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: 5/31/23
Date of Reporting Period: Six months ended 11/30/22
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 | 30.7% |
South Korea | 13.3% |
Taiwan | 12.2% |
India | 8.0% |
Brazil | 4.4% |
Indonesia | 3.4% |
Malaysia | 3.3% |
Vietnam | 2.3% |
Argentina | 2.3% |
Chile | 2.1% |
South Africa | 1.9% |
Saudi Arabia | 1.9% |
Mexico | 1.8% |
Thailand | 1.7% |
Poland | 1.6% |
Peru | 1.2% |
Hong Kong | 1.0% |
Other2 | 1.9% |
Cash Equivalents3 | 4.5% |
Other Assets and Liabilities—Net4 | 0.5% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 19.3% |
Industrials | 14.5% |
Financials | 12.4% |
Materials | 11.1% |
Consumer Discretionary | 9.8% |
Communication Services | 9.3% |
Consumer Staples | 6.7% |
Energy | 5.8% |
Health Care | 5.2% |
Real Estate | 0.9% |
Cash Equivalents2 | 4.5% |
Other Assets and Liabilities—Net3 | 0.5% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—95.0% | |||
Argentina—2.3% | |||
2,652 | 1 | Globant SA | $496,932 |
997 | 1 | Mercadolibre, Inc. | 928,192 |
TOTAL | 1,425,124 | ||
Brazil—4.4% | |||
154,630 | 1 | 3R Petroleum Oleo e Gas SA | 1,102,212 |
148,701 | Banco Bradesco SA, ADR | 441,642 | |
83,302 | Intelbras SA Industria de Telecomunicacao Eletronica Brasilerira | 516,409 | |
42,572 | Localiza Rent A Car SA | 493,044 | |
30,619 | Sao Martinho SA | 169,104 | |
TOTAL | 2,722,411 | ||
Chile—2.1% | |||
13,504 | Sociedad Quimica Y Minera de Chile, ADR | 1,339,057 | |
China—30.7% | |||
98,021 | Aier Eye Hospital Group Co. Ltd. | 374,407 | |
192,719 | 1 | Alibaba Group Holding Ltd. | 2,103,285 |
37,660 | 1 | Bilibili, Inc. | 645,966 |
21,664 | Bloomage Biotechnology Corp. Ltd. | 329,814 | |
168,956 | China Merchants Bank Co. Ltd. | 858,993 | |
579,000 | CMOC Group Ltd. | 271,089 | |
10,200 | Contemporary Amperex Technology Co. Ltd. | 553,183 | |
146,760 | Ganfeng Lithium Group Co. Ltd. | 1,294,899 | |
69,700 | Hangzhou Tigermed Consulting Co. Ltd. | 661,763 | |
19,517 | JD.com, Inc. | 555,801 | |
102,100 | 1 | Kuaishou Technology | 745,075 |
2,390 | Kweichow Moutai Co. Ltd. | 537,066 | |
336,500 | Medlive Technology Co. Ltd. | 420,926 | |
101,800 | 1 | Meituan | 2,186,378 |
144,920 | Nari Technology Development Co. Ltd. | 541,468 | |
79,650 | Shenzhen Inovance Technology Co. Ltd. | 785,671 | |
79,064 | Tencent Holdings Ltd. | 2,970,965 | |
93,700 | Wuxi Lead Intelligent Equipment Co. Ltd. | 577,052 | |
121,059 | 1 | WuXi Biologics Cayman, Inc. | 792,678 |
38,100 | Yunnan Energy New Material Co. Ltd. | 667,533 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
China—continued | |||
998,022 | Zijin Mining Group Co. Ltd. | $1,302,973 | |
TOTAL | 19,176,985 | ||
Hong Kong—1.0% | |||
62,594 | AIA Group Ltd. | 638,395 | |
India—8.0% | |||
18,380 | HDFC Bank Ltd., ADR | 1,297,077 | |
73,898 | 1 | Max Healthcare Institute Ltd. | 411,548 |
56,732 | Reliance Industries Ltd. | 1,912,172 | |
87,256 | Varun Beverages Ltd. | 1,353,767 | |
TOTAL | 4,974,564 | ||
Indonesia—3.4% | |||
2,534,270 | PT Bank Central Asia | 1,507,912 | |
1,245,100 | 1 | PT Vale Indonesia Tbk | 587,399 |
TOTAL | 2,095,311 | ||
Kazakhstan—0.7% | |||
6,088 | 2 | Kaspi.Kz JSC, GDR | 463,000 |
Malaysia—3.3% | |||
1,841,700 | CTOS Digital Bhd | 592,384 | |
914,200 | Frontken Corp. Bhd | 648,276 | |
217,300 | IHH Heathcare Bhd | 283,382 | |
502,700 | Press Metal Aluminium Holdings Bhd | 552,925 | |
TOTAL | 2,076,967 | ||
Mexico—1.8% | |||
278,481 | Wal-Mart de Mexico SAB de C.V. | 1,100,559 | |
Nigeria—0.8% | |||
337,580 | Airtel Africa PLC | 502,239 | |
Peru—1.2% | |||
11,947 | Southern Copper Corp. | 729,006 | |
Poland—1.6% | |||
12,388 | 1 | Dino Polska SA | 1,015,142 |
Saudi Arabia—1.9% | |||
68,880 | Saudi Arabian Oil Co. (Aramco) | 615,658 | |
40,583 | Saudi National Bank | 558,441 | |
TOTAL | 1,174,099 | ||
Singapore—0.4% | |||
4,251 | 1 | Sea Ltd., ADR | 248,131 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
South Africa—1.9% | |||
8,466 | Capitec Bank Holdings Ltd. | $992,104 | |
19,429 | Gold Fields Ltd., ADR | 216,633 | |
TOTAL | 1,208,737 | ||
South Korea—13.3% | |||
15,670 | Ecopro BM Co. Ltd. | 1,383,141 | |
16,110 | Kakao Corp. | 708,105 | |
21,258 | Korea Aerospace Industry | 789,444 | |
707 | 1 | LG Energy Solution, Ltd. | 319,154 |
6,676 | Samsung Electro-Mechanics Co. | 730,000 | |
43,188 | Samsung Electronics Co. Ltd. | 2,074,048 | |
2,926 | Samsung SDI Co. Ltd. | 1,647,633 | |
10,289 | SK Hynix, Inc. | 680,580 | |
TOTAL | 8,332,105 | ||
Taiwan—12.2% | |||
33,063 | AirTac International Group | 1,028,072 | |
10,274 | ASPEED Technology, Inc. | 718,944 | |
42,525 | Hiwin Technologies Corp. | 260,496 | |
38,704 | MediaTek, Inc. | 939,502 | |
22,029 | Momo.com, Inc. | 437,165 | |
22,840 | Silergy Corp. | 353,221 | |
243,385 | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,888,367 | |
TOTAL | 7,625,767 | ||
Thailand—1.7% | |||
482,400 | 1 | Airports of Thailand Public Co. Ltd. | 1,029,345 |
Vietnam—2.3% | |||
274,756 | JSC Bank of Foreign Trade of Vietnam | 911,972 | |
249,390 | Vinhomes Joint Stock Company | 551,821 | |
TOTAL | 1,463,793 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $62,403,092) | 59,340,737 | ||
INVESTMENT COMPANY—4.5% | |||
2,827,252 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 3.86%3 (IDENTIFIED COST $2,825,431) | 2,826,121 | |
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $65,228,523)4 | 62,166,858 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%5 | 332,958 | ||
TOTAL NET ASSETS—100% | $62,499,816 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 5/31/2022 | $4,734,820 |
Purchases at Cost | $15,413,695 |
Proceeds from Sales | $(17,322,592) |
Change in Unrealized Appreciation/Depreciation | $(92) |
Net Realized Gain/(Loss) | $290 |
Value as of 11/30/2022 | $2,826,121 |
Shares Held as of 11/30/2022 | 2,827,252 |
Dividend Income | $50,669 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $1,657,198 | $— | $— | $1,657,198 |
International | 7,704,180 | 49,979,359 | — | 57,683,539 |
Investment Company | 2,826,121 | — | — | 2,826,121 |
TOTAL SECURITIES | $12,187,499 | $49,979,359 | $— | $62,166,858 |
ADR | —American Depositary Receipt |
GDR | —Global Depositary Receipt |
JSC | —Joint Stock Company |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | |||||
2022 | 2021 | 20202 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $15.25 | $20.47 | $12.16 | $11.23 | $13.23 | $11.09 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | 0.10 | 0.11 | (0.03) | (0.00)4 | 0.05 | 0.03 |
Net realized and unrealized gain (loss) | (1.76) | (5.33) | 8.34 | 0.98 | (1.84) | 2.17 |
TOTAL FROM INVESTMENT OPERATIONS | (1.66) | (5.22) | 8.31 | 0.98 | (1.79) | 2.20 |
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 Affiliate3 | — | — | — | — | (0.00)4,5 | — |
Net Asset Value, End of Period | $13.59 | $15.25 | $20.47 | $12.16 | $11.23 | $13.23 |
Total Return6 | (10.89)% | (25.50)% | 68.34% | 8.74% | (13.38)%5 | 19.84% |
Ratios to Average Net Assets: | ||||||
Net expenses7 | 0.98%8 | 0.98% | 0.98% | 1.11% | 1.25% | 1.25% |
Net investment income (loss) | 1.41%8 | 0.57% | (0.19)% | (0.04)% | 0.43% | 0.26% |
Expense waiver/reimbursement9 | 0.82%8 | 0.81% | 1.07% | 2.07% | 1.06% | 0.83% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $62,145 | $55,929 | $53,660 | $13,749 | $11,557 | $13,392 |
Portfolio turnover10 | 6% | 39% | 13% | 39% | 34% | 36% |
Six Months Ended (unaudited) 11/30/2022 | Period Ended 05/31/20221 | |
Net Asset Value, Beginning of Period | $15.25 | $20.80 |
Income From Investment Operations: | ||
Net investment income2 | 0.10 | 0.11 |
Net realized and unrealized gain (loss) | (1.76) | (5.66) |
TOTAL FROM INVESTMENT OPERATIONS | (1.66) | (5.55) |
Less Distributions: | ||
Distributions from net investment income | — | — |
Distributions from net realized gain | — | — |
TOTAL DISTRIBUTIONS | — | — |
Net Asset Value, End of Period | $13.59 | $15.25 |
Total Return3 | (10.89)% | (26.68)% |
Ratios to Average Net Assets: | ||
Net expenses4 | 0.92%5 | 0.92%5 |
Net investment income | 1.46%5 | 0.87%5 |
Expense waiver/reimbursement6 | 0.77%5 | 0.87%5 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $354 | $314 |
Portfolio turnover7 | 6% | 39%8 |
November 30, 2022 (unaudited)
Assets: | ||
Investment in securities, at value including $2,826,121 of investment in an affiliated holding* (identified cost $65,228,523) | $62,166,858 | |
Receivable for investments sold | 403,967 | |
Receivable for shares sold | 186,664 | |
Income receivable | 64,048 | |
Prepaid expenses | 13,234 | |
TOTAL ASSETS | 62,834,771 | |
Liabilities: | ||
Payable for capital gains taxes withheld | $135,636 | |
Payable for shares redeemed | 57,961 | |
Bank overdraft | 292 | |
Payable for portfolio accounting fees | 78,517 | |
Payable for custodian fees | 49,201 | |
Payable for investment adviser fee (Note 5) | 2,856 | |
Payable for administrative fee (Note 5) | 213 | |
Payable for Directors’/Trustees’ fees (Note 5) | 114 | |
Accrued expenses (Note 5) | 10,165 | |
TOTAL LIABILITIES | 334,955 | |
Net assets for 4,599,682 shares outstanding | $62,499,816 | |
Net Assets Consists of: | ||
Paid-in capital | $73,029,943 | |
Total distributable earnings (loss) | (10,530,127) | |
TOTAL NET ASSETS | $62,499,816 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($62,145,392 ÷ 4,573,608 shares outstanding) no par value, unlimited shares authorized | $13.59 | |
Class R6 Shares: | ||
Net asset value per share ($354,424 ÷ 26,074 shares outstanding) no par value, unlimited shares authorized | $13.59 |
Six Months Ended November 30, 2022 (unaudited)
Investment Income: | |||
Dividends (including $50,669 received from an affiliated holding* and net of foreign taxes withheld of $56,883) | $690,512 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $259,853 | ||
Administrative fee (Note 5) | 23,004 | ||
Custodian fees | 47,926 | ||
Transfer agent fees (Note 2) | 37,943 | ||
Directors’/Trustees’ fees (Note 5) | 416 | ||
Auditing fees | 17,096 | ||
Legal fees | 5,873 | ||
Portfolio accounting fees | 68,285 | ||
Share registration costs | 27,854 | ||
Printing and postage | 11,997 | ||
Miscellaneous (Notes 5) | 21,534 | ||
TOTAL EXPENSES | 521,781 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(221,653) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (15,895) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (237,548) | ||
Net expenses | 284,233 | ||
Net investment income | $406,279 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized gain of $290 on sales of investments in an affiliated holding*) and foreign currency transactions | (1,136,637) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $(92) of investments in an affiliated holding*) | (5,634,939) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (6,771,576) | ||
Change in net assets resulting from operations | $(6,365,297) |
Six Months Ended (unaudited) 11/30/2022 | Year Ended 5/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $406,279 | $324,808 |
Net realized gain (loss) | (1,136,637) | (6,221,140) |
Net change in unrealized appreciation/depreciation | (5,634,939) | (11,050,702) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (6,365,297) | (16,947,034) |
Share Transactions: | ||
Proceeds from sale of shares | 27,911,156 | 54,947,849 |
Cost of shares redeemed | (15,289,267) | (35,417,502) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 12,621,889 | 19,530,347 |
Change in net assets | 6,256,592 | 2,583,313 |
Net Assets: | ||
Beginning of period | 56,243,224 | 53,659,911 |
End of period | $62,499,816 | $56,243,224 |
Security | Acquisition Date | Acquisition Cost | Value |
Kaspi.Kz JSC, GDR | 2/17/2022-9/29/2022 | $450,349 | $463,000 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $37,914 | $(15,895) |
Class R6 Shares | 29 | — |
TOTAL | $37,943 | $(15,895) |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,053,456 | $27,803,440 | 3,020,657 | $54,547,124 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (1,148,237) | (15,261,889) | (1,974,162) | (35,417,502) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 905,219 | $12,541,551 | 1,046,495 | $19,129,622 |
Six Months Ended 11/30/2022 | Period Ended 5/31/20221 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,691 | $107,716 | 20,581 | $400,725 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (2,198) | (27,378) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 5,493 | $80,338 | 20,581 | $400,725 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 910,712 | $12,621,889 | 1,067,076 | $19,530,347 |
Short-Term | Long-Term | Total |
$4,931,076 | $1,435,980 | $6,367,056 |
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 | $15,301,973 |
Sales | $3,418,671 |
Beginning Account Value 6/1/2022 | Ending Account Value 11/30/2022 | Expenses Paid During Period1 | |
Actual | |||
Institutional Shares | $1,000.00 | $891.10 | $4.65 |
Class R6 Shares | $1,000.00 | $891.10 | $4.36 |
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 | $4.66 |
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 | 13.3% |
United Kingdom | 12.7% |
South Korea | 8.1% |
Canada | 6.9% |
France | 5.6% |
China | 5.3% |
Germany | 4.6% |
Norway | 4.5% |
Switzerland | 4.1% |
Ireland | 3.3% |
Other3 | 28.0% |
Cash Equivalents4 | 3.4% |
Other Assets and Liabilities—Net5 | 0.2% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets2 |
Consumer Discretionary | 16.0% |
Financials | 14.0% |
Information Technology | 13.9% |
Materials | 11.8% |
Industrials | 11.8% |
Health Care | 11.6% |
Communication Services | 6.3% |
Consumer Staples | 5.0% |
Energy | 3.9% |
Other3 | 2.1% |
Cash Equivalents4 | 3.4% |
Other Assets and Liabilities—Net5 | 0.2% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—48.9% | |||
Belgium—0.9% | |||
63,500 | D’Ieteren Group | $12,113,713 | |
Canada—4.9% | |||
2,365,400 | Lundin Mining Corp. | 14,560,095 | |
231,256 | Magna International, Inc. | 14,239,999 | |
426,115 | Methanex Corp. | 16,659,397 | |
309,300 | Open Text Corp. | 9,082,519 | |
229,740 | Toronto Dominion Bank | 15,290,950 | |
TOTAL | 69,832,960 | ||
Chile—1.1% | |||
912,000 | Antofagasta PLC | 15,660,248 | |
China—1.3% | |||
13,281,000 | Weichai Power Co. Ltd., Class H | 17,746,118 | |
Colombia—0.4% | |||
629,100 | Bancolombia S.A. | 5,212,096 | |
France—3.7% | |||
145,400 | Ipsos | 8,371,256 | |
390,400 | Michelin, Class B | 11,034,933 | |
275,178 | Publicis Groupe | 18,200,180 | |
149,357 | Vinci SA | 15,206,778 | |
TOTAL | 52,813,147 | ||
Germany—3.8% | |||
720,593 | Deutsche Telekom AG, Class REG | 14,619,589 | |
431,700 | 1 | flatexDEGIRO AG | 4,532,792 |
96,500 | Hannover Rueckversicherung SE | 18,262,865 | |
52,500 | Muenchener Rueckversicherungs-Gesellschaft AG | 16,541,631 | |
TOTAL | 53,956,877 | ||
Greece—0.3% | |||
242,400 | Jumbo S.A. | 3,835,115 | |
Ireland—2.5% | |||
4,889,054 | 1 | Greencore Group plc | 3,801,705 |
98,100 | 1 | Jazz Pharmaceuticals plc | 15,392,871 |
423,188 | Smurfit Kappa Group plc | 15,424,785 | |
TOTAL | 34,619,361 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Italy—0.0% | |||
1,358,089 | 1 | Trevi Finanziaria S.p.A. | $536,173 |
Japan—6.0% | |||
112,000 | Brother Industries Ltd. | 1,818,215 | |
1,064,700 | Daicel Corp. | 7,709,912 | |
117,200 | Daito Trust Construction Co. Ltd. | 13,072,879 | |
521,400 | Honda Motor Co. Ltd. | 12,737,687 | |
462,400 | KDDI Corp. | 13,839,306 | |
1,827,800 | Marubeni Corp. | 20,733,736 | |
186,800 | Sony Group Corp. | 15,461,865 | |
TOTAL | 85,373,600 | ||
Netherlands—0.9% | |||
443,800 | Koninklijke Ahold NV | 12,867,136 | |
Norway—3.1% | |||
763,944 | DNB Bank ASA | 14,959,836 | |
424,949 | Sparebanken Vest | 3,797,419 | |
835,453 | SpareBank 1 SR-Bank ASA | 10,135,723 | |
337,600 | Yara International ASA | 15,455,641 | |
TOTAL | 44,348,619 | ||
Puerto Rico—1.3% | |||
244,200 | Popular, Inc. | 17,831,484 | |
Russia—0.0% | |||
8,422,100 | 2 | Alrosa AO | 0 |
Singapore—1.1% | |||
672,899 | United Overseas Bank Ltd. | 15,524,151 | |
South Korea—5.8% | |||
60,059 | Hyundai Mobis | 9,821,289 | |
236,500 | Kia Corp. | 12,463,279 | |
103,600 | LG Electronics, Inc. | 7,822,797 | |
1,406,000 | LG Uplus Corp. | 13,007,799 | |
312,712 | Samsung Electronics Co. Ltd. | 15,017,593 | |
423,640 | Shinhan Financial Group Co. Ltd. | 12,364,962 | |
183,900 | SK Hynix, Inc. | 12,164,314 | |
TOTAL | 82,662,033 | ||
Sweden—2.3% | |||
448,600 | 1 | Duni AB | 4,194,447 |
392,726 | Loomis AB | 11,590,639 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Sweden—continued | |||
960,700 | SKF Ab, Class B | $15,956,938 | |
TOTAL | 31,742,024 | ||
Switzerland—1.0% | |||
162,166 | Novartis AG | 14,458,073 | |
Taiwan—0.9% | |||
2,134,000 | Catcher Technology Co. Ltd. | 12,747,971 | |
Thailand—0.3% | |||
1,564,700 | Tisco Financial Group PCL | 4,337,361 | |
United Kingdom—7.3% | |||
1,075,900 | Amcor PLC | 13,287,365 | |
1,471,425 | 1 | Babcock International Group PLC | 5,054,706 |
379,602 | BELLWAY PLC | 9,213,845 | |
1,125,863 | Inchcape PLC | 11,326,171 | |
47,066 | Linde PLC | 15,836,768 | |
695,587 | Mondi PLC, SAF | 12,683,560 | |
148,549 | Mondi PLC, UK | 2,768,438 | |
230,926 | Next PLC | 16,479,217 | |
374,400 | 1 | Nomad Foods Ltd. | 6,548,256 |
8,002,401 | Taylor Wimpey PLC | 10,099,696 | |
TOTAL | 103,298,022 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $615,058,957) | 691,516,282 | ||
WARRANTS—0.0% | |||
Italy—0.0% | |||
17,191 | 1 | Trevi Finanziaria S.p.A., Warrants (IDENTIFIED COST $1,427,898 ) | 28,623 |
INVESTMENT COMPANIES—51.3% | |||
12,014,186 | Federated Hermes Government Obligations Fund, Premier Shares, 3.66%3 | 12,014,186 | |
11,685,725 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 3.86%3 | 11,681,051 | |
