# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-25-046962
**Filing Date:** 2025-7
**Character Count:** 22242
**Document Hash:** 4ec044a232774624642e185354fd09c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046962.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001145549-25-046962

**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:** 251139097

**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 Emerging Markets Equity Fund (Series ID: S000066201)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000213940 | Class C Shares       |  |
| C000213941 | Class R6 Shares      | FRIEX           |
| C000213942 | Institutional Shares | PIEFX           |
| C000213943 | Class A Shares       |  |

## 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 Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000066201

- **c. LEI of Series:** 2549007TB3APR22X3X65

**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:** $42402435.10

**Total Liabilities:** $439552.46

**Net Assets:** $41962882.64

**Cash Not Reported:** $30166.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000213941 | 0.06%                | 1.00%                | 3.98%                |
| Class ID C000213942 | 0.00%                | 1.01%                | 3.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $290980.80               | $-293722.89                                |
| Month 2  | $-31312.93               | $372284.23                                 |
| Month 3  | $74168.77                | $1523231.55                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meituan                                      | Meituan                                      | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     37006 | NS      | $639995.08    | 1.53%             |  |  |  | Yes           |                  2 | On Loan: No      |
| eMemory Technology Inc                       | eMemory Technology Inc                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5000 | NS      | $396098.93    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electro-Mechanics Co L               | Samsung Electro-Mechanics Co Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2683 | NS      | $237726.41    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                         | Tencent Holdings Ltd                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     52564 | NS      | $3313271.44   | 7.90%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                               | MakeMyTrip Ltd                               | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |      7107 | NS      | $722284.41    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial International Bank                | Commercial International Bank - Egypt (CIB)  | CUSIP: 000000000<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    153083 | NS      | $254881.96    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                      | Hanwha Aerospace Co Ltd                      | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |       111 | NS      | $10217.44     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                             | MercadoLibre Inc                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       987 | NS      | $2529967.23   | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands               | NU Holdings Ltd/Cayman Islands               | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |    120652 | NS      | $1449030.52   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                     | Bank Central Asia Tbk PT                     | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   1690970 | NS      | $973247.63    | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                 | MediaTek Inc                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     25704 | NS      | $1065702.58   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                         | Contemporary Amperex Technology Co Ltd       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     17660 | NS      | $613937.02    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                    | Capitec Bank Holdings Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      5652 | NS      | $1087133.07   | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilibili Inc                                 | Bilibili Inc                                 | CUSIP: 000000000<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | CN        |     21620 | NS      | $397885.14    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd                                      | DLF Ltd                                      | CUSIP: 000000000<br>LEI: 335800PJLUEOB8914F48 | Long             | EC               | CORP              | IN        |     22170 | NS      | $206763.87    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                   | BYD Co Ltd                                   | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     14000 | NS      | $694661.22    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd                | NAURA Technology Group Co Ltd                | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |      8100 | NS      | $471120.89    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd                 | Max Healthcare Institute Ltd                 | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     85719 | NS      | $1131623.20   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                      | Reliance Industries Ltd                      | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     23222 | NS      | $385690.27    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Qifu Technology Inc                          | Qifu Technology Inc                          | CUSIP: 88557W101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     31547 | NS      | $1296581.70   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TBC Bank Group PLC                           | TBC Bank Group PLC                           | CUSIP: 000000000<br>LEI: 213800T6NS9N2WQ3B328 | Long             | EC               | CORP              | GE        |      5110 | NS      | $308868.01    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                 | China Construction Bank Corp                 | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    252000 | NS      | $225352.35    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                  | Coupang Inc                                  | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     26950 | NS      | $755947.50    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology                          | Kuaishou Technology                          | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |    121700 | NS      | $818013.05    | 1.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PING AN                                      | Ping An Insurance Group Co of China Ltd      | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     25500 | NS      | $148996.06    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                              | Gold Fields Ltd                              | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     18754 | NS      | $431342.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                                 | Kaspi.KZ JSC                                 | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      6345 | NS      | $506108.93    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                 | SK Hynix Inc                                 | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      8580 | NS      | $1272611.75   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corp                         | Southern Copper Corp                         | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      1826 | NS      | $166001.66    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                    | Alibaba Group Holding Ltd                    | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |    144719 | NS      | $2073034.15   | 4.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                   | Full Truck Alliance Co Ltd                   | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | CN        |    104747 | NS      | $1218207.61   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                        | ASPEED Technology Inc                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6274 | NS      | $812995.01    | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                       | Kweichow Moutai Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1090 | NS      | $230593.09    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC Drilling Co PJSC                       | ADNOC Drilling Co PJSC                       | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    421134 | NS      | $601862.11    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Aerospace Industries Ltd               | Korea Aerospace Industries Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9927 | NS      | $601698.63    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                         | Taiwan Semiconductor Manufacturing Co Ltd    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    139385 | NS      | $4432206.99   | 10.56%            |  |  |  | No            |                  2 | On Loan: No      |
| Zinka Logistics Solutions Ltd                | Zinka Logistics Solutions Ltd                | CUSIP: 000000000<br>LEI: 3358003IBMJFDHOYF615 | Long             | EC               | CORP              | IN        |     39369 | NS      | $202375.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve T               | Aselsan Elektronik Sanayi Ve Ticaret AS      | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |     65044 | NS      | $215446.46    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                       | NARI Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 3003006IGH1W58MAQM05 | Long             | EC               | CORP              | CN        |     79604 | NS      | $245534.99    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                              | KE Holdings Inc                              | CUSIP: 000000000<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |     97400 | NS      | $605988.78    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corp                                 | Silergy Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20000 | NS      | $229277.01    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund | Federated Hermes Government Obligations Fund | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   2037772 | NS      | $2037771.87   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                            | Grab Holdings Ltd                            | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |    121537 | NS      | $591885.19    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                  | China Merchants Bank Co Ltd                  | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     45000 | NS      | $279257.32    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Frontken Corp Bhd                            | Frontken Corp Bhd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    609400 | NS      | $541352.48    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ningbo Tuopu Group Co Ltd                    | Ningbo Tuopu Group Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     24100 | NS      | $164508.55    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                          | Varun Beverages Ltd                          | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |     82623 | NS      | $459303.67    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd                                  | Zomato Ltd                                   | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |     63893 | NS      | $177794.73    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| PB Fintech Ltd                               | PB Fintech Ltd                               | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |     55600 | NS      | $1142354.70   | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                    | Zijin Mining Group Co Ltd                    | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    564022 | NS      | $1256235.63   | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| APR Corp/Korea                               | APR Corp/Korea                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4178 | NS      | $349265.70    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                | HDFC Bank Ltd                                | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      5667 | NS      | $427235.13    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                      | Hanwha Aerospace Co Ltd                      | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      1542 | NS      | $908177.94    | 2.16%             |  |  |  | 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