# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-23-002454
**Filing Date:** 2023-1
**Character Count:** 38942
**Document Hash:** 71315407c8904ae6f071e71deb35d449
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002454.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001145549-23-002454

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230831

**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:** 23547690

**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 Conservative Microshort Fund (Series ID: S000070656)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224641 | Institutional Shares | FHCOX           |
| C000224642 | Class A Shares       |  |

## Nport-Ex

Federated Hermes Conservative Microshort Fund

Portfolio of Investments

November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| COMMERCIAL PAPER—32.9% |  |
|  | **Banking—1.2%** |  |
| $1500000 | National Australia Bank Ltd., Melbourne, 3.844%, 6/15/2023 | $1458211 |
|  | **Chemicals—3.1%** |  |
| &nbsp;&nbsp; 3800000 | BASF SE, 4.009%, 12/19/2022 | &nbsp;&nbsp; 3791998 |
|  | **Electric Power—9.3%** |  |
| &nbsp;&nbsp; 5700000 | Avangrid, Inc., 4.212% - 4.213%, 12/15/2022 | &nbsp;&nbsp; 5689935 |
| &nbsp;&nbsp; 5500000 | Duke Energy Corp., 4.178%, 12/8/2022 | &nbsp;&nbsp; 5494957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11184892 |
|  | **Electrical Equipment—5.0%** |  |
| &nbsp;&nbsp; 6000000 | Eaton Corp., 4.040%, 12/1/2022 | &nbsp;&nbsp; 5999319 |
|  | **Energy - Midstream—4.6%** |  |
| &nbsp;&nbsp; 5500000 | Energy Transfer LP, 4.501%, 12/1/2022 | &nbsp;&nbsp; 5499320 |
|  | **Food & Beverage—4.7%** |  |
| &nbsp;&nbsp; 5700000 | Mondelez International, Inc., 4.242% - 4.243%, 12/8/2022 - 12/15/2022 | &nbsp;&nbsp; 5693364 |
|  | **Insurance—5.0%** |  |
| &nbsp;&nbsp; 6000000 | UnitedHealth Group, Inc., 3.886%, 12/12/2022 | &nbsp;&nbsp; 5992172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $39,635,214)<br>| &nbsp;&nbsp;&nbsp; 39619276 |
|  | ASSET-BACKED SECURITIES—17.6% |  |
|  | **Auto Receivables—10.0%** |  |
| &nbsp;&nbsp; 513091 | Chase Auto Credit Linked Notes 2020-2, Class C, 1.139%, 2/25/2028 | &nbsp;&nbsp; 497677 |
| &nbsp;&nbsp; 185996 | Chase Auto Credit Linked Notes 2020-2, Class D, 1.487%, 2/25/2028 | &nbsp;&nbsp; 179882 |
| &nbsp;&nbsp; 1530000 | General Motors 2020-1, Class A, 0.680%, 8/15/2025 | &nbsp;&nbsp; 1486139 |
| &nbsp;&nbsp; 743053 | GM Financial Automobile Leasing Trust 2020-2, Class B, 1.560%, 7/22/2024 | &nbsp;&nbsp; 741608 |
| &nbsp;&nbsp; 1000000<br><sup>2</sup> <br>| Hyundai Auto Lease Securitization Trust 2022 - C, Class A2B, 3.917% (30-DAY AVERAGE SOFR +0.700%), 1/15/2025 | &nbsp;&nbsp; 1001560 |
| &nbsp;&nbsp; 277594 | Santander Bank Auto Credit-Linked Notes 2021-1A, Class B, 1.833%, 12/15/2031 | &nbsp;&nbsp; 268408 |
| &nbsp;&nbsp; 1349435 | Santander Bank Auto Credit-Linked Notes 2022-B, Class C, 5.916%, 8/16/2032 | &nbsp;&nbsp; 1343967 |
| &nbsp;&nbsp; 238477 | Santander Drive Auto Receivables Trust 2022-2, Class A2, 2.120%, 10/15/2026 | &nbsp;&nbsp; 237307 |
| &nbsp;&nbsp; 850000 | Santander Drive Auto Receivables Trust 2022-6, Class B, 4.720%, 6/15/2027 | &nbsp;&nbsp; 839008 |
| &nbsp;&nbsp; 945000 | Santander Retail Auto Lease Trust 2020-A, Class D, 2.520%, 11/20/2024 | &nbsp;&nbsp; 928427 |
| &nbsp;&nbsp; 850000 | Tesla Auto Lease Trust 2020-A, Class B, 1.180%, 1/22/2024 | &nbsp;&nbsp; 837575 |
| &nbsp;&nbsp; 3000000 | Tesla Auto Lease Trust 2020-A, Class D, 2.330%, 2/20/2024 | &nbsp;&nbsp; 2953233 |
| &nbsp;&nbsp; 725000 | World Omni Auto Receivables Trust 2019-A, Class D, 2.590%, 12/15/2025 | &nbsp;&nbsp; 710372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12025163 |
|  | **Credit Card—1.7%** |  |
| &nbsp;&nbsp; 2000000 | Evergreen Credit Card Trust 2022-CRT1, Class C, 6.190%, 7/15/2026 | &nbsp;&nbsp; 1962316 |
|  | **Equipment Lease—2.7%** |  |
| &nbsp;&nbsp; 3000000 | Dell Equipment Finance Trust 2020-2, Class D, 1.920%, 3/23/2026 | &nbsp;&nbsp; 2945988 |
| &nbsp;&nbsp; 300000 | Dell Equipment Finance Trust 2021-1, Class D, 1.030%, 11/23/2026 | &nbsp;&nbsp; 288663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3234651 |
|  | **Other—3.2%** |  |
| &nbsp;&nbsp; 1500000<br><sup>2</sup> <br>| PFS Financing Corp. 2022-B, Class B, 4.067% (30-DAY AVERAGE SOFR +0.850%), 2/15/2026 | &nbsp;&nbsp; 1495038 |
| &nbsp;&nbsp; 393430 | Sofi Consumer Loan Program Trust 2021-1, Class A, 0.490%, 9/25/2030 | &nbsp;&nbsp; 384853 |
| &nbsp;&nbsp; 2000000 | Sofi Consumer Loan Program Trust 2022-1S, Class A, 6.210%, 4/15/2031 | &nbsp;&nbsp; 2000332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3880223 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—continued |  |
|  | **Student Loans—0.0%** |  |
| $30457 | Navient Student Loan Trust 2018-A, Class A2, 3.190%, 2/18/2042 | $29977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $21,477,581)<br>| &nbsp;&nbsp;&nbsp; 21132330 |
|  | CERTIFICATES OF DEPOSIT—4.5% |  |
|  | **Banking—4.5%** |  |
| &nbsp;&nbsp; 3000000<br><sup>2</sup> <br>| Bank of Montreal, 4.460% (SOFR +0.650%), 12/1/2022 | &nbsp;&nbsp; 3000685 |
| &nbsp;&nbsp; 1000000 | MUFG Bank Ltd., 0.440%, 12/7/2022 | &nbsp;&nbsp; 999336 |
| &nbsp;&nbsp; 1500000 | Toronto Dominion Bank, 4.070%, 7/18/2023 | &nbsp;&nbsp; 1487550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $5,500,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5487571 |
| <sup>2</sup> <br>| CORPORATE BONDS—1.9% |  |
|  | **Finance - Automotive—1.3%** |  |
| &nbsp;&nbsp; 1500000 | Toyota Motor Credit Corp., Sr. Unsecd. Note, Series MTN, 4.149% (SOFRINDX +0.650%), 12/29/2023 | &nbsp;&nbsp; 1497904 |
|  | **Financial Institution - Finance Companies—0.6%** |  |
| &nbsp;&nbsp; 750000 | Air Lease Corp., Sr. Unsecd. Note, Series MTN, 3.642% (3-month USLIBOR +0.350%), 12/15/2022 | &nbsp;&nbsp; 749632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $2,250,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2247536 |
|  | OTHER REPURCHASE AGREEMENTS—25.1% |  |
| &nbsp;&nbsp; 6050000 | BNP Paribas S.A. 3.90%, dated 11/30/2022, interest in a $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,037,917 on 12/1/2022, in which asset-backed securities, collateralized mortgage <br> obligations, corporate bond, medium-term notes and Sovereign with a market value of $357,038 ,675 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 6050000 |
| &nbsp;&nbsp; 6050000 | ING Financial Markets LLC, 3.89%, dated 11/30/2022, interest in a $50,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $50,005,403 on 12/1/2022, in which corporate bonds and medium-term notes with a <br> market value of $51,005,686 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 6050000 |
| &nbsp;&nbsp; 938000 | Interest in $3,000,000,000 joint repurchase agreement 3.81%, dated 11/30/2022 under which Sumitomo Mitsui Banking Corp. <br> will repurchase securities provided as collateral for $3,000,317,500 on 12/1/2022. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 9/20/2052 and the market value of those underlying securities was $3,060,323,850.<br>| &nbsp;&nbsp; 938000 |
| &nbsp;&nbsp; 5050000 | MUFG Securities Americas, Inc., 3.97%, dated 11/30/2022, interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,033,083 on 12/1/2022, in which American depositary receipts, common <br> stocks, corporate bonds, exchange traded funds and unit investment trust with a market value of $306,034,512 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 5050000 |
| &nbsp;&nbsp; 6050000 | Societe Generale, Paris 3.97%, dated 11/30/2022, interest in a $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,071,681 on 12/1/2022, in which asset-backed securities, collateralized mortgage <br> obligations, corporate bonds and medium-term notes with a market value of $663,173,021 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 6050000 |
| &nbsp;&nbsp; 6050000 | Standard Chartered Bank, 3.89%, dated 11/30/2022, interest in a $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,016,208 on 12/1/2022, in which treasury bonds and treasury notes with a market <br> value of $153,016,533 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 6050000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $30,188,000)<br>| &nbsp;&nbsp;&nbsp; 30188000 |
|  | INVESTMENT COMPANY—18.8% |  |
| &nbsp;&nbsp; 22614490 | Federated Hermes Institutional Money Market Management, Institutional Shares, 3.90%<sup>3</sup> <br>(IDENTIFIED COST $22,608,466)<br>| &nbsp;&nbsp; 22596398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.8% <br>(IDENTIFIED COST $121,659,261)<br>| &nbsp;&nbsp; 121271111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.8)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (986351) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $120284760 |

---

**2**

------

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Federated** <br>**Hermes** <br>**Institutional** <br>**Money Market** <br>**Management,** <br>**Institutional Shares**<br>|
| Value as of 8/31/2021 | $22600921 |
| Purchases at Cost | $— |
| Proceeds from Sales | $— |
| Change in Unrealized Appreciation/Depreciation | $(4523) |
| Net Realized Gain/(Loss) | $— |
| Value as of 11/30/2022 | $22596398 |
| Shares Held as of 11/30/2022 | &nbsp;&nbsp; 22614490 |
| Dividend Income | $203361 |

---

The Fund invests in Federated Hermes Institutional Money Market Management (MMM), a diversified portfolio of Federated Hermes Money Market Obligations Trust (MMOT) which is also managed by the Adviser. MMOT is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The investment objective of MMM is to provide current income consistent with stability of principal. Income distributions from MMM are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of MMM, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. At November 30, 2022, MMM represents 18.8% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of MMM. Copies of MMM's financial statements are available on the EDGAR Database on the SEC's website or upon request from the Fund.

---

| | |
|:---|:---|
| 1 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 2 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 3 | *7-day net yield.* |
| 4 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2022.

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ 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.

◾ 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.

◾ 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 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.

**3**

------

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Commercial Paper | $— | $39619276 | $— | $39619276 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 21132330 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21132330 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5487571 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5487571 |
| Corporate Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2247536 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2247536 |
| **Other Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 30188000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30188000 |
| **Investment Company** | &nbsp;&nbsp; 22596398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22596398 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $22596398 | $98674713 | $— | $121271111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| LIBOR | —London Interbank Offered Rate |
| MTN | —Medium Term Note |
| SOFR | —Secured Overnight Financing Rate |

---

**4**

------

## 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 Conservative Microshort Fund

- **b. EDGAR series identifier (if any):** S000070656

- **c. LEI of Series:** 254900CWA9RK4W0R7Y46

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $121644011.52

**Total Liabilities:** $303492.54

**Net Assets:** $121340518.98

**Cash Not Reported:** $2173.67

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -249.986156000000 | **1-Year:** -752.117965000000 | **5-Year:** -168.174250000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224641 | 0.20%                | 0.15%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-13571.07                                 |
| Month 2  | $0.00                    | $-66186.76                                 |
| Month 3  | $0.00                    | $49218.74                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIR LEASE CORP                                         | Air Lease Corp                                         | CUSIP: 00914AAN2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    750000 | PA      | $749632.17    | 0.62%             | 2022-12-15      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                           | Avangrid Inc                                           | CUSIP: 05353BMF1<br>LEI: 549300OX0Q38NLSKPB49 | Long             | STIV             | CORP              | US        |   5700000 | PA      | $5689934.77   | 4.69%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                                | BASF SE                                                | CUSIP: 05526MMK8<br>LEI: 529900PM64WH8AF1E917 | Long             | STIV             | CORP              | DE        |   3800000 | PA      | $3791997.85   | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                               | Bank of Montreal/Chicago IL                            | CUSIP: 06367CWA1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | STIV             | CORP              | CA        |   3000000 | PA      | $3000684.66   | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust 2020-2                    | CUSIP: 24704GAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2945988.15   | 2.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp                                       | CUSIP: 26244JM89<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   5500000 | PA      | $5494957.11   | 4.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp                                             | Eaton Corp                                             | CUSIP: 27805BM10<br>LEI: 0NZWDMRCE180888QQE14 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $5999319.36   | 4.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                     | CUSIP: 29277FM16<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |   5500000 | PA      | $5499319.38   | 4.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergreen Credit Card Trust                            | Evergreen Credit Card Trust Series 2022-CRT1           | CUSIP: 30023JBW7<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   2000000 | PA      | $1962315.90   | 1.62%             |  |  |  | Yes           |                  2 | On Loan: No      |
| General Motors                                         | GMF Floorplan Owner Revolving Trust                    | CUSIP: 361886CH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1530000 | PA      | $1486138.80   | 1.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                  | GM Financial Automobile Leasing Trust 2020-2           | CUSIP: 36259PAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    743053 | PA      | $741607.68    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2022-C         | CUSIP: 448978AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001560.40   | 0.83%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                        | Chase Auto Credit Linked Notes Series 2020-2           | CUSIP: 46591HAW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513091 | PA      | $497676.94    | 0.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                        | Chase Auto Credit Linked Notes Series 2020-2           | CUSIP: 46591HAY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185996 | PA      | $179882.12    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MUFG BANK LTD/NY                                       | MUFG Bank Ltd/New York NY                              | CUSIP: 55380TZW3<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |   1000000 | PA      | $999335.94    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Federated Hermes Institutional Money Market Management | Federated Hermes Institutional Money Market Management | CUSIP: 608919775<br>LEI: 254900YFLGIK7WQGXA49 | Long             | EC               | RF                | US        |  22614490 | NS      | $22596398.41  | 18.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                             | Mondelez International Inc                             | CUSIP: 60920WM80<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3996323.56   | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International Inc                             | Mondelez International Inc                             | CUSIP: 60920WMF4<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   1700000 | PA      | $1697040.59   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd                            | National Australia Bank Ltd                            | CUSIP: 63254FTF4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | STIV             | CORP              | AU        |   1500000 | PA      | $1458211.38   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                             | Navient Private Education Refi Loan Trust 2018-A       | CUSIP: 63940PAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30457 | PA      | $29977.13     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                     | CUSIP: 69335PEJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1495037.55   | 1.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                | Santander Bank NA - SBCLN                              | CUSIP: 80290CAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277594 | PA      | $268407.52    | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                | Santander Bank Auto Credit-Linked Notes Series 2022-B  | CUSIP: 80290CAY0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1349435 | PA      | $1343967.31   | 1.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2022-6          | CUSIP: 802918AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $839008.23    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                       | SoFi Consumer Loan Program 2022-1S Trust               | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2000331.60   | 1.65%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                       | SoFi Consumer Loan Program 2021-1 Trust                | CUSIP: 83407CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    393430 | PA      | $384853.28    | 0.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                 | Tesla Auto Lease Trust 2020-A                          | CUSIP: 88167HAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $837575.21    | 0.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                 | Tesla Auto Lease Trust 2020-A                          | CUSIP: 88167HAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2953232.55   | 2.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TORONTO DOMINION BK                                    | TORONTO DOMINION BK                                    | CUSIP: 89115B7A2<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   1500000 | PA      | $1487550.06   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                               | Toyota Motor Credit Corp                               | CUSIP: 89236TKB0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497904.25   | 1.23%             | 2023-12-29      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                 | UnitedHealth Group Inc                                 | CUSIP: 91058UMC4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $5992171.98   | 4.94%             |  |  |  | No            |                  2 | On Loan: No      |
| MUFG Securities Americas, Inc.                         | MITSUBISHI 8                                           | CUSIP: 000000000<br>LEI: K5HU16E3LMSVCCJJJ255 | Long             | RA               | CORP              | US        |   5050000 | PA      | $5050000.00   | 4.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp.                                         | SUMITOMO 3                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               | CORP              | US        |    938000 | PA      | $938000.00    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale                                       | SGPARIS NTRP 1                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | RA               | CORP              | US        |   6050000 | PA      | $6050000.00   | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Bank NV                                            | ING REPO 1                                             | CUSIP: 000000000<br>LEI: 3TK20IVIUJ8J3ZU0QE75 | Long             | RA               | CORP              | US        |   6050000 | PA      | $6050000.00   | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                | STANDARD CHARTERED 1                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | RA               | CORP              | US        |   6050000 | PA      | $6050000.00   | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                           | World Omni Select Auto Trust 2019-A                    | CUSIP: 98163BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    725000 | PA      | $710371.82    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust 2021-1                    | CUSIP: 24703QAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $288663.27    | 0.24%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                      | Santander Retail Auto Lease Trust 2020-A               | CUSIP: 80286KAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    945000 | PA      | $928427.30    | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2022-2          | CUSIP: 80286MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238477 | PA      | $237307.06    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas Suisse SA                                  | BNP BANK REPO A1                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | RA               | CORP              | US        |   6050000 | PA      | $6050000.00   | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer