Summary Prospectus by Investment Company (Form 497K)

Important Notice Regarding Change in

Investment Policy

Federated Hermes MDT Large Cap Value Fund

A Portfolio of Federated Hermes Adviser Series

CLASS A SHARES (FSTRX)
CLASS C SHARES (QCLVX)
CLASS R SHARES (QRLVX]
INSTITUTIONAL SHARES (FMSTX)
SERVICE SHARES (FSTKX)
R6 SHARES (FSTLX)

SUPPLEMENT TO CURRENT SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION

The Board of Trustees of Federated Hermes Adviser Series has approved a change in non-fundamental investment policy for the Federated Hermes MDT Large Cap Value Fund (the "Fund") in connection with amendments adopted by the Securities and Exchange Commission (the "SEC") to Rule 35d-1 (the "Rule") under the Investment Company Act of 1940, as amended. The change in policy will become effective concurrent with the effective date of the Fund's next registration statement, which is anticipated to be December 29, 2026, unless the SEC postpones, delays, reconsiders or repeals the amendments to the Rule in which case shareholders will be further notified (the "Effective Date"). The change in policy is not expected to result in any changes to the investment process used in managing the Fund and is being made to comply with the requirements of the amendments to the Rule.

On the Effective Date, please make the following changes:

1. Under "Fund Summary Information" in the section "What are the Fund's Main Investment Strategies?" and in the Prospectus section "What are the Fund's Investment Strategies?" please delete the following disclosure in its entirety:

"The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in large-cap investments. Such large-cap investments will be comprised primarily of common stocks."

and replace it with:

"Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in large-cap value investments. For purposes of this policy, large-cap investments will be defined as companies with market capitalizations within the range of companies in the Russell 1000® Index, and value investments will be defined as companies with value characteristics that meet the applicable parameters for inclusion in the Russell 3000® Value Index."

2. Under the Statement of Additional Information section "Investment Objective and Investment Limitations" under "Non-Fundamental Names Rule Policy," please delete the following disclosure in its entirety:

"The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in large-cap investments. Such large-cap investments will be comprised primarily of common stocks."

and replace it with:

"Under normal circumstances, the Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in large-cap value investments. For purposes of this policy, large-cap investments will be defined as companies with market capitalizations within the range of companies in the Russell 1000® Index, and value investments will be defined as companies with value characteristics that meet the applicable parameters for inclusion in the Russell 3000® Value Index."June 16, 2026

    

Federated Hermes MDT Large Cap Value Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Contact us at FederatedHermes.com/us
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Q457257 (6/26)

© 2026 Federated Hermes, Inc.