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You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>This report describes planned changes made to the Fund since the beginning of the reporting period. </b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 91 0.0083 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Energy sector positively affected Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, overweight positions in Information Technology, underweight positions in Consumer Staples and zero-weight in Real Estate aided performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual outperforming holdings included Teradyne, nVent Electric and Entegris.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Detractors from Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Stock selection in the Information Technology, Health Care and Industrial sectors detracted the most from Fund relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">By sector, cash allocation, underweight allocation in Energy and overweight allocation in Materials detracted from performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top individual detracting holdings included Axon Enterprise, SanDisk and Guidewire.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>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.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: July 6, 2020 through June 30, 2026</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_12152395.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> 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. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Russell 2500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">36.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar US Mid-Cap Blend Funds Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">23.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.63<span>%</span></td> </tr> </table><table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; width: 14pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">¹</div> </td> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; vertical-align: top; color: rgb(0, 0, 0); text-align: left; font-size: 7.5pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; margin-bottom: 0px;">Commenced operations on July 6, 2020.</div> </td> </tr> </table> Institutional Shares 0.1845 0.0766 0.1344 Russell 3000 Index 0.2281 0.1230 0.1691 Russell 2500 Index 0.3672 0.0830 0.1535 Morningstar US Mid-Cap Blend Funds Average 0.2300 0.0861 0.1463 2020-07-06 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>5,460,821</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">60</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>0</td> </tr> </table> 5460821 60 0.65 0 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12152390.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt; clear: both;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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 <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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 <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">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.</div> 2026-08-31 Commenced operations on July 6, 2020.