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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>National Australia Bank Ltd</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
        <cusip>63254FTF4</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="63254FTF4"/>
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        <balance>1500000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1478363.7200000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navient Student Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust 2018-A</title>
        <cusip>63940PAB1</cusip>
        <identifiers>
          <isin value="US63940PAB13"/>
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        <balance>20238.7100000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20037.8700000000</valUSD>
        <pctVal>0.0189407578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
        <title>PFS Financing Corp</title>
        <cusip>69335PEJ0</cusip>
        <identifiers>
          <isin value="US69335PEJ03"/>
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        <balance>1500000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1492448.1000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Retail Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Santander Retail Auto Lease Trust 2020-A</title>
        <cusip>80286KAG7</cusip>
        <identifiers>
          <isin value="US80286KAG76"/>
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        <balance>888746.7000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>887109.0500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Santander Drive Auto Receivables Trust 2022-2</title>
        <cusip>80286MAB4</cusip>
        <identifiers>
          <isin value="US80286MAB46"/>
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        <balance>58204.2000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58132.8900000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank NA - SBCLN</title>
        <cusip>80290CAE4</cusip>
        <identifiers>
          <isin value="US80290CAE49"/>
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        <balance>234656.6300000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226754.2900000000</valUSD>
        <pctVal>0.2143390538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Santander Bank Auto Credit-Linked Notes Series 2022-B</title>
        <cusip>80290CAY0</cusip>
        <identifiers>
          <isin value="US80290CAY03"/>
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        <balance>1148224.2800000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1141301.6400000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Santander Drive Auto Receivables Trust 2022-6</title>
        <cusip>802918AD4</cusip>
        <identifiers>
          <isin value="US802918AD47"/>
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        <balance>850000.0000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>836043.5500000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM TRUST</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program 2022-1S Trust</title>
        <cusip>83406QAA6</cusip>
        <identifiers>
          <isin value="US83406QAA67"/>
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        <balance>1626740.3800000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1624548.0200000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM TRUST</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program 2021-1 Trust</title>
        <cusip>83407CAA6</cusip>
        <identifiers>
          <isin value="US83407CAA62"/>
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        <balance>282222.2600000000</balance>
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        <curCd>USD</curCd>
        <valUSD>276970.3000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust 2020-A</title>
        <cusip>88167HAE6</cusip>
        <identifiers>
          <isin value="US88167HAE62"/>
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        <balance>81590.1700000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81413.8900000000</valUSD>
        <pctVal>0.0769563220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust 2020-A</title>
        <cusip>88167HAG1</cusip>
        <identifiers>
          <isin value="US88167HAG11"/>
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        <balance>3000000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2989636.6500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TORONTO DOMINION BK</name>
        <lei>N/A</lei>
        <title>TORONTO DOMINION BK</title>
        <cusip>89115B7A2</cusip>
        <identifiers>
          <isin value="US89115B7A26"/>
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        <balance>1500000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1494459.3500000000</valUSD>
        <pctVal>1.4126348084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sumitomo Corp.</name>
        <lei>V82KK8NH1P0JS71FJC05</lei>
        <title>SUMITOMO 3</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>3682000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3682000.0000000000</valUSD>
        <pctVal>3.4804033744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="5U0XI89JRFVHWIBS4F54" name="SUMITOMO MITSUI BANKING CORP"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2023-03-01</maturityDt>
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              <collateralVal>3756114.67</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SGPARIS NTRP 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="933UNA009"/>
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        <balance>5295000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5295000.0000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="O2RNE8IBXP4R0TD8PU41" name="SOCIETE GENERALE PARIS"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.72</repurchaseRt>
          <maturityDt>2023-03-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>561035.88</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>320834.69</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
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            <repurchaseCollateral>
              <principalAmt>345268.97</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>273211.11</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>PLCMO</invstCat>
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            <repurchaseCollateral>
              <principalAmt>1873748.29</principalAmt>
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              <collateralVal>1623410.35</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="N/A" invstCat="Other instrument"/>
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            <repurchaseCollateral>
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              <collateralCd>USD</collateralCd>
              <invstCat>CDS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
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      <invstOrSec>
        <name>MUFG Securities Americas, Inc.</name>
        <lei>K5HU16E3LMSVCCJJJ255</lei>
        <title>MITSUBISHI 6</title>
        <cusip>000000000</cusip>
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        <balance>5295000.0000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5295000.0000000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="K5HU16E3LMSVCCJJJ255" name="MUFG SECURITIES AMERICAS INC."/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2023-03-01</maturityDt>
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            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
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              <invstCat>EQT</invstCat>
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            <repurchaseCollateral>
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        <securityLending>
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      <invstOrSec>
        <name>BNP Paribas Suisse SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP BANK REPO A1</title>
        <cusip>000000000</cusip>
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        <balance>5295000.0000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5295000.0000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="R0MUWSFPU8MPRO8K5P83" name="BNP PARIBAS S.A."/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.65</repurchaseRt>
          <maturityDt>2023-03-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>6156.65</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
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            <repurchaseCollateral>
              <principalAmt>2448900.90</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2552576.23</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>PLCMO</invstCat>
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            <repurchaseCollateral>
              <principalAmt>221300.74</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>780651.21</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="N/A" invstCat="Other instrument"/>
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            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>2007541.15</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
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            <repurchaseCollateral>
              <principalAmt>0</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>54672.39</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>CDS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ING Bank NV</name>
        <lei>3TK20IVIUJ8J3ZU0QE75</lei>
        <title>ING REPO 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="963FWZ000"/>
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        <balance>5295000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5295000.0000000000</valUSD>
        <pctVal>5.0050885029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="KBVRJ5K57JZ3E2AVWX40" name="ING FINANCIAL MARKETS LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.64</repurchaseRt>
          <maturityDt>2023-03-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>0</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3065232.46</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="N/A" invstCat="Other instrument"/>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>0</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2336381.00</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>CDS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
        <title>STANDARD CHARTERED 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966RQU009"/>
        </identifiers>
        <balance>5295000.0000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5295000.0000000000</valUSD>
        <pctVal>5.0050885029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RILFO74KP1CM8P6PCT96" name="STANDARD CHARTERED BANK REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.63</repurchaseRt>
          <maturityDt>2023-03-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1669542.64</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>209567.38</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>5678600.07</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>5192027.23</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-04-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Federated Hermes Adviser Series</ncom:nameOfApplicant>
      <ncom:signature>Stephen Van Meter</ncom:signature>
      <ncom:signerName>Federated Hermes Adviser Series</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