51,990,098 | Federated Hermes International Growth Fund, Institutional Shares | 702,386,225 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $644,162,657) | 726,081,462 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $1,260,649,512)4 | 1,417,626,367 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5 | (2,188,273) | ||
TOTAL NET ASSETS—100% | $1,415,438,094 |
Federated Hermes Government Obligations Fund, Premier Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Federated Hermes International Growth Fund, Institutional Shares* | Total of Affiliated Transactions | |
Value as of 5/31/2022 | $65,389,264 | $19,065,274 | $729,334,879 | $813,789,417 |
Purchases at Cost | $85,890,574 | $43,144,550 | $10,000,000 | $139,035,124 |
Proceeds from Sales | $(139,265,652) | $(50,527,574) | $— | $(189,793,226) |
Change in Unrealized Appreciation/ Depreciation | $N/A | $1,410 | $(36,948,654) | $(36,947,244) |
Net Realized Gain/(Loss) | $N/A | $(2,609) | $N/A | $(2,609) |
Value as of 11/30/2022 | $12,014,186 | $11,681,051 | $702,386,225 | $726,081,462 |
Shares Held as of 11/30/2022 | 12,014,186 | 11,685,725 | 51,990,098 | 75,690,009 |
Dividend Income | $370,600 | $158,515 | $— | $529,115 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $143,941,800 | $547,574,482 | $0 | $691,516,282 |
Warrants | ||||
International | 28,623 | — | — | 28,623 |
Investment Companies | 726,081,462 | — | — | 726,081,462 |
TOTAL SECURITIES | $870,051,885 | $547,574,482 | $0 | $1,417,626,367 |
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | |||||
2022 | 2021 | 20202 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $24.31 | $32.75 | $21.95 | $22.13 | $24.57 | $21.70 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | 0.04 | 0.22 | 0.12 | 0.09 | 0.24 | 0.25 |
Net realized and unrealized gain (loss) | (1.37) | (5.04) | 10.95 | (0.01) | (2.11) | 2.74 |
TOTAL FROM INVESTMENT OPERATIONS | (1.33) | (4.82) | 11.07 | 0.08 | (1.87) | 2.99 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.27) | (0.27) | (0.26) | (0.17) | (0.12) |
Distributions from net realized gain | — | (3.35) | — | — | (0.40) | — |
TOTAL DISTRIBUTIONS | — | (3.62) | (0.27) | (0.26) | (0.57) | (0.12) |
Payment by Affiliate | — | — | — | — | 0.004,5 | 0.004,6 |
Net Asset Value, End of Period | $22.98 | $24.31 | $32.75 | $21.95 | $22.13 | $24.57 |
Total Return7 | (5.47)% | (16.35)% | 50.59% | 0.22% | (7.43)%5 | 13.86%6 |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 0.77%9 | 0.78% | 1.15% | 1.22% | 1.25% | 1.20%10 |
Net investment income | 0.32%9 | 0.72% | 0.45% | 0.42% | 1.01% | 1.04%10 |
Expense waiver/reimbursement11 | 0.56%9 | 0.53% | 0.15% | 0.21% | 0.06% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $22,987 | $26,593 | $47,387 | $39,253 | $58,932 | $68,019 |
Portfolio turnover12 | 5% | 24% | 44% | 36% | 28% | 33% |
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | |||||
2022 | 2021 | 20202 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $22.96 | $31.12 | $20.87 | $21.12 | $23.50 | $20.81 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | (0.04) | 0.01 | (0.07) | (0.00)4 | 0.08 | 0.10 |
Net realized and unrealized gain (loss) | (1.31) | (4.78) | 10.40 | (0.09) | (2.02) | 2.59 |
TOTAL FROM INVESTMENT OPERATIONS | (1.35) | (4.77) | 10.33 | (0.09) | (1.94) | 2.69 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.04) | (0.08) | (0.16) | (0.04) | (0.00)4 |
Distributions from net realized gain | — | (3.35) | — | — | (0.40) | -— |
TOTAL DISTRIBUTIONS | — | (3.39) | (0.08) | (0.16) | (0.44) | (0.00) |
Payment by Affiliate | — | — | — | — | 0.004,5 | 0.004,6 |
Net Asset Value, End of Period | $21.61 | $22.96 | $31.12 | $20.87 | $21.12 | $23.50 |
Total Return7 | (5.88)% | (16.97)% | 49.53% | (0.54)% | (8.11)%5 | 13.00%6 |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 1.52%9 | 1.53% | 1.90% | 1.96% | 1.97% | 1.96% |
Net investment income (loss) | (0.42)%9 | 0.04% | (0.28)% | (0.02)% | 0.35% | 0.46% |
Expense waiver/reimbursement10 | 0.56%9 | 0.53% | 0.17% | 0.36% | 0.55% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,756 | $4,355 | $6,032 | $4,978 | $5,895 | $4,909 |
Portfolio turnover11 | 5% | 24% | 44% | 36% | 28% | 33% |
(formerly, Class I Shares)
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | |||||
2022 | 2021 | 20202 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $24.59 | $33.10 | $22.17 | $22.34 | $24.79 | $21.90 |
Income From Investment Operations: | ||||||
Net investment income (loss)3 | 0.06 | 0.33 | 0.20 | 0.24 | 0.30 | 0.32 |
Net realized and unrealized gain (loss) | (1.38) | (5.12) | 11.07 | (0.10) | (2.12) | 2.76 |
TOTAL FROM INVESTMENT OPERATIONS | (1.32) | (4.79) | 11.27 | 0.14 | (1.82) | 3.08 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.37) | (0.34) | (0.31) | (0.23) | (0.19) |
Distributions from net realized gain | — | (3.35) | — | — | (0.40) | — |
TOTAL DISTRIBUTIONS | — | (3.72) | (0.34) | (0.31) | (0.63) | (0.19) |
Payment by Affiliate | — | — | — | — | 0.004,5 | 0.004,6 |
Net Asset Value, End of Period | $23.27 | $24.59 | $33.10 | $22.17 | $22.34 | $24.79 |
Total Return7 | (5.37)% | (16.14)% | 51.01% | 0.47% | (7.12)%5 | 14.07%6 |
Ratios to Average Net Assets: | ||||||
Net expenses8 | 0.52%9 | 0.53% | 0.90% | 0.96% | 0.94% | 0.97% |
Net investment income | 0.57%9 | 1.10% | 0.71% | 1.04% | 1.28% | 1.35% |
Expense waiver/reimbursement10 | 0.56%9 | 0.55% | 0.18% | 0.07% | 0.00%11 | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $951,198 | $959,639 | $1,034,047 | $769,635 | $939,068 | $1,334,669 |
Portfolio turnover12 | 5% | 24% | 44% | 36% | 28% | 33% |
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | Period Ended 5/31/20193 | |||
2022 | 2021 | 20202 | |||
Net Asset Value, Beginning of Period | $24.60 | $33.11 | $22.18 | $22.34 | $25.51 |
Income From Investment Operations: | |||||
Net investment income (loss)4 | 0.07 | 0.33 | 0.21 | 0.24 | 0.39 |
Net realized and unrealized gain (loss) | (1.39) | (5.11) | 11.07 | (0.08) | (2.92) |
TOTAL FROM INVESTMENT OPERATIONS | (1.32) | (4.78) | 11.28 | 0.16 | (2.53) |
Less Distributions: | |||||
Distributions from net investment income | — | (0.38) | (0.35) | (0.32) | (0.24) |
Distributions from net realized gain | — | (3.35) | — | — | (0.40) |
TOTAL DISTRIBUTIONS | — | (3.73) | (0.35) | (0.32) | (0.64) |
Payment by Affiliate | — | — | — | — | 0.005,6 |
Net Asset Value, End of Period | $23.28 | $24.60 | $33.11 | $22.18 | $22.34 |
Total Return7 | (5.37)% | (16.10)% | 51.04% | 0.56% | (9.17)%6 |
Ratios to Average Net Assets: | |||||
Net expenses8 | 0.48%9 | 0.49% | 0.86% | 0.90% | 0.89%9 |
Net investment income | 0.62%9 | 1.09% | 0.75% | 1.07% | 1.76%9 |
Expense waiver/reimbursement10 | 0.51%9 | 0.50% | 0.14% | 0.10% | 0.02%9 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $437,566 | $507,249 | $676,137 | $502,786 | $595,000 |
Portfolio turnover11 | 5% | 24% | 44% | 36% | 28%12 |
November 30, 2022 (unaudited)
Assets: | ||
Investment in securities, at value including $726,081,462 of investments in affiliated holdings* (identified cost $1,260,649,512) | $1,417,626,367 | |
Cash denominated in foreign currencies (identified cost $159,836) | 159,862 | |
Cash | 584 | |
Income receivable | 3,101,167 | |
Receivable for shares sold | 772,933 | |
Income receivable from affiliated holding | 126 | |
TOTAL ASSETS | 1,421,661,039 | |
Liabilities: | ||
Payable for shares redeemed | $5,773,200 | |
Payable for investments purchased | 5,620 | |
Payable for capital gains taxes withheld | 34,842 | |
Payable for custodian fees | 185,080 | |
Payable for other service fees (Notes 2 and 5) | 5,316 | |
Payable for administrative fee (Note 5) | 3,129 | |
Payable for distribution services fee (Note 5) | 2,228 | |
Payable for Directors’/Trustees’ fees (Note 5) | 711 | |
Payable for investment adviser fee (Note 5) | 436 | |
Accrued expenses (Note 5) | 212,383 | |
TOTAL LIABILITIES | 6,222,945 | |
Net assets for 60,849,903 shares outstanding | $1,415,438,094 | |
Net Assets Consists of: | ||
Paid-in capital | $1,210,804,025 | |
Total distributable earnings (loss) | 204,634,069 | |
TOTAL NET ASSETS | $1,415,438,094 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($22,987,404 ÷ 1,000,522 shares outstanding) no par value, unlimited shares authorized | $22.98 | |
Offering price per share (100/94.50 of $22.98) | $24.31 | |
Redemption proceeds per share | $22.98 | |
Class C Shares: | ||
Net asset value per share ($3,756,224 ÷ 173,787 shares outstanding) no par value, unlimited shares authorized | $21.61 | |
Offering price per share | $21.61 | |
Redemption proceeds per share (99.00/100 of $21.61) | $21.39 | |
Institutional Shares: | ||
Net asset value per share ($951,128,191 ÷ 40,881,125 shares outstanding) no par value, unlimited shares authorized | $23.27 | |
Offering price per share | $23.27 | |
Redemption proceeds per share | $23.27 | |
Class R6 Shares: | ||
Net asset value per share ($437,566,275 ÷ 18,794,469 shares outstanding) no par value, unlimited shares authorized | $23.28 | |
Offering price per share | $23.28 | |
Redemption proceeds per share | $23.28 |
Six Months Ended November 30, 2022 (unaudited)
Investment Income: | |||
Dividends (including $529,115 received from affiliated holdings* and net of foreign taxes withheld of $836,506) | $7,446,241 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $5,782,607 | ||
Administrative fee (Note 5) | 533,543 | ||
Custodian fees | 138,341 | ||
Transfer agent fees (Note 2) | 477,467 | ||
Directors’/Trustees’ fees (Note 5) | 4,607 | ||
Auditing fees | 17,096 | ||
Legal fees | 9,049 | ||
Distribution services fee (Note 5) | 14,226 | ||
Other service fees (Notes 2 and 5) | 31,627 | ||
Portfolio accounting fees | 105,387 | ||
Share registration costs | 51,253 | ||
Printing and postage | 34,251 | ||
Miscellaneous (Notes 5) | 29,234 | ||
TOTAL EXPENSES | 7,228,688 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(3,477,552) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (226,250) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (3,703,802) | ||
Net expenses | 3,524,886 | ||
Net investment income | $3,921,355 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized loss of $(2,609) on sales of investments in affiliated holdings*) and foreign currency transactions | $(22,202,528) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of ($36,947,244) of investments in affiliated holdings*) | (60,134,264) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (82,336,792) | ||
Change in net assets resulting from operations | $(78,415,437) |
Six Months Ended (unaudited) 11/30/2022 | Year Ended 5/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,921,355 | $18,286,160 |
Net realized gain (loss) | (22,202,528) | 82,051,166 |
Net change in unrealized appreciation/depreciation | (60,134,264) | (379,410,106) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (78,415,437) | (279,072,780) |
Distributions to Shareholders: | ||
Class A Shares | — | (4,467,391) |
Class C Shares | — | (615,379) |
Institutional Shares | — | (113,237,765) |
Class R6 Shares | — | (72,339,031) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (190,659,566) |
Share Transactions: | ||
Proceeds from sale of shares | 198,252,018 | 456,730,803 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 150,937,299 |
Cost of shares redeemed | (202,234,021) | (403,703,254) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (3,982,003) | 203,964,848 |
Change in net assets | (82,397,440) | (265,767,498) |
Net Assets: | ||
Beginning of period | 1,497,835,534 | 1,763,603,032 |
End of period | $1,415,438,094 | $1,497,835,534 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $13,047 | $(6,056) |
Class C Shares | 1,949 | (924) |
Institutional Shares | 440,694 | (219,270) |
Class R6 Shares | 21,777 | — |
TOTAL | $477,467 | $(226,250) |
Other Service Fees Incurred | |
Class A Shares | $26,966 |
Class C Shares | 4,661 |
TOTAL | $31,627 |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 108,194 | $2,409,587 | 228,662 | $6,727,692 |
Shares issued to shareholders in payment of distributions declared | — | — | 144,485 | 4,130,821 |
Shares redeemed | (201,410) | (4,520,340) | (726,370) | (21,357,485) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (93,216) | $(2,110,753) | (353,223) | $(10,498,972) |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,495 | $30,670 | 16,614 | $470,754 |
Shares issued to shareholders in payment of distributions declared | — | — | 22,299 | 603,854 |
Shares redeemed | (17,423) | (349,265) | (43,060) | (1,191,957) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (15,928) | $(318,595) | (4,147) | $(117,349) |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,316,481 | $180,961,614 | 13,606,134 | $389,109,819 |
Shares issued to shareholders in payment of distributions declared | — | — | 3,719,123 | 107,445,465 |
Shares redeemed | (6,460,461) | (142,866,097) | (9,543,096) | (285,441,811) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,856,020 | $38,095,517 | 7,782,161 | $211,113,473 |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 674,405 | $14,850,147 | 2,049,213 | $60,422,538 |
Shares issued to shareholders in payment of distributions declared | — | — | 1,341,078 | 38,757,159 |
Shares redeemed | (2,498,219) | (54,498,319) | (3,192,008) | (95,712,001) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,823,814) | $(39,648,172) | 198,283 | $3,467,696 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (76,938) | $(3,982,003) | 7,623,074 | $203,964,848 |
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 | $14,226 |
Purchases | $132,151,205 |
Sales | $64,105,766 |
Beginning Account Value 6/1/2022 | Ending Account Value 11/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $945.30 | $3.752 |
Class C Shares | $1,000 | $941.20 | $7.403 |
Institutional Shares | $1,000 | $946.30 | $2.544 |
Class R6 Shares | $1,000 | $946.30 | $2.345 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.21 | $3.902 |
Class C Shares | $1,000 | $1,017.45 | $7.693 |
Institutional Shares | $1,000 | $1,022.46 | $2.644 |
Class R6 Shares | $1,000 | $1,022.66 | $2.435 |
Class A Shares | 0.77% |
Class C Shares | 1.52% |
Institutional Shares | 0.52% |
Class R6 Shares | 0.48% |
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 | 14.8% |
United Kingdom | 10.9% |
China | 8.0% |
Switzerland | 6.3% |
South Korea | 4.7% |
Netherlands | 4.2% |
Canada | 4.1% |
France | 3.8% |
Denmark | 3.5% |
Italy | 3.1% |
Singapore | 3.0% |
Norway | 2.9% |
Brazil | 2.8% |
India | 2.6% |
Israel | 2.0% |
Taiwan | 2.0% |
Germany | 1.7% |
Ireland | 1.7% |
Belgium | 1.3% |
Poland | 1.3% |
Chile | 1.2% |
South Africa | 1.2% |
Thailand | 1.2% |
Hong Kong | 1.1% |
Australia | 1.0% |
Finland | 1.0% |
Other2 | 4.3% |
Cash Equivalents3 | 3.4% |
Other Assets and Liabilities—Net4 | 0.9% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 20.6% |
Health Care | 19.2% |
Industrials | 11.4% |
Consumer Discretionary | 10.6% |
Financials | 8.5% |
Energy | 7.9% |
Consumer Staples | 6.9% |
Materials | 5.2% |
Communication Services | 3.1% |
Utilities | 1.5% |
Real Estate | 0.8% |
Cash Equivalents2 | 3.4% |
Other Assets and Liabilities—Net3 | 0.9% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—95.7% | |||
Argentina—0.7% | |||
29,442 | 1 | Globant SA | $5,516,842 |
Australia—1.0% | |||
185,736 | Wisetech Global Ltd. | 7,385,986 | |
Austria—0.7% | |||
60,218 | VERBUND AG Class A | 5,466,136 | |
Belgium—1.3% | |||
24,904 | 1 | Argenx SE, ADR | 9,911,045 |
Brazil—2.8% | |||
1,331,411 | 1 | 3R Petroleum Oleo e Gas S.A. | 9,490,378 |
816,600 | Banco Bradesco S.A., ADR | 2,425,302 | |
496,568 | Intelbras SA Industria de Telecomunicacao Eletronica Brasilerira | 3,078,342 | |
513,453 | Localiza Rent A Car S.A. | 5,946,511 | |
TOTAL | 20,940,533 | ||
Canada—4.1% | |||
289,965 | 1 | Aritzia, Inc. | 11,030,375 |
190,711 | Boralex, Inc., Class A | 5,360,579 | |
282,079 | Cameco Corp. | 6,877,086 | |
18,437 | 1 | Lululemon Athletica, Inc. | 7,011,775 |
TOTAL | 30,279,815 | ||
Chile—1.2% | |||
87,580 | Sociedad Quimica Y Minera de Chile, ADR | 8,684,433 | |
China—8.0% | |||
667,281 | 1 | Alibaba Group Holding Ltd. | 7,282,531 |
785,400 | Ganfeng Lithium Co. Ltd. | 6,929,773 | |
354,900 | Hangzhou Tigermed Consulting Co. Ltd. | 3,369,581 | |
105,928 | JD.com, Inc. | 3,016,596 | |
474,500 | 1 | Meituan | 10,190,925 |
1,259,200 | Nari Technology Development Co. Ltd. | 4,704,778 | |
360,744 | Tencent Holdings Ltd. | 13,555,572 | |
737,957 | 1 | Wuxi Biologics (Cayman), Inc. | 4,832,046 |
3,880,000 | Zijin Mining Group Co. Ltd. | 5,065,554 | |
TOTAL | 58,947,356 | ||
Denmark—3.5% | |||
267,960 | 1 | Alk-Abello A/S | 3,884,669 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Denmark—continued | |||
129,858 | 1 | Genmab A/S, ADR | $6,042,293 |
126,819 | Novo Nordisk A/S, ADR | 15,801,647 | |
TOTAL | 25,728,609 | ||
Finland—1.0% | |||
138,744 | Neste Oyj | 7,139,114 | |
France—3.8% | |||
195,140 | Dassault Systemes SA | 7,321,384 | |
12,777 | LVMH Moet Hennessy Louis Vuitton SA | 9,892,771 | |
15,488 | Sartorius Stedim Biotech SA | 5,311,678 | |
25,655 | Teleperformance | 5,811,580 | |
TOTAL | 28,337,413 | ||
Germany—1.7% | |||
139,488 | Friedrich Vorwerk Group SE | 3,558,186 | |
7,348 | Rational AG | 4,546,013 | |
41,817 | SAP SE, ADR | 4,636,251 | |
TOTAL | 12,740,450 | ||
Hong Kong—1.1% | |||
774,237 | AIA Group Ltd. | 7,896,432 | |
India—2.6% | |||
81,043 | HDFC Bank Ltd., ADR | 5,719,205 | |
409,942 | Reliance Industries Ltd. | 13,817,239 | |
TOTAL | 19,536,444 | ||
Ireland—1.7% | |||
39,637 | 1 | ICON PLC | 8,539,395 |
68,228 | Kingspan Group PLC | 3,825,408 | |
TOTAL | 12,364,803 | ||
Israel—2.0% | |||
50,068 | 1 | CyberArk Software Ltd. | 7,463,637 |
24,525 | 1 | Solaredge Technologies, Inc. | 7,329,541 |
TOTAL | 14,793,178 | ||
Italy—3.1% | |||
891,773 | Davide Campari-Milano NV | 9,458,138 | |
494,223 | Infrastrutture Wireless Italiane SPA | 4,958,892 | |
255,796 | Tenaris S.A., ADR | 8,817,288 | |
TOTAL | 23,234,318 | ||
Japan—14.8% | |||
406,200 | Daiichi Sankyo Co. Ltd. | 13,453,447 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Japan—continued | |||
126,500 | Denso Corp. | $7,010,941 | |
85,241 | Hoya Corp. | 8,824,656 | |
32,317 | Keyence Corp. | 13,743,140 | |
44,812 | Lasertec Corp. | 8,470,754 | |
139,250 | Murata Manufacturing Co. Ltd. | 7,660,329 | |
116,112 | Nidec Corp. | 7,343,824 | |
622,208 | Olympus Corp. | 12,856,686 | |
992,500 | 1 | Renesas Electronics Corp. | 9,829,553 |
19,672 | SMC Corp. | 8,998,574 | |
550,600 | Tokio Marine Holdings, Inc. | 11,366,822 | |
TOTAL | 109,558,726 | ||
Netherlands—4.2% | |||
99,378 | 1 | Alfen Beheer B.V. | 9,708,328 |
22,851 | ASML Holding N.V., ADR | 13,896,150 | |
79,507 | Heineken N.V. | 7,329,965 | |
TOTAL | 30,934,443 | ||
Nigeria—0.6% | |||
3,152,328 | Airtel Africa PLC | 4,689,912 | |
Norway—2.9% | |||
248,899 | Aker BP ASA | 8,683,468 | |
180,795 | Kongsberg Gruppen ASA | 7,487,379 | |
284,309 | 1 | Nordic Semiconductor ASA | 5,321,579 |
TOTAL | 21,492,426 | ||
Poland—1.3% | |||
119,488 | 1 | Dino Polska SA | 9,791,516 |
Saudi Arabia—0.6% | |||
302,026 | Saudi National Bank | 4,156,017 | |
Singapore—3.0% | |||
842,188 | DBS Group Holdings Ltd. | 21,898,150 | |
South Africa—1.2% | |||
775,026 | Gold Fields Ltd. | 8,574,857 | |
South Korea—4.7% | |||
43,766 | Ecopro BM Co., Ltd. | 3,863,085 | |
128,390 | Korea Aerospace Industry | 4,767,933 | |
46,303 | Samsung SDI Co. Ltd. | 26,073,254 | |
TOTAL | 34,704,272 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Sweden—0.9% | |||
163,130 | Vitrolife AB | $2,947,651 | |
219,672 | 1 | Xvivo Perfusion AB | 4,033,993 |
TOTAL | 6,981,644 | ||
Switzerland—6.3% | |||
181,789 | Alcon, Inc. | 12,523,444 | |
4,507 | Barry Callebaut AG | 9,237,794 | |
126,110 | Nestle S.A. | 15,006,988 | |
37,911 | Sika AG | 9,775,949 | |
TOTAL | 46,544,175 | ||
Taiwan—2.0% | |||
173,000 | MediaTek, Inc. | 4,199,409 | |
686,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 10,959,673 | |
TOTAL | 15,159,082 | ||
Thailand—1.2% | |||
4,336,800 | 1 | Airports of Thailand Public Co. Ltd. | 9,253,866 |
United Kingdom—10.9% | |||
136,415 | Ashtead Group PLC | 8,314,324 | |
445,177 | AstraZeneca PLC, ADR | 30,258,681 | |
1,037,879 | Burford Capital Ltd. | 9,558,866 | |
611,326 | Compass Group PLC | 13,860,136 | |
1,145,948 | 1 | Darktrace PLC | 4,717,299 |
66,304 | 1 | Endava PLC, ADR | 5,086,180 |
280,512 | Entain PLC | 4,820,822 | |
73,840 | InterContinental Hotels Group PLC | 4,344,737 | |
TOTAL | 80,961,045 | ||
Vietnam—0.8% | |||
2,826,133 | Vinhomes Joint Stock Company | 6,253,334 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $591,711,088) | 709,856,372 | ||
INVESTMENT COMPANY—3.4% | |||
25,182,339 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 3.86%2 (IDENTIFIED COST $25,166,767) | 25,172,266 | |
TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $616,877,856)3 | 735,028,638 | ||
OTHER ASSETS AND LIABILITIES - NET—0.9%4 | 6,641,435 | ||
TOTAL NET ASSETS—100% | $741,670,073 |
Federated Hermes Government Obligations Fund, Premier Shares* | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 5/31/2022 | $7,886,930 | $30,904,393 | $38,791,323 |
Purchases at Cost | $16,758,875 | $84,765,123 | $101,523,998 |
Proceeds from Sales | $(24,645,805) | $(90,497,887) | $(115,143,692) |
Change in Unrealized Appreciation/Depreciation | NA | $3,273 | $3,273 |
Net Realized Gain/(Loss) | NA | $(2,636) | $(2,636) |
Value as of 11/30/2022 | $— | $25,172,266 | $25,172,266 |
Shares Held as of 11/30/2022 | — | 25,182,339 | 25,182,339 |
Dividend Income | $17,117 | $270,977 | $288,094 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
International | $211,005,246 | $498,851,126 | $— | $709,856,372 |
Investment Company | 25,172,266 | — | — | 25,172,266 |
TOTAL SECURITIES | $236,177,512 | $498,851,126 | $— | $735,028,638 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 11/30/2022 | Year Ended May 31, | |||||
2022 | 2021 | 20202 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | 14.26 | $18.70 | $13.02 | $11.87 | $14.79 | $12.59 |
Income From Investment Operations: | ||||||
Net investment income3 | 0.06 | 0.08 | 0.09 | 0.03 | 0.08 | 0.06 |
Net realized and unrealized gain (loss) | (0.81) | (3.80) | 6.39 | 1.73 | (1.28) | 2.32 |
TOTAL FROM INVESTMENT OPERATIONS | (0.75) | (3.72) | 6.48 | 1.76 | (1.20) | 2.38 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.05) | (0.01) | (0.08) | (0.06) | (0.07) |
Distributions from net realized gains | — | (0.67) | (0.79) | (0.53) | (1.67) | (0.11) |
TOTAL DISTRIBUTIONS | — | (0.72) | (0.80) | (0.61) | (1.73) | (0.18) |
Payment by Affiliate4 | — | — | — | — | 0.01 | — |
Net Asset Value, End of Period | $13.51 | $14.26 | $18.70 | $13.02 | $11.87 | $14.79 |
Total Return5 | (5.26)% | (20.70)% | 50.28% | 14.78% | (6.61)%4 | 18.97% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 0.84%7 | 0.84% | 0.84% | 0.85% | 0.85% | 0.85% |
Net investment income | 0.87%7 | 0.47% | 0.51% | 0.21% | 0.58% | 0.44% |
Expense waiver/reimbursement8 | 0.08%7 | 0.09% | 0.36% | 5.10% | 2.54% | 1.73% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $740,832 | $749,120 | $835,694 | $5,094 | $5,412 | $6,199 |
Portfolio turnover9 | 16% | 47% | 89% | 70% | 54% | 64% |
Six Months Ended (unaudited) 11/30/2022 | Period Ended 5/31/20221 | |
Net Asset Value, Beginning of Period | $14.26 | $20.05 |
Income From Investment Operations: | ||
Net investment income (loss)2 | 0.06 | 0.12 |
Net realized and unrealized gain (loss) | (0.80) | (5.19) |
TOTAL FROM INVESTMENT OPERATIONS | (0.74) | (5.07) |
Less Distributions: | ||
Distributions from net investment income | — | (0.05) |
Distributions from net realized gains | — | (0.67) |
TOTAL DISTRIBUTIONS | — | (0.72) |
Net Asset Value, End of Period | $13.52 | $14.26 |
Total Return3 | (5.19)% | (26.04)% |
Ratios to Average Net Assets: | ||
Net expenses4 | 0.84%5 | 0.83%5 |
Net investment income | 0.87%5 | 0.92%5 |
Expense waiver/reimbursement6 | 0.08%5 | 0.12%5 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $838 | $279 |
Portfolio turnover7 | 16% | 47%8 |
November 30, 2022 (unaudited)
Assets: | ||
Investment in securities, at value including $25,172,266 of investment in an affiliated holding* (identified cost $616,877,856) | $735,028,638 | |
Cash denominated in foreign currencies (identified cost $189,472) | 200,238 | |
Receivable for investments sold | 4,776,935 | |
Income receivable | 2,028,373 | |
Income receivable from affiliated holding | 220 | |
Receivable for shares sold | 445,745 | |
TOTAL ASSETS | 742,480,149 | |
Liabilities: | ||
Payable for investments purchased | $65,709 | |
Payable for capital gains taxes withheld | 332,572 | |
Payable for shares redeemed | 51,881 | |
Payable for portfolio accounting fees | 85,438 | |
Payable for custodian fees | 256,073 | |
Payable for investment adviser fee (Note 5) | 13,502 | |
Payable for administrative fee (Note 5) | 1,677 | |
Payable for Directors’/Trustees’ fees (Note 5) | 404 | |
Accrued expenses (Note 5) | 2,820 | |
TOTAL LIABILITIES | 810,076 | |
Net assets for 54,882,098 shares outstanding | $741,670,073 | |
Net Assets Consists of: | ||
Paid-in capital | $627,208,486 | |
Total distributable earnings (loss) | 114,461,587 | |
TOTAL NET ASSETS | $741,670,073 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($740,831,654 ÷ 54,820,088 shares outstanding) no par value, unlimited shares authorized | $13.51 | |
Class R6 Shares: | ||
Net asset value per share ($838,419 ÷ 62,010 shares outstanding) no par value, unlimited shares authorized | $13.52 |
Six Months Ended November 30, 2022 (unaudited)
Investment Income: | |||
Dividends (including $270,977 received from an affiliated holding* and net of foreign taxes withheld of $392,137) | $5,934,992 | ||
Net income on securities loaned (includes $17,117 earned from an affiliated holding* related to cash collateral balances) (Note 2) | 13,115 | ||
TOTAL INCOME | 5,948,107 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,610,035 | ||
Administrative fee (Note 5) | 273,225 | ||
Custodian fees | 135,012 | ||
Transfer agent fees (Note 2) | 34,666 | ||
Directors’/Trustees’ fees (Note 5) | 2,455 | ||
Auditing fees | 17,096 | ||
Legal fees | 5,064 | ||
Portfolio accounting fees | 74,538 | ||
Share registration costs | 24,547 | ||
Printing and postage | 10,265 | ||
Miscellaneous (Notes 5) | 19,790 | ||
TOTAL EXPENSES | 3,206,693 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | $(289,842) | ||
Net expenses | 2,916,851 | ||
Net investment income | 3,031,256 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including realized loss of $(2,636) on sales of investments in an affiliated holding*) and foreign currency transactions | (15,730,441) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency (including net change in unrealized appreciation of $3,273 of investments in an affiliated holding*) | (25,006,245) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (40,736,686) | ||
Change in net assets resulting from operations | $(37,705,430) |
Six Months Ended (unaudited) 11/30/2022 | Year Ended 5/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,031,256 | $3,918,460 |
Net realized gain (loss) | (15,730,441) | 33,514,281 |
Net change in unrealized appreciation/depreciation | (25,006,245) | (208,845,586) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (37,705,430) | (171,412,845) |
Distributions to Shareholders: | ||
Institutional Shares | — | (31,306,879) |
Class R6 Shares | — | (9,902) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (31,316,781) |
Share Transactions: | ||
Proceeds from sale of shares | 40,148,070 | 170,794,304 |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 31,309,146 |
Cost of shares redeemed | (10,171,122) | (85,669,402) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 29,976,948 | 116,434,048 |
Change in net assets | (7,728,482) | (86,295,578) |
Net Assets: | ||
Beginning of period | 749,398,555 | 835,694,133 |
End of period | $741,670,073 | $749,398,555 |
Transfer Agent Fees Incurred | |
Institutional Shares | $34,649 |
Class R6 Shares | 17 |
TOTAL | $34,666 |
Six Months Ended 11/30/2022 | Year Ended 5/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,095,826 | $39,625,939 | 10,647,072 | $170,441,751 |
Shares issued to shareholders in payment of distributions declared | — | — | 1,722,697 | 31,301,413 |
Shares redeemed | (822,210) | (10,170,675) | (4,513,741) | (85,669,402) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,273,616 | $29,455,264 | 7,856,028 | $116,073,762 |
Six Months Ended 11/30/2022 | Period Ended 5/31/20221 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 42,507 | $522,131 | 19,116 | $352,553 |
Shares issued to shareholders in payment of distributions declared | — | — | 425 | 7,733 |
Shares redeemed | (38) | (447) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 42,469 | $521,684 | 19,541 | $360,286 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,316,085 | $29,976,948 | 7,875,569 | $116,434,048 |
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 | $141,521,490 |
Sales | $108,914,971 |
Beginning Account Value 6/1/2022 | Ending Account Value 11/30/2022 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000.00 | $947.40 | $4.10 |
Class R6 Shares | $1,000.00 | $948.10 | $4.10 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000.00 | $1,020.86 | $4.26 |
Class R6 Shares | $1,000.00 | $1,020.86 | $4.26 |
Institutional Shares | 0.84% |
Class R6 Shares | 0.84% |
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 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 January 23, 2023
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 23, 2023
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 23, 2023