# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-25-046968
**Filing Date:** 2025-7
**Character Count:** 24094
**Document Hash:** 9e209d96f73b04bc075a80ca4af54e6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046968.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001145549-25-046968

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560

**ORGANIZATION NAME:**
- **EIN:** 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:** 251139127

**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 International Equity Fund (Series ID: S000066202)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000213944 | Institutional Shares | PIUIX           |
| C000213945 | Class R6 Shares      | PEIRX           |
| C000213946 | Class A Shares       | PMIEX           |
| C000213947 | Class C Shares       | PIUCX           |

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000066202

- **c. LEI of Series:** 2549007INDPWBKOLWC94

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $862837216.61

**Total Liabilities:** $23309480.68

**Net Assets:** $839527735.93

**Cash Not Reported:** $87574.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000213944 | -0.36%               | 3.21%                | 5.32%                |
| Class ID C000213945 | -0.40%               | 3.26%                | 5.32%                |
| Class ID C000213946 | -0.41%               | 3.21%                | 5.30%                |
| Class ID C000213947 | -0.48%               | 3.18%                | 5.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6371954.25              | $-11008877.62                              |
| Month 2  | $1798938.34              | $22856736.04                               |
| Month 3  | $4950459.42              | $40544362.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Munich Re                                  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     14700 | NS      | $9536071.18   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                               | DNB Bank ASA                                              | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    355444 | NS      | $9515343.16   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                | ITOCHU Corp                                               | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |    191100 | NS      | $10118221.13  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Loomis AB                                  | Loomis AB                                                 | CUSIP: 000000000<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |    134526 | NS      | $5227675.83   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd               | Takeda Pharmaceutical Co Ltd                              | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    309800 | NS      | $9306839.17   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                  | KDDI Corp                                                 | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    536300 | NS      | $9270484.35   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                     | Yara International ASA                                    | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |    238010 | NS      | $8532972.59   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Michelin                                   | Cie Generale des Etablissements Michelin SCA              | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |    252100 | NS      | $9645182.02   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                         | Lundin Mining Corp                                        | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    957400 | NS      | $9062284.40   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes International Growth Fund | FED HRMS INT GR FUND-IS                                   | CUSIP: 31423A648<br>LEI: N/A                  | Long             | EC               | RF                | US        |  28562755 | NS      | $459003467.43 | 54.67%            |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS SA                                   | IPSOS                                                     | CUSIP: 000000000<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |     61400 | NS      | $3134640.74   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Greencore Group PLC                        | Greencore Group PLC                                       | CUSIP: 000000000<br>LEI: 635400GGBEWULJXM5868 | Long             | EC               | CORP              | IE        |   1656454 | NS      | $4987630.40   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                         | Publicis Groupe SA                                        | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     84626 | NS      | $9251961.84   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chailease Holding Co Ltd                   | Chailease Holding Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | TW        |   1864000 | NS      | $7491705.32   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Duni AB                                    | Duni AB                                                   | CUSIP: 000000000<br>LEI: 549300MWQEN1427O5L53 | Long             | EC               | CORP              | SE        |    300800 | NS      | $3146223.76   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                     | SKF AB                                                    | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    460000 | NS      | $10187691.05  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                   | Next PLC                                                  | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     58526 | NS      | $10151035.22  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peet's NV                              | JDE Peet's NV                                             | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    180300 | NS      | $4959477.75   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                    | Eni SpA                                                   | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    605400 | NS      | $8945967.76   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                         | TELEPERFORMANCE                                           | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |     17600 | NS      | $1780446.23   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| D'ieteren Group                            | D'ieteren Group                                           | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |     26400 | NS      | $5425547.72   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     49166 | NS      | $5704570.51   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Inchcape PLC                               | Inchcape PLC                                              | CUSIP: 000000000<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |    540999 | NS      | $4971292.39   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                  | Linde PLC                                                 | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |     19166 | NS      | $8961638.28   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd             | Shinhan Financial Group Co Ltd                            | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |    253740 | NS      | $10618052.57  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                               | Capgemini SE                                              | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     58000 | NS      | $9637809.74   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                            | Sony Group Corp                                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    379600 | NS      | $10097528.25  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| TREVI - Finanziaria Industrial             | TREVI - Finanziaria Industriale SpA                       | CUSIP: 000000000<br>LEI: 815600FE9E92D9D6C309 | Long             | EC               | CORP              | IT        |   2474314 | NS      | $997807.86    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Methanex Corp                              | Methanex Corp                                             | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |    117798 | NS      | $3854067.99   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                               | SK Hynix Inc                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     68300 | NS      | $10130464.19  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                        | Deutsche Telekom AG                                       | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    231533 | NS      | $8763157.96   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| F&F Co Ltd / New                           | F&F Co Ltd / New                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     50300 | NS      | $2753088.43   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                          | Hannover Rueck SE                                         | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |     30000 | NS      | $9480374.91   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA                                  | Endesa SA                                                 | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |    293000 | NS      | $8953826.09   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                   | Vinci SA                                                  | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     65757 | NS      | $9419889.29   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Alrosa PJSC                                | Alrosa PJSC                                               | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |   8422100 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Smurfit WestRock PLC                       | Smurfit WestRock PLC                                      | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    174888 | NS      | $7577897.04   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                   | Kia Motors Corp                                           | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |    114700 | NS      | $7390962.03   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                  | Sanofi                                                    | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     79600 | NS      | $7864842.64   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp                                  | ORIX Corp                                                 | CUSIP: 000000000<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |    404500 | NS      | $8549598.10   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SpareBank 1 Sor-Norge ASA                  | SpareBank 1 SR-Bank ASA                                   | CUSIP: 000000000<br>LEI: 549300Q3OIWRHQUQM052 | Long             | EC               | CORP              | NO        |    282453 | NS      | $4912677.76   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| TREVI FINANZIARIA INDUSTRIAL               | TREVI FINANZIARIA INDUS-CW25                              | CUSIP: 000000000<br>LEI: 815600FE9E92D9D6C309 | Long             | EC               | CORP              | IT        |     17191 | NS      | $19.52        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp                                | Daicel Corp                                               | CUSIP: 000000000<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |    544300 | NS      | $4628188.31   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                                          | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    139000 | NS      | $8169448.26   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                    | Magna International Inc                                   | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |    166257 | NS      | $6035576.74   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Latam Airlines Group SA                    | Latam Airlines Group SA                                   | CUSIP: 000000000<br>LEI: 549300HX3UUDPEFTG707 | Long             | EC               | CORP              | CL        | 196442100 | NS      | $3737166.86   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                              | Marubeni Corp                                             | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    568400 | NS      | $11515988.48  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                  | Mondi PLC                                                 | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |      8881 | NS      | $145597.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                   | United Overseas Bank Ltd                                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    337699 | NS      | $9275258.42   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group             | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    679500 | NS      | $9456777.58   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                 | SAMSUNG ELECTRONICS CO LTD                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    226445 | NS      | $9227557.66   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                               | Bankinter SA                                              | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |    398900 | NS      | $5150412.71   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomad Foods Ltd                            | Nomad Foods Ltd                                           | CUSIP: 000000000<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | GB        |    159900 | NS      | $2798250.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc                       | Macnica Holdings Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    129300 | NS      | $1711886.10   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                   | Daimler Truck Holding AG                                  | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |    219500 | NS      | $9528420.25   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sparebanken Norge                          | Sparebanken Vest                                          | CUSIP: 000000000<br>LEI: 213800M7T3CYVZ3ZRT12 | Long             | EC               | CORP              | NO        |    213549 | NS      | $3251137.32   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer