# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-23-017441
**Filing Date:** 2023-3
**Character Count:** 65810
**Document Hash:** f7c1da0b13208e60d397410fdfeafa8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017441.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001145549-23-017441

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 23755195

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 1-800-341-7400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes Adviser Series
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20180820

## Series and Classes Contracts Data

### Federated Hermes MDT Large Cap Value Fund (Series ID: S000058355)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000191475 | Class A Shares       | FSTRX           |
| C000191476 | Class B Shares       | QBLVX           |
| C000191477 | Class C Shares       | QCLVX           |
| C000191478 | Class R Shares       | QRLVX           |
| C000191479 | Class R6 Shares      | FSTLX           |
| C000191480 | Class T Shares       |  |
| C000191481 | Institutional Shares | FMSTX           |
| C000191482 | Service Shares       | FSTKX           |

## Nport-Ex

Federated Hermes MDT Large Cap Value Fund

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—98.2% |  |
|  | **Communication Services—6.4%** |  |
| &nbsp;&nbsp; 1136466<br><sup>1</sup> <br>| Altice USA, Inc. | $5568684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 545040 | AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11102465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 273325 | Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10755339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78187 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10061103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172361<br><sup>1</sup> <br>| Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25676618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78278<br><sup>1</sup> <br>| T-Mobile USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11687688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74851897 |
|  | **Consumer Discretionary—6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 194782<br><sup>1</sup> <br>| Bright Horizons Family Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14955362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229173 | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3096127 |
| &nbsp;&nbsp; 1100564 | Gap (The), Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14934654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294930 | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26514207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 386137 | V.F. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11947079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71447429 |
|  | **Consumer Staples—7.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 177115 | Albertsons Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3754838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70427 | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5834877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121246 | Hershey Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27231852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51845 | Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3555530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 503881 | Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22488209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 168818 | Molson Coors Beverage Company, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8876450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 116311 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19891507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91633263 |
|  | **Energy—8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64937 | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11300337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 170402 | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19768336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 684475 | Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18802528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 246701 | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31706012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54078 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5422401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61055 | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8549532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95549146 |
|  | **Financials—21.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 199096 | American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12586849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5870 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50714<br><sup>1</sup> <br>| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3263446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 590277 | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29850308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283219 | Berkley, W. R. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19864981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15823<br><sup>1</sup> <br>| Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4929181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44804 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5505516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26654 | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6063518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45997 | CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8125830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144860 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6378186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24392 | First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3436345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 157812 | Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12247789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88217 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7052067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58622 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8204735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213299 | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20683604 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 161831 | Popular, Inc. | $11108080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81263 | Progressive Corp., OH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11080210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121611 | Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15681738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84932 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7756840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7377<br><sup>1</sup> <br>| SVB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151728 | The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28998255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 537589 | Virtu Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10380844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212283 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9949704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 247434330 |
|  | **Health Care—16.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39177 | Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9888275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21540<br><sup>1</sup> <br>| Biogen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6265986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 154653 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11235540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69966<br><sup>1</sup> <br>| Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5334208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151005 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13321661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337163 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12417713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 844639<br><sup>1</sup> <br>| Elanco Animal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11596894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11017 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5508390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204180<br><sup>1</sup> <br>| Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12853131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234296 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19666806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24143 | Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12353973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209928 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34306434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14115 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5345068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110037 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11819074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 273567 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12080719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 158310<br><sup>1</sup> <br>| Syneos Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5686495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30960 | Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7536283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 197216650 |
|  | **Industrials—10.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40376 | 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4646470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88342 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12202680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55490 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13999572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58817 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19794 | Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5158712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75708 | Manpower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6598709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112939 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6254562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110158 | Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9248866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151289<br><sup>1</sup> <br>| SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11348188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135717 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12120885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50657 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9073682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282286<br><sup>1</sup> <br>| United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13820723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6668<br><sup>1</sup> <br>| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227171<br><sup>1</sup> <br>| XPO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9055036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 120262625 |
|  | **Information Technology—9.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57326 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12944784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85902 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4180850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88378 | Dell Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3589914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172103<br><sup>1</sup> <br>| DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4944519 |
| &nbsp;&nbsp; 1008116 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16260911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67818<br><sup>1</sup> <br>| IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7602398 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 419393<br><sup>1</sup> <br>| PayPal Holdings, Inc. | $34176336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44987 | Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1749095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37694 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4133901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219810 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5031451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214401<br><sup>1</sup> <br>| Zoom Video Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16080075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 110694234 |
|  | **Materials—3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 219388 | Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13542821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56775 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 244633 | Mosaic Co./The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12119119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169691 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39452527 |
|  | **Real Estate—3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80062 | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12636186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69830 | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20776520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 174543 | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7182444 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40595150 |
|  | **Utilities—4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 350922 | Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14805399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343664 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11760182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121931 | Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9089956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201237 | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18914266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54569803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS<br> (IDENTIFIED COST $990,462,752)<br>| &nbsp;&nbsp; 1143707054 |
|  | INVESTMENT COMPANY—1.8% |  |
| 20781042 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.41%<sup>2</sup> <br> (IDENTIFIED COST $20,776,823)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20781042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.0%<br> (IDENTIFIED COST $1,011,239,575)<br>| &nbsp;&nbsp; 1164488096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.0%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $1164604809 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended January 31, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Federated Hermes**<br> **Government**<br> **Obligations Fund,**<br> **Premier Shares\***<br>| **Federated Hermes** <br> **Institutional**<br> **Prime Value**<br> **Obligations Fund,**<br> **Institutional Shares**<br>| **Total of**<br> **Affiliated**<br> **Transactions**<br>|
| Value as of 10/31/2022 | $1509900 | $21312846 | $22822746 |
| Purchases at Cost | $— | $82346160 | $82346160 |
| Proceeds from Sales | $(1509900) | $(82891554) | $(84401454) |
| Change in Unrealized Appreciation/Depreciation | $— | $4291 | $4291 |
| Net Realized Gain/(Loss) | $— | $9299 | $9299 |
| Value as of 1/31/2023 | $— | $20781042 | $20781042 |
| Shares Held as of 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20781042 | &nbsp;&nbsp; 20781042 |
| Dividend Income | $112 | $210673 | $210785 |

---

\*

*All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.*

*Non-income-producing security.*

*7-day net yield.*

*Assets, other than investments in securities, less liabilities.*

**3**

------

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

**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 Federated MDTA LLC (the "Adviser").

◾ 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 ask quotations.

◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, 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 Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's 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.

**Fair Valuation and Significant Events Procedures**

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's Board of Trustees (the "Trustees") have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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 Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review 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 ask 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 Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee 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.

**4**

------

The Adviser has 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 Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

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 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant 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 January 31, 2023, all investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.

**5**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Adviser Series

- **b. Investment Company Act file number:** 811-23259

- **c. CIK number of Registrant:** 0001707560

- **d. LEI of Registrant:** 2549001OZ5PPTI84LJ34

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes MDT Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000058355

- **c. LEI of Series:** 254900D747Q9QSAREA69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1177332405.70

**Total Liabilities:** $12550450.58

**Net Assets:** $1164781955.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000191475 | 7.10%                | -3.86%               | 6.66%                |
| Class ID C000191476 | 7.00%                | -3.95%               | 6.63%                |
| Class ID C000191477 | 7.01%                | -3.94%               | 6.60%                |
| Class ID C000191478 | 7.02%                | -3.90%               | 6.65%                |
| Class ID C000191479 | 7.08%                | -3.83%               | 6.68%                |
| Class ID C000191481 | 7.09%                | -3.84%               | 6.69%                |
| Class ID C000191482 | 7.08%                | -3.89%               | 6.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1960626.39              | $73830143.46                               |
| Month 2  | $7116774.27              | $-54185887.42                              |
| Month 3  | $13676853.05             | $59084463.81                               |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Newmont Corp                                                | Newmont Corp                                         | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    169691 | NS      | $8981744.63   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                             | Caterpillar Inc                                      | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     55490 | NS      | $13999572.10  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                                        | SPX Technologies Inc                                 | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |    151289 | NS      | $11348187.89  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The                   | Hartford Financial Services Group Inc/The            | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    157812 | NS      | $12247789.32  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                                         | Electronic Arts Inc                                  | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     78187 | NS      | $10061103.16  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                                           | Marathon Oil Corp                                    | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |    684475 | NS      | $18802528.25  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                    | AT&T Inc                                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    545040 | NS      | $11102464.80  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc                               | Robert Half International Inc                        | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |    110158 | NS      | $9248865.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                                  | Pinnacle West Capital Corp                           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |    121931 | NS      | $9089956.05   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                                      | First Republic Bank/CA                               | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |     26846 | NS      | $3782064.48   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                               | Interactive Brokers Group Inc                        | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     88217 | NS      | $7052066.98   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                                | United Airlines Holdings Inc                         | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    275151 | NS      | $13471392.96  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                                                | Teleflex Inc                                         | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     30960 | NS      | $7536283.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                               | Ford Motor Co                                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    229173 | NS      | $3096127.23   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                      | Arch Capital Group Ltd                               | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     50714 | NS      | $3263445.90   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                                  | Pfizer Inc                                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    273567 | NS      | $12080718.72  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                           | State Street Corp                                    | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     84932 | NS      | $7756839.56   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                              | Fortune Brands Home & Security Inc                   | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     58817 | NS      | $3794284.67   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                                | Centene Corp                                         | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     69966 | NS      | $5334207.84   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                                 | PepsiCo Inc                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    116311 | NS      | $19891507.22  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                              | Hershey Co/The                                       | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |    121246 | NS      | $27231851.60  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                     | SBA Communications Corp                              | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |     69830 | NS      | $20776519.90  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                         | JPMorgan Chase & Co                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     58622 | NS      | $8204735.12   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                                        | Progressive Corp/The                                 | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     81263 | NS      | $11080210.05  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                                           | ManpowerGroup Inc                                    | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     75708 | NS      | $6598709.28   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                          | Valero Energy Corp                                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     61055 | NS      | $8549531.65   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                                                 | Gap Inc/The                                          | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |   1100564 | NS      | $14934653.48  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                                | Comcast Corp. Class A                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    273325 | NS      | $10755338.75  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                                                     | VF Corp                                              | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    386137 | NS      | $11947078.78  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                                         | NORTHERN TRUST CORP                                  | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    213299 | NS      | $20683604.03  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                   | Amgen Inc                                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     39177 | NS      | $9888274.80   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                          | United Rentals Inc                                   | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      5859 | NS      | $2583526.05   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                                       | 3M Co                                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     40376 | NS      | $4646470.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                            | Wells Fargo & Co                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    212283 | NS      | $9949704.21   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                           | Cisco Systems Inc                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     85902 | NS      | $4180850.34   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Syneos Health Inc                                           | Syneos Health Inc                                    | CUSIP: 87166B102<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | EC               | CORP              | US        |    158310 | NS      | $5686495.20   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                    | Lennox International Inc                             | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     19794 | NS      | $5158712.28   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                                    | Elanco Animal Health Inc                             | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    844639 | NS      | $11596893.47  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                               | Automatic Data Processing Inc                        | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     57326 | NS      | $12944784.06  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                                      | Berry Global Group Inc                               | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |    219388 | NS      | $13542821.24  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                          | Meta Platforms Inc                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    172361 | NS      | $25676618.17  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                                       | Travelers Cos Inc/The                                | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    153559 | NS      | $29348196.08  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                                  | Biogen Inc                                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     21540 | NS      | $6265986.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                      | Trane Technologies PLC                               | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     50657 | NS      | $9073681.84   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc                                              | Altice USA Inc                                       | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |   1136466 | NS      | $5568683.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                                 | Exelon Corp                                          | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    350922 | NS      | $14805399.18  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                              | Merck & Co Inc                                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    110037 | NS      | $11819074.17  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                               | Zoom Video Communications Inc                        | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    214401 | NS      | $16080075.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                         | SVB Financial Group                                  | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      7377 | NS      | $2231099.88   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                       | Dell Technologies Inc                                | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     88378 | NS      | $3589914.36   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                                    | Molson Coors Brewing Co                              | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |    168818 | NS      | $8876450.44   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                                             | Pegasystems Inc                                      | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     44987 | NS      | $1749094.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                                   | Archer-Daniels-Midland Co                            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     70427 | NS      | $5834876.95   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc                                  | VISHAY INTERTECHNOLOGY INC                           | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    219810 | NS      | $5031450.90   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                               | Mosaic Co/The                                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    244633 | NS      | $12119118.82  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                                     | Extra Space Storage Inc                              | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     80062 | NS      | $12636185.46  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                               | Hewlett Packard Enterprise Co                        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   1008116 | NS      | $16260911.08  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                                      | Skyworks Solutions Inc                               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     37694 | NS      | $4133900.98   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                                | Chevron Corp                                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64937 | NS      | $11300336.74  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                                          | Albertsons Cos Inc                                   | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    177115 | NS      | $3754838.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                                    | PVH Corp                                             | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    294930 | NS      | $26514207.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                                      | Berkshire Hathaway Inc                               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     15823 | NS      | $4929180.96   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                            | Bank of New York Mellon Corp/The                     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    590277 | NS      | $29850307.89  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                                 | Popular Inc                                          | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |    161831 | NS      | $11108079.84  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                            | American International Group Inc                     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    193650 | NS      | $12242553.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                  | Humana Inc                                           | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     24143 | NS      | $12353973.10  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                                  | Stanley Black & Decker Inc                           | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    135717 | NS      | $12120885.27  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                                  | CF Industries Holdings Inc                           | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     56775 | NS      | $4808842.50   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc                        | Bright Horizons Family Solutions Inc                 | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194782 | NS      | $14955361.96  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Institutional Prime Value Obligations Fund | Federated Institutional Prime Value Obligations Fund | CUSIP: 60934N583<br>LEI: 254900OXLDDVEP8MMK94 | Long             | EC               | RF                | US        |  20707093 | NS      | $20707093.16  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                                     | Marathon Petroleum Corp                              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    246701 | NS      | $31706012.52  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                 | Phillips 66                                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     54078 | NS      | $5422401.06   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                         | Elevance Health Inc                                  | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     11017 | NS      | $5508389.83   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                                   | Chubb Ltd                                            | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     26654 | NS      | $6063518.46   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                             | CVS Health Corp                                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    151005 | NS      | $13321661.10  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                         | PayPal Holdings Inc                                  | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    419393 | NS      | $34176335.57  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                                         | DENTSPLY SIRONA Inc                                  | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    337163 | NS      | $12417713.29  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                                     | XPO Logistics Inc                                    | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    227171 | NS      | $9055036.06   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                             | T-MOBILE US INC                                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     78278 | NS      | $11687688.18  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co                                           | DXC Technology Co                                    | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |    172103 | NS      | $4944519.19   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                                        | SL Green Realty Corp                                 | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |    174543 | NS      | $7182444.45   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                    | Ameriprise Financial Inc                             | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      3841 | NS      | $1344810.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                                         | Gilead Sciences Inc                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    234296 | NS      | $19666806.24  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                                 | Pentair PLC                                          | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | GB        |    126491 | NS      | $7005071.58   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                                          | IPG Photonics Corp                                   | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     67818 | NS      | $7602397.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                              | NRG Energy Inc                                       | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    343664 | NS      | $11760182.08  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In                              | Fidelity National Financial Inc                      | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    144860 | NS      | $6378185.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                                                 | Enovis Corp                                          | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    204180 | NS      | $12853131.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                                     | Cboe Global Markets Inc                              | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     44804 | NS      | $5505515.52   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank/New York NY                                  | Signature Bank/New York NY                           | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |    121611 | NS      | $15681738.45  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                        | WEC Energy Group Inc                                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    201237 | NS      | $18914265.63  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                            | W R Berkley Corp                                     | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    283219 | NS      | $19864980.66  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                                         | Virtu Financial Inc                                  | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |    537589 | NS      | $10380843.59  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                               | Kroger Co/The                                        | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    503881 | NS      | $22488209.03  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                               | CME Group Inc                                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     47952 | NS      | $8471200.32   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                     | Bristol-Myers Squibb Co                              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    154653 | NS      | $11235540.45  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                           | Johnson & Johnson                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    209928 | NS      | $34306433.76  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                               | McKesson Corp                                        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     14115 | NS      | $5345068.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                            | Exxon Mobil Corp                                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    170402 | NS      | $19768336.02  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                                                   | AGCO CORP                                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     88342 | NS      | $12202680.46  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                                  | Kellogg Co                                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     51845 | NS      | $3555530.10   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-23

**Name of Applicant:** Federated Hermes Adviser Series

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Adviser Series

**Title:** Chief Compliance Officer