# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-25-247964
**Filing Date:** 2025-10
**Character Count:** 40860
**Document Hash:** 499fd1fd404c997585ad519aa00466c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-247964.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-247964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20250831

**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:** 251411624

**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       | FHCBX           |

## 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $263489119.69

**Total Liabilities:** $1130501.22

**Net Assets:** $262358618.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1185.235001000000 | **1-Year:** -12007.080422000000 | **5-Year:** -3233.581152000000 | **10-Year:** -0.000384000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -1.990000000000 | **1-Year:** -213.722885000000 | **5-Year:** -72.248985000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224641 | 0.38%                | 0.39%                | 0.49%                |
| Class ID C000224642 | 0.47%                | 0.38%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.17                    | $204455.56                                 |
| Month 2  | $0.00                    | $-73132.66                                 |
| Month 3  | $0.00                    | $276848.33                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes Series 2025-A              | CUSIP: 02007G5G4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2255415.75   | 0.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                 | American Honda Finance Corp                                   | CUSIP: 02665WGD7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2927329.95   | 1.12%             | 2027-07-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust               | AmeriCredit Automobile Receivables Trust 2023-2               | CUSIP: 03065UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40756 | PA      | $40794.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                  | ARI Fleet Lease Trust 2024-B                                  | CUSIP: 04033HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2005772 | PA      | $2021832.23   | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DLLAD LLC                                              | Dllad 2024-1 LLC                                              | CUSIP: 23346MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588591 | PA      | $591729.36    | 0.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                            | CUSIP: 29277EW26<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9994998.00   | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                                | Corebridge Global Funding                                     | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3026950.68   | 1.15%             | 2026-06-24      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                | Australia & New Zealand Banking Group Ltd                     | CUSIP: 05252ADP3<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2003716.76   | 0.76%             | 2026-12-16      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes Series 2024-A              | CUSIP: 02007GZ55<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130001 | PA      | $1144144.10   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DLLAA LLC                                              | DLLAA 2023-1 LLC                                              | CUSIP: 23292HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       399 | PA      | $399.44       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                 | Canadian Imperial Bank of Commerce                            | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2002023.72   | 0.76%             | 2028-01-13      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                            | Citibank NA                                                   | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2317035.24   | 0.88%             | 2026-08-06      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                 | Daimler Truck Finance North America LLC                       | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2497109.40   | 0.95%             | 2028-01-13      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2025-2 LLC                         | CUSIP: 29375TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3011361.75   | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Evergreen Credit Card Trust                            | Evergreen Credit Card Trust                                   | CUSIP: 30023JCT3<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   1500000 | PA      | $1508004.15   | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ford Credit Auto Lease Trust                           | Ford Credit Auto Lease Trust 2025-A                           | CUSIP: 345282AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1345000 | PA      | $1356267.60   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust               | Ford Credit Floorplan Master Owner Trust A                    | CUSIP: 34528QJL9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2453793.70   | 0.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                               | Ford Motor Credit Co LLC                                      | CUSIP: 345397F99<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995728.24   | 1.14%             | 2026-11-05      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                 | Goldman Sachs Bank USA/New York NY                            | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008284.83   | 1.15%             | 2027-05-21      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES                      | GreatAmerica Leasing Receivables Funding LLC Series 2024-2    | CUSIP: 39154GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    769914 | PA      | $773800.92    | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2024-2                                  | CUSIP: 40444MAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $508932.93    | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| M&T Equipment Notes                                    | M&T Equipment 2025-LEAF1 Notes                                | CUSIP: 55340QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2510745.88   | 0.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust            | Navistar Financial Dealer Note Master Owner Trust             | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2825000 | PA      | $2846494.58   | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PFL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3014475.30   | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                   | Porsche Innovative Lease Owner Trust 2024-1                   | CUSIP: 73328AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1255282.25   | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                            | SBNA Auto Receivables Trust 2025-SF1                          | CUSIP: 78437XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009017.35   | 0.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1340409 | PA      | $1346316.51   | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP                                      | State Street Corp                                             | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573861.50    | 0.22%             | 2028-04-24      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1805560 | PA      | $1810789.82   | 0.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TRUIST BANK                                            | Truist Bank                                                   | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001757.16   | 1.14%             | 2028-07-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                                  | US Bank NA/Cincinnati OH                                      | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3018519.03   | 1.15%             | 2028-05-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                               | Volkswagen Group of America Finance LLC                       | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3004714.05   | 1.15%             | 2026-03-20      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Daimler Trucks Retail Trust                            | Daimler Trucks Retail Trust 2024-1                            | CUSIP: 233874AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1766251.29   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-3 LLC                         | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1208562 | PA      | $1215178.99   | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-2 LLC                         | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1160032 | PA      | $1165854.69   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2025-3 LLC                         | CUSIP: 29375UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1093281.23   | 0.42%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                                    | Fifth Third Bank NA                                           | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1174934.25   | 0.45%             | 2028-01-28      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| General Motors                                         | GMF Floorplan Owner Revolving Trust                           | CUSIP: 361886DB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3011424.45   | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                              | Kubota Credit Owner Trust 2023-2                              | CUSIP: 500945AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15936 | PA      | $15943.81     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                             | LAD Auto Receivables Trust 2024-3                             | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    786907 | PA      | $787011.51    | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                 | Morgan Stanley Bank NA                                        | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3009273.78   | 1.15%             | 2027-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                | Nissan Motor Acceptance Co LLC                                | CUSIP: 65480CAJ4<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1488588.89   | 0.57%             | 2027-09-13      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                  | SBNA Auto Lease Trust 2024-B                                  | CUSIP: 78437VAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1269433.88   | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                                   | Verizon Master Trust                                          | CUSIP: 92348KEB5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $808985.68    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MUFG Securities Americas, Inc.                         | MITSUBISHI 9 REPO                                             | CUSIP: 000000000<br>LEI: K5HU16E3LMSVCCJJJ255 | Long             | RA               | CORP              | US        |  13099000 | PA      | $13099000.00  | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Regions Bank                                           | BNP BANK REPO A3 BNP REPO A3                                  | CUSIP: 000000000<br>LEI: EQTWLK1G7ODGC2MGLV11 | Long             | RA               | CORP              | US        |  13099000 | PA      | $13099000.00  | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                         | Wheels Fleet Lease Funding 1 LLC                              | CUSIP: 96328GCF2<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2999438.70   | 1.14%             | 2040-01-18      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED 10                                  | STANDARD CHARTERED 10                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               | CORP              | US        |  13099000 | PA      | $13099000.00  | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                 | General Motors Financial Co Inc                               | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2999842.29   | 1.14%             | 2027-07-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust     | Gm Financial Consumer Automobile Receivables Trust 2025-3     | CUSIP: 379957AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2011440.30   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                | HCA Inc                                                       | CUSIP: 404119CX5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1627050.19   | 0.62%             | 2028-03-01      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                         | Chase Auto Credit Linked Notes Series 2025-1                  | CUSIP: 46591HCT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    942109 | PA      | $946971.12    | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bank of America Auto Trust                             | BofA Auto Trust 2025-1                                        | CUSIP: 05594BAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006733.85   | 0.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                | BMW Vehicle Lease Trust                                       | CUSIP: 05613MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    608113 | PA      | $608431.46    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | Barings Equipment Finance LLC 2025-A                          | CUSIP: 06764MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    960634 | PA      | $964807.58    | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DLLMT LLC                                              | DLLMT 2024-1 LLC                                              | CUSIP: 23347AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1987092 | PA      | $1992245.62   | 0.76%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | MMAF Equipment Finance LLC 2023-A                             | CUSIP: 55317WAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483877 | PA      | $484820.34    | 0.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                               | Marsh & McLennan Cos Inc                                      | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    885000 | PA      | $888963.51    | 0.34%             | 2027-11-08      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                | Metropolitan Life Global Funding I                            | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2316516.60   | 0.88%             | 2027-06-11      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                               | New York Life Global Funding                                  | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3025898.04   | 1.15%             | 2028-04-25      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                           | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3029572.71   | 1.15%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                           | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    965000 | PA      | $971628.15    | 0.37%             | 2028-02-04      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                  | NextGear Floorplan Master Owner Trust                         | CUSIP: 65341KBY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3016631.10   | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                  | NextGear Floorplan Master Owner Trust                         | CUSIP: 65341KCB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2011314.30   | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust 2024-1                           | CUSIP: 24702GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249023 | PA      | $249361.74    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-4 LLC                         | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900404 | PA      | $1904427.56   | 0.73%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                  | Gm Financial Automobile Leasing Trust 2025-2                  | CUSIP: 362962AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2017579.90   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                   | Glencore Funding LLC                                          | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3007515.57   | 1.15%             | 2026-10-01      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2024-2                                  | CUSIP: 40444MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530000 | PA      | $2564030.40   | 0.98%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2025-1                                  | CUSIP: 40446EAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006751.10   | 0.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| The Huntington National Bank                           | Huntington Bank Auto Credit-Linked Notes Series 2025-1        | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2509445 | PA      | $2526892.80   | 0.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                | Hyundai Capital America                                       | CUSIP: 44891ACS4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2504239.48   | 0.95%             | 2025-11-03      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2024-B                | CUSIP: 44934FAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2460000 | PA      | $2494431.27   | 0.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2025-B                | CUSIP: 44935DAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1264160.06   | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2025-A                | CUSIP: 44935WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1478726.18   | 0.56%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                   | Mercedes-Benz Finance North America LLC                       | CUSIP: 58769JAY3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2075983.40   | 0.79%             | 2027-11-15      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                   | Porsche Innovative Lease Owner Trust 2024-2                   | CUSIP: 73328NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468637 | PA      | $468927.95    | 0.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2024-4                 | CUSIP: 802919AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925000 | PA      | $1930088.74   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust                       | CUSIP: 81378RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1479618 | PA      | $1485912.11   | 0.57%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust                       | CUSIP: 81378RAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   2626321 | PA      | $2660181.21   | 1.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1340409 | PA      | $1346281.46   | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                  | Toronto-Dominion Bank/The                                     | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2006709.52   | 0.76%             | 2026-12-17      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                               | Toyota Motor Credit Corp                                      | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008204.25   | 1.15%             | 2027-03-19      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| SG Americas Securities LLC                             | SOC GEN NY 6                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | RA               | CORP              | US        |  13099000 | PA      | $13099000.00  | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                              | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1955000 | PA      | $1962136.81   | 0.75%             | 2028-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | NOVASC REPO 1                                                 | CUSIP: 000000000<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | RA               | CORP              | US        |  20799000 | PA      | $20799000.00  | 7.93%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Financial Markets LLC                              | ING REPO 1 REPO                                               | CUSIP: 000000000<br>LEI: KBVRJ5K57JZ3E2AVWX40 | Long             | RA               | CORP              | US        |  13099000 | PA      | $13099000.00  | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Master Owner Trust Receivables                  | Nissan Master Owner Trust Receivables                         | CUSIP: 65479VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3007036.35   | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PFW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2506237.50   | 0.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PGB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006218.40   | 0.76%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PNC BANK NA                                            | PNC Bank NA                                                   | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001957.29   | 1.14%             | 2027-01-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2025-1                 | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2610000 | PA      | $2630447.13   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust NY                               | SUMITOMO MITSUI TR BK LTD NY                                  | CUSIP: 86564TAT0<br>LEI: N/A                  | Long             | STIV             | CORP              | JP        |   2500000 | PA      | $2500162.00   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                           | Synopsys Inc                                                  | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3019101.93   | 1.15%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                               | Toyota Lease Owner Trust 2025-A                               | CUSIP: 89239NAE5<br>LEI: 254900299R9KF5UH9O95 | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2266387.54   | 0.86%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer