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: 5/31/21
Date of Reporting Period: Six months ended 11/30/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | Institutional | PIEFX |
Federated Hermes Emerging Markets Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
China | 37.8% |
Taiwan | 16.3% |
South Korea | 13.1% |
Argentina | 6.6% |
Russia | 3.7% |
Brazil | 3.4% |
India | 3.4% |
Singapore | 2.3% |
Egypt | 1.6% |
Poland | 1.6% |
Hong Kong | 1.5% |
Vietnam | 1.4% |
Hungary | 1.0% |
Other2 | 3.5% |
Cash Equivalents3 | 3.2% |
Other Assets and Liabilities—Net4 | (0.4)% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 27.4% |
Consumer Discretionary | 17.3% |
Communication Services | 14.8% |
Financials | 13.0% |
Health Care | 6.3% |
Materials | 5.4% |
Industrials | 5.1% |
Consumer Staples | 3.3% |
Energy | 2.8% |
Real Estate | 1.8% |
Cash Equivalents3 | 3.2% |
Other Assets and Liabilities—Net4 | (0.4)% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—97.2% | |||
Argentina—6.6% | |||
2,613 | 1 | Globant SA | $493,021 |
678 | 1 | Mercadolibre, Inc. | 1,053,158 |
TOTAL | 1,546,179 | ||
Brazil—3.4% | |||
18,650 | Notre Dame Intermedica Participacoes S.A. | 238,460 | |
40,713 | Petroleo Brasileiro SA | 194,165 | |
2,674 | 1 | StoneCo Ltd. | 195,790 |
4,109 | 1 | XP, Inc. | 168,510 |
TOTAL | 796,925 | ||
Canada—0.7% | |||
15,738 | 1 | Equinox Gold Corp. | 156,121 |
China—37.8% | |||
10,049 | AAC Technologies Hldgs., Inc. | 56,402 | |
50,668 | 1 | Alibaba Group Holding Ltd. | 1,665,755 |
10,000 | BYD Co. Ltd. | 235,316 | |
148,852 | China Aoyuan Group Ltd. | 154,170 | |
76,971 | China Merchants Bank Co. Ltd. | 487,468 | |
85,883 | China Pharmaceutical Enterprise and Investment Corp. Ltd. | 83,098 | |
199,875 | CNOOC Ltd. | 199,491 | |
29,800 | Ganfeng Lithium Co., Ltd. | 256,894 | |
38,134 | Haidilao International Holding Ltd. | 248,920 | |
890 | Kweichow Moutai Co. Ltd. | 231,307 | |
3,176 | 1 | Pinduoduo, Inc., ADR | 440,861 |
18,167 | 1 | Ping An Healthcare and Technology Company Ltd. | 221,051 |
32,542 | Ping An Insurance (Group) Co. of China Ltd. | 381,174 | |
8,953 | Sunny Opitcal Technology Group Co. Ltd. | 176,429 | |
22,440 | Tencent Holdings Ltd. | 1,633,428 | |
34,600 | Wuxi Lead Intelligent Equipment Co. Ltd. | 332,157 | |
74,649 | 1 | WuXi PharmaTech, Inc. | 742,266 |
68,800 | 1 | Xiaomi Corp. | 236,051 |
100,040 | Xinyi Solar Holdings Ltd. | 180,307 | |
23,700 | Yunnan Energy New Material Co., Ltd. | 348,637 | |
492,134 | Zijin Mining Group Co. Ltd. | 493,581 | |
TOTAL | 8,804,763 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Egypt—1.6% | |||
306,013 | 1 | Cleopatra Hospital | $92,443 |
47,506 | Commercial International Bank Egypt | 188,389 | |
21,796 | Integrated Diagnostics Holdings PLC | 81,719 | |
TOTAL | 362,551 | ||
Hong Kong—1.5% | |||
31,768 | AIA Group Ltd. | 347,003 | |
Hungary—1.0% | |||
6,023 | 1 | OTP Bank RT | 238,197 |
India—3.4% | |||
5,413 | 1 | HDFC Bank Ltd., ADR | 373,497 |
14,094 | 1 | Relaxo Footwears Ltd. | 140,068 |
10,629 | Reliance Industries Ltd. | 269,796 | |
TOTAL | 783,361 | ||
Indonesia—0.8% | |||
81,283 | PT Bank Central Asia | 178,087 | |
Kenya—0.7% | |||
541,325 | Safaricom Ltd. | 160,831 | |
Poland—1.6% | |||
5,518 | 1 | Dino Polska SA | 369,965 |
Qatar—0.4% | |||
17,214 | Qatar National Bank | 83,788 | |
Russia—3.7% | |||
9,332 | 2 | TCS Group Holding PLC, GDR | 284,114 |
8,386 | 1 | Yandex NV | 578,298 |
TOTAL | 862,412 | ||
Singapore—2.3% | |||
3,004 | 1 | Sea Ltd., ADR | 541,832 |
South Korea—13.1% | |||
1,640 | Kakao Corp. | 547,163 | |
121 | LG Household & Health Care Ltd. | 165,600 | |
2,398 | Samsung Electro-Mechanics Co. | 339,097 | |
12,444 | Samsung Electronics Co. Ltd. | 751,747 | |
2,239 | Samsung SDI Co. Ltd. | 1,082,160 | |
1,899 | SK Hynix, Inc. | 167,761 | |
TOTAL | 3,053,528 | ||
Taiwan—16.3% | |||
21,359 | Accton Technology Corp. | 179,421 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Taiwan—continued | |||
18,529 | AirTac International Group | $540,349 | |
1,796 | ASMedia Technology, Inc. | 104,108 | |
3,412 | ASPEED Technology, Inc. | 169,117 | |
14,000 | Gourmet Master Co. Ltd. | 69,957 | |
13,195 | Hiwin Technologies Corp. | 141,036 | |
24,900 | MediaTek, Inc. | 616,240 | |
7,931 | Momo.com, Inc. | 172,714 | |
3,594 | Silergy Corp. | 280,637 | |
70,320 | Taiwan Semiconductor Manufacturing Co. Ltd | 1,187,713 | |
29,470 | Win Semiconductors Corp. | 346,939 | |
TOTAL | 3,808,231 | ||
Thailand—0.9% | |||
120,901 | 1 | Muangthai Capital PCL | 214,150 |
United Arab Emirates—0.0% | |||
5,716 | 1,3 | NMC Health PLC | 0 |
Vietnam—1.4% | |||
18,440 | JSC Bank of Foreign Trade of Vietnam | 73,909 | |
72,400 | 1 | Vinhomes Joint Stock Company | 257,991 |
TOTAL | 331,900 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $13,314,562) | 22,639,824 | ||
RIGHTS—0.0% | |||
Taiwan—0.0% | |||
367 | 1 | Hiwin Technologies Corp., 12/15/2020 (IDENTIFIED COST $0) | 1,423 |
INVESTMENT COMPANY—3.2% | |||
749,615 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.08%4 (IDENTIFIED COST $749,567) | 749,915 | |
TOTAL INVESTMENT IN SECURITIES—100.4% (IDENTIFIED COST $14,064,129)5 | 23,391,162 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.4)%6 | (95,117) | ||
TOTAL NET ASSETS—100% | $23,296,045 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares* | |
Value as of 5/31/2020 | $1,213,444 |
Purchases at Cost | $3,566,904 |
Proceeds from Sales | $(4,030,161) |
Change in Unrealized Appreciation/Depreciation | $(240) |
Net Realized Gain/(Loss) | $(32) |
Value as of 11/30/2020 | $749,915 |
Shares Held as of 11/30/2020 | 749,615 |
Dividend Income | $768 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $4,433,713 | $18,206,111 | $0 | $22,639,824 |
Rights | ||||
International | — | 1,423 | — | 1,423 |
Investment Company | 749,915 | — | — | 749,915 |
TOTAL SECURITIES | $5,183,628 | $18,207,534 | $0 | $23,391,162 |
ADR | —American Depositary Receipt |
GDR | —Global Depositary Receipt |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2020 | Year Ended May 31, | Period Ended 5/31/20173 | |||
20202 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $12.16 | $11.23 | $13.23 | $11.09 | $10.00 |
Income From Investment Operations: | |||||
Net investment income (loss)4 | 0.01 | (0.00)5 | 0.05 | 0.03 | 0.03 |
Net realized and unrealized gain (loss) | 5.05 | 0.98 | (1.84) | 2.17 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | 5.06 | 0.98 | (1.79) | 2.20 | 1.07 |
Less Distributions: | |||||
Distributions from net investment income | — | (0.05) | (0.02) | (0.03) | — |
Distributions from net realized gain | — | — | (0.19) | (0.03) | — |
TOTAL DISTRIBUTIONS | — | (0.05) | (0.21) | (0.06) | — |
Payment by Affiliate4 | — | — | —5,6 | — | 0.027 |
Net Asset Value, End of Period | $17.22 | $12.16 | $11.23 | $13.23 | $11.09 |
Total Return8 | 41.61% | 8.74% | (13.38)%6 | 19.84% | 10.90%7 |
Ratios to Average Net Assets: | |||||
Net expenses9 | 0.98%10 | 1.11% | 1.25% | 1.25% | 1.25%10 |
Net investment income (loss) | 0.13%10 | (0.04)% | 0.43% | 0.26% | 1.71%10 |
Expense waiver/reimbursement11 | 1.28%10 | 2.07% | 1.06% | 0.83% | 2.29%10 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,296 | $13,749 | $11,557 | $13,392 | $11,107 |
Portfolio turnover | 6% | 39% | 34% | 36% | 7% |
Assets: | ||
Investment in securities, at value including $749,915 of investment in an affiliated holding* (identified cost $14,064,129) | $23,391,162 | |
Prepaid expenses | 12,998 | |
Income receivable | 5,895 | |
Receivable for shares sold | 3,800 | |
TOTAL ASSETS | 23,413,855 | |
Liabilities: | ||
Payable for capital gains taxes withheld | $19,880 | |
Bank overdraft | 7,472 | |
Payable for portfolio accounting fees | 70,912 | |
Payable for custodian fees | 10,332 | |
Payable for auditing fees | 8,003 | |
Payable for investment adviser fee (Note 5) | 990 | |
Payable for administrative fee (Note 5) | 221 | |
TOTAL LIABILITIES | 117,810 | |
Net assets for 1,352,995 shares outstanding | $23,296,045 | |
Net Assets Consists of: | ||
Paid-in capital | $14,830,689 | |
Total distributable earnings | 8,465,356 | |
TOTAL NET ASSETS | $23,296,045 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$23,296,045 ÷ 1,352,995 shares outstanding, no par value, unlimited shares authorized | $17.22 |
Investment Income: | |||
Dividends (including $737 received from an affiliated holding* and net of foreign taxes withheld of $11,922) | $103,643 | ||
Net income on securities loaned (includes $31 earned from an affiliated holding* related to cash collateral balances) | 1,259 | ||
TOTAL INCOME | 104,902 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $84,445 | ||
Administrative fee (Note 5) | 7,537 | ||
Custodian fees | 12,336 | ||
Transfer agent fees (Note 2) | 2,854 | ||
Directors’/Trustees’ fees (Note 5) | 282 | ||
Auditing fees | 15,655 | ||
Legal fees | 5,144 | ||
Portfolio accounting fees | 64,020 | ||
Share registration costs | 13,347 | ||
Printing and postage | 5,871 | ||
Miscellaneous (Note 5) | 757 | ||
TOTAL EXPENSES | 212,248 | ||
Waiver and Reimbursements: | |||
Waiver and reimbursement of investment adviser fee (Note 5) | $(84,445) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (35,393) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (119,838) | ||
Net expenses | 92,410 | ||
Net investment income | 12,492 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized loss of $(32) on sales of investments in an affiliated holding*) and foreign currency transactions | (118,887) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(240) of investments in an affiliated holding*) | 6,319,206 | ||
Net realized and unrealized gain(loss) on investments and foreign currency transactions | 6,200,319 | ||
Change in net assets resulting from operations | $6,212,811 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $12,492 | $(4,678) |
Net realized gain (loss) | (118,887) | (373,311) |
Net change in unrealized appreciation | 6,319,206 | 1,454,065 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,212,811 | 1,076,076 |
Distributions to Shareholders: | ||
Institutional Shares (formerly, Class I Shares) | — | (54,847) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (54,847) |
Share Transactions: | ||
Proceeds from sale of shares | 6,966,725 | 1,188,613 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 12,040 |
Cost of shares redeemed | (3,632,019) | (70,538) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 3,334,706 | 1,130,115 |
Change in net assets | 9,547,517 | 2,151,344 |
Net Assets: | ||
Beginning of period | 13,748,528 | 11,597,184 |
End of period | $23,296,045 | $13,748,528 |
Security | Acquisition Date | Acquisition Cost | Value |
TCS Group Holding PLC, GDR | 2/5/2020 | $67,889 | $284,114 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $2,854 | $(795) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | — | 2 | $20 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed/exchanged | — | — | (1,774) | (21,754) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | — | — | (1,772) | $(21,734) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 449,528 | $6,966,725 | 99,411 | $1,147,070 |
Proceeds from shares issued in connection with the exchange of shares from Class A and Class R6 to Institutional Shares | — | — | 3,379 | 41,623 |
Shares issued to shareholders in payment of distributions declared | — | — | 950 | 12,040 |
Shares redeemed | (227,437) | (3,632,019) | (2,342) | (27,274) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 222,091 | $3,334,706 | 101,398 | $1,173,459 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | — | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed/exchanged | — | — | (1,754) | $(21,610) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | — | — | (1,754) | $(21,610) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 222,091 | $3,334,706 | 97,872 | $1,130,115 |
Short-Term | Long-Term | Total |
$429,210 | $282,366 | $711,576 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $4,249,122 |
Sales | $1,087,196 |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual | $ 1,000.00 | $ 1,416.10 | $5.94 |
Hypothetical (assuming a 5% return before expenses) | $ 1,000.00 | $ 1,020.16 | $4.96 |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | A | PMIEX | C | PIUCX | Institutional | PIUIX | R6 | PEIRX |
Federated Hermes International Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
Japan | 11.2% |
United Kingdom | 10.9% |
Germany | 8.8% |
South Korea | 8.8% |
China | 6.8% |
France | 6.8% |
Canada | 5.0% |
Sweden | 4.9% |
Norway | 3.8% |
Switzerland | 3.1% |
Singapore | 2.4% |
Netherlands | 2.1% |
Taiwan | 1.8% |
Argentina | 1.8% |
India | 1.6% |
Australia | 1.6% |
Ireland | 1.5% |
Belgium | 1.2% |
Mexico | 1.0% |
Israel | 1.0% |
Finland | 1.0% |
Others2 | 9.1% |
Cash Equivalents3 | 2.7% |
Other Assets and Liabilities—Net4 | 1.1% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Consumer Discretionary | 15.4% |
Information Technology | 14.5% |
Financials | 13.9% |
Industrials | 12.5% |
Materials | 12.1% |
Health Care | 10.3% |
Communication Services | 10.2% |
Consumer Staples | 5.9% |
Energy | 0.9% |
Real Estate | 0.5% |
Cash Equivalents3 | 2.7% |
Other Assets and Liabilities—Net4 | 1.1% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—96.2% | |||
Argentina—1.8% | |||
58,037 | 1 | Globant SA | $10,950,421 |
11,315 | 1 | Mercadolibre, Inc. | 17,575,929 |
TOTAL | 28,526,350 | ||
Australia—1.6% | |||
137,617 | 1 | Afterpay Touch Group Ltd. | 9,615,197 |
330,633 | Appen Ltd. | 7,666,022 | |
820,955 | Northern Star Resources Ltd. | 7,667,382 | |
TOTAL | 24,948,601 | ||
Austria—0.6% | |||
222,015 | Andritz AG | 9,340,264 | |
Belgium—1.2% | |||
70,400 | S.A. D’Ieteren N.V. | 4,910,592 | |
128,212 | Solvay S.A. | 14,667,017 | |
TOTAL | 19,577,609 | ||
Brazil—0.8% | |||
543,682 | Notre Dame Intermedica Participacoes S.A. | 6,951,547 | |
146,505 | 1 | XP Inc. | 6,008,170 |
TOTAL | 12,959,717 | ||
Canada—5.0% | |||
176,564 | Agnico Eagle Mines Ltd. | 11,630,271 | |
205,823 | 1 | Aritzia, Inc. | 3,697,428 |
253,974 | 1 | Equinox Gold Corp. | 2,519,422 |
34,285 | 1 | Lululemon Athletica Inc. | 12,692,993 |
266,611 | Magna International, Inc., Class A | 16,349,349 | |
463,415 | Methanex Corp. | 19,397,274 | |
250,866 | Toronto Dominion Bank | 13,382,611 | |
TOTAL | 79,669,348 | ||
Chile—0.8% | |||
784,400 | Antofagasta PLC | 13,080,257 | |
China—6.8% | |||
752,084 | 1 | Alibaba Group Holding Ltd. | 24,725,429 |
40,505 | 1 | Pinduoduo, Inc., ADR | 5,622,499 |
933,215 | Ping An Insurance (Group) Co. of China Ltd. | 10,931,023 | |
366,086 | Tencent Holdings Ltd. | 26,647,731 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
China—continued | |||
5,513,000 | Weichai Power Co. Ltd., Class H | $11,277,708 | |
1,011,174 | 1 | WuXi PharmaTech, Inc. | 10,054,518 |
1,208,800 | 1 | Xiaomi Corp. | 4,147,357 |
2,021,000 | Zhongsheng Group Holdings | 15,102,071 | |
TOTAL | 108,508,336 | ||
Colombia—0.8% | |||
729,100 | Banco Industrial Colombiano | 5,611,815 | |
256,900 | Bancolombia S.A., ADR | 7,822,605 | |
TOTAL | 13,434,420 | ||
Denmark—0.6% | |||
121,734 | GN Store Nord AS | 9,880,616 | |
Egypt—0.3% | |||
1,386,586 | Commercial International Bank Egypt | 5,498,617 | |
Finland—1.0% | |||
143,838 | Neste Oyj | 9,589,593 | |
235,464 | Valmet Corp. | 5,961,688 | |
TOTAL | 15,551,281 | ||
France—6.8% | |||
30,449 | Dassault Systemes SA | 5,614,702 | |
76,000 | 1 | Eurofins Scientific SE | 6,157,897 |
237,024 | Imerys SA | 9,699,588 | |
209,400 | Ipsos | 6,731,870 | |
13,192 | LVMH Moet Hennessy Louis Vuitton SA | 7,568,868 | |
93,900 | Michelin, Class B | 11,657,698 | |
391,971 | Publicis Groupe | 17,755,765 | |
304,620 | 1 | Solutions 30 SE | 6,140,792 |
15,727 | Stedim | 5,685,869 | |
26,986 | Teleperformance | 8,968,833 | |
138,457 | Vinci SA | 14,065,495 | |
85,752 | 1 | Worldline SA | 7,900,252 |
TOTAL | 107,947,629 | ||
Germany—8.8% | |||
171,000 | BASF SE | 12,509,594 | |
721,593 | Deutsche Telekom AG, Class REG | 12,996,701 | |
145,108 | 1 | Evotec SE | 4,419,830 |
264,900 | Fresenius SE & Co KGaA | 11,835,030 | |
74,000 | Hannover Rueckversicherung SE | 12,386,129 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Germany—continued | |||
168,800 | HeidelbergCement AG | $11,992,759 | |
205,400 | LANXESS AG | 14,364,493 | |
47,266 | Linde PLC | 12,119,948 | |
48,700 | Muenchener Rueckversicherungs-Gesellschaft AG | 13,569,471 | |
6,159 | Rational AG | 5,469,004 | |
47,513 | SAP SE, ADR | 5,756,675 | |
18,455 | 1 | Shop Apotheke Europe NV | 2,907,202 |
41,425 | Stratec Biomedical Systems AG | 5,718,400 | |
88,409 | 1 | TeamViewer AG | 4,208,700 |
93,106 | 1 | Zalando SE | 9,407,307 |
TOTAL | 139,661,243 | ||
Greece—0.3% | |||
242,400 | Jumbo S.A. | 4,334,923 | |
Hong Kong—0.6% | |||
879,951 | AIA Group Ltd. | 9,611,745 | |
India—1.6% | |||
138,532 | 1 | HDFC Bank Ltd., ADR | 9,558,708 |
767,320 | Infosys Ltd., ADR | 11,678,610 | |
11,309 | Reliance Industries Ltd. | 157,104 | |
168,401 | Reliance Industries Limited | 4,385,196 | |
TOTAL | 25,779,618 | ||
Ireland—1.5% | |||
4,889,054 | Greencore Group Plc. | 7,614,207 | |
35,294 | 1 | ICON PLC | 6,878,095 |
103,684 | 1 | Kingspan Group PLC | 9,019,622 |
TOTAL | 23,511,924 | ||
Israel—1.0% | |||
47,169 | 1 | Cyber-Ark Software Ltd. | 5,418,303 |
38,194 | 1 | Solaredge Technologies, Inc. | 10,617,168 |
TOTAL | 16,035,471 | ||
Italy—0.7% | |||
816,945 | Davide Campari-Milano NV | 9,435,795 | |
1,358,089 | 1 | Trevi Finanziaria SpA | 1,855,121 |
TOTAL | 11,290,916 | ||
Japan—11.2% | |||
307,300 | Asahi Group Holdings Ltd. | 11,813,507 | |
208,030 | Asahi Intecc Co. Ltd. | 7,597,079 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Japan—continued | |||
1,064,700 | Daicel Corp. | $7,492,960 | |
347,037 | Daiichi Sankyo Co. Ltd. | 12,242,827 | |
80,930 | Hoya Corp. | 10,785,546 | |
392,000 | KDDI Corp. | 11,239,904 | |
22,508 | Keyence Corp. | 11,439,951 | |
58,271 | Lasertec Corp. | 6,159,545 | |
122,735 | M3, Inc. | 11,328,050 | |
137,821 | Murata Manufacturing Co. Ltd. | 12,086,788 | |
118,761 | Nidec Corp. | 15,051,974 | |
169,821 | Nihon M&A Center, Inc. | 11,884,918 | |
14,817 | Nintendo Co. Ltd. | 8,417,036 | |
258,079 | Olympus Corp. | 5,603,780 | |
17,269 | SMC Corp. | 10,967,110 | |
147,200 | Sony Corp. | 13,687,727 | |
371,900 | Sumitomo Mitsui Trust Holdings, Inc. | 10,860,588 | |
TOTAL | 178,659,290 | ||
Kenya—0.3% | |||
17,753,270 | Safaricom Ltd. | 5,274,594 | |
Mexico—1.0% | |||
962,300 | 1 | Grupo Aeroportuario del Centro Norte SAB de CV | 5,597,079 |
558,600 | 1 | Grupo Aeroportuario del Pacifico SA, Class B | 5,726,063 |
336,100 | 1 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,007,346 |
TOTAL | 16,330,488 | ||
Netherlands—2.1% | |||
112,539 | 1 | Alfen Beheer B.V. | 9,139,513 |
39,151 | ASML Holding N.V., ADR | 17,137,567 | |
125,903 | Corbion NV | 6,504,663 | |
TOTAL | 32,781,743 | ||
Norway—3.8% | |||
1,010,144 | 1 | DNB Bank ASA | 18,223,912 |
1,646,114 | 1 | NEL ASA | 4,527,347 |
664,849 | SpareBaken Vest | 5,099,648 | |
1,222,753 | 1 | SpareBank 1 SR-Bank ASA | 12,197,768 |
174,730 | Tomra Systems ASA | 7,498,339 | |
326,100 | Yara International ASA | 13,164,276 | |
TOTAL | 60,711,290 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Poland—0.6% | |||
135,860 | 1 | Dino Polska SA | $9,109,006 |
Puerto Rico—0.9% | |||
282,900 | Popular, Inc. | 13,729,137 | |
Qatar—0.1% | |||
486,936 | Qatar National Bank | 2,370,133 | |
Russia—0.5% | |||
116,931 | 1 | Yandex NV | 8,063,562 |
Singapore—2.4% | |||
62,100 | DBS Group Holdings Ltd. | 1,151,440 | |
90,521 | 1 | Sea Ltd., ADR | 16,327,273 |
2,997,100 | Singapore Technologies Engineering Ltd. | 8,566,221 | |
686,538 | United Overseas Bank Ltd. | 11,414,022 | |
TOTAL | 37,458,956 | ||
South Korea—8.8% | |||
62,159 | Hyundai Mobis | 13,750,242 | |
52,534 | Kakao Corp. | 17,527,236 | |
294,600 | Kia Motors Corp. | 15,430,625 | |
141,500 | Korea Tobacco & Ginseng Corp. | 10,556,296 | |
1,061,500 | LG UPlus Corp. | 11,479,757 | |
349,412 | Samsung Electronics Co. Ltd. | 21,108,101 | |
47,978 | Samsung SDI Co. Ltd. | 23,188,856 | |
373,240 | Shinhan Financial Group Co. Ltd. | 10,836,816 | |
177,000 | SK Hynix, Inc. | 15,636,491 | |
TOTAL | 139,514,420 | ||
Spain—0.4% | |||
91,574 | Cellnex Telecom S.A. | 5,767,413 | |
Sweden—4.9% | |||
448,600 | 1 | Duni AB | 5,305,562 |
325,826 | 1 | Loomis AB | 9,272,534 |
525,863 | 1 | Medicover AB | 8,364,896 |
168,624 | MIPS AB | 8,457,111 | |
497,200 | SKF Ab, Class B | 12,205,545 | |
25,605 | 1 | Spotify Technology SA | 7,460,529 |
1,188,744 | 1 | Svenska Handelsbanken AB | 12,050,028 |
84,597 | Swedish Match AB | 6,834,148 | |
311,362 | 1 | Vitrolife AB | 7,576,790 |
TOTAL | 77,527,143 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Switzerland—3.1% | |||
3,230 | Barry Callebaut AG | $6,924,448 | |
137,906 | Nestle S.A. | 15,388,660 | |
142,666 | Novartis AG | 12,939,079 | |
20,371 | Roche Holding AG | 6,694,995 | |
30,894 | Sika AG | 7,871,393 | |
TOTAL | 49,818,575 | ||
Taiwan—1.8% | |||
1,660,000 | Catcher Technology Co. Ltd. | 10,963,504 | |
471,752 | MediaTek, Inc. | 11,675,198 | |
559,366 | Win Semiconductors Corp. | 6,585,202 | |
TOTAL | 29,223,904 | ||
Thailand—0.3% | |||
1,683,100 | Siam Commercial Bank PLC | 4,724,215 | |
United Arab Emirates—0.0% | |||
273,315 | 2 | NMC Health PLC | 0 |
United Kingdom—10.9% | |||
963,500 | Amcor PLC | 10,916,455 | |
221,565 | Ashtead Group PLC | 9,370,143 | |
247,479 | AstraZeneca PLC, ADR | 13,101,538 | |
2,254,787 | 1 | Babcock International Group PLC | 10,170,214 |
382,663 | BELLWAY PLC | 14,505,613 | |
347,941 | Bunzl PLC | 10,925,561 | |
1,162,250 | Burford Capital Ltd. | 11,843,327 | |
8,374,841 | Cineworld Group PLC | 6,318,018 | |
277,400 | Coca-Cola European Partners PLC | 12,394,232 | |
86,937 | 1 | Endava PLC, ADR | 5,458,774 |
213,933 | Hilton Food Group PLC | 3,086,488 | |
1,257,530 | 1 | Inchcape PLC | 10,008,467 |
256,865 | Mondi PLC, UK | 5,660,662 | |
547,878 | Mondi PLC, SAF | 12,150,403 | |
155,126 | Next PLC | 13,525,678 | |
3,042,244 | 1 | Signature Aviation PLC | 9,632,198 |
7,057,087 | 1 | Taylor Wimpey PLC | 14,579,423 |
TOTAL | 173,647,194 | ||
Vietnam—0.5% | |||
2,291,060 | 1 | Vinhomes Joint Stock Company | 8,163,983 |
TOTAL COMMON STOCKS (IDENTIFIED COST $1,055,038,386) | 1,532,023,931 |
Shares | Value in U.S. Dollars | ||
WARRANTS—0.0% | |||
Italy—0.0% | |||
17,191 | 1 | Trevi Finanziaria SPA, Warrants (IDENTIFIED COST $1,704,233) | $110,529 |
INVESTMENT COMPANIES—2.7% | |||
34,812,093 | Federated Hermes Government Obligations Fund, Premier Shares, 0.01%3 | 34,812,093 | |
9,209,703 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.08%3 | 9,213,387 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $44,025,480) | 44,025,480 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $1,100,768,099)4 | 1,576,159,940 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%5 | 16,949,372 | ||
TOTAL NET ASSETS—100% | $1,593,109,312 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 5/31/2020 | $6,084,262 | $19,964,068 | $26,048,330 |
Purchases at Cost | $167,753,850 | $120,461,765 | $ 288,215,615 |
Proceeds from Sales | $(139,026,019) | $(131,209,977) | $(270,235,996) |
Change in Unrealized Appreciation/Depreciation | N/A | $— | $— |
Net Realized Gain/(Loss) | N/A | $(2,469) | $(2,469) |
Value as of 11/30/2020 | $34,812,093 | $9,213,387 | $44,025,480 |
Shares Held as of 11/30/2020 | 34,812,093 | 9,209,703 | 44,021,796 |
Dividend Income | $3,678 | $8,337 | $12,015 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $335,002,723 | $1,197,021,208 | $ 0 | $1,532,023,931 |
Warrants | ||||
International | — | 110,529 | — | 110,529 |
Investment Companies | $44,025,480 | — | — | 44,025,480 |
TOTAL SECURITIES | $379,028,203 | $1,197,131,737 | $0 | $1,576,159,940 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 11/30/2020 | Year Ended May 31, | |||||
20202 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $21.95 | $22.13 | $24.57 | $21.70 | $18.42 | $20.45 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | 0.03 | 0.09 | 0.24 | 0.25 | 0.20 | 0.21 |
Net realized and unrealized gain (loss) | 6.24 | (0.01) | (2.11) | 2.74 | 3.22 | (1.91) |
TOTAL FROM INVESTMENT OPERATIONS | 6.27 | 0.08 | (1.87) | 2.99 | 3.42 | (1.70) |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.26) | (0.17) | (0.12) | (0.14) | (0.33) |
Distributions from net realized gain | — | — | (0.40) | — | — | — |
TOTAL DISTRIBUTIONS | — | (0.26) | (0.57) | (0.12) | (0.14) | (0.33) |
Payment by Affiliate | — | — | 0.004,5 | 0.004,6 | — | — |
Net Asset Value, End of Period | $28.22 | $21.95 | $22.13 | $24.57 | $21.70 | $18.42 |
Total Return7 | 28.56% | 0.22% | (7.43)%5 | 13.86%6 | 18.70% | (8.31)% |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 1.19%9 | 1.22% | 1.25% | 1.20%10 | 1.28% | 1.27% |
Net investment income | 0.22%9 | 0.42% | 1.01% | 1.04%10 | 1.05% | 1.15% |
Expense waiver/reimbursement11 | 0.12%9 | 0.21% | 0.06% | 0.13% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $44,728 | $39,253 | $58,932 | $68,019 | $58,740 | $33,483 |
Portfolio turnover | 19% | 36% | 28% | 33% | 32% | 19% |
Six Months Ended (unaudited) 11/30/2020 | Year Ended May 31, | |||||
20202 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $20.87 | $21.12 | $23.50 | $20.81 | $17.66 | $19.64 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | (0.06) | (0.00)4 | 0.08 | 0.10 | 0.01 | 0.06 |
Net realized and unrealized gain (loss) | 5.93 | (0.09) | (2.02) | 2.59 | 3.14 | (1.80) |
TOTAL FROM INVESTMENT OPERATIONS | 5.87 | (0.09) | (1.94) | 2.69 | 3.15 | (1.74) |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.16) | (0.04) | (0.00)4 | (0.00)4 | (0.24) |
Distributions from net realized gain | — | — | (0.40) | — | — | — |
TOTAL DISTRIBUTIONS | — | (0.16) | (0.44) | (0.00)4 | (0.00)4 | (0.24) |
Payment by Affiliate | — | — | 0.004,5 | 0.004,6 | — | — |
Net Asset Value, End of Period | $26.74 | $20.87 | $21.12 | $23.50 | $20.81 | $17.66 |
Total Return7 | 28.13% | (0.54)% | (8.11)%5 | 13.00%6 | 17.86% | (8.87)% |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 1.94%9 | 1.96% | 1.97% | 1.96% | 1.96% | 1.90% |
Net investment income (loss) | (0.52)%9 | (0.02)% | 0.35% | 0.46% | 0.05% | 0.35% |
Expense waiver/reimbursement10 | 0.16%9 | 0.36% | 0.55% | 0.07% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,452 | $4,978 | $5,895 | $4,909 | $3,108 | $3,126 |
Portfolio turnover | 19% | 36% | 28% | 33% | 32% | 19% |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2020 | Year Ended May 31, | ||||||
20202 | 2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $22.17 | $22.34 | $24.79 | $21.90 | $18.58 | $20.61 | |
Income From Investment Operations: | |||||||
Net investment income (loss)3 | 0.06 | 0.24 | 0.30 | 0.32 | 0.22 | 0.24 | |
Net realized and unrealized gain (loss) | 6.32 | (0.10) | (2.12) | 2.76 | 3.28 | (1.90) | |
TOTAL FROM INVESTMENT OPERATIONS | 6.38 | 0.14 | (1.82) | 3.08 | 3.50 | (1.66) | |
Less Distributions: | |||||||
Distributions from net investment income | — | (0.31) | (0.23) | (0.19) | (0.18) | (0.37) | |
Distributions from net realized gain | — | — | (0.40) | — | — | — | |
TOTAL DISTRIBUTIONS | — | (0.31) | (0.63) | (0.19) | (0.18) | (0.37) | |
Payment by Affiliate | — | — | 0.004,5 | 0.004,6 | — | — | |
Net Asset Value, End of Period | $28.55 | $22.17 | $22.34 | $24.79 | $21.90 | $18.58 | |
Total Return7 | 28.78% | 0.47% | (7.12)%5 | 14.07%6 | 19.02% | (8.02)% | |
Ratios to Average Net Assets: | |||||||
Net expenses8 | 0.94%9 | 0.96% | 0.94% | 0.97% | 0.98% | 0.98% | |
Net investment income | 0.46%9 | 1.04% | 1.28% | 1.35% | 1.11% | 1.31% | |
Expense waiver/reimbursement10 | 0.14%9 | 0.07% | 0.00%11 | 0.07% | 0.08% | 0.08% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $928,166 | $769,635 | $939,068 | $1,334,669 | $995,486 | $769,692 | |
Portfolio turnover | 19% | 36% | 28% | 33% | 32% | 19% |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/20202 | Period Ended 5/31/20193 | |
Net Asset Value, Beginning of Period | $22.18 | $22.34 | $25.51 |
Income From Investment Operations: | |||
Net investment income (loss)4 | 0.06 | 0.24 | 0.39 |
Net realized and unrealized gain (loss) | 6.32 | (0.08) | (2.92) |
TOTAL FROM INVESTMENT OPERATIONS | 6.38 | 0.16 | (2.53) |
Less Distributions: | |||
Distributions from net investment income | — | (0.32) | (0.24) |
Distributions from net realized gain | — | — | (0.40) |
TOTAL DISTRIBUTIONS | — | (0.32) | (0.64) |
Payment by Affiliate | — | — | 0.005,6 |
Net Asset Value, End of Period | $28.56 | $22.18 | $22.34 |
Total Return7 | 28.76% | 0.56% | (9.17)%5 |
Ratios to Average Net Assets: | |||
Net expenses8 | 0.90%9 | 0.90% | 0.89%9 |
Net investment income | 0.50%9 | 1.07% | 1.76%9 |
Expense waiver/reimbursement10 | 0.10%9 | 0.10% | 0.02%9 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $614,764 | $502,786 | $595,000 |
Portfolio turnover | 19% | 36% | 28%11 |
Assets: | ||
Investment in securities, at value including $44,025,480 of investment in affiliated holdings* (identified cost $1,100,768,099) | $1,576,159,940 | |
Cash | 15,000,000 | |
Cash denominated in foreign currencies (identified cost $138,763) | 185,277 | |
Income receivable | 4,263,953 | |
Receivable for shares sold | 572,248 | |
Receivable for investments sold | 399,835 | |
Income receivable from affiliated holdings | 134 | |
TOTAL ASSETS | 1,596,581,387 | |
Liabilities: | ||
Payable for investments purchased | $1,901,682 | |
Payable for shares redeemed | 913,161 | |
Payable for capital gains taxes withheld | 196,643 | |
Payable for custodian fees | 273,440 | |
Payable for investment adviser fee (Note 5) | 35,172 | |
Payable for other service fees (Notes 2 and 5) | 10,151 | |
Payable for administrative fee (Note 5) | 3,794 | |
Payable for distribution services fee (Note 5) | 3,235 | |
Accrued expenses (Note 5) | 134,797 | |
TOTAL LIABILITIES | 3,472,075 | |
Net assets for 55,822,412 shares outstanding | $1,593,109,312 | |
Net Assets Consists of: | ||
Paid-in capital | $1,089,354,082 | |
Total distributable earnings (loss) | 503,755,230 | |
TOTAL NET ASSETS | $1,593,109,312 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($44,727,550 ÷ 1,584,709 shares outstanding), no par value, unlimited shares authorized | $28.22 | |
Offering price per share (100/94.50 of $28.22) | $29.86 | |
Redemption proceeds per share | $28.22 | |
Class C Shares: | ||
Net asset value per share ($5,451,543 ÷ 203,852 shares outstanding), no par value, unlimited shares authorized | $26.74 | |
Offering price per share | $26.74 | |
Redemption proceeds per share (99.00/100 of $26.74) | $26.47 | |
Institutional Shares: | ||
Net asset value per share ($928,165,784 ÷ 32,511,830 shares outstanding), no par value, unlimited shares authorized | $28.55 | |
Offering price per share | $28.55 | |
Redemption proceeds per share | $28.55 | |
Class R6 Shares: | ||
Net asset value per share ($614,764,435 ÷ 21,522,021 shares outstanding), no par value, unlimited shares authorized | $28.56 | |
Offering price per share | $28.56 | |
Redemption proceeds per share | $28.56 |
Investment Income: | |||
Dividends (including $10,969 received from affiliated holdings* and net of foreign taxes withheld of $1,212,638) | $10,151,207 | ||
Net income on securities loaned (includes $1,046 received from affiliated holdings* related to cash collateral balances) (Note 2) | 5,705 | ||
TOTAL INCOME | 10,156,912 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $6,132,989 | ||
Administrative fee (Note 5) | 562,650 | ||
Custodian fees | 293,342 | ||
Transfer agent fees (Note 2) | 410,985 | ||
Directors’/Trustees’ fees (Note 5) | 1,850 | ||
Auditing fees | 15,656 | ||
Legal fees | 4,967 | ||
Distribution services fee (Note 5) | 19,279 | ||
Other service fees (Notes 2 and 5) | 58,010 | ||
Portfolio accounting fees | 105,627 | ||
Share registration costs | 38,461 | ||
Printing and postage | 18,240 | ||
Miscellaneous (Notes 5) | 15,721 | ||
TOTAL EXPENSES | 7,677,777 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(735,024) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (163,496) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (898,520) | ||
Net expenses | 6,779,257 | ||
Net investment income | $3,377,655 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions (including realized loss of $(2,469) on sales of investments in an affiliated holding*) | $59,272,120 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 302,934,597 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 362,206,717 | ||
Change in net assets resulting from operations | $365,584,372 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,377,655 | $15,538,444 |
Net realized gain (loss) | 59,272,120 | (24,655,743) |
Net change in unrealized appreciation/depreciation | 302,934,597 | 21,721,285 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 365,584,372 | 12,603,986 |
Distributions to Shareholders: | ||
Class A Shares | — | (483,753) |
Class C Shares | — | (43,325) |
Institutional Shares | — | (12,272,690) |
Class R6 Shares | — | (7,514,850) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (20,314,618) |
Share Transactions: | ||
Proceeds from sale of shares | 69,616,921 | 297,950,344 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 14,132,079 |
Cost of shares redeemed | (158,743,533) | (586,615,395) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (89,126,612) | (274,532,972) |
Change in net assets | 276,457,760 | (282,243,604) |
Net Assets: | ||
Beginning of period | 1,316,651,552 | 1,598,895,156 |
End of period | $1,593,109,312 | $1,316,651,552 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $14,064 | $(3,538) |
Class C Shares | 2,695 | (1,404) |
Institutional Shares | 365,833 | (158,554) |
Class R6 Shares | 28,393 | — |
TOTAL | $410,985 | $(163,496) |
Other Service Fees Incurred | |
Class A Shares | $51,675 |
Class C Shares | 6,335 |
TOTAL | $58,010 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 139,579 | $3,447,017 | 368,749 | $8,224,851 |
Shares issued to shareholders in payment of distributions declared | — | — | 17,287 | 429,396 |
Shares redeemed | (343,272) | (8,437,660) | (1,261,070) | (28,759,317) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (203,693) | $(4,990,643) | (875,034) | $(20,105,070) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,723 | $64,384 | 49,784 | $1,091,166 |
Shares issued to shareholders in payment of distributions declared | — | — | 1,763 | 41,804 |
Shares redeemed | (37,326) | (861,358) | (92,243) | (1,963,585) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (34,603) | $(796,974) | (40,696) | $(830,615) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,788,907 | $44,981,781 | 9,510,459 | $ 210,066,669 |
Shares issued to shareholders in payment of distributions declared | — | — | 450,685 | 11,298,692 |
Shares redeemed | (3,987,067) | (100,130,402) | (17,291,121) | (387,214,246) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,198,160) | $(55,148,621) | (7,329,977) | $(165,848,885) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 848,088 | $21,123,739 | 3,360,711 | $78,567,658 |
Shares issued to shareholders in payment of distributions declared | — | — | 94,186 | 2,362,186 |
Shares redeemed | (1,993,033) | (49,314,113) | (7,419,266) | (168,678,246) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,144,945) | $(28,190,374) | (3,964,369) | $(87,748,402) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (3,581,401) | $(89,126,612) | (12,210,076) | $(274,532,972) |
Short-Term | Long-Term | Total |
$40,297,401 | $3,946,641 | $44,244,042 |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $19,279 |
Purchases | $258,495,316 |
Sales | $391,678,932 |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,285.60 | $6.82 |
Class C Shares | $1,000 | $1,281.30 | $11.09 |
Institutional Shares | $1,000 | $1,287.80 | $5.39 |
Class R6 Shares | $1,000 | $1,287.60 | $5.16 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.10 | $6.02 |
Class C Shares | $1,000 | $1,015.34 | $9.80 |
Institutional Shares | $1,000 | $1,020.36 | $4.76 |
Class R6 Shares | $1,000 | $1,020.56 | $4.56 |
Class A Shares | 1.19% |
Class C Shares | 1.94% |
Institutional Shares | 0.94% |
Class R6 Shares | 0.90% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A697
CUSIP 31423A689
CUSIP 31423A671
Share Class | Ticker | Institutional | PIGDX |
Federated Hermes International Growth Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
Japan | 16.2% |
China | 10.7% |
France | 6.3% |
United Kingdom | 5.4% |
South Korea | 5.3% |
Germany | 5.0% |
Sweden | 4.9% |
Switzerland | 4.8% |
Netherlands | 4.3% |
Canada | 3.9% |
Argentina | 3.7% |
Singapore | 3.4% |
Australia | 3.2% |
Taiwan | 2.3% |
Israel | 2.1% |
Ireland | 2.0% |
India | 1.8% |
Brazil | 1.7% |
Norway | 1.5% |
Denmark | 1.3% |
Finland | 1.3% |
Hong Kong | 1.3% |
Italy | 1.2% |
Poland | 1.2% |
Russia | 1.0% |
Other2 | 3.2% |
Cash Equivalents3 | 2.4% |
Other Assets and Liabilities—Net4 | (1.4)% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 22.4% |
Health Care | 18.0% |
Communication Services | 12.4% |
Consumer Discretionary | 12.0% |
Industrials | 11.5% |
Financials | 8.9% |
Consumer Staples | 6.5% |
Materials | 4.6% |
Energy | 1.9% |
Real Estate | 0.8% |
Cash Equivalents3 | 2.4% |
Other Assets and Liabilities—Net4 | (1.4)% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—99.0% | |||
Argentina—3.7% | |||
553 | 1 | Globant SA | $104,340 |
107 | 1 | Mercadolibre, Inc. | 166,206 |
TOTAL | 270,546 | ||
Australia—3.2% | |||
1,313 | 1 | Afterpay Ltd. | 91,739 |
3,115 | Appen Ltd. | 72,224 | |
7,857 | Northern Star Resources Ltd. | 73,381 | |
TOTAL | 237,344 | ||
Brazil—1.7% | |||
5,098 | Notre Dame Intermedica Participacoes S.A. | 65,183 | |
1,390 | 1 | XP Inc. | 57,004 |
TOTAL | 122,187 | ||
Canada—3.9% | |||
1,645 | Agnico Eagle Mines Ltd. | 108,356 | |
1,963 | 1 | Aritzia, Inc. | 35,264 |
2,427 | 1 | Equinox Gold Corp. | 24,076 |
323 | 1 | Lululemon Athletica Inc. | 119,581 |
TOTAL | 287,277 | ||
China—10.7% | |||
7,196 | 1 | Alibaba Group Holding Ltd. | 236,575 |
386 | 1 | Pinduoduo, Inc., ADR | 53,581 |
9,212 | Ping An Insurance (Group) Co. of China Ltd. | 107,903 | |
3,481 | Tencent Holdings Ltd. | 253,385 | |
9,225 | 1 | WuXi PharmaTech, Inc. | 91,728 |
11,400 | 1 | Xiaomi Corp. | 39,113 |
TOTAL | 782,285 | ||
Denmark—1.3% | |||
1,160 | GN Store Nord AS | 94,152 | |
Egypt—0.7% | |||
13,187 | Commercial International Bank Egypt | 52,294 | |
Finland—1.3% | |||
1,379 | Neste Oyj | 91,937 | |
France—6.3% | |||
291 | Dassault Systemes SA | 53,659 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
France—continued | |||
730 | 1 | Eurofins Scientific SE | $59,148 |
126 | LVMH Moet Hennessy Louis Vuitton SA | 72,292 | |
2,931 | 1 | Solutions 30 SE | 59,086 |
147 | Stedim | 53,146 | |
255 | Teleperformance | 84,750 | |
875 | 1 | Worldline SA | 80,613 |
TOTAL | 462,694 | ||
Germany—5.0% | |||
1,377 | 1 | Evotec SE | 41,942 |
58 | Rational AG | 51,502 | |
460 | SAP SE, ADR | 55,734 | |
178 | 1 | Shop Apotheke Europe NV | 28,040 |
394 | Stratec Biomedical Systems AG | 54,389 | |
854 | 1 | TeamViewer AG | 40,655 |
915 | 1 | Zalando SE | 92,450 |
TOTAL | 364,712 | ||
Hong Kong—1.3% | |||
8,411 | AIA Group Ltd. | 91,874 | |
India—1.8% | |||
1,321 | 1 | HDFC Bank Ltd., ADR | 91,149 |
75 | Reliance Industries Ltd. | 1,042 | |
1,653 | Reliance Industries Ltd. | 43,044 | |
TOTAL | 135,235 | ||
Ireland—2.0% | |||
326 | 1 | ICON PLC | 63,531 |
989 | 1 | Kingspan Group PLC | 86,034 |
TOTAL | 149,565 | ||
Israel—2.1% | |||
448 | 1 | Cyber Ark Software Ltd. | 51,462 |
360 | 1 | Solaredge Technologies, Inc. | 100,073 |
TOTAL | 151,535 | ||
Italy—1.2% | |||
7,503 | Davide Campari-Milano NV | 86,660 | |
Japan—16.2% | |||
2,004 | Asahi Intecc Co. Ltd. | 73,184 | |
3,172 | Daiichi Sankyo Co. Ltd. | 111,902 | |
807 | Hoya Corp. | 107,549 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Japan—continued | |||
210 | Keyence Corp. | $106,735 | |
534 | Lasertec Corp. | 56,447 | |
1,204 | M3, Inc. | 111,125 | |
1,387 | Murata Manufacturing Co. Ltd. | 121,639 | |
1,186 | Nidec Corp. | 150,316 | |
1,680 | Nihon M&A Center, Inc. | 117,575 | |
140 | Nintendo Co. Ltd. | 79,529 | |
2,459 | Olympus Corp. | 53,393 | |
159 | SMC Corp. | 100,977 | |
TOTAL | 1,190,371 | ||
Kenya—0.7% | |||
173,244 | Safaricom Ltd. | 51,472 | |
Netherlands—4.3% | |||
1,084 | 1 | Alfen Beheer B.V. | 88,034 |
378 | ASML Holding N.V., ADR | 165,462 | |
1,156 | Corbion NV | 59,723 | |
TOTAL | 313,219 | ||
Norway—1.5% | |||
15,671 | 1 | NEL ASA | 43,100 |
1,638 | Tomra Systems ASA | 70,293 | |
TOTAL | 113,393 | ||
Poland—1.2% | |||
1,287 | 1 | Dino Polska SA | 86,290 |
Qatar—0.3% | |||
4,638 | Qatar National Bank | 22,575 | |
Russia—1.0% | |||
1,118 | 1 | Yandex NV | 77,097 |
Singapore—3.4% | |||
700 | DBS Group Holdings Ltd. | 12,979 | |
864 | 1 | Sea Ltd., ADR | 155,840 |
28,714 | Singapore Technologies Engineering Ltd. | 82,069 | |
TOTAL | 250,888 | ||
South Korea—5.3% | |||
503 | Kakao Corp. | 167,819 | |
458 | Samsung SDI Co. Ltd. | 221,362 | |
TOTAL | 389,181 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Spain—0.7% | |||
868 | Cellnex Telecom S.A. | $54,667 | |
Sweden—4.9% | |||
4,823 | 1 | Medicover AB | 76,719 |
1,605 | MIPS AB | 80,497 | |
242 | 1 | Spotify Technology SA | 70,512 |
765 | Swedish Match AB | 61,800 | |
2,980 | 1 | Vitrolife AB | 72,516 |
TOTAL | 362,044 | ||
Switzerland—4.8% | |||
32 | Barry Callebaut AG | 68,601 | |
1,315 | Nestle S.A. | 146,738 | |
194 | Roche Holding AG | 63,759 | |
280 | Sika AG | 71,341 | |
TOTAL | 350,439 | ||
Taiwan—2.3% | |||
4,390 | MediaTek, Inc. | 108,646 | |
5,234 | Win Semiconductors Corp. | 61,618 | |
TOTAL | 170,264 | ||
United Arab Emirates—0.0% | |||
1,765 | 2 | NMC Health PLC | 0 |
United Kingdom—5.4% | |||
2,113 | Ashtead Group PLC | 89,360 | |
2,365 | AstraZeneca PLC, ADR | 125,203 | |
9,787 | Burford Capital Ltd. | 99,730 | |
829 | 1 | Endava PLC, ADR | 52,053 |
1,836 | Hilton Food Group PLC | 26,489 | |
TOTAL | 392,835 | ||
Vietnam—0.8% | |||
17,130 | 1 | Vinhomes Joint Stock Company | 61,041 |
TOTAL COMMON STOCKS (IDENTIFIED COST $4,144,198) | 7,266,073 |
Shares | Value in U.S. Dollars | ||
INVESTMENT COMPANY—2.4% | |||
171,639 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.08%3 (IDENTIFIED COST $171,708) | $171,708 | |
TOTAL INVESTMENT IN SECURITIES—101.4% (IDENTIFIED COST $4,315,906)4 | 7,437,781 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.4)%5 | (100,140) | ||
TOTAL NET ASSETS—100% | $7,337,641 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 5/31/2020 | $198,275 |
Purchases at Cost | 920,470 |
Proceeds from Sales | (947,005) |
Change in Unrealized Appreciation/Depreciation | (90) |
Net Realized Gain/(Loss) | 58 |
Value as of 11/30/2020 | $171,708 |
Shares Held as of 11/30/2020 | 171,639 |
Dividend Income | $114 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $1,841,437 | $5,424,636 | $0 | $7,266,073 |
Investment Company | 171,708 | — | — | 171,708 |
TOTAL SECURITIES | $2,013,145 | $5,424,636 | $0 | $7,437,781 |
ADR | —American Depositary Receipt |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2020 | Year Ended May 31, | Period Ended 5/31/20163 | ||||
