# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-25-046959
**Filing Date:** 2025-7
**Character Count:** 85133
**Document Hash:** 1476dc6014f29acc6bc278e3875c3a06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046959.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001145549-25-046959

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**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:** 251139067

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 1-800-341-7400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes Adviser Series
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20180820

## Series and Classes Contracts Data

### Federated Hermes Conservative Municipal Microshort Fund (Series ID: S000070657)

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

## Nport-Ex

Federated Hermes Conservative Municipal Microshort Fund

Portfolio of Investments

May 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—98.3% |  |
|  | **Alabama—1.2%** |  |
| $4600000 | UAB St. Vincent's Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of <br> America N.A. LOC), 2.170%, Optional Tender 8/14/2025<br>| &nbsp;&nbsp; $4600000 |
|  | **Arizona—1.2%** |  |
| &nbsp;&nbsp; 1100000 | Phoenix, AZ Civic Improvement Corp. - Airport System, (Series 2023), 5.000%, 7/1/2025 | &nbsp;&nbsp; 1101129 |
| &nbsp;&nbsp; 3500000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013), 4.100%, Mandatory Tender 8/1/2025 | &nbsp;&nbsp; 3501161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4602290 |
|  | **Arkansas—0.6%** |  |
| &nbsp;&nbsp; 2150000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 2.650%, 6/4/2025 | &nbsp;&nbsp; 2150000 |
|  | **California—12.9%** |  |
| &nbsp;&nbsp; 621916 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 621916 |
| &nbsp;&nbsp; 2000000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021A), 3.750%, Mandatory Tender 10/1/2025 | &nbsp;&nbsp; 1998706 |
| &nbsp;&nbsp; 2500000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021-B), 4.150%, Mandatory Tender 7/15/2025 | &nbsp;&nbsp; 2500613 |
| &nbsp;&nbsp; 8150000 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A), <br> (Waste Management Holdings, Inc. GTD), 4.100%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 8150196 |
| &nbsp;&nbsp; 1500000 | California PCFA (Republic Services, Inc.), (Series 2023), 3.700%, Mandatory Tender 8/15/2025 | &nbsp;&nbsp; 1498578 |
| &nbsp;&nbsp; 3200000 | California Statewide Communities Development Authority (Fountain Park), Mizuho 3a-7 (Series 2023-MIZ9122) Daily VRDNs, <br> (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.550%, 6/2/2025<br>| &nbsp;&nbsp; 3200000 |
| &nbsp;&nbsp; 6000000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 (Series 2022-MIZ9113) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; 14700000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 2.420%, 6/2/2025<br>| &nbsp;&nbsp; 14700000 |
| &nbsp;&nbsp; 1445000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.320%, 6/5/2025<br>| &nbsp;&nbsp; 1445000 |
| &nbsp;&nbsp; 9000000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 9000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 49115009 |
|  | **Colorado—0.3%** |  |
| &nbsp;&nbsp; 1200000 | Denver, CO City & County Department of Aviation, (Series 2022D), 5.000%, 11/15/2025 | &nbsp;&nbsp; 1208741 |
|  | **Florida—1.2%** |  |
| &nbsp;&nbsp; 4370000 | Miami-Dade County, FL IDA (Waste Management, Inc.), (Series 2018A), (Waste Management Holdings, Inc. GTD), 4.500%, <br> Mandatory Tender 7/1/2025<br>| &nbsp;&nbsp; 4371190 |
| &nbsp;&nbsp; 235000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Weekly VRDNs, 2.380%, 6/4/2025 | &nbsp;&nbsp; 235000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4606190 |
|  | **Georgia—10.3%** |  |
| &nbsp;&nbsp; 4200000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 3.200%, 6/2/2025 | &nbsp;&nbsp; 4200000 |
| &nbsp;&nbsp; 10000000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 3.200%, 6/2/2025 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; 13245000 | Appling County, GA Development Authority (Oglethorpe Power Corp.), (Series 2013A) Weekly VRDNs, 2.000%, 6/4/2025 | &nbsp;&nbsp; 13245000 |
| &nbsp;&nbsp; 200000 | Bartow County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 3.150%, 6/2/2025 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; 3100000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 3.150%, 6/2/2025 | &nbsp;&nbsp; 3100000 |
| &nbsp;&nbsp; 4980000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 3.200%, 6/2/2025 | &nbsp;&nbsp; 4980000 |
| &nbsp;&nbsp; 3400000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 3.210%, 6/2/2025 | &nbsp;&nbsp; 3400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 39125000 |
|  | **Illinois—3.0%** |  |
| &nbsp;&nbsp; 2185000 | Chicago, IL Midway Airport, Senior Lien Revenue Refunding Bonds (Series 2023C), 5.000%, 1/1/2026 | &nbsp;&nbsp; 2206351 |
| &nbsp;&nbsp; 6035000 | Chicago, IL O'Hare International Airport, (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.450%, 6/2/2025<br>| &nbsp;&nbsp; 6035000 |
| &nbsp;&nbsp; 2085000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), <br> 2.040%, 6/5/2025<br>| &nbsp;&nbsp; 2085000 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Illinois—continued** |  |
| $1000000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019), 4.250%, Mandatory <br> Tender 11/3/2025<br>| &nbsp;&nbsp; $999603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11325954 |
|  | **Indiana—0.5%** |  |
| &nbsp;&nbsp; 2000000 | Indiana State Finance Authority (Republic Services, Inc.), (Series 2010A), 3.850%, Mandatory Tender 6/2/2025 | &nbsp;&nbsp; 2000000 |
|  | **Kentucky—4.0%** |  |
| &nbsp;&nbsp; 8000000 | Kentucky Economic Development Finance Authority (CommonSpirit Health), (Series 2004 C) Weekly VRDNs, <br> 1.970%, 6/4/2025<br>| &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; 5000000 | Knott County, KY (Kentucky Lithium LLC), MS 3a-7 (Series 2025-MS0035), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley <br> Bank, N.A. LOC), 2.270%, Optional Tender 6/5/2025<br>| &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; 2100000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly VRDNs, <br> 2.100%, 6/6/2025<br>| &nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp; 250000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 3.550%, 6/2/2025 | &nbsp;&nbsp; 250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 15350000 |
|  | **Louisiana—0.4%** |  |
| &nbsp;&nbsp; 1250000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 2.180%, 6/4/2025 | &nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp; 270000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 2.300%, 6/4/2025 | &nbsp;&nbsp; 270000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 |
|  | **Missouri—0.1%** |  |
| &nbsp;&nbsp; 505000 | Kansas City, MO IDA (Paige Point Townhomes), Mizuho 3a-7 (Series 2023-MIZ9154) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 505000 |
|  | **Multi-State—13.3%** |  |
| &nbsp;&nbsp; 6005000 | DWS Municipal Income Trust, PUTTERs 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.280%, 6/5/2025<br>| &nbsp;&nbsp; 6005000 |
| &nbsp;&nbsp; 4518000 | Federal Home Loan Mortgage Corp. (Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates <br> (Series M017-A) Weekly VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ), <br> 2.620%, 6/5/2025<br>| &nbsp;&nbsp; 4518000 |
| &nbsp;&nbsp; 15500000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.450%, 6/2/2025<br>| &nbsp;&nbsp; 15500000 |
| &nbsp;&nbsp; 5400000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.450%, 6/2/2025<br>| &nbsp;&nbsp; 5400000 |
| &nbsp;&nbsp; 12400000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 2.420%, 6/2/2025 | &nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp; 7000000 | PIMCO Flexible Municipal Income Fund, PUTTERs 3a-7 (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.450%, 6/2/2025<br>| &nbsp;&nbsp; 7000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 50823000 |
|  | **Nevada—0.8%** |  |
| &nbsp;&nbsp; 3000000 | Director of the State of Nevada Department of Business and Industry (Republic Services, Inc.), Solid Waste Disposal Revenue <br> Bonds (Series 2001), 4.125%, Mandatory Tender 6/2/2025<br>| &nbsp;&nbsp; 2999799 |
|  | **New Hampshire—0.6%** |  |
| &nbsp;&nbsp; 2340000 | National Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023), (Morgan <br> Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.270%, Optional Tender 6/5/2025<br>| &nbsp;&nbsp; 2340000 |
|  | **New Jersey—15.0%** |  |
| &nbsp;&nbsp; 5000000 | Beach Haven, NJ BANs, 5.000%, 4/30/2026 | &nbsp;&nbsp; 5071937 |
| &nbsp;&nbsp; 2000000 | Belleville Township, NJ BANs, 5.000%, 7/8/2025 | &nbsp;&nbsp; 2002319 |
| &nbsp;&nbsp; 1912702 | Boonton Township, NJ BANs, 4.250%, 8/29/2025 | &nbsp;&nbsp; 1913003 |
| &nbsp;&nbsp; 1385000 | Chatham Township, NJ BANs, 4.250%, 9/26/2025 | &nbsp;&nbsp; 1385429 |
| &nbsp;&nbsp; 1068250 | Chester Borough, NJ BANs, 4.500%, 10/10/2025 | &nbsp;&nbsp; 1069291 |
| &nbsp;&nbsp; 1551500 | Dunellen, NJ BANs, 3.500%, 4/7/2026 | &nbsp;&nbsp; 1550327 |
| &nbsp;&nbsp; 1187000 | Garwood, NJ BANs, 4.000%, 8/1/2025 | &nbsp;&nbsp; 1187577 |
| &nbsp;&nbsp; 1842000 | Gloucester City, NJ, (Series A) BANs, 3.750%, 5/13/2026 | &nbsp;&nbsp; 1849907 |
| &nbsp;&nbsp; 1532600 | Hightstown Borough, NJ BANs, 4.000%, 3/23/2026 | &nbsp;&nbsp; 1531836 |
| &nbsp;&nbsp; 1039000 | Hillsdale Borough, NJ BANs, 4.000%, 8/22/2025 | &nbsp;&nbsp; 1039063 |
| &nbsp;&nbsp; 1000000 | Lawrence Township, NJ BANs, 4.500%, 6/5/2025 | &nbsp;&nbsp; 1000055 |
| &nbsp;&nbsp; 2515269 | Leonia, NJ BANs, 3.700%, 2/27/2026 | &nbsp;&nbsp; 2511171 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New Jersey—continued** |  |
| $2000000 | Lindenwold, NJ, (Series A) BANs, 4.000%, 2/20/2026 | &nbsp;&nbsp; $2007082 |
| &nbsp;&nbsp; 1300000 | Lumberton Township, NJ, (Series A) BANs, 4.000%, 6/18/2025 | &nbsp;&nbsp; 1300191 |
| &nbsp;&nbsp; 2000000 | Millburn Township, NJ BANs, 3.750%, 1/23/2026 | &nbsp;&nbsp; 2002533 |
| &nbsp;&nbsp; 1355000 | Mountainside, NJ BANs, 4.250%, 7/18/2025 | &nbsp;&nbsp; 1355727 |
| &nbsp;&nbsp; 1488039 | Netcong, NJ BANs, 4.750%, 7/2/2025 | &nbsp;&nbsp; 1488711 |
| &nbsp;&nbsp; 1385541 | Ogdensburg, NJ BANs, 4.500%, 7/25/2025 | &nbsp;&nbsp; 1386346 |
| &nbsp;&nbsp; 1042117 | Oxford Township, NJ BANs, 4.375%, 4/22/2026 | &nbsp;&nbsp; 1048045 |
| &nbsp;&nbsp; 1390000 | Paramus Borough, NJ BANs, 4.250%, 6/13/2025 | &nbsp;&nbsp; 1390235 |
| &nbsp;&nbsp; 3893223 | Plumsted Township, NJ BANs, 4.000%, 8/27/2025 | &nbsp;&nbsp; 3896266 |
| &nbsp;&nbsp; 2000000 | Prospect Park, NJ, (Series A) BANs, 3.600%, 1/23/2026 | &nbsp;&nbsp; 2000801 |
| &nbsp;&nbsp; 1500000 | Ridgefield Park, NJ BANs, 3.800%, 4/2/2026 | &nbsp;&nbsp; 1498637 |
| &nbsp;&nbsp; 2686987 | Riverdale Borough, NJ BANs, 4.000%, 3/4/2026 | &nbsp;&nbsp; 2684257 |
| &nbsp;&nbsp; 1778567 | Stillwater Township, NJ BANs, 4.250%, 9/12/2025 | &nbsp;&nbsp; 1778515 |
| &nbsp;&nbsp; 3163600 | Sussex, NJ BANs, 4.250%, 7/18/2025 | &nbsp;&nbsp; 3165379 |
| &nbsp;&nbsp; 2096795 | Washington Borough, NJ BANs, 4.000%, 10/10/2025 | &nbsp;&nbsp; 2095961 |
| &nbsp;&nbsp; 3295852 | West Wildwood, NJ BANs, 4.000%, 2/23/2026 | &nbsp;&nbsp; 3297432 |
| &nbsp;&nbsp; 1853000 | Westfield, NJ BANs, 3.750%, 11/7/2025 | &nbsp;&nbsp; 1853890 |
| &nbsp;&nbsp; 1000000 | Westwood, NJ BANs, 4.500%, 6/25/2025 | &nbsp;&nbsp; 1000277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 57362200 |
|  | **New York—15.7%** |  |
| &nbsp;&nbsp; 1500000 | Binghamton, NY BANs, 4.125%, 4/10/2026 | &nbsp;&nbsp; 1512458 |
| &nbsp;&nbsp; 2391306 | Bolivar-Richburg, NY CSD BANs, 4.250%, 6/26/2025 | &nbsp;&nbsp; 2392210 |
| &nbsp;&nbsp; 3314031 | Broome County, NY BANs, 3.750%, 4/24/2026 | &nbsp;&nbsp; 3327066 |
| &nbsp;&nbsp; 2430000 | Hempstead (town), NY IDA (Atria Tanglewood), SPEARs 3a-7 (Series DBE-8137) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.620%, 6/5/2025<br>| &nbsp;&nbsp; 2430000 |
| &nbsp;&nbsp; 2005000 | Islip, NY IDA (FCD Bayshore LLC), SPEARs 3a-7 (Series DBE-8136) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank <br> AG LOC), 2.620%, 6/5/2025<br>| &nbsp;&nbsp; 2005000 |
| &nbsp;&nbsp; 2500000 | Long Beach, NY BANs, 4.500%, 5/6/2026 | &nbsp;&nbsp; 2522484 |
| &nbsp;&nbsp; 15470000 | New York City Housing Development Corp., (Series L-2) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.950%, 6/5/2025 | &nbsp;&nbsp; 15470000 |
| &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), 2.420%, 6/5/2025<br>| &nbsp;&nbsp; 4990000 |
| &nbsp;&nbsp; 11900000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 2.420%, 6/2/2025<br>| &nbsp;&nbsp; 11900000 |
| &nbsp;&nbsp; 1600000 | Starpoint, NY CSD BANs, 4.500%, 6/27/2025 | &nbsp;&nbsp; 1600967 |
| &nbsp;&nbsp; 8825000 | Westchester County, NY IDA (Ardsley Housing Associates LLC), SPEARs 3a-7 (Series DBE-8138) Weekly VRDNs, (Deutsche <br> Bank AG LIQ)/(Deutsche Bank AG LOC), 2.620%, 6/5/2025<br>| &nbsp;&nbsp; 8825000 |
| &nbsp;&nbsp; 3000000 | Yonkers, NY, (Series A) BANs, 4.000%, 12/5/2025 | &nbsp;&nbsp; 3000286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 59975471 |
|  | **North Carolina—1.6%** |  |
| &nbsp;&nbsp; 2000000 | Cumberland County, NC Industrial Facilities & PCFA (Project Aero), (Series 2024), (United States Treasury COL), 3.750%, <br> Mandatory Tender 11/1/2025<br>| &nbsp;&nbsp; 2000647 |
| &nbsp;&nbsp; 2200000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 2.650%, 6/4/2025 | &nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp; 1700000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 2.650%, 6/4/2025 | &nbsp;&nbsp; 1700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5900647 |
|  | **Ohio—1.6%** |  |
| &nbsp;&nbsp; 1000000 | Logan County, OH BANs, (Ohio State GTD), 4.500%, 8/6/2025 | &nbsp;&nbsp; 1001461 |
| &nbsp;&nbsp; 1200000 | Martins Ferry City, OH BANs, (Ohio State GTD), 4.250%, 12/16/2025 | &nbsp;&nbsp; 1203707 |
| &nbsp;&nbsp; 2000000 | New Albany, OH Plain Local School District BANs, 4.125%, 6/5/2025 | &nbsp;&nbsp; 2000152 |
| &nbsp;&nbsp; 2000000 | Shaker Heights, OH BANs, 4.375%, 5/6/2026 | &nbsp;&nbsp; 2019204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6224524 |
|  | **Oklahoma—0.3%** |  |
| &nbsp;&nbsp; 1300000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 2.200%, 6/4/2025 | &nbsp;&nbsp; 1300000 |

---

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Pennsylvania—1.4%** |  |
| $2500000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2019A), 4.250%, Mandatory <br> Tender 7/15/2025<br>| &nbsp;&nbsp; $2501286 |
| &nbsp;&nbsp; 3000000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2019A), 4.250%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 3000479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5501765 |
|  | **Rhode Island—1.1%** |  |
| &nbsp;&nbsp; 4000000 | Pawtucket, RI, (2024 Series 2) BANs, 4.500%, 10/24/2025 | &nbsp;&nbsp; 4006633 |
|  | **South Carolina—0.5%** |  |
| &nbsp;&nbsp; 1700000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), (Series 2022-XF3074) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 1700000 |
|  | **Tennessee—3.1%** |  |
| &nbsp;&nbsp; 8465000 | Chattanooga, TN Health, Educational & Housing Facility Board (CommonSpirit Health), (Series 2004 C) Weekly VRDNs, <br> 2.030%, 6/4/2025<br>| &nbsp;&nbsp; 8465000 |
| &nbsp;&nbsp; 1500000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | &nbsp;&nbsp; 1501416 |
| &nbsp;&nbsp; 1825000 | Tennessee Housing Development Agency, (Series 2024-3C), 3.500%, Mandatory Tender 10/1/2025 | &nbsp;&nbsp; 1825143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11791559 |
|  | **Texas—7.1%** |  |
| &nbsp;&nbsp; 5894000 | Bexar County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), (Series 2024-XF3256) Weekly VRDNs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 5894000 |
| &nbsp;&nbsp; 3000000 | Capital Area, TX Housing Finance Corp. (1800 Apartments Ltd.), SPEARs 3a-7 (Series DBE-8159A) Daily VRDNs, (Deutsche <br> Bank AG LIQ)/(Deutsche Bank AG LOC), 3.300%, 6/2/2025<br>| &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; 1220000 | Las Varas, TX Public Facility Corp. (Roers San Antonio Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9158) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.250%, 6/5/2025<br>| &nbsp;&nbsp; 1220000 |
| &nbsp;&nbsp; 4900000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, <br> 2.350%, 6/4/2025<br>| &nbsp;&nbsp; 4900000 |
| &nbsp;&nbsp; 12150000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 2.400%, 6/4/2025<br>| &nbsp;&nbsp; 12150000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 27164000 |
|  | **Virginia—0.5%** |  |
| &nbsp;&nbsp; 2000000 | Virginia Small Business Financing Authority (Pure Salmon Virginia LLC), (Series 2022), (United States Treasury COL), 4.000%, <br> Mandatory Tender 11/20/2025<br>| &nbsp;&nbsp; 2000462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(IDENTIFIED COST $375,197,841)<br>| &nbsp;&nbsp; 375198244 |
|  | MUNICIPAL BONDS—3.5% |  |
|  | **Colorado—0.2%** |  |
| &nbsp;&nbsp; 805000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System <br> Subordinate Revenue Bonds (Series 2018A), 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 821833 |
|  | **Illinois—1.1%** |  |
| &nbsp;&nbsp; 4000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2024D), <br> 5.000%, 1/1/2027<br>| &nbsp;&nbsp; 4099619 |
|  | **New Jersey—0.8%** |  |
| &nbsp;&nbsp; 3000000 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States <br> Treasury GTD), 5.000%, Mandatory Tender 6/2/2026<br>| &nbsp;&nbsp; 3037249 |
|  | **New York—0.5%** |  |
| &nbsp;&nbsp; 1000000 | Port Authority of New York and New Jersey, Consolidated Bonds (Series 2018-207), 5.000%, 9/15/2026 | &nbsp;&nbsp; 1020047 |
| &nbsp;&nbsp; 1000000 | Port Authority of New York and New Jersey, Consolidated Bonds (Series 2021-226), 5.000%, 10/15/2026 | &nbsp;&nbsp; 1021417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2041464 |
|  | **Oklahoma—0.9%** |  |
| &nbsp;&nbsp; 2000000 | Oklahoma HFA (Lakeshore Pointe, LLC), Collateralized Revenue Bonds (Series 2024), (United States Treasury GTD), 3.350%, <br> Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2002212 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Oklahoma—continued** |  |
| $1525000 | Oklahoma HFA (Villages at A New Leaf II, LP), Collateralized Revenue Bonds (Series 2025), (United States Treasury GTD), <br> 3.400%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; $1525994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3528206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $13,502,623)<br>| &nbsp;&nbsp;&nbsp; 13528371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—101.8% <br>(IDENTIFIED COST $388,700,464)<br>| &nbsp;&nbsp; 388726615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(1.8)%<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6897300) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $381829315 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 34.9% of the portfolio as calculated based upon total market value.

---

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

---

Note: The categories of investments are shown as a percentage of net assets at May 31, 2025.

**Investment Valuation** 

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

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

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

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

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

**Fair Valuation Procedures** 

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

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

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency

**5**

------

securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

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

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

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

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

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

As of May 31, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AMT | —Alternative Minimum Tax |
| BANs | —Bond Anticipation Notes |
| COL | —Collateralized |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| PCFA | —Pollution Control Financing Authority |
| PCRB | —Pollution Control Revenue Bond |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| SPEARs | —Short Puttable Exempt Adjustable Receipts |
| 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $391890749.04

**Total Liabilities:** $5528246.74

**Net Assets:** $386362502.30

**Delayed Delivery Securities:** $3034890.00

**Cash Not Reported:** $31456.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1663.102759000000 | **1-Year:** -2480.771091000000 | **5-Year:** -2298.287847000000 | **10-Year:** -2497.519432000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -1501.560368000000 | **1-Year:** -5526.659969000000 | **5-Year:** -935.777573000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224643 | 0.17%                | 0.30%                | 0.25%                |
| Class ID C000224644 | 0.26%                | 0.29%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-95834.37                                 |
| Month 2  | $0.00                    | $-161992.30                                |
| Month 3  | $0.00                    | $114469.77                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APPLING CNTY GA DEV AUTH                                     | Development Authority of Appling County                                         | CUSIP: 038315EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 2.59%             | 2041-09-01      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                                               | Borough of Beach Haven NJ                                                       | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071936.50   | 1.31%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER BORO NJ                                              | Borough of Chester NJ                                                           | CUSIP: 165501BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1068250 | PA      | $1069291.22   | 0.28%             | 2025-10-10      | Fixed         | 4.50%                 | 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      | $1208741.28   | 0.31%             | 2025-11-15      | Fixed         | 5.00%                 | 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   | 2.28%             | 2044-11-01      | Variable      | 2.62%                 | 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   | 0.78%             | 2041-03-01      | Floating      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                               | State of Nevada Department of Business & Industry                               | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999798.70   | 0.78%             | 2026-12-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| DUNELLEN NJ                                                  | Borough of Dunellen NJ                                                          | CUSIP: 265417BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1551500 | PA      | $1550326.60   | 0.40%             | 2026-04-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE TWP NJ                                            | Township of Belleville NJ                                                       | CUSIP: 079098GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002319.20   | 0.52%             | 2025-07-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                | City of Binghamton NY                                                           | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512458.10   | 0.39%             | 2026-04-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                       | CUSIP: 121342NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 0.80%             | 2052-11-01      | Variable      | 2.25%                 | 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      | $4099618.80   | 1.06%             | 2027-01-01      | Fixed         | 5.00%                 | 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      | $2000646.80   | 0.52%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GARWOOD NJ                                                   | Borough of Garwood NJ                                                           | CUSIP: 366688EB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1187000 | PA      | $1187577.24   | 0.31%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CITY NJ                                           | City of Gloucester City NJ                                                      | CUSIP: 379640GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1842000 | PA      | $1849907.15   | 0.48%             | 2026-05-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HERTFORD CNTY NC INDL FACS & POLL CONTROL FING AUTH          | Hertford County Industrial Facilities & Pollution Control Financing Authority   | CUSIP: 428007AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.44%             | 2033-11-01      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| HILLSDALE NJ                                                 | Borough of Hillsdale NJ                                                         | CUSIP: 432524EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1039000 | PA      | $1039062.44   | 0.27%             | 2025-08-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAWRENCE TWP NJ                                              | Township of Lawrence NJ/Mercer County                                           | CUSIP: 520372MQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000055.40   | 0.26%             | 2025-06-05      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LUMBERTON TWP NJ                                             | Township of Lumberton NJ                                                        | CUSIP: 550230ER3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300191.36   | 0.34%             | 2025-06-18      | 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      | $1203707.04   | 0.31%             | 2025-12-16      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R                               | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.52%             | 2028-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| LEONIA NJ                                                    | Borough of Leonia NJ                                                            | CUSIP: 526660FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515269 | PA      | $2511171.38   | 0.65%             | 2026-02-27      | Fixed         | 3.70%                 | 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   | 1.55%             | 2046-11-01      | Floating      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                                          | CUSIP: 64972E3G2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  15470000 | PA      | $15470000.00  | 4.00%             | 2050-05-01      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| LINDENWOLD NJ                                                | Borough of Lindenwold NJ                                                        | CUSIP: 535508FT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007082.40   | 0.52%             | 2026-02-20      | Fixed         | 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      | $2002532.80   | 0.52%             | 2026-01-23      | Fixed         | 3.75%                 | No            |                  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    | 0.13%             | 2038-04-01      | Floating      | 2.25%                 | 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        |   1220000 | PA      | $1220000.00   | 0.32%             | 2038-03-01      | Floating      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| NUVEEN NY AMT FREE QUALITY MUN 05/47 1                       | Nuveen New York AMT-Free Quality Municipal Income Fund                          | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | EC               | RF                | US        |   3900000 | NS      | $3900000.00   | 1.01%             | 2047-05-01      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| PARAMUS NJ                                                   | Borough of Paramus NJ                                                           | CUSIP: 699330MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1390234.63   | 0.36%             | 2025-06-13      | Fixed         | 4.25%                 | 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        |   3000000 | PA      | $3000479.10   | 0.78%             | 2038-08-01      | Variable      | 4.25%                 | 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   | 1.29%             | 2041-11-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| NEW ALBANY OH PLAIN LOCAL SCHDIST                            | New Albany Plain Local School District                                          | CUSIP: 64184PJD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000151.60   | 0.52%             | 2025-06-05      | Fixed         | 4.13%                 | 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        |  12400000 | PA      | $12400000.00  | 3.21%             | 2029-03-01      | Variable      | 2.42%                 | 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        |   4200000 | PA      | $4200000.00   | 1.09%             | 2029-09-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883MQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101128.82   | 0.28%             | 2025-07-01      | Fixed         | 5.00%                 | 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        |   4900000 | PA      | $4900000.00   | 1.27%             | 2040-11-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                     | Development Authority of Appling County                                         | CUSIP: 038315EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13245000 | PA      | $13245000.00  | 3.43%             | 2038-01-01      | Floating      | 2.00%                 | 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        |    200000 | PA      | $200000.00    | 0.05%             | 2062-11-01      | Floating      | 3.15%                 | 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   | 0.56%             | 2033-01-02      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| BOLIVAR-RICHBURG NY CENTRL SCH                               | Bolivar-Richburg Central School District                                        | CUSIP: 097649FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2391306 | PA      | $2392209.91   | 0.62%             | 2025-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BOONTON TWP NJ                                               | Township of Boonton NJ                                                          | CUSIP: 099320AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1912702 | PA      | $1913002.87   | 0.50%             | 2025-08-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BROOME CNTY NY                                               | County of Broome NY                                                             | CUSIP: 114727XY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3314031 | PA      | $3327066.08   | 0.86%             | 2026-04-24      | 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      | $2684257.29   | 0.69%             | 2026-03-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHAKER HEIGHTS OH                                            | City of Shaker Heights OH                                                       | CUSIP: 819054MN4<br>LEI: 5493000DJBQYJU5NKL14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019204.40   | 0.52%             | 2026-05-06      | Fixed         | 4.38%                 | 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      | $8150196.42   | 2.11%             | 2044-12-01      | Variable      | 0.70%                 | Yes           |                  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      | $1998705.60   | 0.52%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON NJ                                                | Borough of Washington NJ                                                        | CUSIP: 939398GR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2096795 | PA      | $2095961.10   | 0.54%             | 2025-10-10      | Fixed         | 4.00%                 | 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      | $3297432.03   | 0.85%             | 2026-02-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                               | California Municipal Finance Authority                                          | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500612.75   | 0.65%             | 2051-07-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498578.15   | 0.39%             | 2043-07-01      | Floating      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| CHATHAM TWP NJ                                               | Township of Chatham NJ                                                          | CUSIP: 162195JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1385429.35   | 0.36%             | 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   | 2.19%             | 2039-05-01      | Floating      | 2.03%                 | 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      | $2206350.95   | 0.57%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REVENUE                           | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $821832.79    | 0.21%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIDGEFIELD PARK NJ                                           | Village of Ridgefield Park NJ                                                   | CUSIP: 765871ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498636.95   | 0.39%             | 2026-04-02      | Fixed         | 3.80%                 | 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        |   6035000 | PA      | $6035000.00   | 1.56%             | 2027-07-01      | Variable      | 2.65%                 | 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   | 0.52%             | 2029-12-01      | Variable      | 2.62%                 | 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   | 0.63%             | 2045-10-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| WESTFIELD NJ                                                 | Town of Westfield NJ                                                            | CUSIP: 960113FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1853000 | PA      | $1853889.44   | 0.48%             | 2025-11-07      | Fixed         | 3.75%                 | 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        |   4518000 | PA      | $4518000.00   | 1.17%             | 2050-09-15      | Floating      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| FLOYD CNTY GA DEV AUTH                                       | Development Authority Of Floyd County                                           | CUSIP: 343571AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4980000 | PA      | $4980000.00   | 1.29%             | 2026-09-01      | Floating      | 3.20%                 | 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   | 0.88%             | 2026-09-01      | Floating      | 3.21%                 | 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   | 0.57%             | 2033-11-01      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| HIGHTSTOWN NJ                                                | Borough of Hightstown NJ                                                        | CUSIP: 431164HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1532600 | PA      | $1531835.85   | 0.40%             | 2026-03-23      | Fixed         | 4.00%                 | 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      | $999603.50    | 0.26%             | 2044-11-01      | Variable      | 4.25%                 | 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   | 0.54%             | 2040-10-01      | Floating      | 2.04%                 | 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   | 1.81%             | 2025-07-28      | Variable      | 2.65%                 | 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   | 1.55%             | 2026-08-29      | Floating      | 2.28%                 | 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   | 1.40%             | 2027-03-20      | Variable      | 2.65%                 | 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  | 4.01%             | 2027-06-01      | Variable      | 2.65%                 | 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   | 2.07%             | 2034-05-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| LOGAN CNTY OH                                                | County of Logan OH                                                              | CUSIP: 540822KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001460.90   | 0.26%             | 2025-08-06      | Fixed         | 4.50%                 | 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      | $2522483.50   | 0.65%             | 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   | 0.54%             | 2033-06-01      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU                               | County of Meade KY                                                              | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.06%             | 2060-07-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190NQ1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501416.15   | 0.39%             | 2025-07-01      | Fixed         | 5.00%                 | 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        |   4370000 | PA      | $4371190.39   | 1.13%             | 2033-11-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HMD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    621916 | PA      | $621916.00    | 0.16%             | 2035-03-01      | Floating      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 2.33%             | 2046-12-01      | Floating      | 2.25%                 | Yes           |                  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   | 0.83%             | 2026-12-01      | Floating      | 3.55%                 | Yes           |                  2 | On Loan: No      |
| MOUNTAINSIDE NJ                                              | Borough of Mountainside NJ                                                      | CUSIP: 624522EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1355726.96   | 0.35%             | 2025-07-18      | Fixed         | 4.25%                 | 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        |   1300000 | PA      | $1300000.00   | 0.34%             | 2027-06-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| NETCONG NJ                                                   | Borough of Netcong NJ                                                           | CUSIP: 641083DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1488039 | PA      | $1488711.00   | 0.39%             | 2025-07-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                               | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037249.20   | 0.79%             | 2056-12-01      | Variable      | 5.00%                 | 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    | 0.08%             | 2047-10-01      | Variable      | 2.42%                 | 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        |  14400000 | PA      | $14400000.00  | 3.73%             | 2047-10-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| NUVEEN NY AMT FREE QUALITY MUNI INCOME FUND                  | Nuveen New York AMT-Free Quality Municipal Income Fund                          | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 2.07%             | 2047-05-01      | Variable      | 2.42%                 | Yes           |                  2 | On Loan: No      |
| OGDENSBURG NJ                                                | Borough of Ogdensburg NJ                                                        | CUSIP: 676470DX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385541 | PA      | $1386345.86   | 0.36%             | 2025-07-25      | Fixed         | 4.50%                 | 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      | $2002211.80   | 0.52%             | 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      | $1525994.30   | 0.39%             | 2028-07-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| OXFORD TWP NJ                                                | Township of Oxford NJ                                                           | CUSIP: 69182UAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1042117 | PA      | $1048044.56   | 0.27%             | 2026-04-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET RI                                                 | City of Pawtucket RI                                                            | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006632.80   | 1.04%             | 2025-10-24      | Fixed         | 4.50%                 | 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        |   2500000 | PA      | $2501286.25   | 0.65%             | 2034-04-01      | Floating      | 4.25%                 | 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      | $3501160.95   | 0.91%             | 2035-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| PLUMSTED TWP NJ                                              | Township of Plumsted NJ                                                         | CUSIP: 72939LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3893223 | PA      | $3896266.33   | 1.01%             | 2025-08-27      | Fixed         | 4.00%                 | 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      | $1020046.70   | 0.26%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                                         | CUSIP: 73358XBX9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021416.80   | 0.26%             | 2026-10-15      | Fixed         | 5.00%                 | 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  | 3.14%             | 2040-11-01      | Variable      | 2.40%                 | 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      | $2000800.60   | 0.52%             | 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   | 0.37%             | 2040-12-01      | Variable      | 2.32%                 | 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   | 0.32%             | 2040-11-01      | Floating      | 2.18%                 | 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    | 0.07%             | 2040-11-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| SAINT LUCIE CNTY FL POLL CONTROL REVENUE                     | County of St Lucie FL                                                           | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.06%             | 2028-09-01      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| STARPOINT NY CENTRL SCH DIST                                 | Starpoint Central School District                                               | CUSIP: 855566JF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600966.88   | 0.41%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STILLWATER TWP NJ                                            | Township of Stillwater NJ                                                       | CUSIP: 860828AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1778567 | PA      | $1778515.24   | 0.46%             | 2025-09-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SUSSEX NJ                                                    | Borough of Sussex NJ                                                            | CUSIP: 869291CZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3163600 | PA      | $3165379.21   | 0.82%             | 2025-07-18      | Fixed         | 4.25%                 | 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   | 0.44%             | 2028-06-01      | Variable      | 2.25%                 | Yes           |                  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        |   2340000 | PA      | $2340000.00   | 0.61%             | 2030-12-15      | Floating      | 2.27%                 | 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        |   5894000 | PA      | $5894000.00   | 1.53%             | 2037-09-01      | Floating      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035MDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 1.19%             | 2054-11-01      | Floating      | 2.17%                 | 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   | 1.29%             | 2044-03-28      | Floating      | 2.27%                 | 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      | $1825142.53   | 0.47%             | 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      | $2000462.20   | 0.52%             | 2052-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTWOOD NJ                                                  | Borough of Westwood NJ                                                          | CUSIP: 961794LH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000276.90   | 0.26%             | 2025-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                                   | City of Yonkers NY                                                              | CUSIP: 9860824M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000286.50   | 0.78%             | 2025-12-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer