# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-25-247967
**Filing Date:** 2025-10
**Character Count:** 70008
**Document Hash:** e30e2087bc9c561e5979d3cde8c90a17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-247967.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-247967

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 251411626

**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           |

## 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:** 2025-08-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $469656260.44

**Total Liabilities:** $2592533.94

**Net Assets:** $467063726.50

**Delayed Delivery Securities:** $1363112.24

**Cash Not Reported:** $9807.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1873.262923000000 | **1-Year:** -3288.225273000000 | **5-Year:** -2334.260931000000 | **10-Year:** -5463.824802000000 | **30-Year:** -2101.409180000000

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

- **3-Month:** -2448.259242000000 | **1-Year:** -7090.768588000000 | **5-Year:** -602.033508000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224643 | 0.25%                | 0.32%                | 0.23%                |
| Class ID C000224644 | 0.23%                | 0.21%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $73115.15                                  |
| Month 2  | $0.00                    | $177193.12                                 |
| Month 3  | $0.00                    | $74278.95                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BLOUNT CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Blount County Tennessee/The                        | CUSIP: 095175VQ5<br>LEI: 549300RHIJ2ZP4C8W404 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.24%             | 2034-06-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| CHESTER BORO NJ                                              | Borough of Chester NJ                                                           | CUSIP: 165501BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1068250 | PA      | $1069110.69   | 0.23%             | 2025-10-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS &                               | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000420.40   | 0.43%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR                                 | Deutsche Bank Spears/Lifers Trust                                               | CUSIP: 25156SEB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8825000 | PA      | $8825000.00   | 1.89%             | 2044-11-01      | Variable      | 3.38%                 | No            |                  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      | $1509963.00   | 0.32%             | 2026-06-26      | Fixed         | 4.00%                 | 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   | 0.73%             | 2026-09-01      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.02%             | 2038-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                               | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 1.28%             | 2060-03-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                                      | CUSIP: 45200BYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2085000.00   | 0.45%             | 2040-10-01      | Floating      | 2.83%                 | No            |                  2 | On Loan: No      |
| LEONIA NJ                                                    | Borough of Leonia NJ                                                            | CUSIP: 526660FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515269 | PA      | $2517837.84   | 0.54%             | 2026-02-27      | Fixed         | 3.70%                 | No            |                  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      | $1824400.85   | 0.39%             | 2028-12-01      | Floating      | 2.90%                 | 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      | $3018813.60   | 0.65%             | 2026-06-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966G4P4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3535000.00   | 0.76%             | 2038-04-01      | Floating      | 3.85%                 | 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        |   9400000 | PA      | $9400000.00   | 2.01%             | 2047-05-01      | Variable      | 3.18%                 | 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  | 2.44%             | 2029-03-01      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE               | Philadelphia Authority for Industrial Development                               | CUSIP: 717901CC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 0.71%             | 2054-07-01      | Floating      | 3.95%                 | 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      | $1025131.50   | 0.22%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  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   | 0.98%             | 2054-11-01      | Floating      | 2.93%                 | Yes           |                  2 | On Loan: No      |
| WESTFIELD NJ                                                 | Town of Westfield NJ                                                            | CUSIP: 960113FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1853000 | PA      | $1854971.78   | 0.40%             | 2025-11-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                | City of Binghamton NY                                                           | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512717.45   | 0.32%             | 2026-04-10      | Fixed         | 4.12%                 | 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      | $2200966.23   | 0.47%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET RI                                                 | City of Pawtucket RI                                                            | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005252.00   | 0.86%             | 2025-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHAKER HEIGHTS OH                                            | City of Shaker Heights OH                                                       | CUSIP: 819054MN4<br>LEI: 5493000DJBQYJU5NKL14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019362.80   | 0.43%             | 2026-05-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CNTY VA ECON DEV AUT                               | Albemarle County Economic Development Authority                                 | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2180000.00   | 0.47%             | 2048-10-01      | Variable      | 3.50%                 | 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        |   7350000 | PA      | $7350000.00   | 1.57%             | 2041-09-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID WASTE DISP FAC REVENUE         | Bartow County Development Authority                                             | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9300000.00   | 1.99%             | 2062-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                                               | Borough of Beach Haven NJ                                                       | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5065572.50   | 1.08%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELMONT CNTY OH                                              | County of Belmont OH                                                            | CUSIP: 080257RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266591.13   | 0.27%             | 2026-08-11      | Fixed         | 4.50%                 | No            |                  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   | 0.46%             | 2033-01-02      | Floating      | 3.05%                 | 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      | $5000556.00   | 1.07%             | 2051-07-01      | Variable      | 3.85%                 | 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        |   2500000 | PA      | $2500172.00   | 0.54%             | 2042-11-01      | Variable      | 3.85%                 | 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      | $3499817.65   | 0.75%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | Charlotte-Mecklenburg Hospital Authority/The                                    | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 0.66%             | 2038-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | Charlotte-Mecklenburg Hospital Authority/The                                    | CUSIP: 160853MS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030000.00   | 0.22%             | 2037-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPAUTH HLTH CARE SYS REVENUE      | Charlotte-Mecklenburg Hospital Authority/The                                    | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3225000.00   | 0.69%             | 2048-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                                            | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.04%             | 2052-12-01      | Floating      | 3.95%                 | 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      | $2773738.21   | 0.59%             | 2026-07-10      | Fixed         | 3.75%                 | 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      | $826255.94    | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR                                 | Deutsche Bank Spears/Lifers Trust                                               | CUSIP: 25156SDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2430000.00   | 0.52%             | 2045-10-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR  VAR STS                        | Deutsche Bank Spears/Lifers Trust                                               | CUSIP: 25156SGV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.64%             | 2041-03-01      | Floating      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| DOVER NJ                                                     | Town of Dover NJ                                                                | CUSIP: 260237LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850299 | PA      | $1851877.12   | 0.40%             | 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      | $1554566.54   | 0.33%             | 2026-04-07      | Fixed         | 3.50%                 | 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      | $2547712.50   | 0.55%             | 2026-07-01      | Fixed         | 5.00%                 | 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      | $1000766.00   | 0.21%             | 2044-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R                               | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.64%             | 2028-05-01      | Variable      | 3.95%                 | 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   | 1.29%             | 2026-08-29      | Floating      | 3.03%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER                               | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KYR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5400000.00   | 1.16%             | 2027-03-20      | Variable      | 3.95%                 | 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        |  15500000 | PA      | $15500000.00  | 3.32%             | 2027-06-01      | Variable      | 3.95%                 | 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   | 1.71%             | 2034-05-01      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| LOGAN CNTY OH                                                | County of Logan OH                                                              | CUSIP: 540822KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1464647.76   | 0.31%             | 2026-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LORAIN OH                                                    | City of Lorain OH                                                               | CUSIP: 5436896L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $706969.13    | 0.15%             | 2026-04-08      | Fixed         | 4.75%                 | 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        |   2400000 | PA      | $2400000.00   | 0.51%             | 2043-05-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH                | Louisville Regional Airport Authority                                           | CUSIP: 546598AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.09%             | 2029-01-01      | Floating      | 3.80%                 | 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      | $2668876.22   | 0.57%             | 2026-06-26      | Fixed         | 4.00%                 | 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      | $5000596.50   | 1.07%             | 2033-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MILLBURN TWP NJ                                              | Township of Millburn NJ                                                         | CUSIP: 600208FA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005005.40   | 0.43%             | 2026-01-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                               | Mission Economic Development Corp                                               | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500165.00   | 0.32%             | 2026-01-01      | Variable      | 3.85%                 | 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   | 1.28%             | 2046-11-01      | Floating      | 2.94%                 | 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    | 0.11%             | 2038-04-01      | Floating      | 2.96%                 | 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      | $1848990.60   | 0.40%             | 2026-07-29      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NETCONG NJ                                                   | Borough of Netcong NJ                                                           | CUSIP: 641083DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009039.80   | 0.43%             | 2026-07-02      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3800000.00   | 0.81%             | 2049-09-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GCN2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.24%             | 2050-06-15      | Variable      | 3.60%                 | 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  | 3.45%             | 2047-10-01      | Variable      | 3.18%                 | 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    | 0.06%             | 2047-10-01      | Variable      | 3.18%                 | 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      | $2011020.20   | 0.43%             | 2026-07-08      | 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      | $1049065.11   | 0.22%             | 2026-04-22      | Fixed         | 4.38%                 | 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      | $3999745.60   | 0.86%             | 2038-08-01      | Variable      | 3.88%                 | 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      | $1704246.43   | 0.36%             | 2028-09-01      | Floating      | 3.15%                 | 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  | 2.60%             | 2040-11-01      | Variable      | 2.94%                 | 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        |   4900000 | PA      | $4900000.00   | 1.05%             | 2040-11-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                   | Port of Seattle WA                                                              | CUSIP: 735389LY2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 2.14%             | 2033-07-01      | Floating      | 3.05%                 | 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      | $2003944.80   | 0.43%             | 2026-01-23      | Fixed         | 3.60%                 | 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   | 0.31%             | 2040-12-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| ROCKAWAY BORO NJ                                             | Borough of Rockaway NJ                                                          | CUSIP: 772783CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675712 | PA      | $1680864.98   | 0.36%             | 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   | 0.27%             | 2040-11-01      | Floating      | 2.99%                 | 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      | $1507545.45   | 0.32%             | 2026-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU                               | General Authority of Southcentral Pennsylvania                                  | CUSIP: 84129NML0<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.60%             | 2035-06-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| STILLWATER TWP NJ                                            | Township of Stillwater NJ                                                       | CUSIP: 860828AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1778567 | PA      | $1778809.42   | 0.38%             | 2025-09-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SUSSEX NJ                                                    | Borough of Sussex NJ                                                            | CUSIP: 869291DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3009625 | PA      | $3034945.88   | 0.65%             | 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: 88035ESC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.36%             | 2028-06-01      | Variable      | 2.88%                 | Yes           |                  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   | 1.07%             | 2044-03-28      | Floating      | 3.03%                 | Yes           |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | Tennessee Housing Development Agency                                            | CUSIP: 88046KPP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1825514.29   | 0.39%             | 2056-01-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REVE | Virginia Small Business Financing Authority                                     | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001361.40   | 0.43%             | 2052-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV                               | Walker County Economic & Industrial Development Authority                       | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.13%             | 2063-08-01      | Variable      | 3.55%                 | 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      | $2716995.42   | 0.58%             | 2026-06-25      | Fixed         | 3.75%                 | 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      | $3303659.21   | 0.71%             | 2026-02-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINSLOW TWP NJ                                               | Township of Winslow NJ                                                          | CUSIP: 975480RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1952872.16   | 0.42%             | 2026-05-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                                   | City of Yonkers NY                                                              | CUSIP: 9860824M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003522.60   | 0.64%             | 2025-12-05      | Fixed         | 4.00%                 | 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      | $8152367.58   | 1.75%             | 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      | $1999876.60   | 0.43%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | Charlotte-Mecklenburg Hospital Authority/The                                    | CUSIP: 160853LL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5110000.00   | 1.09%             | 2044-01-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR                                 | Deutsche Bank Spears/Lifers Trust                                               | CUSIP: 25156SDT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2005000.00   | 0.43%             | 2029-12-01      | Variable      | 3.38%                 | 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      | $2704783.86   | 0.58%             | 2026-08-21      | Fixed         | 4.00%                 | 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        |   3221000 | PA      | $3221000.00   | 0.69%             | 2050-09-15      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| HIGHTSTOWN NJ                                                | Borough of Hightstown NJ                                                        | CUSIP: 431164HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1532600 | PA      | $1535682.06   | 0.33%             | 2026-03-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINDENWOLD NJ                                                | Borough of Lindenwold NJ                                                        | CUSIP: 535508FT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008692.20   | 0.43%             | 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      | $1203529.44   | 0.26%             | 2025-12-16      | Fixed         | 4.25%                 | Yes           |                  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      | $690573.94    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HPY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3200000.00   | 0.69%             | 2026-12-01      | Floating      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966FB45<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10800000 | PA      | $10800000.00  | 2.31%             | 2036-04-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425000.00    | 0.09%             | 2040-03-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY REVENUE                              | New York State Housing Finance Agency                                           | CUSIP: 64986UA72<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1950000.00   | 0.42%             | 2046-11-01      | Floating      | 3.88%                 | 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   | 0.84%             | 2047-05-01      | Variable      | 3.18%                 | 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      | $1606743.52   | 0.34%             | 2026-06-25      | Fixed         | 3.75%                 | 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   | 1.07%             | 2041-11-01      | Variable      | 3.18%                 | 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   | 0.47%             | 2030-12-15      | Floating      | 3.03%                 | 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        |   5870000 | PA      | $5870000.00   | 1.26%             | 2037-09-01      | Floating      | 3.01%                 | Yes           |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD SOL WST DISP REVENUE             | Wilsonville Industrial Development Board                                        | CUSIP: 97247RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.11%             | 2030-12-01      | Floating      | 3.95%                 | 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      | $2297020.32   | 0.49%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BROOME CNTY NY                                               | County of Broome NY                                                             | CUSIP: 114727XY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3314031 | PA      | $3332140.19   | 0.71%             | 2026-04-24      | Fixed         | 3.75%                 | 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      | $2001575.20   | 0.43%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CHATHAM TWP NJ                                               | Township of Chatham NJ                                                          | CUSIP: 162195JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1385553.45   | 0.30%             | 2025-09-26      | Fixed         | 4.25%                 | 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   | 1.81%             | 2039-05-01      | Floating      | 3.00%                 | 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      | $4119679.60   | 0.88%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REVENUE                           | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182ST4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1205526.36   | 0.26%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EMERSON NJ                                                   | Borough of Emerson NJ                                                           | CUSIP: 291065HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1508000 | PA      | $1513352.34   | 0.32%             | 2026-07-24      | Fixed         | 3.75%                 | 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      | $1852698.89   | 0.40%             | 2026-05-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GREEN LAKE TWP MI ECON DEV CORP                              | Green Lake Township Economic Development Corp                                   | CUSIP: 393096AB8<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.06%             | 2034-06-01      | Floating      | 3.95%                 | 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   | 0.47%             | 2033-11-01      | Floating      | 3.05%                 | 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   | 0.36%             | 2033-11-01      | Floating      | 3.05%                 | 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   | 1.50%             | 2026-01-28      | Variable      | 3.95%                 | 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      | $2523029.00   | 0.54%             | 2026-05-06      | Fixed         | 4.50%                 | 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   | 0.45%             | 2033-06-01      | Floating      | 2.83%                 | 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    | 0.05%             | 2060-07-01      | Variable      | 4.05%                 | 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   | 1.93%             | 2046-12-01      | Floating      | 2.94%                 | 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   | 0.24%             | 2038-03-01      | Floating      | 2.96%                 | Yes           |                  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      | $3039079.80   | 0.65%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966G4N9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4100000.00   | 0.88%             | 2036-04-01      | Floating      | 3.90%                 | 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   | 1.50%             | 2029-03-01      | Variable      | 3.18%                 | 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        |   2000000 | PA      | $2013948.80   | 0.43%             | 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      | $1539091.46   | 0.33%             | 2028-07-01      | Floating      | 3.40%                 | 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      | $2512078.50   | 0.54%             | 2026-07-03      | Fixed         | 3.75%                 | 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      | $2002920.20   | 0.43%             | 2025-12-12      | Fixed         | 3.75%                 | 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      | $3500208.60   | 0.75%             | 2035-12-01      | Variable      | 3.85%                 | 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      | $1023262.70   | 0.22%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS                               | Port of Port Arthur Navigation District                                         | CUSIP: 735220AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.58%             | 2040-04-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| RARITAN TWP NJ                                               | Township of Raritan NJ                                                          | CUSIP: 754025JL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2518000 | PA      | $2524914.43   | 0.54%             | 2026-05-01      | Fixed         | 3.75%                 | 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      | $1502719.35   | 0.32%             | 2026-04-02      | Fixed         | 3.80%                 | 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      | $1795726.10   | 0.38%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIVERDALE BORO NJ                                            | Borough of Riverdale NJ                                                         | CUSIP: 768602DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2686987 | PA      | $2690950.57   | 0.58%             | 2026-03-04      | 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      | $1575241.76   | 0.34%             | 2026-05-06      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROSELAND NJ                                                  | Borough of Roseland NJ                                                          | CUSIP: 777407HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1361125 | PA      | $1362871.46   | 0.29%             | 2026-06-04      | Fixed         | 3.40%                 | 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        |    270000 | PA      | $270000.00    | 0.06%             | 2040-11-01      | Floating      | 2.97%                 | 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    | 0.05%             | 2028-09-01      | Floating      | 2.75%                 | 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   | 0.91%             | 2027-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| WASHINGTON NJ                                                | Borough of Washington NJ                                                        | CUSIP: 939398GR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2096795 | PA      | $2097640.85   | 0.45%             | 2025-10-10      | Fixed         | 4.00%                 | 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      | $1844125.46   | 0.39%             | 2026-06-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WESTWOOD NJ                                                  | Borough of Westwood NJ                                                          | CUSIP: 961794LJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1484000 | PA      | $1492749.22   | 0.32%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer