Form NPORT-P Federated Hermes Adviser For: Mar 31

May 25, 2022 11:42 AM EDT

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      Federated Hermes Adviser Series
      811-23259
      0001707560
      2549001OZ5PPTI84LJ34
      Federated Hermes Funds
      4000 Ericsson Drive
      Warrendale
      
      15086-7561
      8003417400
      Federated Hermes U.S. SMID Fund
      S000068640
      254900BRII365YCAVZ24
      2022-06-30
      2022-03-31
      N
    
    
      3765756.430000000000
      70778.480000000000
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      67591.960000000000
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        PTC Inc
        54930050SSMU8SKDJ030
        PTC Inc
        69370C100
        
          
          
        
        412
        NS
        USD
        44380.64
        1.2011070323
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        A O Smith Corp
        549300XG4US7UJNECY36
        AO Smith Corp
        831865209
        
          
          
          
        
        1228
        NS
        USD
        78456.92
        2.1233393287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ABIOMED Inc
        5493001EZN4ZTB4Z5887
        ABIOMED Inc
        003654100
        
          
          
        
        145
        NS
        USD
        48029.8
        1.2998670263
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Webster Financial Corp
        KMRURHT0VWKYS6Z5KU67
        Webster Financial Corp
        947890109
        
          
          
        
        1707
        NS
        USD
        95796.84
        2.5926227787
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Woodward Inc
        YPYKXXTR8TFDH54ZMB45
        Woodward Inc
        980745103
        
          
          
        
        847
        NS
        USD
        105798.77
        2.8633126214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altair Engineering Inc
        549300FJ89HZ6GU9S994
        Altair Engineering Inc
        021369103
        
          
          
        
        1074
        NS
        USD
        69165.6
        1.8718812652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Bank System Inc
        5299008N6YHE6GCP1E80
        Community Bank System Inc
        203607106
        
          
          
        
        717
        NS
        USD
        50297.55
        1.3612408702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RPM International Inc
        549300TJCKW4BRXPJ474
        RPM International Inc
        749685103
        
          
          
        
        768
        NS
        USD
        62545.92
        1.6927278281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wintrust Financial Corp
        Q774KI4AW80FHFW33O61
        Wintrust Financial Corp
        97650W108
        
          
          
        
        1151
        NS
        USD
        106962.43
        2.8948056375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        White Mountains Insurance Grou
        549300N3FL068JERBG02
        White Mountains Insurance Group Ltd
        000000000
        
          
          
        
        47
        NS
        USD
        53403.28
        1.4452936045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cargurus Inc
        54930027BKQN6B7X7G78
        Cargurus Inc
        141788109
        
          
          
        
        1783
        NS
        USD
        75706.18
        2.0488939589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMN Healthcare Services Inc
        529900W3ARRTCNFH2I39
        AMN Healthcare Services Inc
        001744101
        
          
          
        
        1127
        NS
        USD
        117579.91
        3.1821545782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LKQ Corp
        DS830JTTZQN6GK0I2E41
        LKQ Corp
        501889208
        
          
          
        
        2069
        NS
        USD
        93953.29
        2.5427293822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LivaNova PLC
        2138001K2FX6SHK2B339
        LivaNova PLC
        000000000
        
          
          
          
        
        634
        NS
        USD
        51880.22
        1.4040738728
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        STERIS PLC
        N/A
        STERIS PLC
        000000000
        
          
          
        
        320
        NS
        USD
        77366.4
        2.0938257561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PulteGroup Inc
        N/A
        PulteGroup Inc
        745867101
        
          
          
        
        1286
        NS
        USD
        53883.4
        1.4582874574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Littelfuse Inc
        549300MY7HLQFYTPCX75
        Littelfuse Inc
        537008104
        
          
          
        
        153
        NS
        USD
        38159.73
        1.0327458111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fair Isaac Corp
        RI6HET5SJUEY30V1PS26
        Fair Isaac Corp
        303250104
        
          
          
        
        106
        NS
        USD
        49444.76
        1.3381611655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        Martin Marietta Materials Inc
        573284106
        
          
          
        
        175
        NS
        USD
        67355.75
        1.8228999174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Sportswear Co
        549300OTMCIEUXAH5Z60
        Columbia Sportswear Co
        198516106
        
          
          
        
        494
        NS
        USD
        44721.82
        1.2103406463
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gartner Inc
        PP55B5R38BFB8O8HH686
        Gartner Inc
        366651107
        
          
          
        
        381
        NS
        USD
        113332.26
        3.0671971940
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        Brown & Brown Inc
        115236101
        
          
          
        
        1291
        NS
        USD
        93300.57
        2.5250643241
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nVent Electric PLC
        N/A
        nVent Electric PLC
        000000000
        
          
          
          
        
        1213
        NS
        USD
        42188.14
        1.1417697364
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chart Industries Inc
        EM7QGKC1GYOF3LSZSL80
        Chart Industries Inc
        16115Q308
        
          
          
        
        720
        NS
        USD
        123674.4
        3.3470943988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teradyne Inc
        C3X4YJ278QNZHRJULN75
        Teradyne Inc
        880770102
        
          
          
        
        642
        NS
        USD
        75903.66
        2.0542385104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICU Medical Inc
        5493003NRW7LS2QZRH60
        ICU Medical Inc
        44930G107
        
          
          
        
        351
        NS
        USD
        78146.64
        2.1149419850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simpson Manufacturing Co Inc
        529900EJUNNL15LZ8056
        Simpson Manufacturing Co Inc
        829073105
        
          
          
        
        510
        NS
        USD
        55610.4
        1.5050265726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Service Corp International/US
        549300RKVM2ME20JHZ15
        Service Corp International/US
        817565104
        
          
          
        
        1591
        NS
        USD
        104719.62
        2.8341067637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palomar Holdings Inc
        549300DOI1MUW11BLX74
        Palomar Holdings Inc
        69753M105
        
          
          
        
        862
        NS
        USD
        55159.38
        1.4928202752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Timken Co/The
        B0I35MLPFXZSE70ASS73
        Timken Co/The
        887389104
        
          
          
        
        617
        NS
        USD
        37451.9
        1.0135892692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terminix Global Holdings Inc
        549300GS10644JGL8R77
        Terminix Global Holdings Inc
        88087E100
        
          
          
        
        1194
        NS
        USD
        54482.22
        1.4744937788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clean Harbors Inc
        5493000SJVZVZJKHJF48
        CLEAN HARBORS INC
        184496107
        
          
          
        
        760
        NS
        USD
        84846.4
        2.2962626881
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Integrations Inc
        54930085LGXSCIHD5W31
        Power Integrations Inc
        739276103
        
          
          
        
        951
        NS
        USD
        88138.68
        2.3853641671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        National Instruments Corp
        636518102
        
          
          
          
        
        1095
        NS
        USD
        44446.05
        1.2028772729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lazard Ltd
        254900RIBCDJSUFG1A11
        Lazard Ltd
        000000000
        
          
          
        
        1435
        NS
        USD
        49507.5
        1.3398591458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Materials Inc
        529900KRXRGXL61SG039
        EAGLE MATERIALS INC
        26969P108
        
          
          
        
        619
        NS
        USD
        79454.84
        2.1503467971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack Henry & Associates Inc
        529900X1QS8C54W0JB21
        Jack Henry & Associates Inc
        426281101
        
          
          
        
        160
        NS
        USD
        31528
        0.8532662556
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NVR Inc
        529900RWXR4JI3JYTV70
        NVR Inc
        62944T105
        
          
          
        
        17
        NS
        USD
        75943.59
        2.0553191664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reinsurance Group of America I
        LORM1GNEU1DKEW527V90
        Reinsurance Group of America Inc
        759351604
        
          
          
        
        459
        NS
        USD
        50242.14
        1.3597412672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silicon Laboratories Inc
        4PRDF8Q9TDHRVZKZSZ47
        Silicon Laboratories Inc
        826919102
        
          
          
        
        527
        NS
        USD
        79155.4
        2.1422428245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        Alleghany Corp
        017175100
        
          
          
        
        108
        NS
        USD
        91476
        2.4756845978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Maximus Inc
        549300DQCDS8HJ7QF202
        MAXIMUS Inc
        577933104
        
          
          
        
        554
        NS
        USD
        41522.3
        1.1237496018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Rad Laboratories Inc
        549300ZC1GPV35XYDK53
        BIO-RAD LABORATORIES-A
        090572207
        
          
          
          
        
        99
        NS
        USD
        55759.77
        1.5090690866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axon Enterprise Inc
        549300QP2IEEGFE16681
        Axon Enterprise Inc
        05464C101
        
          
          
        
        628
        NS
        USD
        86494.44
        2.3408648487
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brunswick Corp/DE
        YM4O38W15AX4YLLQKU27
        Brunswick Corp/DE
        117043109
        
          
          
        
        967
        NS
        USD
        78220.63
        2.1169444326
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEX Inc
        T9M5IGROL1TL1G5OV478
        WEX Inc
        96208T104
        
          
          
        
        610
        NS
        USD
        108854.5
        2.9460121677
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vericel Corp
        54930076YM3PLTDR4B91
        Vericel Corp
        92346J108
        
          
          
        
        1582
        NS
        USD
        60464.04
        1.6363843254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Azenta Inc
        35ZN6X1ANPH25YN32Y17
        Azenta Inc
        114340102
        
          
          
        
        880
        NS
        USD
        72934.4
        1.9738791675
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognex Corp
        549300JQTYZCLC43S226
        Cognex Corp
        192422103
        
          
          
        
        646
        NS
        USD
        49838.9
        1.3488280762
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortune Brands Home & Security
        54930032LHW54PQUJD44
        Fortune Brands Home & Security Inc
        34964C106
        
          
          
        
        948
        NS
        USD
        70417.44
        1.9057607637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AptarGroup Inc
        VNPEQDQFAA7IY1T2PX43
        AptarGroup Inc
        038336103
        
          
          
        
        651
        NS
        USD
        76492.5
        2.0701747354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PerkinElmer Inc
        549300IKL1SDPFI7N655
        PerkinElmer Inc
        714046109
        
          
          
        
        590
        NS
        USD
        102931.4
        2.7857108051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-25
      Federated Hermes Adviser Series
      Stephen Van Meter
      Federated Hermes Adviser Series
      Chief Compliance Officer
    
  
  XXXX



Federated Hermes U.S. SMID Fund
Portfolio of Investments
March 31, 2022 (unaudited)
Shares
 
 
Value
 
 
COMMON STOCKS—100.1%
 
 
 
Communication Services—2.1%
 
1,783
1
CarGurus, Inc.
$75,706
 
 
Consumer Discretionary—13.7%
 
967
 
Brunswick Corp.
78,221
494
 
Columbia Sportswear Co.
44,722
2,069
 
LKQ Corp.
93,953
17
1
NVR, Inc.
75,943
1,286
 
Pulte Group, Inc.
53,883
1,591
 
Service Corp. International
104,720
1,194
1
Terminix Global Holdings, Inc.
54,482
 
 
TOTAL
505,924
 
 
Financials—17.5%
 
108
1
Alleghany Corp.
91,476
1,291
 
Brown & Brown
93,301
717
 
Community Bank System, Inc.
50,298
1,435
 
Lazard Ltd., Class A
49,508
862
1
Palomar Holdings, Inc.
55,159
459
 
Reinsurance Group of America
50,242
1,707
 
Webster Financial Corp. Waterbury
95,797
47
 
White Mountains Insurance Group, Inc.
53,403
1,151
 
Wintrust Financial Corp.
106,962
 
 
TOTAL
646,146
 
 
Health Care—18.0%
 
145
1
Abiomed, Inc.
48,030
1,127
1
AMN Healthcare Services, Inc.
117,580
880
 
Azenta, Inc.
72,934
99
1
Bio-Rad Laboratories, Inc., Class A
55,760
351
1
ICU Medical, Inc.
78,147
634
1
Livanova PLC
51,880
590
 
PerkinElmer, Inc.
102,932
320
 
STERIS PLC
77,366
1,582
1
Vericel Corp
60,464
 
 
TOTAL
665,093
 
 
Industrials—18.5%
 
628
1
Axon Enterprise, Inc.
86,495
720
1
Chart Industries, Inc.
123,674
760
1
Clean Harbors, Inc.
84,846
948
 
Fortune Brands Home & Security, Inc.
70,418
1,213
 
nVent Electric PLC
42,188
510
 
Simpson Manufacturing Co., Inc.
55,610
1,228
 
Smith (A.O.) Corp.
78,457
617
 
Timken Co.
37,452
847
 
Woodward, Inc.
105,799
 
 
TOTAL
684,939
 
 
Information Technology—22.6%
 
1,074
1
Altair Engineering, Inc.
69,165
646
 
Cognex Corp.
49,839
106
1
Fair Isaac & Co., Inc.
49,445
1

Shares
 
 
Value
 
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
381
1
Gartner, Inc., Class A
$113,332
160
 
Henry Jack & Associates, Inc.
31,528
153
 
Littelfuse, Inc.
38,160
554
 
Maximus, Inc.
41,522
1,095
 
National Instruments Corp.
44,446
951
 
Power Integrations, Inc.
88,139
412
1
PTC, Inc.
44,381
527
1
Silicon Laboratories, Inc.
79,155
642
 
Teradyne, Inc.
75,904
610
1
WEX, Inc.
108,854
 
 
TOTAL
833,870
 
 
Materials—7.7%
 
651
 
Aptargroup, Inc.
76,492
619
 
Eagle Materials, Inc.
79,455
175
 
Martin Marietta Materials
67,356
768
 
RPM International, Inc.
62,546
 
 
TOTAL
285,849
 
 
TOTAL INVESTMENT IN SECURITIES100.1%
(IDENTIFIED COST $2,805,876)
3,697,527
 
 
OTHER ASSETS AND LIABILITIES - NET(0.1)%2
(2,549)
 
 
TOTAL NET ASSETS100%
$3,694,978
1
Non-income-producing security.
2
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2022.
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 the Fund’s Board of Trustees (the “Trustees”).
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 asked quotations.
Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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.
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 Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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.
2

Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Global Investment Management Corp. (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and 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 asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser 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 Trustees have 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 Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1quoted prices in active markets for identical securities.
Level 2other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of March 31, 2022, all investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.
3



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