# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001707560-26-000059
**Filing Date:** 2026-4
**Character Count:** 65201
**Document Hash:** a42e35d57b730f9f1bcef43df0671b21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001707560-26-000059.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001707560-26-000059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 26886132

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Adviser Series

- **b. Investment Company Act file number:** 811-23259

- **c. CIK number of Registrant:** 0001707560

- **d. LEI of Registrant:** 2549001OZ5PPTI84LJ34

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Conservative Municipal Microshort Fund

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

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

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $396786037.36

**Total Liabilities:** $1953577.26

**Net Assets:** $394832460.10

**Delayed Delivery Securities:** $1038444.98

**Cash Not Reported:** $95787.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2027.315428000000 | **1-Year:** -4443.038322000000 | **5-Year:** -2993.001862000000 | **10-Year:** -4152.775391000000 | **30-Year:** -5682.600098000000

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

- **3-Month:** -2713.266745000000 | **1-Year:** -3743.670961000000 | **5-Year:** -106.037839000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224643 | 0.26%                | 0.30%                | 0.22%                |
| Class ID C000224644 | 0.24%                | 0.29%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $10605.83                                  |
| Month 2  | $0.00                    | $273532.94                                 |
| Month 3  | $0.00                    | $1520.89                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BARTOW CNTY GA DEV AUTH SOLIDWASTE DISP FAC REVENUE          | Bartow County Development Authority                                             | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4800000.00   | 1.22%             | 2062-11-01      | Floating      | 2.15%                 | 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        |   3200000 | PA      | $3200000.00   | 0.81%             | 2062-11-01      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                                               | Borough of Beach Haven NJ                                                       | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5017946.00   | 1.27%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELMONT CNTY OH                                              | County of Belmont OH                                                            | CUSIP: 080257RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259191.25   | 0.32%             | 2026-08-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000476.80   | 0.51%             | 2041-11-01      | Floating      | 3.85%                 | 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      | $819966.24    | 0.21%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                                      | CUSIP: 45200BYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5565000.00   | 1.41%             | 2040-10-01      | Floating      | 2.10%                 | 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        |    400000 | PA      | $400000.00    | 0.10%             | 2033-06-01      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $685417.88    | 0.17%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | New Jersey Higher Education Student Assistance Authority                        | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3015814.80   | 0.76%             | 2056-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | New York City Municipal Water Finance Authority                                 | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3600000.00   | 0.91%             | 2039-06-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                      | New York State Housing Finance Agency                                           | CUSIP: 64986MSH9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.73%             | 2033-11-15      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                     | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500360.15   | 0.89%             | 2035-12-01      | Floating      | 3.00%                 | 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   | 1.26%             | 2041-11-01      | Floating      | 2.33%                 | Yes           |                  2 | On Loan: No      |
| ROCKAWAY BORO NJ                                             | Borough of Rockaway NJ                                                          | CUSIP: 772783CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675712 | PA      | $1679324.67   | 0.43%             | 2026-07-16      | 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      | $2005948.60   | 0.51%             | 2026-05-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUSSEX NJ                                                    | Borough of Sussex NJ                                                            | CUSIP: 869291DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3009625 | PA      | $3023278.16   | 0.77%             | 2026-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARSAW NY CENTRL SCH DIST                                    | Warsaw Central School District/NY                                               | CUSIP: 936466EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2708641.35   | 0.69%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                                    | CUSIP: 95648VBZ1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 1.14%             | 2065-11-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| NEW MILFORD NJ                                               | Borough of New Milford NJ                                                       | CUSIP: 647497GP5<br>LEI: 549300C6EL13MY0S8I27 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005753.80   | 0.25%             | 2026-12-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OXFORD ACADEMY & CENTRL SCH DIST NY                          | Oxford Academy & Central School District                                        | CUSIP: 69138SCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506879.50   | 0.63%             | 2026-07-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                                   | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $915225.03    | 0.23%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADVIEW HEIGHTS OH                                         | City of Broadview Heights OH                                                    | CUSIP: 111331TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020930.80   | 0.51%             | 2026-10-22      | Fixed         | 4.38%                 | 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      | $4079744.80   | 1.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA AL INDL DEV BRD POLL CONTROL REVENUE                | Columbia Industrial Development Board                                           | CUSIP: 197210AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.48%             | 2028-06-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003801.00   | 1.27%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY WTR & WSTWTRAUTH                            | Dutchess County Water & Wastewater Authority                                    | CUSIP: 267048JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2705247.72   | 0.69%             | 2026-08-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOME CNTY NY                                               | County of Broome NY                                                             | CUSIP: 114727XY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3314031 | PA      | $3319253.58   | 0.84%             | 2026-04-24      | Fixed         | 3.75%                 | 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   | 2.14%             | 2039-05-01      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| BOLIVAR-RICHBURG NY CENTRL SCH DIST                          | Bolivar-Richburg Central School District                                        | CUSIP: 097649FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2286306 | PA      | $2292159.63   | 0.58%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG MFH REVENUE                            | Montana Board of Housing                                                        | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1827063.16   | 0.46%             | 2028-12-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                                   | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $395503.51    | 0.10%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST ORANGE NJ                                               | City of East Orange NJ                                                          | CUSIP: 274137Y51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1368650 | PA      | $1372635.92   | 0.35%             | 2026-09-23      | Fixed         | 3.50%                 | 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        |   3500000 | PA      | $3500748.30   | 0.89%             | 2043-07-01      | Floating      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| LONG BEACH NY                                                | City of Long Beach NY                                                           | CUSIP: 542519GA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507103.00   | 0.63%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA A 10/47 1                                          | 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      | Floating      | 2.33%                 | 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      | $1500667.05   | 0.38%             | 2026-04-02      | Fixed         | 3.80%                 | 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   | 0.54%             | 2033-01-02      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | Florida Housing Finance Corp                                                    | CUSIP: 34074HHW5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2115517.74   | 0.54%             | 2029-01-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                                                | City of Orange Township NJ                                                      | CUSIP: 685312NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000894.90   | 0.76%             | 2026-03-18      | Fixed         | 3.70%                 | 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      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                | City of Binghamton NY                                                           | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502609.85   | 0.38%             | 2026-04-10      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CROWN POINT NY CENTRL SCH DIST                               | Crown Point Central School District                                             | CUSIP: 228561EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2760980 | PA      | $2768644.76   | 0.70%             | 2026-07-10      | Fixed         | 3.75%                 | 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   | 1.52%             | 2026-08-29      | Floating      | 2.18%                 | Yes           |                  2 | On Loan: No      |
| LOGAN CNTY OH                                                | County of Logan OH                                                              | CUSIP: 540822KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1458254.56   | 0.37%             | 2026-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HIGHTSTOWN NJ                                                | Borough of Hightstown NJ                                                        | CUSIP: 431164HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1532600 | PA      | $1533117.56   | 0.39%             | 2026-03-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KB94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.77%             | 2028-11-04      | Floating      | 2.27%                 | Yes           |                  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   | 0.43%             | 2033-11-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| LORAIN OH                                                    | City of Lorain OH                                                               | CUSIP: 5436896L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701326.50    | 0.18%             | 2026-04-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAM0<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003367.50   | 1.27%             | 2033-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                               | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.23%             | 2060-03-01      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH SOL WST DISP REVENUE                | Illinois Development Finance Authority                                          | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003339.70   | 0.25%             | 2044-11-01      | Floating      | 3.45%                 | 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        |   1000000 | PA      | $1000174.60   | 0.25%             | 2034-04-01      | Floating      | 3.25%                 | 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   | 1.52%             | 2046-11-01      | Floating      | 2.06%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966J5Y8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.25%             | 2040-10-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| ABSECON NJ                                                   | City of Absecon NJ                                                              | CUSIP: 003860DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1902000 | PA      | $1911015.29   | 0.48%             | 2026-12-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7022337.00   | 1.78%             | 2044-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000542.00   | 0.51%             | 2041-07-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| CHESTER BORO NJ                                              | Borough of Chester NJ                                                           | CUSIP: 165501BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1469344 | PA      | $1475982.79   | 0.37%             | 2026-10-09      | Fixed         | 4.50%                 | 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        |   3129000 | PA      | $3129000.00   | 0.79%             | 2050-09-15      | Floating      | 2.53%                 | Yes           |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                                  | City of Houston TX Airport System Revenue                                       | CUSIP: 442349CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520492.50   | 0.64%             | 2026-07-01      | Fixed         | 5.00%                 | 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        |   4600000 | PA      | $4600000.00   | 1.17%             | 2027-03-20      | Floating      | 2.27%                 | 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        |  12400000 | PA      | $12400000.00  | 3.14%             | 2027-06-01      | Floating      | 2.27%                 | Yes           |                  2 | On Loan: No      |
| LOWELL AR INDL DEV REVENUE                                   | City of Lowell AR                                                               | CUSIP: 547516AB0<br>LEI: 549300GXJ4CE6FSCJA35 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2130000.00   | 0.54%             | 2036-10-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| MANSFIELD TWP NJ BURLINGTON CNTY                             | Township of Mansfield NJ/Burlington County                                      | CUSIP: 564441BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325250 | PA      | $1327755.78   | 0.34%             | 2026-09-29      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NETCONG NJ                                                   | Borough of Netcong NJ                                                           | CUSIP: 641083DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005138.40   | 0.51%             | 2026-07-02      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NEWARK OH                                                    | City of Newark OH                                                               | CUSIP: 650451ZU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2566834.32   | 0.65%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2751487.48   | 0.70%             | 2049-04-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE                   | Pennsylvania Housing Finance Agency                                             | CUSIP: 708797BJ3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1698000 | PA      | $1708779.24   | 0.43%             | 2028-09-01      | Floating      | 3.15%                 | 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        |   7900000 | PA      | $7900000.00   | 2.00%             | 2040-11-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| ROXBURY TWP NJ                                               | Township of Roxbury NJ                                                          | CUSIP: 779868MK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1887300 | PA      | $1895323.10   | 0.48%             | 2027-02-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SHERRILL NY CITY SCH DIST                                    | Sherrill City School District                                                   | CUSIP: 824263KX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503861.30   | 0.38%             | 2026-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2095000.00   | 0.53%             | 2030-12-15      | Floating      | 2.18%                 | 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   | 2.28%             | 2046-12-01      | Floating      | 2.06%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917TSS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6800000 | PA      | $6800000.00   | 1.72%             | 2061-11-01      | Floating      | 2.00%                 | 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        |    418534 | PA      | $418534.00    | 0.11%             | 2038-04-01      | Floating      | 2.11%                 | Yes           |                  2 | On Loan: No      |
| MORRISTOWN NY CENTRL SCH DIST                                | Morristown Central School District                                              | CUSIP: 618601FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1844000 | PA      | $1848103.27   | 0.47%             | 2026-07-29      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA A 10/47 1                                          | Nuveen California AMT-Free Quality Municipal Income Fund                        | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9500000.00   | 2.41%             | 2047-10-01      | Floating      | 2.33%                 | 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        |  12150000 | PA      | $12150000.00  | 3.08%             | 2040-11-01      | Floating      | 2.18%                 | No            |                  2 | On Loan: No      |
| REMSEN NY CENTRL SCH DIST                                    | Remsen Central School District                                                  | CUSIP: 759642GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1603789.76   | 0.41%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIVER EDGE NJ                                                | Borough of River Edge NJ                                                        | CUSIP: 768126GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1789000 | PA      | $1792708.06   | 0.45%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY CENTRL SCH DIST                                  | Lowville Academy Central School District                                        | CUSIP: 548837DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2659348.94   | 0.67%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.06%             | 2060-07-01      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| DUNELLEN NJ                                                  | Borough of Dunellen NJ                                                          | CUSIP: 265417BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1551500 | PA      | $1552350.53   | 0.39%             | 2026-04-07      | Fixed         | 3.50%                 | 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      | $1845913.14   | 0.47%             | 2026-05-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GILBERTSVILLE-MOUNT UPTON NY CENTRL SCH DIST                 | Gilbertsville-Mount Upton Central School District                               | CUSIP: 37546SAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505002.50   | 0.38%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LITTLE FALLS TWP NJ                                          | Township of Little Falls NJ                                                     | CUSIP: 537173MN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1888000 | PA      | $1891246.98   | 0.48%             | 2026-09-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HUN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.28%             | 2038-03-01      | Floating      | 2.11%                 | Yes           |                  2 | On Loan: No      |
| RARITAN TWP NJ                                               | Township of Raritan NJ                                                          | CUSIP: 754025JL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2518000 | PA      | $2520641.38   | 0.64%             | 2026-05-01      | Fixed         | 3.75%                 | 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        |   6000000 | PA      | $6000000.00   | 1.52%             | 2047-05-01      | Variable      | 2.33%                 | Yes           |                  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        |   3900000 | PA      | $3900000.00   | 0.99%             | 2047-05-01      | Variable      | 2.33%                 | Yes           |                  2 | On Loan: No      |
| RIVERDALE BORO NJ                                            | Borough of Riverdale NJ                                                         | CUSIP: 768602DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2686987 | PA      | $2687243.88   | 0.68%             | 2026-03-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHELLE PARK TWP NJ                                         | Township of Rochelle Park NJ                                                    | CUSIP: 771282DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1572016.04   | 0.40%             | 2026-05-06      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.03%             | 2061-08-01      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| MOUNT MORRIS NY CENTRL SCH DIST                              | Mount Morris Central School District                                            | CUSIP: 622100EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009513.30   | 0.76%             | 2026-06-24      | Fixed         | 3.75%                 | 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      | $1540913.22   | 0.39%             | 2028-07-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| WARWICK NY                                                   | Town of Warwick NY                                                              | CUSIP: 936614DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265954 | PA      | $1270007.08   | 0.32%             | 2026-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND MF HSG REVENUE                 | West Virginia Housing Development Fund                                          | CUSIP: 956629AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1965039.77   | 0.50%             | 2028-11-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| HANOVER TWP NJ                                               | Township of Hanover NJ                                                          | CUSIP: 411216AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1738000 | PA      | $1744691.13   | 0.44%             | 2026-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OAKFIELD-ALABAMA NY CENTRL SCH DIST                          | Oakfield-Alabama Central School District                                        | CUSIP: 672138HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006245.20   | 0.51%             | 2026-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERALIZED REVENUE BONDS            | OKLAHOMA HSG FIN AG 3.35                                                        | CUSIP: 67886UAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3169212.80   | 0.80%             | 2027-12-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| OXFORD TWP NJ                                                | Township of Oxford NJ                                                           | CUSIP: 69182UAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1042117 | PA      | $1043962.48   | 0.26%             | 2026-04-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1860000.00   | 0.47%             | 2027-07-01      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV AUTH SOL WST DISP REVENUE     | Walker County Economic & Industrial Development Authority                       | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 2.28%             | 2063-08-01      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| WATERTOWN NY ENLARGED CITY SCH DIST                          | Watertown Enlarged City School District                                         | CUSIP: 942116AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009799.80   | 0.76%             | 2026-10-09      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                                       | Brookhaven Development Authority                                                | CUSIP: 113073AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1320000.00   | 0.33%             | 2042-07-01      | Floating      | 1.92%                 | No            |                  2 | On Loan: No      |
| EMERSON NJ                                                   | Borough of Emerson NJ                                                           | CUSIP: 291065HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1508000 | PA      | $1511774.67   | 0.38%             | 2026-07-24      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.10%             | 2041-10-01      | Floating      | 1.90%                 | 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   | 0.56%             | 2033-11-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012640.40   | 1.02%             | 2038-08-01      | Floating      | 3.88%                 | 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      | $1015096.50   | 0.26%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE TWP NJ                                             | Township of Riverside NJ                                                        | CUSIP: 769290FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3619000 | PA      | $3628535.70   | 0.92%             | 2026-10-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE                                | Parish of St James LA                                                           | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470000.00    | 0.12%             | 2040-11-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP VI GAS SPLY REV    | Texas Municipal Gas Acquisition & Supply Corp VI                                | CUSIP: 88256FAA0<br>LEI: 254900OCOQCKZZ4U6C83 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406995.64    | 0.10%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST WILDWOOD NJ                                             | Borough of West Wildwood NJ                                                     | CUSIP: 956874DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2654920 | PA      | $2661489.07   | 0.67%             | 2027-02-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WESTWOOD NJ                                                  | Borough of Westwood NJ                                                          | CUSIP: 961794LJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1484000 | PA      | $1488442.50   | 0.38%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROSELAND NJ                                                  | Borough of Roseland NJ                                                          | CUSIP: 777407HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1361125 | PA      | $1362624.82   | 0.35%             | 2026-06-04      | Fixed         | 3.40%                 | 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      | 2.14%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                                                   | City of Yonkers NY                                                              | CUSIP: 9860824N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013790.40   | 0.76%             | 2026-12-03      | Fixed         | 3.50%                 | 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      | 1.90%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035PWX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.51%             | 2040-07-01      | Floating      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENUE                              | Wayne County Airport Authority                                                  | CUSIP: 9445142Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5346033.53   | 1.35%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND NY CENTRL SCH DIST                              | Westmoreland Central School District                                            | CUSIP: 961085GT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1839974.13   | 0.47%             | 2026-06-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WINSLOW TWP NJ                                               | Township of Winslow NJ                                                          | CUSIP: 975480RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1951819.74   | 0.49%             | 2026-05-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HILLSIDE TWP NJ                                              | Township of Hillside NJ                                                         | CUSIP: 432673HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1034452 | PA      | $1037932.31   | 0.26%             | 2027-03-04      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV REVENUE                         | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.89%             | 2028-05-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MCMINNVILLE WARREN CNTY TN INDL DEV BRD MF HSG               | McMinnville-Warren County Industrial Development Board                          | CUSIP: 582401AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3184063.67   | 0.81%             | 2029-09-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| NUVEEN INSD TAX FREE ADVANTAGE 03/29 1                       | Nuveen AMT-Free Quality Municipal Income Fund                                   | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.77%             | 2029-03-01      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| NUVEEN INSD TAX FREE ADVANTAGE 03/29 1                       | Nuveen AMT-Free Quality Municipal Income Fund                                   | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.58%             | 2029-03-01      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FL HSG FIN AUTH MF HSG REVENUE                     | Polk County Housing Finance Authority                                           | CUSIP: 731903BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2265064.43   | 0.57%             | 2028-12-01      | Floating      | 3.15%                 | 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      | $1013075.30   | 0.26%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBBINSVILLE TWP NJ MERCER CNTY                              | Township of Robbinsville NJ                                                     | CUSIP: 770286NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940020 | PA      | $1948547.36   | 0.49%             | 2026-07-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                                | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126PCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 2.03%             | 2034-05-01      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| SUMTER CNTY FL INDL DEV AUTH SOL WST DISP REVENUE            | Sumter County Industrial Development Authority/FL                               | CUSIP: 866531AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1020000.00   | 0.26%             | 2042-03-01      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035MDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 1.17%             | 2054-11-01      | Floating      | 2.08%                 | Yes           |                  2 | On Loan: No      |
| STILLWATER TWP NJ                                            | Township of Stillwater NJ                                                       | CUSIP: 860828AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1443267 | PA      | $1450351.85   | 0.37%             | 2026-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035JUH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5817000 | PA      | $5817000.00   | 1.47%             | 2037-09-01      | Floating      | 2.16%                 | Yes           |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENUE                              | Wayne County Airport Authority                                                  | CUSIP: 9445142R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4899947.87   | 1.24%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer