# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-26-020442
**Filing Date:** 2026-1
**Character Count:** 97529
**Document Hash:** 99b8aad5d8455b618ec461e9bbea0540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020442.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020442

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**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:** 26553651

**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 Municipal Microshort Fund (Series ID: S000070657)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224643 | Institutional Shares | FHMIX           |
| C000224644 | Class A Shares       | FHMAX           |

## Nport-Ex

Federated Hermes Conservative Municipal Microshort Fund

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—92.1% |  |
|  | **Alabama—1.4%** |  |
| $200000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; $200000 |
| &nbsp;&nbsp; 4600000 | UAB St. Vincent's Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of <br> America N.A. LOC), 2.990%, Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 4600000 |
| &nbsp;&nbsp; 1030000 | Walker County, AL Economic and IDA (Alabama Power Co.), (First Series 2023) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 1030000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5830000 |
|  | **Arizona—0.8%** |  |
| &nbsp;&nbsp; 3500000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013), 3.450%, Mandatory Tender 2/2/2026 | &nbsp;&nbsp; 3499919 |
|  | **Arkansas—1.0%** |  |
| &nbsp;&nbsp; 2150000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 2150000 |
| &nbsp;&nbsp; 2130000 | Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), <br> 3.000%, 12/3/2025<br>| &nbsp;&nbsp; 2130000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4280000 |
|  | **California—15.1%** |  |
| &nbsp;&nbsp; 2000000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021A), 3.450%, Mandatory Tender 4/1/2026 | &nbsp;&nbsp; 1999589 |
| &nbsp;&nbsp; 5000000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021-B), 3.850%, Mandatory Tender 1/15/2026 | &nbsp;&nbsp; 4998825 |
| &nbsp;&nbsp; 2000000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020B), (Waste Management Holdings, Inc. GTD), <br> 3.850%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 1999374 |
| &nbsp;&nbsp; 8150000 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A), <br> (Waste Management Holdings, Inc. GTD), 4.100%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 8149319 |
| &nbsp;&nbsp; 3500000 | California PCFA (Republic Services, Inc.), (Series 2017 A-2), 3.450%, Mandatory Tender 1/15/2026 | &nbsp;&nbsp; 3500256 |
| &nbsp;&nbsp; 3500000 | California PCFA (Republic Services, Inc.), (Series 2023), 3.800%, Mandatory Tender 2/17/2026 | &nbsp;&nbsp; 3498213 |
| &nbsp;&nbsp; 6000000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 (Series 2022-MIZ9113) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; 7150000 | California Statewide Communities Development Authority (Uptown Housing Partners LLC), BAML 3a-7 <br> (Series 2024-BAML6023) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 7150000 |
| &nbsp;&nbsp; 16400000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 3.240%, 12/1/2025<br>| &nbsp;&nbsp; 16400000 |
| &nbsp;&nbsp; 1445000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 1445000 |
| &nbsp;&nbsp; 9000000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 9000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 64140576 |
|  | **District of Columbia—0.2%** |  |
| &nbsp;&nbsp; 675000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2026<br>| &nbsp;&nbsp; 687732 |
|  | **Florida—1.2%** |  |
| &nbsp;&nbsp; 5000000 | Miami-Dade County, FL IDA (Waste Management, Inc.), (Series 2018A), (Waste Management Holdings, Inc. GTD), 4.000%, <br> Mandatory Tender 7/1/2026<br>| &nbsp;&nbsp; 5002122 |
| &nbsp;&nbsp; 235000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Weekly VRDNs, 2.850%, 12/3/2025 | &nbsp;&nbsp; 235000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5237122 |
|  | **Georgia—3.3%** |  |
| &nbsp;&nbsp; 400000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 1997) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 400000 |
| &nbsp;&nbsp; 8650000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 8650000 |
| &nbsp;&nbsp; 1320000 | Brookhaven Development Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist Bank <br> LIQ), 2.840%, 12/4/2025<br>| &nbsp;&nbsp; 1320000 |
| &nbsp;&nbsp; 3400000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 2.960%, 12/1/2025 | &nbsp;&nbsp; 3400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13770000 |
|  | **Illinois—3.1%** |  |
| &nbsp;&nbsp; 2185000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue Refunding Bonds (Series 2023C), 5.000%, 1/1/2026 | &nbsp;&nbsp; 2188365 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Illinois—continued** |  |
| $4260000 | Chicago, IL O'Hare International Airport, (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.300%, 12/1/2025<br>| &nbsp;&nbsp; $4260000 |
| &nbsp;&nbsp; 5565000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 5565000 |
| &nbsp;&nbsp; 1000000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019), 3.450%, Mandatory <br> Tender 11/2/2026<br>| &nbsp;&nbsp; 1000847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13014212 |
|  | **Indiana—0.6%** |  |
| &nbsp;&nbsp; 2500000 | Indiana State Finance Authority (Republic Services, Inc.), (Series 2010A), 3.800%, Mandatory Tender 12/1/2025 | &nbsp;&nbsp; 2500000 |
|  | **Kentucky—3.6%** |  |
| &nbsp;&nbsp; 8000000 | Kentucky Economic Development Finance Authority (CommonSpirit Health), (Series 2004 C) Weekly VRDNs, <br> 3.120%, 12/3/2025<br>| &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; 5000000 | Knott County, KY (Kentucky Lithium LLC), MS 3a-7 (Series 2025-MS0035), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley <br> Bank, N.A. LOC), 3.090%, Optional Tender 12/18/2025<br>| &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; 2100000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly VRDNs, <br> 2.880%, 12/5/2025<br>| &nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp; 250000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 3.350%, 12/1/2025 | &nbsp;&nbsp; 250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 15350000 |
|  | **Louisiana—0.6%** |  |
| &nbsp;&nbsp; 900000 | Louisiana State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025 | &nbsp;&nbsp; 900000 |
| &nbsp;&nbsp; 1250000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.040%, 12/3/2025 | &nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp; 470000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.000%, 12/3/2025 | &nbsp;&nbsp; 470000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2620000 |
|  | **Missouri—0.1%** |  |
| &nbsp;&nbsp; 505000 | Kansas City, MO IDA (Paige Point Townhomes), Mizuho 3a-7 (Series 2023-MIZ9154) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 505000 |
|  | **Multi-State—12.2%** |  |
| &nbsp;&nbsp; 6005000 | DWS Municipal Income Trust, PUTTERs 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 6005000 |
| &nbsp;&nbsp; 3176000 | Federal Home Loan Mortgage Corp. (Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates <br> (Series M017-A) Weekly VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ), <br> 3.440%, 12/4/2025<br>| &nbsp;&nbsp; 3176000 |
| &nbsp;&nbsp; 12400000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.220%, 12/1/2025<br>| &nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp; 4600000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.220%, 12/1/2025<br>| &nbsp;&nbsp; 4600000 |
| &nbsp;&nbsp; 18400000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 3.240%, 12/1/2025 | &nbsp;&nbsp; 18400000 |
| &nbsp;&nbsp; 7000000 | PIMCO Flexible Municipal Income Fund, PUTTERs 3a-7 (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/1/2025<br>| &nbsp;&nbsp; 7000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 51581000 |
|  | **New Hampshire—0.5%** |  |
| &nbsp;&nbsp; 2215000 | National Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023), (Morgan <br> Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.090%, Optional Tender 1/22/2026<br>| &nbsp;&nbsp; 2215000 |
|  | **New Jersey—15.0%** |  |
| &nbsp;&nbsp; 5000000 | Beach Haven, NJ BANs, 5.000%, 4/30/2026 | &nbsp;&nbsp; 5039965 |
| &nbsp;&nbsp; 1469344 | Chester Borough, NJ BANs, 4.500%, 10/9/2026 | &nbsp;&nbsp; 1475651 |
| &nbsp;&nbsp; 1850299 | Dover, NJ BANs, 3.500%, 1/21/2026 | &nbsp;&nbsp; 1850697 |
| &nbsp;&nbsp; 1551500 | Dunellen, NJ BANs, 3.500%, 4/7/2026 | &nbsp;&nbsp; 1552989 |
| &nbsp;&nbsp; 1508000 | Emerson, NJ BANs, 3.750%, 7/24/2026 | &nbsp;&nbsp; 1511640 |
| &nbsp;&nbsp; 1842000 | Gloucester City, NJ, (Series A) BANs, 3.750%, 5/13/2026 | &nbsp;&nbsp; 1848504 |
| &nbsp;&nbsp; 1738000 | Hanover Township, NJ BANs, 4.750%, 9/25/2026 | &nbsp;&nbsp; 1744253 |
| &nbsp;&nbsp; 1532600 | Hightstown Borough, NJ BANs, 4.000%, 3/23/2026 | &nbsp;&nbsp; 1534003 |
| &nbsp;&nbsp; 2515269 | Leonia, NJ BANs, 3.700%, 2/27/2026 | &nbsp;&nbsp; 2516135 |
| &nbsp;&nbsp; 2000000 | Lindenwold, NJ, (Series A) BANs, 4.000%, 2/20/2026 | &nbsp;&nbsp; 2003824 |
| &nbsp;&nbsp; 1888000 | Little Falls Township, NJ BANs, 3.750%, 9/18/2026 | &nbsp;&nbsp; 1888940 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New Jersey—continued** |  |
| $1325250 | Mansfield Township, NJ BANs, 3.500%, 9/29/2026 | &nbsp;&nbsp; $1326032 |
| &nbsp;&nbsp; 2000000 | Millburn Township, NJ BANs, 3.750%, 1/23/2026 | &nbsp;&nbsp; 2001662 |
| &nbsp;&nbsp; 2000000 | Netcong, NJ BANs, 4.100%, 7/2/2026 | &nbsp;&nbsp; 2005987 |
| &nbsp;&nbsp; 3000000 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States <br> Treasury GTD), 5.000%, Mandatory Tender 6/2/2026<br>| &nbsp;&nbsp; 3023194 |
| &nbsp;&nbsp; 3000000 | Orange Township, NJ BANs, 3.700%, 3/18/2026 | &nbsp;&nbsp; 3003458 |
| &nbsp;&nbsp; 1042117 | Oxford Township, NJ BANs, 4.375%, 4/22/2026 | &nbsp;&nbsp; 1046140 |
| &nbsp;&nbsp; 2000000 | Prospect Park, NJ, (Series A) BANs, 3.600%, 1/23/2026 | &nbsp;&nbsp; 2001272 |
| &nbsp;&nbsp; 2518000 | Raritan Township, NJ BANs, 3.750%, 5/1/2026 | &nbsp;&nbsp; 2521740 |
| &nbsp;&nbsp; 1500000 | Ridgefield Park, NJ BANs, 3.800%, 4/2/2026 | &nbsp;&nbsp; 1501253 |
| &nbsp;&nbsp; 1789000 | River Edge, NJ BANs, 3.750%, 6/17/2026 | &nbsp;&nbsp; 1793263 |
| &nbsp;&nbsp; 2686987 | Riverdale Borough, NJ BANs, 4.000%, 3/4/2026 | &nbsp;&nbsp; 2688532 |
| &nbsp;&nbsp; 1940020 | Robbinsville Township, NJ, (Series B) BANs, 4.000%, 7/8/2026 | &nbsp;&nbsp; 1951589 |
| &nbsp;&nbsp; 1570000 | Rochelle Park Township, NJ BANs, 3.750%, 5/6/2026 | &nbsp;&nbsp; 1572960 |
| &nbsp;&nbsp; 1675712 | Rockaway Borough, NJ BANs, 4.000%, 7/16/2026 | &nbsp;&nbsp; 1679086 |
| &nbsp;&nbsp; 1361125 | Roseland, NJ BANs, 3.400%, 6/4/2026 | &nbsp;&nbsp; 1362178 |
| &nbsp;&nbsp; 1443267 | Stillwater Township, NJ BANs, 5.000%, 9/11/2026 | &nbsp;&nbsp; 1451027 |
| &nbsp;&nbsp; 3009625 | Sussex, NJ BANs, 4.000%, 7/17/2026 | &nbsp;&nbsp; 3027407 |
| &nbsp;&nbsp; 3295852 | West Wildwood, NJ BANs, 4.000%, 2/23/2026 | &nbsp;&nbsp; 3299096 |
| &nbsp;&nbsp; 1484000 | Westwood, NJ BANs, 4.250%, 6/25/2026 | &nbsp;&nbsp; 1489795 |
| &nbsp;&nbsp; 1950000 | Winslow Township, NJ, (Series A) BANs, 3.750%, 5/21/2026 | &nbsp;&nbsp; 1951365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 63663637 |
|  | **New York—15.9%** |  |
| &nbsp;&nbsp; 1500000 | Binghamton, NY BANs, 4.125%, 4/10/2026 | &nbsp;&nbsp; 1507255 |
| &nbsp;&nbsp; 2286306 | Bolivar-Richburg, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 2293381 |
| &nbsp;&nbsp; 3314031 | Broome County, NY BANs, 3.750%, 4/24/2026 | &nbsp;&nbsp; 3324517 |
| &nbsp;&nbsp; 2760980 | Crown Point, NY Central School District BANs, 3.750%, 7/10/2026 | &nbsp;&nbsp; 2769641 |
| &nbsp;&nbsp; 2700000 | Dutchess County, NY Water & Wastewater Authority BANs, 4.000%, 8/21/2026 | &nbsp;&nbsp; 2703158 |
| &nbsp;&nbsp; 1500000 | Gilbertsville-Mount Upton, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 1506698 |
| &nbsp;&nbsp; 2500000 | Long Beach, NY BANs, 4.500%, 5/6/2026 | &nbsp;&nbsp; 2514058 |
| &nbsp;&nbsp; 2650000 | Lowville, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 2662736 |
| &nbsp;&nbsp; 1844000 | Morristown, NY Central School District BANs, 3.350%, 7/29/2026 | &nbsp;&nbsp; 1847409 |
| &nbsp;&nbsp; 3000000 | Mount Morris, NY Central School District BANs, 3.750%, 6/24/2026 | &nbsp;&nbsp; 3012614 |
| &nbsp;&nbsp; 250000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; 700000 | New York City, NY Transitional Finance Authority, (Series 2025 H-2) Daily VRDNs, (TD Bank, N.A. LIQ), 2.850%, 12/1/2025 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp; 700000 | New York City, NY, (Fiscal 2023 Series A-3) Daily VRDNs, (BMO Bank, N.A. LIQ), 2.850%, 12/1/2025 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp; 4990000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 3.240%, 12/4/2025<br>| &nbsp;&nbsp; 4990000 |
| &nbsp;&nbsp; 13300000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 3.240%, 12/1/2025<br>| &nbsp;&nbsp; 13300000 |
| &nbsp;&nbsp; 2000000 | Oakfield-Alabama, NY Central School District BANs, 3.750%, 7/8/2026 | &nbsp;&nbsp; 2007535 |
| &nbsp;&nbsp; 2500000 | Oxford Academy and Central School District, NY, (Series B) BANs, 3.750%, 7/3/2026 | &nbsp;&nbsp; 2508135 |
| &nbsp;&nbsp; 2000000 | Pembroke, NY Central School District BANs, 3.750%, 12/12/2025 | &nbsp;&nbsp; 2000282 |
| &nbsp;&nbsp; 1000000 | Port Authority of New York and New Jersey, Consolidated Bonds (Series 2018-207), 5.000%, 9/15/2026 | &nbsp;&nbsp; 1015093 |
| &nbsp;&nbsp; 1000000 | Port Authority of New York and New Jersey, Consolidated Bonds (Series 2021-226), 5.000%, 10/15/2026 | &nbsp;&nbsp; 1016709 |
| &nbsp;&nbsp; 1600000 | Remsen, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 1604417 |
| &nbsp;&nbsp; 1500000 | Sherrill, NY City School District RANs, 3.750%, 6/18/2026 | &nbsp;&nbsp; 1504918 |
| &nbsp;&nbsp; 2700000 | Warsaw, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 2711424 |
| &nbsp;&nbsp; 1265954 | Warwick, NY, (Series C) BANs, 3.500%, 11/20/2026 | &nbsp;&nbsp; 1268264 |
| &nbsp;&nbsp; 3000000 | Watertown, NY Enlarged City School District RANs, 3.250%, 10/9/2026 | &nbsp;&nbsp; 3007115 |
| &nbsp;&nbsp; 1835000 | Westmoreland, NY Central School District BANs, 3.500%, 6/26/2026 | &nbsp;&nbsp; 1841103 |

---

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $3000000 | Yonkers, NY, (Series A) BANs, 4.000%, 12/5/2025 | &nbsp;&nbsp; $3000128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 67566590 |
|  | **North Carolina—0.9%** |  |
| &nbsp;&nbsp; 2200000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp; 1700000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 1700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 |
|  | **Ohio—2.7%** |  |
| &nbsp;&nbsp; 1250000 | Belmont County, OH BANs, 4.500%, 8/11/2026 | &nbsp;&nbsp; 1262122 |
| &nbsp;&nbsp; 2000000 | Broadview Heights City, OH BANs, 4.375%, 10/22/2026 | &nbsp;&nbsp; 2024445 |
| &nbsp;&nbsp; 1450000 | Logan County, OH BANs, (Ohio State GTD), 4.125%, 8/4/2026 | &nbsp;&nbsp; 1460570 |
| &nbsp;&nbsp; 700000 | Lorain, OH BANs, 4.750%, 4/8/2026 | &nbsp;&nbsp; 703960 |
| &nbsp;&nbsp; 1200000 | Martins Ferry City, OH BANs, (Ohio State GTD), 4.250%, 12/16/2025 | &nbsp;&nbsp; 1200476 |
| &nbsp;&nbsp; 2545000 | Newark, OH BANs, 4.000%, 11/4/2026 | &nbsp;&nbsp; 2568780 |
| &nbsp;&nbsp; 2000000 | Shaker Heights, OH BANs, 4.375%, 5/6/2026 | &nbsp;&nbsp; 2011867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11232220 |
|  | **Pennsylvania—0.9%** |  |
| &nbsp;&nbsp; 4000000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2019A), 3.875%, Mandatory Tender 8/3/2026<br>| &nbsp;&nbsp; 4006514 |
|  | **South Carolina—0.5%** |  |
| &nbsp;&nbsp; 1700000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), (Series 2022-XF3074) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp; 200000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), (Series 2018C) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
|  | **Tennessee—2.0%** |  |
| &nbsp;&nbsp; 8465000 | Chattanooga, TN Health, Educational & Housing Facility Board (CommonSpirit Health), (Series 2004 C) Weekly VRDNs, <br> 2.880%, 12/3/2025<br>| &nbsp;&nbsp; 8465000 |
|  | **Texas—7.2%** |  |
| &nbsp;&nbsp; 900000 | Austin, TX Department of Aviation, Airport System Revenue Refunding Bonds (Series 2025), 5.000%, 11/15/2026 | &nbsp;&nbsp; 916353 |
| &nbsp;&nbsp; 5844000 | Bexar County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), (Series 2024-XF3256) Weekly VRDNs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 5844000 |
| &nbsp;&nbsp; 2500000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2018C), 5.000%, 7/1/2026 | &nbsp;&nbsp; 2531626 |
| &nbsp;&nbsp; 1120000 | Las Varas, TX Public Facility Corporation (Roers San Antonio Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9158) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp; 7900000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, <br> 3.200%, 12/3/2025<br>| &nbsp;&nbsp; 7900000 |
| &nbsp;&nbsp; 12150000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 3.200%, 12/3/2025<br>| &nbsp;&nbsp; 12150000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 30461979 |
|  | **Virginia—0.1%** |  |
| &nbsp;&nbsp; 250000 | Albemarle County, VA EDA (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 250000 |
|  | **Washington—2.1%** |  |
| &nbsp;&nbsp; 8940000 | Port of Seattle, WA Revenue, (Series 2008) Weekly VRDNs, (Bank of America N.A. LOC), 2.950%, 12/3/2025 | &nbsp;&nbsp; 8940000 |
|  | **West Virginia—1.1%** |  |
| &nbsp;&nbsp; 4500000 | West Virginia EDA Solid Waste Disposal Facilities (Nucor Steel West Virginia LLC), (Series 2025A-1) Weekly VRDNs, (Nucor <br> Corp. GTD), 3.100%, 12/3/2025<br>| &nbsp;&nbsp; 4500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(IDENTIFIED COST $389,992,802)<br>| &nbsp;&nbsp; 390116501 |
|  | MUNICIPAL BONDS—8.2% |  |
|  | **Colorado—0.2%** |  |
| &nbsp;&nbsp; 805000 | Denver, CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2018A), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 821654 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Illinois—1.0%** |  |
| $4000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2024D), <br> 5.000%, 1/1/2027<br>| &nbsp;&nbsp; $4078777 |
|  | **Michigan—2.4%** |  |
| &nbsp;&nbsp; 5250000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2025G), 5.000%, 12/1/2026 | &nbsp;&nbsp; 5344552 |
| &nbsp;&nbsp; 4700000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2025G), 5.000%, 12/1/2027 | &nbsp;&nbsp; 4867959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10212511 |
|  | **Montana—0.4%** |  |
| &nbsp;&nbsp; 1825000 | Montana Board of Housing (Aspen Village Housing Partners, LP), Multifamily Housing Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 2.900%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 1820414 |
|  | **New York—0.7%** |  |
| &nbsp;&nbsp; 3000000 | Yonkers, NY BANs, 3.500%, 12/3/2026 | &nbsp;&nbsp; 3010391 |
|  | **North Carolina—1.2%** |  |
| &nbsp;&nbsp; 5000000 | Cumberland County, NC Industrial Facilities & PCFA (Project Aero), (Series 2025), (United States Treasury COL), 3.125%, <br> Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 4999343 |
|  | **Oklahoma—1.1%** |  |
| &nbsp;&nbsp; 3150000 | Oklahoma HFA (Lakeshore Pointe, LLC), Collateralized Revenue Bonds (Series 2024), (United States Treasury GTD), 3.350%, <br> Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 3160248 |
| &nbsp;&nbsp; 1525000 | Oklahoma HFA (Villages at A New Leaf II, LP), Collateralized Revenue Bonds (Series 2025), (United States Treasury GTD), <br> 3.400%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 1531441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4691689 |
|  | **Pennsylvania—0.4%** |  |
| &nbsp;&nbsp; 1698000 | Pennsylvania HFA (B'nai B'rith House of Reading, LLC), Multifamily Housing Development Bonds (Series 2025B), (United <br> States Treasury GTD), 3.150%, Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 1696245 |
|  | **Tennessee—0.7%** |  |
| &nbsp;&nbsp; 3175000 | McMinnville-Warren County, TN IDB (Beersheba III, LP), Multifamily Housing Bonds (Series 2025), (United States Treasury <br> GTD), 2.750%, Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 3157663 |
|  | **Texas—0.1%** |  |
| &nbsp;&nbsp; 380000 | Austin, TX Department of Aviation, Airport System Revenue Refunding Bonds (Series 2025), 5.000%, 11/15/2027 | &nbsp;&nbsp; 393729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $34,875,049)<br>| &nbsp;&nbsp;&nbsp; 34882416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.3% <br>(IDENTIFIED COST $424,867,851)<br>| &nbsp;&nbsp; 424998917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.3)%<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1175234) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $423823683 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 35.6% of the portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are* <br> *not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do* <br> *not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

**Investment Valuation** 

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

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

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

**5**

------

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of November 30, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AMT | —Alternative Minimum Tax |
| BANs | —Bond Anticipation Notes |
| COL | —Collateralized |
| EDA | —Economic Development Authority |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDRB | —Industrial Development Revenue Bond |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| PCFA | —Pollution Control Financing Authority |
| PCRB | —Pollution Control Revenue Bond |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

**6**

------

## 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 Municipal Microshort Fund

- **b. EDGAR series identifier (if any):** S000070657

- **c. LEI of Series:** 2549003Q2AMWHI6IO855

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $428702595.58

**Total Liabilities:** $5457775.87

**Net Assets:** $423244819.71

**Delayed Delivery Securities:** $4317933.80

**Cash Not Reported:** $76933.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1582.220098000000 | **1-Year:** -5477.956683000000 | **5-Year:** -2494.597566000000 | **10-Year:** -5107.720156000000 | **30-Year:** -2074.707275000000

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

- **3-Month:** -3102.320209000000 | **1-Year:** -5247.245956000000 | **5-Year:** -275.299955000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224643 | 0.15%                | 0.25%                | 0.25%                |
| Class ID C000224644 | 0.14%                | 0.23%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-141903.12                                |
| Month 2  | $0.00                    | $-192274.80                                |
| Month 3  | $9888.32                 | $114505.32                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APPLING CNTY GA DEV AUTH                                 | Development Authority of Appling County                                         | CUSIP: 038315EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.09%             | 2029-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| BOLIVAR-RICHBURG NY CENTRL SCH                           | Bolivar-Richburg Central School District                                        | CUSIP: 097649FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2286306 | PA      | $2293381.20   | 0.54%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                           | California Pollution Control Financing Authority                                | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500255.85   | 0.83%             | 2042-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE             | Chicago O'Hare International Airport                                            | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4078776.40   | 0.96%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CITY NJ                                       | City of Gloucester City NJ                                                      | CUSIP: 379640GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1842000 | PA      | $1848504.10   | 0.44%             | 2026-05-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HERTFORD CNTY NC INDL FACS & POLL CONTROL FING AUTH      | Hertford County Industrial Facilities & Pollution Control Financing Authority   | CUSIP: 428007AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.52%             | 2033-11-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER                           | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KYX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12400000 | PA      | $12400000.00  | 2.93%             | 2027-06-01      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| MANSFIELD TWP NJ BURLINGTON CNTY                         | Township of Mansfield NJ/Burlington County                                      | CUSIP: 564441BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325250 | PA      | $1326031.63   | 0.31%             | 2026-09-29      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU                           | County of Meade KY                                                              | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.06%             | 2060-07-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE            | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $687731.58    | 0.16%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                           | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023193.90   | 0.71%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York NY                                                             | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.17%             | 2049-09-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| NUVEEN NY AMT FREE QUALITY MUN                           | Nuveen New York AMT-Free Quality Municipal Income Fund                          | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.92%             | 2047-05-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS                           | Port of Port Arthur Navigation District                                         | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7900000 | PA      | $7900000.00   | 1.87%             | 2040-11-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| PROSPECT PARK NJ                                         | Borough of Prospect Park NJ                                                     | CUSIP: 743542EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001272.00   | 0.47%             | 2026-01-23      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| RARITAN TWP NJ                                           | Township of Raritan NJ                                                          | CUSIP: 754025JL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2518000 | PA      | $2521739.99   | 0.60%             | 2026-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SHAKER HEIGHTS OH                                        | City of Shaker Heights OH                                                       | CUSIP: 819054MN4<br>LEI: 5493000DJBQYJU5NKL14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011867.40   | 0.48%             | 2026-05-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STILLWATER TWP NJ                                        | Township of Stillwater NJ                                                       | CUSIP: 860828AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1443267 | PA      | $1451027.30   | 0.34%             | 2026-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035ESC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.40%             | 2028-06-01      | Variable      | 3.39%                 | Yes           |                  2 | On Loan: No      |
| BLYTHEVILLE AR INDL DEV REVENUE                          | City of Blytheville AR                                                          | CUSIP: 096490BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2150000.00   | 0.51%             | 2033-01-02      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| COLUMBIA AL INDL DEV BRD POLL                            | Columbia Industrial Development Board                                           | CUSIP: 197210AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2028-06-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                            | City of Binghamton NY                                                           | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507254.75   | 0.36%             | 2026-04-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HIGHTSTOWN NJ                                            | Borough of Hightstown NJ                                                        | CUSIP: 431164HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1532600 | PA      | $1534002.94   | 0.36%             | 2026-03-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                                   | Brookhaven Development Authority                                                | CUSIP: 113073AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1320000.00   | 0.31%             | 2042-07-01      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| BROOME CNTY NY                                           | County of Broome NY                                                             | CUSIP: 114727XY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3314031 | PA      | $3324517.26   | 0.79%             | 2026-04-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                               | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $916353.72    | 0.22%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                            | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126PCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 1.89%             | 2034-05-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY CENTRL SCH DIST                              | Lowville Academy Central School District                                        | CUSIP: 548837DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2662736.17   | 0.63%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT MORRIS NY CENTRL SCH DIST                          | Mount Morris Central School District                                            | CUSIP: 622100EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012613.50   | 0.71%             | 2026-06-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUN                           | Nuveen California AMT-Free Quality Municipal Income Fund                        | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |  16100000 | PA      | $16100000.00  | 3.80%             | 2047-10-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE               | Pennsylvania Housing Finance Agency                                             | CUSIP: 708797BJ3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1698000 | PA      | $1696244.95   | 0.40%             | 2028-09-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND NY CENTRL SCH DIST                          | Westmoreland Central School District                                            | CUSIP: 961085GT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1841102.84   | 0.43%             | 2026-06-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                               | City of Yonkers NY                                                              | CUSIP: 9860824N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3010391.40   | 0.71%             | 2026-12-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY MET GOVT ENVRNMNTL FACS   | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 546751AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.50%             | 2033-06-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                                            | City of Orange Township NJ                                                      | CUSIP: 685312NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003457.50   | 0.71%             | 2026-03-18      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                           | California Municipal Finance Authority                                          | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8149319.48   | 1.93%             | 2044-12-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                           | California Municipal Finance Authority                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999589.20   | 0.47%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST GAS & FUELS TAX REVENUE                     | State of Louisiana Gasoline & Fuels Tax Revenue                                 | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.21%             | 2043-05-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENUE                          | Wayne County Airport Authority                                                  | CUSIP: 9445142R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4867959.20   | 1.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER                           | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KYR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 1.09%             | 2027-03-20      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                            | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006513.60   | 0.95%             | 2038-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                           | California Municipal Finance Authority                                          | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4998825.50   | 1.18%             | 2051-07-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CHESTER BORO NJ                                          | Borough of Chester NJ                                                           | CUSIP: 165501BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1469344 | PA      | $1475650.72   | 0.35%             | 2026-10-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE                           | Chicago Midway International Airport                                            | CUSIP: 167562SX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2188365.56   | 0.52%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOVER NJ                                                 | Town of Dover NJ                                                                | CUSIP: 260237LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850299 | PA      | $1850697.18   | 0.44%             | 2026-01-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUNELLEN NJ                                              | Borough of Dunellen NJ                                                          | CUSIP: 265417BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1551500 | PA      | $1552988.82   | 0.37%             | 2026-04-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY WTR & WSTWTRAUTH                        | Dutchess County Water & Wastewater Authority                                    | CUSIP: 267048JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2703158.19   | 0.64%             | 2026-08-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EMERSON NJ                                               | Borough of Emerson NJ                                                           | CUSIP: 291065HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1508000 | PA      | $1511640.01   | 0.36%             | 2026-07-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HANOVER TWP NJ                                           | Township of Hanover NJ                                                          | CUSIP: 411216AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1738000 | PA      | $1744253.32   | 0.41%             | 2026-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HEARD CNTY GA DEV AUTH                                   | Development Authority of Heard County                                           | CUSIP: 422230BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3400000.00   | 0.80%             | 2026-09-01      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH SOL W                           | Illinois Development Finance Authority                                          | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000846.70   | 0.24%             | 2044-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R                           | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.59%             | 2028-05-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES     | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KF74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6005000 | PA      | $6005000.00   | 1.42%             | 2026-08-29      | Floating      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| LOGAN CNTY OH                                            | County of Logan OH                                                              | CUSIP: 540822KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1460569.49   | 0.35%             | 2026-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                                            | City of Long Beach NY                                                           | CUSIP: 542519GA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514058.25   | 0.59%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MCMINNVILLE WARREN CNTY TN INDL DEV BRD MF HSG           | McMinnville-Warren County Industrial Development Board                          | CUSIP: 582401AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3157662.91   | 0.75%             | 2029-09-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE    | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAM0<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5002122.00   | 1.18%             | 2033-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES             | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 1.42%             | 2046-11-01      | Floating      | 2.97%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES             | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HUA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $505000.00    | 0.12%             | 2038-04-01      | Floating      | 3.02%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES             | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HUN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.26%             | 2038-03-01      | Floating      | 3.02%                 | Yes           |                  2 | On Loan: No      |
| MORRISTOWN NY CENTRL SCH DIST                            | Morristown Central School District                                              | CUSIP: 618601FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1844000 | PA      | $1847409.00   | 0.44%             | 2026-07-29      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GCR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.06%             | 2049-06-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                            | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JSE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.17%             | 2054-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUN                           | Nuveen California AMT-Free Quality Municipal Income Fund                        | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.07%             | 2047-10-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICI                           | Nuveen AMT-Free Quality Municipal Income Fund                                   | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  11400000 | PA      | $11400000.00  | 2.69%             | 2029-03-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICI                           | Nuveen AMT-Free Quality Municipal Income Fund                                   | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.65%             | 2029-03-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| OAKFIELD-ALABAMA NY CENTRL SCH                           | Oakfield-Alabama Central School District                                        | CUSIP: 672138HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007535.20   | 0.47%             | 2026-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERA                           | OKLAHOMA HSG FIN AG 3.35                                                        | CUSIP: 67886UAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3160248.53   | 0.75%             | 2027-12-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERALIZED REVENUE BONDS        | Oklahoma Housing Finance Agency                                                 | CUSIP: 67886UAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1531440.84   | 0.36%             | 2028-07-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| PEMBROKE NY CENTRL SCH DIST                              | Pembroke Central School District                                                | CUSIP: 706427CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000281.60   | 0.47%             | 2025-12-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS                           | Port of Port Arthur Navigation District                                         | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12150000 | PA      | $12150000.00  | 2.87%             | 2040-11-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                               | Port of Seattle WA                                                              | CUSIP: 735389LY2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   8940000 | PA      | $8940000.00   | 2.11%             | 2033-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| REMSEN NY CENTRL SCH DIST                                | Remsen Central School District                                                  | CUSIP: 759642GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1604417.28   | 0.38%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                        | Rib Floater Trust Various States                                                | CUSIP: 76252PSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1445000.00   | 0.34%             | 2040-12-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                        | Rib Floater Trust Various States                                                | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4990000 | PA      | $4990000.00   | 1.18%             | 2041-11-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| RIVER EDGE NJ                                            | Borough of River Edge NJ                                                        | CUSIP: 768126GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1789000 | PA      | $1793262.83   | 0.42%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROBBINSVILLE TWP NJ MERCER CNTY                          | Township of Robbinsville NJ                                                     | CUSIP: 770286NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940020 | PA      | $1951589.31   | 0.46%             | 2026-07-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHELLE PARK TWP NJ                                     | Township of Rochelle Park NJ                                                    | CUSIP: 771282DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1572959.92   | 0.37%             | 2026-05-06      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCKAWAY BORO NJ                                         | Borough of Rockaway NJ                                                          | CUSIP: 772783CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675712 | PA      | $1679086.21   | 0.40%             | 2026-07-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                            | Parish of St James LA                                                           | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.30%             | 2040-11-01      | Floating      | 3.04%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                            | Parish of St James LA                                                           | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470000.00    | 0.11%             | 2040-11-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| SHERRILL NY CITY SCH DIST                                | Sherrill City School District                                                   | CUSIP: 824263KX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504917.60   | 0.36%             | 2026-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SUSSEX NJ                                                | Borough of Sussex NJ                                                            | CUSIP: 869291DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3009625 | PA      | $3027406.77   | 0.72%             | 2026-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2215000.00   | 0.52%             | 2030-12-15      | Floating      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035JQX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7150000.00   | 1.69%             | 2050-10-01      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035JUH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5844000 | PA      | $5844000.00   | 1.38%             | 2037-09-01      | Floating      | 3.07%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035MDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 1.09%             | 2054-11-01      | Floating      | 2.99%                 | Yes           |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV AUTH SOL WST DISP REVENUE | Walker County Economic & Industrial Development Authority                       | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030000.00   | 0.24%             | 2063-08-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| WARSAW NY CENTRL SCH DIST                                | Warsaw Central School District/NY                                               | CUSIP: 936466EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2711423.43   | 0.64%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WARWICK NY                                               | Town of Warwick NY                                                              | CUSIP: 936614DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265954 | PA      | $1268263.99   | 0.30%             | 2026-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENUE                          | Wayne County Airport Authority                                                  | CUSIP: 9445142Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5344551.98   | 1.26%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS         | West Virginia Economic Development Authority                                    | CUSIP: 95648VBZ1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 1.06%             | 2065-11-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| WEST WILDWOOD NJ                                         | Borough of West Wildwood NJ                                                     | CUSIP: 956874DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295852 | PA      | $3299095.78   | 0.78%             | 2026-02-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                               | City of Yonkers NY                                                              | CUSIP: 9860824M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000128.10   | 0.71%             | 2025-12-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                               | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $393728.49    | 0.09%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                                           | Borough of Beach Haven NJ                                                       | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5039965.50   | 1.19%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                           | California Municipal Finance Authority                                          | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999373.80   | 0.47%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CROWN POINT NY CENTRL SCH DIST                           | Crown Point Central School District                                             | CUSIP: 228561EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2760980 | PA      | $2769641.19   | 0.65%             | 2026-07-10      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HERTFORD CNTY NC INDL FACS & POLL CONTROL FING AUTH      | Hertford County Industrial Facilities & Pollution Control Financing Authority   | CUSIP: 428007AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.40%             | 2033-11-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                             | Illinois Finance Authority                                                      | CUSIP: 45200BYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5565000.00   | 1.31%             | 2040-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| LEONIA NJ                                                | Borough of Leonia NJ                                                            | CUSIP: 526660FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515269 | PA      | $2516134.76   | 0.59%             | 2026-02-27      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LINDENWOLD NJ                                            | Borough of Lindenwold NJ                                                        | CUSIP: 535508FT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003824.00   | 0.47%             | 2026-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARTINS FERRY OH                                         | City of Martins Ferry OH                                                        | CUSIP: 573462EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200476.04   | 0.28%             | 2025-12-16      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MILLBURN TWP NJ                                          | Township of Millburn NJ                                                         | CUSIP: 600208FA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001662.40   | 0.47%             | 2026-01-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES             | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 2.13%             | 2046-12-01      | Floating      | 2.97%                 | Yes           |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG MFH REVENUE                        | Montana Board of Housing                                                        | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1820413.78   | 0.43%             | 2028-12-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| NETCONG NJ                                               | Borough of Netcong NJ                                                           | CUSIP: 641083DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005987.00   | 0.47%             | 2026-07-02      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NEWARK OH                                                | City of Newark OH                                                               | CUSIP: 650451ZU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2568779.46   | 0.61%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                    | Port Authority of New York & New Jersey                                         | CUSIP: 73358XBX9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016708.80   | 0.24%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI                           | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4260000.00   | 1.01%             | 2027-07-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| WATERTOWN NY ENLARGED CITY SCH DIST                      | Watertown Enlarged City School District                                         | CUSIP: 942116AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007115.40   | 0.71%             | 2026-10-09      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WESTWOOD NJ                                              | Borough of Westwood NJ                                                          | CUSIP: 961794LJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1484000 | PA      | $1489795.32   | 0.35%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINSLOW TWP NJ                                           | Township of Winslow NJ                                                          | CUSIP: 975480RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1951365.20   | 0.46%             | 2026-05-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CNTY VA ECON DEV AUTH HOSP REVENUE             | Albemarle County Economic Development Authority                                 | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.06%             | 2048-10-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| BROADVIEW HEIGHTS OH                                     | City of Broadview Heights OH                                                    | CUSIP: 111331TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024444.80   | 0.48%             | 2026-10-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                 | Development Authority of Appling County                                         | CUSIP: 038315EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8650000 | PA      | $8650000.00   | 2.04%             | 2041-09-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| BELMONT CNTY OH                                          | County of Belmont OH                                                            | CUSIP: 080257RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262122.25   | 0.30%             | 2026-08-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LITTLE FALLS TWP NJ                                      | Township of Little Falls NJ                                                     | CUSIP: 537173MN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1888000 | PA      | $1888940.04   | 0.45%             | 2026-09-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOWELL AR INDL DEV REVENUE                               | City of Lowell AR                                                               | CUSIP: 547516AB0<br>LEI: 549300GXJ4CE6FSCJA35 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2130000.00   | 0.50%             | 2036-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| ROSELAND NJ                                              | Borough of Roseland NJ                                                          | CUSIP: 777407HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1361125 | PA      | $1362178.10   | 0.32%             | 2026-06-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SAINT LUCIE CNTY FL POLL CONTROL REVENUE                 | County of St Lucie FL                                                           | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.06%             | 2028-09-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                           | California Pollution Control Financing Authority                                | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3498212.55   | 0.83%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL & HSG FAC BRD REVENUE        | Chattanooga Health Educational & Housing Facility Board                         | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8465000 | PA      | $8465000.00   | 2.00%             | 2039-05-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS &                           | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4999343.00   | 1.18%             | 2027-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REVENUE                       | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $821654.16    | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS        | FHLMC Multifamily VRD Certificates                                              | CUSIP: 31350AAE8<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   3176000 | PA      | $3176000.00   | 0.75%             | 2050-09-15      | Floating      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| GILBERTSVILLE-MOUNT UPTON NY CENTRL SCH DIST             | Gilbertsville-Mount Upton Central School District                               | CUSIP: 37546SAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506698.25   | 0.36%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                              | City of Houston TX Airport System Revenue                                       | CUSIP: 442349CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531625.75   | 0.60%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER                           | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KB94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.65%             | 2026-01-28      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| LORAIN OH                                                | City of Lorain OH                                                               | CUSIP: 5436896L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703960.46    | 0.17%             | 2026-04-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NUVEEN NY AMT FREE QUALITY MUN                           | Nuveen New York AMT-Free Quality Municipal Income Fund                          | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |   9400000 | PA      | $9400000.00   | 2.22%             | 2047-05-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| OXFORD ACADEMY & CENTRL SCH DIST NY                      | Oxford Academy & Central School District                                        | CUSIP: 69138SCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508134.75   | 0.59%             | 2026-07-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OXFORD TWP NJ                                            | Township of Oxford NJ                                                           | CUSIP: 69182UAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1042117 | PA      | $1046140.20   | 0.25%             | 2026-04-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL W                           | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3499918.80   | 0.83%             | 2035-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                    | Port Authority of New York & New Jersey                                         | CUSIP: 73358WR63<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015092.90   | 0.24%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIDGEFIELD PARK NJ                                       | Village of Ridgefield Park NJ                                                   | CUSIP: 765871ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501252.50   | 0.35%             | 2026-04-02      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| RIVERDALE BORO NJ                                        | Borough of Riverdale NJ                                                         | CUSIP: 768602DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2686987 | PA      | $2688532.02   | 0.64%             | 2026-03-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE        | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703FML3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2048-05-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES  | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035MZA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.18%             | 2044-03-28      | Floating      | 3.09%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer