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
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 12/31/22
Date of Reporting Period: Six months ended 06/30/22
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAMNX | Institutional | QQMNX |
Federated Hermes MDT Market Neutral Fund
A Portfolio of Federated Hermes Adviser Series
Percentage of Total Net Assets | |
Securities Sold Short | (77.3)% |
Common Stocks | 78.5% |
Cash Equivalents1 | 7.6% |
Collateral on Deposit for Securities Sold Short | 86.0% |
Other Assets and Liabilities—Net2 | 5.2% |
TOTAL | 100% |
Sector Composition | Percentage of Total Securities Sold Short |
Information Technology | 30.2% |
Health Care | 16.6% |
Consumer Discretionary | 15.1% |
Industrials | 12.4% |
Financials | 9.3% |
Communication Services | 5.5% |
Consumer Staples | 3.8% |
Energy | 3.0% |
Real Estate | 2.4% |
Materials | 1.1% |
Utilities | 0.6% |
TOTAL | 100% |
1 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
2 | Assets, other than investments in securities, securities sold short and collateral on deposit for securities sold short, less liabilities. See Statement of Assets and Liabilities. |
3 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares | Value | ||
COMMON STOCKS— 78.5% | |||
Communication Services— 4.8% | |||
70,685 | 1 | Altice USA, Inc. | $ 653,836 |
62,943 | 1 | Cars.com, Inc. | 593,552 |
2,549 | 1 | EverQuote, Inc. | 22,533 |
490 | 1 | Netflix, Inc. | 85,686 |
64,247 | 1 | Pinterest, Inc. | 1,166,726 |
3,641 | 1 | Roku, Inc. | 299,072 |
4,494 | 1 | Spotify Technology SA | 421,672 |
9,546 | 1 | TripAdvisor, Inc. | 169,919 |
11,072 | Walt Disney Co. | 1,045,197 | |
13,718 | 1 | Yelp, Inc. | 380,949 |
TOTAL | 4,839,142 | ||
Consumer Discretionary— 11.3% | |||
13,840 | 1 | 1-800-FLOWERS.COM, Inc. | 131,618 |
10,465 | 1 | 2U, Inc. | 109,569 |
5,171 | 1 | Airbnb, Inc. | 460,633 |
17,085 | American Eagle Outfitters, Inc. | 191,010 | |
1,048 | Big Lots, Inc. | 21,977 | |
8,041 | 1 | Bright Horizons Family Solutions, Inc. | 679,625 |
49,678 | 1 | Chegg, Inc. | 932,953 |
189 | 1 | Chipotle Mexican Grill, Inc. | 247,072 |
26,314 | 1 | Expedia Group, Inc. | 2,495,357 |
15,362 | Ford Motor Co. | 170,979 | |
6,811 | 1 | Funko, Inc. | 152,021 |
64,473 | Gap (The), Inc. | 531,257 | |
11,257 | 1 | G-III Apparel Group Ltd. | 227,729 |
3,346 | 1 | Goodyear Tire & Rubber Co. | 35,836 |
18,453 | 1 | Groupon, Inc. | 208,519 |
1,544 | International Game Technology PLC | 28,657 | |
1,179 | 1 | iRobot Corp. | 43,328 |
2,700 | Macy’s, Inc. | 49,464 | |
1,661 | Nordstrom, Inc. | 35,097 | |
2,569 | 1 | Overstock.com, Inc. | 64,251 |
48,476 | 1 | Peloton Interactive, Inc. | 445,010 |
8,795 | 1 | Penn National Gaming, Inc. | 267,544 |
16,592 | 1 | PlayAGS, Inc. | 85,615 |
924 | PVH Corp. | 52,576 | |
19,084 | 1 | Revolve Group, Inc. | 494,466 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
5,255 | 1 | SeaWorld Entertainment, Inc. | $ 232,166 |
4,235 | Shutterstock, Inc. | 242,708 | |
21,020 | 1 | Sonos, Inc. | 379,201 |
46,541 | 1 | Stitch Fix, Inc. | 229,912 |
555 | 1 | Ulta Beauty, Inc. | 213,941 |
53,033 | 1 | Under Armour, Inc., Class A | 441,765 |
26,054 | 1 | Wayfair, Inc. | 1,134,912 |
15,621 | 1 | WW International, Inc. | 99,818 |
7,555 | 1 | YETI Holdings, Inc. | 326,905 |
TOTAL | 11,463,491 | ||
Consumer Staples— 2.1% | |||
1,126 | Albertsons Cos., Inc. | 30,087 | |
4,446 | 1 | Beyond Meat, Inc. | 106,437 |
6,247 | 1 | The Boston Beer Co., Inc., Class A | 1,892,653 |
1,550 | 1 | United Natural Foods, Inc. | 61,070 |
TOTAL | 2,090,247 | ||
Energy— 3.5% | |||
20,483 | 1 | CONSOL Energy, Inc. | 1,011,451 |
11,730 | Marathon Petroleum Corp. | 964,323 | |
1,039 | 1 | Nabors Industries Ltd. | 139,122 |
26,675 | 1 | Oceaneering International, Inc. | 284,889 |
19,489 | 1 | Propetro Holding Corp. | 194,890 |
12,663 | 1 | Ranger Oil Corp. | 416,233 |
8,384 | Targa Resources, Inc. | 500,273 | |
TOTAL | 3,511,181 | ||
Financials— 7.3% | |||
1,630 | Axis Capital Holdings Ltd. | 93,057 | |
6,516 | Bank of New York Mellon Corp. | 271,782 | |
18,901 | Carlyle Group LP/The | 598,406 | |
1,382 | Cboe Global Markets, Inc. | 156,429 | |
3,790 | Chimera Investment Corp. | 33,428 | |
5,474 | 1 | eHealth, Inc. | 51,072 |
419 | Evercore, Inc., Class A | 39,223 | |
1,140 | Gallagher (Arthur J.) & Co. | 185,866 | |
19,664 | 1 | Green Dot Corp. | 493,763 |
4,131 | Houlihan Lokey, Inc. | 326,060 | |
5,897 | Interactive Brokers Group, Inc., Class A | 324,394 | |
32,765 | 1 | LendingClub Corp. | 383,023 |
8,555 | 1 | LendingTree, Inc. | 374,880 |
2,283 | Marketaxess Holdings, Inc. | 584,471 | |
2,480 | Moelis & Co. | 97,588 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
1,525 | NASDAQ, Inc. | $ 232,623 | |
1,268 | Northern Trust Corp. | 122,337 | |
48,802 | 1 | Open Lending | 499,244 |
7,076 | ProAssurance Corp. | 167,206 | |
10,890 | 1 | PROG Holdings, Inc. | 179,685 |
30,848 | 1 | Rocket Companies, Inc. | 227,041 |
15,191 | T. Rowe Price Group, Inc. | 1,725,849 | |
8,452 | Virtu Financial, Inc. | 197,861 | |
TOTAL | 7,365,288 | ||
Health Care— 13.9% | |||
20,294 | 1 | 10X Genomics, Inc. | 918,304 |
6,519 | 1 | Acadia Pharmaceuticals, Inc. | 91,853 |
74,423 | 1 | Adaptive Biotechnologies Corp. | 602,082 |
9,878 | 1 | Agios Pharmaceuticals, Inc. | 218,995 |
4,332 | 1 | Alector, Inc. | 44,013 |
9,690 | 1 | Align Technology, Inc. | 2,293,332 |
1,455 | 1 | Amedisys, Inc. | 152,950 |
1,310 | 1 | Arvinas, Inc. | 55,138 |
5,431 | 1 | Biogen, Inc. | 1,107,598 |
6,815 | 1 | CareDx, Inc. | 146,386 |
1,527 | 1 | Cassava Sciences, Inc. | 42,939 |
28,965 | 1 | Community Health Systems, Inc. | 108,619 |
5,402 | 1 | Denali Therapeutics, Inc. | 158,981 |
336 | 1 | Dexcom, Inc. | 25,042 |
4,495 | 1 | Editas Medicine, Inc. | 53,176 |
214 | Eli Lilly & Co. | 69,385 | |
3,935 | 1 | Emergent BioSolutions, Inc. | 122,142 |
2,947 | 1 | Enovis Corp. | 162,085 |
5,472 | 1 | Exact Sciences Corp. | 215,542 |
5,633 | 1 | Fate Therapeutics, Inc. | 139,586 |
2,218 | 1 | Illumina, Inc. | 408,911 |
2,607 | 1 | iTeos Therapeutics, Inc. | 53,704 |
1,083 | 1 | Karuna Therapeutics, Inc. | 137,010 |
3,252 | 1 | Moderna, Inc. | 464,548 |
5,865 | 1 | Myriad Genetics, Inc. | 106,567 |
23,117 | 1 | NanoString Technologies, Inc. | 293,586 |
71,458 | 1 | NeoGenomics, Inc. | 582,383 |
47,537 | 1 | Nevro Corp. | 2,083,547 |
5,712 | 1 | Novavax, Inc. | 293,768 |
8,276 | 1 | Organogenesis Holdings, Inc. | 40,387 |
1,938 | 1 | Orthofix Medical, Inc. | 45,621 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
2,386 | 1 | Progyny, Inc. | $ 69,313 |
17,983 | 1 | Puma Biotechnology, Inc. | 51,252 |
5,469 | 1 | Rocket Pharmaceuticals, Inc. | 75,253 |
7,428 | 1 | SAGE Therapeutics, Inc. | 239,924 |
5,019 | 1 | Schrodinger, Inc. | 132,552 |
3,863 | 1 | Signify Health, Inc. | 53,309 |
4,172 | 1 | SpringWorks Therapeutics, Inc. | 102,715 |
6,184 | 1 | Tandem Diabetes Care, Inc. | 366,031 |
43,627 | 1 | Teladoc Health, Inc. | 1,448,853 |
6,056 | 1 | Tg Therapeutics, Inc. | 25,738 |
8,389 | 1 | The Joint Corp. | 128,436 |
2,374 | 1 | TransMedics Group, Inc. | 74,662 |
219 | 1 | United Therapeutics Corp. | 51,605 |
1,831 | 1 | Xencor, Inc. | 50,114 |
TOTAL | 14,107,937 | ||
Industrials— 8.6% | |||
1,736 | 1 | AAR Corp. | 72,634 |
486 | AGCO Corp. | 47,968 | |
4,428 | 1 | Alaska Air Group, Inc. | 177,341 |
8,556 | Apogee Enterprises, Inc. | 335,566 | |
19,558 | Astronics Corp. | 198,905 | |
2,749 | 1 | Atkore, Inc. | 228,195 |
11,221 | 1 | BlueLinx Holdings, Inc. | 749,675 |
15,843 | 1 | CIRCOR International, Inc. | 259,667 |
6,107 | 1 | DXP Enterprises, Inc. | 187,057 |
3,515 | Ennis, Inc. | 71,108 | |
1,106 | 1 | Evoqua Water Technologies Corp. | 35,956 |
3,963 | General Electric Co. | 252,324 | |
442 | Insperity, Inc. | 44,125 | |
2,868 | Johnson Controls International PLC | 137,320 | |
225 | Lennox International, Inc. | 46,483 | |
75,516 | 1 | Lyft, Inc. | 1,002,852 |
2,838 | Manpower, Inc. | 216,852 | |
17,972 | Pitney Bowes, Inc. | 65,059 | |
13,283 | 1 | Proto Labs, Inc. | 635,459 |
6,739 | Robert Half International, Inc. | 504,684 | |
3,435 | Ryder System, Inc. | 244,091 | |
2,438 | 1 | Southwest Airlines Co. | 88,061 |
4,476 | 1 | TPI Composites, Inc. | 55,950 |
6,144 | Trane Technologies PLC | 797,921 | |
5,709 | 1 | Trex Co., Inc. | 310,684 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
16,743 | 1 | Triumph Group, Inc. | $ 222,514 |
1,764 | 1 | Willscot Corp. | 57,189 |
35,808 | 1 | XPO Logistics, Inc. | 1,724,513 |
TOTAL | 8,770,153 | ||
Information Technology— 23.0% | |||
60,272 | 1 | 3D Systems Corp. | 584,638 |
84 | 1 | Adobe, Inc. | 30,749 |
1,211 | 1 | Ambarella, Inc. | 79,272 |
11,367 | 1 | Arista Networks, Inc. | 1,065,543 |
1,598 | 1 | Arrow Electronics, Inc. | 179,120 |
3,020 | Avnet, Inc. | 129,498 | |
5,122 | 1 | Box, Inc. | 128,767 |
21,548 | 1 | C3.AI, Inc. | 393,466 |
19,337 | 1 | Cerence, Inc. | 487,873 |
16,671 | Cognex Corp. | 708,851 | |
10,677 | 1 | Commvault Systems, Inc. | 671,583 |
11,795 | 1 | Coupa Software, Inc. | 673,495 |
17,499 | Dell Technologies, Inc. | 808,629 | |
32,461 | 1 | DocuSign, Inc. | 1,862,612 |
355 | 1 | Enphase Energy, Inc. | 69,310 |
15,682 | 1 | Everbridge, Inc. | 437,371 |
2,331 | Fidelity National Information Services, Inc. | 213,683 | |
6,575 | 1 | Fortinet, Inc. | 372,014 |
312 | 1 | HubSpot, Inc. | 93,803 |
17,730 | 1 | IPG Photonics Corp. | 1,668,925 |
2,692 | 1 | Itron, Inc. | 133,066 |
14,066 | 1 | LivePerson, Inc. | 198,893 |
2,611 | 1 | MA-COM Technology Solutions Holdings, Inc. | 120,367 |
12,562 | 1 | Marathon Patent Group, Inc. | 67,081 |
393 | Paychex, Inc. | 44,751 | |
2,589 | 1 | Paylocity Corp. | 451,573 |
35,054 | 1 | PayPal Holdings, Inc. | 2,448,171 |
20,419 | Pegasystems, Inc. | 976,845 | |
21,542 | 1 | Pure Storage, Inc. | 553,845 |
5,337 | 1 | Q2 Holdings, Inc. | 205,848 |
8,369 | 1 | Qorvo, Inc. | 789,364 |
1,470 | 1 | Qualys, Inc. | 185,426 |
3,049 | 1 | Rapid7, Inc. | 203,673 |
6,473 | 1 | RingCentral, Inc. | 338,279 |
123,262 | 1 | StoneCo Ltd. | 949,117 |
15,211 | 1 | SunPower Corp. | 240,486 |
Shares | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,093 | 1 | Synaptics, Inc. | $ 129,029 |
18,176 | 1 | Telos Corp. | 146,862 |
8,089 | Universal Display Corp. | 818,121 | |
28,093 | 1 | Wix.com Ltd. | 1,841,496 |
4,668 | 1 | Workday, Inc. | 651,559 |
3,311 | 1 | Workiva, Inc. | 218,493 |
9,193 | 1 | Zoom Video Communications, Inc. | 992,568 |
TOTAL | 23,364,115 | ||
Materials— 1.6% | |||
6,243 | Alcoa Corp. | 284,556 | |
3,653 | CF Industries Holdings, Inc. | ��� 313,172 | |
2,532 | Koppers Holdings, Inc. | 57,324 | |
4,363 | Mosaic Co./The | 206,064 | |
3,037 | Nucor Corp. | 317,093 | |
902 | Reliance Steel & Aluminum Co. | 153,214 | |
1,904 | Steel Dynamics, Inc. | 125,950 | |
9,794 | United States Steel Corp. | 175,411 | |
TOTAL | 1,632,784 | ||
Real Estate— 2.4% | |||
3,306 | eXp World Holdings, Inc. | 38,912 | |
542 | Extra Space Storage, Inc. | 92,205 | |
12,632 | Macerich Co. (The) | 110,025 | |
8,858 | Outfront Media, Inc. | 150,143 | |
29,323 | 1 | Redfin Corp. | 241,621 |
1,056 | SBA Communications Corp. | 337,973 | |
46,911 | 1 | Zillow Group, Inc. | 1,492,239 |
TOTAL | 2,463,118 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $92,993,544) | 79,607,456 | ||
INVESTMENT COMPANY— 7.6% | |||
7,671,665 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.44%2 (IDENTIFIED COST $7,667,819) | 7,667,062 | |
TOTAL INVESTMENT IN SECURITIES—86.1% (IDENTIFIED COST $100,661,363)3 | 87,274,518 | ||
OTHER ASSETS AND LIABILITIES - NET—13.9%4 | 14,058,368 | ||
TOTAL NET ASSETS—100% | $101,332,886 |
Shares | Value | ||
Communication Services— (4.2)% | |||
1,802 | ATN International, Inc. | $ 84,532 | |
1,611 | Bandwidth, Inc. | 30,319 | |
3,693 | Cinemark Holdings, Inc. | 55,469 | |
21,362 | E.W. Scripps Co. | 266,384 | |
1,573 | Madison Square Garden Entertainment Corp. | 82,771 | |
17,608 | Match Group, Inc. | 1,227,102 | |
2,847 | Omnicom Group, Inc. | 181,098 | |
18,337 | Paramount Global, Class B | 452,557 | |
18,212 | ROBLOX Corp. | 598,446 | |
10,087 | Sinclair Broadcast Group, Inc. | 205,775 | |
15,418 | Verizon Communications, Inc. | 782,463 | |
49,275 | Vimeo Holdings, Inc. | 296,636 | |
TOTAL | 4,263,552 | ||
Consumer Discretionary— (11.7)% | |||
21,427 | Amazon.com, Inc. | 2,275,762 | |
13,414 | Bally’s Corp. | 265,329 | |
6,965 | Callaway Golf Co. | 142,086 | |
15,868 | CarMax, Inc. | 1,435,736 | |
10,272 | Carvana Co. | 231,942 | |
17,588 | Coursera, Inc. | 249,398 | |
37,795 | DraftKings, Inc. | 441,068 | |
13,356 | Etsy, Inc. | 977,793 | |
3,098 | Guess ?, Inc. | 52,821 | |
18,522 | KB HOME | 527,136 | |
58,903 | Las Vegas Sands Corp. | 1,978,552 | |
1,043 | Lithia Motors, Inc. | 286,627 | |
5,662 | M.D.C. Holdings, Inc. | 182,939 | |
5,641 | Ollie’s Bargain Outlet Holding, Inc. | 331,409 | |
5,361 | Polaris, Inc., Class A | 532,240 | |
1,073 | Pool Corp. | 376,870 | |
1,146 | RH | 243,250 | |
30,273 | Rivian Automotive, Inc. | 779,227 | |
754 | Royal Caribbean Cruises, Ltd. | 26,322 | |
381 | Signet Jewelers Ltd. | 20,368 | |
8,542 | The RealReal, Inc. | 21,269 | |
249 | Vail Resorts, Inc. | 54,294 | |
22,475 | Vroom, Inc. | 28,094 | |
2,453 | Whirlpool Corp. | 379,896 | |
TOTAL | 11,840,428 |
Shares | Value | ||
Consumer Staples— (3.0)% | |||
3,806 | Beauty Health Co./The | $ 48,945 | |
13,829 | Celsius Holdings, Inc. | 902,480 | |
1,125 | Clorox Co. | 158,602 | |
5,444 | Hormel Foods Corp. | 257,828 | |
1,982 | Lamb Weston Holdings, Inc. | 141,634 | |
2,307 | Smucker (J.M.) Co. | 295,319 | |
9,820 | WalMart, Inc. | 1,193,916 | |
TOTAL | 2,998,724 | ||
Energy— (2.3)% | |||
6,759 | Baker Hughes a GE Co. LLC | 195,132 | |
3,587 | Chesapeake Energy Corp. | 290,906 | |
20,171 | CNX Resources Corp. | 332,015 | |
1,067 | DMC Global, Inc. | 19,238 | |
27,986 | Equitrans Midstream Corp. | 177,991 | |
1,682 | Expro Group Holdings NV | 19,377 | |
9,629 | Green Plains, Inc. | 261,620 | |
8,179 | International Seaways, Inc. | 173,373 | |
31,584 | Liberty Energy, Inc. | 403,012 | |
2,937 | New Fortress Energy, Inc. | 116,217 | |
6,013 | Peabody Energy Corp. | 128,257 | |
6,719 | Schlumberger Ltd. | 240,271 | |
TOTAL | 2,357,409 | ||
Financials— (7.2)% | |||
4,012 | Ameris Bancorp | 161,202 | |
3,184 | Assured Guaranty Ltd. | 177,635 | |
19,468 | BGC Partners, Inc., Class A | 65,607 | |
5,691 | Cannae Holdings, Inc. | 110,064 | |
7,149 | Citigroup, Inc. | 328,783 | |
23,011 | Equitable Holdings, Inc. | 599,897 | |
1,804 | Erie Indemnity Co. | 346,711 | |
1,886 | Globe Life, Inc. | 183,829 | |
8,147 | GoHealth, Inc. | 4,871 | |
5,547 | Goldman Sachs Group, Inc. | 1,647,570 | |
1,960 | Goosehead Insurance, Inc. | 89,513 | |
896 | Kemper Corp. | 42,918 | |
17,830 | Redwood Trust, Inc. | 137,469 | |
7,415 | S&P Global, Inc. | 2,499,300 | |
1,693 | SEI Investments Co. | 91,456 | |
3,704 | SelectQuote, Inc. | 9,186 | |
3,701 | StoneX Group, Inc. | 288,937 | |
11,838 | Webster Financial Corp. Waterbury | 498,998 | |
TOTAL | 7,283,946 |
Shares | Value | ||
Health Care— (12.8)% | |||
5,567 | 1Life Healthcare, Inc. | $ 43,645 | |
3,184 | Accolade, Inc. | 23,562 | |
30,652 | AdaptHealth Corp. | 552,962 | |
10,543 | Aerie Pharmaceuticals, Inc. | 79,073 | |
43,079 | agilon health, Inc. | 940,415 | |
7,988 | Alignment Healthcare, Inc. | 91,143 | |
7,677 | Alnylam Pharmaceuticals, Inc. | 1,119,690 | |
7,613 | Amicus Therapeutics, Inc. | 81,764 | |
4,592 | Apellis Pharmaceuticals, Inc. | 207,650 | |
2,896 | Arcturus Therapeutics Holdings, Inc. | 45,583 | |
3,126 | Avantor, Inc. | 97,219 | |
22,987 | Baxter International, Inc. | 1,476,455 | |
641 | Becton Dickinson & Co. | 158,026 | |
2,819 | BioAtla, Inc. | 8,034 | |
4,826 | Catalent, Inc. | 517,782 | |
3,576 | Coherus Biosciences, Inc. | 25,890 | |
10,775 | Cryoport, Inc. | 333,809 | |
936 | Danaher Corp. | 237,295 | |
4,587 | FIGS, Inc. | 41,788 | |
4,449 | Glaukos Corp. | 202,074 | |
6,978 | Global Blood Therapeutics, Inc. | 222,947 | |
1,741 | Guardant Health, Inc. | 70,232 | |
1,375 | HCA Healthcare, Inc. | 231,082 | |
16,008 | HealthEquity, Inc. | 982,731 | |
9,653 | Heron Therapeutics, Inc. | 26,932 | |
969 | Inari Medical, Inc. | 65,882 | |
6,945 | Insmed, Inc. | 136,955 | |
5,441 | Insulet Corp. | 1,185,812 | |
9,017 | Intellia Therapeutics, Inc. | 466,720 | |
1,120 | iRhythm Technologies, Inc. | 120,994 | |
11,878 | Karyopharm Therapeutics, Inc. | 53,570 | |
2,780 | Kodiak Sciences, Inc. | 21,239 | |
1,947 | Livanova PLC | 121,629 | |
16,035 | Natera, Inc. | 568,280 | |
24,216 | Oak Street Health, Inc. | 398,111 | |
9,072 | Outset Medical, Inc. | 134,810 | |
525 | Penumbra, Inc. | 65,373 | |
1,289 | PerkinElmer, Inc. | 183,322 | |
968 | PetIQ, Inc. | 16,253 | |
11,211 | PTC Therapeutics, Inc. | 449,113 | |
2,675 | Pulmonx Corp. | 39,376 | |
3,340 | Reata Pharmaceuticals, Inc. | 101,503 |
Shares | Value | ||
Health Care— continued | |||
7,790 | REGENXBIO, Inc. | $ 192,413 | |
4,305 | Royalty Pharma PLC | 180,982 | |
3,203 | Sana Biotechnology, Inc. | 20,595 | |
380 | Stryker Corp. | 75,593 | |
257 | Thermo Fisher Scientific, Inc. | 139,623 | |
673 | Turning Point Therapeutics, Inc. | 50,643 | |
6,701 | Twist Bioscience Corp. | 234,267 | |
1,375 | Ultragenyx Pharmaceutical, Inc. | 82,032 | |
4,476 | Vapotherm, Inc. | 11,324 | |
7,356 | Viatris, Inc. | 77,017 | |
772 | Xilio Therapeutics, Inc. | 2,254 | |
TOTAL | 13,013,468 | ||
Industrials— (9.6)% | |||
4,150 | Aerovironment, Inc. | 341,130 | |
42,149 | Air Lease Corp. | 1,409,041 | |
468 | Ameresco, Inc. | 21,322 | |
4,221 | Arcosa, Inc. | 195,981 | |
13,012 | Array Technologies, Inc. | 143,262 | |
8,096 | Bloom Energy Corp. | 133,584 | |
14,594 | Boeing Co. | 1,995,292 | |
1,256 | BWX Technologies, Inc. | 69,193 | |
196 | Chart Industries, Inc. | 32,806 | |
1,943 | Cornerstone Building Brands | 47,584 | |
1,866 | Deere & Co. | 558,811 | |
19,631 | Fluor Corp. | 477,819 | |
3,660 | Heartland Express, Inc. | 50,911 | |
4,554 | Hydrofarm Holdings Group, Inc. | 15,848 | |
2,931 | Kirby Corp. | 178,322 | |
3,555 | Mastec, Inc. | 254,751 | |
464 | Mercury Systems, Inc. | 29,849 | |
1,140 | Stanley Black & Decker, Inc. | 119,540 | |
66,006 | SunRun, Inc. | 1,541,900 | |
15,778 | Uber Technologies, Inc. | 322,818 | |
5,155 | United Airlines Holdings, Inc. | 182,590 | |
67,459 | Upwork, Inc. | 1,395,052 | |
8,984 | Vertiv Holdings Co. | 73,849 | |
1,825 | Wabtec Corp. | 149,796 | |
TOTAL | 9,741,051 | ||
Information Technology— (23.4)% | |||
24,353 | Advanced Micro Devices, Inc. | 1,862,274 | |
2,213 | Affirm Holdings, Inc. | 39,967 | |
778 | Akamai Technologies, Inc. | 71,055 |
Shares | Value | ||
Information Technology— continued | |||
3,951 | Appian Corp. | $ 187,119 | |
10,584 | AppLovin Corp. | 364,513 | |
1,514 | Asana, Inc. | 26,616 | |
10,003 | Atlassian Corp. PLC | 1,874,562 | |
13,688 | Avalara, Inc. | 966,373 | |
38,281 | Bentley Systems, Inc. | 1,274,757 | |
23,686 | BigCommerce Holdings, Inc. | 383,713 | |
11,495 | Bill.Com Holdings, Inc. | 1,263,760 | |
17,467 | Block, Inc. | 1,073,522 | |
21,932 | CloudFlare, Inc. | 959,525 | |
1,132 | Crowdstrike Holdings, Inc. | 190,810 | |
7,458 | Digitalocean Holdings, Inc. | 308,463 | |
14,631 | Elastic N.V. | 990,080 | |
5,446 | Five9, Inc. | 496,348 | |
2,655 | Intuit, Inc. | 1,023,343 | |
5,333 | MongoDB, Inc. | 1,383,913 | |
26,220 | nCino, Inc. | 810,722 | |
18,554 | NCR Corp. | 577,215 | |
21,451 | Okta, Inc. | 1,939,170 | |
12,483 | Par Technology Corp. | 467,988 | |
413 | ServiceNow, Inc. | 196,390 | |
10,246 | Shift4 Payments, Inc. | 338,733 | |
1,336 | TD SYNNEX Corp. | 121,709 | |
27,758 | Trade Desk, Inc./The | 1,162,783 | |
3,269 | UiPath, Inc. | 59,463 | |
42,191 | Unity Software, Inc. | 1,553,473 | |
35,932 | Veeco Instruments, Inc. | 697,081 | |
10,647 | ViaSat, Inc. | 326,118 | |
8,636 | Wolfspeed, Inc. | 547,954 | |
29,633 | Yext, Inc. | 141,646 | |
TOTAL | 23,681,158 | ||
Materials— (0.8)% | |||
2,740 | Arconic Corp. | 76,857 | |
3,385 | Carpenter Technology Corp. | 94,475 | |
1,735 | International Flavors & Fragrances, Inc. | 206,673 | |
3,095 | Quaker Chemical Corp. | 462,765 | |
TOTAL | 840,770 | ||
Real Estate— (1.9)% | |||
42,993 | Americold Realty Trust | 1,291,510 | |
8,343 | Howard Hughes Corp. | 567,741 | |
8,377 | Opendoor Technologies, Inc. | 39,456 | |
TOTAL | 1,898,707 |
Shares | Value | ||
Utilities— (0.4)% | |||
2,271 | Avangrid, Inc. | $ 104,739 | |
4,576 | Brookfield Renewable Corp. | 162,951 | |
9,212 | Sunnova Energy International, Inc. | 169,777 | |
TOTAL | 437,467 | ||
Total Securities Sold Short (PROCEEDS $95,706,027) | $78,356,680 |
Affiliated | Value as of 12/31/2021 | Purchases at Cost | Proceeds from Sales |
Affiliated Issuers no longer in the portfolio at period end | $655,607 | $— | $(486,766) |
TOTAL OF AFFILIATED COMPANIES TRANSACTIONS | $655,607 | $— | $(486,766) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 6/30/2022 | Shares Held as of 6/30/2022 | Dividend Income |
$90,794 | $(259,635) | $— | — | $— |
$90,794 | $(259,635) | $— | — | $— |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 12/31/2021 | $3,036,673 |
Purchases at Cost | $104,178,585 |
Proceeds from Sales | $(99,543,200) |
Change in Unrealized Appreciation/Depreciation | $(542) |
Net Realized Gain/(Loss) | $(4,454) |
Value as of 6/30/2022 | $7,667,062 |
Shares Held as of 6/30/2022 | 7,671,665 |
Dividend Income | $24,519 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. |
(formerly, Investor Class Shares)
Six Months Ended (unaudited) 6/30/2022 | Year Ended December 31, 20212 | Period Ended December 31, 20203 | Year Ended January 31, | ||||
2020 | 2019 | 2018 | 2017 | ||||
Net Asset Value, Beginning of Period | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 | $17.82 | $16.81 |
Income From Investment Operations: | |||||||
Net investment income (loss)4 | (0.10) | (0.07) | (0.07) | (0.05) | 0.105 | 0.035 | (0.01) |
Net realized and unrealized gain (loss) | 0.79 | 4.04 | (0.40) | 1.02 | (1.24) | 1.95 | 1.02 |
Total From Investment Operations | 0.69 | 3.97 | (0.47) | 0.97 | (1.14) | 1.98 | 1.01 |
Less Distributions: | |||||||
Distributions from net investment income | — | — | — | (0.09) | (0.07) | — | — |
Distributions from net realized gain | — | (3.69) | — | — | (1.27) | (0.26) | — |
Total Distributions | — | (3.69) | — | (0.09) | (1.34) | (0.26) | — |
Net Asset Value, End of Period | $18.44 | $17.75 | $17.47 | $17.94 | $17.06 | $19.54 | $17.82 |
Total Return6 | 3.83% | 23.16% | (2.62)% | 5.69% | (5.42)%5 | 11.18%5 | 6.01% |
Ratios to Average Net Assets: | |||||||
Net expenses7 | 1.93%8 | 1.26% | 1.61% | 1.50% | 1.35% | 1.34% | 1.53%9 |
Net expenses excluding dividends and other expenses related to short sales | 1.33%8 | 0.93% | 1.43% | 1.34% | 1.22% | 1.24% | 1.40% |
Net investment income (loss) | (1.07)%8 | (0.36)% | (0.47)% | (0.28)% | 0.51%5 | 0.15%5 | (0.06)% |
Expense waiver/ reimbursement10 | 0.17%8 | 0.13% | —% | —% | —% | —% | —% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $6,051 | $2,554 | $2,765 | $12,667 | $14,875 | $19,994 | $59,079 |
Portfolio turnover11 | 244% | 204% | 74% | 83% | 84% | 104% | 126% |
1 | Hancock Horizon Quantitative Long/Short Fund (the “Predecessor Fund”) was reorganized into Federated Hermes MDT Market Neutral Fund (the “Fund”), a portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund’s operations. |
2 | Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public accounting firms. |
3 | For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31. |
4 | Per share numbers have been calculated using the average shares method. |
5 | For the years ended January 31, 2019 and 2018, amounts included reimbursement for payments of prior years’ Shareholder Servicing fees as follows: Net Investment Income Per Share of $0.00 and $0.05, Net Investment Income Ratio of 0.02% and 0.18%, and Total Returns of 0.02% and 0.26%, respectively. |
6 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
7 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
8 | Computed on an annualized basis. |
9 | Expense ratio includes the advisory fee at the annual rate of 1.20% of the Fund’s average daily net assets and a performance fee adjustment, if applicable, that increases/decreases the total fee +0.40%/-0.40%. The effective advisory fee rate for the year ended January 31, 2017 was 0.92%. Expense limitations are applied before giving effect to performance incentive adjustments. Effective June 1, 2017, the performance fee adjustment was discontinued. The effective advisory fee rate from February 1, 2017 through June 1, 2017 was 0.77%. |
10 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
11 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 6/30/2022 | Year Ended December 31, 20212 | Period Ended December 31, 20203 | Year Ended January 31, | ||||
2020 | 2019 | 2018 | 2017 | ||||
Net Asset Value, Beginning of Period | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 | $18.23 | $17.15 |
Income From Investment Operations: | |||||||
Net investment income (loss)4 | (0.08) | (0.11) | (0.04) | 0.11 | 0.12 | 0.03 | 0.03 |
Net realized and unrealized gain (loss) | 0.82 | 4.12 | (0.40) | 0.91 | (1.24) | 1.97 | 1.05 |
Total From Investment Operations | 0.74 | 4.01 | (0.44) | 1.02 | (1.12) | 2.00 | 1.08 |
Less Distributions: | |||||||
Distributions from net investment income | — | — | (0.08) | (0.14) | (0.10) | — | — |
Distributions from net realized gain | — | (3.69) | — | — | (1.27) | (0.26) | — |
Total Distributions | — | (3.69) | (0.08) | (0.14) | (1.37) | (0.26) | — |
Net Asset Value, End of Period | $18.90 | $18.16 | $17.84 | $18.36 | $17.48 | $19.97 | $18.23 |
Total Return5 | 4.02% | 22.90% | (2.37)% | 5.83% | (5.21)% | 11.04% | 6.30% |
Ratios to Average Net Assets: | |||||||
Net expenses6 | 1.67%7 | 1.44% | 1.37% | 1.25% | 1.20% | 1.14% | 1.26%8 |
Net expenses excluding dividends and other expenses related to short sales | 1.08%7 | 1.12% | 1.19% | 1.08% | 1.07% | 1.04% | 1.13% |
Net investment income (loss) | (0.85)%7 | (0.55)% | (0.29)% | 0.63% | 0.64% | 0.18% | 0.18% |
Expense waiver/ reimbursement9 | 0.17%7 | 0.14% | —% | —% | —% | —% | —% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $95,282 | $85,310 | $79,415 | $120,650 | $114,494 | $141,821 | $100,557 |
Portfolio turnover10 | 244% | 204% | 74% | 83% | 84% | 104% | 126% |
1 | The Predecessor Fund was reorganized into the Fund, a portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund’s operations. |
2 | Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public accounting firms. |
3 | For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31. |
4 | Per share numbers have been calculated using the average shares method. |
5 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
6 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
7 | Computed on an annualized basis. |
8 | Expense ratio includes the advisory fee at the annual rate of 1.20% of the Fund’s average daily net assets and a performance fee adjustment, if applicable, that increases/decreases the total fee +0.40%/-0.40%. The effective advisory fee rate for the year ended January 31, 2017 was 0.92%. Expense limitations are applied before giving effect to performance incentive adjustments. Effective June 1, 2017, the performance fee adjustment was discontinued. The effective advisory fee rate from February 1, 2017 through June 1, 2017 was 0.77%. |
9 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
10 | Securities that mature are considered sales for purposes of this calculation. |
June 30, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $7,667,062 of investments in an affiliated holding* (identified cost $100,661,363) | $87,274,518 |
Due from broker (Note 2) | 3,000,000 |
Deposit at broker for short sales | 87,176,447 |
Income receivable | 3,143 |
Income receivable from an affiliated holding | 15,333 |
Interest receivable on short positions | 51,915 |
Receivable for investments sold | 2,202,408 |
Receivable for shares sold | 5,612,805 |
Total Assets | 185,336,569 |
Liabilities: | |
Securities sold short, at value (proceeds $95,706,027) | 78,356,680 |
Dividends payable on short positions | 31,248 |
Payable for investments purchased | 1,812,996 |
Payable for shares redeemed | 3,712,929 |
Payable to bank | 228 |
Payable for investment adviser fee (Note 5) | 1,909 |
Payable for administrative fee (Note 5) | 215 |
Payable for other service fees (Notes 2 and 5) | 1,112 |
Accrued expenses (Note 5) | 86,366 |
Total Liabilities | 84,003,683 |
Net assets for 5,370,572 shares outstanding | $101,332,886 |
Net Assets Consist of: | |
Paid-in capital | $85,735,281 |
Total distributable earnings (loss) | 15,597,605 |
Total Net Assets | $101,332,886 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($6,050,519 ÷ 328,098 shares outstanding), no par value, unlimited shares authorized | $18.44 |
Offering price per share (100/94.50 of $18.44) | $19.51 |
Redemption proceeds per share | $18.44 |
Institutional Shares: | |
Net asset value per share ($95,282,367 ÷ 5,042,474 shares outstanding), no par value, unlimited shares authorized | $18.90 |
Offering price per share | $18.90 |
Redemption proceeds per share | $18.90 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended June 30, 2022 (unaudited)
Investment Income: | |
Dividends (including $24,519 received from an affiliated holding*) | $248,490 |
Interest | 82,503 |
TOTAL INCOME | 330,993 |
Expenses: | |
Investment adviser fee (Note 5) | 322,021 |
Administrative fee (Note 5) | 33,826 |
Custodian fees | 24,469 |
Transfer agent fees | 42,063 |
Auditing fees | 18,770 |
Legal fees | 4,402 |
Portfolio accounting fees | 31,216 |
Other service fees (Notes 2 and 5) | 3,614 |
Share registration costs | 13,921 |
Printing and postage | 6,709 |
Miscellaneous (Note 5) | 7,784 |
Expenses related to short positions | 236,660 |
TOTAL EXPENSES | 745,455 |
Waiver/reimbursement of investment adviser fee (Note 5) | (68,480) |
Net expenses | 676,975 |
Net investment loss | (345,982) |
Realized and Unrealized Gain (Loss) on Investments and Short Sales: | |
Net realized loss on investments (including net realized loss of $(264,089) on sales of investments in affiliated companies and an affiliated holding*) | (4,899,400) |
Net realized gain on short sales | 13,813,262 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $90,252 of investments in affiliated companies and an affiliated holding*) | (16,994,484) |
Net change in unrealized appreciation of securities sold short | 11,259,142 |
Net realized and unrealized gain (loss) on investments and short sales | 3,178,520 |
Change in net assets resulting from operations | $2,832,538 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 6/30/2022 | Year Ended 12/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment loss | $(345,982) | $(451,904) |
Net realized gain (loss) | 8,913,862 | 26,661,477 |
Net change in unrealized appreciation/depreciation | (5,735,342) | (9,026,736) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,832,538 | 17,182,837 |
Distributions to Shareholders: | ||
Class A Shares | — | (442,439) |
Institutional Shares | — | (14,836,176) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (15,278,615) |
Share Transactions: | ||
Proceeds from sale of shares | 45,467,179 | 8,890,987 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 15,125,053 |
Cost of shares redeemed | (34,830,823) | (20,235,768) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 10,636,356 | 3,780,272 |
Change in net assets | 13,468,894 | 5,684,494 |
Net Assets: | ||
Beginning of period | 87,863,992 | 82,179,498 |
End of period | $101,332,886 | $87,863,992 |
Other Service Fees Incurred | |
Class A Shares | $3,614 |
Six Months Ended 6/30/2022 | Year Ended 12/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 308,838 | $5,685,125 | 13,465 | $258,463 |
Shares issued to shareholders in payment of distributions declared | — | — | 25,262 | 439,806 |
Shares redeemed | (124,632) | (2,277,952) | (53,154) | (963,074) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 184,206 | $3,407,173 | (14,427) | $(264,805) |
Six Months Ended 6/30/2022 | Year Ended 12/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,108,119 | $39,782,054 | 458,771 | $8,632,524 |
Shares issued to shareholders in payment of distributions declared | — | — | 824,088 | 14,685,247 |
Shares redeemed | (1,762,990) | (32,552,871) | (1,037,340) | (19,272,694) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 345,129 | $7,229,183 | 245,519 | $4,045,077 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 529,335 | $10,636,356 | 231,092 | $3,780,272 |
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 | $217,298,488 |
Sales | $187,774,558 |
Beginning Account Value 1/1/2022 | Ending Account Value 6/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,038.30 | $9.752 |
Institutional Shares | $1,000 | $1,040.20 | $8.453 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,015.22 | $9.642 |
Institutional Shares | $1,000 | $1,016.51 | $8.353 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.93% |
Institutional Shares | 1.67% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class A Shares current Fee Limit of 1.33% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $6.72 and $6.66, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 1.08% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.46 and $5.41, respectively. |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423A432
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Adviser Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date August 22, 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 August 22, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date August 22, 2022