729,638
80,293	1	United Continental Holdings, Inc.	6,865,855
39,270	1	WESCO International, Inc.	1,970,569
		TOTAL	104,918,454
		IT Services—10.5%
111,248	1	Akamai Technologies, Inc.	8,037,668
73,097		Analog Devices, Inc.	6,118,950
792,601		Hewlett-PACKARD Co.	19,133,388
590,405		Intel Corp.	27,678,186
434,493		Juniper Networks, Inc.	12,717,610
47,052		Motorola Solutions, Inc.	5,766,693
141,350		NetApp, Inc.	11,094,561
270,828	1	Synopsys, Inc.	24,247,231
367,491		Vishay Intertechnology, Inc.	6,725,085
127,237		Western Digital Corp.	5,480,098
		TOTAL	126,999,470
		Materials—3.3%
158,632		Domtar, Corp.	7,346,248
76,532		Ecolab, Inc.	11,720,876
389,239		Newmont Mining Corp.	12,035,270

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Materials—continued
282,255		The Mosaic Co.	$8,732,969
		TOTAL	39,835,363
		Utilities—6.8%
206,717		AES Corp.	3,013,934
391,384		Entergy Corp.	32,856,687
304,179		NiSource, Inc.	7,713,979
525,878	1	PG&E Corp.	24,616,349
178,679		Pinnacle West Capital Corp.	14,696,348
		TOTAL	82,897,297
		TOTAL COMMON STOCKS (IDENTIFIED COST $1,132,114,115)	1,189,369,252
		INVESTMENT COMPANIES—2.7%
7,796,575		Federated Government Obligations Fund, Premier Shares, 2.08%3	7,796,575
25,078,529		Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.31%3	25,081,037
		TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $32,874,159)	32,877,612
		TOTAL INVESTMENT IN SECURITIES—100.6% (IDENTIFIED COST $1,164,988,274)4	1,222,246,864
		OTHER ASSETS AND LIABILITIES - NET—(0.6)%5	(6,991,024)
		TOTAL NET ASSETS—100%	$1,215,255,840

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated holding during the period ended October 31, 2018, were as follows:

	Federated Government Obligations Fund, Premier Shares*	Federated Institutional Prime Value Obligations Fund, Institutional Shares*	Total of Affiliated Transactions
Balance of Shares Held 10/31/2017	—	13,853,250	13,853,250
Purchases/Additions	117,860,074	256,864,264	374,724,338
Sales/Reductions	(110,063,499)	(245,638,985)	(355,702,484)
Balance of Shares Held 10/31/2018	7,796,575	25,078,529	32,875,104
Value	$7,796,575	$25,081,037	$32,877,612
Change in Unrealized Appreciation/Depreciation	N/A	$2,897	$2,897
Net Realized Gain/(Loss)	N/A	$(1,836)	$(1,836)
Dividend Income	$91,423	$459,452	$550,875

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*	All or a portion of the balance/activity for the fund relates to cash collateral on security lending transactions.
1	Non-income-producing security.
2	All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
3	7-day net yield.
4	The cost of investments for federal tax purposes amounts to $1,168,349,710.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2018.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of October 31, 2018, all investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.

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Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)¹

	Year Ended October 31,				Period Ended 10/31/20142
	2018	2017	2016	2015
Net Asset Value, Beginning of Period	$29.29	$26.09	$27.84	$29.89	$28.47
Income From Investment Operations:
Net investment income (loss)	0.323	0.383	0.423	0.37	0.13
Net realized and unrealized gain (loss)	1.04	4.22	0.16	(0.00)4	1.44
TOTAL FROM INVESTMENT OPERATIONS	1.36	4.60	0.58	0.37	1.57
Less Distributions:
Distributions from net investment income	(0.33)	(0.40)	(0.42)	(0.36)	(0.15)
Distributions from net realized gain	(2.48)	(1.00)	(1.91)	(2.06)	—
TOTAL DISTRIBUTIONS	(2.81)	(1.40)	(2.33)	(2.42)	(0.15)
Net Asset Value, End of Period	$27.84	$29.29	$26.09	$27.84	$29.89
Total Return5	4.69%	18.08%	2.47%	1.12%	5.51%
Ratios to Average Net Assets:
Net expenses	0.98%6	0.99%	0.98%	0.99%	0.99%7
Net investment income	1.23%	1.37%	1.65%	1.28%	1.04%7
Expense waiver/reimbursement8	0.21%	0.21%	0.22%	0.24%	0.26%7
Supplemental Data:
Net assets, end of period (000 omitted)	$508,415	$24,237	$14,389	$12,035	$3,518
Portfolio turnover	95%	99%	88%	77%	34%9

1	Federated MDT Large Cap Value Fund (the “Predecessor Fund”) was reorganized into Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of the same name of Federated Adviser Series (formerly, Federated MDT Equity Trust), as of the close of business on December 8, 2017. 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	Reflects operations for the period from May 1, 2014 (date of initial investment) to October 31, 2014.
3	Per share number has been calculated using the average shares method.
4	Represents less than $0.01.
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 less than one year are not annualized.
6	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.98%, for the year ended October 31, 2018, after taking into account this expense reduction.
7	Computed on an annualized basis.
8	This expense decrease is reflected in both the net expense and net investment income ratios shown above.
9	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2014.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

13

Financial Highlights–Class B Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$28.04
Income From Investment Operations:
Net investment income (loss)	0.102
Net realized and unrealized gain (loss)	(0.17)
TOTAL FROM INVESTMENT OPERATIONS	(0.07)
Less Distributions:
Distributions from net investment income	(0.12)
Net Asset Value, End of Period	$27.85
Total Return3	(0.24)%
Ratios to Average Net Assets:
Net expenses	1.83%4,5
Net investment income	0.38%4
Expense waiver/reimbursement6	0.17%4
Supplemental Data:
Net assets, end of period (000 omitted)	$11,823
Portfolio turnover	95%7

1	Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.
2	Per share number has been calculated using the average shares method.
3	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.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.83%, for the year ended October 31, 2018, after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and net investment income ratios shown above.
7	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

14

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$28.04
Income From Investment Operations:
Net investment income (loss)	0.122
Net realized and unrealized gain (loss)	(0.18)
TOTAL FROM INVESTMENT OPERATIONS	(0.06)
Less Distributions:
Distributions from net investment income	(0.13)
Net Asset Value, End of Period	$27.85
Total Return3	(0.21)%
Ratios to Average Net Assets:
Net expenses	1.79%4,5
Net investment income	0.44%4
Expense waiver/reimbursement6	0.17%4
Supplemental Data:
Net assets, end of period (000 omitted)	$15,215
Portfolio turnover	95%7

1	Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.
2	Per share number has been calculated using the average shares method.
3	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.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.79%, for the year ended October 31, 2018, after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and net investment income ratios shown above.
7	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

15

Financial Highlights–Class R Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$28.04
Income From Investment Operations:
Net investment income (loss)	0.202
Net realized and unrealized gain (loss)	(0.16)
TOTAL FROM INVESTMENT OPERATIONS	0.04
Less Distributions:
Distributions from net investment income	(0.23)
Net Asset Value, End of Period	$27.85
Total Return3	0.12%
Ratios to Average Net Assets:
Net expenses	1.43%4,5
Net investment income	0.78%4
Expense waiver/reimbursement6	0.17%4
Supplemental Data:
Net assets, end of period (000 omitted)	$18,198
Portfolio turnover	95%7

1	Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.
2	Per share number has been calculated using the average shares method.
3	Based on net asset value. Total returns for periods of less than one year are not annualized.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.43%, for the year ended October 31, 2018, after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and net investment income ratios shown above.
7	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

16

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)¹

	Year Ended October 31,
	2018	2017	2016	2015	2014
Net Asset Value, Beginning of Period	$29.30	$26.10	$27.85	$29.90	$28.56
Income From Investment Operations:
Net investment income (loss)	0.442	0.462	0.482	0.42	0.37
Net realized and unrealized gain (loss)	0.98	4.20	0.15	(0.00)3	4.54
TOTAL FROM INVESTMENT OPERATIONS	1.42	4.66	0.63	0.42	4.91
Less Distributions:
Distributions from net investment income	(0.38)	(0.46)	(0.47)	(0.41)	(0.34)
Distributions from net realized gain	(2.48)	(1.00)	(1.91)	(2.06)	(3.23)
TOTAL DISTRIBUTIONS	(2.86)	(1.46)	(2.38)	(2.47)	(3.57)
Net Asset Value, End of Period	$27.86	$29.30	$26.10	$27.85	$29.90
Total Return4	4.92%	18.32%	2.70%	1.32%	18.93%
Ratios to Average Net Assets:
Net expenses	0.77%5	0.78%	0.76%	0.77%	0.77%
Net investment income	1.52%	1.64%	1.87%	1.50%	1.26%
Expense waiver/reimbursement6	0.18%	0.21%	0.22%	0.22%	0.23%
Supplemental Data:
Net assets, end of period (000 omitted)	$416,364	$368,749	$241,699	$244,104	$165,122
Portfolio turnover	95%	99%	88%	77%	34%

1	Federated MDT Large Cap Value Fund (the “Predecessor Fund”) was reorganized into Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of the same name Federated Adviser Series (formerly, Federated MDT Equity Trust), as of the close of business on December 8, 2017. 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	Per share number has been calculated using the average shares method.
3	Represents less than $0.01.
4	Based on net asset value.
5	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.77%, for the year ended October 31, 2018, after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

17

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)¹

	Year Ended October 31,
	2018	2017	2016	2015	2014
Net Asset Value, Beginning of Period	$29.31	$26.11	$27.85	$29.90	$28.56
Income From Investment Operations:
Net investment income (loss)	0.392	0.402	0.422	0.37	0.30
Net realized and unrealized gain (loss)	0.96	4.20	0.17	(0.01)	4.55
TOTAL FROM INVESTMENT OPERATIONS	1.35	4.60	0.59	0.36	4.85
Less Distributions:
Distributions from net investment income	(0.31)	(0.40)	(0.42)	(0.35)	(0.28)
Distributions from net realized gain	(2.48)	(1.00)	(1.91)	(2.06)	(3.23)
TOTAL DISTRIBUTIONS	(2.79)	(1.40)	(2.33)	(2.41)	(3.51)
Net Asset Value, End of Period	$27.87	$29.31	$26.11	$27.85	$29.90
Total Return3	4.67%	18.06%	2.50%	1.10%	18.68%
Ratios to Average Net Assets:
Net expenses	0.99%4	0.99%	0.98%	0.99%	0.99%
Net investment income	1.32%	1.42%	1.66%	1.28%	1.06%
Expense waiver/reimbursement5	0.18%	0.21%	0.24%	0.23%	0.23%
Supplemental Data:
Net assets, end of period (000 omitted)	$216,890	$270,371	$251,246	$277,253	$313,714
Portfolio turnover	95%	99%	88%	77%	34%

1	Federated MDT Large Cap Value Fund (the “Predecessor Fund”) was reorganized into Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of the same name of Federated Adviser Series (formerly, Federated MDT Equity Trust), as of the close of business on December 8, 2017. 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	Per share number has been calculated using the average shares method.
3	Based on net asset value.
4	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.99%, for the year ended October 31, 2018, after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

18

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)¹

	Year Ended October 31,		Period Ended 10/31/20162
	2018	2017
Net Asset Value, Beginning of Period	$29.31	$26.11	$24.51
Income From Investment Operations:
Net investment income (loss)	0.443	0.473	0.083
Net realized and unrealized gain (loss)	1.00	4.21	1.62
TOTAL FROM INVESTMENT OPERATIONS	1.44	4.68	1.70
Less Distributions:
Distributions from net investment income	(0.39)	(0.48)	(0.10)
Distributions from net realized gain	(2.48)	(1.00)	—
TOTAL DISTRIBUTIONS	(2.87)	(1.48)	(0.10)
Net Asset Value, End of Period	$27.88	$29.31	$26.11
Total Return4	5.01%	18.40%	6.95%
Ratios to Average Net Assets:
Net expenses	0.70%5	0.71%	0.69%6
Net investment income	1.57%	1.67%	0.85%6
Expense waiver/reimbursement7	0.17%	0.19%	0.24%6
Supplemental Data:
Net assets, end of period (000 omitted)	$28,350	$51,147	$28,838
Portfolio turnover	95%	99%	88%8

1	Federated MDT Large Cap Value Fund (the “Predecessor Fund”) was reorganized into Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of the same name of Federated Adviser Series (formerly, Federated MDT Equity Trust), as of the close of business on December 8, 2017. 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	Reflects operations for the period from June 29, 2016 (date of initial investment) to October 31, 2016.
3	Per share number has been calculated using the average shares method.
4	Based on net asset value. Total returns for periods less than one year are not annualized.
5	The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 0.70%, for the year ended October 31, 2018, after taking into account this expense reduction.
6	Computed on an annualized basis.
7	This expense decrease is reflected in both the net expense and net investment income ratios shown above.
8	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2016.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

19

Statement of Assets and Liabilities

October 31, 2018

Assets:
Total investment in securities, at value including $8,666,272 of securities loaned and $32,877,612 of investment in an affiliated holding (identified cost $1,164,988,274)		$1,222,246,864
Receivable for investments sold		5,357,602
Income receivable		1,519,292
Receivable for shares sold		517,727
TOTAL ASSETS		1,229,641,485
Liabilities:
Payable for collateral due to broker for securities lending	$9,096,575
Payable for investments purchased	3,944,585
Payable for shares redeemed	620,255
Due to custodian	547
Payable for other service fees (Notes 2 and 5)	278,102
Payable for investment adviser fee (Note 5)	36,530
Payable for distribution services fee (Note 5)	25,717
Payable for administrative fee (Note 5)	2,647
Accrued expenses (Note 5)	380,687
TOTAL LIABILITIES		14,385,645
Net assets for 43,630,697 shares outstanding		$1,215,255,840
Net Assets Consists of:
Paid-in capital		$1,073,001,280
Total distributable earnings		142,254,560
TOTAL NET ASSETS		$1,215,255,840

Annual Shareholder Report

20

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($508,414,801 ÷ 18,261,695 shares outstanding), no par value, unlimited shares authorized	$27.84
Offering price per share (100/94.50 of $27.84)	$29.46
Redemption proceeds per share	$27.84
Class B Shares:
Net asset value per share ($11,823,337 ÷ 424,538 shares outstanding), no par value, unlimited shares authorized	$27.85
Offering price per share	$27.85
Redemption proceeds per share (94.50/100 of $27.85)	$26.32
Class C Shares:
Net asset value per share ($15,215,281 ÷ 546,394 shares outstanding), no par value, unlimited shares authorized	$27.85
Offering price per share	$27.85
Redemption proceeds per share (99/100 of $27.85)	$27.57
Class R Shares:
Net asset value per share ($18,198,417 ÷ 653,558 shares outstanding), no par value, unlimited shares authorized	$27.85
Offering price per share	$27.85
Redemption proceeds per share	$27.85
Institutional Shares:
Net asset value per share ($416,363,623 ÷ 14,946,049 shares outstanding), no par value, unlimited shares authorized	$27.86
Offering price per share	$27.86
Redemption proceeds per share	$27.86
Service Shares:
Net asset value per share ($216,889,894 ÷ 7,781,499 shares outstanding), no par value, unlimited shares authorized	$27.87
Offering price per share	$27.87
Redemption proceeds per share	$27.87
Class R6 Shares:
Net asset value per share ($28,350,487 ÷ 1,016,964 shares outstanding), no par value, unlimited shares authorized	$27.88
Offering price per share	$27.88
Redemption proceeds per share	$27.88

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

21

Statement of Operations

Year Ended October 31, 2018

Investment Income:
Dividends (including $419,531 received from an affiliated holding* and net of foreign taxes withheld of $11,298)			$28,175,428
Net income on securities loaned (includes $131,344 received from affiliated holdings* related to cash collateral balances)			84,240
Interest			8,807
TOTAL INCOME			28,268,475
Expenses:
Investment adviser fee (Note 5)		$8,610,194
Administrative fee (Note 5)		1,002,990
Custodian fees		50,416
Transfer agent fees (Note 2)		1,526,062
Directors'/Trustees' fees (Note 5)		17,019
Auditing fees		37,070
Legal fees		14,234
Distribution services fee (Note 5)		349,537
Other service fees (Notes 2 and 5)		1,849,607
Portfolio accounting fees		197,463
Share registration costs		167,581
Printing and postage		112,441
Miscellaneous (Note 5)		49,972
TOTAL EXPENSES		13,984,586
Waiver, Reimbursements and Reduction:
Waiver/reimbursement of investment adviser fee (Note 5)	$(2,159,444)
Reimbursements of other operating expenses (Notes 2 and 5)	(212,148)
Reduction of custodian fees (Note 6)	(217)
TOTAL WAIVER, REIMBURSEMENTS AND REDUCTION		(2,371,809)
Net expenses			11,612,777
Net investment income			16,655,698

Annual Shareholder Report

22

Statement of Operations–continued

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments (including realized loss of $(1,836) on sales of investments in an affiliated holding*)	85,047,937
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $2,897 of investments in an affiliated holding*)	(60,565,284)
Net realized and unrealized gain (loss) on investments and foreign currency transactions	24,482,653
Change in net assets resulting from operations	$41,138,351

* See information listed after the Fund's Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

23

Statement of Changes in Net Assets

Year Ended October 31	2018	2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$16,655,698	$10,676,436
Net realized gain	85,047,937	59,229,425
Net change in unrealized appreciation/depreciation	(60,565,284)	35,753,539
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	41,138,351	105,659,400
Distributions to Shareholders (Note 2):
Class A Shares	(8,383,344)	(904,440)
Class B Shares	(68,937)	—
Class C Shares	(128,798)	—
Class R Shares	(161,433)	—
Institutional Shares	(36,540,751)	(14,845,087)
Service Shares	(24,838,302)	(13,348,018)
Class R6 Shares	(5,202,781)	(1,844,706)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(75,324,346)	(30,942,251)
Share Transactions:
Proceeds from sale of shares	206,745,706	157,791,625
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	685,573,710	—
Proceeds from shares issued in connection with the tax-free transfer of assets from Hancock Horizon Value Fund	—	150,708,500
Net asset value of shares issued to shareholders in payment of distributions declared	70,320,757	27,915,991
Cost of shares redeemed	(427,701,996)	(232,801,748)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	534,938,177	103,614,368
Change in net assets	500,752,182	178,331,517
Net Assets:
Beginning of period	714,503,658	536,172,141
End of period	$1,215,255,840	$714,503,658

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

24

Notes to Financial Statements

October 31, 2018

1. ORGANIZATION

Federated Adviser Series (formerly Federated MDT Equity Trust) (the “Trust”) was established as a Delaware statutory trust on July 12, 2017, and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of one diversified portfolio, Federated MDT Large Cap Value Fund (the “Fund”). The Fund offers seven classes of shares: Class A Shares, Class B Shares, Class C Shares, Class R Shares, Institutional Shares, Service Shares, and Class R6 Shares. Class T Shares are effective with the Securities and Exchange Commission (SEC), but currently are not being offered. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The Fund's investment objective is to provide growth of income and capital.

On February 1, 2018, Class B Shares were closed to new purchases made by existing shareholders (excluding reinvestment of dividends and capital gains).

Effective June 18, 2018, Class B Shares may be exchanged for Class B Shares of any other Federated fund.

Effective August 1, 2018, an automatic conversion feature for Class C Shares was implemented. Pursuant to this automatic conversion feature, after Class C Shares have been held for ten years from the date of purchase, they will automatically convert to Class A Shares on the next monthly conversion processing date.

Effective December 8, 2017 the Fund became the successor fund (the “Successor Fund”) to Federated MDT Large Cap Value Fund (a Massachusetts business trust of the same name) (the “Predecessor Fund”) and assumed all of its net assets pursuant to a reorganization involving the Fund, the Predecessor Fund and Federated Clover Value Fund. At which time, the Fund also began offering Class B Shares, Class C Shares and Class R Shares. The Fund is the legal entity survivor and the Predecessor Fund is the accounting and tax survivor of the reorganization. Prior to December 8, 2017, the Fund had no investment operations and accordingly, the performance and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund's operations.

On December 8, 2017, the Fund acquired all of the net assets of Federated Clover Value Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization, in exchange for Class A Shares, Class B Shares, Class C Shares, Class R Shares and Institutional Shares. In connection with the acquisition the Acquired Fund's Class A Shares, Class B Shares, Class C Shares, Class R Shares and Institutional Shares were exchanged for Class A Shares, Class B Share, Class C Shares, Class R Shares and Institutional Shares of the Fund. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Annual Shareholder Report

25

For every Institutional Share of the Acquired Fund exchanged, a shareholder of the Acquired Fund received approximately 0.81 of Institutional Shares of the Fund. For every Class A Share, Class B Share, Class C Share and Class R Share of the Acquired Fund exchanged, a shareholder of the Acquired Fund received approximately 0.81, 0.80, 0.80 and 0.81, respectively, of the same share Class of the Fund.

The Fund received net assets from the Acquired Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Acquired Fund Net Assets Received	Unrealized Appreciation+	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
24,464,295	$685,573,710	$33,264,582	$728,160,517	$1,413,734,227

⁺ Unrealized Appreciation is included in the Acquired Fund Net Assets Received amount shown above.

Assuming the acquisition had been completed on November 1, 2017, the beginning of the annual reporting period of the Fund, the Fund's pro forma results of operations for the year ended October 31, 2018, are as follows:

Net investment income*	$9,058,862
Net realized and unrealized gain on investments	$51,838,708
Net increase in assets resulting from operations	$60,897,570

* Net investment income reflects $151,403 of pro forma eliminated expenses.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amount of revenue and earnings of the Acquired Fund that have been included in the Fund's Statement of Operations and Statement of Changes in Net Assets as of October 31, 2018.

On January 27, 2017, the Predecessor Fund acquired all of the net assets of Hancock Horizon Value Fund (the “Hancock Acquired Fund”), an open-end investment company in a tax-free reorganization, in exchange for Institutional Shares and Service Shares of the Fund pursuant to a plan of reorganization approved by the Hancock Acquired Fund's Shareholders. In connection with the acquisition, the Hancock Acquired Fund's Institutional Class Shares were exchanged for Institutional Shares of the Fund and the Hancock Acquired Fund's Class A Shares and Class C Shares were exchanged for Service Shares of the Fund. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Hancock Acquired Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

For every Institutional Class Share of the Hancock Acquired Fund exchanged, a shareholder of the Hancock Acquired Fund received approximately 0.86 of Institutional Shares of the Fund. For every Class A Share and Class C Share of the Hancock Acquired Fund exchanged, a shareholder of the Acquired Fund received approximately 0.85 and 0.82, respectively, of Service Shares of the Fund.

Annual Shareholder Report

26

The Fund received net assets from the Hancock Acquired Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Hancock Acquired Fund Net Assets Received	Unrealized Appreciation+	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
5,463,997	$150,708,500	$29,064,247	$587,440,550	$738,149,050

⁺ Unrealized Appreciation is included in the Hancock Acquired Fund Net Assets Received amount shown above.

Assuming the acquisition had been completed on November 1, 2016, the beginning of the annual reporting period of the Fund, the Fund's pro forma results of operations for the year ended October 31, 2017, are as follows:

Net investment income*	$5,466,507
Net realized and unrealized loss on investments	$(84,477,336)
Net decrease in assets resulting from operations	$(79,010,829)

* Net investment income reflects $115,774 of pro forma eliminated expenses.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amount of earnings of the Hancock Acquired Fund that has been included in the Fund's Statement of Changes in Net Assets as of October 31, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■	Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■	Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■	Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■	Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■	Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■	For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar

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securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”) is deemed not representative of fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.

Fair Valuation and Significant Events Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value

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will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■	With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■	Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■	Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

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Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver, reimbursements and reduction of $2,371,809 is disclosed in various locations in this Note 2, Note 5 and Note 6.

For the year ended October 31, 2018, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$594,287	$(165,260)
Class B Shares	23,879	—
Class C Shares	32,182	—
Class R Shares	51,507	(239)
Institutional Shares	507,447	(19,023)
Service Shares	289,219	(27,626)
Class R6 Shares	27,541	—
TOTAL	$1,526,062	$(212,148)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The distributions disclosed on the Statement of Changes in Net Assets for the year ended October 31, 2017, were from the following sources:

Net investment income
Class A Shares	$(321,990)
Institutional Shares	(5,602,308)
Service Shares	(3,941,158)
Class R6 Shares	(706,805)

Net realized gain
Class A Shares	$(582,450)
Institutional Shares	(9,242,779)
Service Shares	(9,406,860)
Class R6 Shares	(1,137,901)

Undistributed net investment income at October 31, 2017, was $846,550.

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Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated Investors, Inc. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the year ended October 31, 2018, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$1,192,598
Class B Shares	32,348
Class C Shares	54,559
Service Shares	570,102
TOTAL	$1,849,607

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended October 31, 2018, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of October 31, 2018, tax years 2015 through 2018 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund's NAV decreases, result in the Fund

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recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the securities lending agent, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

The securities lending agreement permits the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts, but gross. The cash collateral received by the Fund exceeds the market value of the securities loaned, reducing the net settlement amount to zero. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund. As of October 31, 2018, securities subject to this type of arrangement and related collateral was as follows:

Market Value of Securities Loaned	Market Value of Collateral
$8,666,272	$9,096,575

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2018		2017
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	1,223,115	$29,874,975	751,444	$20,815,414
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	18,504,784	518,504,618	—	—
Shares issued to shareholders in payment of distributions declared	275,771	7,785,644	32,336	884,542
Shares redeemed	(2,569,341)	(68,363,846)	(507,853)	(14,181,013)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	17,434,329	$487,801,391	275,927	$7,518,943

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Year Ended October 31	20181		2017
Class B Shares:	Shares	Amount	Shares	Amount
Shares sold	5,690	$184,252	—	$—
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	604,723	16,956,425	—	—
Shares issued to shareholders in payment of distributions declared	2,392	67,433	—	—
Shares redeemed	(188,267)	(5,357,039)	—	—
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	424,538	$11,851,071	—	$—

Year Ended October 31	20181		2017
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	95,695	$2,749,712	—	$—
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	1,009,177	28,297,299	—	—
Shares issued to shareholders in payment of distributions declared	4,377	123,001	—	—
Shares redeemed	(562,855)	(16,192,930)	—	—
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	546,394	$14,977,082	—	$—

Year Ended October 31	20181		2017
Class R Shares:	Shares	Amount	Shares	Amount
Shares sold	89,276	$2,550,595	—	$—
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	768,807	21,557,367	—	—
Shares issued to shareholders in payment of distributions declared	5,577	157,990	—	—
Shares redeemed	(210,102)	(5,979,377)	—	—
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS	653,558	$18,286,575	—	$—

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Year Ended October 31	2018		2017
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	4,530,398	$127,586,351	3,191,189	$88,959,701
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Clover Value Fund	3,576,804	100,258,001	—	—
Proceeds from shares issued in connection with the tax-free transfer of assets from Hancock Horizon Value Fund		—	4,314,945	119,006,167
Shares issued to shareholders in payment of distributions declared	1,234,638	34,503,579	476,994	13,045,273
Shares redeemed	(6,979,791)	(199,661,869)	(4,659,735)	(130,436,118)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	2,362,049	$62,686,062	3,323,393	$90,575,023

Year Ended October 31	2018		2017
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	799,269	$22,836,902	951,043	$26,511,434
Proceeds from shares issued in connection with the tax-free transfer of assets from Hancock Horizon Value Fund	—	—	1,149,052	31,702,333
Shares issued to shareholders in payment of distributions declared	804,504	22,480,340	444,585	12,141,476
Shares redeemed	(3,045,449)	(87,227,687)	(2,944,641)	(82,508,225)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(1,441,676)	$(41,910,445)	(399,961)	$(12,152,982)

Year Ended October 31		2018		2017
Class R6 Shares:	Shares		Amount	Shares	Amount
Shares sold	722,994		$20,962,919	773,976	$21,471,126
Shares issued to shareholders in payment of distributions declared	185,872		5,202,770	67,304	1,844,700
Shares redeemed	(1,636,861)		(44,919,248)	(200,962)	(5,642,442)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	(727,995)		$(18,753,559)	640,318	$17,673,384
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	19,251,197		$534,938,177	3,839,677	$103,614,368

1 Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.

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4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2018 and 2017, was as follows:

	2018	2017
Ordinary income1	$37,582,546	$19,033,183
Long-tem capital gains	$37,741,800	$11,909,068

1 For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2018, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income2	$51,183,905
Undistributed long-term capital gains	$37,174,516
Net unrealized appreciation	$53,896,139

2 For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to differing treatments for the deferral of losses on wash sales and litigation settlement.

At October 31, 2018, the cost of investments for federal tax purposes was $1,168,349,710. The net unrealized appreciation of investments for federal tax purposes was $53,897,154. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $118,059,089 and net unrealized depreciation from investments for those securities having an excess of cost over value of $64,161,935.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.750% on the first $500 million in average daily net assets, 0.675% of the second $500 million in average daily net assets, 0.600% of the third $500 million in average daily net assets, 0.525% of the fourth $500 million in average daily net assets and 0.400% of average daily net assets in excess of $2 billion. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund.

Prior to December 8, 2017, under the investment advisory contract, the Adviser agreed to waive or reimburse the Fund the amount, limited to the amount of the advisory fee, by which the Fund's aggregate annual operating expenses, including the investment advisory fee but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its Shares under Federal and state laws, expenses of withholding taxes and extraordinary expenses, exceeded 1.00% of its average daily net assets.

For the year ended October 31, 2018, the Adviser waived $2,141,945 of its fee and reimbursed $212,148 of transfer agent fees.

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The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended October 31, 2018, the Adviser reimbursed $17,499.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2018, the annualized fee paid to FAS was 0.080% of average daily net assets of the Fund.

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares and Class R Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class B Shares	0.75%
Class C Shares	0.75%
Class R Shares	0.50%

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2018, distribution services fees for the Fund were as follows:

	Distribution Service Fees Incurred
Class B Shares	$97,043
Class C Shares	163,680
Class R Shares	88,814
TOTAL	$349,537

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2018, FSC retained $107,376 of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2018, FSSC received $332,508 of the other service fees and reimbursed $212,148 of transfer agents fees disclosed in Note 2.

Sales Charges

Front-end sales charges do not represent expenses of the Fund. They are deducted from the proceeds of sales of the Fund shares prior to investment. For the year ended October 31, 2018, FSC retained $10,852 in sales charges from the sale of Class A Shares. FSC also retained $8,738 and $440 of CDSC relating to redemptions of Class B Shares and Class C Shares, respectively.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy related expenses paid by the Fund, if any) paid by the Fund's Class A Shares, Class B Shares, Class C Shares, Class R Shares, Institutional Shares, Service Shares and Class R6 Shares (after the voluntary waivers and reimbursements) will not exceed 0.98%, 1.85%, 1.80%, 1.43%, 0.76%, 0.98% and 0.69% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2020; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors'/Trustees' and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

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6. EXPENSE REDUCTION

Through arrangements with the Fund's custodian, net credits realized as a result of uninvested cash balances were used to reduce custody expenses. For the year ended October 31, 2018, the Fund's expenses were reduced by $217 under these arrangements.

7. Investment TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended October 31, 2018, were as follows:

Purchases	$1,560,867,022
Sales	$1,129,736,037

8. LINE OF CREDIT

The Fund participates with certain other Federated Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement. The LOC was made available to finance temporarily the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), and (iii) 0.0%, plus (b) a margin. The LOC also requires the Fund to pay, quarterly in arrears and at maturity, its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized. As of October 31, 2018, the Fund had no outstanding loans. During the year ended October 31, 2018, the Fund did not utilize the LOC.

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Investors, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of October 31, 2018, there were no outstanding loans. During the year ended October 31, 2018, the program was not utilized.

10. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended October 31, 2018, 56.64% of total ordinary income distributions made by the Fund are qualifying dividends which may be subject to a maximum rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV. Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended October 31, 2018, 54.96% qualify for the dividend received deduction available to corporate shareholders.

For the year ended October 31, 2018, the amount of long-term capital gains designated by the Fund was $37,741,800.

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Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES of Federated Adviser Series and Shareholders of Federated MDT Large Cap Value Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of Federated Adviser Series (formerly Federated MDT Equity Trust), as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Federated Investors' investment companies since 2006.

Boston, Massachusetts
December 21, 2018

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees; and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2018 to October 31, 2018.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 5/1/2018	Ending Account Value 10/31/2018	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$999.70	$4.94
Class B Shares	$1,000	$995.30	$9.15
Class C Shares	$1,000	$995.90	$9.01
Class R Shares	$1,000	$997.70	$7.20
Institutional Shares	$1,000	$1,000.80	$3.83
Service Shares	$1,000	$999.70	$4.94
Class R6 Shares	$1,000	$1,001.50	$3.48
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,020.27	$4.99
Class B Shares	$1,000	$1,016.03	$9.25
Class C Shares	$1,000	$1,016.18	$9.10
Class R Shares	$1,000	$1,018.00	$7.27
Institutional Shares	$1,000	$1,021.37	$3.87
Service Shares	$1,000	$1,020.27	$4.99
Class R6 Shares	$1,000	$1,021.73	$3.52

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 expense ratios are as follows:

Class A Shares	0.98%
Class B Shares	1.82%
Class C Shares	1.79%
Class R Shares	1.43%
Institutional Shares	0.76%
Service Shares	0.98%
Class R6 Shares	0.69%

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In Memoriam

With profound sadness, Federated announces the passing of Richard B. (“Dick”) Fisher. He will be greatly missed.

RICHARD B. FISHER

(Former Officer of the Federated Funds, Chairman of Federated Securities Corp., and Vice Chairman of Federated Investors, Inc.)

Dick Fisher, along with John F. (“Jack”) Donahue and Thomas J. Donnelly, Esq., co-founded Federated in 1955 and served as a leader, particularly for Federated's sales division, and an officer of the Federated Funds. Mr. Fisher was a family man of deep faith, with exemplary character, prodigious generosity, immeasurable devotion, undeniable charm and a good sense of humor. He served his religion, family, community, and the Federated Funds and Federated, as well as their shareholders, officers and employees, with distinction. His integrity, intelligence, and keen sense of duty to shareholders, coupled with his faith and devotion to family, allowed him to become the consummate gentleman and salesman par excellence who will be greatly missed. Among his many achievements, Mr. Fisher led the sales strategy and execution for Federated's Fund for U.S. Government Securities, the first fund to invest exclusively in government bonds, and spearheaded the campaign for sales of Federated's Government Income Securities Fund, the first of what would become Federated's Fortress family of funds. Federated expresses deep gratitude to Mr. Fisher for his inspiring leadership, distinguished service and contributions as a husband, father, co-founder, officer, colleague and friend.

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2017, the Trust comprised one portfolio(s), and the Federated Fund Family consisted of 40 investment companies (comprising 108 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

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Interested TRUSTEES Background

Name Birth Date Positions Held with Fund 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 Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, 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.
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 Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, 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; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company.

* Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries.

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INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Fund 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 of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. 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, The Collins Group, Inc. (a private equity firm). 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).
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: May 2017	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, 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 is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.

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Name Birth Date Positions Held with Fund Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: May 2017	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Professor and Adjunct Professor of Law, Duquesne University School of Law; formerly, 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 (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. 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; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). 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; Regent, St. Vincent Seminary; and Director and Chair, North Catholic High School, Inc.
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: May 2017	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: May 2017	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated 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 and Director, The Golisano Children's Museum of Naples, Florida. 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); and Director, Midway Pacific (lumber).

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Name Birth Date Positions Held with Fund 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 Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). 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, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); 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, and Chair of the Board of Directors or Trustees, of the Federated 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).

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OFFICERS

Name Birth Date Address Positions Held with Fund 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 Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, 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: November 2017	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, 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 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 Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, 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 Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated 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 Investors, Inc. Prior to joining Federated, 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.

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Name Birth Date Address Positions Held with Fund 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 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.

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Evaluation and Approval of Advisory Contract–May 2018

Federated MDT Large Cap Value Fund (the “Fund”)

At its meetings in May 2018, the Fund's Board of Trustees (the “Board”), including a majority of those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”) reviewed and unanimously approved the continuation of the Fund's investment advisory contract for an additional one-year term. The Board's decision regarding the contract reflects the exercise of its business judgment after considering all of the information received on whether to continue the existing arrangements.

The Board had previously appointed a Senior Officer, whose duties included specified responsibilities relating to the process by which advisory fees are to be charged to a fund advised by Federated MDTA LLC (the “Adviser”) or its affiliates (collectively, “Federated”) (each, a “Federated fund”). The Senior Officer's responsibilities included preparation and furnishing to the Board an annual independent written evaluation that covered topics discussed below. In December 2017, the Senior Officer position was eliminated. Notwithstanding the elimination of the Senior Officer position, at the request of the Independent Trustees, the Fund's Chief Compliance Officer (the CCO) furnished to the Board in advance of its May 2018 meetings an independent written evaluation covering substantially the same topics that had been covered in the Senior Officer's written evaluation in prior years. The Board considered the CCO's independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund's management fee and in deciding to approve the continuation of the investment advisory contract. Consistent with the former Senior Officer position, the CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in making its decision. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the fund, its benchmark, and comparable funds); (2) an adviser's cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been shared with a fund and its shareholders or the family of funds; (4) any “fall-out” financial benefits that accrue to an adviser because of its relationship with a fund (including

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research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the Adviser or its affiliates for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser's services and fees). The Board noted that the Securities and Exchange Commission (SEC) disclosure requirements regarding the basis for the Board's approval of the Fund's investment advisory contract generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Fund's investment advisory contract to the extent it considered them to be appropriate and relevant, as discussed further below.

The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated on matters relating to the Federated funds. The Independent Trustees were assisted in their deliberations by independent legal counsel.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board received detailed information about the Fund and the Federated organization throughout the year, and in connection with its May meetings at which the Board's formal approval of the advisory and subadvisory contracts occurred. In this regard, Federated provided much of this information at each regular meeting of the Board, and furnished additional information specifically in connection with the May meetings. In the months preceding the May meetings, the Board requested and reviewed written materials prepared by Federated in response to requests on behalf of the Independent Trustees encompassing a wide variety of topics. At the May meetings, in addition to meeting in separate sessions of the Independent Trustees without management present, senior management of the Adviser also met with the Independent Trustees and their counsel to discuss the materials presented and such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the advisory and subadvisory contracts. Between regularly scheduled meetings, the Board also received information on particular matters as the need arose.

The Board's consideration of the investment advisory contract included review of the CCO's Fee Evaluation Report, accompanying data and additional information covering the following matters, among others: the Adviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in terms relative to its particular investment program and certain competitor or “peer group” funds and/or other benchmarks, as appropriate) and comments on the

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reasons for performance; the Fund's investment objectives; the Fund's expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to similar and/or competing funds), with due regard for contractual or voluntary expense limitations; the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board has found the use of such comparisons to be relevant to its deliberations. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated using data supplied by independent fund ranking organizations (the “Peer Group”). The Board received a description of the composition and methodology used to select the Peer Group. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because it is believed that they are more relevant. For example, other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles. Also, they are the type of investment vehicle, in fact, chosen and maintained by the Fund's investors. The range of their fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

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The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the relevant Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board. In this regard, the Board had been previously advised that, while comparisons to fund Peer Groups are relevant in judging the reasonableness of advisory fees, the Fund's quantitative focus makes fee and expense comparisons particularly difficult. Although the Fund's advisory fee was above the median of the peer range, the Peer Group of funds varied widely in their complexity, and the Board has been informed that the management of the Fund is among the more complex relative to its Peer Group.

For comparison, the CCO reviewed the fees charged by Federated for providing advisory services to products other than the Federated funds (e.g., institutional and separate accounts and third-party unaffiliated mutual funds for which Federated serves as sub-adviser) (referenced to as “Comparable Funds/Accounts”). With respect to Comparable Funds/Accounts other than third-party mutual funds, the CCO concluded that they are inherently different products. Those differences include, but are not limited to, different types of targeted investors; different applicable laws and regulations; different legal structures; different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; and the time spent by portfolio managers and their teams, as well as personnel in the Funds Financial Services, Legal, Compliance and Risk Management departments, in reviewing securities pricing, addressing different administrative responsibilities, addressing different degrees of risk associated with management and a variety of different costs. The CCO also reviewed the differences in the nature of the services required for Federated to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution's mutual fund, and that Federated generally performs significant additional services and assumes substantially greater risk in managing the Fund and other Federated funds than in its role as sub-adviser to an unaffiliated third-party mutual fund. The CCO did not consider the fees for providing advisory services to Comparable Funds/Accounts to be determinative in judging the appropriateness of the Federated funds' advisory fees.

The CCO noted that the services, administrative responsibilities and risks associated with such relationships are quite different than serving as a primary adviser to a fund.

Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

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The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser's personnel, experience, track record, overall reputation and willingness to invest in personnel and infrastructure that benefit the Fund. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser's ability and experience in attracting and retaining qualified personnel to service the Fund. The Board noted the compliance program of the Adviser and the compliance-related resources provided to the Fund by the Adviser, including the Adviser's commitment to respond to rulemaking initiatives of the SEC. The Fund's ability to deliver competitive performance when compared to its Peer Group was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund's investment program. The Adviser's ability to execute this program was one of the Board's considerations in reaching a conclusion that the nature, extent and quality of the Adviser's investment management services warrant the continuation of the investment advisory contract.

In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus. The Board considered detailed investment reports on the Fund's performance that were provided to the Board throughout the year and in connection with the May meetings. The CCO also reviewed information regarding the performance of other mutual funds in the Peer Group, noting the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases individual funds may exhibit significant and unique differences in their objectives and management techniques when compared to other funds within a Peer Group, and that the CCO had specifically noted that the Fund's quantitative focus makes fee and expense comparisons particularly difficult as the Peer Group of funds varied widely in their complexity, and the management of the Fund is among the more complex relative to its Peer Group.

For the periods coved by the CCO Fee Evaluation Report, the Fund's performance for the five-year period was above the median of the relevant Peer Group, and the Fund's performance fell below the median of the relevant Peer Group for the one-year and three-year periods. In addition, the Board was informed by the Adviser that, for the same periods, the Fund outperformed its benchmark index for the one-year and five-year periods and underperformed its benchmark index for the three-year period. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

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Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's advisory contract.

The Board also received financial information about Federated, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated derived from its relationships with the Federated funds. This information covered not only the fees under the investment advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator and distributor). In this regard, the Board considered that certain Federated subsidiaries provide distribution and shareholder services to the Federated funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The information also detailed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades. In addition, the Board considered the fact that, in order for a Federated fund to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated fund investors and/or indicated to the Board their intention to do so in the future. Moreover, the Board receives regular reporting as to the institution, adjustment or elimination of these voluntary waivers. The Board considered Federated's previous reductions in contractual management fees to certain Federated funds in response to the CCO's recommendations.

Federated furnished information, requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO. The CCO noted that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable, since a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated fund and may produce unintended consequences. The allocation information, including the CCO's view that fund-by-fund estimations may be unreliable, was considered in the evaluation by the Board.

The Board and the CCO also reviewed information compiled by Federated comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. In this regard, the CCO concluded that Federated's profit margins did not appear to be excessive. The CCO also noted that Federated appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Fund.

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The CCO Fee Evaluation Report also discussed the notion of possible realization of “economies of scale” as a fund grows larger. In this regard, the Board considered that the Adviser has made significant and long-term investments in areas that support all of the Federated funds, such as personnel and processes for the portfolio management, shareholder services, compliance, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and that the benefits of these efforts (as well as any economies of scale, should they exist) were likely to be shared with the Federated fund family as a whole. The Board noted that the Adviser's investments in these areas are extensive. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses and that this has allowed fund shareholders to share potential economies of scale with shareholders. The Board also considered that such waivers and reimbursements can provide protection from an increase in expenses if a Federated fund's assets decline. Federated, as it does throughout the year, and specifically in connection with the Board's review of the advisory and subadvisory contracts, furnished information relative to revenue sharing or adviser-paid fees. Federated and the CCO noted that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees because it would represent marketing and distribution expenses. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which (as discussed in the CCO Fee Evaluation Report) is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as a fund attains a certain size.

The CCO stated that his observations and the information accompanying the CCO Fee Evaluation Report supported a finding by the Board that the management fee for the Fund was reasonable. Under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Fund's investment advisory contract. The CCO also recognized that the Board's evaluation of the Federated funds' advisory and subadvisory arrangements is a continuing and on-going process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its on-going oversight of the Federated funds.

In its decision to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an investment advisory contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of the Adviser's industry standing and reputation and with the expectation that the

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56

Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board's approval of the investment advisory contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors summarized above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the investment advisory contract was appropriate.

The Board based its decision to approve the investment advisory contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were necessarily relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were relevant, the Board's decision to approve the continuation of the contract reflects its view that Federated's performance and actions provided a satisfactory basis to support the decision to continue the existing arrangement.

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57

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at www.FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” These filings are available on the SEC's website at www.sec.gov. You may also access this information via the link to the Fund and share class name at www.FederatedInvestors.com/FundInformation.

Annual Shareholder Report

58

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated MDT Large Cap Value Fund

Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 314209206
CUSIP 314209305
CUSIP 314209404
CUSIP 314209503
CUSIP 314209701
CUSIP 314209800
CUSIP 314209602

Q454126 (12/18)

Federated is a registered trademark of Federated Investors, Inc.
2018 ©Federated Investors, Inc.

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:   John T. Collins, 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 2018 - $28,020

Fiscal year ended 2017 - $37,070

(b)       Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2018 - $0

Fiscal year ended 2017 - $2,675

Fiscal year ended 2017- Audit consent fee for N-1A filing.

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 $5,105 respectively. Fiscal year ended 2017- Audit consents for N-14 merger documents.

(c)        Tax Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2018 - $0

Fiscal year ended 2017 - $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 2018 - $0

Fiscal year ended 2017 - $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.

(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 its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any 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 must approve 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, 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 Company’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 Company 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, 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 services other than audit, review or attest services the pre-approval requirement is waived if:

(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, 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 investment adviser that provides ongoing services to

the registrant to its accountant during the fiscal year in which the services are provided;

(2) Such services were not recognized by the registrant, 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 investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and

(3) Such services are promptly brought to the attention of the Audit Committee of the issuer 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 classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the 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 both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, 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 registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

4(b)

Fiscal year ended 2018 – 0%

Fiscal year ended 2017 - 0%

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants 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 2018 – 0%

Fiscal year ended 2017 – 0%

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants 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 2018 – 0%

Fiscal year ended 2017 – 0%

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants 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 investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser:

Fiscal year ended 2018 - $0

Fiscal year ended 2017 - $18,773

(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 investment 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.

The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firm, KPMG LLP (“KPMG”), has the ability to exercise objective and impartial judgment on all issues encompassed within its audit services. KPMG is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of KPMG, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.

In its required communications to the Audit Committee of the registrant’s Board, KPMG informed the Audit Committee that KPMG and/or covered person professionals within KPMG maintain lending relationships with certain owners of greater than 10% of the shares of the registrant and/or certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies audited by KPMG (collectively, the “KPMG Funds”).

KPMG informed the Audit Committee that KPMG believes that these lending relationships described above do not and will not impair KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that KPMG has been and is capable of objective and impartial judgment on all issues encompassed within KPMG’s audits.

On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to KPMG and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On May 2, 2018, the SEC proposed amendments to the Loan Rule, which, if adopted as proposed, would refocus the analysis that must be conducted to determine whether an auditor is independent when the

auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.

If it were to be determined that the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the KPMG Funds.

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 second

fiscal quarter of 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 Adviser Series

By /S/ Lori A. Hensler

Lori A. Hensler, Principal Financial Officer

Date December 21, 2018

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 December 21, 2018

By /S/ Lori A. Hensler

Lori A. Hensler, Principal Financial Officer

Date December 21, 2018