This brochure explains Federated Advisory Services Company’s advisory business, and provides important information about us and, in certain cases, our affiliates and related persons. As used within this section, “we” shall refer to Federated Advisory Services Company, our affiliates and/or our related persons, as appropriate. Additional information about us, any investment adviser representatives that we may have, and our affiliates that are domestic registered investment advisers (together with us, each, as applicable, an Advisory Company and, collectively, as applicable, the Advisory Companies) also is available via the SEC’s website at www.adviserinfo.sec.gov. Available Form ADV, Part 2A, brochures for the following Federated Advisory Companies also may be obtained free of charge from our website (FederatedHermes.com): Federated Investment Counseling; Federated MDTA LLC (including its MDT Advisers division); and Federated Global Investment Management Corp. A. How We are Organized We organized as a Delaware statutory trust on October 22, 2003. We first registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the Advisers Act), on November 28, 2003. B. Our Ownership Structure We are an indirect, wholly-owned subsidiary of Federated Hermes, Inc. (Federated Hermes). Federated Hermes is organized as a Pennsylvania corporation and is a publicly owned company (Ticker Symbol: FHI). Federated Hermes owns 100% of the outstanding voting securities of FII Holdings, Inc., a Delaware corporation. FII Holdings owns 100% of the outstanding voting securities of Federated Advisory Services Company. Federated Hermes, a public company, has shares of both Class A Common Stock and Class B Common Stock. The Class B Common Stock is listed on the New York Stock Exchange (NYSE). Except under certain limited circumstances, the entire voting power of Federated Hermes is vested in the holder of the outstanding shares of the Class A Common Stock. All of the outstanding shares of Class A Common Stock are held by a Voting Shares Irrevocable Trust, dated May 31, 1989 (the Voting Trust), the three trustees of which are Federated Hermes’s President and Chief Executive Officer and Chairman of its Board of Directors, Mr. J. Christopher Donahue, his brother, Thomas R. Donahue, Federated Hermes’s Vice President, Treasurer and Chief Financial Officer and a director, and Ann C. Donahue, the wife of Mr. J. Christopher Donahue, for the benefit of the members of the Donahue family. Federated Hermes owns a number of domestic and foreign advisory subsidiaries that are under common control with, and affiliates of, Federated Advisory Services Company. Federated Hermes Limited (FHL), a wholly-owned subsidiary of Federated Hermes based in the United Kingdom, wholly-owns registered investment adviser subsidiaries, including Hermes Investment Management Limited (such investment adviser subsidiaries, the FHL Advisory Companies), as well as, among others, Hermes Equity Ownership Services (EOS), an entity that provides stewardship services, including engagement on environmental, social, corporate governance, strategic and financial matters, and research services. EOS is discussed further in Item 10. Although the FHL Advisory Companies are under common control with, and affiliates of, Federated Advisory Services Company and the other Advisory Companies (together with us, each, as applicable, a Federated Advisory Company and, collectively, as applicable, the Federated Advisory Companies), the disclosure and discussion of the policies and practices of the Federated Advisory Companies herein does not include the FHL Advisory Companies, except where specifically noted, as the FHL Advisory Companies generally operate their investment management and trading functions independently, and will have no material effect on the advisory activities of the Federated Advisory Companies. However, Federated Investment Counseling or other Federated Advisory Companies will provide coordination and oversight of the investment management activities of the FHL Advisory Companies when the FHL Advisory Companies act in a subadvisory capacity for clients of the Federated Advisory Companies, and will share certain internally-generated research with the FHL Advisory Companies and EOS, subject to the information barriers described below. As discussed under “Conflicts of Interest Relating to Information Sharing Among Affiliates” in Item 6, information barriers have been implemented among the Advisory Companies and EOS to prevent the exchange of material non-public information among the Federated Advisory Companies, EOS, and the FHL Advisory Companies, and which requires that all investment-related activities, including trading activity and the allocation and aggregation of trades, of the Federated Advisory Companies are operated independent of, and are not integrated with, the investment related activities of the FHL Advisory Companies. (Please refer to “Other Financial Industry Activities and Affiliations” in Item 10 of this brochure for further information.) The Federated Advisory Companies collectively provide advisory services to a variety of separately managed accounts or wrap fee accounts (Managed Accounts), institutional, or high net worth individual, separate accounts (Separate Accounts), registered investment companies, including exchange-traded funds (ETFs) and mutual funds (collectively, Investment Companies), investment companies that are registered under the Investment Company Act (as defined below) that offer shares that are not registered under the 1933 Act (as defined below) (Private Investment Companies), other pooled investment vehicles (Pooled Investment Vehicles), and proprietary

accounts and funds (Proprietary Accounts). Federated Hermes also owns other companies, both in the United States and in certain other countries, such as broker/dealers, investment advisers, management companies, commodity pool operators, and trust companies. C. Our Services Federated Advisory Services Company provides services exclusively to related persons that are investment advisers (i.e., certain of the other Federated Advisory Companies). (Please refer to “Types of Clients” in Item 7 of this brochure for information on the Federated Advisory Companies that are our clients.) Our services vary depending upon whether a Federated Advisory Company manages equity or fixed income assets. We provide the following advisory services: Equity Trading and Transaction Settlement The equity trading desks execute buy and sell orders based on instructions provided by portfolio managers. The trading staff either places orders electronically or contacts brokers to place orders, find liquidity and seek price levels. Upon completion of a transaction, the transaction settlement group works with the broker and the account custodian to ensure timely and accurate exchange of securities and monies. Fundamental Analysis The equity investment analysts perform independent research and analysis including review of published reports, interviews of company management, on-site observation of company operations, and the use of various financial models. In addition, analysts read trade journals, attend industry conferences, and focus on trends within the industry. Finally, they perform macroeconomics and other market based research. This analysis factors into buy/sell decisions in client portfolios. Quantitative Analysis Quantitative analysts develop and apply financial models designed to enable equity portfolio managers and fundamental analysts to screen potential and current investments, assess relative risk and enhance performance relative to benchmarks and peers, identify attractive sector and countries for investment, and other similar variables. Federated Advisory Services Company also may provide the following services which we do not consider to be advisory services: Performance Attribution Performance attribution enables portfolio managers and senior management to identify the specific drivers behind each portfolio’s performance. Performance attribution analysts are responsible for data integrity, creation of attribution reports and maintenance of attribution models. Administration and Risk Management Employees of Federated Advisory Services Company provide support to portfolio managers and other employees of certain affiliated advisers. Such services may include development of risk management programs, production of portfolio and compliance reports for clients and/or fund Boards, coordination of client portfolios and related fixed income trade execution implementation and administration, completion of required broker and custody documentation, development and documentation of operational procedures, coordination of proxy voting activities, on-site support of hardware and software, etc. Federated Advisory Services Company also provides certain back-office, administrative, and other services to Federated Investment Counseling, Federated MDTA LLC and Federated Global Investment Corp. in support of their Managed Account and Model Portfolio Management businesses. Our services are not limited to certain types of investments, except that we do not provide advice with respect to any commodity, futures contract, other derivative or instrument or investment that could be deemed to be a commodity or commodity interest. The services that we provide to certain of the other Federated Advisory Companies may be tailored to their individual needs based on objectives, policies, risk tolerances, financial condition, restrictions and other relevant factors. We do not provide traditional investment supervisory services or model portfolio management services to any client. We also do not participate as a portfolio manager in wrap fee (or Managed Account) programs. We provide our services to other Federated Advisory Companies that provide (on either a discretionary or non-discretionary basis) traditional investment supervisory services and model portfolio management services, and that serve as portfolio managers in wrap fee or Managed Account programs. We do not have any assets under management. (Please refer to “Requirements for Services” in Item 7 of this brochure for information on the requirements to receive our services.) D. Our Use of “Shared Personnel” and Third-Party Service Providers Federated Advisory Services Company shares certain directors/trustees and officers with the other Advisory Companies. We also may share certain supervised persons with certain other Federated Advisory Companies. To the extent an officer or supervised person is shared among Advisory Companies, the officer or supervised person will be subject to such Advisory Companies’ policies and procedures, to the extent applicable. In connection with providing our services, certain service providers, such as providers of proxy voting services (collectively, Service Providers), have been engaged to perform services on our behalf. These Service Providers may or may not be affiliated with us. In cases where Service Providers have been engaged, we may disclose confidential information, including non-public personal information about clients and the clients of the other Federated Advisory Companies, to these Service Providers for the purpose of processing transactions for and servicing accounts or investment products. We will typically only make such disclosure when the Service Provider is subject to contractual or other obligations not to misuse or publicly disclose this information.