Shareholder Report
Jun. 30, 2026
USD ($)
Holding
This report describes planned changes made to the Fund since the beginning of the reporting period.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $91 | 0.83% |
Management's Discussion of Fund Performance
The following discussion compares the performance of the Fund to the Russell 2500 Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the Russell 3000 Index, a required broad-based index which represents approximately 98% of investable U.S. equities by market capitalization. The Fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity and/or equity-related securities of small-cap and mid-cap companies.
Top Contributors to Performance
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Stock selection in the Energy sector positively affected Fund relative performance.
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By sector, overweight positions in Information Technology, underweight positions in Consumer Staples and zero-weight in Real Estate aided performance.
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Top individual outperforming holdings included Teradyne, nVent Electric and Entegris.
Top Detractors from Performance
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Stock selection in the Information Technology, Health Care and Industrial sectors detracted the most from Fund relative performance.
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By sector, cash allocation, underweight allocation in Energy and overweight allocation in Materials detracted from performance.
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Top individual detracting holdings included Axon Enterprise, SanDisk and Guidewire.
Fund Performance
Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance: July 6, 2020 through June 30, 2026
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception | |
| Institutional Shares1 | 18.45% | 7.66% | 13.44% |
| Russell 3000 Index | 22.81% | 12.30% | 16.91% |
| Russell 2500 Index | 36.72% | 8.30% | 15.35% |
| Morningstar US Mid-Cap Blend Funds Average | 23.00% | 8.61% | 14.63% |
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1
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Commenced operations on July 6, 2020.
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Visit FederatedHermes.com/us/FundInformation and click on the link to your fund and share class for more recent performance information.
Key Fund Statistics
| Net Assets | $5,460,821 |
| Number of Investments | 60 |
| Portfolio Turnover | 65% |
| Total Advisory Fees Paid | $0 |
Fund Holdings
Top Sectors
(% of Net Assets)
(% of Net Assets)
Material Fund Changes
Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.
On July 16, 2026, the Board of Trustees of Federated Hermes Adviser Series approved a Plan of Liquidation for the Fund pursuant to which the Fund will be liquidated on or about August 26, 2026.
Effective August 31, 2026, the Fund’s non-fundamental 80% investment policy will change to the following: Under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) are invested in U.S. equity securities of small- to mid-capitalization (SMID) companies.
Effective August 31, 2026, the Fund’s non-fundamental 80% investment policy will change to the following: Under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) are invested in U.S. equity securities of small- to mid-capitalization (SMID) companies.
Following is a summary of material changes planned for the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/us/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.