N-CSR 1 fadvs-form.htm 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, Pennsylvania 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: 10/31/22

 

 

 

 

 

 

 

 

 

  Item 1. Reports to Stockholders

 

Annual Shareholder Report
October 31, 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 Annual Shareholder Report for your fund covering the period from November 1, 2021 through October 31, 2022. This report includes Management’s Discussion of Fund Performance, 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

Management’s Discussion of Fund Performance (unaudited)
The total return of Federated Hermes SDG Engagement Equity Fund (the “Fund”), based on net asset value for the 12-month reporting period ended October 31 2022, was -20.31% for the Class A shares, -20.11% for the Institutional Shares and -20.04% for the Class R6 Shares. The total return of the MSCI All Country World SMID Cap Index (the “Benchmark”),1 the Fund’s broad-based securities market index, was -22.25% for the same period. The total return of the Morningstar Global Small/Mid Stock Funds Average (MGSMSFA),2 a peer group average for the Fund, was -30.32% for the same period. The Fund’s and MGSMSFA’s total returns for the most recently completed fiscal year reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the Benchmark.
During the reporting period, the most significant factors affecting Fund performance relative to the Benchmark were stock selection and asset allocation.
The following discussion will focus on the performance of the Fund’s Class R6 Shares relative to the Benchmark.
MARKET OVERVIEW
The negative returns over the reporting period can largely be attributed to global inflation, which is near 40-year highs, and tightening financial conditions. The latter stages of 2021 saw intra-quarter volatility as markets fell on the news of a new and rapidly spreading Covid-19 variant but ended the year in positive territory. 2022 saw markets fall due to rising levels of inflation which put particular pressure on relatively highly valued growth companies. The market sell-off at the start of 2022 was amplified by Russia’s invasion of Ukraine and led to further increases in Energy prices. The U.S. Federal Reserve Bank (the “Fed”) began their program of tightening in March which saw rates increase from 0.25% at the start of 2022 to 3.25% at the end of October as they and other central banks targeted a reduction in inflation.
Energy was the only sector to end the period in positive territory (+37.29%) materially outperforming the broader market, with Utilities (-3.59%) the next best performing sector. Communication Services (-33.87%) and Consumer Discretionary (-32.01%) were the weakest performing sectors. Regionally, Latin America was the best performing and only region to end the period in positive territory (7.76%), while Europe and the Middle East (-32.70%) and Asia (-28.82%) were the laggards.
fund performance
The Fund outperformed the Benchmark in the reporting period. Stock selection was the primary driver of outperformance as asset allocation marginally detracted. Strong stock selection in Consumer Discretionary and Health Care outweighed the weaker selection in Industrials and Energy. From a regional
Annual Shareholder Report
1

perspective, the largest contributions came from stock selection in North America,3 and this outweighed the weaker selection in Asia Pacific ex-Japan. Sector allocation was negative for relative returns due to underweight positions in both Energy and Utilities.
The largest individual contributors over the reporting period were AMN Healthcare, Clean Harbors and Reinsurance Group of America. AMN Healthcare, a temporary healthcare staffing company, posted strong returns over the period following better than expected quarterly results. They also benefitted as the demand in healthcare jobs continues to support the view that even with Covid-19 cases declining, demand will remain above pre-pandemic levels moving forward. Clean Harbors, an environmental remediation and industrial waste management business, saw strong results throughout the period and has been a beneficiary of greater focus on improving environmental performance. Reinsurance Group of America offered life and health related reinsurance products and financial solutions, and benefitted from the inflationary environment, the shrinking of claims related to Covid-19 and increased demand for insurance.
The largest single detractors were Techtronic Industries, Molten Ventures and West Pharmaceuticals. Techtronic Industries, which makes power tools and similar equipment, saw its shares fall after strong prior performance alongside other Covid-19 beneficiaries, and from concerns this year over a global slowdown in consumer demand. Molten Ventures, a venture capital investor in European technology companies, saw weakness over the period given its tech exposure. West Pharmaceuticals, which applies value-added services to the process of bringing new drug therapies and healthcare products to global markets, was caught up in a sell-off driven by investors selling Covid-19 winners in favor of value and recovery trades.
Over the period there were over 200 engagements with portfolio companies linked to a United Nations Sustainable Development Goal. Highlighted below are three examples of positive societal impact through engagement from this year.
Vistry designs, builds and sells new homes for both private customers and social landlords. We successfully engaged with the company on a number of objectives during the period including the company receiving the Living Wage Foundation accreditation. Paying the Living Wage Foundation rate is viewed as a marker of responsible business practice and it is an important indicator of a company’s investment in staff, over and above the legal requirements, including the UK Government’s national living wage. The company has confirmed that their recent living wage accreditation, received in December 2021, extends to direct, indirect and sub-contractor workers.
Breedon is a business that engages in quarrying, production and sale of construction materials and building products. Our engagement efforts have included energy efficiency. Cement, specifically clinker, the feedstock for cement, is hugely CO2 intensive. Our objective for the company was to
Annual Shareholder Report
2

disclose metrics outlining its current level of efficiency and in parallel to establish targets aiming for energy-intensity ratios that are science-based (and aiming towards carbon neutrality by 2050). In 2021, the company took major steps towards being a net zero operator by embedding and growing its sustainability team, setting out clear targets and implementing a framework to monitor and measure progress. The company’s 2021 assessment and reporting included greater transparency around the emissions associated with its cement production (88% of their total footprint) and it has published a roadmap to show its cement division’s decarbonization journey towards achieving net zero by 2050 with an interim 2030 target.
Retail Opportunity Investment Corporation operates a self-managed real estate investment trust engaging in the ownership and management of grocery anchored shopping centers located in densely populated, metropolitan markets across the West Coast of the United States. Over 40% of the company’s properties are located in areas of high or extremely high-water stress. Our objective is for the company to set suitably ambitious water use reduction targets, for progress to be disclosed and that delivery form an explicit part of management compensation. The company has agreed that it should focus its water saving efforts on those assets in the most water stressed locations (43% of total water use). The company has noted that in its upcoming ESG report it will be providing more context around how it is managing water for assets in those locations.
1
Please see the footnotes to the line graphs below for definitions of, and further information about, the Benchmark.
2
Please see the footnotes to the line graphs below for definitions of, and further information about, the Morningstar peer group.
3
International investing involves special risks including currency risk, increased volatility, political risks and differences in auditing and other financial standards. Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
Annual Shareholder Report
3

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT
The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes SDG Engagement Equity Fund (the “Fund”) from November 6, 2018 to October 31, 2022, compared to the MSCI All Country World SMID Cap Index (the “Benchmark”)2 and the Morningstar Global Small/Mid Stock Funds Average (MGSMSFA).3 The Average Annual Total Return table below shows returns averaged over the stated periods.
Growth of a $10,000 INVESTMENT
Growth of $10,000 as of October 31, 2022
◾ Total returns shown for Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450).
The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses. See the Average Annual Total Return table below for the returns of additional classes not shown in the line graph above.
Average Annual Total Returns for the Period Ended 10/31/2022
(returns reflect all applicable sales charge as specified below in footnote #1)
 
 
1 Year
Start of
Performance4
Class A Shares5
 
-24.68%
1.92%
Institutional Shares
 
-20.11%
3.57%
R6 Shares6
 
-20.04%
3.59%
Benchmark
 
-22.25%
4.75%
MGSMSFA
 
-30.32%
3.26%
Annual Shareholder Report
4

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1
Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: For Class A Shares, the maximum sales charge is 5.50%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The Benchmark and the MGSMSFA have been adjusted to reflect reinvestment of dividends on securities in the Benchmark and the average.
2
The Benchmark captures mid- and small-cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Benchmark is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The Benchmark is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.
3
Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of a $10,000 Investment line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.
4
The Fund commenced operation on November 6, 2018.
5
The Fund’s Class A Shares commenced operations on November 5, 2019. For the periods prior to the commencement of operations of the Class A Shares, the performance information shown is for the Fund’s Institutional Shares. The performance shown has been adjusted to reflect differences between the sales loads/charges imposed on the purchase and redemption of those classes where applicable.
6
The Fund’s Class R6 Shares commenced operations on June 11, 2021. For the period prior to the commencement of operations of the Class R6 Shares, the performance information shown is for the Fund’s Institutional Shares. The performance of the Institutional Shares has not been adjusted to reflect the expenses applicable to the Class R6 Shares since the Class R6 Shares have a lower expense ratio than the expense ratio of the Institutional Shares.
Annual Shareholder Report
5

Portfolio of Investments Summary Tables (unaudited)
At October 31, 2022, the Fund’s portfolio composition1 was as follows:
Country
Percentage of
Total Net Assets
United States
57.7%
Japan
9.0%
United Kingdom
6.8%
Netherlands
3.3%
Switzerland
2.6%
Sweden
2.2%
Peru
2.1%
Hong Kong
1.7%
Italy
1.7%
Singapore
1.7%
Spain
1.7%
Finland
1.7%
France
1.5%
Ireland
1.4%
Australia
1.4%
India
1.4%
Other Assets and LiabilitiesNet2
2.1%
TOTAL
100%
1
Country allocations are based primarily on the country in which a company is incorporated. However, the Fund’s Adviser may allocate a company to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities or the country where a majority of the company’s revenues are derived.
2
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Annual Shareholder Report
6

At October 31, 2022, the Fund’s sector composition1 was as follows:
Sector Composition
Percentage of
Total Net Assets
Industrials
24.2%
Consumer Discretionary
14.8%
Materials
12.2%
Health Care
10.2%
Financials
9.9%
Information Technology
9.0%
Consumer Staples
6.6%
Real Estate
5.3%
Utilities
2.3%
Communication Services
1.7%
Energy
1.7%
Other Assets and LiabilitiesNet2
2.1%
TOTAL
100%
1
Except for Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS.
2
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Annual Shareholder Report
7

Portfolio of Investments
October 31, 2022
Shares
 
 
Value in
U.S. Dollars
 
 
COMMON STOCKS—97.9%
 
 
 
Australia—1.4%
 
46,077
 
Ansell Ltd.
$830,627
 
 
Finland—1.7%
 
27,765
 
Huhtamaki Oyj
997,399
 
 
France—1.5%
 
6,998
1
Silicon-On-Insulator Technologies (SOITEC)
896,870
 
 
Hong Kong—1.7%
 
109,740
 
Techtronic Industries Co.
1,035,182
 
 
India—1.4%
 
65,176
 
Varun Beverages Ltd.
825,197
 
 
Ireland—1.4%
 
74,891
 
Glanbia PLC
865,189
 
 
Italy—1.7%
 
25,102
 
Marr SpA
264,452
111,140
 
Technogym SpA
764,479
 
 
TOTAL
1,028,931
 
 
Japan—9.0%
 
22,006
 
Horiba Ltd.
902,417
44,141
 
NIFCO, Inc.
1,024,812
23,618
 
Nissan Chemical Industries
1,056,226
23,848
 
Open House Co. Ltd.
849,372
36,533
 
Yaoko Co. Ltd.
1,589,017
 
 
TOTAL
5,421,844
 
 
Netherlands—3.3%
 
28,189
 
Aalberts NV
978,451
7,640
 
IMCD Group NV
989,991
 
 
TOTAL
1,968,442
 
 
Peru—2.1%
 
8,647
 
Credicorp Ltd.
1,265,575
 
 
Singapore—1.7%
 
657,089
 
Mapletree Industrial Trust
1,020,920
 
 
Spain—1.7%
 
71,744
 
Merlin Properties SOCIMI SA
607,453
6,840
 
Viscofan Industria Navarra De Envolturas Celulosicas SA
407,060
 
 
TOTAL
1,014,513
Annual Shareholder Report
8

Shares
 
 
Value in
U.S. Dollars
 
 
COMMON STOCKS—continued
 
 
 
Sweden—2.2%
 
59,292
 
Trelleborg AB, Class B
$1,305,125
 
 
Switzerland—2.6%
 
3,603
 
Burckhardt Compression Holdings AG
1,557,996
 
 
United Kingdom—6.8%
 
69,183
 
Bovis Homes Group PLC
478,415
717,907
 
Breedon Group PLC
429,536
299,281
 
Central Asia Metals PLC
735,812
16,028
 
DCC PLC
888,953
366,471
 
Harworth Group PLC
434,979
87,885
1
Molten Ventures PLC
322,356
335,351
1
SSP Group PLC
778,008
 
 
TOTAL
4,068,059
 
 
United States—57.7%
 
26,123
 
Alliant Energy Corp.
1,362,837
16,636
1
AMN Healthcare Services, Inc.
2,087,818
13,785
 
Aptargroup, Inc.
1,366,783
6,232
 
Assurant, Inc.
846,680
23,392
 
Brunswick Corp.
1,653,113
15,255
1
Clean Harbors, Inc.
1,868,127
3,084
 
Cooper Cos., Inc.
843,135
699,410
2
Diversified Gas & Oil PLC
1,009,023
10,391
 
Eagle Materials, Inc.
1,270,923
3,330
 
Equifax, Inc.
564,568
23,779
 
Fortune Brands Home & Security, Inc.
1,434,349
17,840
1
Kirby Corp.
1,244,340
34,308
 
LKQ Corp.
1,908,897
20,725
 
National Instruments Corp.
791,280
10,534
 
Reinsurance Group of America
1,550,289
77,756
 
Retail Opportunity Investments Corp.
1,125,907
15,595
 
RPM International, Inc.
1,474,819
645,422
1
Samsonite International SA
1,389,504
11,218
1
Silicon Laboratories, Inc.
1,289,173
16,634
 
Simpson Manufacturing Co., Inc.
1,421,874
8,626
 
STERIS PLC
1,488,675
3,868
 
West Pharmaceutical Services, Inc.
890,027
9,115
1
WEX, Inc.
1,496,136
24,828
 
Wiley (John) & Sons, Inc., Class A
1,047,493
21,151
 
Wintrust Financial Corp.
1,980,157
Annual Shareholder Report
9

Shares
 
 
Value in
U.S. Dollars
 
 
COMMON STOCKS—continued
 
 
 
United States—continued
 
13,153
 
Woodward, Inc.
$1,206,130
 
 
TOTAL
34,612,057
 
 
TOTAL INVESTMENT IN SECURITIES97.9%
(IDENTIFIED COST $52,740,884)3
58,713,926
 
 
OTHER ASSETS AND LIABILITIES - NET2.1%4
1,273,763
 
 
TOTAL NET ASSETS100%
$59,987,689
1
Non-income-producing security.
2
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 October 31, 2022, these restricted securities amounted to $1,009,023, which represented 1.7% of total net assets.
3
The cost of investments for federal tax purposes amounts to $57,234,419.
4
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 October 31, 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 1quoted prices in active markets for identical securities.
Level 2other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3significant 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.
The following is a summary of the inputs used, as of October 31, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs
 
 
 
 
 
Level 1
Quoted
Prices
Level 2
Other
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
 Domestic
$32,213,530
$2,398,527
$
$34,612,057
 International
5,164,574
18,937,295
24,101,869
TOTAL SECURITIES
$37,378,104
$21,335,822
$
$58,713,926
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
10

Financial HighlightsClass A Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended October 31,
Period
Ended
10/31/20201
2022
2021
Net Asset Value, Beginning of Period
$13.98
$10.31
$11.24
Income From Investment Operations:
 
 
 
Net investment income2
0.09
0.04
0.07
Net realized and unrealized gain (loss)
(2.92)
3.74
(0.83)
TOTAL FROM INVESTMENT OPERATIONS
(2.83)
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
$11.11
$13.98
$10.31
Total Return3
(20.31)%
36.82%
(6.87)%
Ratios to Average Net Assets:
 
 
 
Net expenses4
1.19%
1.19%5
1.19%5,6
Net investment income
0.69%
0.34%
0.70%6
Expense waiver/reimbursement7
0.57%
0.62%
1.31%6
Supplemental Data:
 
 
 
Net assets, end of period (000 omitted)
$156
$194
$158
Portfolio turnover8
15%
13%
52%9
1
Reflects operations for the period from November 5, 2019 (commencement of operations) to October 31, 2020.
2
Per share number has been calculated using the average shares method.
3
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.
4
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5
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.
6
Computed on an annualized basis.
7
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.
8
Securities that mature are considered sales for purposes of this calculation.
9
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
Annual Shareholder Report
11

Financial HighlightsInstitutional Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended October 31,
Period
Ended
10/31/20191
2022
2021
2020
Net Asset Value, Beginning of Period
$14.05
$10.34
$11.05
$10.00
Income From Investment Operations:
 
 
 
 
Net investment income2
0.12
0.07
0.07
0.12
Net realized and unrealized gain (loss)
(2.93)
3.75
(0.61)
0.93
TOTAL FROM INVESTMENT OPERATIONS
(2.81)
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
$11.14
$14.05
$10.34
$11.05
Total Return3
(20.11)%
37.11%
(4.99)%
10.50%
Ratios to Average Net Assets:
 
 
 
 
Net expenses4
0.94%
0.94%5
0.94%5
0.94%5,6
Net investment income
0.93%
0.55%
0.70%
1.13%6
Expense waiver/reimbursement7
0.53%
0.60%
1.13%
1.16%6
Supplemental Data:
 
 
 
 
Net assets, end of period (000 omitted)
$59,692
$63,268
$39,785
$33,602
Portfolio turnover8
15%
13%
52%
13%
1
Reflects operations for the period from November 6, 2018 (commencement of operations) to October 31, 2019.
2
Per share number has been calculated using average shares method.
3
Based on net asset value. Total returns for periods of less than one year are not annualized.
4
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5
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.
6
Computed on an annualized basis.
7
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.
8
Securities that mature are considered sales for purposes of this calculation.
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
12

Financial HighlightsClass R6 Shares
(For a Share Outstanding Throughout Each Period)
 
Year
Ended
10/31/20221
Period
Ended
10/31/20211,2
Net Asset Value, Beginning of Period
$14.05
$13.83
Income From Investment Operations:
 
 
Net investment income (loss)3
(0.01)
0.04
Net realized and unrealized gain (loss)
(2.79)
0.18
TOTAL FROM INVESTMENT OPERATIONS
(2.80)
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
$11.15
$14.05
Total Return4
(20.04)%
1.59%
Ratios to Average Net Assets:
 
 
Net expenses5
0.89%
0.87%6,7
Net investment income (loss)
(0.13)%
0.28%6
Expense waiver/reimbursement8
0.65%
0.00%6
Supplemental Data:
 
 
Net assets, end of period (000 omitted)
$140
$09
Portfolio turnover10
15%
13%11
1
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.
2
Reflects operations for the period from June 11, 2021 (commencement of operations) to October 31, 2021.
3
Per share number has been calculated using the average shares method.
4
Based on net asset value. Total returns for periods of less than one year are not annualized.
5
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6
Computed on an annualized basis.
7
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.
8
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.
9
Represents less than $1,000.
10
Securities that mature are considered sales for purposes of this calculation.
11
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
Annual Shareholder Report
13

Statement of Assets and Liabilities
October 31, 2022
Assets:
 
 
Investment in securities, at value (identified cost $52,740,884)
 
$58,713,926
Cash
 
1,394,452
Cash denominated in foreign currencies (identified cost $3,744)
 
3,746
Income receivable
 
123,599
Receivable for shares sold
 
12,900
TOTAL ASSETS
 
60,248,623
Liabilities:
 
 
Payable for capital gains taxes withheld
$74,537
 
Payable for shares redeemed
16,774
 
Payable for investments purchased
3,952
 
Payable for portfolio accounting fees
69,846
 
Payable for custodian fees
45,448
 
Payable for auditing fees
26,800
 
Payable for share registration costs
10,470
 
Payable for investment adviser fee (Note 5)
670
 
Payable for Directors’/Trustees’ fees (Note 5)
131
 
Accrued expenses (Note 5)
12,306
 
TOTAL LIABILITIES
 
260,934
Net assets for 5,382,943 shares outstanding
 
$59,987,689
Net Assets Consist of:
 
 
Paid-in capital
 
$59,586,023
Total distributable earnings (loss)
 
401,666
TOTAL NET ASSETS
 
$59,987,689
Annual Shareholder Report
14

Statement of Assets and Liabilitiescontinued
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
 
Class A Shares:
 
 
Net asset value per share ($156,351 ÷ 14,071 shares outstanding), no
par value, unlimited shares authorized
 
$11.11
Offering price per share (100/94.50 of $11.11)
 
$11.76
Redemption proceeds per share
 
$11.11
Institutional Shares:
 
 
Net asset value per share ($59,691,550 ÷ 5,356,334 shares outstanding), no
par value, unlimited shares authorized
 
$11.14
Offering price per share
 
$11.14
Redemption proceeds per share
 
$11.14
Class R6 Shares:
 
 
Net asset value per share ($139,788 ÷ 12,538 shares outstanding), no
par value, unlimited shares authorized
 
$11.15
Offering price per share
 
$11.15
Redemption proceeds per share
 
$11.15
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
15

Statement of Operations
Year Ended October 31, 2022
Investment Income:
 
 
 
Dividends (net of foreign tax withheld of $52,934)
 
 
$1,197,600
Expenses:
 
 
 
Investment adviser fee (Note 5)
 
$478,470
 
Administrative fee (Note 5)
 
50,572
 
Custodian fees
 
60,618
 
Transfer agent fees (Note 2)
 
59,942
 
Directors’/Trustees’ fees (Note 5)
 
1,070
 
Auditing fees
 
31,800
 
Legal fees
 
8,711
 
Other service fees (Notes 2 and 5)
 
483
 
Portfolio accounting fees
 
144,673
 
Share registration costs
 
48,156
 
Printing and postage
 
20,532
 
Miscellaneous (Notes 5)
 
36,021
 
TOTAL EXPENSES
 
941,048
 
Waiver and Reimbursement:
 
 
 
Waiver of investment adviser fee (Note 5)
$(321,085)
 
 
Reimbursement of other operating expenses (Notes 2
and 5)
(16,681)
 
 
TOTAL WAIVER AND REIMBURSEMENT
 
(337,766)
 
Net expenses
 
 
603,282
Net investment income
 
 
594,318
Realized and Unrealized Loss on Investments and
Foreign Currency Transactions:
 
 
 
Net realized loss on investments and foreign
currency transactions
 
 
(1,060,533)
Net change in unrealized appreciation of investments and
translation of assets and liabilities in foreign currency
(Including increase in payable for capital gains taxes
withheld of $50,613)
 
 
(13,968,108)
Net realized and unrealized loss on investments and foreign
currency transactions
 
 
(15,028,641)
Change in net assets resulting from operations
 
 
$(14,434,323)
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
16

Statement of Changes in Net Assets
Year Ended October 31
2022
2021
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$594,318
$308,711
Net realized gain (loss)
(1,060,533)
475,857
Net change in unrealized appreciation/depreciation
(13,968,108)
14,944,189
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
(14,434,323)
15,728,757
Distributions to Shareholders:
 
 
Class A Shares
(534)
(2,120)
Institutional Shares
(478,208)
(440,219)
Class R6 Shares
(1)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS
TO SHAREHOLDERS
(478,743)
(442,339)
Share Transactions:
 
 
Proceeds from sale of shares
27,402,888
21,490,722
Net asset value of shares issued to shareholders in payment of
distributions declared
468,272
436,948
Cost of shares redeemed
(16,432,739)
(13,694,174)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
11,438,421
8,233,496
Change in net assets
(3,474,645)
23,519,914
Net Assets:
 
 
Beginning of period
63,462,334
39,942,420
End of period
$59,987,689
$63,462,334
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
17

Notes to Financial Statements
October 31, 2022
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 thirteen 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.
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 Federated Global Investment Management Corp. (the “Adviser”).
◾ 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 ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, 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.
Annual Shareholder Report
18

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 Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s 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
Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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 Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review 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 ask 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 Adviser.
Annual Shareholder Report
19

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee 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 Adviser has 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 Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
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. 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. The detail of the total fund expense waiver and reimbursement of $337,766 is disclosed in various locations in this Note 2 and Note 5.
Annual Shareholder Report
20

Transfer Agent Fees
For the year ended October 31, 2022, transfer agent fees for the Fund were as follows:
 
Transfer Agent
Fees Incurred
Transfer Agent
Fees Reimbursed
Class A Shares
$233
$(119)
Institutional Shares
$59,708
$(16,562)
Class R6 Shares
$1
$
TOTAL
$59,942
$(16,681)
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 year ended October 31, 2022, other service fees for the Fund were as follows:
 
Other Service
Fees Incurred
Class A Shares
$483
For the year ended October 31, 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 (the “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 year ended October 31, 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 October 31, 2022, tax years 2019 through 2022 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.
Annual Shareholder Report
21

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 Adviser.
Additional information on restricted securities held at October 31, 2022 is as follows:
Security
Acquisition
Date
Acquisition
Cost
Value
Diversified Gas & Oil PLC
7/24/2020 10/20/2022
$995,129
$1,009,023
Annual Shareholder Report
22

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:
Year Ended October 31
2022
2021
Class A Shares:
Shares
Amount
Shares
Amount
Shares sold
3,065
$39,482
15,421
$195,383
Shares issued to shareholders in payment of
distributions declared
40
533
124
1,482
Shares redeemed
(2,895)
(32,400)
(16,985)
(236,099)
NET CHANGE RESULTING FROM
CLASS A SHARE TRANSACTIONS
210
$7,615
(1,440)
$(39,234)
Year Ended October 31
2022
2021
Institutional Shares:
Shares
Amount
Shares
Amount
Shares sold
2,175,962
$27,229,070
1,629,821
$21,295,239
Shares issued to shareholders in payment of
distributions declared
34,673
467,739
36,349
435,466
Shares redeemed
(1,356,434)
(16,400,339)
(1,012,976)
(13,458,075)
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE TRANSACTIONS
854,201
$11,296,470
653,194
$8,272,630
 
Year Ended
10/31/2022
Period Ended
10/31/20211
Class R6 Shares:
Shares
Amount
Shares
Amount
Shares sold
12,531
$134,336
7
$100
Shares issued to shareholders in payment of
distributions declared
Shares redeemed
NET CHANGE RESULTING FROM
CLASS R6 SHARE TRANSACTIONS
12,531
$134,336
7
$100
NET CHANGE RESULTING FROM
TOTAL FUND SHARE TRANSACTIONS
866,942
$11,438,421
651,761
$8,233,496
1
Reflects operations for the period from June 11, 2021 (commencement of operations) to October 31, 2021.
Annual Shareholder Report
23

4. FEDERAL TAX INFORMATION
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2022 and 2021, were as follows:
 
 
2022
2021
Ordinary income
 
$478,743
$442,339
As of October 31, 2022, the components of distributable earnings on a tax-basis were as follows:
Undistributed ordinary income
$221,734
Net unrealized appreciation
$1,398,384
Capital loss carryforwards
$(1,218,452)
At October 31, 2022, the cost of investments for federal tax purposes was $57,234,419. The net unrealized appreciation of investments for federal tax purposes was $1,479,507. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $5,736,618 and net unrealized depreciation from investments for those securities having an excess of cost over value of $4,257,111.
The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to the deferral of losses on wash sales, return of capital and passive foreign investment companies.
As of October 31, 2022, the Fund had a capital loss carryforward of $1,218,452 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
$207,023
$1,011,429
$1,218,452
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 year ended October 31, 2022, the Adviser voluntarily waived $321,085 of its fee and voluntarily reimbursed $16,681 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
Annual Shareholder Report
24

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 year ended October 31, 2022, the Sub-Adviser received a net fee of $104,929 after waivers and reimbursements.
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 year ended October 31, 2022, the annualized fee paid to FAS was 0.079% 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 percentage 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 year ended October 31, 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.
Annual Shareholder Report
25

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 year ended October 31, 2022, FSC did not retain any sales charges from the sale of Class A Shares.
Other Service Fees
For the year ended October 31, 2022, FSSC did not receive any of the 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, 2024; 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 year ended October 31, 2022, were as follows:
Purchases
$20,884,728
Sales
$9,213,035
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.
Annual Shareholder Report
26

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 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 October 31, 2022, the Fund had no outstanding loans. During the year ended October 31, 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 October 31, 2022, there were no outstanding loans. During the year ended October 31, 2022, the program was not utilized.
10. Indemnifications
Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.
11. 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, and may continue to result in, closed borders, enhanced health screenings, distributions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains,
Annual Shareholder Report
27

workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus 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. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund’s performance.
12. FEDERAL TAX INFORMATION (UNAUDITED)
For the fiscal year ended October 31, 2022, 100% of total ordinary income distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.
Of the ordinary income distributions made by the Fund during the year ended October 31, 2022, 61.98% qualify for the dividend received deduction available to corporate shareholders.
Annual Shareholder Report
28

Report of Independent Registered Public Accounting Firm
TO THE BOARD OF Trustees of Federated Hermes Adviser Series AND SHAREHOLDERS OF Federated Hermes SDG Engagement Equity Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Federated Hermes SDG Engagement Equity Fund (the “Fund”) (one of the portfolios constituting Federated Hermes Adviser Series (the “Trust”)), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years then ended and the period from November 6, 2018 (commencement of operations) to October 31, 2019 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes Adviser Series) at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from November 6, 2018 (commencement of operations) to October 31, 2019, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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29

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers, and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Federated Hermes investment companies since 1979.
Boston, Massachusetts
December 23, 2022
Annual Shareholder Report
30

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 May 1, 2022 to October 31, 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.
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31

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
5/1/2022
Ending
Account Value
10/31/2022
Expenses Paid
During Period1
Actual:
 
 
 
Class A Shares
$1,000.00
$906.90
$5.67
Institutional Shares
$1,000.00
$907.90
$4.52
Class R6 Shares
$1,000.00
$908.70
$4.23
Hypothetical (assuming a 5% return
before expenses):
 
 
 
Class A Shares
$1,000.00
$1,019.26
$6.01
Institutional Shares
$1,000.00
$1,020.47
$4.79
Class R6 Shares
$1,000.00
$1,020.77
$4.48
1
Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:
Class A Shares
1.18%
Institutional Shares
0.94%
Class R6 Shares
0.88%
Annual Shareholder Report
32

Board of Trustees and Trust Officers
The Board of Trustees is responsible for managing the Fund’s business affairs and for exercising all the Fund’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised fourteen portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.
Interested TRUSTEES Background
Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of the Funds in the Federated Hermes Fund Family; President,
Chief Executive Officer and Director, Federated Hermes, Inc.;
Chairman and Trustee, Federated Investment Management Company;
Trustee, Federated Investment Counseling; Chairman and Director,
Federated Global Investment Management Corp.; Chairman and
Trustee, Federated Equity Management Company of Pennsylvania;
Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment Counseling;
President and Chief Executive Officer, Federated Investment
Management Company, Federated Global Investment Management
Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
Annual Shareholder Report
33

Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
John B. Fisher*
Birth Date: May 16, 1956
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of certain of the Funds in the Federated Hermes Fund Family;
Director and Vice President, Federated Hermes, Inc.; President,
Director/Trustee and CEO, Federated Advisory Services Company,
Federated Equity Management Company of Pennsylvania, Federated
Global Investment Management Corp., Federated Investment
Counseling, Federated Investment Management Company, and
Federated MDTA LLC; Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales
Division of Federated Securities Corp.; President and CEO of Passport
Research, Ltd.; Director and President, Technology, Federated
Services Company.
*
Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.
INDEPENDENT TRUSTEES Background
Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee, and Chair of the Board
of Directors or Trustees, of the Federated Hermes Fund Family;
formerly, Chairman and CEO, The Collins Group, Inc. (a private equity
firm) (Retired).
Other Directorships Held: Director, KLX Energy Services Holdings,
Inc. (oilfield services); former Director of KLX Corp. (aerospace).
Qualifications: Mr. Collins has served in several business and financial
management roles and directorship positions throughout his career.
Mr. Collins previously served as Chairman and CEO of The Collins
Group, Inc. (a private equity firm) and as a Director of KLX Corp.
Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins
previously served as Director and Audit Committee Member, Bank of
America Corp.; Director, FleetBoston Financial Corp.; and Director,
Beth Israel Deaconess Medical Center (Harvard University
Affiliate Hospital).
Annual Shareholder Report
34

Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee, Chair of the Audit
Committee of the Federated Hermes Fund Family; formerly, Vice
Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Equifax, Inc.; Lead Director, Member of the Audit and Nominating and
Corporate Governance Committees, Haverty Furniture Companies,
Inc.; formerly, Director, Member of Governance and Compensation
Committees, Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business
management and directorship positions throughout his career.
Mr. Hough most recently held the position of Americas Vice Chair of
Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough
serves on the President’s Cabinet and Business School Board of
Visitors for the University of Alabama. Mr. Hough previously served on
the Business School Board of Visitors for Wake Forest University, and
he previously served as an Executive Committee member of the
United States Golf Association.
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Adjunct Professor Emerita of Law, Duquesne University
School of Law; formerly, Dean of the Duquesne University School of
Law and Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General Secretary and
Director, Office of Church Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(formerly known as CONSOL Energy Inc.).
Qualifications: Judge Lally-Green has served in various legal and
business roles and directorship positions throughout her career. Judge
Lally-Green previously held the position of Dean of the School of Law
of Duquesne University (as well as Interim Dean). Judge Lally-Green
previously served as a member of the Superior Court of Pennsylvania
and as a Professor of Law, Duquesne University School of Law. Judge
Lally-Green was appointed by the Supreme Court of Pennsylvania to
serve on the Supreme Court’s Board of Continuing Judicial Education
and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green also currently holds the positions on
not for profit or for profit boards of directors as follows: Director
and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary;
Member, Pennsylvania State Board of Education (public); Director,
Catholic Charities, Pittsburgh; and Director CNX Resources
Corporation (formerly known as CONSOL Energy Inc.). Judge
Lally-Green has held the positions of: Director, Auberle; Director,
Epilepsy Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas More Society;
Director and Chair, Catholic High Schools of the Diocese of
Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director,
St. Vincent College; Director and Chair, North Catholic High
School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director, Saint Francis University.
Annual Shareholder Report
35

Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund
and financial management roles and directorship positions throughout
his career. Mr. O’Neill serves as Director, Medicines for Humanity.
Mr. O’Neill previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet Investment
Advisors; President and Chief Executive Officer, Aeltus Investment
Management, Inc.; General Partner, Hellman, Jordan Management
Co., Boston, MA; Chief Investment Officer, The Putnam Companies,
Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director
and Consultant, EZE Castle Software (investment order management
software); Director, The Golisano Children’s Museum of Naples,
Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving:
November 2020
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; formerly, Executive Vice President for Legal Affairs,
General Counsel and Secretary to the Board of Directors, Duquesne
University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served
as Senior Vice President for Legal Affairs, General Counsel and
Secretary to the Board of Directors and Assistant General Counsel and
Director of Risk Management, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant General
Counsel of Compliance and Enterprise Risk as well as Senior Counsel
of Environment, Health and Safety, PPG Industries. Ms. Reilly currently
serves as a member of the Board of Directors of UPMC
Mercy Hospital.
Annual Shareholder Report
36

Name
Birth Date
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Management Consultant; Retired; formerly, Senior Vice
Chancellor and Chief Legal Officer, University of Pittsburgh and
Executive Vice President and Chief Legal Officer, CONSOL Energy Inc.
(now split into two separate publicly traded companies known as
CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor
and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of Western
Pennsylvania and Chairman of the Board, World Affairs Council of
Pittsburgh. Mr. Richey previously served as Chief Legal Officer and
Executive Vice President, CONSOL Energy Inc. and CNX Gas
Company; and Board Member, Ethics Counsel and Shareholder,
Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh
Birth Date:
November 28, 1957
Trustee
Indefinite Term
Began serving: May 2017
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; President and Director, Heat Wagon, Inc. (manufacturer
of construction temporary heaters); President and Director,
Manufacturers Products, Inc. (distributor of portable construction
heaters); President, Portable Heater Parts, a division of Manufacturers
Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management
roles and directorship positions throughout his career. Mr. Walsh
previously served as Vice President, Walsh & Kelly, Inc.
(paving contractors).
Annual Shareholder Report
37

OFFICERS
Name
Birth Date
Address
Positions Held with Fund
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: May 2017
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: November 2017
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE