Federated Adviser Series NCSRS Certified semi-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 Hermes Adviser Series

______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 11/30/20

Date of Reporting Period: Six months ended 05/31/20

Item 1.

Reports to Stockholders

Semi-Annual Shareholder Report

May 31, 2020

Share Class | Ticker

Institutional | HIEIX

Federated Hermes International Equity Fund

(Effective close of business June 26, 2020, the fund name was changed to Federated Hermes International Developed Equity Fund)

Fund Established 2019

A Portfolio of Federated Adviser Series

(Effective close of business June 26, 2020, the registrant name was changed to Federated Hermes Adviser Series)

IMPORTANT NOTICE REGARDING REPORT DELIVERY

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4. Your election to receive reports in paper will apply to all funds held with the Fund complex or your financial intermediary.

Not FDIC Insured ■ May Lose Value ■ No Bank Guarantee

J. Christopher
Donahue

President

Federated Hermes International Equity Fund

Letter from the President

Dear Valued Shareholder,

I am pleased to present the Semi-Annual Shareholder Report for your fund covering the period from December 1, 2019 through May 31, 2020.

As we all confront the unprecedented effects of the coronavirus and the challenges it presents to our families, communities, businesses and the financial markets, I want you to know that everyone at Federated Hermes is dedicated to helping you successfully navigate the markets ahead. You can count on us for the insights, investment management knowledge and client service that you have come to expect. Please refer to our website, FederatedInvestors.com, for timely updates on this and other economic and market matters.

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

Sincerely,

J. Christopher Donahue, President

CONTENTS

Portfolio of Investments Summary Tables	1
Portfolio of Investments	3
Financial Highlights	7
Statement of Assets and Liabilities	8
Statement of Operations	9
Statement of Changes in Net Assets	10
Notes to Financial Statements	11
Shareholder Expense Example	19
Evaluation and Approval of Advisory Contract–May 2020	20
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	29
Voting Proxies on Fund Portfolio Securities	31
Quarterly Portfolio Schedule	31

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Portfolio of Investments Summary Tables (unaudited)

At May 31, 2020, the Fund’s portfolio composition¹ was as follows:

Country	Percentage of Total Net Assets
Japan	25.9%
Switzerland	13.9%
United Kingdom	12.2%
Netherlands	8.1%
France	5.7%
Germany	4.9%
Australia	4.8%
Denmark	4.8%
Spain	4.7%
Finland	4.1%
Hong Kong	3.3%
Sweden	2.7%
Italy	1.1%
Norway	1.1%
Singapore	1.0%
Ireland	0.7%
Belgium	0.6%
Austria	0.1%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

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At May 31, 2020, the Fund’s sector classification³ was as follows:

Sector Classification	Percentage of Total Net Assets
Health Care	17.6%
Consumer Staples	16.4%
Industrials	14.2%
Financials	13.0%
Information Technology	12.0%
Consumer Discretionary	7.1%
Materials	5.9%
Real Estate	4.0%
Utilities	3.8%
Energy	2.9%
Communication Services	2.8%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

1	Country allocations are based primarily on the country in which a company is incorporated. However, the Fund’s Adviser may allocate a company to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities or the country where a majority of the company’s revenues are derived.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Except for 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.

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Portfolio of Investments

May 31, 2020 (unaudited)

Shares			Value in U.S. Dollars
		COMMON STOCKS—99.7%
		Australia—4.8%
1,613		Ampol Ltd.	$28,851
10,235		BHP Billiton Ltd.	239,362
4,056		Breville Group Ltd.	59,677
31,255		Goodman Group	316,842
		TOTAL	644,732
		Austria—0.1%
594	¹	Austriamicrosystems AG	8,970
		Belgium—0.6%
1,590		Anheuser-Busch InBev NV	74,436
		Denmark—4.8%
5,865		Novo Nordisk A/S	382,380
1,377		Orsted A/S	162,118
931		Vestas Wind Systems A/S	95,319
		TOTAL	639,817
		Finland—4.1%
2,042		Metso Oyj	66,445
71,307		Nokia Oyj	282,137
16,206	¹	Stora Enso Oyj, Class R	199,368
		TOTAL	547,950
		France—5.7%
1,426		AXA SA	26,096
2,387		Gaztransport Et Technigaz	177,682
1,712		Legrand SA	116,958
4,674		Vinci SA	433,387
		TOTAL	754,123
		Germany—4.9%
1,158	¹	Adidas AG	303,665
597		Allianz SE	108,327
1,349		Fresenius Medical Care AG & Co. KGaA	112,704
2,189		Vonovia SE	126,291
		TOTAL	650,987
		Hong Kong—3.3%
44,685		AIA Group Ltd.	364,307
1,200		Jardine Matheson Holdings Ltd.	48,000

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Hong Kong—continued
5,448		Swire Pacific Ltd., Class A	$28,565
		TOTAL	440,872
		Ireland—0.7%
2,949		Smurfit Kappa Group PLC	96,381
		Italy—1.1%
17,010	¹	UniCredit SpA	145,774
		Japan—25.9%
4,400		Daifuku Co.	342,545
5,100		Hitachi Ltd.	163,695
3,200		Honda Motor Co., Ltd.	82,783
13,900		Inpex Corp.	97,062
3,700		Itochu Corp.	79,413
3,200		Kao Corp.	256,888
4,800		KDDI Corp.	139,774
8,000		Kurita Water Industries Ltd.	222,025
2,883		Kyocera Corp.	156,203
17,000		Lion Corp.	388,913
11,000		Mitsubishi Chemical Holdings Corp.	64,820
3,900		NEC Corporation	175,221
4,509		Nippon Telegraph & Telephone Corp.	102,090
1,400		Nitto Denko Corp.	75,840
3,800		Omron Corp.	252,207
8,000		ORIX Corp.	106,264
1,300		Sony Corp.	83,015
6,500		T&D Holdings, Inc.	58,800
4,200		Toagosei Co Ltd.	40,222
2,100		Tokio Marine Holdings, Inc.	91,038
3,800		Toyota Motor Corp.	238,425
2,812		Yaoko Co. Ltd.	183,671
3,700		Yokohama Rubber Co. Ltd./The	55,966
		TOTAL	3,456,880
		Netherlands—8.1%
1,710		ASML Holding NV	559,772
1,747		Heineken NV	160,577
16,376		ING Groep NV	106,334
9,876		Koninklijke Ahold NV	250,842
		TOTAL	1,077,525

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Norway—1.1%
4,729		Aker BP ASA	$76,471
35,201		Elkem ASA	64,368
		TOTAL	140,839
		Singapore—1.0%
12,200		City Developments Ltd.	66,839
4,418		Jardine Cycle & Carriage Ltd.	68,633
		TOTAL	135,472
		Spain—4.7%
1,591		Aena SME SA	227,704
18,912		Iberdrola SA	204,119
3,354		Red Electrica Corporacion SA	59,141
8,047		Siemens Gamesa Renewable Energy SA	136,026
		TOTAL	626,990
		Sweden—2.7%
7,148		Essity Aktiebolag	236,535
8,663		Volvo AB, Class B	123,165
		TOTAL	359,700
		Switzerland—13.9%
1,015		Lonza Group AG	499,795
5,222		Nestle SA	565,382
1,584		Roche Holding AG	549,844
736		Zurich Insurance Group AG	238,127
		TOTAL	1,853,148
		United Kingdom—12.2%
4,827		AstraZeneca PLC	513,225
2,622		Greggs PLC	60,042
32,208	¹	HSBC Holdings PLC	148,115
19,275		M&G PLC	33,492
7,239		National Grid-SP PLC	83,059
23,410		Prudential PLC	305,334
13,827		Smith & Nephew PLC	281,623
7,875		Tate & Lyle PLC	65,717

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Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	United Kingdom—continued
78,420	Vodafone Group PLC	$129,442
	TOTAL	1,620,049
	TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $12,688,362)²	13,274,645
	OTHER ASSETS AND LIABILITIES - NET—0.3%³	45,989
	TOTAL NET ASSETS—100%	$13,320,634

1	Non-income-producing security.
2	Also represents cost for federal tax purposes.
3	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 May 31, 2020.

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.

The following is a summary of the inputs used, as of May 31, 2020, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
International	$48,000	$13,226,645	$—	$13,274,645
TOTAL SECURITIES	$48,000	$13,226,645	$—	$13,274,645

See Notes which are an integral part of the Financial Statements

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout each Period)

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Net Asset Value, Beginning of Period	$10.29	$10.00
Income From Investment Operations:
Net investment income	0.06	0.02
Net realized and unrealized gain (loss)	(0.66)	0.27
TOTAL FROM INVESTMENT OPERATIONS	(0.60)	0.29
Less Distributions:
Distributions from net investment income	(0.03)	—
Net Asset Value, End of Period	$9.66	$10.29
Total Return²	(5.89)%	2.90%
Ratios to Average Net Assets:
Net expenses³	0.74%⁴	0.74%⁴
Net investment income	1.81%⁴	1.01%⁴
Expense waiver/reimbursement⁵	3.92%⁴	18.65%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$13,321	$2,573
Portfolio turnover	50%	1%

1	Reflects operations for the period from September 19, 2019 (date of initial investment) to November 30, 2019.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	Computed on an annualized basis.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

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Statement of Assets and Liabilities

May 31, 2020 (unaudited)

Assets:
Investment in securities, at value (identified cost $12,688,362)		$13,274,645
Cash		216,723
Cash denominated in foreign currencies (identified cost $5,143)		5,182
Receivable for investments sold		84,160
Income receivable		21,144
Prepaid expenses		5,694
TOTAL ASSETS		13,607,548
Liabilities:
Payable for investments purchased	$175,571
Payable for portfolio accounting fees	73,350
Payable for custodian fees	20,087
Payable for auditing fees	16,155
Payable to adviser fee (Note 5)	1,377
Payable for administrative fee (Note 5)	374
TOTAL LIABILITIES		286,914
Net assets for 1,379,304 shares outstanding		$13,320,634
Net Assets Consists of:
Paid-in capital		$13,498,665
Total distributable earnings (loss)		(178,031)
TOTAL NET ASSETS		$13,320,634
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$13,320,634 ÷ 1,379,304 shares outstanding no par value, unlimited shares authorized		$9.66

See Notes which are an integral part of the Financial Statements

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Statement of Operations

Six Months Ended May 31, 2020 (unaudited)

Investment Income:
Dividends (net of foreign tax withheld of $9,895)			$83,318
Expenses:
Investment adviser fee (Note 5)		$22,860
Administrative fee (Note 5)		3,018
Custodian fees		13,987
Transfer agent fees		1,141
Auditing fees		16,155
Legal fees		4,296
Portfolio accounting fees		68,838
Share registration costs		12,000
Printing and postage		7,760
Miscellaneous (Notes 5)		2,450
TOTAL EXPENSES		152,505
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(22,860)
Reimbursement of other operating expenses (Note 5)	(105,314)
TOTAL WAIVER AND REIMBURSEMENT		(128,174)
Net expenses			24,331
Net investment income			58,987
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized loss on investments and foreign currency transactions			(820,232)
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			517,881
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(302,351)
Change in net assets resulting from operations			$(243,364)

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$58,987	$5,063
Net realized loss	(820,232)	(1,530)
Net change in unrealized appreciation/depreciation	517,881	68,453
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(243,364)	71,986
Distributions to Shareholders	(6,653)	—
Share Transactions:
Proceeds from sale of shares	22,634,918	2,501,100
Net asset value of shares issued to shareholders in payment of distributions declared	3,993	—
Cost of shares redeemed	(11,641,346)	—
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	10,997,565	2,501,100
Change in net assets	10,747,548	2,573,086
Net Assets:
Beginning of period	2,573,086	—
End of period	$13,320,634	$2,573,086

1	Reflects operations for the period from September 19, 2019 (date of initial investment) to November 30, 2019.

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

May 31, 2020 (unaudited)

1. ORGANIZATION

Federated Adviser Series (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 eleven portfolios. The financial statements included herein are only those of the Federated Hermes International Equity Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers one class of shares: Institutional Shares, which commenced operations on September 19, 2019. Class A Shares, Class C Shares and Class R6 Shares are effective with the Securities and Exchange Commission (SEC), but are not yet offered for sale. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide long-term capital appreciation.

Effective on or about June 29, 2020, the name of the Trust and Fund will change to Federated Hermes Adviser Series, Inc. and Federated Hermes International Developed Equity Fund, respectively.

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.

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■

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 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 the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

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 Global Investment Management Corporation (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.

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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 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 provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the 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.

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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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. The detail of the total fund expense waiver and reimbursement of $128,174 is disclosed in various locations in Note 5.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code (the “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 six months ended May 31, 2020, 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 May 31, 2020, the tax year 2019 will be subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the state of Delaware.

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.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.

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 materially from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 5/31/2020	Period Ended 11/30/2019¹
Shares sold	2,428,715	250,109
Shares issued to shareholders in payment of distributions declared	373	—
Shares redeemed	(1,299,893)	—
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	1,129,195	250,109

1	Reflects operations for the period from September 19, 2019 (date of initial investment) to November 30, 2019.

4. FEDERAL TAX INFORMATION

At May 31, 2020, the cost of investments for federal tax purposes was $12,688,362. The net unrealized appreciation of investments for federal tax purposes was $586,283. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $863,250 and net unrealized depreciation from investments for those securities having an excess of cost over value of $276,967.

As of November 30, 2019, the Fund had a capital loss carryforward of $36 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses, retain their character as either short-term or long-term, and do not expire.

The following schedule summarizes the Fund’s capital loss carryforwards:

Short-Term	Long-Term	Total
$36	$—	$36

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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 0.70% of the Fund’s average daily net assets. 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. For six months ended May 31, 2020, the Adviser voluntarily waived its entire fee of $22,860 and voluntarily reimbursed $105,314 of other operating expenses.

Some or all of the Fund’s assets are managed by Hermes Investment Management Limited (the “Sub-Adviser”). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an annual fee equal to 0.45% of the daily net assets of the Fund which it advises. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. The Sub-Adviser may from time to time, and for such periods as it deems appropriate, reduce its compensation. The Sub-Adviser agrees to share pro rata in any fee waivers, or expense assumptions and reimbursements, imposed or made by the Adviser or its affiliates.

For six months ended May 31, 2020, the Sub-Adviser waived all of its fee.

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 Hermes 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 six months ended May 31, 2020, the annualized fee paid to FAS was 0.092% of average daily net assets of the Fund.

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

Expense Limitation

The Adviser and certain of its affiliates (which may include, FAS) 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, tax reclaim recovery expenses, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.74% (the “Fee Limit”), up to but not including the later of (the “Termination Date”): (a) February 1, 2021; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its

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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, Independent 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.

Affiliated Shares of Beneficial Interest

As of May 31, 2020, a majority of the shares of beneficial interest outstanding are owned by an affiliate of the Adviser.

6. Investment TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for six months ended May 31, 2020, were as follows:

Purchases	$14,113,022
Sales	$3,071,593

7. CONCENTRATION OF RISK

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes 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 temporarily finance 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), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of May 31, 2020, the Fund had no outstanding loans. During six months ended May 31, 2020, the Fund did not utilize the LOC.

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9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, 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 May 31, 2020, there were no outstanding loans. During six months ended May 31, 2020, the program was not utilized.

10. Other matters

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short term or may last for an extended period of time and has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund’s investments), and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.

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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 period from December 1, 2019 to May 31, 2020.

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.

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 12/1/2019	Ending Account Value 5/31/2020	Expenses Paid During Period¹
Actual	$1,000.00	$941.10	$3.59
Hypothetical (assuming a 5% return before expenses)	$1,000.00	$1,021.30	$3.74

¹Expenses are equal to the Fund’s annualized net expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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Evaluation and Approval of Advisory Contract–May 2020

FEDERATED HERMES international equity fund (THE “FUND”)

(EFFECTIVE CLOSE OF BUSINESS ON JUNE 26, 2020, THE FUND’S NAME CHANGED TO federated hermes international DEVELOPED equity fund)

At its meetings in May 2020 (the “May Meetings”), 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 investment advisory contract between the Fund and Federated Global Investment Management Corp. (the “Adviser”) and the investment subadvisory contract between the Adviser and Hermes Investment Management Limited with respect to the Fund (together, the “Contracts”) for an additional one-year term. The Board’s determination to approve the continuation of the Contracts reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to continue the existing arrangements. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. 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 determining to approve the continuation of the Contracts. 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. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer” prior to the elimination of the Senior Officer position in December 2017.

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additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contracts, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose, as well as information specifically prepared in connection with the approval of the continuation of the Contracts that was presented at the May Meetings.

The Board’s consideration of the Contracts included review of materials and information covering the following matters, among others: the Adviser’s and sub-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, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s 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 a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); 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 and managing 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 other funds advised by Federated Hermes (each, a “Federated Hermes Fund”), 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 Hermes Funds and the Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. In addition, the Board received and considered information furnished by Federated Hermes on the impacts of the coronavirus (COVID-19) outbreak on Federated Hermes generally and the Fund in particular, including, among other information, the current and anticipated impacts on the management, operations and performance of the Fund. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

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The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contracts. 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 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 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 a fund board’s approval of the fund’s investment advisory contracts generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Contracts 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 Hermes on matters relating to the Federated Hermes Funds. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Contracts was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contracts. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss

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the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contracts for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

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 and track record, as well as the financial resources and overall reputation of Federated Hermes and its willingness to invest in personnel and infrastructure that benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to incorporate environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.

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 devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC such as the liquidity risk management program rules. In addition, the Board considered the response by the Adviser to recent market conditions and considered the overall performance of the Adviser in this context. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) 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 and related services warrant the continuation of the Contracts.

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the Fund’s performance for these time periods. The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance 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 there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund’s performance fell below the median of the relevant Performance Peer Group for the one-year period ended December 31, 2019. 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.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contracts.

Fund Expenses

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, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because such comparisons are believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s investors. The Board noted that 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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It was noted in the materials for the May Meetings that, for the year ended December 31, 2019, the Fund’s investment advisory fee was waived in its entirety. The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the relevant Expense Peer Group and the Board was satisfied that the overall expense structure of the Fund remained competitive.

For comparison, the Board received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-mutual fund clients such as institutional separate accounts and third-party unaffiliated mutual funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-mutual fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) and the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing, addressing different administrative responsibilities, and addressing different degrees of risk associated with management; and (vi) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s mutual fund, noting that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party mutual fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.

Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contracts.

Profitability and Other Benefits

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Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered the fact that, in order for the Federated Hermes Funds to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements. The Board considered Federated Hermes’ previous reductions in contractual management fees to certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report.

The Board received and considered information furnished by Federated Hermes, as 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 and described to the Board. The Board considered the CCO’s view 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, because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes 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. In addition, the Board considered that, during the prior year, an independent consultant conducted a review of the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contracts. The Board noted the consultant’s view that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

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information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that the Adviser has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management, trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the Federated Hermes Fund family as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. Federated Hermes, as it does throughout the year, and specifically in connection with the Board’s review of the Contracts, furnished information relative to adviser-paid fees (commonly referred to as revenue sharing). The Board considered the beliefs of Federated Hermes and the CCO 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. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which 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.

Conclusions

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to the continuation of, the Contracts by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes 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 Hermes Funds.

In its determination 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 Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board’s approval of the Contracts 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 Contracts was appropriate.

The Board based its determination to approve the Contracts 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 deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contracts reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to continue the existing arrangements.

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Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Adviser Series (the Trust) has adopted and implemented a liquidity risk management program (the “LRMP”) for each series of the Trust, including Federated Hermes International Developed Equity Fund (the “Fund” and collectively, the “Funds”). The LRMP seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Funds’ investment advisers as the administrators for the LRMP (collectively, the “Administrator”). The Administrator has established a Liquidity Risk Management Committee (the “Committee”) comprised of representatives from various departments across the Administrator to assist it in the implementation and on-going administration of the LRMP. The Committee, in turn, has delegated to the Fixed Income and Equities Liquidity Committees, each a separate committee previously established by the Administrator, the responsibility to review and assess certain information related to the liquidity of the Funds that fall within their respective asset classes.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

At its meetings in May 2020, the Board received and reviewed a written report from the Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the LRMP for the period from the LRMP’s inception on December 1, 2018 through March 31, 2020 (the “Period”). The Report addressed the operation of the LRMP and assessed its adequacy and effectiveness, including, where applicable, the operation of any HLIM established for a Fund. There were no

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material changes to the LRMP during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Funds. Such information and factors included, among other things:

■	the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment, including a review of the Funds’ access to other available funding sources such as the Funds’ interfund lending facility, redemptions in-kind and committed lines of credit and confirmation that the Fund did not have to access any of these alternative funding sources during the Period;
■	the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;
■	the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;
■	the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;
■	the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and
■	liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

Based on this review, the Administrator concluded that the LRMP is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

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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 FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.

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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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the “householding” program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of “householding.” Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of “householding” at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.

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Federated Hermes International Equity Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31423A739

Q454694 (7/20)

Semi-Annual Shareholder Report

May 31, 2020

Share Class | Ticker

Institutional | FHGIX

Federated Hermes Global Equity Fund

Fund Established 2019

A Portfolio of Federated Adviser Series

(Effective close of business June 26, 2020, the registrant name was changed to Federated Hermes Adviser Series)

IMPORTANT NOTICE REGARDING REPORT DELIVERY

Not FDIC Insured ■ May Lose Value ■ No Bank Guarantee

J. Christopher
Donahue

President

Federated Hermes Global Equity Fund

Letter from the President

Dear Valued Shareholder,

I am pleased to present the Semi-Annual Shareholder Report for your fund covering the period from December 1, 2019 through May 31, 2020.

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

Sincerely,

J. Christopher Donahue, President

CONTENTS

Portfolio of Investments Summary Tables	1
Portfolio of Investments	3
Financial Highlights	8
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Notes to Financial Statements	12
Shareholder Expense Example	20
Evaluation and Approval of Advisory Contract–May 2020	22
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	31
Voting Proxies on Fund Portfolio Securities	33
Quarterly Portfolio Schedule	33

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Portfolio of Investments Summary Tables (unaudited)

At May 31, 2020, the Fund’s portfolio composition¹ was as follows:

Country	Percentage of Total Net Assets
United States	57.7%
Japan	6.6%
Switzerland	5.6%
China	4.3%
Netherlands	2.9%
Sweden	2.5%
Taiwan	2.2%
Spain	2.1%
Denmark	2.0%
Finland	2.0%
Australia	1.7%
United Kingdom	1.7%
South Korea	1.5%
France	1.3%
Hong Kong	1.0%
Brazil	0.8%
Austria	0.6%
Germany	0.6%
Hungary	0.6%
Italy	0.6%
Indonesia	0.4%
Norway	0.3%
Canada	0.1%
Other Assets and Liabilities—Net²	0.9%
TOTAL	100.0%

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At May 31, 2020, the Fund’s sector classification³ was as follows:

Sector Classification	Percentage of Total Net Assets
Information Technology	21.6%
Health Care	15.0%
Financials	13.4%
Consumer Discretionary	10.1%
Communication Services	8.8%
Consumer Staples	8.8%
Industrials	8.3%
Real Estate	3.7%
Utilities	3.4%
Materials	3.2%
Energy	2.8%
Other Assets and Liabilities—Net²	0.9%
TOTAL	100.0%

1	Country allocations are based primarily on the country in which a company is incorporated. However, the Fund’s Adviser may allocate a company to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities or the country where a majority of the company’s revenues are derived.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Except for 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.

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Portfolio of Investments

May 31, 2020 (unaudited)

Shares			Value in U.S. Dollars
		COMMON STOCKS—99.1%
		Australia—1.7%
2,362		Ampol Ltd.	$42,248
6,642		Goodman Group	67,332
		TOTAL	109,580
		Austria—0.6%
1,303	¹	Austriamicrosystems AG	19,676
529		OMV AG	17,536
		TOTAL	37,212
		Brazil—0.8%
4,600		Magazine Luiza SA	55,471
		Canada—0.1%
2,763		HudBay Minerals, Inc.	7,505
		China—4.3%
1,700	¹	Alibaba Group Holding Ltd.	43,825
9,000		China Mengniu Dairy Co. Ltd.	32,372
5,500		China Mobile Ltd.	38,646
6,000		China Resources Logic Ltd.	32,846
8,000		Ping An Insurance (Group) Co. of China Ltd.	79,426
33,153		Shenzhen International Holdings Ltd.	55,426
		TOTAL	282,541
		Denmark—2.0%
1,489		Novo Nordisk A/S	97,078
306		Orsted A/S	36,026
		TOTAL	133,104
		Finland—2.0%
14,630		Nokia Oyj	57,886
5,753	¹	Stora Enso Oyj, Class R	70,774
		TOTAL	128,660
		France—1.3%
536		Gaztransport Et Technigaz	39,899
460		Vinci SA	42,653
		TOTAL	82,552
		Germany—0.6%
666		Vonovia SE	38,424

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Hong Kong—1.0%
7,826		AIA Group Ltd.	$63,804
		Hungary—0.6%
1,093	¹	OTP Bank RT	36,408
		Indonesia—0.4%
125,000		PT Telekomunikasi Indonesia Tbk	27,022
		Italy—0.6%
4,689	¹	UniCredit SpA	40,184
		Japan—6.6%
1,200		Daifuku Co.	93,421
600		FUJIFILM Holdings Corp.	27,721
1,500		Kurita Water Industries Ltd.	41,630
1,600		Lion Corp.	36,603
2,503		Nippon Telegraph & Telephone Corp.	56,671
1,000		Nitto Denko Corp.	54,172
1,100		Omron Corp.	73,007
1,900		ORIX Corp.	25,238
400		Sony Corp.	25,543
		TOTAL	434,006
		Netherlands—2.9%
494		ASML Holding NV	161,712
1,191		Koninklijke Ahold NV	30,250
		TOTAL	191,962
		Norway—0.3%
1,184		Aker BP ASA	19,146
		South Korea—1.5%
18		LG Household & Health Care Ltd.	19,953
1,178		Samsung Electronics Co. Ltd.	48,367
213		Samsung Fire & Marine Insurance	31,461
		TOTAL	99,781
		Spain—2.1%
394	¹	Aena SME SA	56,389
3,303		Iberdrola SA	35,650
2,552		Siemens Gamesa Renewable Energy SA	43,139
		TOTAL	135,178
		Sweden—2.5%
2,567	¹	Essity Aktiebolag	84,945

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Sweden—continued
6,262	¹	Svenska Cellulosa AB SCA, Class B	$78,445
		TOTAL	163,390
		Switzerland—5.6%
335		Lonza Group AG	164,957
874		Nestle SA	94,627
312		Roche Holding AG	108,303
		TOTAL	367,887
		Taiwan—2.2%
9,000		Giant Manufacturing Co. Ltd.	70,566
1,395		Taiwan Semiconductor Manufacturing Co. Ltd, ADR	70,210
		TOTAL	140,776
		United Kingdom—1.7%
10,186		M&G PLC	17,699
5,000		Prudential PLC	65,214
3,252		Tate & Lyle PLC	27,138
		TOTAL	110,051
		United States—57.7%
1,578		Abbott Laboratories	149,784
636		Accenture PLC	128,230
79	¹	Alphabet, Inc., Class A	113,248
56	¹	Alphabet, Inc., Class C	80,020
85	¹	Amazon.com, Inc.	207,601
397		American Tower Corp.	102,494
644		American Water Works Co., Inc.	81,788
447		Amgen, Inc.	102,676
467		Analog Devices, Inc.	52,748
618		Apple, Inc.	196,487
3,991		Bank of America Corp.	96,263
1,026		Baxter International, Inc.	92,350
512	¹	Berkshire Hathaway, Inc., Class B	95,017
115	¹	Biogen, Inc.	35,315
787		Capital One Financial Corp.	53,547
473		Chubb Ltd.	57,678
1,192		Citigroup, Inc.	57,109
444		Cognex Corp.	25,193
437	¹	Copart, Inc.	39,063
2,484		Delta Air Lines, Inc.	62,622

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		United States—continued
1,915	¹	Discovery, Inc., Class A	$41,651
4,038		Ford Motor Co.	23,057
1,321		Hess Corp.	62,708
690	¹	Ingersoll-Rand, Inc.	19,458
551		Kimberly-Clark Corp.	77,933
238		Lam Research Corp.	65,133
214	¹	Lululemon Athletica Inc.	64,220
1,186	¹	Micron Technology, Inc.	56,821
1,245		Microsoft Corp.	228,146
98	¹	O’Reilly Automotive, Inc.	40,890
5,338	¹	Oasis Petroleum Inc.	2,459
1,126		Procter & Gamble Co.	130,526
967		Prudential Financial, Inc.	58,948
329		Robert Half International, Inc.	16,693
449		Royal Caribbean Cruises, Ltd.	23,290
334	¹	Salesforce.com, Inc.	58,380
713		Sysco Corp.	39,329
909		The Travelers Cos., Inc.	97,245
377		Thermo Fisher Scientific, Inc.	131,645
1,975		TJX Cos., Inc.	104,201
776		Trane Technologies plc	70,003
1,135		UGI Corp.	36,138
1,632		Verizon Communications, Inc.	93,644
713		Visa, Inc., Class A	139,206
1,062		Walt Disney Co.	124,573
1,716		Weyerhaeuser Co.	34,646
695		Zoetis, Inc.	96,876
		TOTAL	3,767,052
		TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $6,288,199)²	6,471,696
		OTHER ASSETS AND LIABILITIES - NET—0.9%³	57,816
		TOTAL NET ASSETS—100%	$6,529,512

1	Non-income-producing security.
2	Also represents cost for federal tax purposes.
3	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 May 31, 2020.

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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 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.

The following is a summary of the inputs used, as of May 31, 2020, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
Domestic	$3,767,052	$—	$—	$3,767,052
International	133,186	2,571,458	—	2,704,644
TOTAL SECURITIES	$3,900,238	$2,571,458	$—	$6,471,696

The following acronym is used throughout this portfolio:

ADR	—American Depositary Receipt

See Notes which are an integral part of the Financial Statements

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout each Period)

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Net Asset Value, Beginning of Period	$10.46	$10.00
Income From Investment Operations:
Net investment income	0.05	0.04
Net realized and unrealized gain (loss)	(0.41)	0.42
TOTAL FROM INVESTMENT OPERATIONS	(0.36)	0.46
Less Distributions:
Distributions from net investment income	(0.06)	—
Net Asset Value, End of Period	$10.04	$10.46
Total Return²	(3.51)%	4.60%
Ratios to Average Net Assets:
Net expenses³	0.74%⁴	0.74%⁴
Net investment income	1.12%⁴	0.86%⁴
Expense waiver/reimbursement⁵	4.75%⁴	5.96%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$6,530	$5,167
Portfolio turnover	6%	15%

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	Computed on an annualized basis.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

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Statement of Assets and Liabilities

May 31, 2020 (unaudited)

Assets:
Investment in securities, at value (identified cost $6,288,199)		$6,471,696
Cash		90,760
Cash denominated in foreign currencies (identified cost $1,758)		1,722
Receivable for investments sold		117,965
Prepaid expenses		31,254
Income receivable		17,156
TOTAL ASSETS		6,730,553
Liabilities:
Payable for investments purchased	$107,674
Payable for portfolio accounting fees	58,254
Payable for auditing fees	16,155
Payable for custodian fees	15,154
Payable to adviser (Note 5)	3,804
TOTAL LIABILITIES		201,041
Net assets for 650,065 shares outstanding		$6,529,512
Net Assets Consists of:
Paid-in capital		$6,386,340
Total distributable earnings		143,172
TOTAL NET ASSETS		$6,529,512
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$6,529,512 ÷ 650,065 shares outstanding, no par value, unlimited shares authorized		$10.04

See Notes which are an integral part of the Financial Statements

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Statement of Operations

Six Months Ended May 31, 2020 (unaudited)

Investment Income:
Dividends (net of foreign tax withheld of $2,933)			$53,427
Expenses:
Investment adviser fee (Note 5)		$18,660
Administrative fee (Note 5)		2,829
Custodian fees		21,452
Transfer agent fees		1,907
Directors’/Trustees’ fees (Note 5)		594
Auditing fees		16,155
Legal fees		4,034
Portfolio accounting fees		66,602
Share registration costs		12,127
Printing and postage		8,046
Miscellaneous (Note 5)		5,151
TOTAL EXPENSES		157,557
Waiver, Reimbursements and Reduction:
Waiver of investment adviser fee (Note 5)	$(18,660)
Reimbursements of other operating expenses (Note 5)	(117,589)
Reduction of custodian fees (Note 6)	(153)
TOTAL WAIVER, REIMBURSEMENTS AND REDUCTION		(136,402)
Net expenses			21,155
Net investment income			32,272
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized loss on investments and foreign currency transactions			(13,091)
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			(136,094)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(149,185)
Change in net assets resulting from operations			$(116,913)

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$32,272	$21,441
Net realized loss	(13,091)	(49,721)
Net change in unrealized appreciation/depreciation	(136,094)	319,820
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(116,913)	291,540
Distributions to Shareholders	(31,455)	—
Share Transactions:
Proceeds from sale of shares	1,504,735	4,875,955
Net asset value of shares issued to shareholders in payment of distributions declared	21,996	—
Cost of shares redeemed	(16,346)	—
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	1,510,385	4,875,955
Change in net assets	1,362,017	5,167,495
Net Assets:
Beginning of period	5,167,495	—
End of period	$6,529,512	$5,167,495

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

May 31, 2020 (unaudited)

1. ORGANIZATION

Federated Adviser Series (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 eleven portfolios. The financial statements included herein are only those of the Federated Hermes Global Equity Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers one class of shares: Institutional Shares, which commenced operations on April 24, 2019. Class A Shares, Class C Shares and Class R6 Shares are effective with the Securities and Exchange Commission (SEC), but are not yet offered for sale. 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 long-term capital appreciation.

Effective on or about June 29, 2020, the name of the Trust will change to Federated Hermes Adviser Series.

2. SIGNIFICANT ACCOUNTING POLICIES

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 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.

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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, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

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

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

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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. The detail of the total fund expense waiver, reimbursements and reduction of $136,402 is disclosed in various locations in Note 5 and Note 6.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code (the “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 six months ended May 31, 2020, 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 May 31, 2020, tax year 2019 remains subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the state of Delaware.

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When-Issued and Delayed-Delivery Transactions

Foreign Currency Translation

Other

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3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 5/31/2020	Period Ended 11/30/2019¹
Shares sold	155,742	493,855
Shares issued to shareholders in payment of distributions declared	2,029	—
Shares redeemed	(1,561)	—
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	156,210	493,855

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.

4. FEDERAL TAX INFORMATION

At May 31, 2020, the cost of investments for federal tax purposes was $6,288,199. The net unrealized appreciation of investments for federal tax purposes was $183,497. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $731,426 and net unrealized depreciation from investments for those securities having an excess of cost over value of $547,929.

At November 30, 2019, the fund had a capital loss carryforward of $48,031 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the fund of any liability for federal Income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term, and do not expire.

The following schedule summarizes the Fund’s capital loss carryforwards:

Short-Term	Long-Term	Total
$48,031	$—	$48,031

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 0.65% of the Fund’s average daily net assets. 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. For the six months ended May 31, 2020, the Adviser voluntarily waived its entire fee of $18,660, and voluntarily reimbursed $418 of transfer agent fees and $117,171 of other operating expenses.

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resources and is not an incremental Fund expense. The Sub-Adviser may from time to time, and for such periods as it deems appropriate, reduce its compensation. The Sub-Adviser agrees to share pro rata in any fee waivers, or expense assumptions and reimbursements, imposed or made by the Adviser or its affiliates.

For the six months ended May 31, 2020, the Sub-Adviser waived all of its fee.

Administrative Fee

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 six months ended May 31, 2020, the annualized fee paid to FAS was 0.100% of average daily net assets of the Fund.

In addition, FAS may change certain out-of-pocket expenses to the fund.

Expense Limitation

The Adviser and certain of its affiliates (which may include FAS) 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, tax reclaim recovery expenses, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.74% (the “Fee Limit”), up to but not including the later of (the “Termination Date”): (a) February 1, 2021; 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

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Affiliated Shares of Beneficial Interest

As of May 31, 2020, a majority of the shares of beneficial interest outstanding are owned by an affiliate of the Adviser.

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 six months ended May 31, 2020, the Fund’s expenses were reduced by $153 under these arrangements.

7. Investment TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended May 31, 2020, were as follows:

Purchases	$1,829,710
Sales	$346,229

8. CONCENTRATION OF RISK

The Fund may invest a portion of its assets in securities of companies that are deemed by the Fund’s management to be classified in similar business sectors. Economic developments may have an effect on the liquidity and volatility of the portfolio securities.

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

9. Line OF CREDIT

The Fund participates with certain other Federated Hermes 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 temporarily finance 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), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of May 31, 2020, the Fund had no outstanding loans. During the six months ended May 31, 2020, the Fund did not utilize the LOC.

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10. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, 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 May 31, 2020, there were no outstanding loans. During the six months ended May 31, 2020, the program was not utilized.

11. OTHER MATTERS

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short term or may last for an extended period of time has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Funds’ investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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	Beginning Account Value 12/1/2019	Ending Account Value 05/31/2020	Expenses Paid During Period¹
Actual:	$1,000	$964.90	$3.64
Hypothetical (assuming a 5% return before expenses):	$1,000	$1,021.30	$3.74

1	Expenses are equal to the Fund’s annualized net expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period).

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Evaluation and Approval of Advisory Contract–May 2020

FEDERATED HERMES Global equity fund (THE “FUND”)

Information Received and Review Process

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contracts, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the

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year and in between regularly scheduled meetings on particular matters as the need arose, as well as information specifically prepared in connection with the approval of the continuation of the Contracts that was presented at the May Meetings.

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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 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 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 a fund board’s approval of the fund’s investment advisory contracts generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Contracts to the extent it considered them to be appropriate and relevant, as discussed further below.

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Nature, Extent and Quality of Services

Fund Investment Performance

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 also considered the Fund’s performance in light of the overall recent market conditions. The Board considered detailed investment reports on the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings and evaluated the Adviser’s analysis of the Fund’s performance for these time periods. The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful,

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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 there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contracts.

Fund Expenses

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the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the relevant Expense Peer Group and the Board was satisfied that the overall expense structure of the Fund remained competitive.

Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contracts.

Profitability and Other Benefits

The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be

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compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered the fact that, in order for the Federated Hermes Funds to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements. The Board considered Federated Hermes’ previous reductions in contractual management fees to certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

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Economies of Scale

Conclusions

The Board considered the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable and the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contracts by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes 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

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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 Hermes Funds.

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Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Adviser Series (the Trust) has adopted and implemented a liquidity risk management program (the “LRMP”) for each series of the Trust, including Federated Hermes Global Equity Fund (the “Fund” and collectively, the “Funds”). The LRMP seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Funds’ investment advisers as the administrators for the LRMP (collectively, the “Administrator”). The Administrator has established a Liquidity Risk Management Committee (the “Committee”) comprised of representatives from various departments across the Administrator to assist it in the implementation and on-going administration of the LRMP. The Committee, in turn, has delegated to the Fixed Income and Equities Liquidity Committees, each a separate committee previously established by the Administrator, the responsibility to review and assess certain information related to the liquidity of the Funds that fall within their respective asset classes.

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■	the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment, including a review of the Funds’ access to other available funding sources such as the Funds’ interfund lending facility, redemptions in-kind and committed lines of credit and confirmation that the Fund did not have to access any of these alternative funding sources during the Period;
■	the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;
■	the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;
■	the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;
■	the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and
■	liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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Federated Hermes Global Equity Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31423A705

Q454533 (7/20)

Semi-Annual Shareholder Report

May 31, 2020

Share Class | Ticker

Institutional | FHSIX

Federated Hermes Global Small Cap Fund

Fund Established 2019

A Portfolio of Federated Adviser Series

(Effective close of business June 26, 2020, the registrant name was changed to Federated Hermes Adviser Series)

IMPORTANT NOTICE REGARDING REPORT DELIVERY

Not FDIC Insured ■ May Lose Value ■ No Bank Guarantee

J. Christopher
Donahue

President

Federated Hermes Global Small Cap Fund

Letter from the President

Dear Valued Shareholder,

I am pleased to present the Semi-Annual Shareholder Report for your fund covering the period from December 1, 2019 through May 31, 2020.

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

Sincerely,

J. Christopher Donahue, President

CONTENTS

Portfolio of Investments Summary Tables	1
Portfolio of Investments	3
Financial Highlights	7
Statement of Assets and Liabilities	8
Statement of Operations	9
Statement of Changes in Net Assets	10
Notes to Financial Statements	11
Shareholder Expense Example	19
Evaluation and Approval of Advisory Contract–May 2020	20
Liquidity Risk Management Program–Annual Evaluation of Adequacy and Effectiveness	29
Voting Proxies on Fund Portfolio Securities	31
Quarterly Portfolio Schedule	31

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Portfolio of Investments Summary Tables (unaudited)

At May 31, 2020, the Fund’s portfolio composition¹ was as follows:

Country	Percentage of Total Net Assets
United States	55.9%
Japan	16.4%
United Kingdom	4.7%
Netherlands	4.3%
Sweden	3.3%
Italy	3.0%
Canada	2.6%
Australia	2.2%
Finland	2.0%
Germany	2.0%
Switzerland	1.5%
Ireland	1.1%
Spain	1.1%
Other²	0.6%
Other Assets and Liabilities—Net³	(0.7)%
TOTAL	100.0%

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At May 31, 2020, the Fund’s sector classification composition⁴ was as follows:

Sector Classification	Percentage of Total Net Assets
Information Technology	18.4%
Industrials	15.4%
Financials	12.7%
Consumer Discretionary	11.8%
Materials	11.1%
Health Care	11.0%
Consumer Staples	7.4%
Real Estate	6.3%
Energy	3.2%
Communication Services	2.4%
Utilities	1.0%
Other Assets and Liabilities—Net²	(0.7)%
TOTAL	100.0%

1	Country allocations are based primarily on the country in which a company is incorporated. However, the Fund’s Adviser may allocate a company to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities or the country where a majority of the company’s revenues are derived.
2	For purposes of this table, country classifications constitute 100.1% of the Fund’s investments. Remaining countries have been aggregated under the designation “Other.”
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
4	Except for 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.

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Portfolio of Investments

May 31, 2020 (unaudited)

Shares			Value in U.S. Dollars
		COMMON STOCKS—100.7%
		Australia—2.2%
12,982		Evolution Mining Ltd.	$52,353
		Austria—0.5%
423		Schoeller- Bleckmann Oilfield Equipment AG	11,469
		Canada—2.6%
1,951		CAE, Inc.	29,275
343		Cargojet, Inc.	32,904
		TOTAL	62,179
		Finland—2.0%
1,162	¹	Huhtamaki Oyj	47,053
		Germany—2.0%
1,731		Jungheinrich AG	33,406
330		Washtec AG	13,596
		TOTAL	47,002
		Ghana—0.1%
9,889		Tullow Oil PLC	2,750
		Ireland—1.1%
2,493		Glanbia PLC	27,240
		Italy—3.0%
3,973	¹	Cerved Information Solutions SpA	27,559
1,143	¹	MARR SpA	16,693
3,174	¹	Technogym SpA	26,296
		TOTAL	70,548
		Japan—16.4%
1,664		Hitachi Credit Corp.	35,166
865		Horiba Ltd.	45,589
2,075		NIFCO, Inc.	45,471
1,665		Open House Co. Ltd.	46,107
1,693		Relo Holdings, Inc.	38,704
1,150		Sumisho Computer Systems Corp.	56,287
1,972		Tadano Ltd.	15,681
1,009		TS Tech Co. Ltd.	28,307
1,192		Yaoko Co. Ltd.	77,858
		TOTAL	389,170

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Netherlands—4.3%
1,256		Aalberts Industries NV	$34,572
718		IMCD Group NV	67,926
		TOTAL	102,498
		South Africa—0.0%
45,350	¹	Petra Diamonds Ltd.	1,067
		Spain—1.1%
3,017		Merlin Properties SOCIMI SA	25,368
		Sweden—3.3%
1,682		Thule Group AB/The	38,679
2,848	¹	Trelleborg AB, Class B	38,744
		TOTAL	77,423
		Switzerland—1.5%
167		Burckhardt Compression Holdings AG	34,406
		United Kingdom—4.7%
4,503		Beazley Group PLC	21,437
6,661		Central Asia Metals PLC	12,822
14,547		Cineworld Group PLC	15,271
12,256		Harworth Group PLC	14,211
5,986		Paragon Group Companies PLC	26,238
6,253		SSP Group PLC	21,656
		TOTAL	111,635
		United States—55.9%
72	¹	Abiomed, Inc.	16,121
955	¹	AMN Healthcare Services, Inc.	42,364
437		Aptargroup, Inc.	48,677
122	¹	Bio-Rad Laboratories, Inc., Class A	59,941
1,268		Brooks Automation, Inc.	50,682
1,561		Brown & Brown	62,752
1,023		Brunswick Corp.	56,275
213	¹	CACI International, Inc., Class A	53,416
520	¹	Clean Harbors, Inc.	30,883
440		Columbia Sportswear Co.	32,146
819		Community Bank System, Inc.	48,665
36,114		Diversified Gas & Oil PLC	46,484
437		Eagle Materials, Inc.	29,174
301		Henry Jack & Associates, Inc.	54,439
647	¹	Kirby Corp.	33,178

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Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		United States—continued
448	¹	Livanova PLC	$23,964
1,129		MDU Resources Group, Inc.	24,567
1,093		National Instruments Corp.	42,321
1,569		Parsley Energy, Inc.	14,341
391		Reinsurance Group of America	35,483
2,591		Retail Opportunity Investments Corp.	24,330
951		RPM International, Inc.	71,116
970	¹	ServiceMaster Global Holdings, Inc.	31,913
543	¹	Silicon Laboratories, Inc.	50,857
365		STERIS PLC	60,550
593		Teradyne, Inc.	39,743
277		WD 40 Co.	53,143
270		West Pharmaceutical Services, Inc.	58,331
305	¹	WEX, Inc.	45,164
1,034		Wiley (John) & Sons, Inc., Class A	41,567
1,023		Wintrust Financial Corp.	43,334
		TOTAL	1,325,921
		TOTAL INVESTMENT IN SECURITIES—100.7% (IDENTIFIED COST $2,677,673)²	2,388,082
		OTHER ASSETS AND LIABILITIES - NET—(0.7)%³	(16,225)
		TOTAL NET ASSETS—100%	$2,371,857

1	Non-income-producing security.
2	Also represents cost for federal tax purposes.
3	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 May 31, 2020.

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 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.

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The following is a summary of the inputs used, as of May 31, 2020, in valuing the Fund’s assets carried at fair value:

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
Domestic	$1,279,437	$—	$—	$1,279,437
International	62,179	1,046,466	—	1,108,645
TOTAL SECURITIES	$1,341,616	$1,046,466	$—	$2,388,082

See Notes which are an integral part of the Financial Statements

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Net Asset Value, Beginning of Period	$10.44	$10.00
Income From Investment Operations:
Net investment income	0.03	0.05
Net realized and unrealized gain (loss)	(1.42)	0.39
TOTAL FROM INVESTMENT OPERATIONS	(1.39)	0.44
Less Distributions:
Distributions from net investment income	(0.06)	—
Net Asset Value, End of Period	$8.99	$10.44
Total Return²	(13.42)%	4.40%
Ratios to Average Net Assets:
Net expenses³	0.94%⁴	0.94%⁴
Net investment income	0.59%⁴	0.90%⁴
Expense waiver/reimbursement⁵	10.39%⁴	9.36%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$2,372	$2,740
Portfolio turnover	6%	7%

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
4	Computed on an annualized basis.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

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Statement of Assets and Liabilities

May 31, 2020 (unaudited)

Assets:
Investment in securities, at value (identified cost $2,677,673)		$2,388,082
Cash		45,362
Prepaid expenses		31,269
Income receivable		6,615
TOTAL ASSETS		2,471,328
Liabilities:
Payable for portfolio accounting fees	$59,523
Payable for custodian fees	18,426
Payable for auditing fees	16,156
Payable for legal fees	3,923
Payable to adviser (Note 5)	1,443
TOTAL LIABILITIES		99,471
Net assets for 263,835 shares outstanding		$2,371,857
Net Assets Consists of:
Paid-in capital		$2,637,593
Total distributable earnings (loss)		(265,736)
TOTAL NET ASSETS		$2,371,857
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$2,371,857 ÷ 263,835 shares outstanding, no par value, unlimited shares authorized		$8.99

See Notes which are an integral part of the Financial Statements

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Statement of Operations

Six Months Ended May 31, 2020 (unaudited)

Investment Income:
Dividends (net of foreign tax withheld of $758)			$18,789
Expenses:
Investment adviser fee (Note 5)		$10,451
Administrative fee (Note 5)		1,375
Custodian fees		12,775
Transfer agent fees		1,300
Directors’/Trustees’ fees (Note 5)		590
Auditing fees		16,155
Legal fees		4,237
Portfolio accounting fees		69,828
Share registration costs		12,335
Printing and postage		7,863
Miscellaneous (Note 5)		2,401
TOTAL EXPENSES		139,310
Waivers and Reimbursement (Note 5):
Waiver of investment adviser fee	$(10,451)
Reimbursement of other operating expenses	(117,323)
TOTAL WAIVER AND REIMBURSEMENT		(127,774)
Net expenses			11,536
Net investment income			7,253
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments and foreign currency transactions			21,052
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			(394,829)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(373,777)
Change in net assets resulting from operations			$(366,524)

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2020	Period Ended 11/30/2019¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$7,253	$14,104
Net realized gain (loss)	21,052	(3,234)
Net change in unrealized appreciation/depreciation	(394,829)	105,218
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(366,524)	116,088
Distributions to Shareholders	(15,300)	—
Share Transactions:
Proceeds from sale of shares	7,150	2,623,889
Net asset value of shares issued to shareholders in payment of distributions declared	6,554	—
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	13,704	2,623,889
Change in net assets	(368,120)	2,739,977
Net Assets:
Beginning of period	2,739,977	—
End of period	$2,371,857	$2,739,977

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

May 31, 2020 (unaudited)

1. ORGANIZATION

Federated Adviser Series (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 eleven portfolios. The financial statements included herein are only those of the Federated Hermes Global Small Cap Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers one class of shares: Institutional Shares, which commenced operations on April 24, 2019. Class A Shares, Class C Shares and Class R6 Shares are effective with the Securities and Exchange Commission (SEC), but are not yet offered for sale. 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 long-term capital appreciation.

Effective on or about June 29, 2020, the name of the Trust will change to Federated Hermes Adviser Series.

2. SIGNIFICANT ACCOUNTING POLICIES

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 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.

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Fair Valuation and Significant Events Procedures

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■	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.

Investment Income, Gains and Losses, Expenses and Distributions

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code (the “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 six months ended May 31, 2020, 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 May 31, 2020, the tax year 2019 remains subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the State of Delaware.

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When-Issued and Delayed-Delivery Transactions

Foreign Currency Translation

Other

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3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 5/31/2020	Year Ended 11/30/2019¹
Shares sold	794	262,426
Shares issued to shareholders in payment of distributions declared	615	—
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	1,409	262,426

1	Reflects operations for the period from April 24, 2019 (date of initial investment) to November 30, 2019.

4. FEDERAL TAX INFORMATION

At May 31, 2020, the cost of investments for federal tax purposes was $2,677,673. The net unrealized depreciation of investments for federal tax purposes was $289,591. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $254,644 and net unrealized depreciation from investments for those securities having an excess of cost over value of $544,235.

At November 30, 2019, the Fund had a capital loss carryforward of $2,390 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term, and do not expire.

The following schedule summarizes the Fund’s capital loss carryforwards:

Short-Term	Long-Term	Total
$2,390	$0	$2,390

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 0.85% of the Fund’s average daily net assets. 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. For the six months ended May 31, 2020, the Adviser voluntarily waived its entire fee of $10,451 and voluntarily reimbursed $117,323 of other operating expenses.

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Some or all of the Fund’s assets are managed by Hermes Investment Management Limited (the “Sub-Adviser”). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an annual fee equal to 0.55% of the daily net assets of the Fund which it advises. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. The Sub-Adviser may, from time to time, and for such periods as it deems appropriate, reduce its compensation. The Sub-Adviser agrees to share pro rata in any fee waivers, or expense assumptions and reimbursements, imposed or made by the Adviser or its affiliates.

For the six months ended May 31, 2020, the Sub-Adviser waived all of its fee.

Administrative Fee

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

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

Expense Limitation

The Adviser and certain of its affiliates (which may include FAS) 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, tax reclaim recovery expenses, extraordinary expenses and proxy related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.94% (the “Fee Limit”), up to but not including the later of (the “Termination Date”): (a) February 1, 2021; 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.

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Directors’/Trustees’ and Miscellaneous Fees

Affiliated Shares of Beneficial Interest

As of May 31, 2020, a majority of the shares of beneficial interest outstanding are owned by an affiliate of the Adviser.

6. Investment TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended May 31, 2020, were as follows:

Purchases	$164,364
Sales	$146,582

7. CONCENTRATION OF RISK

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes 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 temporarily finance 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), or a replacement rate as appropriate, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of an upfront fee, and, its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of May 31, 2020, the Fund had no outstanding loans. During the six months ended May 31, 2020, the Fund did not utilize the LOC.

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9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, 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 May 31, 2020, there were no outstanding loans. During the six months ended May 31, 2020, the program was not utilized.

10. OTHER MATTERS

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short term or may last for an extended period of time and has resulted in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Funds’ investments) and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance.

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 12/1/2019	Ending Account Value 5/31/2020	Expenses Paid During Period¹
Actual	$1,000	$865.80	$4.38
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,020.30	$4.75

1	Expenses are equal to the Fund’s annualized net expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period).

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Evaluation and Approval of Advisory Contract–May 2020

FEDERATED HERMES Global SMALL CAP fund (THE “FUND”)

Information Received and Review Process

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Nature, Extent and Quality of Services

Fund Investment Performance

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Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contracts.

Fund Expenses

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Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contracts.

Profitability and Other Benefits

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Economies of Scale

Conclusions

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Liquidity Risk Management Program–Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Adviser Series (the Trust) has adopted and implemented a liquidity risk management program (the “LRMP”) for each series of the Trust, including Federated Hermes Global Small Cap Fund (the “Fund” and collectively, the “Funds”). The LRMP seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Funds’ investment advisers as the administrators for the LRMP (collectively, the “Administrator”). The Administrator has established a Liquidity Risk Management Committee (the “Committee”) comprised of representatives from various departments across the Administrator to assist it in the implementation and on-going administration of the LRMP. The Committee, in turn, has delegated to the Fixed Income and Equities Liquidity Committees, each a separate committee previously established by the Administrator, the responsibility to review and assess certain information related to the liquidity of the Funds that fall within their respective asset classes.

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■	the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment, including a review of the Funds’ access to other available funding sources such as the Funds’ interfund lending facility, redemptions in-kind and committed lines of credit and confirmation that the Fund did not have to access any of these alternative funding sources during the Period;
■	the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;
■	the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;
■	the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;
■	the fact that there was one instance during the Period where the Fund temporarily exceeded 15% in illiquid investments solely due to extended non-U.S. market closures, and because the closures were anticipated in advance there were no issues in meeting shareholder redemptions at any time during the temporary period; and
■	liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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Federated Hermes Global Small Cap Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31423A861

Q454549 (7/20)

Item 2.

Code of Ethics

Not Applicable

Item 3.

Audit Committee Financial Expert

Not Applicable

Item 4.

Principal Accountant Fees and Services

Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not Applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable

Item 10.

Submission of Matters to a Vote of Security Holders

No Changes to Report

Item 11.

Controls and Procedures

(a) The registrant’s President and Treasurer have concluded that the

registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable

Item 13.

Exhibits

(a)(1) Code of Ethics- Not Applicable to this Report.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

(a)(3) Not Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant Federated Hermes Adviser Series

By /S/ Lori A. Hensler

Lori A. Hensler

Principal Financial Officer

Date July 27, 2020

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 July 27, 2020

By /S/ Lori A. Hensler

Lori A. Hensler

Principal Financial Officer

Date July 27, 2020

Federated Adviser Series N-CSRSCertified semi-annual shareholder report (management investment company)