20202 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $13.02 | $11.87 | $14.79 | $12.59 | $10.92 | $10.00 |
Income From Investment Operations: | ||||||
Net investment income (loss)4 | (0.02) | 0.03 | 0.08 | 0.06 | 0.07 | 0.06 |
Net realized and unrealized gain (loss) | 4.48 | 1.73 | (1.28) | 2.32 | 1.70 | 0.86 |
TOTAL FROM INVESTMENT OPERATIONS | 4.46 | 1.76 | (1.20) | 2.38 | 1.77 | 0.92 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.08) | (0.06) | (0.07) | (0.08) | — |
Distributions from net realized gains | — | (0.53) | (1.67) | (0.11) | (0.02) | — |
TOTAL DISTRIBUTIONS | — | (0.61) | (1.73) | (0.18) | (0.10) | — |
Payment by Affiliate5 | — | — | 0.01 | — | — | — |
Net Asset Value, End of Period | $17.48 | $13.02 | $11.87 | $14.79 | $12.59 | $10.92 |
Total Return6 | 34.25% | 14.78% | (6.61)%5 | 18.97% | 16.48% | 9.20% |
Ratios to Average Net Assets: | ||||||
Net expenses7 | 0.84%8 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%8 |
Net investment income (loss) | (0.30)%8 | 0.21% | 0.58% | 0.44% | 0.62% | 2.41%8 |
Expense waiver/reimbursement9 | 4.71%8 | 5.10% | 2.54% | 1.73% | 2.78% | 5.63%8 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $7,338 | $5,094 | $5,412 | $6,199 | $6,454 | $3,273 |
Portfolio turnover | 13% | 70% | 54% | 64% | 49% | 8% |
Assets: | ||
Investment in securities, at value including $171,708 of investment in an affiliated holding* (identified cost $4,315,906) | $7,437,781 | |
Cash denominated in foreign currencies (identified cost $4,342) | 4,702 | |
Income receivable | 9,630 | |
Receivable for shares sold | 8,998 | |
Receivable for investments sold | 470 | |
Prepaid expenses | 3,294 | |
TOTAL ASSETS | 7,464,875 | |
Liabilities: | ||
Payable for investments purchased | $5,953 | |
Bank overdraft | 2,199 | |
Payable for capital gains taxes withheld | 896 | |
Payable for portfolio accounting fees | 67,543 | |
Payable for custodian fees | 39,813 | |
Payable for auditing fees | 8,004 | |
Payable to adviser (Note 5) | 2,560 | |
Payable for administrative fee (Note 5) | 266 | |
TOTAL LIABILITIES | 127,234 | |
Net assets for 419,720 shares outstanding | $7,337,641 | |
Net Assets Consists of: | ||
Paid-in capital | $3,855,491 | |
Total distributable earnings (loss) | 3,482,150 | |
TOTAL NET ASSETS | $7,337,641 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$7,337,641÷ 419,720 shares outstanding, no par value, unlimited shares authorized | $17.48 |
Investment Income: | |||
Dividends (including $114 received from an affiliated holding* and net of foreign taxes withheld of $3,577) | $16,727 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $23,030 | ||
Administrative fee (Note 5) | 2,716 | ||
Custodian fees | 32,572 | ||
Transfer agent fees (Note 2) | 1,012 | ||
Directors’/Trustees’ fees (Note 5) | 267 | ||
Auditing fees | 15,655 | ||
Legal fees | 4,674 | ||
Portfolio accounting fees | 67,657 | ||
Share registration costs | 12,104 | ||
Printing and postage | 5,503 | ||
Miscellaneous (Note 5) | 5,387 | ||
TOTAL EXPENSES | 170,577 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(23,030) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (121,601) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (144,631) | ||
Net expenses | 25,946 | ||
Net investment loss | (9,219) | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain (loss) on investments and foreign currency transactions (including realized gain of $58 on sales of investments in an affiliated holding*) | 248,926 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(90) of investments in an affiliated holding*) | 1,525,570 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1,774,496 | ||
Change in net assets resulting from operations | $1,765,277 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(9,219) | $10,451 |
Net realized gain | 248,926 | 271,315 |
Net change in unrealized appreciation/depreciation | 1,525,570 | 414,487 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,765,277 | 696,253 |
Distributions to Shareholders: | ||
Institutional Shares | — | (224,997) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (224,997) |
Share Transactions: | ||
Proceeds from sale of shares | 1,778,385 | 390,491 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 48,917 |
Cost of shares redeemed | (1,299,662) | (1,319,532) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 478,723 | (880,124) |
Change in net assets | 2,244,000 | (408,868) |
Net Assets: | ||
Beginning of period | 5,093,641 | 5,502,509 |
End of period | $7,337,641 | $5,093,641 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $1,012 | $(5) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 39 | $500 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed/exchanged | — | — | (5,889) | (75,627) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | — | $— | (5,850) | $(75,127) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares redeemed/exchanged | — | $— | (1,733) | $(22,380) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | — | $— | (1,733) | $(22,380) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 109,272 | $1,778,385 | 25,587 | $314,493 |
Proceeds from shares issued in connection with the exchange of shares from Class A and Class R6 to Institutional Shares | — | — | 5,847 | 75,498 |
Shares issued to shareholders in payment of distributions declared | — | — | 3,775 | 48,917 |
Shares redeemed | (80,750) | (1,299,662) | (99,793) | (1,221,525) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 28,522 | $478,723 | (64,584) | $(782,617) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 28,522 | $478,723 | (72,167) | $(880,124) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $1,263,590 |
Sales | $812,911 |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,342.50 | $4.93 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,020.86 | $4.26 |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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 January 25, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date January 25, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 25, 2021