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: 5/31/22
Date of Reporting Period: Six months ended 11/30/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | Institutional | PIEFX | R6 | FRIEX |
Federated Hermes Emerging Markets Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
China | 32.4% |
Taiwan | 15.9% |
South Korea | 14.0% |
India | 6.8% |
Argentina | 4.1% |
Russia | 4.0% |
Brazil | 2.9% |
Singapore | 2.6% |
Vietnam | 2.2% |
Poland | 1.9% |
Malaysia | 1.8% |
Indonesia | 1.6% |
Hungary | 1.4% |
South Africa | 1.4% |
Hong Kong | 1.0% |
Other2 | 2.8% |
Cash Equivalents3 | 1.8% |
Other Assets and Liabilities—Net4 | 1.4% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 27.5% |
Financials | 14.9% |
Communication Services | 12.8% |
Industrials | 11.8% |
Consumer Discretionary | 8.3% |
Materials | 7.5% |
Health Care | 6.0% |
Consumer Staples | 3.4% |
Energy | 3.3% |
Real Estate | 1.3% |
Cash Equivalents2 | 1.8% |
Other Assets and Liabilities—Net3 | 1.4% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—96.8% | |||
Argentina—4.1% | |||
4,181 | 1 | Globant SA | $1,108,007 |
945 | 1 | Mercadolibre, Inc. | 1,123,047 |
TOTAL | 2,231,054 | ||
Brazil—2.9% | |||
62,719 | 1 | 3R Petroleum Oleo e Gas SA | 308,137 |
58,780 | Locaweb Servicos de Internet SA | 137,910 | |
36,502 | Notre Dame Intermedica Participacoes SA | 399,052 | |
73,269 | Petroleo Brasileiro SA | 392,812 | |
10,775 | 1 | XP, Inc. | 309,027 |
TOTAL | 1,546,938 | ||
China—32.4% | |||
33,291 | 1 | 360 Finance, Inc., ADR | 775,014 |
94,219 | 1 | Alibaba Group Holding Ltd. | 1,510,806 |
124,956 | China Merchants Bank Co. Ltd. | 965,538 | |
471,000 | China Molybdenum Co. Ltd. | 288,064 | |
10,100 | Contemporary Amperex Technology Co. Ltd. | 1,076,139 | |
60,743 | Ganfeng Lithium Co. Ltd. | 1,174,128 | |
68,500 | GoerTek, Inc. | 556,611 | |
1,690 | Kweichow Moutai Co. Ltd. | 512,175 | |
264,500 | 1 | Medlive Technology Co. Ltd. | 1,344,510 |
61,100 | Nari Technology Development Co. Ltd. | 395,975 | |
4,212 | 1 | Pinduoduo, Inc., ADR | 280,098 |
47,250 | Shenzhen Inovance Technology Co. Ltd. | 484,346 | |
19,800 | Sunny Opitcal Technology Group Co. Ltd. | 593,683 | |
41,364 | Tencent Holdings Ltd. | 2,436,858 | |
90,800 | Wuxi Lead Intelligent Equipment Co. Ltd. | 1,122,317 | |
87,559 | 1 | WuXi PharmaTech, Inc. | 1,192,455 |
212,101 | Xinyi Solar Holdings Ltd. | 385,834 | |
31,300 | Yunnan Energy New Material Co. Ltd. | 1,246,942 | |
798,022 | Zijin Mining Group Co. Ltd. | 1,060,209 | |
TOTAL | 17,401,702 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Egypt—0.5% | |||
222,970 | Integrated Diagnostics Holdings PLC | $289,561 | |
Hong Kong—1.0% | |||
51,194 | AIA Group Ltd. | 538,660 | |
Hungary—1.4% | |||
13,285 | 1 | OTP Bank RT | 734,170 |
India—6.8% | |||
14,021 | HDFC Bank Ltd., ADR | 917,955 | |
18,289 | 1 | One 97 Communications Ltd. | 413,612 |
36,803 | Relaxo Footwears Ltd. | 633,993 | |
35,719 | Reliance Industries Ltd. | 1,149,268 | |
45,217 | Varun Beverages Ltd. | 540,085 | |
TOTAL | 3,654,913 | ||
Indonesia—1.6% | |||
1,654,470 | PT Bank Central Asia | 840,375 | |
Kazakhstan—0.8% | |||
3,232 | 2 | Kaspi.Kz JSC, GDR | 417,367 |
Kenya—0.8% | |||
1,348,902 | Safaricom Ltd. | 453,758 | |
Malaysia—1.8% | |||
757,600 | Frontken Corp. Bhd | 676,787 | |
211,900 | Press Metal Aluminium Holdings Bhd | 269,247 | |
TOTAL | 946,034 | ||
Poland—1.9% | |||
38,825 | 1 | AmRest Holdings S.E. | 266,726 |
9,292 | 1 | Dino Polska SA | 769,952 |
TOTAL | 1,036,678 | ||
Russia—4.0% | |||
10,234 | 2 | TCS Group Holding PLC, GDR | 978,128 |
16,615 | 1 | Yandex NV | 1,195,283 |
TOTAL | 2,173,411 | ||
Singapore—2.6% | |||
4,805 | 1 | Sea Ltd., ADR | 1,384,176 |
South Africa—1.4% | |||
6,350 | Capitec Bank Holdings Ltd. | 726,648 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
South Korea—14.0% | |||
2,483 | Ecopro BM Co. Ltd. | $1,126,489 | |
13,736 | Kakao Corp. | 1,397,986 | |
4,666 | Samsung Electro-Mechanics Co. | 659,060 | |
31,587 | Samsung Electronics Co. Ltd. | 1,906,646 | |
3,510 | Samsung SDI Co. Ltd. | 2,037,176 | |
4,437 | SK Hynix, Inc. | 429,003 | |
TOTAL | 7,556,360 | ||
Taiwan—15.9% | |||
45,049 | Accton Technology Corp. | 462,956 | |
24,063 | AirTac International Group, Rights | 728,453 | |
7,522 | ASPEED Technology, Inc. | 902,183 | |
34,525 | Hiwin Technologies Corp. | 351,152 | |
39,704 | MediaTek, Inc. | 1,429,252 | |
9,858 | Momo.com, Inc. | 623,991 | |
3,710 | Silergy Corp. | 623,515 | |
139,385 | Taiwan Semiconductor Manufacturing Co. Ltd. | 2,965,410 | |
38,265 | Win Semiconductors Corp. | 491,994 | |
TOTAL | 8,578,906 | ||
Thailand—0.6% | |||
194,104 | Muangthai Capital PCL | 322,793 | |
Uruguay—0.1% | |||
2,061 | 1 | DLocal Ltd. | 68,425 |
Vietnam—2.2% | |||
110,640 | JSC Bank of Foreign Trade of Vietnam | 483,488 | |
186,490 | Vinhomes Joint Stock Company | 695,224 | |
TOTAL | 1,178,712 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $39,111,607) | 52,080,641 | ||
INVESTMENT COMPANY—1.8% | |||
954,336 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%3 (IDENTIFIED COST $ 954,516) | 954,431 | |
TOTAL INVESTMENT IN SECURITIES—98.6% (IDENTIFIED COST $40,066,123)4 | 53,035,072 | ||
OTHER ASSETS AND LIABILITIES - NET—1.4%5 | 754,790 | ||
TOTAL NET ASSETS—100% | $53,789,862 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 5/31/2021 | $219,710 | $2,629,122 | $2,848,832 |
Purchases at Cost | $1,951,759 | $14,885,730 | $16,837,489 |
Proceeds from Sales | $(2,171,469) | $(16,560,271) | $(18,731,740) |
Change in Unrealized Appreciation/(Depreciation) | NA | $(551) | $(551) |
Net Realized Gain/(Loss) | NA | $401 | $401 |
Value as of 11/30/2021 | $— | $954,431 | $954,431 |
Shares Held as of 11/30/2021 | — | 954,336 | 954,336 |
Dividend Income | $17 | $275 | $292 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $15,576,336 | $36,504,305 | $— | $52,080,641 |
Investment Company | 954,431 | — | — | 954,431 |
TOTAL SECURITIES | $16,530,767 | $36,504,305 | $— | $53,035,072 |
ADR | —American Depositary Receipt |
GDR | —Global Depositary Receipt |
JSC | —Joint Stock Company |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | Period Ended 5/31/20173 | ||||
2021 | 20202 | 2019 | 2018 | |||
Net Asset Value, Beginning of Period | $20.47 | $12.16 | $11.23 | $13.23 | $11.09 | $10.00 |
Income From Investment Operations: | ||||||
Net investment income (loss)4 | 0.02 | (0.03) | (0.00)5 | 0.05 | 0.03 | 0.03 |
Net realized and unrealized gain (loss) | (1.08) | 8.34 | 0.98 | (1.84) | 2.17 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | (1.06) | 8.31 | 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 | — | — | — | — | 0.027 | |
Net Asset Value, End of Period | $19.41 | $20.47 | $12.16 | $11.23 | $13.23 | $11.09 |
Total Return8 | (5.18)% | 68.34% | 8.74% | 19.84% | 10.90%7 | |
Ratios to Average Net Assets: | ||||||
Net expenses9 | 0.98%10 | 0.98% | 1.11% | 1.25% | 1.25% | 1.25%10 |
Net investment income (loss) | 0.18%10 | (0.19)% | (0.04)% | 0.43% | 0.26% | 1.71%10 |
Expense waiver/reimbursement11 | 0.71%10 | 1.07% | 2.07% | 1.06% | 0.83% | 2.29%10 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $53,641 | $53,660 | $13,749 | $11,557 | $13,392 | $11,107 |
Portfolio turnover12 | 20% | 13% | 39% | 34% | 36% | 7% |
Six Months Ended (unaudited) 11/30/20211 | |
Net Asset Value, Beginning of Period | $20.80 |
Income From Investment Operations: | |
Net investment income (loss) 2 | (0.01) |
Net realized and unrealized gain (loss) | (1.38) |
TOTAL FROM INVESTMENT OPERATIONS | (1.39) |
Less Distributions: | |
Distributions from net investment income | — |
Net Asset Value, End of Period | $19.41 |
Total Return3 | (6.68)% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.92%5 |
Net investment income (loss) | (0.78)%5 |
Expense waiver/reimbursement6 | 0.83%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $149 |
Portfolio turnover7 | 20%8 |
November 30, 2021 (unaudited)
Assets: | ||
Investment in securities, at value including $954,431 of investment in an affiliated holding* (identified cost $40,066,123) | $53,035,072 | |
Cash denominated in foreign currencies (identified cost $670,820) | 662,607 | |
Receivable for shares sold | 198,555 | |
Receivable for investments sold | 154,402 | |
Income receivable | 14,379 | |
Prepaid expenses | 8,010 | |
TOTAL ASSETS | 54,073,025 | |
Liabilities: | ||
Payable for investments purchased | $159,202 | |
Payable for shares redeemed | 56,586 | |
Payable for capital gains taxes withheld | 30,560 | |
Payable for portfolio accounting fees | 36,646 | |
Payable for investment adviser fees (Note 5) | 169 | |
TOTAL LIABILITIES | 283,163 | |
Net assets for 2,770,628 shares outstanding | $53,789,862 | |
Net Assets Consists of: | ||
Paid-in capital | $44,097,797 | |
Total distributable earnings (loss) | 9,692,065 | |
TOTAL NET ASSETS | $53,789,862 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($53,640,874 ÷ 2,762,953 shares outstanding), no par value, unlimited shares authorized | $19.41 | |
Class R6 Shares: | ||
Net asset value per share ($148,988 ÷ 7,675 shares outstanding), no par value, unlimited shares authorized | $19.41 |
Six Months Ended November 30, 2021 (unaudited)
Investment Income: | |||
Dividends (including $275 received from an affiliated holding* and net of foreign taxes withheld of $32,452) | $333,113 | ||
Net income on securities loaned (includes $17 earned from an affiliated holding* related to cash collateral balances) | 5,468 | ||
TOTAL INCOME | 338,581 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $261,669 | ||
Administrative fee (Note 5) | 23,220 | ||
Custodian fees | 46,138 | ||
Transfer agent fees (Note 2) | 18,447 | ||
Directors’/Trustees’ fees (Note 5) | 479 | ||
Auditing fees | 16,029 | ||
Legal fees | 5,653 | ||
Portfolio accounting fees | 68,268 | ||
Share registration costs | 24,722 | ||
Printing and postage | 9,301 | ||
Miscellaneous (Note 5) | 16,309 | ||
TOTAL EXPENSES | 490,235 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(198,083) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (7,188) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (205,271) | ||
Net expenses | 284,964 | ||
Net investment income | 53,617 | ||
Realized and Unrealized Loss on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized gain of $401 on sales of investments in an affiliated holding*) and foreign currency transactions | (2,576,899) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(551) of investments in an affiliated holding*) | (566,857) | ||
Net realized and unrealized loss on investments and foreign currency transactions | (3,143,756) | ||
Change in net assets resulting from operations | $(3,090,139) |
Six Months Ended (unaudited) 11/30/2021 | Year Ended 5/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $53,617 | $(54,081) |
Net realized gain (loss) | (2,576,899) | 50,570 |
Net change in unrealized appreciation/depreciation | (566,857) | 10,488,988 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (3,090,139) | 10,485,477 |
Share Transactions: | ||
Proceeds from sale of shares | 20,285,273 | 33,799,621 |
Cost of shares redeemed | (17,065,183) | (4,373,715) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 3,220,090 | 29,425,906 |
Change in net assets | 129,951 | 39,911,383 |
Net Assets: | ||
Beginning of period | 53,659,911 | 13,748,528 |
End of period | $53,789,862 | $53,659,911 |
Security | Acquisition Date | Acquisition Cost | Value |
Kaspi.Kz JSC, GDR | 8/13/2021 | $364,901 | $417,367 |
TCS Group Holding PLC, GDR | 2/5/2020 | $257,900 | $978,128 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $18,445 | $(7,120) |
Class R6 Shares | 2 | — |
TOTAL | $18,447 | $(7,120) |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 986,110 | $20,128,469 | 1,756,288 | $ 33,799,621 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (845,051) | (17,065,183) | (265,298) | (4,373,715) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 141,059 | $3,063,286 | 1,490,990 | $ 29,425,906 |
Six Months Ended 11/30/20211 | Year Ended 5/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,675 | $156,804 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 7,675 | $156,804 | — | $— |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 148,734 | $3,220,090 | 1,490,990 | $ 29,425,906 |
Short-Term | Long-Term | Total |
$191,581 | $466,679 | $658,260 |
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 | $15,377,923 |
Sales | $10,991,889 |
Beginning Account Value 6/1/2021 | Ending Account Value 11/30/2021 | Expenses Paid During Period1 | |
Actual | |||
Institutional Shares | $ 1,000.00 | $ 948.20 | $ 4.79 |
Class R6 Shares | $ 1,000.00 | $ 933.20 | $22.36 |
Hypothetical (assuming a 5% return before expenses) | |||
Institutional Shares | $ 1,000.00 | $ 1,020.16 | $ 4.96 |
Class R6 Shares | $ 1,000.00 | $ 1,020.46 | $24.66 |
Institutional Shares | 0.98% |
Class R6 Shares | 0.92% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A580
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 Assets2 |
Japan | 13.6% |
United Kingdom | 12.2% |
South Korea | 8.3% |
France | 6.5% |
Germany | 5.8% |
Canada | 5.6% |
Sweden | 5.1% |
China | 4.2% |
Norway | 4.0% |
Switzerland | 3.5% |
Other3 | 28.8% |
Cash Equivalents4 | 2.2% |
Other Assets and Liabilities—Net5 | 0.2% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets2 |
Information Technology | 17.1% |
Consumer Discretionary | 15.7% |
Financials | 15.6% |
Industrials | 11.7% |
Materials | 11.5% |
Health Care | 9.7% |
Communication Services | 8.4% |
Consumer Staples | 4.9% |
Energy | 1.6% |
Real Estate | 1.4% |
Cash Equivalents3 | 2.2% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—48.3% | |||
Austria—0.5% | |||
189,515 | Andritz AG | $9,010,199 | |
Belgium—1.3% | |||
51,200 | D’Ieteren Group | 9,316,170 | |
109,412 | Solvay SA | 12,237,114 | |
TOTAL | 21,553,284 | ||
Canada—3.9% | |||
2,174,000 | Lundin Mining Corp. | 17,069,334 | |
199,210 | Magna International, Inc., Class A | 14,931,588 | |
426,115 | Methanex Corp. | 17,021,918 | |
236,016 | Toronto Dominion Bank | 16,655,714 | |
TOTAL | 65,678,554 | ||
Chile—0.6% | |||
545,900 | Antofagasta PLC | 9,968,980 | |
China—0.5% | |||
4,967,000 | Weichai Power Co. Ltd., Class H | 8,828,240 | |
Colombia—0.7% | |||
729,100 | Bancolombia SA | 5,907,626 | |
177,100 | Bancolombia SA, ADR | 5,642,406 | |
TOTAL | 11,550,032 | ||
France—3.2% | |||
182,000 | Ipsos | 8,258,073 | |
86,300 | Michelin, Class B | 12,748,175 | |
334,078 | Publicis Groupe | 21,652,458 | |
126,557 | Vinci SA | 11,937,921 | |
TOTAL | 54,596,627 | ||
Germany—5.2% | |||
181,300 | BASF SE | 11,902,639 | |
720,593 | Deutsche Telekom AG, Class REG | 12,742,781 | |
276,465 | 1 | FinTech Group AG | 6,638,067 |
204,300 | Fresenius SE & Co KGaA | 7,764,823 | |
73,600 | Hannover Rueckversicherung SE | 12,898,026 | |
128,800 | HeidelbergCement AG | 8,644,542 | |
40,566 | Linde PLC | 12,905,667 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Germany—continued | |||
52,500 | Muenchener Rueckversicherungs-Gesellschaft AG | $14,192,426 | |
TOTAL | 87,688,971 | ||
Greece—0.2% | |||
242,400 | Jumbo SA. | 3,395,361 | |
India—0.7% | |||
531,020 | Infosys Ltd., ADR | 11,990,432 | |
Ireland—1.2% | |||
4,889,054 | 1 | Greencore Group PLC | 8,120,662 |
98,100 | 1 | Jazz Pharmaceuticals PLC | 11,759,247 |
TOTAL | 19,879,909 | ||
Italy—0.1% | |||
1,358,089 | 1 | Trevi Finanziaria SpA | 1,492,391 |
Japan—7.0% | |||
307,300 | Asahi Group Holdings Ltd. | 11,422,719 | |
718,000 | Brother Industries Ltd. | 12,323,986 | |
1,064,700 | Daicel Corp. | 7,338,709 | |
117,200 | Daito Trust Construction Co. Ltd. | 12,687,761 | |
461,300 | Honda Motor Co., Ltd. | 12,596,182 | |
338,700 | KDDI Corp. | 9,864,188 | |
2,095,000 | Marubeni Corp. | 18,745,938 | |
152,600 | Sony Group Corp. | 18,596,317 | |
437,700 | Sumitomo Mitsui Trust Holdings, Inc. | 13,737,534 | |
TOTAL | 117,313,334 | ||
Norway—2.9% | |||
824,644 | DNB Bank ASA | 18,022,937 | |
424,949 | SpareBaken Vest | 4,514,879 | |
907,153 | SpareBank 1 SR-Bank ASA | 12,553,943 | |
292,300 | Yara International ASA | 14,338,588 | |
TOTAL | 49,430,347 | ||
Puerto Rico—0.9% | |||
189,900 | Popular, Inc. | 14,778,018 | |
Russia—0.9% | |||
8,422,100 | Alrosa AO | 14,629,443 | |
Singapore—0.6% | |||
572,399 | United Overseas Bank Ltd. | 10,645,915 | |
South Korea—5.7% | |||
60,059 | Hyundai Mobis | 11,216,792 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
South Korea—continued | |||
250,700 | Kia Corp. | $16,517,859 | |
36,090 | Korea Tobacco & Ginseng Corp. | 2,492,607 | |
103,600 | LG Electronics, Inc. | 9,996,152 | |
933,800 | LG UPlus Corp. | 10,612,875 | |
240,030 | Samsung Electronics Co. Ltd. | 14,488,626 | |
462,340 | Shinhan Financial Group Co. Ltd. | 13,528,155 | |
170,600 | SK Hynix, Inc. | 16,494,892 | |
TOTAL | 95,347,958 | ||
Sweden—2.3% | |||
448,600 | 1 | Duni AB | 5,981,552 |
325,826 | Loomis AB | 8,432,307 | |
497,200 | 1 | SKF Ab, Class B | 11,362,094 |
1,188,744 | Svenska Handelsbanken AB | 12,600,682 | |
TOTAL | 38,376,635 | ||
Switzerland—0.8% | |||
171,566 | Novartis AG | 13,714,280 | |
Taiwan—0.8% | |||
2,434,000 | Catcher Technology Co. Ltd. | 13,506,319 | |
Thailand—1.3% | |||
4,889,300 | Siam Commercial Bank PLC | 17,659,143 | |
1,564,700 | Tisco Financial Group PLC | 4,169,951 | |
TOTAL | 21,829,094 | ||
United Kingdom—7.0% | |||
849,100 | Amcor PLC | 9,611,812 | |
2,258,187 | 1 | Babcock International Group PLC | 8,860,621 |
317,869 | BELLWAY PLC | 13,143,884 | |
309,248 | Bunzl PLC | 11,773,381 | |
8,374,841 | 1 | Cineworld Group PLC | 5,222,930 |
233,800 | Coca-Cola European Partners PLC | 11,542,706 | |
1,099,868 | Inchcape PLC | 12,139,689 | |
567,506 | Mondi PLC, SAF | 13,131,532 | |
143,098 | Mondi PLC, UK | 3,259,376 | |
132,026 | Next PLC | 13,758,071 | |
7,404,835 | Taylor Wimpey PLC | 15,567,850 | |
TOTAL | 118,011,852 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $656,982,771) | 813,216,175 |
Shares | Value in U.S. Dollars | ||
WARRANTS—0.0% | |||
Italy—0.0% | |||
17,191 | 1 | Trevi Finanziaria SpA, Warrants (IDENTIFIED COST $1,427,898 ) | $72,117 |
INVESTMENT COMPANIES—51.5% | |||
18,550,594 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%2 | 18,550,594 | |
13,468,856 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%2 | 13,470,203 | |
44,302,021 | Federated Hermes International Growth Fund, Institutional Shares | 834,650,066 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $529,255,961) | 866,670,863 | ||
TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $1,187,666,630)3 | 1,679,959,155 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%4 | 3,973,964 | ||
TOTAL NET ASSETS—100% | $1,683,933,119 |
Federated Hermes Government Obligations Fund, Premier Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Federated Hermes International Growth Fund* | Total of Affiliated Transactions | |
Value as of 5/31/2021 | $ 642,311 | $ 107,288 | $834,070,761 | $834,820,360 |
Purchases at Cost | $ 181,846,018 | $ 81,441,533 | $37,338,000 | $300,625,551 |
Proceeds from Sales | $(163,937,735) | $(68,079,275) | $ (45,000,000) | $(277,017,010) |
Change in Unrealized Appreciation/ Depreciation | N/A | $(1,342) | $3,686,650 | $3,685,308 |
Net Realized Gain/(Loss) | N/A | $1,999 | $4,554,655 | $4,556,654 |
Value as of 11/30/2021 | $18,550,594 | $13,470,203 | $834,650,066 | $866,670,863 |
Shares Held as of 11/30/2021 | 18,550,594 | 13,468,856 | 44,302,020 | 76,321,470 |
Dividend Income | $3,990 | $819 | — | $4,809 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $380,902,940 | $432,313,235 | $— | $813,216,175 |
Warrants | ||||
International | 72,117 | — | — | 72,117 |
Investment Companies | 866,670,863 | — | — | 866,670,863 |
TOTAL SECURITIES | $1,247,645,920 | $432,313,235 | $— | $1,679,959,155 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | |||||
2021 | 20202 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $32.75 | $21.95 | $22.13 | $24.57 | $21.70 | $18.42 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | 0.06 | 0.12 | 0.09 | 0.24 | 0.25 | 0.20 |
Net realized and unrealized gain (loss) | (1.52) | 10.95 | (0.01) | (2.11) | 2.74 | 3.22 |
TOTAL FROM INVESTMENT OPERATIONS | (1.46) | 11.07 | 0.08 | (1.87) | 2.99 | 3.42 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.27) | (0.26) | (0.17) | (0.12) | (0.14) |
Distributions from net realized gain | — | — | — | (0.40) | — | — |
TOTAL DISTRIBUTIONS | — | (0.27) | (0.26) | (0.57) | (0.12) | (0.14) |
Payment by Affiliate | — | — | — | 0.004,6 | — | |
Net Asset Value, End of Period | $31.29 | $32.75 | $21.95 | $22.13 | $24.57 | $21.70 |
Total Return7 | (4.46)% | 50.59% | 0.22% | 13.86%6 | 18.70% | |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 0.77%9 | 1.15% | 1.22% | 1.25% | 1.20%10 | 1.28% |
Net investment income | 0.35%9 | 0.45% | 0.42% | 1.01% | 1.04%10 | 1.05% |
Expense waiver/reimbursement11 | 0.53%9 | 0.15% | 0.21% | 0.06% | 0.13% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $38,456 | $47,387 | $39,253 | $58,932 | $68,019 | $58,740 |
Portfolio turnover12 | 11% | 44% | 36% | 28% | 33% | 32% |
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | |||||
2021 | 20202 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $31.12 | $20.87 | $21.12 | $23.50 | $20.81 | $17.66 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | (0.07) | (0.07) | (0.00)4 | 0.08 | 0.10 | 0.01 |
Net realized and unrealized gain (loss) | (1.43) | 10.40 | (0.09) | (2.02) | 2.59 | 3.14 |
TOTAL FROM INVESTMENT OPERATIONS | (1.50) | 10.33 | (0.09) | (1.94) | 2.69 | 3.15 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.08) | (0.16) | (0.04) | (0.00)4 | (0.00)4 |
Distributions from net realized gain | — | — | — | (0.40) | — | — |
TOTAL DISTRIBUTIONS | — | (0.08) | (0.16) | (0.44) | (0.00)4 | (0.00)4 |
Payment by Affiliate | — | — | — | 0.004,5 | 0.004,6 | — |
Net Asset Value, End of Period | $29.62 | $31.12 | $20.87 | $21.12 | $23.50 | $20.81 |
Total Return7 | (4.82)% | 49.53% | (0.54)% | (8.11)%5 | 13.00%6 | 17.86% |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 1.52%9 | 1.90% | 1.96% | 1.97% | 1.96% | 1.96% |
Net investment income (loss) | (0.41)%9 | (0.28)% | (0.02)% | 0.35% | 0.46% | 0.05% |
Expense waiver/reimbursement10 | 0.53%9 | 0.17% | 0.36% | 0.55% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,407 | $6,032 | $4,978 | $5,895 | $4,909 | $3,108 |
Portfolio turnover11 | 11% | 44% | 36% | 28% | 33% | 32% |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | ||||||
2021 | 20202 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $33.10 | $22.17 | $22.34 | $24.79 | $21.90 | $18.58 | |
Income From Investment Operations: | |||||||
Net investment income (loss)3 | 0.10 | 0.20 | 0.24 | 0.30 | 0.32 | 0.22 | |
Net realized and unrealized gain (loss) | (1.54) | 11.07 | (0.10) | (2.12) | 2.76 | 3.28 | |
TOTAL FROM INVESTMENT OPERATIONS | (1.44) | 11.27 | 0.14 | (1.82) | 3.08 | 3.50 | |
Less Distributions: | |||||||
Distributions from net investment income | — | (0.34) | (0.31) | (0.23) | (0.19) | (0.18) | |
Distributions from net realized gain | — | — | — | (0.40) | — | — | |
TOTAL DISTRIBUTIONS | — | (0.34) | (0.31) | (0.63) | (0.19) | (0.18) | |
Payment by Affiliate | — | — | — | 0.004,5 | 0.004,6 | — | |
Net Asset Value, End of Period | $31.66 | $33.10 | $22.17 | $22.34 | $24.79 | $21.90 | |
Total Return7 | (4.35)% | 51.01% | 0.47% | (7.12)%5 | 14.07%6 | 19.02% | |
Ratios to Average Net Assets: | |||||||
Net expenses8 | 0.52%9 | 0.90% | 0.96% | 0.94% | 0.97% | 0.98% | |
Net investment income | 0.60%9 | 0.71% | 1.04% | 1.28% | 1.35% | 1.11% | |
Expense waiver/reimbursement10 | 0.55%9 | 0.18% | 0.07% | 0.00%11 | 0.07% | 0.08% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $992,981 | $1,034,047 | $769,635 | $939,068 | $1,334,669 | $995,486 | |
Portfolio turnover12 | 11% | 44% | 36% | 28% | 33% | 32% |
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | Period Ended 5/31/20193 | ||
2021 | 20202 | |||
Net Asset Value, Beginning of Period | $33.11 | $22.18 | $22.34 | $25.51 |
Income From Investment Operations: | ||||
Net investment income (loss)4 | 0.11 | 0.21 | 0.24 | 0.39 |
Net realized and unrealized gain (loss) | (1.54) | 11.07 | (0.08) | (2.92) |
TOTAL FROM INVESTMENT OPERATIONS | (1.43) | 11.28 | 0.16 | (2.53) |
Less Distributions: | ||||
Distributions from net investment income | — | (0.35) | (0.32) | (0.24) |
Distributions from net realized gain | — | — | — | (0.40) |
TOTAL DISTRIBUTIONS | — | (0.35) | (0.32) | (0.64) |
Payment by Affiliate | — | — | — | 0.005,6 |
Net Asset Value, End of Period | $31.68 | $33.11 | $22.18 | $22.34 |
Total Return7 | (4.32)% | 51.04% | 0.56% | (9.17)%6 |
Ratios to Average Net Assets: | ||||
Net expenses8 | 0.48%9 | 0.86% | 0.90% | 0.89%9 |
Net investment income | 0.64%9 | 0.75% | 1.07% | 1.76%9 |
Expense waiver/reimbursement10 | 0.51%9 | 0.14% | 0.10% | 0.02%9 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $647,089 | $676,137 | $502,786 | $595,000 |
Portfolio turnover11 | 11% | 44% | 36% | 28%12 |
November 30, 2021 (unaudited)
Assets: | ||
Investment in securities, at value including $866,670,863 of investment in affiliated holdings* (identified cost $1,187,666,630) | $1,679,959,155 | |
Cash | 1,462,897 | |
Cash denominated in foreign currencies (identified cost $161,376) | 161,376 | |
Receivable for investments sold | 2,856,072 | |
Income receivable | 3,785,436 | |
Receivable for shares sold | 1,105,837 | |
TOTAL ASSETS | 1,689,330,773 | |
Liabilities: | ||
Payable for investments purchased | $874,232 | |
Payable for shares redeemed | 3,743,226 | |
Payable for capital gains taxes withheld | 537,467 | |
Payable for investment adviser fee (Note 5) | 17,884 | |
Payable for other service fees (Notes 2 and 5) | 11,748 | |
Payable for administrative fee (Note 5) | 4,123 | |
Payable for distribution services fee (Note 5) | 3,522 | |
Payable for Directors’/Trustees’ fees (Note 5) | 683 | |
Accrued expenses (Note 5) | 204,769 | |
TOTAL LIABILITIES | 5,397,654 | |
Net assets for 53,195,722 shares outstanding | $1,683,933,119 | |
Net Assets Consists of: | ||
Paid-in capital | $1,008,461,602 | |
Total distributable earnings (loss) | 675,471,517 | |
TOTAL NET ASSETS | $1,683,933,119 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($38,456,298 ÷ 1,228,991 shares outstanding) no par value, unlimited shares authorized | $31.29 | |
Offering price per share (100/94.50 of $31.29) | $33.11 | |
Redemption proceeds per share | $31.29 | |
Class C Shares: | ||
Net asset value per share ($5,406,600 ÷ 182,545 shares outstanding) no par value, unlimited shares authorized | $29.62 | |
Offering price per share | $29.62 | |
Redemption proceeds per share (99.00/100 of $29.62) | $29.32 | |
Institutional Shares: | ||
Net asset value per share ($992,981,239 ÷ 31,360,932 shares outstanding) no par value, unlimited shares authorized | $31.66 | |
Offering price per share | $31.66 | |
Redemption proceeds per share | $31.66 | |
Class R6 Shares: | ||
Net asset value per share ($647,088,982 ÷ 20,423,254 shares outstanding) no par value, unlimited shares authorized | $31.68 | |
Offering price per share | $31.68 | |
Redemption proceeds per share | $31.68 |
Six Months Ended November 30, 2021 (unaudited)
Investment Income: | |||
Dividends (including $4,809 received from affiliated holdings* and net of foreign taxes withheld of $1,477,694) | $10,146,834 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $7,703,816 | ||
Administrative fee (Note 5) | 709,445 | ||
Custodian fees | 246,487 | ||
Transfer agent fees (Note 2) | 516,274 | ||
Directors’/Trustees’ fees (Note 5) | 4,811 | ||
Auditing fees | 16,029 | ||
Legal fees | 6,039 | ||
Distribution services fee (Note 5) | 21,967 | ||
Other service fees (Notes 2 and 5) | 65,125 | ||
Portfolio accounting fees | 115,967 | ||
Share registration costs | 46,092 | ||
Printing and postage | 31,403 | ||
Miscellaneous (Note 5) | 25,116 | ||
TOTAL EXPENSES | 9,508,571 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(4,629,196) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (211,927) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (4,841,123) | ||
Net expenses | 4,667,448 | ||
Net investment income | 5,479,386 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions (including net realized gain of $4,556,654 on sales of investments in affiliated holdings*) | $21,856,958 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $3,685,308 of investments in affiliated holdings*) | (104,646,679) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (82,789,721) | ||
Change in net assets resulting from operations | $(77,310,335) |
Six Months Ended (unaudited) 11/30/2021 | Year Ended 5/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,479,386 | $11,180,540 |
Net realized gain | 21,856,958 | 196,337,895 |
Net change in unrealized appreciation/depreciation | (104,646,679) | 423,764,341 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (77,310,335) | 631,282,776 |
Distributions to Shareholders: | ||
Class A Shares | — | (431,117) |
Class C Shares | — | (15,858) |
Institutional Shares | — | (10,555,509) |
Class R6 Shares | — | (7,446,518) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (18,449,002) |
Share Transactions: | ||
Proceeds from sale of shares | 155,785,472 | 205,427,139 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 13,568,737 |
Cost of shares redeemed | (158,145,050) | (384,878,170) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,359,578) | (165,882,294) |
Change in net assets | (79,669,913) | 446,951,480 |
Net Assets: | ||
Beginning of period | 1,763,603,032 | 1,316,651,552 |
End of period | $1,683,933,119 | $1,763,603,032 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $16,806 | $(3,342) |
Class C Shares | 2,228 | (626) |
Institutional Shares | 468,441 | (207,959) |
Class R6 Shares | 28,799 | — |
TOTAL | $516,274 | $(211,927) |
Other Service Fees Incurred | |
Class A Shares | $57,985 |
Class C Shares | 7,140 |
TOTAL | $65,125 |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 91,432 | $3,029,814 | 226,806 | $6,140,114 |
Shares issued to shareholders in payment of distributions declared | — | — | 13,062 | 385,718 |
Shares redeemed | (309,402) | (10,324,356) | (581,309) | (15,729,197) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (217,970) | $(7,294,542) | (341,441) | $(9,203,365) |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,272 | $228,062 | 12,135 | $343,497 |
Shares issued to shareholders in payment of distributions declared | — | — | 552 | 15,526 |
Shares redeemed | (18,589) | (578,596) | (57,280) | (1,455,497) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (11,317) | $(350,534) | (44,593) | $(1,096,474) |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,803,853 | $127,674,151 | 5,255,830 | $154,845,638 |
Shares issued to shareholders in payment of distributions declared | — | — | 332,987 | 9,926,333 |
Shares redeemed | (3,685,865) | (122,602,143) | (9,055,863) | (257,699,566) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 117,988 | $5,072,008 | (3,467,046) | $(92,927,595) |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 740,937 | $24,853,445 | 1,572,326 | $44,097,890 |
Shares issued to shareholders in payment of distributions declared | — | — | 108,691 | 3,241,160 |
Shares redeemed | (737,683) | (24,639,955) | (3,927,983) | (109,993,910) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 3,254 | $213,490 | (2,246,966) | $(62,654,860) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (108,045) | $(2,359,578) | (6,100,046) | $(165,882,294) |
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 | $21,967 |
Purchases | $197,669,366 |
Sales | $228,603,945 |
Beginning Account Value 6/1/2021 | Ending Account Value 11/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $ 955.40 | $ 23.77 |
Class C Shares | $1,000 | $ 951.80 | $ 37.44 |
Institutional Shares | $1,000 | $ 956.50 | $ 42.55 |
Class R6 Shares | $1,000 | $ 956.80 | $52.35 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $ 1,021.21 | $ 23.90 |
Class C Shares | $1,000 | $ 1,017.45 | $37.69 |
Institutional Shares | $1,000 | $1,022.46 | $42.64 |
Class R6 Shares | $1,000 | $ 1,022.66 | $52.43 |
Class A Shares | 0.77% |
Class C Shares | 1.52% |
Institutional Shares | 0.52% |
Class R6 Shares | 0.48% |
Country | Percentage of Total Net Assets |
Japan | 13.1% |
United Kingdom | 8.8% |
China | 7.2% |
France | 6.5% |
Netherlands | 5.7% |
Sweden | 5.7% |
Switzerland | 5.4% |
South Korea | 5.2% |
Singapore | 4.8% |
Canada | 3.4% |
India | 3.1% |
Israel | 3.1% |
Argentina | 3.0% |
Germany | 2.7% |
Taiwan | 2.4% |
Ireland | 2.3% |
Norway | 2.1% |
Australia | 2.0% |
Hong Kong | 1.6% |
Denmark | 1.5% |
Italy | 1.5% |
Hungary | 1.4% |
Vietnam | 1.2% |
Russia | 1.1% |
Poland | 1.1% |
Other2 | 2.7% |
Cash Equivalents3 | 0.6% |
Other Assets and Liabilities—Net4 | 0.8% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 26.2% |
Health Care | 15.6% |
Industrials | 12.7% |
Consumer Discretionary | 11.3% |
Financials | 9.3% |
Communication Services | 8.6% |
Consumer Staples | 5.8% |
Materials | 4.8% |
Energy | 3.1% |
Real Estate | 1.2% |
Cash Equivalents3 | 0.6% |
Other Assets and Liabilities—Net4 | 0.8% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—98.6% | |||
Argentina—3.0% | |||
48,401 | 1 | Globant SA | $12,826,749 |
10,484 | 1 | Mercadolibre, Inc. | 12,459,290 |
TOTAL | 25,286,039 | ||
Australia—2.0% | |||
87,973 | 1 | Afterpay Ltd. | 6,638,541 |
272,439 | Wisetech Global Ltd. | 10,032,988 | |
TOTAL | 16,671,529 | ||
Belgium—0.8% | |||
134,596 | Umicore SA | 6,539,671 | |
Brazil—0.4% | |||
775,270 | 1 | 3R Petroleum Oleo e Gas SA | 3,808,881 |
Canada—3.4% | |||
363,669 | 1 | Aritzia, Inc. | 14,410,681 |
31,379 | 1 | Lululemon Athletica, Inc. | 14,258,932 |
TOTAL | 28,669,613 | ||
China—7.2% | |||
294,085 | 1 | 360 Finance Inc., ADR | 6,846,299 |
598,481 | 1 | Alibaba Group Holding Ltd. | 9,596,673 |
546,400 | Ganfeng Lithium Co., Ltd. | 10,561,604 | |
320,844 | Tencent Holdings Ltd. | 18,901,735 | |
718,957 | 1 | WuXi PharmaTech Cayman, Inc. | 9,791,387 |
3,778,000 | Zijin Mining Group Co. Ltd. | 5,019,246 | |
TOTAL | 60,716,944 | ||
Denmark—1.5% | |||
13,049 | 1 | Alk-Abello AS | 6,561,897 |
105,857 | GN Store Nord AS | 6,114,644 | |
TOTAL | 12,676,541 | ||
Finland—0.8% | |||
135,130 | Neste Oyj | 6,372,966 | |
France—6.5% | |||
190,057 | Dassault Systemes SA | 11,457,028 | |
43,387 | Eurofins Scientific SE | 5,543,575 | |
16,203 | LVMH Moet Hennessy Louis Vuitton SA | 12,577,576 | |
15,085 | Sartorius Stedim Biotech | 8,890,452 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
France—continued | |||
24,987 | Teleperformance | $10,270,354 | |
110,803 | 1 | Worldline SA | 5,829,569 |
TOTAL | 54,568,554 | ||
Germany—2.7% | |||
86,061 | 1 | Friedrich Vorwerk Group SE | 3,225,847 |
92,846 | Porsche Automobil Holding SE, Pfd. | 7,806,797 | |
7,157 | Rational AG | 6,606,751 | |
40,728 | SAP SE, ADR | 5,231,104 | |
TOTAL | 22,870,499 | ||
Hong Kong—1.6% | |||
754,037 | AIA Group Ltd. | 7,933,924 | |
100,000 | Hong Kong Exchanges & Clearing Ltd. | 5,514,234 | |
TOTAL | 13,448,158 | ||
Hungary—1.4% | |||
214,999 | 1 | OTP Bank RT | 11,881,515 |
India—3.1% | |||
147,477 | HDFC Bank Ltd., ADR | 9,655,319 | |
149,604 | 1 | One 97 Communications Ltd. | 3,383,347 |
399,189 | Reliance Industries Limited | 12,844,551 | |
75 | Reliance Industries Ltd. | 1,864 | |
TOTAL | 25,885,081 | ||
Ireland—2.3% | |||
31,090 | 1 | ICON PLC | 8,408,912 |
93,744 | Kingspan Group PLC | 10,821,841 | |
TOTAL | 19,230,753 | ||
Israel—3.1% | |||
36,236 | 1 | CyberArk Software Ltd. | 6,263,393 |
113,924 | 1 | Inmode Ltd. | 8,658,224 |
32,031 | 1 | Solaredge Technologies, Inc. | 10,498,480 |
TOTAL | 25,420,097 | ||
Italy—1.5% | |||
868,545 | Davide Campari-Milano NV | 12,666,544 | |
Japan—13.1% | |||
76,341 | Hoya Corp. | 12,060,735 | |
22,217 | Keyence Corp. | 13,721,203 | |
46,612 | Lasertec Corp. | 12,151,441 | |
145,450 | Murata Manufacturing Co. Ltd. | 10,668,300 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Japan—continued | |||
113,112 | Nidec Corp. | $12,933,534 | |
315,066 | Nihon M&A Center, Inc. | 9,201,156 | |
430,408 | Olympus Corp. | 9,524,480 | |
903,600 | 1 | Renesas Electronics Corp. | 11,300,998 |
17,872 | SMC Corp. | 11,404,298 | |
549,300 | Tsubaki Nakashima Co. Ltd. | 6,621,728 | |
TOTAL | 109,587,873 | ||
Kenya—0.4% | |||
10,761,381 | Safaricom Ltd. | 3,620,029 | |
Netherlands—5.7% | |||
2,342 | 1 | Adyen BV | 6,495,147 |
96,789 | 1 | Alfen Beheer BV | 9,348,499 |
35,068 | ASML Holding NV, ADR | 27,756,673 | |
88,383 | Corbion NV | 4,089,648 | |
TOTAL | 47,689,967 | ||
Norway—2.1% | |||
1,142,110 | 1 | Aker Carbon Capture AS | 3,825,312 |
189,843 | 1 | Crayon Group Holding ASA | 3,891,162 |
139,791 | Tomra ASA | 9,569,215 | |
TOTAL | 17,285,689 | ||
Poland—1.1% | |||
116,376 | 1 | Dino Polska SA | 9,643,134 |
Russia—1.1% | |||
134,106 | 1 | Yandex NV | 9,647,586 |
Singapore—4.8% | |||
769,688 | DBS Group Holdings Ltd. | 16,815,566 | |
69,161 | 1 | Sea Ltd., ADR | 19,923,209 |
1,637,814 | Singapore Technologies Engineering Ltd. | 4,577,049 | |
TOTAL | 41,315,824 | ||
South Korea—5.2% | |||
196,868 | Kakao Corp. | 20,036,312 | |
40,564 | Samsung SDI Co. Ltd. | 23,543,017 | |
TOTAL | 43,579,329 | ||
Sweden—5.7% | |||
98,367 | 1 | BICO Group AB | 3,204,392 |
247,697 | Medicover AB | 7,833,511 | |
112,753 | 2 | MIPS AB | 15,059,368 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Sweden—continued | |||
796,026 | Swedish Match AB | $5,809,782 | |
200,064 | Vitrolife AB | 12,225,585 | |
104,604 | 1 | Xvivo Perfusion AB | 3,434,034 |
TOTAL | 47,566,672 | ||
Switzerland—5.4% | |||
121,622 | Alcon, Inc. | 9,535,165 | |
4,132 | Barry Callebaut AG | 9,801,067 | |
86,391 | Nestle SA | 11,105,853 | |
36,924 | Sika AG | 14,487,867 | |
TOTAL | 44,929,952 | ||
Taiwan—2.4% | |||
935,000 | Taiwan Semiconductor Manufacturing Co. Ltd | 19,892,085 | |
United Kingdom—8.8% | |||
147,782 | Ashtead Group PLC | 11,831,586 | |
344,153 | AstraZeneca PLC, ADR | 18,869,909 | |
972,902 | Burford Capital Ltd. | 10,127,910 | |
268,741 | 1 | Ceres Power Holdings PLC | 3,955,415 |
822,679 | 1 | Darktrace PLC | 5,025,805 |
66,550 | 1 | Endava PLC, ADR | 10,417,737 |
397,331 | 1 | Entain PLC | 8,784,571 |
343,627 | 1 | JET2 PLC | 4,446,445 |
TOTAL | 73,459,378 | ||
Uruguay—0.3% | |||
77,023 | 1 | DLocal Ltd. | 2,557,164 |
Vietnam—1.2% | |||
2,752,533 | Vinhomes Joint Stock Company | 10,261,277 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $506,820,521) | 827,749,344 | ||
INVESTMENT COMPANY—0.6% | |||
4,823,369 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%3 (IDENTIFIED COST $4,823,902) | 4,823,851 | |
TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $511,644,423)4 | 832,573,195 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%5 | 6,570,909 | ||
TOTAL NET ASSETS—100% | $839,144,104 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 5/31/2021 | $15,738,628 | $3,549,269 | $19,287,897 |
Purchases at Cost | $26,586,206 | $134,954,431 | $161,540,637 |
Proceeds from Sales | $(42,324,834) | $(133,676,070) | $(176,000,904) |
Change in Unrealized Appreciation/Depreciation | NA | $(57) | $(57) |
Net Realized Gain/(Loss) | NA | $(3,722) | $(3,722) |
Value as of 11/30/2021 | $— | $4,823,851 | $4,823,851 |
Shares Held as of 11/30/2021 | $— | 4,823,369 | 4,823,369 |
Dividend Income | $876 | $833 | $1,709 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $ 282,966,765 | $ 544,782,579 | $— | $827,749,344 |
Investment Company | 4,823,851 | — | — | 4,823,851 |
TOTAL SECURITIES | $ 287,790,616 | $ 544,782,579 | $— | $832,573,195 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | |||||
2021 | 20202 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $18.70 | $13.02 | $11.87 | $14.79 | $12.59 | $10.92 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | (0.01) | 0.09 | 0.03 | 0.08 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) | 0.15 | 6.39 | 1.73 | (1.28) | 2.32 | 1.70 |
TOTAL FROM INVESTMENT OPERATIONS | 0.14 | 6.48 | 1.76 | (1.20) | 2.38 | 1.77 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.01) | (0.08) | (0.06) | (0.07) | (0.08) |
Distributions from net realized gains | — | (0.79) | (0.53) | (1.67) | (0.11) | (0.02) |
TOTAL DISTRIBUTIONS | — | (0.80) | (0.61) | (1.73) | (0.18) | (0.10) |
Payment by Affiliate4 | — | — | — | 0.01 | — | — |
Net Asset Value, End of Period | $18.84 | $18.70 | $13.02 | $11.87 | $14.79 | $12.59 |
Total Return5 | 0.75% | 50.28% | 14.78% | (6.61)%4 | 18.97% | 16.48% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 0.84%7 | 0.84% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income (loss) | (0.08)% 7 | 0.51% | 0.21% | 0.58% | 0.44% | 0.62% |
Expense waiver/reimbursement8 | 0.06%7 | 0.36% | 5.10% | 2.54% | 1.73% | 2.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $838,912 | $835,694 | $5,094 | $5,412 | $6,199 | $6,454 |
Portfolio turnover9 | 19% | 89% | 70% | 54% | 64% | 49% |
Six Months Ended (unaudited) 11/30/20211 | |
Net Asset Value, Beginning of Period | $20.05 |
Income From Investment Operations: | |
Net investment income (loss) 2 | (0.02) |
Net realized and unrealized gain (loss) | (1.18) |
TOTAL FROM INVESTMENT OPERATIONS | (1.20) |
Less Distributions: | |
Distributions from net investment income | — |
Net Asset Value, End of Period | $18.85 |
Total Return3 | (5.99)% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.83%5 |
Net investment income (loss) | (0.46)%5 |
Expense waiver/reimbursement6 | 0.09%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $232 |
Portfolio turnover7 | 19%8 |
November 30, 2021 (unaudited)
Assets: | ||
Investment in securities, at value including $4,823,851 of investment in an affiliated holding* (identified cost $511,644,423) | $832,573,195 | |
Cash denominated in foreign currencies (identified cost $5,511,774) | 5,445,764 | |
Income receivable | 1,433,223 | |
Receivable for investments sold | 67,683 | |
Receivable for shares sold | 33,345 | |
TOTAL ASSETS | 839,553,210 | |
Liabilities: | ||
Payable for capital gains taxes withheld | $240,244 | |
Payable for investments purchased | 67,886 | |
Payable for shares redeemed | 473 | |
Payable for portfolio accounting fees | 44,345 | |
Payable for investment adviser fee (Note 5) | 28,573 | |
Payable for custodian fees | 22,067 | |
Payable for Directors’/Trustees’ fees (Note 5) | 1,864 | |
Payable for administrative fee (Note 5) | 1,691 | |
Accrued expenses (Note 5) | 1,963 | |
TOTAL LIABILITIES | 409,106 | |
Net assets for 44,538,493 shares outstanding | $839,144,104 | |
Net Assets Consists of: | ||
Paid-in capital | $475,613,133 | |
Total distributable earnings (loss) | 363,530,971 | |
TOTAL NET ASSETS | $839,144,104 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($838,911,644 ÷ 44,526,160 shares outstanding) no par value, unlimited shares authorized | $18.84 | |
Class R6 Shares: | ||
Net asset value share ($232,460 ÷ 12,333 shares outstanding) no par value, unlimited shares authorized | $18.85 |
Six Months Ended November 30, 2021 (unaudited)
Investment Income: | |||
Dividends (including $833 received from an affiliated holding* and net of foreign taxes withheld of $238,702) | $3,416,150 | ||
Net income on securities loaned (includes $876 earned from an affiliated holding* related to cash collateral balances) (Note 2) | 23,653 | ||
TOTAL INCOME | 3,439,803 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,403,586 | ||
Administrative fee (Note 5) | 355,396 | ||
Custodian fees | 153,559 | ||
Transfer agent fees (Note 2) | 28,567 | ||
Directors’/Trustees’ fees (Note 5) | 3,361 | ||
Auditing fees | 16,029 | ||
Legal fees | 5,461 | ||
Portfolio accounting fees | 82,745 | ||
Share registration costs | 18,200 | ||
Printing and postage | 11,011 | ||
Miscellaneous (Note 5) | 20,347 | ||
TOTAL EXPENSES | 4,098,262 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | $(287,990) | ||
Net expenses | 3,810,272 | ||
Net investment income (loss) | (370,469) | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including realized loss of $(3,722) on sales of investments in an affiliated holding*) and foreign currency transactions | 39,816,174 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(57) of investments in an affiliated holding*) | (30,811,377) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 9,004,797 | ||
Change in net assets resulting from operations | $8,634,328 |
Six Months Ended (unaudited) 11/30/2021 | Year Ended 5/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(370,469) | $462,773 |
Net realized gain | 39,816,174 | 4,782,273 |
Net change in unrealized appreciation/depreciation | (30,811,377) | 350,056,166 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,634,328 | 355,301,212 |
Distributions to Shareholders: | ||
Institutional Shares | — | (344,222) |
Class R6 Shares1 | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (344,222) |
Share Transactions: | ||
Proceeds from sale of shares | 40,601,018 | 533,259,568 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 344,222 |
Cost of shares redeemed | (45,785,375) | (57,960,288) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (5,184,357) | 475,643,502 |
Change in net assets | 3,449,971 | 830,600,492 |
Net Assets: | ||
Beginning of period | 835,694,133 | 5,093,641 |
End of period | $839,144,104 | $835,694,133 |
Security | Acquisition Date | Acquisition Cost | Value |
MIPS AB | 10/2/2019 | $1,810,439 | $15,059,368 |
Transfer Agent Fees Incurred | |
Institutional Shares | $28,565 |
Class R6 Shares | 2 |
TOTAL | $28,567 |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,128,786 | $40,354,472 | 47,422,997 | $533,259,568 |
Shares issued to shareholders in payment of distributions declared | — | — | 19,909 | 344,222 |
Shares redeemed | (2,293,070) | (45,785,375) | (3,143,660) | (57,960,288) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (164,284) | $(5,430,903) | 44,299,246 | $475,643,502 |
Six Months Ended 11/30/20211 | Year Ended 5/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,333 | $246,546 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 12,333 | $246,546 | — | — |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (151,951) | $(5,184,357) | 44,299,246 | $475,643,502 |
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 | $162,708,872 |
Sales | $174,652,042 |
Beginning Account Value 6/1/2021 | Ending Account Value 11/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $ 1,000.00 | $1,007.50 | $4.23 |
Class R6 Shares | $ 1,000.00 | $945.80 | $22.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $ 1,000.00 | $1,020.86 | $4.26 |
Class R6 Shares | $ 1,000.00 | $1,020.91 | $4.20 |
Institutional Shares | 0.84% |
Class R6 Shares | 0.83% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A697
CUSIP 31423A689
CUSIP 31423A671
Share Class | Ticker | Institutional | PIGDX | R6 | REIGX |
Federated Hermes International Growth Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
Japan | 13.1% |
United Kingdom | 8.8% |
China | 7.2% |
France | 6.5% |
Netherlands | 5.7% |
Sweden | 5.7% |
Switzerland | 5.4% |
South Korea | 5.2% |
Singapore | 4.8% |
Canada | 3.4% |
India | 3.1% |
Israel | 3.1% |
Argentina | 3.0% |
Germany | 2.7% |
Taiwan | 2.4% |
Ireland | 2.3% |
Norway | 2.1% |
Australia | 2.0% |
Hong Kong | 1.6% |
Denmark | 1.5% |
Italy | 1.5% |
Hungary | 1.4% |
Vietnam | 1.2% |
Russia | 1.1% |
Poland | 1.1% |
Other2 | 2.7% |
Cash Equivalents3 | 0.6% |
Other Assets and Liabilities—Net4 | 0.8% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 26.2% |
Health Care | 15.6% |
Industrials | 12.7% |
Consumer Discretionary | 11.3% |
Financials | 9.3% |
Communication Services | 8.6% |
Consumer Staples | 5.8% |
Materials | 4.8% |
Energy | 3.1% |
Real Estate | 1.2% |
Cash Equivalents3 | 0.6% |
Other Assets and Liabilities—Net4 | 0.8% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—98.6% | |||
Argentina—3.0% | |||
48,401 | 1 | Globant SA | $12,826,749 |
10,484 | 1 | Mercadolibre, Inc. | 12,459,290 |
TOTAL | 25,286,039 | ||
Australia—2.0% | |||
87,973 | 1 | Afterpay Ltd. | 6,638,541 |
272,439 | Wisetech Global Ltd. | 10,032,988 | |
TOTAL | 16,671,529 | ||
Belgium—0.8% | |||
134,596 | Umicore SA | 6,539,671 | |
Brazil—0.4% | |||
775,270 | 1 | 3R Petroleum Oleo e Gas SA | 3,808,881 |
Canada—3.4% | |||
363,669 | 1 | Aritzia, Inc. | 14,410,681 |
31,379 | 1 | Lululemon Athletica, Inc. | 14,258,932 |
TOTAL | 28,669,613 | ||
China—7.2% | |||
294,085 | 1 | 360 Finance Inc., ADR | 6,846,299 |
598,481 | 1 | Alibaba Group Holding Ltd. | 9,596,673 |
546,400 | Ganfeng Lithium Co., Ltd. | 10,561,604 | |
320,844 | Tencent Holdings Ltd. | 18,901,735 | |
718,957 | 1 | WuXi PharmaTech Cayman, Inc. | 9,791,387 |
3,778,000 | Zijin Mining Group Co. Ltd. | 5,019,246 | |
TOTAL | 60,716,944 | ||
Denmark—1.5% | |||
13,049 | 1 | Alk-Abello AS | 6,561,897 |
105,857 | GN Store Nord AS | 6,114,644 | |
TOTAL | 12,676,541 | ||
Finland—0.8% | |||
135,130 | Neste Oyj | 6,372,966 | |
France—6.5% | |||
190,057 | Dassault Systemes SA | 11,457,028 | |
43,387 | Eurofins Scientific SE | 5,543,575 | |
16,203 | LVMH Moet Hennessy Louis Vuitton SA | 12,577,576 | |
15,085 | Sartorius Stedim Biotech | 8,890,452 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
France—continued | |||
24,987 | Teleperformance | $10,270,354 | |
110,803 | 1 | Worldline SA | 5,829,569 |
TOTAL | 54,568,554 | ||
Germany—2.7% | |||
86,061 | 1 | Friedrich Vorwerk Group SE | 3,225,847 |
92,846 | Porsche Automobil Holding SE, Pfd. | 7,806,797 | |
7,157 | Rational AG | 6,606,751 | |
40,728 | SAP SE, ADR | 5,231,104 | |
TOTAL | 22,870,499 | ||
Hong Kong—1.6% | |||
754,037 | AIA Group Ltd. | 7,933,924 | |
100,000 | Hong Kong Exchanges & Clearing Ltd. | 5,514,234 | |
TOTAL | 13,448,158 | ||
Hungary—1.4% | |||
214,999 | 1 | OTP Bank RT | 11,881,515 |
India—3.1% | |||
147,477 | HDFC Bank Ltd., ADR | 9,655,319 | |
149,604 | 1 | One 97 Communications Ltd. | 3,383,347 |
399,189 | Reliance Industries Limited | 12,844,551 | |
75 | Reliance Industries Ltd. | 1,864 | |
TOTAL | 25,885,081 | ||
Ireland—2.3% | |||
31,090 | 1 | ICON PLC | 8,408,912 |
93,744 | Kingspan Group PLC | 10,821,841 | |
TOTAL | 19,230,753 | ||
Israel—3.1% | |||
36,236 | 1 | CyberArk Software Ltd. | 6,263,393 |
113,924 | 1 | Inmode Ltd. | 8,658,224 |
32,031 | 1 | Solaredge Technologies, Inc. | 10,498,480 |
TOTAL | 25,420,097 | ||
Italy—1.5% | |||
868,545 | Davide Campari-Milano NV | 12,666,544 | |
Japan—13.1% | |||
76,341 | Hoya Corp. | 12,060,735 | |
22,217 | Keyence Corp. | 13,721,203 | |
46,612 | Lasertec Corp. | 12,151,441 | |
145,450 | Murata Manufacturing Co. Ltd. | 10,668,300 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Japan—continued | |||
113,112 | Nidec Corp. | $12,933,534 | |
315,066 | Nihon M&A Center, Inc. | 9,201,156 | |
430,408 | Olympus Corp. | 9,524,480 | |
903,600 | 1 | Renesas Electronics Corp. | 11,300,998 |
17,872 | SMC Corp. | 11,404,298 | |
549,300 | Tsubaki Nakashima Co. Ltd. | 6,621,728 | |
TOTAL | 109,587,873 | ||
Kenya—0.4% | |||
10,761,381 | Safaricom Ltd. | 3,620,029 | |
Netherlands—5.7% | |||
2,342 | 1 | Adyen BV | 6,495,147 |
96,789 | 1 | Alfen Beheer BV | 9,348,499 |
35,068 | ASML Holding NV, ADR | 27,756,673 | |
88,383 | Corbion NV | 4,089,648 | |
TOTAL | 47,689,967 | ||
Norway—2.1% | |||
1,142,110 | 1 | Aker Carbon Capture AS | 3,825,312 |
189,843 | 1 | Crayon Group Holding ASA | 3,891,162 |
139,791 | Tomra ASA | 9,569,215 | |
TOTAL | 17,285,689 | ||
Poland—1.1% | |||
116,376 | 1 | Dino Polska SA | 9,643,134 |
Russia—1.1% | |||
134,106 | 1 | Yandex NV | 9,647,586 |
Singapore—4.8% | |||
769,688 | DBS Group Holdings Ltd. | 16,815,566 | |
69,161 | 1 | Sea Ltd., ADR | 19,923,209 |
1,637,814 | Singapore Technologies Engineering Ltd. | 4,577,049 | |
TOTAL | 41,315,824 | ||
South Korea—5.2% | |||
196,868 | Kakao Corp. | 20,036,312 | |
40,564 | Samsung SDI Co. Ltd. | 23,543,017 | |
TOTAL | 43,579,329 | ||
Sweden—5.7% | |||
98,367 | 1 | BICO Group AB | 3,204,392 |
247,697 | Medicover AB | 7,833,511 | |
112,753 | 2 | MIPS AB | 15,059,368 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Sweden—continued | |||
796,026 | Swedish Match AB | $5,809,782 | |
200,064 | Vitrolife AB | 12,225,585 | |
104,604 | 1 | Xvivo Perfusion AB | 3,434,034 |
TOTAL | 47,566,672 | ||
Switzerland—5.4% | |||
121,622 | Alcon, Inc. | 9,535,165 | |
4,132 | Barry Callebaut AG | 9,801,067 | |
86,391 | Nestle SA | 11,105,853 | |
36,924 | Sika AG | 14,487,867 | |
TOTAL | 44,929,952 | ||
Taiwan—2.4% | |||
935,000 | Taiwan Semiconductor Manufacturing Co. Ltd | 19,892,085 | |
United Kingdom—8.8% | |||
147,782 | Ashtead Group PLC | 11,831,586 | |
344,153 | AstraZeneca PLC, ADR | 18,869,909 | |
972,902 | Burford Capital Ltd. | 10,127,910 | |
268,741 | 1 | Ceres Power Holdings PLC | 3,955,415 |
822,679 | 1 | Darktrace PLC | 5,025,805 |
66,550 | 1 | Endava PLC, ADR | 10,417,737 |
397,331 | 1 | Entain PLC | 8,784,571 |
343,627 | 1 | JET2 PLC | 4,446,445 |
TOTAL | 73,459,378 | ||
Uruguay—0.3% | |||
77,023 | 1 | DLocal Ltd. | 2,557,164 |
Vietnam—1.2% | |||
2,752,533 | Vinhomes Joint Stock Company | 10,261,277 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $506,820,521) | 827,749,344 | ||
INVESTMENT COMPANY—0.6% | |||
4,823,369 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%3 (IDENTIFIED COST $4,823,902) | 4,823,851 | |
TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $511,644,423)4 | 832,573,195 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%5 | 6,570,909 | ||
TOTAL NET ASSETS—100% | $839,144,104 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 5/31/2021 | $15,738,628 | $3,549,269 | $19,287,897 |
Purchases at Cost | $26,586,206 | $134,954,431 | $161,540,637 |
Proceeds from Sales | $(42,324,834) | $(133,676,070) | $(176,000,904) |
Change in Unrealized Appreciation/Depreciation | NA | $(57) | $(57) |
Net Realized Gain/(Loss) | NA | $(3,722) | $(3,722) |
Value as of 11/30/2021 | $— | $4,823,851 | $4,823,851 |
Shares Held as of 11/30/2021 | $— | 4,823,369 | 4,823,369 |
Dividend Income | $876 | $833 | $1,709 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $ 282,966,765 | $ 544,782,579 | $— | $827,749,344 |
Investment Company | 4,823,851 | — | — | 4,823,851 |
TOTAL SECURITIES | $ 287,790,616 | $ 544,782,579 | $— | $832,573,195 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 11/30/2021 | Year Ended May 31, | |||||
2021 | 20202 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $18.70 | $13.02 | $11.87 | $14.79 | $12.59 | $10.92 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | (0.01) | 0.09 | 0.03 | 0.08 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) | 0.15 | 6.39 | 1.73 | (1.28) | 2.32 | 1.70 |
TOTAL FROM INVESTMENT OPERATIONS | 0.14 | 6.48 | 1.76 | (1.20) | 2.38 | 1.77 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.01) | (0.08) | (0.06) | (0.07) | (0.08) |
Distributions from net realized gains | — | (0.79) | (0.53) | (1.67) | (0.11) | (0.02) |
TOTAL DISTRIBUTIONS | — | (0.80) | (0.61) | (1.73) | (0.18) | (0.10) |
Payment by Affiliate4 | — | — | — | 0.01 | — | — |
Net Asset Value, End of Period | $18.84 | $18.70 | $13.02 | $11.87 | $14.79 | $12.59 |
Total Return5 | 0.75% | 50.28% | 14.78% | (6.61)%4 | 18.97% | 16.48% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 0.84%7 | 0.84% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income (loss) | (0.08)% 7 | 0.51% | 0.21% | 0.58% | 0.44% | 0.62% |
Expense waiver/reimbursement8 | 0.06%7 | 0.36% | 5.10% | 2.54% | 1.73% | 2.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $838,912 | $835,694 | $5,094 | $5,412 | $6,199 | $6,454 |
Portfolio turnover9 | 19% | 89% | 70% | 54% | 64% | 49% |
Six Months Ended (unaudited) 11/30/20211 | |
Net Asset Value, Beginning of Period | $20.05 |
Income From Investment Operations: | |
Net investment income (loss) 2 | (0.02) |
Net realized and unrealized gain (loss) | (1.18) |
TOTAL FROM INVESTMENT OPERATIONS | (1.20) |
Less Distributions: | |
Distributions from net investment income | — |
Net Asset Value, End of Period | $18.85 |
Total Return3 | (5.99)% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.83%5 |
Net investment income (loss) | (0.46)%5 |
Expense waiver/reimbursement6 | 0.09%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $232 |
Portfolio turnover7 | 19%8 |
November 30, 2021 (unaudited)
Assets: | ||
Investment in securities, at value including $4,823,851 of investment in an affiliated holding* (identified cost $511,644,423) | $832,573,195 | |
Cash denominated in foreign currencies (identified cost $5,511,774) | 5,445,764 | |
Income receivable | 1,433,223 | |
Receivable for investments sold | 67,683 | |
Receivable for shares sold | 33,345 | |
TOTAL ASSETS | 839,553,210 | |
Liabilities: | ||
Payable for capital gains taxes withheld | $240,244 | |
Payable for investments purchased | 67,886 | |
Payable for shares redeemed | 473 | |
Payable for portfolio accounting fees | 44,345 | |
Payable for investment adviser fee (Note 5) | 28,573 | |
Payable for custodian fees | 22,067 | |
Payable for Directors’/Trustees’ fees (Note 5) | 1,864 | |
Payable for administrative fee (Note 5) | 1,691 | |
Accrued expenses (Note 5) | 1,963 | |
TOTAL LIABILITIES | 409,106 | |
Net assets for 44,538,493 shares outstanding | $839,144,104 | |
Net Assets Consists of: | ||
Paid-in capital | $475,613,133 | |
Total distributable earnings (loss) | 363,530,971 | |
TOTAL NET ASSETS | $839,144,104 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($838,911,644 ÷ 44,526,160 shares outstanding) no par value, unlimited shares authorized | $18.84 | |
Class R6 Shares: | ||
Net asset value share ($232,460 ÷ 12,333 shares outstanding) no par value, unlimited shares authorized | $18.85 |
Six Months Ended November 30, 2021 (unaudited)
Investment Income: | |||
Dividends (including $833 received from an affiliated holding* and net of foreign taxes withheld of $238,702) | $3,416,150 | ||
Net income on securities loaned (includes $876 earned from an affiliated holding* related to cash collateral balances) (Note 2) | 23,653 | ||
TOTAL INCOME | 3,439,803 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,403,586 | ||
Administrative fee (Note 5) | 355,396 | ||
Custodian fees | 153,559 | ||
Transfer agent fees (Note 2) | 28,567 | ||
Directors’/Trustees’ fees (Note 5) | 3,361 | ||
Auditing fees | 16,029 | ||
Legal fees | 5,461 | ||
Portfolio accounting fees | 82,745 | ||
Share registration costs | 18,200 | ||
Printing and postage | 11,011 | ||
Miscellaneous (Note 5) | 20,347 | ||
TOTAL EXPENSES | 4,098,262 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | $(287,990) | ||
Net expenses | 3,810,272 | ||
Net investment income (loss) | (370,469) | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including realized loss of $(3,722) on sales of investments in an affiliated holding*) and foreign currency transactions | 39,816,174 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(57) of investments in an affiliated holding*) | (30,811,377) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 9,004,797 | ||
Change in net assets resulting from operations | $8,634,328 |
Six Months Ended (unaudited) 11/30/2021 | Year Ended 5/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(370,469) | $462,773 |
Net realized gain | 39,816,174 | 4,782,273 |
Net change in unrealized appreciation/depreciation | (30,811,377) | 350,056,166 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,634,328 | 355,301,212 |
Distributions to Shareholders: | ||
Institutional Shares | — | (344,222) |
Class R6 Shares1 | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (344,222) |
Share Transactions: | ||
Proceeds from sale of shares | 40,601,018 | 533,259,568 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 344,222 |
Cost of shares redeemed | (45,785,375) | (57,960,288) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (5,184,357) | 475,643,502 |
Change in net assets | 3,449,971 | 830,600,492 |
Net Assets: | ||
Beginning of period | 835,694,133 | 5,093,641 |
End of period | $839,144,104 | $835,694,133 |
Security | Acquisition Date | Acquisition Cost | Value |
MIPS AB | 10/2/2019 | $1,810,439 | $15,059,368 |
Transfer Agent Fees Incurred | |
Institutional Shares | $28,565 |
Class R6 Shares | 2 |
TOTAL | $28,567 |
Six Months Ended 11/30/2021 | Year Ended 5/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,128,786 | $40,354,472 | 47,422,997 | $533,259,568 |
Shares issued to shareholders in payment of distributions declared | — | — | 19,909 | 344,222 |
Shares redeemed | (2,293,070) | (45,785,375) | (3,143,660) | (57,960,288) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (164,284) | $(5,430,903) | 44,299,246 | $475,643,502 |
Six Months Ended 11/30/20211 | Year Ended 5/31/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,333 | $246,546 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 12,333 | $246,546 | — | — |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (151,951) | $(5,184,357) | 44,299,246 | $475,643,502 |
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 | $162,708,872 |
Sales | $174,652,042 |
Beginning Account Value 6/1/2021 | Ending Account Value 11/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $ 1,000.00 | $1,007.50 | $4.23 |
Class R6 Shares | $ 1,000.00 | $945.80 | $22.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $ 1,000.00 | $1,020.86 | $4.26 |
Class R6 Shares | $ 1,000.00 | $1,020.91 | $4.20 |
Institutional Shares | 0.84% |
Class R6 Shares | 0.83% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A630
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 24, 2022
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 24, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 24, 2022