EDGAR HTML

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: 10/31/22

Date of Reporting Period: Six months ended 04/30/22

Item 1.

Reports to Stockholders

Semi-Annual Shareholder Report

April 30, 2022

Share Class | Ticker

A | FHEQX

Institutional | FHESX

R6 | FHERX

Federated Hermes SDG Engagement Equity Fund

Fund Established 2018

A Portfolio of Federated Hermes Adviser Series

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from November 1, 2021 through April 30, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

The fund seeks to invest in companies that, in its view, provide the potential for long-term capital appreciation alongside positive societal impact aligned with the United Nations Sustainable Development Goals (SDGs). Through our pioneering engagement group, EOS at Federated Hermes, we engage with company leaders to gain a deep understanding of their business strategy and purpose to ensure company behaviors align with the long-term interests of our clients.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

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

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Spain—1.2%
70,360		Merlin Properties SOCIMI SA	$758,721
		Sweden—1.9%
58,150		Trelleborg AB, Class B	1,267,383
		Switzerland—2.7%
3,533		Burckhardt Compression Holdings AG	1,803,882
		United Kingdom—9.2%
67,259		Bovis Homes Group PLC	702,569
701,686		Breedon Group PLC	693,476
293,509		Central Asia Metals PLC	981,078
15,718		DCC PLC	1,187,612
85,439	1	Draper Esprit PLC	737,285
361,333		Harworth Group PLC	763,320
330,907	1	SSP Group PLC	978,587
		TOTAL	6,043,927
		United States—55.2%
25,732		Alliant Energy Corp.	1,513,299
20,991	1	AMN Healthcare Services, Inc.	2,051,870
15,456		Aptargroup, Inc.	1,774,812
20,569		Brunswick Corp.	1,555,222
17,377	1	Clean Harbors, Inc.	1,823,369
4,467		Cooper Cos., Inc.	1,612,766
685,917	2	Diversified Gas & Oil PLC	1,038,942
10,190		Eagle Materials, Inc.	1,256,631
19,953		Fortune Brands Home & Security, Inc.	1,421,651
77,207		Huntington Bancshares, Inc.	1,015,272
17,494	1	Kirby Corp.	1,140,609
33,796		LKQ Corp.	1,677,295
20,542		National Instruments Corp.	742,388
9,709		Reinsurance Group of America	1,041,970
70,406		Retail Opportunity Investments Corp.	1,311,664
15,295		RPM International, Inc.	1,267,955
820,776	1	Samsonite International SA	1,801,219
11,000	1	Silicon Laboratories, Inc.	1,484,010
16,312		Simpson Manufacturing Co., Inc.	1,691,065
8,461		STERIS PLC	1,895,687
3,795		West Pharmaceutical Services, Inc.	1,195,653
8,393	1	WEX, Inc.	1,395,252

Semi-Annual Shareholder Report

Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	United States—continued
24,349	Wiley (John) & Sons, Inc., Class A	$1,239,121
21,003	Wintrust Financial Corp.	1,833,982
12,899	Woodward, Inc.	1,425,081
	TOTAL	36,206,785
	TOTAL INVESTMENT IN SECURITIES—98.0% (IDENTIFIED COST $53,168,442)3	64,313,028
	OTHER ASSETS AND LIABILITIES - NET—2.0%4	1,295,874
	TOTAL NET ASSETS—100%	$65,608,902

Non-income-producing security.

Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2022, these restricted securities amounted to $1,038,942, which represented 1.6% of total net assets.

Also represents cost of investments for federal tax purposes.

Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2022.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2022	Year Ended 10/31/2021	Period Ended 10/31/20201
Net Asset Value, Beginning of Period	$13.98	$10.31	$11.24
Income From Investment Operations:
Net investment income2	0.01	0.04	0.07
Net realized and unrealized gain (loss)	(1.70)	3.74	(0.83)
TOTAL FROM INVESTMENT OPERATIONS	(1.69)	3.78	(0.76)
Less Distributions:
Distributions from net investment income	(0.04)	(0.11)	(0.12)
Distributions from net realized gain	—	—	(0.05)
TOTAL DISTRIBUTIONS	(0.04)	(0.11)	(0.17)
Net Asset Value, End of Period	$12.25	$13.98	$10.31
Total Return3	(12.14)%	36.82%	(6.87)%
Ratios to Average Net Assets:
Net expenses4	1.19%5	1.19%6	1.19%5,6
Net investment income	0.20%5	0.34%	0.70%5
Expense waiver/reimbursement7	0.54%5	0.62%	1.31%5
Supplemental Data:
Net assets, end of period (000 omitted)	$194	$194	$158
Portfolio turnover8	3%	13%	52%9

Reflects operations for the period from November 5, 2019 (commencement of operations) to October 31, 2020.

Per share number has been calculated using the average shares method.

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 less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio is 1.18% for the year ended October 31, 2021 and 1.17% for the period ended October 31, 2020, after taking into account this expense reduction.

This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

Securities that mature are considered sales for purposes of this calculation.

Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2020.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,		Period Ended 10/31/20191
	Six Months Ended (unaudited) 4/30/2022	2021	2020	Period Ended 10/31/20191
Net Asset Value, Beginning of Period	$14.05	$10.34	$11.05	$10.00
Income From Investment Operations:
Net investment income2	0.03	0.07	0.07	0.12
Net realized and unrealized gain (loss)	(1.71)	3.75	(0.61)	0.93
TOTAL FROM INVESTMENT OPERATIONS	(1.68)	3.82	(0.54)	1.05
Less Distributions:
Distributions from net investment income	(0.10)	(0.11)	(0.12)	—
Distributions from net realized gain	—	—	(0.05)	—
TOTAL DISTRIBUTIONS	(0.10)	(0.11)	(0.17)	—
Net Asset Value, End of Period	$12.27	$14.05	$10.34	$11.05
Total Return3	(12.01)%	37.11%	(4.99)%	10.50%
Ratios to Average Net Assets
Net expenses4	0.94%6	0.94%5	0.94%5	0.94%5,6
Net investment income	0.46%6	0.55%	0.70%	1.13%6
Expense waiver/reimbursement7	0.46%6	0.60%	1.13%	1.16%6
Supplemental Data:
Net assets, end of period (000 omitted)	$65,415	$63,268	$39,785	$33,602
Portfolio turnover8	3%	13%	52%	13%

Reflects operations for the period from November 6, 2018 (commencement of operations) to October 31, 2019.

Per share number has been calculated using average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.94% and 0.92% for the years ended October 31, 2021 and 2020, respectively and 0.94% for the period ended October 31, 2019, after taking into account this expense reduction.

Computed on an annualized basis.

This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/20222	Period Ended 10/31/20211,2
Net Asset Value, Beginning of Period	$14.05	$13.83
Income From Investment Operations:
Net investment income3	0.04	0.04
Net realized and unrealized gain (loss)	(1.72)	0.18
TOTAL FROM INVESTMENT OPERATIONS	(1.68)	0.22
Less Distributions:
Distributions from net investment income	(0.10)	—
Distributions from net realized gain	—	—
TOTAL DISTRIBUTIONS	(0.10)	—
Net Asset Value, End of Period	$12.27	$14.05
Total Return4	(12.01)%	1.59%
Ratios to Average Net Assets:
Net expenses5	0.89%6	0.87%6,7
Net investment income	0.33%6	0.28%6
Expense waiver/reimbursement	0.00%8	0.00%8
Supplemental Data:
Net assets, end of period	$09	$09
Portfolio turnover10	3%	13%11

Reflects operations for the period from June 11, 2021 (commencement of operations) to October 31, 2021.

Certain ratios included in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized gain/loss amounts. Such differences are immaterial.

Per share number has been calculated using the average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.86% for the period ended October 31, 2021, after taking into account this expense reduction.

Represents less than $0.01.

Represents less than $1,000.

Securities that mature are considered sales for purposes of this calculation.

Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2021.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2022 (unaudited)

1. ORGANIZATION

Federated Hermes Adviser Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of fourteen portfolios. The financial statements included herein are only those of the Federated Hermes SDG Engagement Equity Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares, Class A Shares, Institutional Shares and Class R6 Shares. Class C Shares are effective with the Securities and Exchange Commission (SEC), but currently are not yet offered for sale. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The Fund’s investment objective is to provide long-term capital appreciation alongside positive societal impact.

The Fund’s Class R6 shares commenced operations on June 11, 2021.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.

◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

Semi-Annual Shareholder Report

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”) is deemed not representative of fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Global Investment Management Corp. (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

Semi-Annual Shareholder Report

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursement of $152,526 is disclosed in various locations in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Semi-Annual Shareholder Report

Transfer Agent Fees

For the six months ended April 30, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$152	$(89)
Institutional Shares	$26,810	$(5,165)
Class R6 Shares	$—	$—
TOTAL	$26,962	$(5,254)

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares and Institutional Shares, to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended April 30, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$244

For the six months ended April 30, 2022, the Fund’s Institutional Shares did not incur other service fees.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of April 30, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2022, tax years 2018 through 2021 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the State of Delaware.

The Fund may be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or gains are earned.

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Foreign Currency Translation

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

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

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Trustees.

Additional information on restricted securities held at April 30, 2022 is as follows:

Security	Acquisition Date	Acquisition Cost	Value
Diversified Gas & Oil PLC	7/24/2020 – 4/29/2022	$983,173	$1,038,942

Semi-Annual Shareholder Report

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 04/30/2022		Year Ended 10/31/2021
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	2,098	$27,532	15,421	$195,383
Shares issued to shareholders in payment of distributions declared	40	533	124	1,482
Shares redeemed	(180)	(2,400)	(16,985)	(236,099)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	1,958	$25,665	(1,440)	$(39,234)

	Six Months Ended 04/30/2022		Year Ended 10/31/2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	1,176,801	$15,810,898	1,629,820	$21,295,239
Shares issued to shareholders in payment of distributions declared	34,673	467,739	36,349	435,466
Shares redeemed	(383,566)	(5,087,152)	(1,012,975)	(13,458,075)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	827,908	$11,191,485	653,194	$8,272,630

	Six Months Ended 04/30/2022		Period Ended 10/31/20211
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	—	—	7	$100
Shares issued to shareholders in payment of distributions declared	—	—	—	—
Shares redeemed	—	—	—	—
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	—	—	7	$100
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	829,866	$11,217,150	651,761	$8,233,496

Reflects operations for the period from June 11, 2021 (commencement of operations) to October 31, 2021.

Semi-Annual Shareholder Report

4. FEDERAL TAX INFORMATION

At April 30, 2022, the cost of investments for federal tax purposes was $53,168,442. The net unrealized appreciation of investments for federal tax purposes was $11,144,586. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $12,924,498 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,779,912.

As of October 31, 2021, the Fund had a capital loss carryforward of $921,939 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

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

Short-Term	Long-Term	Total
$74,323	$847,616	$921,939

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.75% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended April 30, 2022, the Adviser voluntarily waived $147,272 of its fee and voluntarily reimbursed $5,254 of transfer agent fees.

Certain of the Fund’s assets are managed by Hermes Investment Management Limited (the “Sub-Adviser”). Under the terms of a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an annual fee equal to 0.50% of the daily net assets of the Fund. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. The Sub-Adviser may from time to time and for such periods as it deems appropriate reduce its compensation. The Sub-Adviser agrees to share pro rata in any fee waivers, or expense assumptions and reimbursements, imposed or made by the Adviser or its affiliates.

For the six months ended April 30, 2022, the Sub-Adviser received a net fee of $66,724 after waivers and reimbursements.

Semi-Annual Shareholder Report

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2022, the annualized fee paid to FAS was 0.080% of average daily net assets of the Fund.

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

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class A Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur and pay distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee.

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

For the six months ended April 30, 2022, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Sales Charges

Front-end sales charges and contingent deferred sales charges do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the six months ended April 30, 2022, FSC did not retain any sales charges from the sale of Class A Shares.

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended April 30, 2022, FSSC did not receive any of other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSSC, FAS or FSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding tax reclaim recovery expenses, interest expense, extraordinary expenses, and proxy-related expenses, paid by the Fund, if any) paid by the Fund’s Class A Shares, Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.19%, 0.94% and 0.89% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these additional arrangements prior to the Termination Date, these additional arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended April 30, 2022, were as follows:

Purchases	$13,120,513
Sales	$2,093,457

7. CONCENTRATION OF RISK

The Fund invests in securities of non-U.S. issuers and may invest a portion of its assets in securities of companies that are deemed by the Fund’s management to be classified in similar business sectors. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

Semi-Annual Shareholder Report

8. LINE OF CREDIT

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 23, 2021, which was renewed on June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of April 30, 2022, the Fund had no outstanding loans. During the six months ended April 30, 2022, the Fund did not utilize the LOC.

9. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2022, there were no outstanding loans. During the six months ended April 30, 2022, the program was not utilized.

10. Other Matters

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

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND (THE “FUND”)

At its meetings in May 2021 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Global Investment Management Corp. (the “Adviser”) and the investment sub-advisory contract between the Adviser and Hermes Investment Management Limited (the “Sub-Adviser” and together with the Adviser, the “Advisers”) with respect to the Fund (together, the “Contracts”) for an additional one-year term. The Board’s determination to approve the continuation of the Contracts reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangements. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contracts. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer” prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contracts that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Advisers and their affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional

matters as the Independent Trustees deemed reasonably necessary to evaluate the Contracts, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board’s consideration of the Contracts included review of materials and information covering the following matters, among others: the Advisers’ investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Advisers and their affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”), which include a comprehensive array of funds with different investment objectives, policies and strategies, and the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contracts. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the

fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with a fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contracts to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds.

In addition to considering the above-referenced factors, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contracts. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contracts, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contracts was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contracts. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection

with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contracts for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Advisers and the resources of the Advisers and their affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contracts and the range of services provided to the Fund by the Advisers and their affiliates. The Board considered the Advisers’ personnel, investment philosophy and process, investment research capabilities and resources, trade execution capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Advisers’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Advisers are executing the Fund’s investment program.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.

The Board considered the quality of the Advisers’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account the Advisers’ communications with the Board in light of the market volatility amidst the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

The Board received and evaluated information regarding the Advisers’ regulatory and compliance environment. The Board considered the Advisers’ compliance program, compliance history, and reports from the CCO about the Advisers’ compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and, in particular, the compliance-related resources devoted by the Advisers and their affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Advisers’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.

The Board also considered discussions with Federated Hermes regarding the implementation of its business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

Based on these considerations, the Board concluded that the nature, extent and quality of the Advisers’ investment management and related services warrant the continuation of the Contracts.

Fund Investment Performance

In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board considered detailed investment reports on, and the Advisers’ analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant investment categories and the Fund’s benchmark index, portfolio attribution information and commentary on the effect of current and recent market conditions.

The Fund’s performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2020. The Board discussed the Fund’s performance with the Advisers and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

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

Fund Expenses

The Board considered the advisory fee, sub-advisory fee, and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its deliberations. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because such comparisons are believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of

investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other mutual funds’ fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

It was noted in the materials for the May Meetings that, for the year ended December 31, 2020, the Fund’s investment advisory fee was waived in its entirety. The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

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

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

Profitability and Other Benefits

The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so (or continue to do so) in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements. The Board considered Federated Hermes’ previous reductions in contractual management fees to certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report.

The Board received and considered information furnished by Federated Hermes, as requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. The allocation information, including the CCO’s view that cost allocations on a fund-by-fund basis may be unreliable, was considered in the evaluation by the Board. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contracts are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the

independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

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

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management (including market data on which portfolio managers make investment decisions), trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any

applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fees as a fund attains a certain size.

Conclusions

The Board considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contracts by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contracts. The Board based its determination to approve the Contracts on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contracts reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the

existing arrangements.

Semi-Annual Shareholder Report

Liquidity Risk Management Program–
Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Adviser Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes SDG Engagement Equity Fund (the “Fund” and, collectively with the other non-money market open-end funds advised by Federated Hermes, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s investment adviser as the administrator for the Program with respect to the Fund (the “Administrator”). Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program with respect to each Federated Hermes Fund that is managed by such advisory subsidiary (collectively, the “Administrator”). The Administrator, in turn, has delegated day-to-day responsibility for the administration of the Program to multiple Liquidity Risk Management Committees, which are comprised of representatives from certain divisions within Federated Hermes.

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

At its meetings in May 2021, the Board received and reviewed a written report (the “Report”) from the Federated Hermes Funds’ Chief Compliance Officer and Chief Risk Officer, on behalf of the Administrator, concerning the operation of the Program for the period from April 1, 2020 through March 31, 2021 (the “Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness, including, where

Semi-Annual Shareholder Report

applicable, the operation of any HLIM established for a Federated Hermes Fund and each Federated Hermes Fund’s access to other available funding sources such as the Federated Hermes Funds’ interfund lending facility, redemptions in-kind and committed lines of credit. There were no material changes to the Program during the Period. The Report summarized the operation of the Program and the information and factors considered by the Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Federated Hermes Funds. Such information and factors included, among other things:

◾ confirmation that the Fund did not utilize alternative funding sources during the Period;

◾ the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size;

◾ the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process;

◾ the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments;

◾ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and

◾ liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the March-April 2020 market conditions, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk.

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

Semi-Annual Shareholder Report

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the “householding” program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of “householding.” Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of “householding” at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

Shares			Value
		COMMON STOCKS—continued
		Financials—continued
415,759		Bank of New York Mellon Corp.	$17,486,823
19,341	1	Berkshire Hathaway, Inc., Class B	6,243,855
49,154		CME Group, Inc.	10,781,438
56,700		Evercore, Inc., Class A	5,996,025
207,318		Fidelity National Financial, Inc.	8,255,403
76,518		Gallagher (Arthur J.) & Co.	12,892,518
57,529		Interactive Brokers Group, Inc., Class A	3,426,427
69,812		JPMorgan Chase & Co.	8,332,760
13,367		MSCI, Inc., Class A	5,630,849
19,309		NASDAQ, Inc.	3,038,657
213,299		Northern Trust Corp.	21,980,462
161,831		Popular, Inc.	12,621,200
252,219		Prudential Financial, Inc.	27,368,284
20,031		Signature Bank	4,852,510
197,336		State Street Corp.	13,215,592
153,184		The Travelers Cos., Inc.	26,203,655
537,589		Virtu Financial, Inc.	15,525,570
212,283		Wells Fargo & Co.	9,261,907
		TOTAL	235,565,877
		Health Care—19.2%
96,191		AbbVie, Inc.	14,128,534
44,809		Amgen, Inc.	10,449,011
119,589	1	Biogen, Inc.	24,807,542
287,861		Bristol-Myers Squibb Co.	21,667,298
96,619		Cardinal Health, Inc.	5,608,733
80,786		CVS Health Corp.	7,765,958
223,797		Enovis Corp.	14,517,711
147,133		Gilead Sciences, Inc.	8,730,872
39,279	1	IQVIA Holdings, Inc.	8,562,429
145,925		Johnson & Johnson	26,333,626
47,240		McKesson Corp.	14,625,976
230,234		Merck & Co., Inc.	20,419,453
262,875		Pfizer, Inc.	12,899,276
10,127		UnitedHealth Group, Inc.	5,150,086
35,513	1	Vertex Pharmaceuticals, Inc.	9,702,862
13,094	1	Waters Corp.	3,967,744
82,148		Zoetis, Inc.	14,560,733
		TOTAL	223,897,844

Semi-Annual Shareholder Report

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2022, were as follows:

	Federated Hermes Government Obligations Fund, Premier Shares*	Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares	Total of Affiliated Transactions
Value as of 10/31/2021	$—	$22,933,980	$22,933,980
Purchases at Cost	$47,139,792	$129,583,871	$176,723,663
Proceeds from Sales	$(44,455,842)	$(129,868,563)	$(174,324,405)
Change in Unrealized Appreciation/Depreciation	N/A	$1,455	$1,455
Net Realized Gain/(Loss)	N/A	$(13,272)	$(13,272)
Value	$2,683,950	$22,637,471	$25,321,421
Balance of Shares Held 4/30/2022	2,683,950	22,644,264	25,328,214
Dividend Income	$244	$13,659	$13,903
Gains Distributions Received	N/A	3,228	$3,228

All or a portion of the balance/activity for the fund relates to cash collateral on security lending transactions.

Non-income-producing security.

All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.

7-day net yield.

Also represents cost of investments for federal tax purposes.

Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2022.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2022, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.

Semi-Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)1

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$35.46	$25.00	$27.31	$27.84	$29.29	$26.09
Income From Investment Operations:
Net investment income	0.142	0.34	0.37	0.40	0.322	0.382
Net realized and unrealized gain (loss)	(0.65)	10.48	(1.95)	1.48	1.04	4.22
TOTAL FROM INVESTMENT OPERATIONS	(0.51)	10.82	(1.58)	1.88	1.36	4.60
Less Distributions:
Distributions from net investment income	(0.17)	(0.36)	(0.37)	(0.41)	(0.33)	(0.40)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	(2.48)	(1.00)
TOTAL DISTRIBUTIONS	(5.62)	(0.36)	(0.73)	(2.41)	(2.81)	(1.40)
Net Asset Value, End of Period	$29.33	$35.46	$25.00	$27.31	$27.84	$29.29
Total Return3	(1.73)%	43.46%	(5.78)%	7.41%	4.69%	18.08%
Ratios to Average Net Assets:
Net expenses4	0.98%5	0.98%	0.98%6	0.98%6	0.98%6	0.99%
Net investment income	0.88%5	1.06%	1.44%	1.52%	1.23%	1.37%
Expense waiver/reimbursement7	0.18%5	0.19%	0.23%	0.22%	0.21%	0.21%
Supplemental Data:
Net assets, end of period (000 omitted)	$540,598	$578,491	$432,229	$492,088	$508,415	$24,237
Portfolio turnover8	43%	70%	139%	81%	95%	99%

Federated MDT Large Cap Value Fund (the “Predecessor Fund”) was reorganized into Federated MDT Large Cap Value Fund (the “Fund”), a portfolio of the same name of Federated Adviser Series (formerly, Federated MDT Equity Trust), as of the close of business on December 8, 2017. 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.

Per share number has been calculated using the average shares method.

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.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio are 0.98%, 0.98% and 0.98% and for the years ended October 31, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class B Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,			Period Ended 10/31/20181
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$35.55	$25.05	$27.33	$27.85	$28.04
Income From Investment Operations:
Net investment income	0.012	0.03	0.11	0.14	0.102
Net realized and unrealized gain (loss)	(0.65)	10.56	(1.89)	1.51	(0.17)
TOTAL FROM INVESTMENT OPERATIONS	(0.64)	10.59	(1.78)	1.65	(0.07)
Less Distributions:
Distributions from net investment income	(0.04)	(0.09)	(0.14)	(0.17)	(0.12)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	—
TOTAL DISTRIBUTIONS	(5.49)	(0.09)	(0.50)	(2.17)	(0.12)
Net Asset Value, End of Period	$29.42	$35.55	$25.05	$27.33	$27.85
Total Return3	(2.13)%	42.34%	(6.56)%	6.49%	(0.24)%
Ratios to Average Net Assets:
Net expenses4	1.80%5	1.80%	1.81%6	1.83%6	1.83%5,6
Net investment income	0.08%5	0.26%	0.63%	0.72%	0.38%5
Expense waiver/reimbursement7	0.15%5	0.16%	0.19%	0.18%	0.17%5
Supplemental Data:
Net assets, end of period (000 omitted)	$2,965	$3,602	$3,556	$6,710	$11,823
Portfolio turnover8	43%	70%	139%	81%	95%9

Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.

Per share number has been calculated using the average shares method.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 1.81%, 1.83% and 1.83% for the years ended October 31, 2020 and 2019 and period ended 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,			Period Ended 10/31/20181
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$35.52	$25.04	$27.32	$27.85	$28.04
Income From Investment Operations:
Net investment income	0.012	0.07	0.14	0.19	0.122
Net realized and unrealized gain (loss)	(0.64)	10.51	(1.91)	1.47	(0.18)
TOTAL FROM INVESTMENT OPERATIONS	(0.63)	10.58	(1.77)	1.66	(0.06)
Less Distributions:
Distributions from net investment income	(0.05)	(0.10)	(0.15)	(0.19)	(0.13)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	—
TOTAL DISTRIBUTIONS	(5.50)	(0.10)	(0.51)	(2.19)	(0.13)
Net Asset Value, End of Period	29.39	$35.52	$25.04	$27.32	$27.85
Total Return3	(2.11)%	42.34%	(6.53)%	6.53%	(0.21)%
Ratios to Average Net Assets:
Net expenses4	1.79%5	1.77%	1.80%6	1.77%6	1.79%5,6
Net investment income	0.07%5	0.27%	0.64%	0.74%	0.44%5
Expense waiver/reimbursement7	0.15%5	0.16%	0.19%	0.18%	0.17%5
Supplemental Data:
Net assets, end of period (000 omitted)	$10,457	$11,057	$8,848	$13,760	$15,215
Portfolio turnover8	43%	70%	139%	81%	95%9

Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.

Per share number has been calculated using the average shares method.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 1.80%, 1.77% and 1.79% for the years ended October 31, 2020 and 2019 and period ended 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class R Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,			Period Ended 10/31/20181
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	Period Ended 10/31/20181
Net Asset Value, Beginning of Period	$35.47	$25.01	$27.31	$27.85	$28.04
Income From Investment Operations:
Net investment income	0.072	0.20	0.25	0.29	0.202
Net realized and unrealized gain (loss)	(0.65)	10.49	(1.94)	1.47	(0.16)
TOTAL FROM INVESTMENT OPERATIONS	(0.58)	10.69	(1.69)	1.76	0.04
Less Distributions:
Distributions from net investment income	(0.10)	(0.23)	(0.25)	(0.30)	(0.23)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	—
TOTAL DISTRIBUTIONS	(5.55)	(0.23)	(0.61)	(2.30)	(0.23)
Net Asset Value, End of Period	$29.34	$35.47	$25.01	$27.31	$27.85
Total Return3	(1.95)%	42.86%	(6.20)%	6.93%	0.12%
Ratios to Average Net Assets:
Net expenses4	1.43%5	1.40%	1.43%6	1.41%6	1.43%5,6
Net investment income	0.43%5	0.65%	1.00%	1.09%	0.78%5
Expense waiver/reimbursement7	0.19%5	0.16%	0.22%	0.18%	0.17%5
Supplemental Data:
Net assets, end of period (000 omitted)	$16,937	$18,448	$14,572	$17,450	$18,198
Portfolio turnover8	43%	70%	139%	81%	95%9

Reflects operations for the period December 8, 2017 (date of initial investment) to October 31, 2018.

Per share number has been calculated using the average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 1.43%, 1.41% and 1.43% for the years ended October 31, 2020 and 2019 and period ended 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended October 31, 2018.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)1

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$35.47	$25.01	$27.33	$27.86	$29.30	$26.10
Income From Investment Operations:
Net investment income	0.172	0.42	0.42	0.46	0.442	0.462
Net realized and unrealized gain (loss)	(0.65)	10.47	(1.95)	1.47	0.98	4.20
TOTAL FROM INVESTMENT OPERATIONS	(0.48)	10.89	(1.53)	1.93	1.42	4.66
Less Distributions:
Distributions from net investment income	(0.20)	(0.43)	(0.43)	(0.46)	(0.38)	(0.46)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	(2.48)	(1.00)
TOTAL DISTRIBUTIONS	(5.65)	(0.43)	(0.79)	(2.46)	(2.86)	(1.46)
Net Asset Value, End of Period	$29.34	$35.47	$25.01	$27.33	$27.86	$29.30
Total Return3	(1.64)%	43.76%	(5.58)%	7.64%	4.92%	18.32%
Ratios to Average Net Assets:
Net expenses4	0.76%5	0.76%	0.76%6	0.76%6	0.77%6	0.78%
Net investment income	1.11%5	1.27%	1.66%	1.75%	1.52%	1.64%
Expense waiver/reimbursement7	0.16%5	0.17%	0.20%	0.19%	0.18%	0.21%
Supplemental Data:
Net assets, end of period (000 omitted)	$406,622	$456,561	$363,057	$353,550	$416,364	$368,749
Portfolio turnover8	43%	70%	139%	81%	95%	99%

Per share number has been calculated using the average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio are 0.76%, 0.76% and 0.77% and for the years ended October 31, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)1

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$35.50	$25.03	$27.34	$27.87	$29.31	$26.11
Income From Investment Operations:
Net investment income	0.142	0.38	0.41	0.43	0.392	0.402
Net realized and unrealized gain (loss)	(0.65)	10.45	(1.99)	1.45	0.96	4.20
TOTAL FROM INVESTMENT OPERATIONS	(0.51)	10.83	(1.58)	1.88	1.35	4.60
Less Distributions:
Distributions from net investment income	(0.17)	(0.36)	(0.37)	(0.41)	(0.31)	(0.40)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	(2.48)	(1.00)
TOTAL DISTRIBUTIONS	(5.62)	(0.36)	(0.73)	(2.41)	(2.79)	(1.40)
Net Asset Value, End of Period	$29.37	$35.50	$25.03	$27.34	$27.87	$29.31
Total Return3	(1.74)%	43.44%	(5.77)%	7.42%	4.67%	18.06%
Ratios to Average Net Assets:
Net expenses4	0.98%5	0.98%	0.98%6	0.98%6	0.99%6	0.99%
Net investment income	0.89%5	1.07%	1.44%	1.53%	1.32%	1.42%
Expense waiver/reimbursement7	0.17%5	0.18%	0.21%	0.20%	0.18%	0.21%
Supplemental Data:
Net assets, end of period (000 omitted)	$144,385	$159,943	$135,813	$179,844	$216,890	$270,371
Portfolio turnover8	43%	70%	139%	81%	95%	99%

Per share number has been calculated using the average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio are 0.98%, 0.98% and 0.99% and for the years ended October 31, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)1

	Six Months Ended (unaudited) 4/30/2022	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2022	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$35.50	$25.03	$27.35	$27.88	$29.31	$26.11
Income From Investment Operations:
Net investment income	0.192	0.43	0.43	0.47	0.442	0.472
Net realized and unrealized gain (loss)	(0.65)	10.49	(1.95)	1.48	1.00	4.21
TOTAL FROM INVESTMENT OPERATIONS	(0.46)	10.92	(1.52)	1.95	1.44	4.68
Less Distributions:
Distributions from net investment income	(0.21)	(0.45)	(0.44)	(0.48)	(0.39)	(0.48)
Distributions from net realized gain	(5.45)	—	(0.36)	(2.00)	(2.48)	(1.00)
TOTAL DISTRIBUTIONS	(5.66)	(0.45)	(0.80)	(2.48)	(2.87)	(1.48)
Net Asset Value, End of Period	$29.38	$35.50	$25.03	$27.35	$27.88	$29.31
Total Return3	(1.57)%	43.86%	(5.51)%	7.72%	5.01%	18.40%
Ratios to Average Net Assets:
Net expenses4	0.69%5	0.69%	0.69%6	0.69%6	0.70%6	0.71%
Net investment income	1.18%5	1.34%	1.73%	1.80%	1.57%	1.67%
Expense waiver/reimbursement7	0.15%5	0.16%	0.19%	0.18%	0.17%	0.19%
Supplemental Data:
Net assets, end of period (000 omitted)	$46,050	$57,930	$36,020	$42,678	$28,350	$51,147
Portfolio turnover8	43%	70%	139%	81%	95%	99%

Per share number has been calculated using the average shares method.

Based on net asset value. Total returns for periods of less than one year are not annualized.

Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Computed on an annualized basis.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratio are 0.69%, 0.69% and 0.70%, and for the years ended October 31, 2020, 2019, and 2018, respectively, after taking into account this expense reduction.

Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($540,597,761 ÷ 18,432,424 shares outstanding), no par value, unlimited shares authorized		$29.33
Offering price per share (100/94.50 of $29.33)		$31.04
Redemption proceeds per share		$29.33
Class B Shares:
Net asset value per share ($2,964,633 ÷ 100,776 shares outstanding), no par value, unlimited shares authorized		$29.42
Offering price per share		$29.42
Redemption proceeds per share (94.50/100 of 29.42)		$27.80
Class C Shares:
Net asset value per share ($10,457,375 ÷ 355,858 shares outstanding), no par value, unlimited shares authorized		$29.39
Offering price per share		$29.39
Redemption proceeds per share (99/100 of 29.39)		$29.10
Class R Shares:
Net asset value per share ($16,936,980 ÷ 577,190 shares outstanding), no par value, unlimited shares authorized		$29.34
Offering price per share		$29.34
Redemption proceeds per share		$29.34
Institutional Shares:
Net asset value per share ($406,622,054 ÷ 13,857,031 shares outstanding), no par value, unlimited shares authorized		$29.34
Offering price per share		$29.34
Redemption proceeds per share		$29.34
Service Shares:
Net asset value per share ($144,384,502 ÷ 4,915,648 shares outstanding), no par value, unlimited shares authorized		$29.37
Offering price per share		$29.37
Redemption proceeds per share		$29.37
Class R6 Shares:
Net asset value per share ($46,049,792 ÷ 1,567,603 shares outstanding), no par value, unlimited shares authorized		$29.38
Offering price per share		$29.38
Redemption proceeds per share		$29.38

See information listed after the Fund’s Portfolio of Investments

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2022 (unaudited)

1. ORGANIZATION

Federated Hermes Adviser Series (the “Trust”) was established as a Delaware statutory trust on June 12, 2017, and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes MDT Large Cap Value Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers seven classes of shares: Class A Shares, Class B Shares, Class C Shares, Class R Shares, Institutional Shares, Service Shares and Class R6 Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The Fund’s investment objective is to provide growth of income and capital.

Class B Shares may be purchased through an exchange from the same share class of another Federated Hermes fund but are closed to new accounts, new investors and new purchases by existing shareholders (excluding reinvestment of dividends and capital gains). Class B Shares of the Fund may be exchanged for Class B Shares of any other Federated Hermes fund.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).

◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.

◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

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If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”) is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Fair Valuation and Significant Events Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Semi-Annual Shareholder Report

mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

Semi-Annual Shareholder Report

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursements of $1,064,478 is disclosed in various locations in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Transfer Agent Fees

For the six months ended April 30, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Class A Shares	$289,544	$(63,509)
Class B Shares	2,409	—
Class C Shares	7,095	—
Class R Shares	10,863	(2,833)
Institutional Shares	263,706	(21,874)
Service Shares	81,728	(13,769)
Class R6 Shares	27,901	—
TOTAL	$683,246	$(101,985)

Semi-Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares, Class B Shares, Class C Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended April 30, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Class A Shares	$709,611
Class B Shares	4,096
Class C Shares	13,656
Service Shares	186,286
TOTAL	$913,652

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2022, tax years 2018 through 2021 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the State of Delaware.

When-Issued and Delayed-Delivery Transactions

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Securities Lending

The Fund participates in a securities lending program providing for the lending of equity securities to qualified brokers. The term of the loans within the program is one year or less. The Fund normally receives cash collateral for securities loaned that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. Investments in money market funds may include funds with a “floating” NAV that can impose redemption fees and liquidity gates, impose certain operational impediments to investing cash collateral, and, if the investee fund’s NAV decreases, result in the Fund recognizing losses and being required to cover the decrease in the value of the cash collateral. Collateral is maintained at a minimum level of 100% of the market value of investments loaned, plus interest, if applicable. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. Earnings on collateral are allocated between the borrower of the security, the securities lending agent, as a fee for its services under the program, and the Fund, according to agreed-upon rates. The Fund will not have the right to vote on securities while they are on loan. However, the Fund will attempt to terminate a loan in an effort to reacquire the securities in time to vote on matters that are deemed to be material by the Adviser. There can be no assurance that the Fund will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.

The securities lending agreement permits the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts, but gross. The cash collateral received by the Fund exceeds the market value of the securities loaned, reducing the net settlement amount to zero. Additionally, the securities lending agreement executed by the Fund includes an indemnification clause. This clause stipulates that the borrower will reimburse the Fund for any losses as a result of any failure of the borrower to return equivalent securities to the Fund. As of April 30, 2022, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Collateral Received
$2,507,520	$2,683,950

Other

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3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	441,713	$13,764,521	616,085	$19,672,975
Shares issued to shareholders in payment of distributions declared	2,825,098	84,865,626	174,205	5,527,626
Shares redeemed	(1,150,384)	(36,161,016)	(1,764,667)	(55,574,989)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	2,116,427	$62,469,131	(974,377)	$(30,374,388)

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Class B Shares:	Shares	Amount	Shares	Amount
Shares sold	4,596	$137,704	3,744	$127,764
Shares issued to shareholders in payment of distributions declared	17,182	517,055	362	11,061
Shares redeemed	(22,344)	(706,418)	(44,691)	(1,430,832)
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	(566)	$(51,659)	(40,585)	$(1,292,007)

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	57,082	$1,779,641	96,083	$3,069,882
Shares issued to shareholders in payment of distributions declared	56,129	1,687,483	1,156	35,345
Shares redeemed	(68,668)	(2,152,095)	(139,257)	(4,534,514)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	44,543	$1,315,029	(42,018)	$(1,429,287)

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Class R Shares:	Shares	Amount	Shares	Amount
Shares sold	36,781	$1,169,454	95,670	$3,054,256
Shares issued to shareholders in payment of distributions declared	95,182	2,859,421	4,116	129,297
Shares redeemed	(74,853)	(2,366,081)	(162,335)	(5,271,925)
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS	57,110	$1,662,794	(62,549)	$(2,088,372)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	1,845,774	$57,615,666	3,112,903	$100,438,107
Shares issued to shareholders in payment of distributions declared	2,379,284	71,548,199	165,901	5,266,480
Shares redeemed	(3,240,201)	(100,605,051)	(4,924,786)	(164,032,951)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	984,857	$28,558,814	(1,645,982)	$(58,328,364)

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	286,946	$8,947,758	349,008	$11,252,054
Shares issued to shareholders in payment of distributions declared	722,283	21,732,957	48,574	1,536,686
Shares redeemed	(599,179)	(18,602,036)	(1,318,591)	(42,884,785)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	410,050	$12,078,679	(921,009)	$(30,096,045)

	Six Months Ended 4/30/2022		Year Ended 10/31/2021
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	121,429	$3,795,945	525,949	$17,518,244
Shares issued to shareholders in payment of distributions declared	262,456	7,900,920	19,175	611,451
Shares redeemed	(448,013)	(14,039,678)	(352,451)	(11,407,253)
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	(64,128)	$(2,342,813)	192,673	$6,722,442
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	3,548,293	$103,689,975	(3,493,847)	$(116,886,021)

4. FEDERAL TAX INFORMATION

At April 30, 2022, the cost of investments for federal tax purposes was $1,048,231,810. The net unrealized appreciation of investments for federal tax purposes was $120,797,322. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $174,491,718 and net unrealized depreciation from investments for those securities having an excess of cost over value of $53,694,396.

Semi-Annual Shareholder Report

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.750% on the first $500 million in average daily net assets, 0.675% of the second $500 million in average daily net assets, 0.600% of the third $500 million in average daily net assets, 0.525% of the fourth $500 million in average daily net assets and 0.400% of average daily net assets in excess of $2 billion. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended April 30, 2022, the Adviser waived $954,810 of its fee and reimbursed $101,985 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended April 30, 2022, the Adviser reimbursed $7,683.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

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

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Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Class A Shares, Class B Shares, Class C Shares and Class R Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur and pay distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

	Percentage of Average Daily Net Assets of Class
Class A Shares	0.05%
Class B Shares	0.75%
Class C Shares	0.75%
Class R Shares	0.50%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2022, distribution services fees for the Fund were as follows:

	Distribution Service Fees Incurred
Class B Shares	$12,288
Class C Shares	40,968
Class R Shares	44,888
TOTAL	$98,144

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2022, FSC retained $16,435 of fees paid by the Fund. For the six months ended April 30, 2022, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Other Service Fees

For the six months ended April 30, 2022, FSSC received $170,836 of other service fees disclosed in Note 2.

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of the Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the six months ended April 30, 2022, FSC retained $8,397 in sales charges from the sale of Class A Shares. FSC also retained $705 and $574 of CDSC relating to redemptions of Class B Shares and Class C Shares, respectively.

Semi-Annual Shareholder Report

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy related expenses paid by the Fund, if any) paid by the Fund’s Class A Shares, Class B Shares, Class C Shares, Class R Shares, Institutional Shares, Service Shares and Class R6 Shares (after the voluntary waivers and reimbursements) will not exceed 0.98%, 1.85%, 1.80%, 1.43%, 0.76%, 0.98% and 0.69% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) January 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors’/Trustees’ and Miscellaneous Fees

6. Investment TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended April 30, 2022, were as follows:

Purchases	$523,902,112
Sales	$616,766,656

7. LINE OF CREDIT

Semi-Annual Shareholder Report

8. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2022, there were no outstanding loans. During the six months ended April 30, 2022, the program was not utilized.

9. OTHER MAtters

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

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 11/1/2021	Ending Account Value 4/30/2022	Expenses Paid During Period1
Actual:
Class A Shares	$1,000	$982.70	$4.82
Class B Shares	$1,000	$978.70	$8.83
Class C Shares	$1,000	$978.90	$8.78
Class R Shares	$1,000	$980.50	$7.02
Institutional Shares	$1,000	$983.60	$3.74
Service Shares	$1,000	$982.60	$4.82
Class R6 Shares	$1,000	$984.30	$3.39
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,019.93	$4.91
Class B Shares	$1,000	$1,015.87	$9.00
Class C Shares	$1,000	$1,015.92	$8.95
Class R Shares	$1,000	$1,017.70	$7.15
Institutional Shares	$1,000	$1,021.03	$3.81
Service Shares	$1,000	$1,019.93	$4.91
Class R6 Shares	$1,000	$1,021.37	$3.46

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	0.98%
Class B Shares	1.80%
Class C Shares	1.79%
Class R Shares	1.43%
Institutional Shares	0.76%
Service Shares	0.98%
Class R6 Shares	0.69%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

FEDERATED HERMES MDT LARGE CAP VALUE FUND (the “Fund”)

At its meetings in May 2021 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated MDTA LLC (the “Adviser”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO’s independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer,” prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional

Semi-Annual Shareholder Report

matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the Adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”), which include a comprehensive array of funds with different investment objectives, policies and strategies, and the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Hermes Funds and Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the

Semi-Annual Shareholder Report

fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with a fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds.

In addition to considering the above-referenced factors, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection

Semi-Annual Shareholder Report

with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by the Adviser and its affiliates. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade execution capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Fund’s ability to deliver competitive performance when compared to its Performance Peer Group (as defined below) was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund’s investment program.

The Board considered the quality of the Adviser’s communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account the Adviser’s communications with the Board in light of the market volatility amidst the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

Semi-Annual Shareholder Report

The Board received and evaluated information regarding the Adviser’s regulatory and compliance environment. The Board considered the Adviser’s compliance program, compliance history, and reports from the CCO about the Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and, in particular, the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant investment categories and the Fund’s benchmark index, portfolio attribution information and commentary on the effect of current and recent market conditions.

Semi-Annual Shareholder Report

The Board also reviewed comparative information regarding the performance of other mutual funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”), noting the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ investment objectives or investment management techniques, or the costs to implement funds, even within the same Performance Peer Group. In this connection, the Board considered that the Fund’s quantitative focus makes fee and expense comparisons particularly difficult as the funds in the Performance Peer Group varied widely in their complexity, and the management of the Fund is among the more complex relative to its Performance Peer Group. The Board also considered a report comparing the performance of the Fund solely to other funds with a quantitative focus in the Performance Peer Group.

For the one-year, three-year and five-year periods ended December 31, 2020, the Fund’s performance was above the median of the Performance Peer Group. In addition, the Board was informed by the Adviser that, for the same periods, the Fund outperformed its benchmark index for the one-year period and underperformed its benchmark index for the three-year and five-year periods.

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

Fund Expenses

The Board considered the advisory fee, and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description of the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar category.

Semi-Annual Shareholder Report

than non-mutual fund products or services because such comparisons are believed to be more relevant. The Board considered that other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other mutual funds’ fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board. In this regard, the Board had been previously advised that, while comparisons to its Expense Peer Group are relevant in judging the reasonableness of advisory fees, the Fund’s quantitative focus makes fee and expense comparisons particularly difficult. Although the Fund’s advisory fee was above the median of its Expense Peer Group range, the funds in the Expense Peer Group varied widely in their complexity, and the Board has been informed that the management of the Fund is among the more complex funds relative to its Expense Peer Group.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-mutual fund clients (such as institutional separate accounts) and third-party unaffiliated mutual funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-mutual fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing, addressing different administrative responsibilities, and addressing different degrees of risk associated with management; and (vi) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s mutual fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an

Semi-Annual Shareholder Report

unaffiliated third-party mutual fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.

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

Profitability and Other Benefits

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the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.

Economies of Scale

Semi-Annual Shareholder Report

breakpoints, at higher levels and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fees as a fund attains a certain size.

Conclusions

The Board considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund was reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

Liquidity Risk Management Program–
Annual Evaluation of Adequacy and Effectiveness

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Federated Hermes Adviser Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for Federated Hermes MDT Large Cap Value Fund (the “Fund” and, collectively with the other non-money market open-end funds advised by Federated Hermes, the “Federated Hermes Funds”). The Program seeks to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s investment adviser as the administrator for the Program with respect to the Fund (the “Administrator”). Each affiliated Federated Hermes advisory subsidiary (including the Fund’s investment adviser) that serves as investment adviser to a Federated Hermes Fund (including the Fund) has been approved as the administrator of the Program with respect to each Federated Hermes Fund that is managed by such advisory subsidiary (collectively, the “Administrator”). The Administrator, in turn, has delegated day-to-day responsibility for the administration of the Program to multiple Liquidity Risk Management Committees, which are comprised of representatives from certain divisions within Federated Hermes.

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◾ confirmation that the Fund did not utilize alternative funding sources during the Period;

◾ the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

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 June 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 June 22, 2022

By /S/ Lori A. Hensler

Lori A. Hensler, Principal Financial Officer

Date June 22, 2022

Country	Percentage of Total Net Assets
United States	55.2%
United Kingdom	9.2%
Japan	9.0%
Netherlands	4.0%
Switzerland	2.7%
Hong Kong	2.2%
Finland	1.9%
France	1.9%
Sweden	1.9%
Peru	1.8%
Singapore	1.8%
Italy	1.7%
Australia	1.3%
Ireland	1.3%
Spain	1.2%
India	0.9%
Other Assets and Liabilities—Net2	2.0%
TOTAL	100%

Sector Composition	Percentage of Total Net Assets
Industrials	24.0%
Consumer Discretionary	14.2%
Materials	12.9%
Health Care	11.6%
Information Technology	9.0%
Financials	8.9%
Real Estate	6.1%
Consumer Staples	5.5%
Utilities	2.3%
Communication Services	1.9%
Energy	1.6%
Other Assets and Liabilities—Net2	2.0%
TOTAL	100%

Shares			Value in U.S. Dollars
		COMMON STOCKS—98.0%
		Australia—1.3%
44,946		Ansell Ltd.	$860,777
		Finland—1.9%
32,998		Huhtamaki Oyj	1,236,850
		France—1.9%
6,861	1	Silicon-On-Insulator Technologies (SOITEC)	1,228,545
		Hong Kong—2.2%
107,500		Techtronic Industries Co.	1,435,191
		India—0.9%
42,097		Varun Beverages Ltd.	593,547
		Ireland—1.3%
73,447		Glanbia PLC	880,909
		Italy—1.7%
27,077		Marr SpA	437,241
89,190		Technogym SpA	672,079
		TOTAL	1,109,320
		Japan—9.0%
21,467		Horiba Ltd.	1,044,687
43,060		NIFCO, Inc.	903,527
23,040		Nissan Chemical Industries	1,220,946
25,820		Open House Co. Ltd.	999,566
32,271		Yaoko Co. Ltd.	1,705,596
		TOTAL	5,874,322
		Netherlands—4.0%
27,649		Aalberts NV	1,332,938
8,213		IMCD Group NV	1,304,747
		TOTAL	2,637,685
		Peru—1.8%
8,481		Credicorp Ltd.	1,177,926
		Singapore—1.8%
636,989		Mapletree Industrial Trust	1,197,258

Valuation Inputs
	Level 1— Quoted Prices	Level 2— Other Significant Observable Inputs	Level 3— Significant Unobservable Inputs	Total
Equity Securities:
Common Stocks
Domestic	$33,366,624	$2,840,161	$—	$36,206,785
International	1,177,926	26,928,317	—	28,106,243
TOTAL SECURITIES	$34,544,550	$29,768,478	$—	$64,313,028

Assets:
Investment in securities, at value (identified cost $53,168,442)		$64,313,028
Cash		1,529,519
Income receivable		186,874
Receivable for shares sold		45,293
TOTAL ASSETS		66,074,714
Liabilities:
Payable for investments purchased	$270,434
Payable for capital gains taxes withheld	40,250
Payable for shares redeemed	22,056
Payable for portfolio accounting fees	66,399
Payable for custodian fees	42,766
Payable for investment adviser fee (Note 5)	1,646
Payable for administrative fee (Note 5)	378
Accrued expenses (Note 5)	21,883
TOTAL LIABILITIES		465,812
Net assets for 5,345,867 shares outstanding		$65,608,902
Net Assets Consists of:
Paid-in capital		$59,364,752
Total distributable earnings		6,244,150
TOTAL NET ASSETS		$65,608,902

Portfolio of Investments Summary Tables	1
Portfolio of Investments	3
Financial Highlights	7
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Shareholder Expense Example	24
Evaluation and Approval of Advisory Contract – May 2021	26
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	36
Voting Proxies on Fund Portfolio Securities	38
Quarterly Portfolio Schedule	38

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Class A Shares:
Net asset value per share ($193,820 ÷ 15,819 shares outstanding), no par value, unlimited shares authorized		$12.25
Offering price per share (100/94.50 of $12.25)		$12.96
Redemption proceeds per share		$12.25
Institutional Shares:
Net asset value per share ($65,414,993 ÷ 5,330,041 shares outstanding), no par value, unlimited shares authorized		$12.27
Offering price per share		$12.27
Redemption proceeds per share		$12.27
Class R6 Shares:*
Net asset value per share ($89 ÷ 7 shares outstanding), no par value, unlimited shares authorized		$12.27
Offering price per share		$12.27
Redemption proceeds per share		$12.27

Investment Income:
Dividends (net of foreign tax withheld of $15,493)			$463,631
Expenses:
Investment adviser fee (Note 5)		$247,353
Administrative fee (Note 5)		26,253
Custodian fees		19,630
Transfer agent fees (Note 2)		26,962
Directors’/Trustees’ fees (Note 5)		521
Auditing fees		14,919
Legal fees		4,720
Other service fees (Notes 2 and 5)		244
Portfolio accounting fees		70,353
Share registration costs		26,626
Printing and postage		10,111
Miscellaneous (Notes 5)		16,709
TOTAL EXPENSES		464,401
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(147,272)
Reimbursement of other operating expenses (Notes 2 and 5)	(5,254)
TOTAL WAIVER AND REIMBURSEMENT		(152,526)
Net expenses			311,875
Net investment income			151,756
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments and foreign currency transactions			19,625
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			(8,763,221)
Net realized and unrealized loss on investments and foreign currency transactions			(8,743,596)
Change in net assets resulting from operations			$(8,591,840)

	Six Months Ended (unaudited) 4/30/2022	Year Ended 10/31/2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$151,756	$308,711
Net realized gain	19,625	475,857
Net change in unrealized appreciation/depreciation	(8,763,221)	14,944,189
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(8,591,840)	15,728,757
Distributions to Shareholders:
Class A Shares	(533)	(2,120)
Institutional Shares	(478,208)	(440,219)
Class R6 Shares	(1)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(478,742)	(442,339)
Share Transactions:
Proceeds from sale of shares	15,838,430	21,490,722
Net asset value of shares issued to shareholders in payment of distributions declared	468,272	436,948
Cost of shares redeemed	(5,089,552)	(13,694,174)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	11,217,150	8,233,496
Change in net assets	2,146,568	23,519,914
Net Assets:
Beginning of period	63,462,334	39,942,420
End of period	$65,608,902	$63,462,334

Class A Shares	1.19%
Institutional Shares	0.94%
Class R6 Shares	0.89%

Share Class \| Ticker	A \| FSTRX	B \| QBLVX	C \| QCLVX
	R \| QRLVX	Institutional \| FMSTX	Service \| FSTKX
	R6 \| FSTLX

Portfolio of Investments Summary Table	1
Portfolio of Investments	2
Financial Highlights	7
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	18
Notes to Financial Statements	19
Shareholder Expense Example	31
Evaluation and Approval of Advisory Contract – May 2021	33
Liquidity Risk Management Program – Annual Evaluation of Adequacy and Effectiveness	43
Voting Proxies on Fund Portfolio Securities	45
Quarterly Portfolio Schedule	45

Shares			Value
		COMMON STOCKS—97.9%
		Communication Services—4.9%
2,668	1	Alphabet, Inc., Class A	$6,088,883
473,768		Altice USA, Inc.	4,396,567
526,494		AT&T, Inc.	9,929,677
48,744	1	Live Nation Entertainment, Inc.	5,112,270
552,659		News Corp., Inc., Class A	10,975,808
187,406	1	Walt Disney Co.	20,920,132
		TOTAL	57,423,337
		Consumer Discretionary—3.9%
61,085		Advance Auto Parts, Inc.	12,194,399
94,848	1	Capri Holdings Ltd.	4,524,250
19,231		Domino’s Pizza, Inc.	6,500,078
474,327		Ford Motor Co.	6,716,470
104,063		Gap (The), Inc.	1,292,463
25,356		Target Corp.	5,797,649
73,728		Yum! Brands, Inc.	8,626,913
		TOTAL	45,652,222
		Consumer Staples—6.9%
177,115	2	Albertsons Cos., Inc.	5,540,157
55,317		Costco Wholesale Corp.	29,413,155
86,181		Hershey Foods Corp.	19,457,085
240,483		Kroger Co.	12,976,463
241,838		Molson Coors Beverage Company, Class B	13,093,109
		TOTAL	80,479,969
		Energy—8.4%
127,470		Chevron Corp.	19,970,725
178,652		Exxon Mobil Corp.	15,230,083
926,503		Marathon Oil Corp.	23,088,455
395,610		Marathon Petroleum Corp.	34,520,928
89,075		Occidental Petroleum Corp.	4,907,142
		TOTAL	97,717,333
		Financials—20.2%
19,874		Allstate Corp.	2,514,856
201,181		Ally Financial, Inc.	8,039,193
30,383		American Express Co.	5,308,214
144,289	1	Arch Capital Group Ltd.	6,589,679

Assets:
Investment in securities, at value including $2,507,520 of securities loaned and $25,321,421 of investment in affiliated holdings* (identified cost $1,048,231,810)		$1,169,029,132
Receivable for investments sold		10,498,310
Receivable for shares sold		1,723,051
Income receivable		1,174,204
Income receivable from affiliated holding		861
TOTAL ASSETS		1,182,425,558
Liabilities:
Payable for investments purchased	$10,330,086
Payable for collateral due to broker for securities lending	2,683,950
Payable for shares redeemed	769,404
Payable for other service fees (Notes 2 and 5)	270,867
Payable for investment adviser fee (Note 5)	41,660
Payable for distribution services fee (Note 5)	16,015
Payable for administrative fee (Note 5)	5,333
Accrued expenses (Note 5)	295,146
TOTAL LIABILITIES		14,412,461
Net assets for 39,806,530 shares outstanding		$1,168,013,097
Net Assets Consists of:
Paid-in capital		$949,168,793
Total distributable earnings (loss)		218,844,304
TOTAL NET ASSETS		$1,168,013,097

Investment Income:
Dividends (including $13,659 received from an affiliated holding* and net of foreign taxes withheld of $16,183)			$11,717,892
Net income on securities loaned (includes $244 from an affiliated holding related to cash collateral balances*) (Note 2)			641
TOTAL INCOME			11,718,533
Expenses:
Investment adviser fee (Note 5)		$4,317,442
Administrative fee (Note 5)		490,966
Custodian fees		32,653
Transfer agent fees (Note 2)		683,246
Directors’/Trustees’ fees (Note 5)		3,720
Auditing fees		13,894
Legal fees		5,563
Distribution services fee (Note 5)		98,144
Other service fees (Notes 2 and 5)		913,652
Portfolio accounting fees		104,687
Share registration costs		52,338
Printing and postage		31,750
Miscellaneous (Note 5)		17,914
TOTAL EXPENSES		6,765,969
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	$(962,493)
Reimbursement of other operating expenses (Notes 2 and 5)	(101,985)
TOTAL WAIVER AND REIMBURSEMENTS		(1,064,478)
Net expenses			5,701,491
Net investment income			6,017,042

Shares			Value
		COMMON STOCKS—continued
		Industrials—9.6%
92,840		3M Co.	$13,389,385
140,127		AGCO Corp.	17,852,180
126,505		Emerson Electric Co.	11,408,221
143,619		Fortune Brands Home & Security, Inc.	10,232,854
78,233		General Electric Co.	5,832,270
19,794		Lennox International, Inc.	4,219,883
75,708		Manpower, Inc.	6,828,861
294,965		Masco Corp.	15,541,706
36,882		Otis Worldwide Corp.	2,686,485
151,289	1	SPX Corp.	6,339,009
40,498		Trane Technologies PLC	5,665,265
12,625		Union Pacific Corp.	2,957,911
167,777	1	XPO Logistics, Inc.	9,024,725
		TOTAL	111,978,755
		Information Technology—9.9%
31,693		Accenture PLC	9,519,309
163,372	1	Arista Networks, Inc.	18,880,902
287,758	1	Dell Technologies, Inc.	13,527,504
286,517	1	DXC Technology Co.	8,223,038
42,000		Fidelity National Information Services, Inc.	4,164,300
30,677		Global Payments, Inc.	4,202,135
1,008,116		Hewlett Packard Enterprise Co.	15,535,068
78,520		HP, Inc.	2,876,188
187,821		IPG Photonics Corp.	17,745,328
126,853		Oracle Corp.	9,311,010
60,522		Paychex, Inc.	7,669,953
219,810		Vishay Intertechnology, Inc.	4,095,060
		TOTAL	115,749,795
		Materials—5.0%
321,288	1	Berry Global Group, Inc.	18,104,579
45,117		Celanese Corp.	6,629,492
56,775		CF Industries Holdings, Inc.	5,497,523
314,552		Dow, Inc.	20,917,708
119,942		Mosaic Co./The	7,486,780
		TOTAL	58,636,082

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments (including realized loss of $(13,272) on sales of investments in an affiliated holding*)			102,394,681
Realized gain distribution received from affiliated investment company shares*			3,228
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,455 of investments in an affiliated holding*)			(126,597,787)
Net realized and unrealized gain (loss) on investments			(24,199,878)
Change in net assets resulting from operations			$(18,182,836)