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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: 11/30/22

Date of Reporting Period: 11/30/22

Item 1.

Reports to Stockholders

Annual Shareholder Report

November 30, 2022

Share Class | Ticker

Institutional | FHGIX

R6 | FGERX

Federated Hermes Global Equity Fund

Fund Established 2019

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 December 1, 2021 through November 30, 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.

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

CONTENTS

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Tables	5
Portfolio of Investments	7
Financial Highlights	12
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	27
Shareholder Expense Example	29
Board of Trustees and Trust Officers	31
Evaluation and Approval of Advisory Contract–May 2022	38
Liquidity Risk Management Program– Annual Evaluation of Adequacy and Effectiveness	48
Voting Proxies on Fund Portfolio Securities	50
Quarterly Portfolio Schedule	50

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes Global Equity Fund (the “Fund”), based on net asset value for the 12-month reporting period ending November 30, 2022, was -15.63% for the Institutional Shares and -15.68% for the Class R6 Shares. The total return of the MSCI All Country World Index (MSCI ACWI)1, the Fund’s broad-based securities market index, was -11.62% for the same period. The total return of the Morningstar Global Large-Stock Blend Funds Average (MGLSBFA)2, a peer group average for the Fund, was -8.94% for the same period. The Fund’s and MGLSBFA’s total returns for the most recently completed reporting period reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the MSCI ACWI.

During the reporting period, the Fund’s investment strategy focused on security selection, which was the most significant factor affecting the Fund’s performance relative to the MSCI ACWI.

The following discussion will focus on the performance of the Fund’s Institutional Shares relative to the MSCI ACWI.

Market Overview

The reporting period saw global equity markets3 decrease against a backdrop of persistently high levels of risk aversion as investors grappled with inflation, expectations of rising interest rates, growing fears of recession and geopolitical uncertainty, particularly in respect of Russia’s war in Ukraine and the potential energy crisis in Europe. For the majority of the period, markets have been factor-driven with rising bond yields ensuring that cheaper value stocks have, for the most part, been preferred to growth. However, increasing fears of recession, driven by inflation, also led investors to become increasingly more defensive and leading to quality factors, such as capital structure, corporate behavior and profitability, coming to the forefront in the second half of the period.

All regions, except Latin America, declined in the reporting period with Emerging Europe, Emerging Asia, Japan and North America experiencing double-digit negative returns.

The Energy sector was the standout performer in the period, while Utilities, Consumer Staples and Health Care sectors increased modestly. The worst-performing sectors were Communication Services, Consumer Discretionary, Information Technology and Real Estate, which all posted double-digit declines.

Annual Shareholder Report

Security Selection

The Fund underperformed the benchmark in the period as successful stock selection in Communication Services and Consumer Discretionary sectors was outweighed by detractions from selection in Health Care, Industrials, Financials and Information Technology sectors, an underweight position to the Energy sector and an overweight position to the Information Technology sector. On a regional basis, the underperformance was driven primarily by selection in North America.

The largest contributors over the period were Hess, Travelers and TJX Cos. Hess reported strong results and raised its dividend as it benefited from the rising oil price, while the preference for value favored the Energy sector. Travelers reported solid results in the period, driven by strength in its business insurance division, better-than-expected catastrophe losses and top-line net premium growth. TJX reported better-than-expected earnings with the company able to pass on price increases, which enabled the company to raise margin guidance.

The largest detractors were Nvidia, Walt Disney and DocuSign. Nvidia fell victim of the rotation to value at the start of the year. In addition, sentiment towards the company was hit by near-term volatility in gaming, primarily due to China, which offset continued strength in its data center business. Walt Disney reported decent results, but sentiment has been affected by concerns over Disney+ after Netflix reported a decline in subscriptions. Later in the period, the company reported disappointing earnings, due to disappointing sales and earnings, driven by weakness in advertising revenue and higher-than-expected losses in streaming. DocuSign forecast disappointing revenues citing a return to more normal buying patterns after a period of high demand during the pandemic.

Please see the footnotes to the line graph below for definitions of, and further information about, the MSCI ACWI.

Please see the footnotes to the line graph below for definitions of, and further information about, the Morningstar peer group.

International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes Global Equity Fund (the “Fund”) from April 24, 2019 to November 30, 2022, compared to the MSCI All Country World Index (MSCI ACWI)2 and the Morningstar Global Large-Stock Blend Funds Average (MGLSBFA)3. The Average Annual Total Returns table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 INVESTMENT

Growth of $10,000 as of November 30, 2022

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 graph above.

Average Annual Total Returns for the Period Ended 11/30/2022

	1 Year	Start of Performance4
Institutional Shares	-15.63%	6.35%
R6 Shares5	-15.68%	6.35%
MSCI ACWI	-11.62%	7.08%
MGLSBFA	-8.94%	6.34%

Annual Shareholder Report

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.

The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI ACWI and the MGLSBFA have been adjusted to reflect reinvestment of dividends on securities in the index and the average.

The MSCI ACWI captures mid- and small-cap representation across 23 developed markets and 24 emerging markets countries. The index 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 index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

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.

The Fund commenced operations on April 24, 2019.

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

Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, the Fund’s portfolio composition1 was as follows:

Country	Percentage of Total Net Assets
United States	62.6%
Japan	5.0%
Switzerland	3.6%
United Kingdom	3.0%
Norway	2.7%
China	2.6%
Netherlands	2.6%
South Korea	2.1%
Denmark	2.0%
Taiwan	1.7%
Italy	1.5%
Hong Kong	1.5%
Sweden	1.5%
Canada	1.1%
Finland	0.8%
Indonesia	0.8%
Australia	0.7%
Spain	0.6%
Israel	0.6%
France	0.5%
India	0.4%
Brazil	0.2%
Other Assets and Liabilities—Net2	1.9%
TOTAL	100%

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.

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

Annual Shareholder Report

At November 30, 2022, the Fund’s sector classification1 was as follows:

Sector Classification	Percentage of Total Net Assets
Information Technology	23.3%
Financials	15.7%
Health Care	13.5%
Consumer Discretionary	9.6%
Industrials	8.4%
Communication Services	8.0%
Consumer Staples	7.3%
Materials	4.6%
Energy	3.2%
Real Estate	2.9%
Utilities	1.6%
Other Assets and Liabilities—Net2	1.9%
TOTAL	100%

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.

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

Annual Shareholder Report

Portfolio of Investments

November 30, 2022

Shares			Value in U.S. Dollars
		COMMON STOCKS—98.1%
		Australia—0.7%
10,012		Goodman Group	$132,302
		Brazil—0.2%
50,300	1	Magazine Luiza SA	33,053
		Canada—1.1%
4,568		Rogers Communications, Inc., Class B	210,138
		China—2.6%
25,400		China Mengniu Dairy Co. Ltd.	113,655
46,000		PICC Property and Casualty Co., Ltd., Class H	46,368
38,000		Ping An Insurance (Group) Co. of China Ltd.	235,405
86,681		Shenzhen International Holdings Ltd.	79,942
		TOTAL	475,370
		Denmark—2.0%
2,965		Novo Nordisk A/S	371,187
		Finland—0.8%
10,371		Stora Enso Oyj, Class R	153,663
		France—0.5%
810		Vinci SA	82,470
		Hong Kong—1.5%
22,357		AIA Group Ltd.	228,019
1,400		Hong Kong Exchanges & Clearing Ltd.	55,872
		TOTAL	283,891
		India—0.4%
1,350		Dr. Reddy’s Laboratories Ltd.	74,906
		Indonesia—0.8%
569,500		PT Telekomunikasi Indonesia Tbk	146,439
		Israel—0.6%
338	1	Solaredge Technologies, Inc.	101,015
		Italy—1.5%
3,626		Prysmian SpA	127,657
11,229		UniCredit SpA	154,705
		TOTAL	282,362
		Japan—5.0%
1,300		FUJIFILM Holdings Corp.	70,327
3,000		Kurita Water Industries Ltd.	134,036

Annual Shareholder Report

Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	Japan—continued
2,611	Nippon Telegraph & Telephone Corp.	$72,351
1,900	Nitto Denko Corp.	120,330
1,500	Omron Corp.	78,266
4,200	ORIX Corp.	67,793
23,600	Panasonic Holdings Corp.	220,375
2,000	Sony Group Corp.	165,545
	TOTAL	929,023
	Netherlands—2.6%
646	ASML Holding N.V.	392,945
2,721	Signify NV	93,650
	TOTAL	486,595
	Norway—2.7%
7,441	Aker BP ASA	259,598
32,684	Norsk Hydro ASA	246,620
	TOTAL	506,218
	South Korea—2.1%
72	LG Household & Health Care Ltd.	36,407
5,491	Samsung Electronics Co. Ltd.	263,698
604	Samsung Fire & Marine Insurance	94,562
	TOTAL	394,667
	Spain—0.6%
9,221	Iberdrola SA	104,372
	Sweden—1.5%
6,858	Husqvarna AB, Class B	54,325
15,605	Svenska Cellulosa AB SCA, Class B	213,702
	TOTAL	268,027
	Switzerland—3.6%
306	Lonza Group AG	161,731
2,124	Nestle S.A.	252,754
760	Roche Holding AG	247,028
	TOTAL	661,513
	Taiwan—1.7%
17,616	Giant Manufacturing Co. Ltd.	132,990
2,180	Taiwan Semiconductor Manufacturing Co. Ltd, ADR	180,896
	TOTAL	313,886
	United Kingdom—3.0%
1,585	AstraZeneca PLC	214,474

Annual Shareholder Report

Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		United Kingdom—continued
17,347		M&G PLC	$40,643
9,914		Prudential PLC	118,284
21,000		Tate & Lyle PLC	187,134
		TOTAL	560,535
		United States—62.6%
2,790		Abbott Laboratories	300,148
1,011		Accenture PLC	304,240
3,660	1	Alphabet, Inc., Class A	369,623
3,273	1	Amazon.com, Inc.	315,975
847		American Tower Corp.	187,399
508		American Water Works Co., Inc.	77,094
423		Amgen, Inc.	121,147
563		Analog Devices, Inc.	96,785
6,053		Apple, Inc.	896,026
1,018		Automatic Data Processing, Inc.	268,895
8,312		Bank of America Corp.	314,609
1,118		Best Buy Co., Inc.	95,365
3,111		Bristol-Myers Squibb Co.	249,751
2,343		Capital One Financial Corp.	241,891
780		Chubb Ltd.	171,280
3,434		Citigroup, Inc.	166,240
1,067	1	Copart, Inc.	71,020
509		Costco Wholesale Corp.	274,478
926	1	Crowdstrike Holdings, Inc.	108,944
1,074		CVS Health Corp.	109,419
3,192	1	Delta Air Lines, Inc.	112,901
1,356	1	Dollar Tree, Inc.	203,793
767		FedEx Corp.	139,763
2,919		Fortune Brands Home & Security, Inc.	190,727
2,097		General Mills, Inc.	178,874
2,339		Hess Corp.	336,606
1,481		IBM Corp.	220,521
1,517		Ingersoll-Rand, Inc.	81,872
553		Kimberly-Clark Corp.	75,003
337		Lam Research Corp.	159,192
1,391		M&T Bank Corp.	236,498
2,622		Microsoft Corp.	668,977
2,329		Mosaic Co./The	119,478

Annual Shareholder Report

Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		United States—continued
190		MSCI, Inc., Class A	$96,488
1,265		NVIDIA Corp.	214,076
222	1	O’Reilly Automotive, Inc.	191,928
4,651		Pfizer, Inc.	233,155
1,517		Procter & Gamble Co.	226,276
2,580		Prudential Financial, Inc.	278,717
1,009		Robert Half International, Inc.	79,489
1,425	1	Royal Caribbean Cruises, Ltd.	85,400
340	1	Salesforce, Inc.	54,485
1,918		The Travelers Cos., Inc.	364,056
316		Thermo Fisher Scientific, Inc.	177,030
4,051		TJX Cos., Inc.	324,283
1,740		Trane Technologies PLC	310,451
3,015		UGI Corp.	116,530
6,221		Verizon Communications, Inc.	242,495
1,039		Visa, Inc., Class A	225,463
4,150	1	Walt Disney Co.	406,161
3,804	1	Warner Bros. Discovery, Inc.	43,366
6,610		Weyerhaeuser Co.	216,213
1,529		Zoetis, Inc.	235,680
		TOTAL	11,586,276
		TOTAL COMMON STOCKS (IDENTIFIED COST $17,769,220)	18,157,908
		TOTAL INVESTMENT IN SECURITIES—98.1% (IDENTIFIED COST $17,769,220)2	18,157,908
		OTHER ASSETS AND LIABILITIES - NET—1.9%3	345,480
		TOTAL NET ASSETS—100%	$18,503,388

Non-income-producing security.

The cost of investments for federal tax purposes amounts to $17,818,089.

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 November 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.

Annual Shareholder Report

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.

The following is a summary of the inputs used, as of November 30, 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	$11,586,276	$—	$—	$11,586,276
International	525,102	6,046,530	—	6,571,632
TOTAL SECURITIES	$12,111,378	$6,046,530	$—	$18,157,908

The following acronym(s) are used throughout this portfolio:

ADR	—American Depositary Receipt

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,			Period Ended 11/30/20191
	2022	2021	2020	Period Ended 11/30/20191
Net Asset Value, Beginning of Period	$14.62	$12.34	$10.46	$10.00
Income from Investment Operations
Net investment income	0.152	0.082	0.08	0.04
Net realized and unrealized gain (loss)	(2.42)	2.29	1.86	0.42
TOTAL FROM INVESTMENT OPERATIONS	(2.27)	2.37	1.94	0.46
Less Distributions:
Distributions from net investment income	(0.06)	(0.09)	(0.06)	—
Distributions from net realized gain	(0.04)	—	—	—
TOTAL DISTRIBUTIONS	(0.10)	(0.09)	(0.06)	—
Net Asset Value, End of Period	$12.25	$14.62	$12.34	$10.46
Total Return3	(15.63)%	19.27%	18.60%	4.60%
Ratios to Average Net Assets:
Net expenses4	0.73%	0.74%5	0.74%5	0.74%6
Net investment income	1.17%	0.59%	0.86%	0.86%6
Expense waiver/reimbursement7	1.62%	2.64%	5.03%	5.96%6
Supplemental Data:
Net assets, end of period (000 omitted)	$18,474	$20,453	$8,368	$5,167
Portfolio turnover8	20%	16%	17%	15%

Reflects operations for the period from April 24, 2019 (commencement of operations) to November 30, 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 fees paid indirectly for expense offset arrangements. The net expense ratios are 0.74% and 0.73% for the years ended November 30, 2021 and 2020, respectively, after taking into account these expense reductions.

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

Annual Shareholder Report

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended 11/30/2022	Period Ended 11/30/20211
Net Asset Value, Beginning of Period	$14.63	$14.31
Income From Investment Operations:
Net investment income2	0.15	0.02
Net realized and unrealized gain (loss)	(2.43)	0.30
TOTAL FROM INVESTMENT OPERATIONS	(2.28)	0.32
Less Distributions:
Distributions from net investment income	(0.06)	—
Distributions from net realized gain	(0.04)	—
TOTAL DISTRIBUTIONS	(0.10)	—
Net Asset Value, End of Period	$12.25	$14.63
Total Return3	(15.68)%	2.24%
Ratios to Average Net Assets:
Net expenses4	0.69%	0.68%5,6
Net investment income	1.21%	0.12%5
Expense waiver/reimbursement7	1.62%	1.80%5
Supplemental Data:
Net assets, end of period (000 omitted)	$30	$35
Portfolio turnover8	20%	16%9

Reflects operations for the period from June 11, 2021 (commencement of operations) to November 30, 2021.

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.

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 0.69% for the year ended November 30, 2021, 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 November 30, 2021.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
November 30, 2022

Assets:
Investment in securities, at value (identified cost $17,769,220)		$18,157,908
Cash		457,799
Cash denominated in foreign currencies (identified cost $2,308)		2,308
Income receivable		27,465
TOTAL ASSETS		18,645,480
Liabilities:
Payable for capital gains taxes withheld	$89
Payable for portfolio accounting fees	78,042
Payable for auditing fees	29,240
Payable for custodian fees	15,931
Payable for share registration costs	9,172
Payable for insurance premiums	4,652
Payable to adviser (Note 5)	1,709
Payable for administrative fee (Note 5)	213
Accrued expenses (Note 5)	3,044
TOTAL LIABILITIES		142,092
Net assets for 1,510,770 shares outstanding		$18,503,388
Net Assets Consists of:
Paid-in capital		$18,772,477
Total distributable earnings (loss)		(269,089)
TOTAL NET ASSETS		$18,503,388
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
Net asset value per share ($18,473,781 ÷ 1,508,354 shares outstanding) no par value, unlimited shares authorized		$12.25
Class R6 Shares:
Net asset value per share ($29,607 ÷ 2,416 shares outstanding) no par value, unlimited shares authorized		$12.25

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended November 30, 2022

Investment Income:
Dividends (net of foreign tax withheld of $26,203)			$352,984
Expenses:
Investment adviser fee (Note 5)		$120,515
Administrative fee (Note 5)		15,841
Custodian fees		26,148
Transfer agent fees (Note 2)		12,320
Directors’/Trustees’ fees (Note 5)		648
Auditing fees		40,068
Legal fees		8,908
Portfolio accounting fees		135,991
Share registration costs		37,864
Printing and postage		19,028
Miscellaneous (Note 5)		18,094
TOTAL EXPENSES		435,425
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(120,515)
Reimbursement of other operating expenses (Note 5)	(179,532)
TOTAL WAIVER AND REIMBURSEMENT		(300,047)
Net expenses			135,378
Net investment income			217,606
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized loss on investments and foreign currency transactions			(810,203)
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			(2,641,988)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(3,452,191)
Change in net assets resulting from operations			$(3,234,585)

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended November 30	2022	2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$217,606	$66,486
Net realized gain (loss)	(810,203)	136,597
Net change in unrealized appreciation/depreciation	(2,641,988)	1,282,357
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(3,234,585)	1,485,440
Distributions to Shareholders:
Institutional Shares	(147,679)	(58,732)
Class R6 Shares1	(256)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(147,935)	(58,732)
Share Transactions:
Proceeds from sale of shares	3,042,632	10,851,190
Net asset value of shares issued to shareholders in payment of distributions declared	130,326	44,518
Cost of shares redeemed	(1,775,566)	(201,401)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	1,397,392	10,694,307
Change in net assets	(1,985,128)	12,121,015
Net Assets:
Beginning of period	20,488,516	8,367,501
End of period	$18,503,388	$20,488,516

The R6 Class commenced operations on June 11, 2021.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

November 30, 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 13 portfolios. The financial statements included herein are only those of the Federated Hermes Global 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 two classes of shares: Institutional Shares and Class R6 Shares. The Fund’s Class A Shares and Class C Shares are effective with the Securities and Exchange Commission (SEC), but 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.

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.

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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 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 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

Pursuant to Rule 2a-5 under the Act, the Fund’s Board of Trustees (the “Trustees”) has 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

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 Adviser.

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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of 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. 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. 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 $300,047 is disclosed in Note 5.

Annual Shareholder Report

Transfer Agent Fees

For the year ended November 30, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred
Institutional Shares	$12,310
Class R6 Shares	10
TOTAL	$12,320

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 November 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 November 30, 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.

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.

Annual Shareholder Report

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.

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 November 30	2022		2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	240,386	$3,042,632	730,909	$10,815,867
Shares issued to shareholders in payment of distributions declared	8,602	130,326	3,465	44,518
Shares redeemed	(139,230)	(1,775,566)	(13,958)	(201,401)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	109,758	$1,397,392	720,416	$10,658,984

	Year Ended 11/30/2022		Period Ended 11/30/20211
Class R6 Shares:	Shares	Amount	Shares	Amount
Shares sold	—	$—	2,416	$35,323
Shares issued to shareholders in payment of distributions declared	—	—	—	—
Shares redeemed	—	—	—	—
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS	—	$—	2,416	$35,323
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	109,758	$1,397,392	722,832	$10,694,307

Reflects operations for the period from June 11, 2021 (commencement of operations) to November 30, 2021.

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2022 and 2021, was as follows:

	2022	2021
Ordinary income1	$88,019	$58,732
Long-term capital gains	$59,916	—

For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

As of November 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income2	$203,075
Unrealized appreciation	$339,120
Capital loss carryforwards	$(811,284)
Total	$(269,089)

For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

At November 30, 2022, the cost of investments for federal tax purposes was $17,818,089. The net unrealized appreciation of investments for federal tax purposes was $339,819. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,861,068 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,521,249. The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to the deferral of losses on wash sales and passive foreign investment companies.

As of November 30, 2022, the Fund had a capital loss carryforward of $811,284 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code of 1986, 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
$773,334	$37,950	$811,284

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 0.65% 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

Annual Shareholder Report

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 November 30, 2022, the Adviser voluntarily waived its entire fee of $120,515 and voluntarily reimbursed $179,532 of other operating expenses.

Some or all 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 0.40% of the daily net assets of the Fund which it advises. 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 year ended November 30, 2022, the Sub-Adviser waived all of its fee.

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 November 30, 2022, the annualized fee paid to FAS was 0.085% of average daily net assets of the Fund.

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

Expense Limitation

The Adviser and certain of its affiliates (which may include FAS) 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, tax reclaim recovery expenses, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares and Class R6 Shares (after the voluntary waivers and reimbursements) will not exceed 0.74% and 0.69% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) February 1, 2024; 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.

Annual Shareholder Report

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 November 30, 2022, were as follows:

Purchases	$4,750,702
Sales	$3,634,795

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. A substantial portion of the Fund’s portfolio may be comprised of entities in the Information Technology sector. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

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 November 30, 2022, the Fund had no outstanding loans. During the year ended November 30, 2022, the Fund did not utilize the LOC.

Annual Shareholder Report

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 November 30, 2022, there were no outstanding loans. During the year ended November 30, 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, 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 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.

Annual Shareholder Report

12. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended November 30, 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 November 30, 2022, 68.3% qualify for the dividend received deduction available to corporate shareholders.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Federated Hermes Adviser Series and Shareholders of Federated Hermes Global Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes Global Equity (the Fund), a portfolio of Federated Hermes Adviser Series, including the portfolio of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the three-year period then ended and the period from April 24, 2019 to November 30, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended and the period from April 24, 2019 to November 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Annual Shareholder Report

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of November 30, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.

Boston, Massachusetts
January 23, 2023

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur 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 June 1, 2022 to November 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.

Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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.

	Beginning Account Value 6/1/2022	Ending Account Value 11/30/2022	Expenses Paid During Period1
Actual:
Institutional Shares	$1,000.00	$957.00	$3.58
Class R6 Shares	$1,000.00	$957.00	$3.39
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000.00	$1,021.41	$3.70
Class R6 Shares	$1,000.00	$1,021.61	$3.50

Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.73%
Class R6 Shares	0.69%

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’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, 2022, the Trust comprised 13 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

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

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 (natural gas). 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 Associate General Secretary of the Diocese of Pittsburgh, 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 (natural gas). 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 and Vice Chair, Saint Francis University.

Annual Shareholder Report

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, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida.
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, Senior Vice President for Legal Affairs, General Counsel and Secretary of 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 of Board of Directors and Director of Risk Management and Associate General Counsel, 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

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; 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

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: May 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 OFFICER AND SENIOR VICE PRESIDENT Officer since: May 2017	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.

Annual Shareholder Report

Name

Birth Date

Address

Positions Held with Fund

Date Service Began

Principal Occupation(s) for Past Five Years

and Previous Position(s)

Stephen F. Auth

Birth Date:

September 13, 1956

101 Park Avenue

41st Floor

New York, NY 10178

CHIEF INVESTMENT OFFICER

Officer since: May 2017

Principal Occupations: Stephen F. Auth is Chief Investment Officer of

various Funds in the Federated Hermes Fund Family; Executive Vice

President, Federated Investment Counseling, Federated Global

Investment Management Corp. and Federated Equity Management

Company of Pennsylvania.

Previous Positions: Executive Vice President, Federated Investment

Management Company and Passport Research, Ltd. (investment

advisory subsidiary of Federated); Senior Vice President, Global

Portfolio Management Services Division; Senior Vice President,

Federated Investment Management Company and Passport

Research, Ltd.; Senior Managing Director and Portfolio Manager,

Prudential Investments.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2022

Federated Hermes Global Equity Fund (the “Fund”)

At its meetings in May 2022 (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 by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also

Annual Shareholder Report

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 nature, quality and extent of the advisory and other services provided to the Fund by the Advisers and their affiliates; Federated Hermes’ business and operations; the Advisers’ investment philosophy, personnel and processes; the Fund’s investment objectives and 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); the Fund’s fees and 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 financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds 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 the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the 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 the adviser’s services and fees. The Board noted

Annual Shareholder Report

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 oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and 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 likely 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 Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. 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 family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Annual Shareholder Report

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 Federated Hermes 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 Federated Hermes. The Board considered the Advisers’ personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board considered information about the Advisers’ capabilities and resources with respect to environmental, social and governance (“ESG”) investing, noting, the Advisers’ approach to ESG integration in its investment analysis for the Fund. 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 Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board also considered the Advisers’ ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be 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, 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 ESG factors and issuer engagement on ESG matters. The Board considered Federated Hermes’ oversight of the securities lending program for the Federated Hermes Funds that engage in securities lending and noted the income earned by the Federated Hermes Funds that participate in such program. In addition, the Board considered the quality of Federated Hermes’ 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 Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

Annual Shareholder Report

Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its 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 the implementation of Federated Hermes’ 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.

The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted 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.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Advisers to the Fund.

Fund Investment Performance

Annual Shareholder Report

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 categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Morningstar, Inc. (the “Morningstar”), an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Advisers in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund’s performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2021. The Board discussed the Fund’s performance with the Advisers and recognized the efforts being taken by the Advisers in the context of other factors considered relevant by the Board.

Based on these considerations, the Board concluded that it had continued confidence in the Advisers’ overall capabilities to manage the Fund.

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.

Annual Shareholder Report

believed to be more relevant. The Board considered that other registered 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 registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board noted that, for the year ended December 31, 2021, 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-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which any of the Advisers or their affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered 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 and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) 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 registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered 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 registered 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.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Annual Shareholder Report

Profitability

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made 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 on a fund-by-fund basis 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. 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, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. 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 are likely to be shared

Annual Shareholder Report

with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense 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 considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for 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, which have resulted in benefits being realized by shareholders.

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 that Federated Hermes and the CCO believe 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 evaluate the reasonableness 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 uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

Other Benefits

The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees 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.

Annual Shareholder Report

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 is 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.

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 Global 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 each Federated Hermes Fund’s investment adviser as the administrator for the Program (the “Administrator”) with respect to that Fund. 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 2022, 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, 2021 through March 31, 2022 (the “Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness, including, where 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, reverse repurchase agreement transactions, redemptions

Annual Shareholder Report

delayed beyond the normal T+1 settlement, but within seven days of the redemption request, 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 it was not necessary for the Fund to utilize, and 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;

◾ the fact that there were no liquidity events during the Period, that materially affected the Fund’s liquidity risk;

◾ the impact on liquidity and management of liquidity risk caused by extended non-U.S. market closures and confirmation that there were no issues for any of the affected Federated Hermes Funds in meeting shareholder redemptions at any time during these temporary non-U.S. market closures;

◾ circumstances during the Period under which the Administrator convened meetings of the Liquidity Risk Management Committees more frequently than normal to conduct enhanced liquidity risk monitoring, including prior to the Russian invasion of Ukraine.

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at FederatedInvestors.com.

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.

Federated Hermes Global Equity Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31423A705
CUSIP 31423A804

Q454532 (1/23)

Annual Shareholder Report

November 30, 2022

Share Class | Ticker

Institutional | HIEIX

R6 | HIERX

Federated Hermes International Developed Equity Fund

Fund Established 2019

A Portfolio of Federated Hermes Adviser Series

Dear Valued Shareholder,

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

CONTENTS

Management’s Discussion of Fund Performance	1
Portfolio of Investments Summary Tables	5
Portfolio of Investments	7
Financial Highlights	11
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	25
Shareholder Expense Example	27
Board of Trustees and Trust Officers	29
Evaluation and Approval of Advisory Contract–May 2022	36
Liquidity Risk Management Program– Annual Evaluation of Adequacy and Effectiveness	46
Voting Proxies on Fund Portfolio Securities	48
Quarterly Portfolio Schedule	48

Management’s Discussion of Fund Performance (unaudited)

The total return of Federated Hermes International Developed Equity Fund (the “Fund”), based on net asset value for the 12-month reporting period ending November 30, 2022, was -19.50% for the Institutional Shares and -19.51% for the Class R6 Shares. The total return of the MSCI Europe, Australasia and Far East Index (MSCI EAFE),1 the Fund’s broad-based securities market index, was -10.14% for the same period. The total return of the Morningstar Foreign Large Blend Funds Average (MFLBFA),2 a peer group average for the Fund, was -10.47% for the same period. The Fund’s and MFLBFA’s total returns for the most recently completed reporting period reflected actual cash flows, transaction costs and expenses, which were not reflected in the total return of the MSCI EAFE.

During the reporting period, the Fund’s investment strategy focused on security selection, which was the most significant factor affecting the Fund’s performance relative to the MSCI EAFE.

The following discussion will focus on the performance of the Fund’s Institutional Shares relative to the MSCI EAFE.

Market Overview

The reporting period saw international equity markets3 decrease against a backdrop of persistently high levels of risk aversion as investors grappled with inflation, expectations of rising interest rates, growing fears of recession and geopolitical uncertainty, particularly in respect of Russia’s war in Ukraine and the potential energy crisis in Europe. For most of the reporting period, markets were factor-driven with rising bond yields ensuring that cheaper Value stocks have, for the most part, been preferred to Growth. However, increasing fears of recession, driven by inflation, also led investors to become increasingly more defensive and leading to Quality factors, such as Capital Structure, Corporate Behavior and Profitability coming to the forefront in the second half of the reporting period.

All regions declined with Japan falling the most, followed by Europe and Asia Pacific.

All sectors, barring Energy, which posted very strong returns, declined in the reporting period led by Information Technology, Consumer Discretionary, Communication Services and Real Estate, which all posted double-digit negative returns.

SECURITY SELECTION

The Fund underperformed the benchmark in the reporting period as modest success in Materials and Real Estate, alongside a large contribution from cash, was outweighed by detractions in the Consumer, Industrials and Information Technology sectors. In addition, all regions also detracted from relative returns.

Annual Shareholder Report

The largest contributors over the reporting period were Var Energi, Elkem and BHP Group. Var Energi benefited from rising oil prices and increased alongside the Energy sector. It also reported earnings that were in line with expectations and raised its dividend. Elkem reported solid earnings in the first quarter of 2022 as it benefited from strong sales growth and pricing in its silicon products. It also reported strong earnings later in the reporting period and raised guidance for the second half of 2022. BHP Group reported solid results with the company keeping good control of costs. The company also benefited from the rising price of metals, such as copper. The company also raised its dividend during the reporting period.

The largest detractors were Sony, Omron and Graincorp. Sony reported decent results, but weakness in gaming led to the company reducing guidance. Weakness in Japanese equities towards the end of the third quarter also impacted its share price. Omron reported disappointing earnings in the first quarter of 2022 with the company citing supply constraints as the main reason. Graincorp raised guidance across each business area but declined in the third quarter of 2022 alongside weaker pricing in commodities, such as wheat.

Please see the footnotes to the line graphs below for definitions of, and further information about, the MSCI EAFE.

Please see the footnotes to the line graphs below for definitions of, and further information about, the Morningstar peer group.

International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,0001 in the Federated Hermes International Developed Equity Fund (the “Fund”) from September 19, 2019 to November 30, 2022, compared to the MSCI Europe, Australasia and Far East Index (MSCI EAFE)2 and Morningstar Foreign Large Blend Funds Average (MFLBFA).3 The Average Annual Total Returns table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 INVESTMENT

Growth of $10,000 as of November 30, 2022

Average Annual Total Returns for the Period Ended 11/30/2022

	1 Year	Since Inception4
Institutional Shares	-19.50%	1.63%
Class R6 Shares5	-19.51%	1.62%
MSCI EAFE	-10.14%	2.95%
MFLBFA	-10.47%	3.02%

Annual Shareholder Report

The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI EAFE and the MFLBFA have been adjusted to reflect reinvestment of dividends on securities in the indexes and the average.

The MSCI EAFE is an equity index which captures large- and mid-cap representation across developed market countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index is not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

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 $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.

The Fund commenced operations on September 19, 2019.

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 Class R6 Shares performance information shown is for the Fund’s Institutional Shares. The performance of the Institutional Shares has not been adjusted to reflect the expenses of 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

Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, the Fund’s portfolio composition1 was as follows:

Country	Percentage of Total Net Assets
Japan	23.7%
France	8.7%
Australia	7.1%
Netherlands	7.1%
United Kingdom	7.0%
Switzerland	6.5%
Finland	6.2%
Norway	6.0%
Sweden	5.0%
Denmark	3.6%
Hong Kong	3.5%
Italy	3.5%
Germany	2.5%
United States	2.1%
Singapore	1.5%
Spain	1.1%
Belgium	0.7%
Ireland	0.6%
Other Assets and Liabilities—Net2	3.6%
TOTAL	100%

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

Annual Shareholder Report

At November 30, 2022, the Fund’s sector classification composition1 was as follows:

Sector Classification	Percentage of Total Net Assets
Financials	20.5%
Industrials	17.2%
Health Care	12.2%
Consumer Discretionary	10.5%
Consumer Staples	10.0%
Materials	9.4%
Information Technology	7.6%
Communication Services	3.9%
Energy	2.5%
Real Estate	1.5%
Utilities	1.1%
Other Assets and Liabilities—Net2	3.6%
TOTAL	100%

Except for Other Assets and Liabilities, sector classifications are based upon, and individual securities 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.

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

Annual Shareholder Report

Portfolio of Investments

November 30, 2022

Shares			Value in U.S. Dollars
		COMMON STOCKS—96.4%
		Australia—7.1%
2,677		Australia & New Zealand Banking Group, Melbourne	$45,456
1,251		BHP Billiton Ltd.	39,014
775		Breville Group Ltd.	10,885
7,709		Grain Corp. Ltd.	42,866
7,786		Imdex Ltd.	12,972
		TOTAL	151,193
		Belgium—0.7%
266		Anheuser-Busch InBev NV	15,632
		Denmark—3.6%
513		Novo Nordisk A/S	64,222
425		Vestas Wind Systems A/S	11,007
		TOTAL	75,229
		Finland—6.2%
2,358		Metso Outotec Oyj	22,264
832		Sampo Oyj, Class A	42,321
2,385		Stora Enso Oyj, Class R	35,338
781		Tieto Oyj	21,376
416		Valmet Corp.	10,812
		TOTAL	132,111
		France—8.7%
1,041		AXA SA	29,780
539		Legrand SA	44,572
408	1	Renault S.A.	14,907
154	1	Silicon-On-Insulator Technologies (SOITEC)	25,465
1,347		Valeo SA	25,682
441		Vinci SA	44,900
		TOTAL	185,306
		Germany—2.5%
168		Adidas AG	21,423
100		Brenntag AG	6,250
159		Fresenius Medical Care AG & Co. KGaA	4,952
108		Merck KGAA	19,568
		TOTAL	52,193

Annual Shareholder Report

Shares			Value in U.S. Dollars
		COMMON STOCKS—continued
		Hong Kong—3.5%
3,786		AIA Group Ltd.	$38,613
300		Hong Kong Exchanges & Clearing Ltd.	11,973
2,028		Prudential PLC	24,196
		TOTAL	74,782
		Ireland—0.6%
322		Smurfit Kappa Group PLC	11,737
		Italy—3.5%
1,074		Prysmian SpA	37,811
2,600		UniCredit SpA	35,821
		TOTAL	73,632
		Japan—23.7%
155		Daifuku Co.	8,062
700		Hitachi Ltd.	37,618
400		Honda Motor Co., Ltd.	9,772
400		Itochu Corp.	12,602
400		Kao Corp.	15,963
600		KDDI Corp.	17,958
900		Kurita Water Industries Ltd.	40,211
310		Kyocera Corp.	15,893
2,500		Mitsubishi Chemical Holdings Corp.	13,361
400		NEC Corporation	14,211
900		Nintendo Co. Ltd.	38,732
293		Nippon Telegraph & Telephone Corp.	8,119
300		Nitto Denko Corp.	18,999
400		Omron Corp.	20,871
3,600		Panasonic Holdings Corp.	33,616
600		Sony Group Corp.	49,663
200		Square Enix Holdings Co. Ltd.	8,953
1,200		T&D Holdings, Inc.	14,640
1,200		Toagosei Co Ltd.	10,346
2,000		Tokio Marine Holdings, Inc.	41,289
2,700		Toyota Motor Corp.	39,619
314		Yaoko Co. Ltd.	15,368
1,000		Yokohama Rubber Co. Ltd./The	16,562
		TOTAL	502,428
		Netherlands—7.1%
44	1	Argenx SE	17,633

Annual Shareholder Report

Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	Netherlands—continued
105	ASML Holding N.V.	$63,869
207	Heineken NV	19,084
4,108	ING Groep N.V.	49,949
	TOTAL	150,535
	Norway—6.0%
768	Aker BP ASA	26,794
2,586	Elkem ASA	9,563
4,035	Norsk Hydro ASA	30,447
3,715	Storebrand ASA	33,656
7,354	Var Energi AS	27,135
	TOTAL	127,595
	Singapore—1.5%
5,300	City Developments Ltd.	32,465
	Spain—1.1%
1,244	Iberdrola SA	14,081
502	Red Electrica Corporacion SA	8,822
	TOTAL	22,903
	Sweden—5.0%
1,774	Epiroc AB	34,541
2,014	Husqvarna AB, Class B	15,954
1,239	Svenska Cellulosa AB SCA, Class B	16,967
2,026	Volvo AB, Class B	37,668
	TOTAL	105,130
	Switzerland—6.5%
55	Lonza Group AG	29,069
507	Nestle S.A.	60,333
102	Zurich Insurance Group AG	49,393
	TOTAL	138,795
	United Kingdom—7.0%
356	AstraZeneca PLC	48,172
7,506	M&G PLC	17,586
2,331	Smith & Nephew PLC	30,508
4,800	Tate & Lyle PLC	42,773
8,573	Vodafone Group PLC	9,526
	TOTAL	148,565

Annual Shareholder Report

Shares		Value in U.S. Dollars
	COMMON STOCKS—continued
	United States—2.1%
139	Roche Holding AG	$45,180
	TOTAL COMMON STOCKS (IDENTIFIED COST $1,695,082)	2,045,411
	TOTAL INVESTMENT IN SECURITIES—96.4% (IDENTIFIED COST $1,695,082)2	2,045,411
	OTHER ASSETS AND LIABILITIES - NET—3.6%3	75,496
	TOTAL NET ASSETS—100%	$2,120,907

Non-income-producing security.

The cost of investments for federal tax purposes amounts to $1,889,314.

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 November 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 November 30, 2022, all investments of the Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,			Period Ended 11/30/20191
	2022	2021	2020	Period Ended 11/30/20191
Net Asset Value, Beginning of Period	$12.88	$11.57	$10.29	$10.00
Income From Investment Operations:
Net investment income	0.342	0.24	0.13	0.02
Net realized and unrealized gain (loss)	(2.73)	1.23	1.18	0.27
TOTAL FROM INVESTMENT OPERATIONS	(2.39)	1.47	1.31	0.29
Less Distributions:
Distributions from net investment income	(0.29)	(0.16)	(0.03)	—
Distributions from net realized gain	(0.23)	—	—	—
TOTAL DISTRIBUTIONS	(0.52)	(0.16)	(0.03)	—
Net Asset Value, End of Period	$9.97	$12.88	$11.57	$10.29
Total Return3	(19.50)%	12.77%	12.72%	2.90%
Ratios to Average Net Assets:
Net expenses4	0.74%	0.74%5	0.74%5	0.74%6
Net investment income	2.97%	1.78%	1.75%	1.01%6
Expense waiver/reimbursement7	1.75%	1.22%	2.89%	18.65%6
Supplemental Data:
Net assets, end of period (000 omitted)	$2,121	$24,610	$21,504	$2,573
Portfolio turnover8	20%	19%	48%	1%

Reflects operations for the period from September 19, 2019 (commencement of operations) to November 30, 2019.

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.

The net expense ratio is calculated without reduction for fees paid indirectly for expense offset arrangements. The net expense ratios are 0.74% and 0.74% for the years ended November 30, 2021 and 2020 after taking into account these expense reductions.

Computed on an annualized basis.

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

Financial Highlights–Class R6 Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended 11/30/2022	Period Ended 11/30/20211
Net Asset Value, Beginning of Period	$12.88	$13.42
Income From Investment Operations:
Net investment income	0.462	0.09
Net realized and unrealized gain (loss)	(2.86)	(0.63)
TOTAL FROM INVESTMENT OPERATIONS	(2.40)	(0.54)
Less Distributions:
Distributions from net investment income	(0.28)	—
Distributions from net realized gain	(0.23)	—
TOTAL DISTRIBUTIONS	(0.51)	—
Net Asset Value, End of Period	$9.97	$12.88
Total Return3	(19.51)%	(4.02)%
Ratios to Average Net Assets:
Net expenses4	0.73%	0.68%5,6
Net investment income	4.16%	1.31%5
Expense waiver/reimbursement7	0.79%	0.10%5
Supplemental Data:
Net assets, end of period	$08	$08
Portfolio turnover9	20%	19%10

Reflects operations for the period from June 11, 2021 (commencement of operations) to November 30, 2021.

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 is 0.68% for the period ended November 30, 2021, after taking into account this expense reduction.

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 November 30, 2021.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities
November 30, 2022

Assets:
Investment in securities, at value (identified cost $1,695,082)		$2,045,411
Cash		127,113
Cash denominated in foreign currencies (identified cost $5,460)		5,475
Income receivable		93,733
TOTAL ASSETS		2,271,732
Liabilities:
Payable for portfolio accounting fees	$77,994
Payable for auditing fees	29,240
Payable for custodian fees	23,278
Payable for share registration costs	9,068
Payable for insurance premiums	4,674
Payable to investment adviser (Note 5)	2,191
Payable for administrative fee (Note 5)	134
Accrued expenses (Note 5)	4,246
TOTAL LIABILITIES		150,825
Net assets for 212,722 shares outstanding		$2,120,907
Net Assets Consists of:
Paid-in capital		$2,771,295
Total distributable earnings (loss)		(650,388)
TOTAL NET ASSETS		$2,120,907
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
Net asset value per share ($2,120,832 ÷ 212,715 shares outstanding) no par value, unlimited shares authorized		$9.97
Class R6 Shares:
Net asset value per share ($75 ÷ 7* shares outstanding) no par value, unlimited shares authorized		$9.97

Net Asset Value per Share and Shares outstanding round to the nearest whole total.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations
Year Ended November 30, 2022

Investment Income:
Dividends (net of foreign tax withheld of $72,918)			$648,258
Expenses:
Investment adviser fee (Note 5)		$122,568
Administrative fee (Note 5)		14,743
Custodian fees		37,433
Transfer agent fees		5,064
Directors’/Trustees’ fees (Note 5)		679
Auditing fees		40,068
Legal fees		8,434
Portfolio accounting fees		135,205
Share registration costs		35,951
Printing and postage		18,889
Miscellaneous (Note 5)		16,306
TOTAL EXPENSES		435,340
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(122,568)
Reimbursement of other operating expenses (Note 5)	(184,020)
TOTAL WAIVER AND REIMBURSEMENT		(306,588)
Net expenses			128,752
Net investment income			519,506
Realized and Unrealized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments and foreign currency transactions			(790,048)
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency			(4,857,008)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(5,647,056)
Change in net assets resulting from operations			$(5,127,550)

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended November 30	2022	2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$519,506	$440,622
Net realized gain (loss)	(790,048)	668,923
Net change in unrealized appreciation/depreciation	(4,857,008)	1,651,040
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	(5,127,550)	2,760,585
Distributions to Shareholders:
Institutional Shares	(981,829)	(289,525)
Class R6 Shares	(4)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(981,833)	(289,525)
Share Transactions:
Proceeds from sale of shares	1,754,328	2,229,447
Net asset value of shares issued to shareholders in payment of distributions declared	86,876	25,630
Cost of shares redeemed	(18,221,243)	(1,619,522)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(16,380,039)	635,555
Change in net assets	(22,489,422)	3,106,615
Net Assets:
Beginning of period	24,610,329	21,503,714
End of period	$2,120,907	$24,610,329

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

November 30, 2022

1. ORGANIZATION

Federated Hermes Adviser Series (the “Trust”) was established as a Delaware statutory trust on July 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 13 portfolios. The financial statements included herein are only those of the Federated Hermes International Developed 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 two classes of shares: Institutional Shares and Class R6 Shares. Class R6 Shares commenced operations on June 11, 2021. Class A Shares and Class C Shares are effective with the Securities and Exchange Commission (SEC), but are not yet offered for sale. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide long-term capital appreciation.

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 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

Fair Valuation and Significant Events Procedures

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.

Annual Shareholder Report

◾ 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;

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. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of 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 $306,588 is disclosed in 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.

Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Foreign Currency Translation

Other

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended November 30	2022		2021
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	160,004	$1,754,328	176,852	$2,229,347
Shares issued to shareholders in payment of distributions declared	6,719	86,876	2,125	25,630
Shares redeemed	(1,864,425)	(18,221,243)	(126,992)	(1,619,522)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(1,697,702)	$(16,380,039)	51,985	$635,455

	Year Ended 11/30/2022		Period Ended 11/30/20211
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	(1,697,702)	$(16,380,039)	51,992	$635,555

Reflects operations for the period from June 11, 2021 (commencement of operations) to November 30, 2021.

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2022 and 2021, was as follows:

	2022	2021
Ordinary income1	$796,869	$289,525
Long-term capital gains	$184,964	$—

For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of November 30, 2022, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income2	$574,870
Net unrealized appreciation	$153,375
Capital loss carryforwards	$(1,378,633)
TOTAL	$(650,388)

For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

At November 30, 2022, the cost of investments for federal tax purposes was $1,889,314. The net unrealized appreciation of investments for federal tax purposes was $156,097. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $239,646 and net unrealized depreciation from investments for those securities having an excess of cost over value of $83,549. The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to the deferral of losses on wash sales, spinoff dividends and passive foreign investment companies.

As of November 30, 2022, the Fund had a capital loss carryforward of $1,378,633 which will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code of 1986, 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
$685,244	$693,389	$1,378,633

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 0.70% 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 November 30, 2022, the Adviser voluntarily waived its fee of $122,568 and voluntarily reimbursed $184,020 of other operating expenses.

Some or all 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 0.45% of the daily net assets of the Fund which it advises. 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 year ended November 30, 2022, the Sub-Adviser waived all of its fee.

Annual Shareholder Report

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.

Expense Limitation

The Adviser and certain of its affiliates (which may include FAS) 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, tax reclaim recovery expenses, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Institutional Shares and Class R6 Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.74% and 0.73% (the “Fee Limit”) respectively, up to but not including the later of (the “Termination Date”): (a) February 1, 2024; 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

Affiliated Shares of Beneficial Interest

As of November 30, 2022, a majority of the shares of beneficial interest outstanding areowned by an affiliate of the Adviser.

Annual Shareholder Report

6. Investment TRANSACTIONS

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

Purchases	$3,402,627
Sales	$20,150,663

7. CONCENTRATION OF RISK

The Fund invests in securities of non-U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

8. LINE OF CREDIT

9. INTERFUND LENDING

10. INDEMNIFICATIONS

Annual Shareholder Report

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

12. FEDERAL TAX INFORMATION (UNAUDITED).

For the year ended November 30, 2022, 76.85% of total ordinary income (including short-term capital gain) 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. For the year ended November 30, 2022, the amount of long-term capital gains designated by the fund was $184,964.

If the Fund meets the requirements of Section 853 of the Code, the Fund will pass through to its shareholders credits for foreign taxes paid. For the fiscal year ended November 30, 2022, the Fund derived $783,400 of gross income from foreign sources and paid foreign taxes of $72,918.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Federated Hermes Adviser Series and THE Shareholders of Federated Hermes International Developed Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Hermes International Developed Equity Fund (the Fund), a portfolio of Federated Hermes Adviser Series, including the portfolio of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the three-year period then ended and the period from September 19, 2019 to November 30, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended and the period from September 19, 2019 to November 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Annual Shareholder Report

We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.

Boston, Massachusetts
January 23, 2023

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 6/1/2022	Ending Account Value 11/30/2022	Expenses Paid During Period1
Actual:
Institutional Shares	$1,000.00	$863.20	$3.46
Class R6 Shares	$1,000.00	$863.20	$3.64
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000.00	$1,021.36	$3.75
Class R6 Shares	$1,000.00	$1,021.16	$3.95

Institutional Shares	0.74%
Class R6 Shares	0.78%

Annual Shareholder Report

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, 2022, the Trust comprised 13 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.