# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-23-002455
**Filing Date:** 2023-1
**Character Count:** 79343
**Document Hash:** d096099f529e0698a283232b48df8d1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002455.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001145549-23-002455

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560
- **IRS NUMBER:** 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:** 23547708

**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       |  |

## Nport-Ex

Federated Hermes Conservative Municipal Microshort Fund

Portfolio of Investments

November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—98.5% |  |
|  | **Alabama—0.7%** |  |
| $2000000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 2.020%, 12/7/2022 | $2000000 |
|  | **Arizona—1.4%** |  |
| &nbsp;&nbsp; 3000000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; 1000000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 4.100%, Mandatory Tender 2/1/2023 | &nbsp;&nbsp; 1001097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4001097 |
|  | **California—7.4%** |  |
| &nbsp;&nbsp; 1000000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 1500000 | California Statewide Communities Development Authority (Kensington Apartments LP), Tender Option Bond Trust Floater <br> Certificates (Series 2022-MIZ9113) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 11220000 | Los Angeles, CA MFH Revenue Bonds (CORE Related/ GALA Rentals, LP), SPEAR's 3a7 (Series DBE-8081) VRDNs, (Deutsche <br> Bank AG LIQ)/(Deutsche Bank AG LOC), 2.300%, 12/1/2022<br>| &nbsp;&nbsp; 11220000 |
| &nbsp;&nbsp; 3800000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 2.350%, 12/1/2022 | &nbsp;&nbsp; 3800000 |
| &nbsp;&nbsp; 1445000 | Nuveen California Quality Municipal Income Fund, RIB floater Trust (Series 2022-FR-RI-005) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 2.230%, 12/1/2022<br>| &nbsp;&nbsp; 1445000 |
| &nbsp;&nbsp; 2000000 | River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority-Community Facilities District <br> No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; 500000 | San Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3A-7 (Series 2022-MIZ9100) VRENs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 21465000 |
|  | **Colorado—2.4%** |  |
| &nbsp;&nbsp; 2325000 | Adams & Arapahoe Counties, CO Joint School District #28J, UT GO Refunding Bonds (Series 2022), 5.000%, 12/1/2022 | &nbsp;&nbsp; 2325000 |
| &nbsp;&nbsp; 768117 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 768117 |
| &nbsp;&nbsp; 4000000 | Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022 | &nbsp;&nbsp; 4000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7093117 |
|  | **Connecticut—0.0%** |  |
| &nbsp;&nbsp; 55000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal <br> Bank of Canada LOC), 2.080%, Optional Tender 4/3/2023<br>| &nbsp;&nbsp; 55000 |
|  | **Florida—1.8%** |  |
| &nbsp;&nbsp; 130000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender Option Bond Trust Receipts (2022-XF2965) Weekly <br> VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| &nbsp;&nbsp; 130000 |
| &nbsp;&nbsp; 1000000 | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), (Series A) TOBs, (GTD by United States <br> Treasury), 2.900%, Mandatory Tender 4/4/2023<br>| &nbsp;&nbsp; 995884 |
| &nbsp;&nbsp; 750000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Daily VRDNs, 1.950%, 12/1/2022 | &nbsp;&nbsp; 750000 |
| &nbsp;&nbsp; 3370000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 3370000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5245884 |
|  | **Georgia—2.8%** |  |
| &nbsp;&nbsp; 2700000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 1.700%, 12/1/2022 | &nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp; 700000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.700%, 12/1/2022 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp; 1550000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 1.600%, 12/1/2022 | &nbsp;&nbsp; 1550000 |
| &nbsp;&nbsp; 1800000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 1.700%, 12/1/2022 | &nbsp;&nbsp; 1800000 |
| &nbsp;&nbsp; 875000 | Floyd County, GA Development Authority PCRBs (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.700%, 12/1/2022 | &nbsp;&nbsp; 875000 |
| &nbsp;&nbsp; 650000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, <br> 1.700%, 12/1/2022<br>| &nbsp;&nbsp; 650000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 8275000 |

---

**1**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Idaho—1.4%** |  |
| $4000000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 2.400%, 12/7/2022 | $4000000 |
|  | **Illinois—0.3%** |  |
| &nbsp;&nbsp; 500000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), <br> 2.000%, 12/1/2022<br>| &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; 500000 | Illinois State, GO Bonds (Series 2022A), 5.000%, 3/1/2023 | &nbsp;&nbsp; 502108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1002108 |
|  | **Indiana—4.1%** |  |
| &nbsp;&nbsp; 290000 | Greater Clark County, IN Community Schools Corp., Ad Valorem Property Tax First Mortgage Bonds (Series 2020), (GTD by <br> Indiana State School Aid Intercept Program), 4.000%, 1/15/2023<br>| &nbsp;&nbsp; 290506 |
| &nbsp;&nbsp; 11600000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya <br> Argentaria SA LOC), 3.500%, 12/7/2022<br>| &nbsp;&nbsp; 11600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11890506 |
|  | **Kansas—1.7%** |  |
| &nbsp;&nbsp; 5100000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 2.150%, 12/7/2022 | &nbsp;&nbsp; 5100000 |
|  | **Kentucky—3.8%** |  |
| &nbsp;&nbsp; 1500000 | Kentucky EDFA (Republic Services, Inc.), (Series A) TOBs, 2.950%, Mandatory Tender 12/1/2022 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 9650000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, <br> 1.980%, 12/2/2022<br>| &nbsp;&nbsp; 9650000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11150000 |
|  | **Louisiana—4.0%** |  |
| &nbsp;&nbsp; 1100000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), <br> 2.350%, 12/7/2022<br>| &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp; 150000 | Louisiana Stadium and Exposition District, BANs (Series 2021), 4.000%, 7/3/2023 | &nbsp;&nbsp; 150533 |
| &nbsp;&nbsp; 4250000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.230%, 12/7/2022 | &nbsp;&nbsp; 4250000 |
| &nbsp;&nbsp; 6300000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.300%, 12/7/2022 | &nbsp;&nbsp; 6300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11800533 |
|  | **Massachusetts—0.3%** |  |
| &nbsp;&nbsp; 1000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), <br> 2.850%, Mandatory Tender 1/11/2023<br>| &nbsp;&nbsp; 1000570 |
|  | **Michigan—0.4%** |  |
| &nbsp;&nbsp; 1215000 | Wayne County, MI Airport Authority, Junior Lien Airport Revenue Refunding Bonds (Series 2017 B), 5.000%, 12/1/2022 | &nbsp;&nbsp; 1215000 |
|  | **Minnesota—1.7%** |  |
| &nbsp;&nbsp; 5000000 | Roseville, MN, Tender Option Bond Trust Receipts (Series 2022-XF3034) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| &nbsp;&nbsp; 5000000 |
|  | **Mississippi—1.0%** |  |
| &nbsp;&nbsp; 2520000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), <br> 2.050%, 12/1/2022<br>| &nbsp;&nbsp; 2520000 |
| &nbsp;&nbsp; 415000 | Mississippi Home Corp. (Shady Lane Group LP), (Series 2022-XF1134) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche <br> Bank AG LOC), 2.340%, 12/1/2022<br>| &nbsp;&nbsp; 415000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2935000 |
|  | **Missouri—1.0%** |  |
| &nbsp;&nbsp; 2810000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 2810000 |
|  | **Montana—0.8%** |  |
| &nbsp;&nbsp; 2215000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 2215000 |
|  | **Multi-State—9.2%** |  |
| &nbsp;&nbsp; 2900000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.080%, 12/1/2022<br>| &nbsp;&nbsp; 2900000 |
| &nbsp;&nbsp; 2500000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.080%, 12/1/2022<br>| &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; 10400000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D MuniFund Preferred Shares Weekly VRDPs, 2.350%, 12/1/2022 | &nbsp;&nbsp; 10400000 |
| &nbsp;&nbsp; 5500000 | Nuveen Muni High Income Opportunity Fund, SPEARs 3a7 (Series DBE-8088) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 5500000 |

---

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Multi-State—continued** |  |
| $2500000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 2.080%, 12/1/2022<br>| $2500000 |
| &nbsp;&nbsp; 3000000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase <br> Bank, N.A. LIQ), 2.080%, 12/1/2022<br>| &nbsp;&nbsp; 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 26800000 |
|  | **Nevada—1.5%** |  |
| &nbsp;&nbsp; 1500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 3035000 | Nevada Housing Division (Lake Mead West AHP LP), (Series 2021-XF1120) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche <br> Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 3035000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4535000 |
|  | **New Jersey—8.1%** |  |
| &nbsp;&nbsp; 1989000 | Alpine Borough, NJ BANs, 4.750%, 8/15/2023 | &nbsp;&nbsp; 2005601 |
| &nbsp;&nbsp; 7400190 | Flemington Borough, NJ BANs, 4.000%, 1/31/2023 | &nbsp;&nbsp; 7413410 |
| &nbsp;&nbsp; 1538000 | Garwood, NJ BANs, 5.000%, 8/3/2023 | &nbsp;&nbsp; 1555115 |
| &nbsp;&nbsp; 198599 | Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022 | &nbsp;&nbsp; 198591 |
| &nbsp;&nbsp; 2540000 | New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley <br> National Bank LOC), 2.150%, 12/7/2022<br>| &nbsp;&nbsp; 2540000 |
| &nbsp;&nbsp; 5300000 | New Jersey State Economic Development Authority (Jewish Community Housing Corporation of Metropolitan New Jersey), <br> (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 2.020%, 12/1/2022<br>| &nbsp;&nbsp; 5300000 |
| &nbsp;&nbsp; 729270 | Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023 | &nbsp;&nbsp; 731365 |
| &nbsp;&nbsp; 255000 | Ramsey, NJ BANs, 1.250%, 1/6/2023 | &nbsp;&nbsp; 254677 |
| &nbsp;&nbsp; 1464000 | Red Bank, NJ BANs, 3.500%, 1/27/2023 | &nbsp;&nbsp; 1464799 |
| &nbsp;&nbsp; 1148400 | Stone Harbor, NJ BANs, 5.000%, 10/13/2023 | &nbsp;&nbsp; 1160545 |
| &nbsp;&nbsp; 75000 | Vernon Township, NJ, UT GO Refunding Bonds (Series 2020A), 4.000%, 1/1/2023 | &nbsp;&nbsp; 75088 |
| &nbsp;&nbsp; 1000000 | Woolwich, NJ BANs, 3.750%, 5/30/2023 | &nbsp;&nbsp; 1003209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 23702400 |
|  | **New York—4.8%** |  |
| &nbsp;&nbsp; 460000 | Albany, NY Housing Authority (Nutgrove Garden Apartments), (Series 2005) Weekly VRDNs, (Citizens Bank, N.A., Providence <br> LOC), 2.740%, 12/1/2022<br>| &nbsp;&nbsp; 460000 |
| &nbsp;&nbsp; 1500000 | Greater Southern Tier Board of Cooperative Educational Services, NY RANs, 4.000%, 6/30/2023 | &nbsp;&nbsp; 1505743 |
| &nbsp;&nbsp; 1072545 | Hannibal, NY CSD BANs, 4.250%, 6/28/2023 | &nbsp;&nbsp; 1078143 |
| &nbsp;&nbsp; 1000000 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | &nbsp;&nbsp; 998722 |
| &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), 2.300%, 12/1/2022<br>| &nbsp;&nbsp; 4990000 |
| &nbsp;&nbsp; 3900000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) Munifund Preferred Shares Weekly VRDPs, <br> 2.350%, 12/1/2022<br>| &nbsp;&nbsp; 3900000 |
| &nbsp;&nbsp; 1000000 | Walton, NY CSD BANs, 4.000%, 6/28/2023 | &nbsp;&nbsp; 1003525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13936133 |
|  | **North Carolina—0.4%** |  |
| &nbsp;&nbsp; 400000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 2.050%, 12/7/2022 | &nbsp;&nbsp; 400000 |
| &nbsp;&nbsp; 720000 | Selma, NC Housing Authority Multi Family Revenue (GREH Lizzie Mill, NC TC LLC), Tender Option Bond Certificates <br> (Series 2022-XF1133) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 720000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 |
|  | **Ohio—1.1%** |  |
| &nbsp;&nbsp; 3100000 | Cleveland, OH Airport System, Revenue Bonds (Series 2018A), 5.000%, 1/1/2023 | &nbsp;&nbsp; 3105049 |
|  | **Oklahoma—3.6%** |  |
| &nbsp;&nbsp; 2250000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, <br> 2.080%, 12/7/2022<br>| &nbsp;&nbsp; 2250000 |
| &nbsp;&nbsp; 2000000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 2.000%, 12/7/2022 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; 6205000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 2.080%, 12/7/2022 | &nbsp;&nbsp; 6205000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10455000 |
|  | **Pennsylvania—2.2%** |  |
| &nbsp;&nbsp; 280000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022 | &nbsp;&nbsp; 280000 |

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**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Pennsylvania—continued** |  |
| $170000 | Lancaster, PA IDA (Snavely's Mill, Inc.), (Series A of 2003) Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022 | $170000 |
| &nbsp;&nbsp; 1500000 | Pennsylvania Economic Development Financing Authority (PPL Energy Supply LLC), (Series 2009B) Weekly VRDNs, (MUFG <br> Bank Ltd. LOC), 2.800%, 12/7/2022<br>| &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 1500000 | Pennsylvania Economic Development Financing Authority (PPL Energy Supply LLC), (Series 2009C) Weekly VRDNs, (MUFG <br> Bank Ltd. LOC), 2.800%, 12/7/2022<br>| &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 1500000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 3.600%, Mandatory <br> Tender 1/3/2023<br>| &nbsp;&nbsp; 1500295 |
| &nbsp;&nbsp; 1500000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 3.875%, Mandatory <br> Tender 1/17/2023<br>| &nbsp;&nbsp; 1500935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6451230 |
|  | **Tennessee—5.1%** |  |
| &nbsp;&nbsp; 15000000 | Chattanooga, TN Health & Housing Facility Board (CommonSpirit Health), (Series 2004 C) Weekly VRDNs, 2.100%, 12/7/2022 | &nbsp;&nbsp; 15000000 |
|  | **Texas—20.2%** |  |
| &nbsp;&nbsp; 500000 | Austin, TX Affordable Public Finance Authority (LDG Belmont LP), (Series 2021-XF1102) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; 6000000 | Austin, TX Affordable Public Finance Authority (LDG The Henderson on Reinli LP), Tender Option Bond Certificates <br> (Series 2021-XF1119) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; 10700000 | Dallas, TX Housing Finance Corp. (LDG Ridge at Lancaster LP), (Series 2021-XF1109) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 10700000 |
| &nbsp;&nbsp; 5700000 | Dallas, TX, (Series A), CP, 2.800%, Mandatory Tender 12/7/2022 | &nbsp;&nbsp; 5700759 |
| &nbsp;&nbsp; 1000000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (GTD by Waste Management <br> Holdings, Inc.), 2.950%, Mandatory Tender 12/1/2022<br>| &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 500000 | North Central Texas HFDC (Gala at Waxahachie, LP), Tender Option Bond Trust Certificates (Series 2021-XF1099) Weekly <br> VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 2.200%, 12/1/2022<br>| &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; 5500000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, <br> 1.970%, 12/1/2022<br>| &nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp; 500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, <br> 2.650%, 12/7/2022<br>| &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; 6300000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, <br> 1.850%, 12/1/2022<br>| &nbsp;&nbsp; 6300000 |
| &nbsp;&nbsp; 8500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, <br> 1.850%, 12/1/2022<br>| &nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp; 900000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, <br> 1.880%, 12/1/2022<br>| &nbsp;&nbsp; 900000 |
| &nbsp;&nbsp; 4580000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, <br> 2.550%, 12/7/2022<br>| &nbsp;&nbsp; 4580000 |
| &nbsp;&nbsp; 7750000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 2.600%, 12/7/2022<br>| &nbsp;&nbsp; 7750000 |
| &nbsp;&nbsp; 405000 | Texas State, Veterans Bonds, Series 2021 Weekly VRDNs, (FHLB of Dallas LIQ), 1.950%, 12/7/2022 | &nbsp;&nbsp; 405000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 58835759 |
|  | **Virginia—0.1%** |  |
| &nbsp;&nbsp; 320000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist <br> Bank LOC), 2.000%, 12/1/2022<br>| &nbsp;&nbsp; 320000 |
|  | **West Virginia—0.2%** |  |
| &nbsp;&nbsp; 590000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), <br> 2.000%, 12/1/2022<br>| &nbsp;&nbsp; 590000 |
|  | **Wisconsin—5.0%** |  |
| &nbsp;&nbsp; 11600000 | Appleton, WI Redevelopment Authority (Fox Cities Performing Arts Center), (Series 2001B) Weekly VRDNs, (Associated Bank, <br> N.A. LOC), 2.200%, 12/7/2022<br>| &nbsp;&nbsp; 11600000 |
| &nbsp;&nbsp; 450000 | Wisconsin Public Finance Authority (Atlantic Housing Foundation, Inc.), Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| &nbsp;&nbsp; 450000 |
| &nbsp;&nbsp; 2500000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, 4.000%, Mandatory Tender 2/1/2023 | &nbsp;&nbsp; 2502911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14552911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—98.5% <br>(IDENTIFIED COST $287,634,841)<br>| &nbsp;&nbsp; 287657297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—1.5%<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4236729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $291894026 |

---

**4**

------

Securities that are subject to the federal alternative minimum tax (AMT) represent 20.2% of the portfolio as calculated based upon total market value (unaudited).

---

| | |
|:---|:---|
| 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 total net assets at November 30, 2022.

**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").

◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by 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.

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, the Fund's Board of Trustees (the "Trustees") have 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.

**5**

------

As of November 30, 2022, 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 |
| CP | —Commercial Paper |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| EDFA | —Economic Development Finance Authority |
| FHLB | —Federal Home Loan Bank |
| GO | —General Obligation |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| HFDC | —Health Facility Development Corporation |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCFA | —Pollution Control Financing Authority |
| PCRBs | —Pollution Control Revenue Bonds |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| SPEARs | —Short Puttable Exempt Adjustable Receipts |
| TOBs | —Tender Option Bonds |
| UT | —Unlimited Tax |
| 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $293151236.12

**Total Liabilities:** $582536.21

**Net Assets:** $292568699.91

**Cash Not Reported:** $16591.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -50.153548000000 | **1-Year:** -0.816818000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -466.918370000000 | **1-Year:** -372.940319000000 | **5-Year:** 0.000000000000 | **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%                | 0.22%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-49993.72                                 |
| Month 2  | $-0.02                   | $8482.96                                   |
| Month 3  | $0.00                    | $94778.64                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA           | Adams & Arapahoe Joint School District 28J Aurora                             | CUSIP: 0054823Y8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325000.00   | 0.79%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY HSG AUTH REVENUE                                  | Albany Housing Authority/NY                                                   | CUSIP: 01243TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460000.00    | 0.16%             | 2025-12-01      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| ALPINE BORO NJ                                              | Borough of Alpine NJ                                                          | CUSIP: 020817CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1989000 | PA      | $2005600.99   | 0.69%             | 2023-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN FALLS ID RESERVOIR DIST REPLACEMENT DAM            | American Falls Reservoir District                                             | CUSIP: 025864BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.37%             | 2025-02-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| APPLETON WI REDEV AUTH REDEV REVENUE                        | Appleton Redevelopment Authority                                              | CUSIP: 038127AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11600000.00  | 3.96%             | 2036-06-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                    | Development Authority of Appling County                                       | CUSIP: 038315EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.92%             | 2029-09-01      | Floating      | 1.70%                 | 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        |    700000 | PA      | $700000.00    | 0.24%             | 2041-09-01      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                 | Development Authority of Burke County/The                                     | CUSIP: 121342PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1550000.00   | 0.53%             | 2052-11-01      | Floating      | 1.60%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                 | Development Authority of Burke County/The                                     | CUSIP: 121342QB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.62%             | 2048-11-01      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| BURLINGTON KS ENVRN IMPT REVENUE                            | City of Burlington KS                                                         | CUSIP: 121822AY6<br>LEI: 549300TTCJ3UTB6QDT32 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5100000.00   | 1.74%             | 2035-09-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| CALCASIEU PARISH LA PUBLIC TRUST AUTH SOL WST DISP REVENUE  | Calcasieu Parish Public Trust Authority                                       | CUSIP: 128444AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.38%             | 2027-12-01      | Floating      | 2.35%                 | 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        |  15000000 | PA      | $15000000.00  | 5.13%             | 2039-05-01      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| CLEVELAND OH ARPT SYS REVENUE                               | City of Cleveland OH Airport System Revenue                                   | CUSIP: 186352RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3105049.28   | 1.06%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                           | City of Dallas TX                                                             | CUSIP: 23530RBG5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5700000 | PA      | $5700759.24   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS TRUST VARIOUS STATES            | Deutsche Bank Spears/Lifers Trust                                             | CUSIP: 25155W5Z8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5500000.00   | 1.88%             | 2032-06-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SER TRUST                       | Deutsche Bank Spears/Lifers Trust                                             | CUSIP: 25160RLX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11220000 | PA      | $11220000.00  | 3.83%             | 2058-10-01      | Floating      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| E HEMPFIELD TWP PA INDL DEV AUTH                            | East Hempfield Township Industrial Development Authority                      | CUSIP: 273007AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.10%             | 2026-10-15      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| FLEMINGTON NJ                                               | Borough of Flemington NJ                                                      | CUSIP: 339261FY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400190 | PA      | $7413409.70   | 2.53%             | 2023-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                     | Florida Development Finance Corp                                              | CUSIP: 340618DE4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995883.70    | 0.34%             | 2056-12-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| FLOYD CNTY GA DEV AUTH                                      | Development Authority Of Floyd County                                         | CUSIP: 343571AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $875000.00    | 0.30%             | 2026-09-01      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| GARFIELD CNTY OK INDL AUTH POLL CONTROL REVENUE             | Garfield County Industrial Authority                                          | CUSIP: 365753AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250000.00   | 0.77%             | 2025-01-01      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| GARWOOD NJ                                                  | Borough of Garwood NJ                                                         | CUSIP: 366688DZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1538000 | PA      | $1555115.33   | 0.53%             | 2023-08-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK IN BLDG CORP                                  | Greater Clark Building Corp                                                   | CUSIP: 39167GFV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290505.85    | 0.10%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR STHRN TIER NY BOCES SOLE SUPERVISORY DIST               | Greater Southern Tier Board of Cooperative Educational Services District      | CUSIP: 39235RBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505743.35   | 0.51%             | 2023-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HANNIBAL NY CENTRL SCH DIST                                 | Hannibal Central School District                                              | CUSIP: 410684MG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1072545 | PA      | $1078143.04   | 0.37%             | 2023-06-28      | Fixed         | 4.25%                 | 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        |    400000 | PA      | $400000.00    | 0.14%             | 2033-11-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| HILLSDALE NJ                                                | Borough of Hillsdale NJ                                                       | CUSIP: 432524ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    198599 | PA      | $198590.84    | 0.07%             | 2022-12-02      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                | Illinois Finance Authority                                                    | CUSIP: 45200BYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2040-10-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                 | State of Illinois                                                             | CUSIP: 452153CJ6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502108.30    | 0.17%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL REVENUE                       | Indiana Finance Authority                                                     | CUSIP: 455054AD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11600000.00  | 3.96%             | 2030-08-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE PUTTERS 09/23 1                            | JPMorgan Chase Putters/Drivers Trust                                          | CUSIP: 46640KA46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.85%             | 2023-09-01      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES        | JPMorgan Chase Putters/Drivers Trust                                          | CUSIP: 46640KYR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.85%             | 2024-03-20      | Floating      | 2.08%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES        | JPMorgan Chase Putters/Drivers Trust                                          | CUSIP: 46640KYX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.99%             | 2024-03-20      | Floating      | 2.08%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES        | JPMorgan Chase Putters/Drivers Trust                                          | CUSIP: 46640KZK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.03%             | 2024-11-16      | Floating      | 2.08%                 | Yes           |                  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        |   4600000 | PA      | $4600000.00   | 1.57%             | 2034-05-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH SOL WST DISP REVENUE          | Kentucky Economic Development Finance Authority                               | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2031-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                                  | Lancaster Industrial Development Authority                                    | CUSIP: 514349BG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.06%             | 2024-02-15      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION DIST LA                      | Louisiana Stadium & Exposition District                                       | CUSIP: 546410CF6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150532.98    | 0.05%             | 2023-07-03      | Fixed         | 4.00%                 | 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        |   9650000 | PA      | $9650000.00   | 3.30%             | 2033-06-01      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY                                                 | Village of Lowville NY                                                        | CUSIP: 548831EP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998722.10    | 0.34%             | 2023-08-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG VA ECON DEV AUTH HOSP REVENUE                     | Lynchburg Economic Development Authority                                      | CUSIP: 55123TAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320000.00    | 0.11%             | 2047-01-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| MARTIN CNTY FL REVENUE                                      | County of Martin FL                                                           | CUSIP: 573206AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.26%             | 2052-07-01      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV FIN                                       | MASSACHUSETTS DEV FIN                                                         | CUSIP: 57542PJW0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $1000569.60   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE               | Mission Economic Development Corp                                             | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.34%             | 2040-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                            | Mississippi Business Finance Corp                                             | CUSIP: 605279HH4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2520000.00   | 0.86%             | 2033-03-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUSTVARIOUS STATES                 | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HGZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2215000.00   | 0.76%             | 2034-06-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUSTVARIOUS STATES                 | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HHT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    768117 | PA      | $768117.00    | 0.26%             | 2034-07-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HKL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2810000.00   | 0.96%             | 2034-09-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3370000.00   | 1.15%             | 2035-05-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HKV0<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.03%             | 2058-12-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HLD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2050-08-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUSTVARIOUS STATES                 | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HLL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.15%             | 2028-01-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HMD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.34%             | 2035-03-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HMN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2040-02-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HNT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.68%             | 2036-09-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                | Mizuho Floater/Residual Trust                                                 | CUSIP: 60700HPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2046-11-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                 | Industrial Development Board of the City of Mobile Alabama                    | CUSIP: 607167DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.68%             | 2034-06-01      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL CONTROL REVENUE                | Development Authority of Monroe County/The                                    | CUSIP: 610530EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650000.00    | 0.22%             | 2048-11-01      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| MUSKOGEE OK INDL TRUST POLL CONTROL REVENUE                 | Muskogee Industrial Trust                                                     | CUSIP: 628137AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.68%             | 2025-01-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| MUSKOGEE OK INDL TRUST POLL CONTROL REVENUE                 | Muskogee Industrial Trust                                                     | CUSIP: 628137AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6205000 | PA      | $6205000.00   | 2.12%             | 2027-06-01      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                 | New Jersey Economic Development Authority                                     | CUSIP: 645916MY0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2540000.00   | 0.87%             | 2031-11-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                         | New Jersey Economic Development Authority                                     | CUSIP: 645918YW7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5300000.00   | 1.81%             | 2040-11-01      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUNI INCOME FUND                 | Nuveen California AMT-Free Quality Municipal Income Fund                      | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | STIV             | MUN               | US        |   3800000 | PA      | $3800000.00   | 1.30%             | 2047-10-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund      | Nuveen New York AMT-Free Quality Municipal Income Fund                        | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | EC               | RF                | US        |   3900000 | NS      | $3900000.00   | 1.33%             | 2047-05-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND               | Nuveen AMT-Free Quality Municipal Income Fund                                 | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | STIV             | MUN               | US        |  10400000 | PA      | $10400000.00  | 3.55%             | 2029-03-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| PEMBERTON TWP NJ                                            | Township of Pemberton NJ                                                      | CUSIP: 706252GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    729270 | PA      | $731365.05    | 0.25%             | 2023-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE       | Pennsylvania Economic Development Financing Authority                         | CUSIP: 708686EP1<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2038-12-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE       | Pennsylvania Economic Development Financing Authority                         | CUSIP: 708686EQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2037-12-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV | Pennsylvania Economic Development Financing Authority                         | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500295.35   | 0.51%             | 2044-06-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV | Pennsylvania Economic Development Financing Authority                         | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500934.95   | 0.51%             | 2034-04-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                    | Industrial Development Authority of the City of Phoenix/The                   | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001096.70   | 0.34%             | 2035-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH                              | Port of Corpus Christi Authority of Nueces County                             | CUSIP: 733908AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 1.88%             | 2032-01-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2027-12-01      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6300000.00   | 2.15%             | 2040-04-01      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 2.91%             | 2040-04-01      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.31%             | 2040-04-01      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7750000.00   | 2.65%             | 2040-11-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                             | Port of Port Arthur Navigation District                                       | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4580000.00   | 1.57%             | 2040-11-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DISP REVENUE                     | Public Finance Authority                                                      | CUSIP: 74445MAF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502910.50   | 0.86%             | 2025-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| RBC MUNI PRODUCTS INC TRUST                                 | RBC Municipal Products Inc Trust                                              | CUSIP: 74934RZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.02%             | 2026-10-01      | Floating      | 2.08%                 | Yes           |                  2 | On Loan: No      |
| RAMSEY BORO NJ                                              | Borough of Ramsey NJ                                                          | CUSIP: 751600CS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $254677.09    | 0.09%             | 2023-01-06      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| RED BANK NJ                                                 | Borough of Red Bank NJ                                                        | CUSIP: 756299RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1464000 | PA      | $1464799.20   | 0.50%             | 2023-01-27      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                           | Rib Floater Trust Various States                                              | CUSIP: 76252PSA8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1445000 | PA      | $1445000.00   | 0.49%             | 2040-12-01      | Variable      | 2.00%                 | 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   | 1.71%             | 2041-11-01      | Floating      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                               | Parish of St James LA                                                         | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4250000.00   | 1.45%             | 2040-11-01      | Floating      | 2.23%                 | 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        |   6300000 | PA      | $6300000.00   | 2.15%             | 2040-11-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| STONE HARBOR NJ                                             | Borough of Stone Harbor NJ                                                    | CUSIP: 861648FQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1148400 | PA      | $1160544.79   | 0.40%             | 2023-10-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034X5B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2061-07-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034XUG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2061-01-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034Y2D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $720000.00    | 0.25%             | 2062-01-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034YAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10700000.00  | 3.66%             | 2061-07-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034YJV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 2.05%             | 2061-08-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034YKP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3035000.00   | 1.04%             | 2061-11-01      | Floating      | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88034YX39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.04%             | 2061-06-15      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES     | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88035ABS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415000.00    | 0.14%             | 2054-08-01      | Variable      | 2.34%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS                    | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88035DD93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.71%             | 2023-08-01      | Floating      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS                    | Tender Option Bond Trust Receipts/Certificates                                | CUSIP: 88035DE50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.37%             | 2023-09-01      | Floating      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| TEXAS ST                                                    | State of Texas                                                                | CUSIP: 882724SZ1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    405000 | PA      | $405000.00    | 0.14%             | 2051-12-01      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| VERNON TWP NJ                                               | Township of Vernon NJ                                                         | CUSIP: 924735GG2<br>LEI: 549300471LENUEZK1P70 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75088.40     | 0.03%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALTON NY CENTRL SCH DIST                                   | Walton Central School District                                                | CUSIP: 933475FX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003524.80   | 0.34%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENUE                             | Wayne County Airport Authority                                                | CUSIP: 944514WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215000.00   | 0.42%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                              | West Virginia Hospital Finance Authority                                      | CUSIP: 956622YU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590000.00    | 0.20%             | 2034-01-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| WOOLWICH TWP NJ                                             | Township of Woolwich NJ                                                       | CUSIP: 980862DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003208.80   | 0.34%             | 2023-05-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer