# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-25-329842
**Filing Date:** 2025-12
**Character Count:** 46527
**Document Hash:** 7edcf63b111e9dee9a7359b0068122b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329842.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329842

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**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:** 251595139

**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           |

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $1985093041.07

**Total Liabilities:** $654998.42

**Net Assets:** $1984438042.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000191475 | 2.18%                | 0.90%                | 0.09%                |
| Class ID C000191477 | 2.09%                | 0.85%                | 0.00%                |
| Class ID C000191478 | 2.12%                | 0.87%                | 0.03%                |
| Class ID C000191479 | 2.20%                | 0.92%                | 0.11%                |
| Class ID C000191481 | 2.18%                | 0.90%                | 0.11%                |
| Class ID C000191482 | 2.17%                | 0.90%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2821121.14             | $42210824.92                               |
| Month 2  | $702232.00               | $14764854.32                               |
| Month 3  | $9828498.05              | $-9345893.33                               |

### 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        |    237162 | NS      | $19203007.14  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                   | Cardinal Health Inc                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    103084 | NS      | $19665334.68  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                           | GoDaddy Inc                                  | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     76337 | NS      | $10162744.81  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                          | Alphabet Inc                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    304872 | NS      | $85726957.68  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                          | QUALCOMM Inc                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     58295 | NS      | $10545565.50  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                       | TJX Cos Inc/The                              | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     48640 | NS      | $6816409.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Government Obligations Fund | Federated Hermes Government Obligations Fund | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |  44132638 | NS      | $44132638.49  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc         | Interactive Brokers Group Inc                | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    255189 | NS      | $17955098.04  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                   | International Business Machines Corp         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     64076 | NS      | $19697603.16  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp            | Pinnacle West Capital Corp                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |    161752 | NS      | $14318287.04  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                          | Illumina Inc                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    153517 | NS      | $18965490.18  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                           | Incyte Corp                                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    132458 | NS      | $12382173.84  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                              | AT&T Inc                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    543426 | NS      | $13449793.50  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                     | Devon Energy Corp                            | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    172295 | NS      | $5597864.55   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T        | Hartford Financial Services Group Inc/The    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    163945 | NS      | $20358690.10  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                         | DTE Energy Co                                | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     40978 | NS      | $5554158.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                  | SPX Technologies Inc                         | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     91262 | NS      | $20432649.18  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc          | United Airlines Holdings Inc                 | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    122868 | NS      | $11554506.72  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                          | Veralto Corp                                 | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    257379 | NS      | $25398159.72  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                  | Align Technology Inc                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     98629 | NS      | $13598966.52  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                          | Teleflex Inc                                 | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     27396 | NS      | $3409980.12   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In        | Philip Morris International Inc              | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    284039 | NS      | $40995348.87  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                       | Dollar Tree Inc                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    212451 | NS      | $21058143.12  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The           | Goldman Sachs Group Inc/The                  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     11728 | NS      | $9257731.36   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | Duke Energy Corp                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    151761 | NS      | $18863892.30  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I        | PNC Financial Services Group Inc/The         | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     27922 | NS      | $5097161.10   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                   | JPMorgan Chase & Co                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     55936 | NS      | $17402808.32  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp               | SBA Communications Corp                      | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     80511 | NS      | $15416246.28  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                         | Celanese Corp                                | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |    641808 | NS      | $24671099.52  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                | Advance Auto Parts Inc                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |    666617 | NS      | $31417659.21  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                  | Edison International                         | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    159967 | NS      | $8858972.46   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                        | Amazon.com Inc                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    123278 | NS      | $30106953.16  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                   | Kimberly-Clark Corp                          | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     97684 | NS      | $11693751.64  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc              | Prudential Financial Inc                     | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |    218682 | NS      | $22742928.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                        | Five Below Inc                               | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |    120216 | NS      | $18906370.32  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                     | State Street Corp                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    241948 | NS      | $27983705.68  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                | Arch Capital Group Ltd                       | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     97691 | NS      | $8431710.21   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                    | Valero Energy Corp                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     21563 | NS      | $3656222.28   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                  | Progressive Corp/The                         | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    147937 | NS      | $30475022.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                             | Amgen Inc                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     57073 | NS      | $17032295.39  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                 | 3M Co                                        | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     23066 | NS      | $3840489.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc            | Verizon Communications Inc                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    277588 | NS      | $11031347.12  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                   | Northern Trust Corp                          | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    151559 | NS      | $19501096.53  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc             | CH Robinson Worldwide Inc                    | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     38117 | NS      | $5869636.83   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                          | Comcast Corp                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    119750 | NS      | $3333241.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                          | Fortinet Inc                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     65767 | NS      | $5684241.81   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                   | Cheniere Energy Inc                          | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     97604 | NS      | $20692048.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc         | Intercontinental Exchange Inc                | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     41458 | NS      | $6064890.82   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms Inc                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     34376 | NS      | $22287679.60  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc              | Lennox International Inc                     | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     19140 | NS      | $9665700.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int        | Charles River Laboratories International Inc | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     56321 | NS      | $10141722.47  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                              | PVH Corp                                     | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     65656 | NS      | $5142834.48   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                          | Teradyne Inc                                 | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    151471 | NS      | $27531368.96  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                    | Albertsons Cos Inc                           | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    171264 | NS      | $3029660.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                       | McDonald's Corp                              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     51400 | NS      | $15339302.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                        | SYNNEX Corp                                  | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     50174 | NS      | $7851729.26   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                      | Exxon Mobil Corp                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    180342 | NS      | $20623911.12  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                            | AbbVie Inc                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    168983 | NS      | $36845053.32  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                       | Southern Co/The                              | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     38094 | NS      | $3582359.76   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co              | Molson Coors Beverage Co                     | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |    106989 | NS      | $4677559.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc        | American Electric Power Co Inc               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     64173 | NS      | $7717444.98   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                           | Target Corp                                  | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     43853 | NS      | $4066050.16   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                           | Nutanix Inc                                  | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |    238599 | NS      | $16997792.76  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                 | Travelers Cos Inc/The                        | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    154449 | NS      | $41488090.38  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                            | Biogen Inc                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     47186 | NS      | $7279384.22   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                          | DoorDash Inc                                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     33729 | NS      | $8579645.73   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The              | Estee Lauder Cos Inc/The                     | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |    178274 | NS      | $17237313.06  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                | Trane Technologies PLC                       | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     40693 | NS      | $18256914.45  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                    | PPG Industries Inc                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     60608 | NS      | $5924432.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The               | Charles Schwab Corp/The                      | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    144937 | NS      | $13699445.24  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                           | Exelon Corp                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    311296 | NS      | $14356971.52  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                   | General Electric Co                          | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     58527 | NS      | $18081916.65  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                    | Union Pacific Corp                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     74226 | NS      | $16357183.62  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc               | Zoom Communications Inc                      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     94365 | NS      | $8231458.95   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                    | Kilroy Realty Corp                           | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    392923 | NS      | $16600996.75  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc              | Elanco Animal Health Inc                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    851908 | NS      | $18869762.20  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                     | ManpowerGroup Inc                            | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     78503 | NS      | $2406901.98   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                 | Northrop Grumman Corp                        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     26437 | NS      | $15424667.65  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                           | Walmart Inc                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    242993 | NS      | $24586031.74  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                            | Fiserv Inc                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     31783 | NS      | $2119608.27   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                        | Morgan Stanley                               | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    159777 | NS      | $26203428.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                            | Humana Inc                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     53958 | NS      | $15010576.02  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC                                | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |    149156 | NS      | $37303915.60  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                             | Chubb Ltd                                    | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     14015 | NS      | $3881314.10   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                              | FMC Corp                                     | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     94327 | NS      | $1430940.59   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc           | BioMarin Pharmaceutical Inc                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     68392 | NS      | $3663759.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                  | Colgate-Palmolive Co                         | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    192538 | NS      | $14835052.90  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                         | Welltower Inc                                | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     28692 | NS      | $5194399.68   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc              | Microchip Technology Inc                     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     88929 | NS      | $5550948.18   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                             | Aflac Inc                                    | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    174940 | NS      | $18751818.60  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                   | Otis Worldwide Corp                          | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     65599 | NS      | $6084963.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co         | Hewlett Packard Enterprise Co                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    577274 | NS      | $14097031.08  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                   | TransDigm Group Inc                          | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10904 | NS      | $14267993.04  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                              | eBay Inc                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    105790 | NS      | $8601784.90   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                        | salesforce.com Inc                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    147422 | NS      | $38390163.02  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                  | Williams Cos Inc/The                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    148510 | NS      | $8594273.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                | Berkshire Hathaway Inc                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     23140 | NS      | $11050275.60  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T        | Bank of New York Mellon Corp/The             | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    378072 | NS      | $40805310.96  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                   | Emerson Electric Co                          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     68426 | NS      | $9550216.82   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                           | Popular Inc                                  | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |    160948 | NS      | $17940873.56  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                            | Alcoa Corp                                   | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    100093 | NS      | $3682421.47   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                 | Micron Technology Inc                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     72360 | NS      | $16191997.20  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp               | Marathon Petroleum Corp                      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     73052 | NS      | $14238565.32  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                   | PayPal Holdings Inc                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    232520 | NS      | $16106660.40  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                        | CBRE Group Inc                               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     46353 | NS      | $7065587.79   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                       | T-Mobile US Inc                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     50068 | NS      | $10516783.40  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                   | DENTSPLY SIRONA Inc                          | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    329308 | NS      | $4152573.88   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                        | GE Vernova Inc                               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     73474 | NS      | $42992576.36  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                  | SL Green Realty Corp                         | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |    238061 | NS      | $12224432.35  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                 | General Dynamics Corp                        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     46989 | NS      | $16206506.10  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc              | Ameriprise Financial Inc                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     55984 | NS      | $25347875.68  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                         | Maplebear Inc                                | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    223200 | NS      | $8227152.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                   | Gilead Sciences Inc                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     48120 | NS      | $5764294.80   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                     | EOG Resources Inc                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    216711 | NS      | $22936692.24  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In        | Fidelity National Financial Inc              | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    137898 | NS      | $7617485.52   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc         | Regeneron Pharmaceuticals Inc                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     31067 | NS      | $20249470.60  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                   | Synchrony Financial                          | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    304098 | NS      | $22618809.24  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                     | General Motors Co                            | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    219231 | NS      | $15146669.79  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc               | Cboe Global Markets Inc                      | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     43324 | NS      | $10642107.36  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                  | Lockheed Martin Corp                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     33703 | NS      | $16577831.64  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                       | Ulta Beauty Inc                              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      9198 | NS      | $4781856.24   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                              | Fox Corp                                     | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    410928 | NS      | $26566495.20  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                           | Moderna Inc                                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    536908 | NS      | $14582421.28  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                         | Kroger Co/The                                | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    152931 | NS      | $9730999.53   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                            | Masco Corp                                   | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     86575 | NS      | $5606597.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    203540 | NS      | $38442599.80  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer