United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6165
(Investment Company Act File Number)
Federated Hermes Municipal Securities Income Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 08/31/21
Date of Reporting Period: 08/31/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | MMIFX | Institutional | MMFIX |
Federated Hermes Michigan Intermediate Municipal Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
1 Year | 5 Years | 10 Years | |
Class A Shares | -1.74% | 1.49% | 2.55% |
Institutional Shares5 | 1.50% | 2.18% | 2.90% |
Intermediate Index | 2.75% | 3.07% | 3.68% |
MIIG1-15 | 1.93% | 2.86% | 3.25% |
MMSSIFA | 2.09% | 2.24% | 3.01% |
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 36.1% |
Water & Sewer | 14.3% |
Hospital | 10.0% |
Dedicated Tax | 8.0% |
Higher Education | 7.1% |
General Obligation-State Appropriation | 5.3% |
Airport | 4.1% |
Toll Road | 3.2% |
Pre-Refunded | 3.2% |
Other2 | 8.9% |
Other Assets and Liabilities—Net3 | (0.2)% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—96.7% | |||
Michigan—96.7% | |||
$1,255,000 | Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033 | $1,494,884 | |
1,000,000 | Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,168,086 | |
500,000 | Birmingham, MI Public Schools, 2020 UT GO School Building and Site and Refunding Bonds, 4.000%, 5/1/2023 | 532,312 | |
410,000 | Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.000%, 5/1/2027 | 480,060 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS), 4.500%, 12/1/2023 | 1,696,017 | |
500,000 | Brighton, MI Area School District, UT GO 2020 School Building and Site and Refunding Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2025 | 584,441 | |
1,425,000 | Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030 | 1,583,809 | |
830,000 | Dearborn Heights, MI, LT GO Capital Improvement Bonds (Series 2021), (Build America Mutual Assurance INS), 3.000%, 5/1/2026 | 917,800 | |
2,000,000 | Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), (United States Treasury PRF 11/1/2023@100), 5.000%, 5/1/2025 | 2,206,716 | |
500,000 | Detroit, MI Downtown Development Authority, Tax Increment Revenue Refunding Bonds (Catalyst Development Series 2018A), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2035 | 559,062 | |
375,000 | Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (Assured Guaranty Municipal Corp. INS), 5.000%, 4/1/2031 | 473,174 | |
720,000 | Ferndale, MI Public Schools, UT GO Refunding Bonds (Series 2021A), 4.000%, 5/1/2024 | 791,181 | |
1,000,000 | Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/1/2025 | 1,124,817 | |
620,000 | Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 746,194 | |
670,000 | Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 827,772 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034 | 1,183,938 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$555,000 | Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare), Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2025 | $651,611 | |
2,000,000 | Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 7/1/2029 | 2,609,490 | |
300,000 | Grosse Pointe, MI Public School System, UT GO 2021 School Building and Site Bonds, 5.000%, 5/1/2024 | 338,044 | |
680,000 | Kalamazoo, MI (Kalamazoo, MI Water Revenue), Water Supply System Revenue Bonds (Series 2020A), 5.000%, 9/1/2028 | 869,805 | |
500,000 | Kalamazoo, MI, LT GO Refunding Bonds, (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2024 | 555,782 | |
1,500,000 | Kent Hospital Finance Authority, MI (Spectrum Health), Revenue Refunding Bonds (Series 2011A), 5.000%, 11/15/2022 | 1,514,848 | |
1,000,000 | Kentwood, MI Public Schools, UT GO School Building and Site Bonds (Series 2019 II), 5.000%, 5/1/2032 | 1,291,882 | |
500,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 531,858 | |
525,000 | Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030 | 659,065 | |
625,000 | Lansing, MI, LT GO Refunding Bonds (Series 2020), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2025 | 725,586 | |
500,000 | Livonia, MI Public School District, UT GO School Building and Site Bonds (Series 2021-I), (Build America Mutual Assurance INS), 5.000%, 5/1/2023 | 539,484 | |
360,000 | Marquette, MI, Limited Tax General Obligation and Refunding Bonds (Series 2021), (Build America Mutual Assurance INS), 4.000%, 5/1/2024 | 395,085 | |
1,445,000 | Mason, MI Public School District, UT GO School Building and Site Bonds (Series 2018I), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2032 | 1,722,821 | |
1,000,000 | Michigan Finance Authority Local Government Loan Program (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B), 5.000%, 10/1/2032 | 1,288,738 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.000%, 10/15/2022 | 527,388 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027 | 1,189,219 | |
500,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2020-I), 5.000%, 10/15/2027 | 630,833 | |
1,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026 | 1,152,619 | |
1,000,000 | Michigan State Department of Transportation, Grant Anticipation Refunding Bonds (Series 2016), 5.000%, 3/15/2025 | 1,164,722 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$500,000 | Michigan State Finance Authority Revenue (Charter County of Wayne Criminal Justice Center Project), Senior Lien State Aid Revenue Bonds (Series 2018), 5.000%, 11/1/2033 | $635,647 | |
2,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-2), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2025 | 2,272,497 | |
250,000 | Michigan State Finance Authority Revenue (MidMichigan Obligated Group), Hospital Revenue Refunding Bonds (Series 2014), (United States Treasury PRF 6/1/2024@100), 5.000%, 6/1/2026 | 283,081 | |
1,500,000 | Michigan State Finance Authority Revenue (Public Lighting Authority ), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2022 | 1,551,560 | |
2,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 1999B-3), 4.000%, 11/15/2032 | 2,369,017 | |
500,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2028 | 608,597 | |
1,000,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.500%, 12/1/2026 | 1,186,798 | |
250,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C), 5.000%, 12/1/2031 | 313,143 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2022 | 504,914 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2023 | 504,914 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020B), 5.000%, 11/15/2027 | 1,268,632 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Revenue Bonds (Series 2021A), 5.000%, 11/15/2025 | 1,196,259 | |
1,250,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034 | 1,589,595 | |
1,000,000 | Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue Bonds (Series 2019) TOBs, 1.800%, Mandatory Tender 10/1/2024 | 1,031,248 | |
2,000,000 | Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 6/30/2030 | 2,515,740 | |
1,000,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.250%, 10/15/2022 | 1,005,814 | |
500,000 | Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2034 | 587,826 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$250,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | $291,510 | |
500,000 | Mona Shores, MI Public Schools, UT GO Bonds (Series 2021 II), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2027 | 593,728 | |
500,000 | Northview Michigan Public School District, UT GO Refunding Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 11/1/2025 | 594,137 | |
500,000 | Oakland-Macomb Interceptor Drain Drainage District, LT GO Bonds (Series 2020A), 5.000%, 7/1/2025 | 587,454 | |
500,000 | Owosso, MI, UT GO Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 4.000%, 5/1/2025 | 563,916 | |
510,000 | Port Huron, MI, LT GO Refunding Bonds (Series 2021), (Build America Mutual Assurance INS), 4.000%, 10/1/2024 | 566,290 | |
1,000,000 | Romulus, MI Community Schools, UT GO Refunding Bonds (Series 2021A), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2025 | 1,126,664 | |
1,000,000 | Roseville, MI Community Schools, UT GO 2018 School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2031 | 1,259,467 | |
1,000,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.000%, 9/1/2023 | 1,093,248 | |
500,000 | Saginaw, MI City School District, UT GO School Building and Site Bonds (Series 2021), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2027 | 592,197 | |
1,070,000 | Saginaw, MI Water Supply System, Water Supply System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. INS), 4.000%, 7/1/2026 | 1,240,148 | |
1,000,000 | Saline, MI Area Schools, UT GO Refunding Bonds (Series 2018), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,271,094 | |
500,000 | South Lyon, MI Community School District, School Building and Site UT GO Bonds (Series 2020-I), 4.000%, 11/1/2026 | 585,986 | |
1,085,000 | Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026 | 1,272,574 | |
1,000,000 | Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029 | 1,180,294 | |
250,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.000%, 4/1/2024 | 281,025 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027 | 1,245,767 | |
2,000,000 | University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033 | 2,378,284 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$500,000 | Utica, MI Community Schools, School Building & Site & Refunding UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2029 | $582,054 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021 | 2,023,707 | |
1,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2027 | 1,181,358 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $69,981,731) | 74,665,327 | ||
1 | SHORT-TERM MUNICIPALS—3.5% | ||
Michigan—3.5% | |||
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Bonds (Series 2021-I), 4.000%, 10/15/2024 | 1,117,236 | |
1,600,000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.010%, 9/1/2021 | 1,600,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,713,114) | 2,717,236 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $72,694,845)2 | 77,382,563 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%3 | (153,568) | ||
TOTAL NET ASSETS—100% | $77,228,995 |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $11.46 | $11.42 | $10.92 | $11.30 | $11.54 |
Income From Investment Operations: | |||||
Net investment income | 0.20 | 0.25 | 0.27 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) | (0.05) | 0.05 | 0.53 | (0.38) | (0.20) |
TOTAL FROM INVESTMENT OPERATIONS | 0.15 | 0.30 | 0.80 | (0.13) | 0.05 |
Less Distributions: | |||||
Distributions from net investment income | (0.21) | (0.25) | (0.27) | (0.25) | (0.25) |
Distributions from net realized gain | (0.06) | (0.01) | (0.03) | — | (0.04) |
TOTAL DISTRIBUTIONS | (0.27) | (0.26) | (0.30) | (0.25) | (0.29) |
Net Asset Value, End of Period | $11.34 | $11.46 | $11.42 | $10.92 | $11.30 |
Total Return1 | 1.26% | 2.67% | 7.46% | (1.11)% | 0.52% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.77% | 0.77%3 | 0.77%3 | 0.77%3 | 0.77% |
Net investment income | 1.80% | 2.20% | 2.42% | 2.29% | 2.27% |
Expense waiver/reimbursement4 | 0.32% | 0.32% | 0.29% | 0.21% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $66,554 | $72,959 | $78,276 | $88,810 | $110,912 |
Portfolio turnover | 20% | 11% | 21% | 19% | 13% |
Year Ended August 31 | 2021 | 20201,2 |
Net Asset Value, Beginning of Period | $11.46 | $11.15 |
Income From Investment Operations: | ||
Net investment income | 0.23 | 0.09 |
Net realized and unrealized gain | (0.06) | 0.31 |
TOTAL FROM INVESTMENT OPERATIONS | 0.17 | 0.40 |
Less Distributions: | ||
Distributions from net investment income | (0.23) | (0.09) |
Distributions from net realized gain | (0.06) | — |
TOTAL DISTRIBUTIONS | (0.29) | (0.09) |
Net Asset Value, End of Period | $11.34 | $11.46 |
Total Return3 | 1.50% | 3.56% |
Ratios to Average Net Assets: | ||
Net expenses4 | 0.52% | 0.52%5,6 |
Net investment income | 2.03% | 2.23%5 |
Expense waiver/reimbursement7 | 0.32% | 0.40%5 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $10,675 | $3,273 |
Portfolio turnover | 20% | 11%8 |
August 31, 2021
Assets: | ||
Investment in securities, at value (identified cost $72,694,845) | $77,382,563 | |
Cash | 31,312 | |
Income receivable | 876,433 | |
Receivable for shares sold | 707 | |
TOTAL ASSETS | 78,291,015 | |
Liabilities: | ||
Payable for investments purchased | $950,999 | |
Payable for shares redeemed | 32,638 | |
Income distribution payable | 18,807 | |
Payable for other service fees (Notes 2 and 5) | 17,334 | |
Payable for investment adviser fee (Note 5) | 180 | |
Accrued expenses (Note 5) | 42,062 | |
TOTAL LIABILITIES | 1,062,020 | |
Net assets for 6,810,748 shares outstanding | $77,228,995 | |
Net Assets Consists of: | ||
Paid-in capital | $72,446,573 | |
Total distributable earnings (loss) | 4,782,422 | |
TOTAL NET ASSETS | $77,228,995 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($66,553,635 ÷ 5,869,377 shares outstanding), no par value, unlimited shares authorized | $11.34 | |
Offering price per share (100/97.00 of $11.34) | $11.69 | |
Redemption proceeds per share | $11.34 | |
Institutional Shares: | ||
Net asset value per share ($10,675,360 ÷ 941,371 shares outstanding), no par value, unlimited shares authorized | $11.34 | |
Offering price per share | $11.34 | |
Redemption proceeds per share | $11.34 |
Year Ended August 31, 2021
Investment Income: | |||
Interest | $1,996,705 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $310,489 | ||
Administrative fee (Note 5) | 61,410 | ||
Custodian fees | 8,408 | ||
Transfer agent fees | 40,209 | ||
Directors’/Trustees’ fees (Note 5) | 2,180 | ||
Auditing fees | 28,890 | ||
Legal fees | 11,216 | ||
Other service fees (Notes 2 and 5) | 169,636 | ||
Portfolio accounting fees | 108,273 | ||
Share registration costs | 37,979 | ||
Printing and postage | 20,652 | ||
Miscellaneous (Note 5) | 26,304 | ||
TOTAL EXPENSES | 825,646 | ||
Waiver of investment adviser fee (Note 5) | (248,570) | ||
Net expenses | 577,076 | ||
Net investment income | 1,419,629 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 121,176 | ||
Net change in unrealized appreciation of investments | (545,952) | ||
Net realized and unrealized loss on investments | (424,776) | ||
Change in net assets resulting from operations | $994,853 |
Year Ended August 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,419,629 | $1,676,850 |
Net realized gain | 121,176 | 367,090 |
Net change in unrealized appreciation/depreciation | (545,952) | (31,762) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 994,853 | 2,012,178 |
Distributions to Shareholders: | ||
Class A Shares | (1,560,716) | (1,734,784) |
Institutional Shares1 | (253,205) | (16,245) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,813,921) | (1,751,029) |
Share Transactions: | ||
Proceeds from sale of shares | 18,161,152 | 10,531,356 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,691,787 | 1,614,773 |
Cost of shares redeemed | (18,037,040) | (14,451,173) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,815,899 | (2,305,044) |
Change in net assets | 996,831 | (2,043,895) |
Net Assets: | ||
Beginning of period | 76,232,164 | 78,276,059 |
End of period | $77,228,995 | $76,232,164 |
Year Ended August 31 | 2021 | 2020 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 840,490 | $9,593,743 | 637,068 | $7,200,724 |
Shares issued to shareholders in payment of distributions declared | 127,060 | 1,448,392 | 140,907 | 1,598,528 |
Shares redeemed | (1,466,264) | (16,710,943) | (1,265,451) | (14,363,837) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (498,714) | $(5,668,808) | (487,476) | $(5,564,585) |
Year Ended August 31 | 2021 | 20201 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 750,794 | $8,567,409 | 291,892 | $3,330,632 |
Shares issued to shareholders in payment of distributions declared | 21,355 | 243,395 | 1,417 | 16,245 |
Shares redeemed | (116,478) | (1,326,097) | (7,609) | (87,336) |
NET CHANGE RESULTING FROM CLASS INSTITUIONAL SHARE TRANSACTIONS | 655,671 | $7,484,707 | 285,700 | $3,259,541 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 156,957 | $1,815,899 | (201,776) | $(2,305,044) |
2021 | 2020 | |
Tax-exempt income | $1,419,289 | $1,676,851 |
Ordinary income1 | $1,788 | $— |
Long-term capital gains | $392,844 | $74,178 |
Undistributed tax-exempt income | $1,070 |
Undistributed Ordinary income2 | $17,219 |
Undistributed long-term capital gains | $76,415 |
Net unrealized appreciation | $4,687,718 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $17,968,208 |
Sales | $15,012,317 |
October 25, 2021
Beginning Account Value 3/1/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $ 1,011.20 | $3.90 |
Institutional Shares | $1,000 | $ 1,012.50 | $2.64 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $ 1,021.32 | $3.92 |
Institutional Shares | $1,000 | $ 1,022.58 | $2.65 |
Class A Shares | 0.77% |
Institutional Shares | 0.52% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: August 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 CHIEF INVESTMENT OFFICER Officer since: February 2010 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923773
Share Class | Ticker | A | FMOAX | B | FMOBX | C | FMNCX |
F | FHTFX | Institutional | FMYIX |
Federated Hermes Municipal High Yield Advantage Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
1 Year | 5 Years | 10 Years | |
Class A Shares | 4.27% | 3.07% | 5.16% |
Class B Shares | 2.79% | 2.88% | 5.00% |
Class C Shares | 7.27% | 3.24% | 5.00% |
Class F Shares | 7.00% | 3.81% | 5.53% |
Institutional Shares5 | 9.37% | 4.27% | 5.84% |
Main Index | 3.44% | 3.24% | 4.11% |
Blended Index | 8.82% | 5.40% | 6.43% |
MHYMFA | 9.23% | 4.33% | 5.82% |
Sector Composition | Percentage of Total Net Assets |
Dedicated Tax | 15.2% |
Senior Care | 10.8% |
Primary/Secondary Education | 10.6% |
Hospital | 9.2% |
Industrial Development Bond/Pollution Control Revenue Bond | 8.4% |
Tobacco | 6.1% |
Incremental Tax | 5.6% |
Airport | 4.4% |
General Obligation-State | 4.4% |
Toll Road | 3.8% |
Other2 | 20.4% |
Other Assets and Liabilities—Net3 | 1.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.9% | |||
Alabama—1.1% | |||
$500,000 | 1 | Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facilities Revenue Bonds (Series 2011A), (Original Issue Yield: 7.625%), 7.500%, 1/1/2047 | $332,752 |
1,500,000 | 1 | Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds (Series 2007), (Original Issue Yield: 5.600%), 5.500%, 1/1/2043 | 997,340 |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A), (Original Issue Yield: 5.650%), (Assured Guaranty Municipal Corp. INS), 5.500%, 10/1/2053 | 2,237,333 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013A), (Original Issue Yield: 5.450%), (Assured Guaranty Municipal Corp. INS), 5.250%, 10/1/2048 | 2,228,022 | |
790,000 | 2 | Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 | 928,592 |
TOTAL | 6,724,039 | ||
Alaska—0.0% | |||
1,000,000 | 1,3 | Alaska Industrial Development and Export Authority (Boys & Girls Home & Family Services, Inc.), Community Provider Revenue Bonds (Series 2007C), 6.000%, 12/1/2036 | 41,250 |
Arizona—2.1% | |||
650,000 | 2 | Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.000%, 7/1/2051 | 752,531 |
500,000 | 2 | Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 578,870 |
1,000,000 | 2 | Arizona State Industrial Development Authority Education Revenue (Doral Academy of Nevada FMMR), Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 1,136,247 |
1,750,000 | 2 | Arizona State Industrial Development Authority Education Revenue (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 2,042,381 |
1,000,000 | 2 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 1,116,906 |
1,500,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 | 1,625,984 | |
1,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,108,692 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$3,000,000 | Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), (Original Issue Yield: 5.100%), (Citigroup, Inc. GTD), 5.000%, 12/1/2037 | $4,238,932 | |
430,000 | 2 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 454,311 |
TOTAL | 13,054,854 | ||
California—5.7% | |||
2,000,000 | California Health Facilities Financing Authority (CommonSpirit Health), Revenue Refunding Bonds (Series 2020A), 4.000%, 4/1/2049 | 2,327,370 | |
500,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 582,838 |
750,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 824,715 |
565,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 635,215 |
500,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 583,419 |
2,000,000 | California State Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 6/1/2048 | 2,416,444 | |
1,000,000 | 2 | California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds (Series 2017), 5.000%, 6/1/2037 | 1,149,191 |
500,000 | 2 | California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 563,374 |
1,100,000 | 2 | California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 1,267,289 |
2,250,000 | 2 | California Statewide Communities Development Authority (Loma Linda University Medical Center ), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 2,517,858 |
1,555,000 | Community Facilities District No. 2016 of the County of Orange (CFD 2016-1 (Village of Esencia)), Special Tax Revenue Bonds (Series 2016A), 5.000%, 8/15/2046 | 1,781,400 | |
1,000,000 | Community Facilities District No. 2017 of the County of Orange (CFD 2017-1 (Village of Esencia)), Improvement Area No.1 Special Tax Revenue Bonds (Series 2018A), 5.000%, 8/15/2047 | 1,189,695 | |
500,000 | Corona-Norco USD Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, (United States Treasury PRF 9/1/2023@100), 5.000%, 9/1/2032 | 548,025 | |
95,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028 | 103,579 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$365,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2029 | $397,330 | |
180,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2030 | 195,577 | |
1,000,000 | Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No.1), Special Tax Bonds (Series 2014), 5.000%, 9/1/2049 | 1,106,192 | |
850,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2017A), 5.000%, 5/15/2047 | 1,028,151 | |
1,500,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2051 | 1,899,515 | |
1,000,000 | Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.000%, 8/1/2044 | 1,110,753 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 3,929,014 | |
1,000,000 | Palomar Health, CA Revenue, (Series 2016), 5.000%, 11/1/2039 | 1,170,251 | |
475,000 | Poway, CA Unified School District (Community Facilities District No. 6 (4S Ranch)), Special Tax Bonds (Series 2012), (United States Treasury PRF 9/1/2022@100), 5.000%, 9/1/2033 | 497,703 | |
1,000,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017), 5.000%, 9/1/2034 | 1,192,699 | |
1,255,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 5), Special Tax Revenue Bonds (Series 2021), 4.000%, 9/1/2050 | 1,430,206 | |
1,250,000 | San Buenaventura, CA (Community Memorial Health System), Revenue Bonds (Series 2011), (United States Treasury PRF 12/1/2021@100), 8.000%, 12/1/2031 | 1,273,791 | |
340,000 | 2 | San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services), Development Special Tax Bonds (Series 2021A), 4.000%, 9/1/2051 | 388,471 |
500,000 | San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay South Redevelopment), Tax Allocation Refunding Bonds (Series 2016C), (National Public Finance Guarantee Corporation INS), 5.000%, 8/1/2041 | 590,906 | |
1,200,000 | Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013), (Original Issue Yield: 5.700%), 5.625%, 9/1/2043 | 1,294,433 | |
990,000 | Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A), 5.000%, 9/1/2044 | 1,169,545 | |
TOTAL | 35,164,949 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—6.2% | |||
$750,000 | Arista, CO Metropolitan District, Special Revenue Refunding and Improvement Bonds (Series 2018A), 5.000%, 12/1/2038 | $809,969 | |
1,000,000 | Banning Lewis Ranch Metropolitan District No.4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048 | 1,085,498 | |
1,000,000 | Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048 | 1,077,391 | |
1,500,000 | Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046 | 1,554,903 | |
2,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625%, 12/1/2038 | 2,153,835 | |
1,250,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.000%, 12/1/2038 | 1,353,508 | |
500,000 | Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), 4.000%, 5/1/2061 | 549,001 | |
1,000,000 | 2 | Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 1,111,133 |
1,625,000 | Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.500%, 7/1/2049 | 1,747,206 | |
1,000,000 | Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045 | 1,085,330 | |
1,500,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2037 | 1,622,295 | |
5,000,000 | Colorado State Health Facilities Authority Revenue (Advent Health System/Sunbelt Obligated Group), Hospital Revenue Bonds (Series 2021A), 4.000%, 11/15/2050 | 5,983,733 | |
1,250,000 | Denver Connection West Metropolitan District, LT GO Bonds (Series 2017A), 5.375%, 8/1/2047 | 1,319,597 | |
1,000,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Bonds (Series 2018A), (Original Issue Yield: 4.070%), 4.000%, 12/1/2048 | 1,132,262 | |
1,000,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Subordinate Revenue Bonds (Series 2018A), 4.000%, 12/1/2037 | 1,154,108 | |
500,000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 577,729 | |
1,000,000 | 2 | Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 1,212,495 |
750,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027 | 750,411 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$1,500,000 | Lakes at Centerra Metropolitan District No. 2, LT GO Refunding and Improvement Bonds (Series 2018A), 5.125%, 12/1/2037 | $1,611,746 | |
1,250,000 | Leyden Rock Metropolitan District No. 10, CO, LT GO Refunding & Improvement Bonds (Series 2016A), 5.000%, 12/1/2045 | 1,293,633 | |
2,500,000 | North Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds (Series 2017A), 5.750%, 12/1/2047 | 2,654,349 | |
2,000,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%), (Bank of America Corp. GTD), 6.250%, 11/15/2028 | 2,542,442 | |
2,510,000 | St. Vrain Lakes, CO Metropolitan District No.2, Limited Tax GO Senior Bonds (Series 2017A), 5.000%, 12/1/2037 | 2,670,157 | |
1,030,000 | Tallyn’s Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013), (United States Treasury PRF 12/1/2023@100), 5.125%, 11/1/2038 | 1,134,846 | |
TOTAL | 38,187,577 | ||
Connecticut—1.0% | |||
1,000,000 | Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.950%, 4/1/2026 | 1,001,118 | |
1,500,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2038 | 1,893,796 | |
1,000,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2039 | 1,199,186 | |
1,835,000 | 2 | Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030 | 2,121,666 |
TOTAL | 6,215,766 | ||
Delaware—1.4% | |||
1,350,000 | 2 | Delaware Economic Development Authority (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.000%, 6/1/2051 | 1,488,054 |
3,000,000 | Delaware Health Facilities Authority (Christiana Care Health Services), Revenue and Refunding Bonds (Series 2020A), 4.000%, 10/1/2049 | 3,508,626 | |
3,000,000 | 2 | Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038 | 3,375,188 |
TOTAL | 8,371,868 | ||
District of Columbia—2.0% | |||
1,030,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2043 | 1,138,497 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
District of Columbia—continued | |||
$1,000,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2019), 4.000%, 7/1/2039 | $1,146,959 | |
1,000,000 | District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | 1,129,610 | |
1,000,000 | District of Columbia Revenue (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%), 5.000%, 7/1/2052 | 1,074,867 | |
1,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 | 1,212,527 | |
3,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2019A), 5.000%, 10/1/2039 | 3,792,139 | |
1,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2021A), 4.000%, 10/1/2051 | 1,171,752 | |
500,000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2020A), 4.000%, 7/15/2045 | 593,898 | |
1,070,000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2021A), 4.000%, 7/15/2046 | 1,281,407 | |
TOTAL | 12,541,656 | ||
Florida—6.8% | |||
1,245,000 | Alta Lakes, FL Community Development District, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049 | 1,362,567 | |
135,000 | Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 | 138,736 | |
450,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-1), 4.000%, 5/1/2051 | 477,016 | |
550,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-2), 4.000%, 5/1/2052 | 583,019 | |
1,365,000 | Boggy Branch CDD, FL, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2051 | 1,436,530 | |
3,000,000 | 1,2,3 | Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield: 8.375%), 8.250%, 5/15/2049 | 2,040,000 |
1,000,000 | 2 | Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 1,155,194 |
1,000,000 | Florida Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A), 4.000%, 6/1/2055 | 1,119,943 | |
1,000,000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2040 | 1,133,150 | |
1,000,000 | Harbor Bay, FL Community Development District, Special Assessment District Area One (Series 2019A-1), (Original Issue Yield: 4.140%), 4.100%, 5/1/2048 | 1,083,189 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$265,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051 | $273,318 | |
850,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%), 3.875%, 5/1/2031 | 865,424 | |
555,000 | Lakewood Ranch Stewardship District, FL (Indigo Expansion Area Project), Special Assessment Revenue Bonds (Series 2019), 4.000%, 5/1/2049 | 588,586 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Lakewood Centre North), Special Assessment Revenue Bonds (Series 2015), (Original Issue Yield: 4.960%), 4.875%, 5/1/2045 | 1,064,962 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Lakewood National & Polo Run), Special Assessment Bonds, (Original Issue Yield: 5.400%), 5.375%, 5/1/2047 | 1,124,041 | |
750,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020), 4.000%, 5/1/2050 | 792,727 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Project—Phase 1B), Special Assessment Revenue Bonds (Series 2018), 5.450%, 5/1/2048 | 1,152,596 | |
1,280,000 | Lakewood Ranch Stewardship District, FL (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 5/1/2046 | 1,403,807 | |
2,000,000 | Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Refunding Revenue Bonds (Series 2012), (United States Treasury PRF 10/1/2022@100), 6.500%, 10/1/2047 | 2,132,534 | |
1,840,000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.000%, 5/1/2050 | 1,942,985 | |
1,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2014A), 5.000%, 10/1/2036 | 1,130,426 | |
745,000 | Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), (Original Issue Yield: 5.250%), 5.000%, 5/1/2037 | 773,950 | |
1,000,000 | Palm Beach County, FL Health Facilities Authority (Sinai Residences of Boca Raton), Revenue Bonds (Series 2014A), (Original Issue Yield: 7.625%), 7.500%, 6/1/2049 | 1,059,469 | |
2,000,000 | 2 | Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds (Series 2020), 5.875%, 1/1/2033 | 2,559,871 |
145,000 | 1,3 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 2 |
35,000 | Reunion East Community Development District, FL, Special Assessment Refunding Bonds (2015-1), 6.600%, 5/1/2033 | 35,087 | |
1,125,000 | River Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051 | 1,181,517 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$900,000 | Rivers Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | $946,403 | |
1,250,000 | Seminole County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054 | 1,401,812 | |
940,000 | Southern Grove, FL Community Development District #5, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2048 | 996,432 | |
585,000 | Southern Grove, FL Community Development District #5, Special Assessment District Revenue Refunding Bonds (Series 2019), 4.000%, 5/1/2043 | 624,356 | |
500,000 | St. Johns County, FL IDA (Vicar’s Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2050 | 549,699 | |
495,000 | Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040 | 540,787 | |
770,000 | Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050 | 836,436 | |
900,000 | Tolomato Community Development District, FL, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040 | 1,005,254 | |
1,000,000 | Tolomato Community Development District, FL, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2), 4.250%, 5/1/2037 | 1,111,687 | |
290,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), (Original Issue Yield: 6.930%), (Step Coupon 11/1/2021@6.610%), 0.000%, 5/1/2040 | 287,185 | |
175,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-2), (Original Issue Yield: 6.752%), (Step Coupon 11/1/2024@6.610%), 0.000%, 5/1/2040 | 135,142 | |
190,000 | 1,3 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040 | 2 |
155,000 | 1,3 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.550%, 5/1/2027 | 2 |
70,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4), (Original Issue Yield: 6.610%), (Step Coupon 5/1/2022@6.610%), 0.000%, 5/1/2040 | 63,052 | |
1,400,000 | Tradition CDD No. 9, Special Assessment Community Infrastructure Bonds (Series 2021), 4.000%, 5/1/2052 | 1,481,666 | |
990,000 | Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013), (Original Issue Yield: 5.125%), 5.000%, 5/1/2033 | 1,025,786 | |
2,000,000 | Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 | 2,165,261 | |
TOTAL | 41,781,608 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—0.5% | |||
$1,000,000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 | $1,158,624 | |
1,010,000 | Geo. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel Second Tier Revenue Bonds (Series 2021B), 5.000%, 1/1/2054 | 1,192,178 | |
500,000 | Rockdale County, GA Development Authority (Pratt Paper, LLC), Revenue Refunding Bonds (Series 2018), 4.000%, 1/1/2038 | 571,640 | |
TOTAL | 2,922,442 | ||
Guam—0.2% | |||
705,000 | Guam Government Business Privilege Tax, Business Privilege Tax Refunding Bonds (Series 2021F), 4.000%, 1/1/2042 | 803,678 | |
500,000 | Guam Government, Hotel Occupancy Tax Revenue Refunding Bonds (Series 2021A), 5.000%, 11/1/2040 | 627,963 | |
TOTAL | 1,431,641 | ||
Hawaii—0.2% | |||
1,000,000 | Hawaii State Airports System Revenue, Airports Systems Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,224,367 | |
Idaho—0.4% | |||
3,000,000 | Idaho Health Facilities Authority (Terraces of Boise), Revenue Bonds (Series 2013A), (Original Issue Yield: 8.250%), 8.125%, 10/1/2049 | 2,609,826 | |
Illinois—10.3% | |||
1,000,000 | Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2041 | 1,264,130 | |
1,875,000 | Chicago, IL Board of Education, UT GO Dedicated Refunding Bonds (Series 2018D), (Original Issue Yield: 5.210%), 5.000%, 12/1/2046 | 2,287,864 | |
3,300,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), (Original Issue Yield: 7.650%), 7.000%, 12/1/2046 | 4,340,119 | |
1,200,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.000%, 12/1/2046 | 1,435,344 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2030 | 1,254,614 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2031 | 1,250,898 | |
500,000 | Chicago, IL Motor Fuel Tax, Motor Fuel Tax Revenue Refunding Bonds (Series 2013), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2033 | 533,986 | |
1,125,000 | Chicago, IL O’Hare International Airport (TRIPs Obligated Group), Senior Special Facilities Revenue Bonds ((Series 2018), 5.000%, 7/1/2048 | 1,338,024 | |
385,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.000%, 1/1/2041 | 451,522 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Chicago, IL Sales Tax, Revenue Refunding Bonds (Series 2002), (United States Treasury PRF 1/1/2025@100), 5.000%, 1/1/2032 | $1,155,997 | |
1,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044 | 1,403,012 | |
3,000,000 | Chicago, IL, UT GO Bonds (Series 2015A), (Original Issue Yield: 5.640%), 5.500%, 1/1/2033 | 3,421,863 | |
2,500,000 | Chicago, IL, UT GO Refunding Bonds (Series 2017A), (Original Issue Yield: 6.200%), 6.000%, 1/1/2038 | 3,107,793 | |
1,250,000 | Chicago, IL, UT GO Refunding Bonds (Series 2019A), 5.000%, 1/1/2044 | 1,512,062 | |
314,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 316,864 | |
2,000,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.350%), 5.250%, 5/15/2042 | 2,123,092 | |
800,000 | Illinois Finance Authority (Dekalb Supportive Living Facility), Multi-Family Housing Revenue Bonds (Series 2007), 6.100%, 12/1/2041 | 799,992 | |
1,100,000 | Illinois Finance Authority (Lutheran Life Communities), Revenue Bonds (Series 2019A), 5.000%, 11/1/2040 | 1,259,116 | |
1,250,000 | Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.000%, 9/1/2032 | 1,379,546 | |
1,500,000 | Illinois Finance Authority (Uno Charter School Network, Inc.), Charter School Refunding & Improvement Revenue Bonds (Series 2011A), 7.125%, 10/1/2041 | 1,508,322 | |
1,100,000 | Illinois Finance Authority Educational Facility Revenue (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A), 6.125%, 2/1/2045 | 1,177,047 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 9,768,893 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2013A), 5.000%, 4/1/2035 | 2,115,896 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041 | 1,155,107 | |
2,025,000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038 | 2,176,479 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), (Original Issue Yield: 5.040%), 5.000%, 2/1/2039 | 1,094,149 | |
3,000,000 | Illinois State, UT GO Rebuild Illinois Bonds (Series 2019B), 4.000%, 11/1/2035 | 3,478,892 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018B), 5.000%, 10/1/2030 | 3,719,603 | |
600,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2046 | 748,114 | |
410,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025 | 427,495 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), (Original Issue Yield: 5.060%), 5.000%, 6/15/2053 | $1,137,187 | |
2,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), 5.500%, 6/15/2053 | 2,315,567 | |
2,000,000 | 4 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), (Original Issue Yield: 5.250%), 12/15/2056 | 721,498 |
1,000,000 | Sales Tax Securitization Corp., IL, Sales Tax Revenue Bonds (Series 2017A), 5.000%, 1/1/2030 | 1,242,927 | |
TOTAL | 63,423,014 | ||
Indiana—1.4% | |||
915,000 | Indiana State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055 | 1,035,680 | |
4,000,000 | Indiana State Finance Authority (Ohio River Bridges East End Crossing), Tax-Exempt Private Activity Bonds (Series 2013), 5.250%, 1/1/2051 | 4,325,800 | |
1,000,000 | 2 | Indiana State Finance Authority (Res Polyflow Indiana Project), Exempt Facility Revenue Bonds (Series 2019 Green Bonds), (Original Issue Yield: 7.125%), 7.000%, 3/1/2039 | 966,797 |
2,000,000 | Rockport, IN (AK Steel Corp.), Revenue Refunding Bonds (Series 2012-A), 7.000%, 6/1/2028 | 2,036,997 | |
TOTAL | 8,365,274 | ||
Iowa—1.3% | |||
934,117 | Iowa Finance Authority (Deerfield Retirement Community, Inc.), Lifespace GTD Senior Living Facility Revenue Refunding Bonds (Series 2014A), 5.400%, 11/15/2046 | 1,071,037 | |
995,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013) Exchange Bonds (Series B) TOBs, 5.250%, Mandatory Tender 12/1/2037 | 1,092,133 | |
3,000,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), (Original Issue Yield: 5.300%), 5.250%, 12/1/2025 | 3,270,637 | |
5,000,000 | 4 | Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Capital Appreciation Bonds (Series 2021B-2 Class 2), (Original Issue Yield: 4.050%), 6/1/2065 | 939,973 |
500,000 | Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2021B-1 Class 2), 4.000%, 6/1/2049 | 579,032 | |
1,060,000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.000%, 12/1/2041 | 1,221,018 | |
TOTAL | 8,173,830 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kentucky—0.5% | |||
$1,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2046 | $1,027,740 | |
2,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051 | 2,051,203 | |
TOTAL | 3,078,943 | ||
Louisiana—0.9% | |||
1,000,000 | Calcasieu Parish, LA Memorial Hospital Service District (Lake Charles Memorial Hospital), Hospital Revenue Refunding Bonds (Series 2019), 5.000%, 12/1/2039 | 1,202,107 | |
30,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), (United States Treasury PRF 5/15/2026@100), 5.000%, 5/15/2047 | 35,988 | |
970,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), 5.000%, 5/15/2047 | 1,128,968 | |
1,000,000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008) TOBs, 6.100%, Mandatory Tender 6/1/2030 | 1,323,710 | |
1,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.250%, 5/15/2035 | 1,613,977 | |
TOTAL | 5,304,750 | ||
Maine—0.5% | |||
1,000,000 | Maine Health & Higher Educational Facilities Authority (Eastern Maine Healthcare Systems Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,134,727 | |
2,000,000 | 2 | Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.250%, 1/1/2025 | 2,272,784 |
TOTAL | 3,407,511 | ||
Maryland—1.8% | |||
500,000 | Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 6/1/2043 | 551,786 | |
955,000 | Baltimore, MD Special Obligation (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 1,089,486 | |
1,865,000 | Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds (Series 2020B), 4.625%, 7/1/2043 | 2,238,501 | |
1,060,000 | Maryland State Economic Development Corp. (CONSOL Energy, Inc.), Port Facilities Refunding Revenue Bonds (Series 2010), 5.750%, 9/1/2025 | 1,072,010 | |
1,000,000 | Maryland State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020), 4.000%, 9/1/2050 | 1,135,696 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maryland—continued | |||
$200,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2032 | $245,145 | |
450,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2035 | 547,683 | |
1,000,000 | 2 | Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018), (Original Issue Yield: 5.330%), 5.250%, 7/1/2048 | 1,125,037 |
1,000,000 | Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), Special Obligation Bonds (Series 2016), 5.000%, 7/1/2046 | 1,092,129 | |
1,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), (Series 2017B), 5.000%, 11/1/2047 | 1,087,521 | |
1,000,000 | Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), (Original Issue Yield: 6.300%), 6.250%, 7/1/2044 | 1,107,027 | |
TOTAL | 11,292,021 | ||
Massachusetts—1.0% | |||
1,000,000 | Commonwealth of Massachusetts, GO Consolidated Loan Bonds (Series 2020E), 5.000%, 11/1/2050 | 1,285,533 | |
2,000,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Refunding Bonds (Series 2016Q), 5.000%, 7/1/2047 | 2,387,725 | |
1,000,000 | 2 | Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 1,090,138 |
1,000,000 | Massachusetts Port Authority, Revenue Bonds (Series 2021-E), 5.000%, 7/1/2051 | 1,270,551 | |
TOTAL | 6,033,947 | ||
Michigan—2.2% | |||
1,000,000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050 | 1,243,262 | |
2,210,000 | Michigan Finance Authority Local Government Loan Program (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2019A), 4.000%, 11/15/2050 | 2,544,628 | |
1,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Bonds (Series 2014 C-7), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2032 | 1,126,237 | |
1,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-6), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2036 | 1,122,622 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$2,000,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2044 | $2,131,488 | |
2,930,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2049 | 3,411,664 | |
1,500,000 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 953,540 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2015), 5.000%, 4/1/2040 | 1,184,818 | |
TOTAL | 13,718,259 | ||
Minnesota—2.7% | |||
750,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.000%, 8/1/2041 | 799,200 | |
1,100,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.250%, 8/1/2046 | 1,177,425 | |
930,000 | Duluth, MN EDA (Benedictine Health System), Revenue Bonds (Series 2021A), 4.000%, 7/1/2041 | 1,019,173 | |
2,000,000 | Duluth, MN EDA (St. Luke’s Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012), 6.000%, 6/15/2039 | 2,068,805 | |
1,700,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), 5.750%, 8/1/2044 | 1,785,998 | |
1,000,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), 5.375%, 8/1/2050 | 1,153,420 | |
3,000,000 | 2 | Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: 5.150%), 5.000%, 12/1/2047 | 3,339,354 |
2,000,000 | St. Cloud, MN Charter School (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046 | 1,818,444 | |
2,000,000 | St. Paul and Ramsey County, MN Housing and Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Bonds (Series 2015A), 5.375%, 7/1/2050 | 2,214,126 | |
325,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036 | 331,801 | |
750,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046 | 767,396 | |
TOTAL | 16,475,142 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Mississippi—0.2% | |||
$945,000 | Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A), 5.375%, 12/1/2035 | $956,024 | |
Missouri—0.8% | |||
400,000 | Cape Girardeau County, MO IDA (SoutheastHEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021), 4.000%, 3/1/2046 | 456,791 | |
1,000,000 | Kansas City, MO IDA, Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B, 5.000%, 3/1/2035 | 1,251,526 | |
2,000,000 | 2 | Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050 | 2,166,177 |
1,000,000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050 | 1,125,457 | |
TOTAL | 4,999,951 | ||
Montana—0.4% | |||
900,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 983,882 | |
1,425,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2052 | 1,552,560 | |
TOTAL | 2,536,442 | ||
Nebraska—1.0% | |||
2,500,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), (Goldman Sachs Group, Inc. GTD), 5.250%, 9/1/2037 | 2,623,685 | |
2,500,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2017A), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042 | 3,700,013 | |
TOTAL | 6,323,698 | ||
Nevada—1.4% | |||
905,000 | 2 | Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 | 985,482 |
1,000,000 | 2 | Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048 | 1,100,122 |
955,000 | Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.000%, 12/1/2035 | 1,052,628 | |
500,000 | Las Vegas, NV (Summerlin Village 25 SID No. 815), Local Improvement Bonds (Series 2020), 5.000%, 12/1/2049 | 574,019 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—continued | |||
$1,500,000 | Las Vegas, NV Redevelopment Agency, Tax Increment Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2045 | $1,711,073 | |
775,000 | Las Vegas, NV Special Improvement District #611 (Sunstone Phase I and II), Local Improvement Bonds (Series 2020), (Original Issue Yield: 4.170%), 4.125%, 6/1/2050 | 842,851 | |
1,250,000 | Las Vegas, NV Special Improvement District No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds (Series 2019), 4.000%, 6/1/2049 | 1,352,327 | |
675,000 | North Las Vegas, NV Special Improvement District No. 64 (Valley Vista), Local Improvement Bonds (Series 2019), 4.625%, 6/1/2049 | 756,576 | |
TOTAL | 8,375,078 | ||
New Hampshire—0.2% | |||
100,000 | National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B) TOBs, 3.750%, Mandatory Tender 7/2/2040 | 107,570 | |
1,500,000 | 1,2,3,5 | New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A), (Original Issue Yield: 6.375%), 6.125%, 7/1/2052 | 885,000 |
TOTAL | 992,570 | ||
New Jersey—4.6% | |||
1,500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 4.000%, 6/15/2046 | 1,740,042 | |
180,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF 6/15/2025@100), 5.250%, 6/15/2040 | 213,667 | |
3,075,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 | 3,570,532 | |
500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), 5.000%, 6/15/2043 | 616,696 | |
3,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Revenue Refunding Bonds (Series 2013NN), 5.000%, 3/1/2030 | 3,206,725 | |
1,335,000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 | 1,546,634 | |
1,000,000 | New Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A), (Original Issue Yield: 5.190%), 5.125%, 6/15/2043 | 1,027,758 | |
2,500,000 | New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 1999), 5.250%, 9/15/2029 | 2,626,553 | |
1,280,000 | New Jersey EDA Motor Vehicle Surcharge Revenue (New Jersey State), Subordinate Revenue Refunding Bonds (Series 2017A), 5.000%, 7/1/2033 | 1,530,539 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$2,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2020AA), 4.000%, 6/15/2050 | $2,311,410 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034 | 1,251,648 | |
1,415,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 4.000%, 6/15/2035 | 1,702,234 | |
750,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2032 | 945,382 | |
500,000 | South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048 | 593,519 | |
4,610,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 | 5,478,628 | |
TOTAL | 28,361,967 | ||
New Mexico—0.5% | |||
1,000,000 | New Mexico State Hospital Equipment Loan Council (Gerald Champion Regional Medical Center), Hospital Improvement and Refunding Revenue Bonds (Series 2012A), (Original Issue Yield: 5.700%), 5.500%, 7/1/2042 | 1,034,844 | |
2,000,000 | 2 | Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), (Original Issue Yield: 6.120%), 6.000%, 5/1/2040 | 2,041,813 |
TOTAL | 3,076,657 | ||
New York—5.1% | |||
1,000,000 | 2 | Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1,138,768 |
5,000,000 | 4 | Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation Revenue Bonds (Series 2016B), (Original Issue Yield: 6.000%), 1/1/2045 | 1,984,616 |
3,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Green Revenue Bonds (Series 2020 A-1 Group 1), 5.000%, 11/15/2048 | 3,689,457 | |
1,975,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2013E), 5.000%, 11/15/2043 | 2,134,641 | |
1,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds (Series 2020C-1), 5.000%, 11/15/2050 | 1,221,525 | |
1,000,000 | 2 | Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/1/2059 | 1,169,150 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,500,000 | 1,3 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014A), 6.700%, 1/1/2049 | $1,200,000 |
611,595 | 1,3 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014C), 2.000%, 1/1/2049 | 6 |
500,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1), 4.000%, 5/1/2045 | 588,427 | |
1,000,000 | New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.000%, 6/1/2051 | 1,072,267 | |
1,000,000 | 2 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 | 1,124,722 |
1,000,000 | New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2060 | 1,165,041 | |
1,500,000 | New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Junior Indebtedness Obligations (Series 2019B), 4.000%, 1/1/2039 | 1,780,264 | |
665,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 3.000%, 8/1/2031 | 720,781 | |
2,445,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2026 | 2,450,768 | |
455,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2031 | 456,056 | |
1,000,000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities Revenue Bonds (Series 2018), 5.000%, 1/1/2033 | 1,213,743 | |
1,500,000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities Revenue Bonds (Series 2020), (Original Issue Yield: 4.550%), 4.375%, 10/1/2045 | 1,778,143 | |
1,000,000 | New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds (Series 2021), 4.000%, 4/30/2053 | 1,151,271 | |
865,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2042 | 994,784 | |
1,800,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 4.000%, 12/1/2042 | 2,091,323 | |
1,000,000 | Niagara Area Development Corporation, NY (Covanta Energy Corp.), Solid Waste Disposal Facility Revenue Refunding Bonds (Series 2018A), 4.750%, 11/1/2042 | 1,055,279 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,000,000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041 | $1,173,351 | |
TOTAL | 31,354,383 | ||
North Carolina—0.8% | |||
2,250,000 | North Carolina Department of Transportation (I-77 HOT Lanes), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2054 | 2,466,075 | |
1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2037 | 1,098,092 | |
1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 | 1,090,255 | |
TOTAL | 4,654,422 | ||
Ohio—4.4% | |||
1,000,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Refunding Revenue Bonds (Series 2015A), 5.000%, 2/15/2039 | 1,098,972 | |
10,900,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020B-2 Class 2), 5.000%, 6/1/2055 | 12,675,101 | |
20,000,000 | 4 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Senior Capital Appreciation Refunding Bonds (Series 2020B-3 Class 2), (Original Issue Yield: 5.625%), 6/1/2057 | 3,284,620 |
1,000,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,192,462 | |
2,000,000 | Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), (Original Issue Yield: 5.080%), 5.000%, 2/15/2044 | 2,090,894 | |
1,800,000 | 2 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 2,101,446 |
1,000,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 1,174,270 | |
1,125,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2041 | 1,311,305 | |
1,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Revenue Bonds (Series 2020A), 4.000%, 1/15/2050 | 1,150,715 | |
1,000,000 | Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 6/30/2053 | 1,122,378 | |
TOTAL | 27,202,163 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—0.9% | |||
$3,000,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | $3,704,584 | |
1,750,000 | Tulsa, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Refunding Bonds (Series 2017), 5.250%, 11/15/2045 | 2,021,096 | |
TOTAL | 5,725,680 | ||
Oregon—0.3% | |||
440,000 | Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series 2018A), 5.000%, 5/15/2038 | 482,563 | |
635,000 | Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series 2018A), 5.000%, 5/15/2043 | 695,244 | |
400,000 | Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series 2018A), 5.000%, 5/15/2048 | 437,949 | |
500,000 | Clackamas County, OR Hospital Facilities Authority (Mary’s Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series 2018A), 5.000%, 5/15/2052 | 547,436 | |
TOTAL | 2,163,192 | ||
Pennsylvania—4.4% | |||
2,500,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A), 4.000%, 1/1/2056 | 2,873,011 | |
3,715,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2042 | 3,833,237 | |
2,000,000 | Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 | 2,231,996 | |
500,000 | Butler County, PA Hospital Authority (Butler Health System), Hospital Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 567,587 | |
1,200,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047 | 1,345,443 | |
800,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051 | 895,852 | |
1,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), (Original Issue Yield: 5.050%), 5.000%, 12/1/2042 | 1,042,076 | |
1,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050 | 1,151,653 | |
3,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 5.000%, 4/1/2050 | 3,764,853 | |
1,250,000 | Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2038 | 1,468,850 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | $2,132,927 | |
2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046 | 2,362,908 | |
1,205,000 | Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), (United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041 | 1,303,571 | |
760,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 777,406 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,210,400 | |
TOTAL | 26,961,770 | ||
Puerto Rico—5.2% | |||
4,000,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010 XX-RSA-1), 5.250%, 7/1/2040 | 3,925,000 |
995,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2012A-RSA-1), 5.050%, 7/1/2042 | 972,612 |
310,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2033 | 311,938 |
195,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2040 | 196,219 |
2,500,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2043 | 2,515,625 |
5,000,000 | 4 | Puerto Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), (Original Issue Yield: 5.375%), 7/1/2046 | 1,664,443 |
9,340,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 10,791,053 | |
4,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 4,567,608 | |
6,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | 6,851,346 | |
TOTAL | 31,795,844 | ||
Rhode Island—0.6% | |||
500,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2039 | 570,234 | |
2,730,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 3,037,349 | |
TOTAL | 3,607,583 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—0.7% | |||
$1,000,000 | Berkeley County, SC (Nexton Improvement District), Assessment Revenue Bonds (Series 2019), (Original Issue Yield: 4.280%), 4.250%, 11/1/2040 | $1,133,978 | |
1,020,000 | 2 | South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2056 | 1,082,474 |
1,000,000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.000%, 4/1/2047 | 1,101,213 | |
1,000,000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.000%, 4/1/2052 | 1,100,124 | |
TOTAL | 4,417,789 | ||
South Dakota—0.4% | |||
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.050%), 5.000%, 11/1/2042 | 1,108,098 | |
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), 5.125%, 11/1/2047 | 1,107,980 | |
TOTAL | 2,216,078 | ||
Tennessee—1.1% | |||
1,200,000 | Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds (Series 2016A), 5.000%, 1/1/2047 | 1,009,048 | |
4,000,000 | Greenville, TN Health and Educational Facilities Board (Ballad Health), Hospital Revenue Bonds (Series 2018A), 5.000%, 7/1/2037 | 4,923,669 | |
500,000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2049 | 574,826 | |
TOTAL | 6,507,543 | ||
Texas—7.4% | |||
1,100,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 1,266,814 | |
500,000 | Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.000%, 11/15/2044 | 567,022 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2034 | 283,067 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2017B), 5.000%, 1/1/2034 | 275,290 | |
1,000,000 | Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement Bonds (Series 2015), (Original Issue Yield: 5.080%), 5.000%, 12/1/2045 | 1,073,827 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2046 | $1,163,771 | |
1,500,000 | CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE (United Airlines, Inc.), Airport System Special Facilities Revenue Bonds (Series 2021 B-1), 4.000%, 7/15/2041 | 1,631,829 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2043 | 2,181,652 | |
500,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012), 5.000%, 8/15/2042 | 516,742 | |
1,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Revenue Bonds (Series 2014), (Texas Permanent School Fund Guarantee Program GTD), 5.000%, 8/15/2039 | 1,122,942 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX (Uplift Education), Revenue Bonds (Series 2015A), 5.000%, 12/1/2050 | 2,217,629 | |
2,000,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2020A), 4.000%, 11/1/2034 | 2,467,065 | |
1,500,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2014A), (Original Issue Yield: 5.300%), 5.250%, 9/1/2044 | 1,664,471 | |
515,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Revenue Bonds, 6.375%, 9/1/2042 | 566,494 | |
1,110,000 | Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported), (United States Treasury PRF 10/1/2023@100), 5.250%, 10/1/2051 | 1,227,305 | |
1,500,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue & Refunding Bonds (Series 2011), (Original Issue Yield: 6.875%), 6.625%, 7/15/2038 | 1,509,593 | |
1,000,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014), (Original Issue Yield: 5.150%), 5.000%, 7/1/2029 | 1,096,255 | |
1,500,000 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017A), 5.000%, 10/15/2044 | 1,752,321 | |
2,000,000 | Lavernia, TX Higher Education Finance Corporation (Meridian World School), Education Revenue Bonds (Series 2015A), 5.500%, 8/15/2045 | 2,207,596 | |
1,500,000 | 2 | Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 1,579,526 |
2,000,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2042 | 2,165,244 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$700,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), 5.000%, 11/15/2046 | $764,851 | |
1,000,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facilities Revenue Bonds (Series 2016A), (Original Issue Yield: 5.530%), 5.500%, 11/15/2052 | 1,076,575 | |
600,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2039 | 708,672 | |
1,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2040 | 1,194,343 | |
335,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041 | 398,968 | |
2,000,000 | Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), 8.000%, 11/15/2049 | 2,234,882 | |
1,500,000 | 1,3 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community), Retirement Facility Revenue Bonds (Series 2015A Fixed Rate Bonds), 5.500%, 11/15/2045 | 855,000 |
2,655,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Retirement Facility Revenue Bonds (Series 2017A), (Original Issue Yield: 6.770%), 6.750%, 11/15/2052 | 3,022,359 | |
1,500,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks Project), Retirement Facilities Revenue Bonds (Series 2020A), 6.875%, 11/15/2055 | 1,788,284 | |
2,000,000 | Texas Private Activity Bonds Surface Transportation Corporation (Blueridge Transportation Group, LLC SH 288 Toll Lanes), Senior Lien Revenue Bonds (Series 2016), 5.000%, 12/31/2050 | 2,244,800 | |
545,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 636,255 | |
1,500,000 | Texas Water Development Board, State Revolving Fund Revenue Bonds (Series 2018), 4.000%, 8/1/2036 | 1,758,921 | |
TOTAL | 45,220,365 | ||
Utah—0.6% | |||
1,000,000 | Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,217,124 | |
2,000,000 | 2 | Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037 | 2,265,693 |
TOTAL | 3,482,817 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Vermont—0.2% | |||
$1,000,000 | 2 | Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%, Mandatory Tender 4/3/2028 | $1,193,884 |
Virginia—1.5% | |||
1,800,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2051 | 2,141,454 | |
1,500,000 | 2 | Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), 5.600%, 3/1/2045 | 1,598,263 |
1,000,000 | Norfolk, VA Redevelopment and Housing Authority (Harbor’s Edge), Fort Norfolk Retirement Community Revenue Bond (Series 2019B), 5.250%, 1/1/2054 | 1,089,713 | |
4,250,000 | Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), (Original Issue Yield: 5.120%), 5.000%, 6/1/2047 | 4,278,137 | |
370,000 | Virginia Small Business Financing Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2018) TOBs, 5.000%, Mandatory Tender 7/1/2038 | 392,805 | |
TOTAL | 9,500,372 | ||
Washington—2.8% | |||
2,000,000 | Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 7/1/2042 | 2,411,206 | |
1,000,000 | Port of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012), (Original Issue Yield: 5.310%), 5.000%, 4/1/2030 | 1,066,234 | |
5,000,000 | 2,6 | Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 6.431%, 1/1/2047 | 6,397,601 |
1,000,000 | Washington State Convention Center Public Facilities District, Junior LodgingTax Notes (Series 2021), 4.000%, 7/1/2031 | 1,189,454 | |
1,000,000 | Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017), 5.000%, 8/15/2037 | 1,176,889 | |
1,000,000 | 2 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050 | 1,106,992 |
1,000,000 | 2 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.000%, 7/1/2045 | 1,108,867 |
2,500,000 | 2 | Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049 | 2,809,643 |
TOTAL | 17,266,886 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—2.2% | |||
$3,000,000 | 2 | Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | $3,444,682 |
1,375,000 | 2 | Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 1,568,847 |
750,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2047 | 812,943 | |
1,000,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2052 | 1,082,982 | |
1,000,000 | Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), 4.000%, 8/1/2035 | 1,030,117 | |
3,000,000 | 2 | Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2048 | 3,326,926 |
800,000 | Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039 | 901,861 | |
1,000,000 | Wisconsin State HEFA (St. Camillus Health System, Inc.), Revenue Bonds (Series 2019A), 5.000%, 11/1/2046 | 1,080,929 | |
TOTAL | 13,249,287 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $548,944,673) | 601,686,979 | ||
6 | SHORT-TERM MUNICIPALS—1.0% | ||
Alabama—0.6% | |||
275,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-A) Daily VRDNs, 0.030%, 9/1/2021 | 275,000 | |
2,375,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.030%, 9/1/2021 | 2,375,000 | |
750,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.030%, 9/1/2021 | 750,000 | |
TOTAL | 3,400,000 | ||
Florida—0.0% | |||
250,000 | Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 0.030%, 9/1/2021 | 250,000 | |
Georgia—0.3% | |||
700,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 0.030%, 9/1/2021 | 700,000 | |
1,000,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), (First Series of 2002) Daily VRDNs, 0.020%, 9/1/2021 | 1,000,000 | |
TOTAL | 1,700,000 |
Principal Amount | Value | ||
6 | SHORT-TERM MUNICIPALS—continued | ||
Michigan—0.1% | |||
$150,000 | Michigan State Housing Development Authority: Multi-Family (Canterbury House—Jackson Limited Dividend Housing Association Limited Partnership), (Series 2005) Daily VRDNs, (Federal Home Loan Bank of Indianapolis LOC), 0.050%, 9/1/2021 | $150,000 | |
100,000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.010%, 9/1/2021 | 100,000 | |
100,000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 0.010%, 9/1/2021 | 100,000 | |
TOTAL | 350,000 | ||
Pennsylvania—0.0% | |||
200,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.010%, 9/1/2021 | 200,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $5,900,000) | 5,900,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $554,844,673)7 | 607,586,979 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%8 | 6,792,189 | ||
TOTAL NET ASSETS—100% | $614,379,168 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Municipal Bonds | $— | $600,801,979 | $1885,000 | $601,686,979 |
Short-Term Municipals | — | 5,900,000 | — | 5,900,000 |
TOTAL SECURITIES | $— | $606,701,979 | $885,000 | $607,586,979 |
CDD | —Community Development District |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDC | —Industrial Development Corporation |
INS | —Insured |
LOC | —Letter of Credit |
LT | —Limited Tax |
MUNINVs | —Municipal Inverse Floater |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
SID | —Special Improvement District |
TELA | —Toll Equity Loan Agreement |
TOBs | —Tender Option Bonds |
USD | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $8.90 | $9.30 | $8.88 | $8.98 | $9.28 |
Income From Investment Operations: | |||||
Net investment income | 0.311 | 0.331 | 0.331 | 0.341 | 0.35 |
Net realized and unrealized gain (loss) | 0.50 | (0.41) | 0.43 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | 0.81 | (0.08) | 0.76 | 0.24 | 0.05 |
Less Distributions: | |||||
Distributions from net investment income | (0.31) | (0.32) | (0.34) | (0.34) | (0.35) |
Net Asset Value, End of Period | $9.40 | $8.90 | $9.30 | $8.88 | $8.98 |
Total Return2 | 9.19% | (0.78)% | 8.76% | 2.71% | 0.67% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.89% | 0.89%4 | 0.89%4 | 0.90%4 | 0.89% |
Net investment income | 3.35% | 3.69% | 3.77% | 3.81% | 3.96% |
Expense waiver/reimbursement5 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $224,522 | $204,461 | $218,050 | $222,108 | $221,586 |
Portfolio turnover | 12% | 27% | 11% | 24% | 24% |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $8.89 | $9.29 | $8.87 | $8.97 | $9.27 |
Income From Investment Operations: | |||||
Net investment income | 0.241 | 0.261 | 0.271 | 0.271 | 0.32 |
Net realized and unrealized gain (loss) | 0.49 | (0.40) | 0.42 | (0.11) | (0.34) |
TOTAL FROM INVESTMENT OPERATIONS | 0.73 | (0.14) | 0.69 | 0.16 | (0.02) |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.26) | (0.27) | (0.26) | (0.28) |
Net Asset Value, End of Period | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 |
Total Return2 | 8.29% | (1.51)% | 7.96% | 1.92% | (0.09)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.64% | 1.64%4 | 1.64%4 | 1.65%4 | 1.64% |
Net investment income | 2.63% | 2.93% | 3.02% | 3.05% | 3.21% |
Expense waiver/reimbursement5 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,516 | $2,744 | $4,622 | $6,504 | $9,446 |
Portfolio turnover | 12% | 27% | 11% | 24% | 24% |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $8.90 | $9.29 | $8.87 | $8.97 | $9.28 | |
Income From Investment Operations: | ||||||
Net investment income | 0.241 | 0.261 | 0.271 | 0.271 | 0.29 | |
Net realized and unrealized gain (loss) | 0.49 | (0.39) | 0.42 | (0.10) | (0.32) | |
TOTAL FROM INVESTMENT OPERATIONS | 0.73 | (0.13) | 0.69 | 0.17 | (0.03) | |
Less Distributions: | ||||||
Distributions from net investment income | (0.24) | (0.26) | (0.27) | (0.27) | (0.28) | |
Net Asset Value, End of Period | $9.39 | $8.90 | $9.29 | $8.87 | $8.97 | |
Total Return2 | 8.27% | (1.41)% | 7.97% | 1.94% | (0.20)% | |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.64% | 1.64%4 | 1.64%4 | 1.65%4 | 1.64% | |
Net investment income | 2.62% | 2.93% | 3.01% | 3.06% | 3.21% | |
Expense waiver/reimbursement5 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% | |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,061 | $31,350 | $48,130 | $50,262 | $68,461 | |
Portfolio turnover | 12% | 27% | 11% | 24% | 24% |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $8.90 | $9.30 | $8.88 | $8.98 | $9.28 |
Income From Investment Operations: | |||||
Net investment income | 0.311 | 0.331 | 0.331 | 0.341 | 0.35 |
Net realized and unrealized gain (loss) | 0.49 | (0.41) | 0.42 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | 0.80 | (0.08) | 0.75 | 0.24 | 0.05 |
Less Distributions: | |||||
Distributions from net investment income | (0.31) | (0.32) | (0.33) | (0.34) | (0.35) |
Net Asset Value, End of Period | $9.39 | $8.90 | $9.30 | $8.88 | $8.98 |
Total Return2 | 9.08% | (0.77)% | 8.76% | 2.71% | 0.66% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.89% | 0.89%4 | 0.89%4 | 0.90%4 | 0.89% |
Net investment income | 3.35% | 3.69% | 3.76% | 3.81% | 3.96% |
Expense waiver/reimbursement5 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $189,045 | $182,765 | $195,691 | $194,464 | $207,266 |
Portfolio turnover | 12% | 27% | 11% | 24% | 24% |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $8.89 | $9.29 | $8.87 | $8.97 | $9.27 |
Income From Investment Operations: | |||||
Net investment income | 0.331 | 0.351 | 0.361 | 0.361 | 0.37 |
Net realized and unrealized gain (loss) | 0.49 | (0.40) | 0.42 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | 0.82 | (0.05) | 0.78 | 0.26 | 0.07 |
Less Distributions: | |||||
Distributions from net investment income | (0.33) | (0.35) | (0.36) | (0.36) | (0.37) |
Net Asset Value, End of Period | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 |
Total Return2 | 9.37% | (0.53)% | 9.04% | 2.97% | 0.92% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.64% | 0.64%4 | 0.64%4 | 0.65%4 | 0.64% |
Net investment income | 3.59% | 3.93% | 4.01% | 4.06% | 4.21% |
Expense waiver/reimbursement5 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $174,234 | $129,832 | $155,444 | $155,902 | $137,235 |
Portfolio turnover | 12% | 27% | 11% | 24% | 24% |
August 31, 2021
Assets: | ||
Investment in securities, at value (identified cost $554,844,673) | $607,586,979 | |
Cash | 77,264 | |
Income receivable | 7,634,847 | |
Receivable for shares sold | 209,163 | |
TOTAL ASSETS | 615,508,253 | |
Liabilities: | ||
Payable for investments purchased | $789,219 | |
Payable for shares redeemed | 129,615 | |
Payable for other service fees (Notes 2 and 5) | 95,058 | |
Payable for portfolio accounting fees | 43,756 | |
Payable for distribution services fee (Note 5) | 16,996 | |
Payable for investment adviser fee (Note 5) | 7,650 | |
Payable for administrative fee (Note 5) | 852 | |
Accrued expenses (Note 5) | 45,939 | |
TOTAL LIABILITIES | 1,129,085 | |
Net assets for 65,428,915 shares outstanding | $614,379,168 | |
Net Assets Consists of: | ||
Paid-in capital | $599,459,219 | |
Total distributable earnings (loss) | 14,919,949 | |
TOTAL NET ASSETS | $614,379,168 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($224,522,295 ÷ 23,897,486 shares outstanding), no par value, unlimited shares authorized | $9.40 | |
Offering price per share (100/95.50 of $9.40) | $9.84 | |
Redemption proceeds per share | $9.40 | |
Class B Shares: | ||
Net asset value per share ($1,516,246 ÷ 161,634 shares outstanding), no par value, unlimited shares authorized | $9.38 | |
Offering price per share | $9.38 | |
Redemption proceeds per share (94.50/100 of $9.38) | $8.86 | |
Class C Shares: | ||
Net asset value per share ($25,061,073 ÷ 2,670,275 shares outstanding), no par value, unlimited shares authorized | $9.39 | |
Offering price per share | $9.39 | |
Redemption proceeds per share (99.00/100 of $9.39) | $9.30 | |
Class F Shares: | ||
Net asset value per share ($189,045,353 ÷ 20,124,033 shares outstanding), no par value, unlimited shares authorized | $9.39 | |
Offering price per share (100/99.00 of $9.39) | $9.48 | |
Redemption proceeds per share (99.00/100 of $9.39) | $9.30 | |
Institutional Shares: | ||
Net asset value per share ($174,234,201 ÷ 18,575,487 shares outstanding), no par value, unlimited shares authorized | $9.38 | |
Offering price per share | $9.38 | |
Redemption proceeds per share | $9.38 |
Year Ended August 31, 2021
Investment Income: | |||
Interest | $24,596,621 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,478,554 | ||
Administrative fee (Note 5) | 457,090 | ||
Custodian fees | 25,012 | ||
Transfer agent fees | 286,735 | ||
Directors’/Trustees’ fees (Note 5) | 4,604 | ||
Auditing fees | 33,439 | ||
Legal fees | 9,337 | ||
Distribution services fee (Note 5) | 227,885 | ||
Other service fees (Notes 2 and 5) | 1,074,455 | ||
Portfolio accounting fees | 154,082 | ||
Share registration costs | 90,387 | ||
Printing and postage | 44,516 | ||
Miscellaneous (Note 5) | 31,953 | ||
TOTAL EXPENSES | 5,918,049 | ||
Waiver of investment adviser fee (Note 5) | $(876,843) | ||
Net expenses | 5,041,206 | ||
Net investment income | 19,555,415 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 2,798,869 | ||
Net change in unrealized appreciation of investments | 27,805,753 | ||
Net realized and unrealized gain (loss) on investments | 30,604,622 | ||
Change in net assets resulting from operations | $50,160,037 |
Year Ended August 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $19,555,415 | $21,509,873 |
Net realized gain (loss) | 2,798,869 | (6,593,668) |
Net change in unrealized appreciation/depreciation | 27,805,753 | (22,202,051) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 50,160,037 | (7,285,846) |
Distributions to Shareholders: | ||
Class A Shares | (7,104,670) | (7,504,837) |
Class B Shares | (53,393) | (108,370) |
Class C Shares | (740,261) | (1,195,711) |
Class F Shares | (6,199,693) | (6,804,830) |
Institutional Shares | (5,255,699) | (5,530,624) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (19,353,716) | (21,144,372) |
Share Transactions: | ||
Proceeds from sale of shares | 109,147,112 | 91,102,578 |
Net asset value of shares issued to shareholders in payment of distributions declared | 18,265,350 | 19,604,834 |
Cost of shares redeemed | (94,991,088) | (153,063,019) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 32,421,374 | (42,355,607) |
Change in net assets | 63,227,695 | (70,785,825) |
Net Assets: | ||
Beginning of period | 551,151,473 | 621,937,298 |
End of period | $614,379,168 | $551,151,473 |
Other Service Fees Incurred | |
Class A Shares | $534,045 |
Class B Shares | 5,039 |
Class C Shares | 70,922 |
Class F Shares | 464,449 |
TOTAL | $1,074,455 |
Security | Acquisition Date | Acquisition Cost | Value |
Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 | 4/17/2019 | $ 790,000 | $ 928,592 |
Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.000%, 7/1/2051 | 10/12/2017 | $ 661,140 | $ 752,531 |
Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 12/15/2017 | $ 513,979 | $ 578,870 |
Arizona State Industrial Development Authority Education Revenue (Doral Academy of Nevada FMMR), Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 4/3/2019 | $ 1,038,392 | $ 1,136,247 |
Arizona State Industrial Development Authority Education Revenue (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 12/14/2018 | $ 1,794,651 | $ 2,042,381 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 10/6/2016 | $ 1,031,085 | $ 1,116,906 |
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 7/3/2013 | $ 434,149 | $ 454,311 |
Security | Acquisition Date | Acquisition Cost | Value |
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 5/27/2021 | $ 528,728 | $ 582,838 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 6/13/2014 | $ 750,000 | $ 824,715 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 8/27/2015 | $ 576,816 | $ 635,215 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 8/4/2017 | $ 539,238 | $ 583,419 |
California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds (Series 2017), 5.000%, 6/1/2037 | 4/20/2020 | $ 1,008,398 | $ 1,149,191 |
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 12/4/2017 | $ 512,786 | $ 563,374 |
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 10/5/2017 | $ 1,160,982 | $ 1,267,289 |
California Statewide Communities Development Authority (Loma Linda University Medical Center ), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 5/19/2020 | $ 2,259,126 | $ 2,517,858 |
San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services), Development Special Tax Bonds (Series 2021A), 4.000%, 9/1/2051 | 5/7/2021 | $ 377,150 | $ 388,471 |
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 4/17/2020 | $ 946,760 | $ 1,111,133 |
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 8/23/2017 | $ 1,070,736 | $ 1,212,495 |
Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030 | 11/25/2015 | $ 1,820,146 | $ 2,121,666 |
Delaware Economic Development Authority (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.000%, 6/1/2051 | 7/15/2016 | $ 1,407,809 | $ 1,488,054 |
Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038 | 5/22/2020 | $ 2,862,238 | $ 3,375,188 |
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield: 8.375%), 8.250%, 5/15/2049 | 12/16/2013 | $ 2,959,335 | $ 2,040,000 |
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 5/13/2021 | $ 1,118,667 | $ 1,155,194 |
Security | Acquisition Date | Acquisition Cost | Value |
Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds (Series 2020), 5.875%, 1/1/2033 | 10/23/2020 | $ 2,000,000 | $ 2,559,871 |
Indiana State Finance Authority (Res Polyflow Indiana Project), Exempt Facility Revenue Bonds (Series 2019 Green Bonds), (Original Issue Yield: 7.125%), 7.000%, 3/1/2039 | 3/28/2019 | $ 987,510 | $ 966,797 |
Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.250%, 1/1/2025 | 1/27/2017 | $ 2,000,000 | $ 2,272,784 |
Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018), (Original Issue Yield: 5.330%), 5.250%, 7/1/2048 | 11/16/2018 | $ 988,362 | $ 1,125,037 |
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 12/7/2017 | $ 1,054,837 | $ 1,090,138 |
Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: 5.150%), 5.000%, 12/1/2047 | 12/8/2017 | $ 2,935,523 | $ 3,339,354 |
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050 | 1/10/2018 | $ 1,976,249 | $ 2,166,177 |
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 | 8/31/2017 | $ 916,864 | $ 985,482 |
Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048 | 4/6/2018 | $ 1,001,869 | $ 1,100,122 |
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A), (Original Issue Yield: 6.375%), 6.125%, 7/1/2052 | 6/8/2017 | $ 1,449,621 | $ 885,000 |
Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), (Original Issue Yield: 6.120%), 6.000%, 5/1/2040 | 6/30/2015 | $ 1,972,230 | $ 2,041,813 |
Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1/14/2016 | $ 1,000,000 | $ 1,138,768 |
Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/1/2059 | 7/9/2020 | $ 1,123,900 | $ 1,169,150 |
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 | 10/29/2014 | $ 1,000,000 | $ 1,124,722 |
Security | Acquisition Date | Acquisition Cost | Value |
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 6/27/2019 | $ 1,885,440 | $ 2,101,446 |
South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2056 | 7/30/2021 | $ 1,067,868 | $ 1,082,474 |
Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 10/30/2018 | $ 1,489,097 | $ 1,579,526 |
Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037 | 4/27/2020 | $ 1,865,548 | $ 2,265,693 |
Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%, Mandatory Tender 4/3/2028 | 3/28/2018 | $ 1,000,000 | $ 1,193,884 |
Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), 5.600%, 3/1/2045 | 10/22/2015 | $ 1,500,000 | $ 1,598,263 |
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 6.431%, 1/1/2047 | 2/1/2019 | $ 5,207,681 | $ 6,397,601 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050 | 7/22/2015 | $ 993,775 | $ 1,106,992 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.000%, 7/1/2045 | 7/22/2015 | $ 1,004,935 | $ 1,108,867 |
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049 | 1/31/2014 | $ 2,500,000 | $ 2,809,643 |
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 6/22/2017 | $ 3,056,647 | $ 3,444,682 |
Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 6/12/2020 | $ 1,407,370 | $ 1,568,847 |
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2048 | 4/6/2020 | $ 2,733,300 | $3,326,926 |
Year Ended August 31 | 2021 | 2020 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,782,558 | $34,853,277 | 2,898,813 | $25,997,646 |
Shares issued to shareholders in payment of distributions declared | 719,306 | 6,576,868 | 777,435 | 6,964,577 |
Shares redeemed | (3,565,462) | (32,820,882) | (4,156,773) | (36,660,070) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 936,402 | $8,609,263 | (480,525) | $(3,697,847) |
Year Ended August 31 | 2021 | 2020 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,365 | $12,535 | — | $— |
Shares issued to shareholders in payment of distributions declared | 5,257 | 47,833 | 11,446 | 102,621 |
Shares redeemed | (153,517) | (1,398,266) | (200,372) | (1,772,599) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (146,895) | $(1,337,898) | (188,926) | $(1,669,978) |
Year Ended August 31 | 2021 | 2020 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 596,877 | $5,487,417 | 492,689 | $4,434,050 |
Shares issued to shareholders in payment of distributions declared | 79,657 | 726,086 | 116,185 | 1,042,123 |
Shares redeemed | (1,530,274) | (14,050,850) | (2,264,052) | (19,774,700) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (853,740) | $(7,837,347) | (1,655,178) | $(14,298,527) |
Year Ended August 31 | 2021 | 2020 | ||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,136,329 | $10,446,206 | 1,496,267 | $13,579,188 |
Shares issued to shareholders in payment of distributions declared | 637,865 | 5,829,331 | 709,250 | 6,348,806 |
Shares redeemed | (2,176,973) | (20,003,779) | (2,718,534) | (23,999,173) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (402,779) | $(3,728,242) | (513,017) | $(4,071,179) |
Year Ended August 31 | 2021 | 2020 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,339,014 | $58,347,677 | 5,324,343 | $47,091,694 |
Shares issued to shareholders in payment of distributions declared | 556,500 | 5,085,232 | 574,540 | 5,146,707 |
Shares redeemed | (2,922,568) | (26,717,311) | (8,031,843) | (70,856,477) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,972,946 | $36,715,598 | (2,132,960) | $(18,618,076) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 3,505,934 | $32,421,374 | (4,970,606) | $(42,355,607) |
2021 | 2020 | |
Tax-exempt income | $19,200,533 | $20,956,622 |
Ordinary income | $153,183 | $187,750 |
Undistributed tax-exempt income | $582,526 |
Net unrealized appreciation | $53,049,709 |
Capital loss carryforwards | $(38,712,286) |
Short-Term | Long-Term | Total |
$12,840,933 | $25,871,353 | $38,712,286 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.05% |
Distribution Services Fee Incurred | |
Class B Shares | $15,117 |
Class C Shares | 212,768 |
TOTAL | $227,885 |
Purchases | $100,489,651 |
Sales | $66,652,818 |
October 25, 2021
Beginning Account Value 3/1/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,047.20 | $4.59 |
Class B Shares | $1,000 | $1,042.30 | $8.44 |
Class C Shares | $1,000 | $1,043.40 | $8.45 |
Class F Shares | $1,000 | $1,046.20 | $4.59 |
Institutional Shares | $1,000 | $1,048.70 | $3.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.72 | $4.53 |
Class B Shares | $1,000 | $1,016.94 | $8.34 |
Class C Shares | $1,000 | $1,016.94 | $8.34 |
Class F Shares | $1,000 | $1,020.72 | $4.53 |
Institutional Shares | $1,000 | $1,021.98 | $3.26 |
Class A Shares | 0.89% |
Class B Shares | 1.64% |
Class C Shares | 1.64% |
Class F Shares | 0.89% |
Institutional Shares | 0.64% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: August 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: February 2010 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes’ taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923856
CUSIP 313923849
CUSIP 313923831
CUSIP 313923815
Share Class | Ticker | A | OMIAX | F | OMIFX | Institutional | OMIIX |
Federated Hermes Ohio Municipal Income Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
1 Year | 5 Years | 10 Years | |
Class A Shares | -1.67% | 1.59% | 2.98% |
Class F Shares | 0.86% | 2.15% | 3.21% |
Institutional Shares5 | 3.32% | 2.60% | 3.50% |
OH Index | 3.40% | 3.83% | 4.94% |
OHIG | 2.57% | 3.08% | 4.05% |
MMOFA | 2.95% | 2.74% | 3.58% |
Sector Composition | Percentage of Total Net Assets |
Hospital | 17.6% |
Higher Education | 14.0% |
Pre-Refunded | 12.3% |
Dedicated Tax | 11.0% |
General Obligation—Local | 9.1% |
General Obligation—State Appropriation | 6.5% |
General Obligation—State | 5.8% |
Toll Road | 5.0% |
Water & Sewer | 4.9% |
Industrial Development/Pollution Control | 3.4% |
Other2 | 9.3% |
Derivative contracts3 | 0.0% |
Other Assets and Liabilities—Net4 | 1.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—96.9% | |||
Ohio—94.7% | |||
$2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center, Akron), Hospital Improvement & Refunding Revenue Bonds (Series 2012), 5.000%, 11/15/2032 | $2,064,552 | |
1,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), Hospital Facilities Revenue Bonds (Series 2016), 5.250%, 11/15/2041 | 1,191,377 | |
1,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2031 | 1,032,623 | |
2,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2033 | 2,062,491 | |
500,000 | Akron, OH (Akron, OH Community Learning Centers), Revenue Refunding Bonds (Series A), 5.000%, 12/1/2023 | 517,425 | |
1,000,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding Bonds, 5.000%, 11/1/2043 | 1,135,286 | |
1,000,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Refunding Revenue Bonds (Series 2015A), 5.000%, 2/15/2042 | 1,098,203 | |
2,250,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds (Series 2015A), 5.000%, 2/15/2029 | 2,490,082 | |
1,000,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2029 | 1,285,736 | |
2,000,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2016A), 5.000%, 6/1/2044 | 2,327,702 | |
3,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020B-2 Class 2), 5.000%, 6/1/2055 | 3,488,560 | |
2,000,000 | Butler County, OH Hospital Facilities Authority (UC Health), Revenue Bonds (Series 2016), 5.000%, 11/15/2045 | 2,355,744 | |
3,000,000 | Cincinnati, OH Water System, Revenue Bonds (Series 2015A), (United States Treasury PRF 12/1/2025@100), 5.000%, 12/1/2040 | 3,590,386 | |
850,000 | Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), (United States Treasury COL), 5.000%, 12/1/2051 | 921,124 | |
1,255,000 | Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), (United States Treasury PRF 6/1/2023@100), 5.000%, 12/1/2051 | 1,361,167 | |
1,500,000 | Cleveland State University, OH, General Receipts Bonds (Series 2012), 5.000%, 6/1/2037 | 1,515,959 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$250,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2033 | $326,267 | |
1,000,000 | Cleveland, OH Income Tax (Cleveland, OH), Subordinate Lien Income Tax Public Facilities Improvements Refunding Bonds (Series 2017B), 5.000%, 10/1/2030 | 1,258,969 | |
1,000,000 | Cleveland, OH Municipal School District, School Improvement UT GO Bonds (Series 2015A), (Ohio School District Credit Enhancement GTD), 5.000%, 12/1/2033 | 1,079,197 | |
500,000 | Cleveland, OH, Various Purpose GO Bonds (Series 2019A), 4.000%, 12/1/2035 | 603,113 | |
2,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2017), 5.000%, 12/1/2047 | 2,381,705 | |
1,000,000 | Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2031 | 1,147,194 | |
2,270,000 | Columbus, OH, UT GO Bonds (Series 2021A), 5.000%, 4/1/2039 | 2,988,156 | |
1,500,000 | Columbus, OH, Various Purpose LT GO Bonds (Series 2013B), (United States Treasury PRF 8/15/2023@100), 5.000%, 8/15/2028 | 1,641,802 | |
500,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue Yield: 5.030%), 5.000%, 2/15/2057 | 586,133 | |
1,270,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,514,426 | |
1,340,000 | Cuyahoga County, OH Sales Tax, Various Purpose Sales Tax Revenue Bonds (Series 2014), (United States Treasury PRF 12/1/2024@100), 5.000%, 12/1/2034 | 1,548,077 | |
1,000,000 | Cuyahoga County, OH, Certificates of Participation Convention Hotel Project (Series 2014), 5.000%, 12/1/2036 | 1,098,159 | |
220,000 | Cuyahoga, OH Community College District, General Receipts Revenue Bonds (Series 2012D), 5.000%, 8/1/2026 | 229,433 | |
2,000,000 | Fairfield County, OH, LT GO Bonds (Series 2015), 4.000%, 12/1/2040 | 2,189,541 | |
1,000,000 | Franklin County, OH Convention Facilities Authority (Greater Columbus Convention Center Hotel), Hotel Project Revenue Bonds (Series 2019), 5.000%, 12/1/2044 | 1,195,486 | |
2,000,000 | Franklin County, OH Convention Facilities Authority, Tax & Lease Revenue Anticipation & Refunding Bonds (Series 2014), (United States Treasury PRF 12/1/2024@100), 5.000%, 12/1/2035 | 2,310,562 | |
1,000,000 | Franklin County, OH Health Care Facilities (Friendship Village of Dublin, OH, Inc.), Refunding & Improvement Bonds (Series 2014), 5.000%, 11/15/2044 | 1,099,787 | |
1,000,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), Hospital Improvement Revenue Bonds (Series 2017A), 5.000%, 11/1/2029 | 1,240,640 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), Hospital Facilities Revenue Bonds (Series 2015), 5.000%, 5/15/2040 | $1,149,337 | |
2,000,000 | Franklin County, OH Revenue (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A), 5.000%, 12/1/2047 | 2,449,639 | |
3,015,000 | Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series 2018), 5.000%, 6/1/2048 | 3,716,235 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2036 | 564,798 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 553,803 | |
2,000,000 | Hamilton County, OH Convention Facilities Authority, Convention Facilities Authority Revenue & Refunding Bonds (Series 2014), 5.000%, 12/1/2032 | 2,169,006 | |
2,000,000 | Hamilton County, OH Hospital Facilities Authority (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC), 5.000%, 11/15/2041 | 2,971,648 | |
2,850,000 | Hamilton County, OH Sales Tax, Revenue Refunding Bonds (Series 2011A), 5.000%, 12/1/2032 | 2,879,819 | |
1,075,000 | Hamilton County, OH, LT GO Improvement and Refunding Bonds (Series 2017A), 5.000%, 12/1/2033 | 1,342,047 | |
1,000,000 | Hamilton County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037 | 1,245,199 | |
1,555,000 | JobsOhio Beverage System, OH, Statewide Senior Lien Liquor Profits Tax-Exempt Revenue Bonds (Series 2013A), (United States Treasury PRF 1/1/2023@100), 5.000%, 1/1/2038 | 1,655,638 | |
1,000,000 | Kent State University, OH, General Receipts Bonds (Series 2020A), 5.000%, 5/1/2050 | 1,247,229 | |
1,000,000 | Miami County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Revenue Refunding and Improvement Bonds (Series 2019), 5.000%, 8/1/2049 | 1,226,713 | |
2,000,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.000%, 9/1/2031 | 2,000,000 | |
500,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.000%, 9/1/2036 | 500,000 | |
1,000,000 | Middleburg Heights, OH (Southwest General Health Center), Hospital Facilities Improvement and Revenue Redunding Bonds (Series 2020A), 4.000%, 8/1/2047 | 1,146,034 | |
1,000,000 | Montgomery County, OH Hospital Authority (Kettering Health Network Obligated Group), Hospital Facilities Improvement and Refunding Revenue Bonds (Series 2021), 4.000%, 8/1/2051 | 1,184,919 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), (United States Treasury PRF 11/15/2024@100), 5.000%, 11/15/2049 | $1,153,163 | |
2,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue Bonds (Series 2013), (United States Treasury PRF 5/15/2023@100), 5.000%, 11/15/2038 | 2,164,892 | |
1,200,000 | 1 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 1,400,964 |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Evempt Facilities Revenue Bonds (Series 2017), 4.250%, 1/15/2038 | 579,597 | |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 587,135 | |
620,000 | Ohio HFA, Residential Mortgage Revenue Bonds (Series 2019A), (GNMA Collateralized Home Mortgage Program COL), 4.000%, 3/1/2049 | 670,736 | |
1,000,000 | Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Bonds (Series 2007B) TOBs, 2.500%, Mandatory Tender 10/1/2029 | 1,100,002 | |
2,000,000 | Ohio State Capital Facilities (Ohio State), Parks and Recreation Improvement Fund Projects (Series 2016C), 5.000%, 12/1/2031 | 2,427,063 | |
1,000,000 | Ohio State Health Educational Facilities Commission (Judson Obligated Group), Healthcare Facility Revenue Bonds (Series 2020A), 5.000%, 12/1/2050 | 1,171,473 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 1,198,031 | |
1,500,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), Revenue Bonds (Series 2019B), 4.000%, 1/1/2042 | 1,760,763 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds (Series 2019), 5.000%, 11/1/2044 | 1,241,405 | |
2,000,000 | Ohio State Higher Educational Facility Commission (Kenyon College, OH), Higher Educational Facility Revenue Bonds (Series 2015), 5.000%, 7/1/2041 | 2,290,095 | |
1,830,000 | Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2013), 5.000%, 12/1/2031 | 1,935,534 | |
345,000 | Ohio State Higher Educational Facility Commission (Xavier University), Higher Educational Facility Revenue Bonds (Series 2020), 4.000%, 5/1/2037 | 409,029 | |
1,025,000 | Ohio State Higher Educational Facility Commission (Xavier University), Higher Educational Facility Revenue Bonds (Series 2020), 4.000%, 5/1/2039 | 1,209,126 | |
2,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2046 | 2,317,437 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$3,325,000 | Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 12/31/2039 | $3,745,081 | |
350,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2028 | 431,564 | |
2,000,000 | Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series 2021A), 5.000%, 2/15/2046 | 2,573,009 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), (Original Issue Yield: 5.050%), (United States Treasury PRF 2/15/2023@100), 5.000%, 2/15/2048 | 1,069,748 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Revenue Refunding Bonds (Series 1998A), (National Re Holdings Corp. INS), 5.500%, 2/15/2024 | 1,077,968 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 | 1,076,094 | |
2,000,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Loan Fund Revenue Bonds (Series 2017A), 5.000%, 12/1/2030 | 2,484,411 | |
1,000,000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2016B), 5.000%, 6/1/2037 | 1,216,977 | |
1,000,000 | Ohio State, Capital Facilities Lease Appropriation Bonds Adult Correctional Building Fund Project (Series 2019B), 5.000%, 10/1/2032 | 1,394,711 | |
3,000,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds (Series 2016A), 5.000%, 2/1/2030 | 3,552,259 | |
750,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2034 | 922,682 | |
1,460,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2035 | 1,793,738 | |
1,475,000 | Ohio State, Common Schools UT GO Bonds (Series 2021A), 4.000%, 6/15/2037 | 1,840,110 | |
3,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033 | 3,485,189 | |
1,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2019A), (United States Treasury PRF 5/1/2027@100), 5.000%, 5/1/2039 | 1,248,448 | |
3,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2035 | 3,707,281 | |
1,500,000 | Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%, 12/1/2030 | 1,785,234 | |
470,000 | River Valley, OH Local School District, UT GO School Facilities Bonds, (School District Credit Program GTD), 5.250%, 11/1/2023 | 518,708 | |
500,000 | Switzerland, OH Local School District, UT GO School Improvement Refunding Bonds, (United States Treasury PRF 6/1/2023@100), 5.000%, 12/1/2027 | 541,838 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Toledo, OH Water System, Revenue Bonds (Series 2020), 5.000%, 11/15/2033 | $1,328,138 | |
1,000,000 | Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.000%, 11/15/2032 | 1,077,751 | |
1,500,000 | Toledo-Lucas County, OH Port Authority (CSX Corp.), Revenue Bonds, 6.450%, 12/15/2021 | 1,525,994 | |
1,020,000 | University of Akron, OH, General Receipts Bonds (Series 2015A), 5.000%, 1/1/2030 | 1,163,893 | |
1,000,000 | University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036 | 1,191,919 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041 | 1,132,618 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2019A), 4.000%, 6/1/2038 | 1,201,729 | |
TOTAL | 147,582,665 | ||
Puerto Rico—2.2% | |||
2,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 2,310,718 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 1,141,902 | |
TOTAL | 3,452,620 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $141,436,532) | 151,035,285 | ||
2 | SHORT-TERM MUNICIPALS—2.0% | ||
Ohio—2.0% | |||
1,100,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 0.010%, 9/2/2021 | 1,100,000 | |
1,230,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank PLC LIQ), 0.010%, 9/1/2021 | 1,230,000 | |
770,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 0.010%, 9/1/2021 | 770,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $3,100,000) | 3,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $144,536,532)3 | 154,135,285 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%4 | 1,750,735 | ||
TOTAL NET ASSETS—100% | $155,886,020 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Depreciation |
Short Futures | ||||
5United States Treasury Ultra Long Bond | 15 | $2,444,531 | December 2021 | $(4,695) |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Municipal Bonds | $— | $151,035,285 | $— | $151,035,285 |
Short-Term Municipals | — | 3,100,000 | — | 3,100,000 |
TOTAL SECURITIES | $— | $154,135,285 | $— | $154,135,285 |
Other Financial Instruments:1 | ||||
Liabilities | $(4,695) | $— | $— | $(4,695) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(4,695) | $— | $— | $(4,695) |
COL | —Collateralized |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LT | —Limited Tax |
PRF | —Pre-refunded |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $11.40 | $11.44 | $10.95 | $11.23 | $11.56 |
Income From Investment Operations: | |||||
Net investment income | 0.25 | 0.26 | 0.30 | 0.32 | 0.32 |
Net realized and unrealized gain (loss) | 0.09 | (0.02) | 0.49 | (0.29) | (0.32) |
TOTAL FROM INVESTMENT OPERATIONS | 0.34 | 0.24 | 0.79 | 0.03 | 0.00 |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.26) | (0.30) | (0.31) | (0.32) |
Distributions from net realized gain | — | (0.02) | — | — | (0.01) |
TOTAL DISTRIBUTIONS | (0.24) | (0.28) | (0.30) | (0.31) | (0.33) |
Net Asset Value, End of Period | $11.50 | $11.40 | $11.44 | $10.95 | $11.23 |
Total Return1 | 2.99% | 2.17% | 7.32% | 0.27% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.77% | 0.77%3 | 0.77%3 | 0.77%3 | 0.76% |
Net investment income | 2.08% | 2.27% | 2.67% | 2.81% | 2.84% |
Expense waiver/reimbursement4 | 0.19% | 0.19% | 0.19% | 0.17% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $44,097 | $58,253 | $57,065 | $53,438 | $59,865 |
Portfolio turnover | 5% | 8% | 15% | 9% | 9% |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $11.40 | $11.44 | $10.95 | $11.23 | $11.57 |
Income From Investment Operations: | |||||
Net investment income | 0.22 | 0.24 | 0.28 | 0.29 | 0.30 |
Net realized and unrealized gain (loss) | 0.11 | (0.02) | 0.49 | (0.28) | (0.33) |
TOTAL FROM INVESTMENT OPERATIONS | 0.33 | 0.22 | 0.77 | 0.01 | (0.03) |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.24) | (0.28) | (0.29) | (0.30) |
Distributions from net realized gain | — | (0.02) | — | — | (0.01) |
TOTAL DISTRIBUTIONS | (0.22) | (0.26) | (0.28) | (0.29) | (0.31) |
Net Asset Value, End of Period | $11.51 | $11.40 | $11.44 | $10.95 | $11.23 |
Total Return1 | 2.93% | 2.01% | 7.15% | 0.12% | (0.22)% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.92% | 0.92%3 | 0.92%3 | 0.92%3 | 0.91% |
Net investment income | 1.93% | 2.12% | 2.53% | 2.66% | 2.69% |
Expense waiver/reimbursement4 | 0.44% | 0.44% | 0.44% | 0.42% | 0.41% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $74,669 | $81,508 | $87,597 | $92,665 | $101,620 |
Portfolio turnover | 5% | 8% | 15% | 9% | 9% |
Year Ended August 31 | 2021 | 20201 |
Net Asset Value, Beginning of Period | $11.40 | $11.06 |
Income From Investment Operations: | ||
Net investment income | 0.26 | 0.08 |
Net realized and unrealized gain (loss) | 0.11 | 0.35 |
TOTAL FROM INVESTMENT OPERATIONS | 0.37 | 0.43 |
Less Distributions: | ||
Distributions from net investment income | (0.26) | (0.09) |
Distributions from net realized gain | — | — |
TOTAL DISTRIBUTIONS | (0.26) | (0.09) |
Net Asset Value, End of Period | $11.51 | $11.40 |
Total Return2 | 3.32% | 3.90% |
Ratios to Average Net Assets: | ||
Net expenses3 | 0.52% | 0.52%4,5 |
Net investment income | 2.32% | 2.40%4 |
Expense waiver/reimbursement6 | 0.19% | 0.24%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $37,120 | $6,652 |
Portfolio turnover | 5% | 8%7 |
August 31, 2021
Assets: | ||
Investment in securities, at value (identified cost $144,536,532) | $154,135,285 | |
Cash | 76,435 | |
Due from broker | 52,500 | |
Income receivable | 1,555,779 | |
Receivable for shares sold | 174,981 | |
Receivable for investments sold | 55,000 | |
Receivable for variation margin on futures contracts | 7,500 | |
TOTAL ASSETS | 156,057,480 | |
Liabilities: | ||
Payable for shares redeemed | $82,051 | |
Payable for portfolio accounting fees | 33,664 | |
Payable for other service fees (Notes 2 and 5) | 25,566 | |
Payable for share registration costs | 14,070 | |
Payable for distribution services fee (Note 5) | 9,559 | |
Payable for investment adviser fee (Note 5) | 898 | |
Payable for administrative fee (Note 5) | 197 | |
Accrued expenses (Note 5) | 5,455 | |
TOTAL LIABILITIES | 171,460 | |
Net assets for 13,547,320 shares outstanding | $155,886,020 | |
Net Assets Consists of: | ||
Paid-in capital | $146,002,884 | |
Total distributable earnings | 9,883,136 | |
TOTAL NET ASSETS | $155,886,020 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($44,096,899 ÷ 3,832,890 shares outstanding), no par value, unlimited shares authorized | $11.50 | |
Offering price per share (100/95.50 of $11.50) | $12.04 | |
Redemption proceeds per share | $11.50 | |
Class F Shares: | ||
Net asset value per share ($74,668,987 ÷ 6,488,344 shares outstanding), no par value, unlimited shares authorized | $11.51 | |
Offering price per share (100/99.00 of $11.51) | $11.63 | |
Redemption proceeds per share (99.00/100 of $11.51) | $11.39 | |
Institutional Shares: | ||
Net asset value per share ($37,120,134 ÷ 3,226,086 shares outstanding), no par value, unlimited shares authorized | $11.51 | |
Offering price per share | $11.51 | |
Redemption proceeds per share | $11.51 |
Year Ended August 31, 2021
Investment Income: | |||
Interest | $4,335,240 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $607,563 | ||
Administrative fee (Note 5) | 119,727 | ||
Custodian fees | 11,536 | ||
Transfer agent fees | 82,417 | ||
Directors’/Trustees’ fees (Note 5) | 2,539 | ||
Auditing fees | 28,890 | ||
Legal fees | 11,832 | ||
Distribution services fee (Note 5) | 312,680 | ||
Other service fees (Notes 2 and 5) | 306,404 | ||
Portfolio accounting fees | 115,184 | ||
Share registration costs | 51,975 | ||
Printing and postage | 27,421 | ||
Miscellaneous (Note 5) | 27,199 | ||
TOTAL EXPENSES | 1,705,367 | ||
Waivers: | |||
Waiver of investment adviser fee (Note 5) | $(289,008) | ||
Waiver of other operating expenses (Notes 5) | (195,304) | ||
TOTAL WAIVERS | (484,312) | ||
Net expenses | 1,221,055 | ||
Net investment income | 3,114,185 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 156,550 | ||
Net realized gain on futures contracts | 64,418 | ||
Net change in unrealized appreciation of investments | 1,124,901 | ||
Net change in unrealized depreciation of futures contracts | (4,695) | ||
Net realized and unrealized gain (loss) on investments and futures contracts | 1,341,174 | ||
Change in net assets resulting from operations | $4,455,359 |
Year Ended August 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,114,185 | $3,166,112 |
Net realized gain | 220,968 | 29,458 |
Net change in unrealized appreciation/depreciation | 1,120,206 | (228,978) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 4,455,359 | 2,966,592 |
Distributions to Shareholders: | ||
Class A Shares | (899,418) | (1,431,080) |
Class F Shares | (1,499,989) | (2,014,135) |
Institutional Shares1 | (709,696) | (33,875) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,109,103) | (3,479,090) |
Share Transactions: | ||
Proceeds from sale of shares | 44,199,335 | 21,488,520 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,566,478 | 2,867,343 |
Cost of shares redeemed | (38,639,340) | (22,092,378) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 8,126,473 | 2,263,485 |
Change in net assets | 9,472,729 | 1,750,987 |
Net Assets: | ||
Beginning of period | 146,413,291 | 144,662,304 |
End of period | $155,886,020 | $146,413,291 |
Other Service Fees Incurred | |
Class A Shares | $111,100 |
Class F Shares | 195,304 |
TOTAL | $306,404 |
Security | Acquisition Date | Acquisition Cost | Market Value |
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 6/27/2019 | $ 1,256,960 | $1,400,964 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for daily variation margin on futures contracts | $(4,695)* |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $64,418 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(4,695) |
Year Ended August 31 | 2021 | 2020 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 947,848 | $10,855,861 | 703,602 | $7,969,351 |
Shares issued to shareholders in payment of distributions declared | 42,399 | 485,594 | 79,670 | 897,469 |
Shares redeemed | (2,266,464) | (25,789,993) | (661,843) | (7,472,335) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,276,217) | $(14,448,538) | 121,429 | $1,394,485 |
Year Ended August 31 | 2021 | 2020 | ||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,150 | $677,021 | 603,302 | $6,818,915 |
Shares issued to shareholders in payment of distributions declared | 125,591 | 1,438,867 | 172,070 | 1,938,317 |
Shares redeemed | (843,313) | (9,675,619) | (1,283,110) | (14,509,300) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (658,572) | $(7,559,731) | (507,738) | $(5,752,068) |
Year Ended August 31 | 2021 | 20201 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,863,558 | $32,666,453 | 590,484 | $6,700,254 |
Shares issued to shareholders in payment of distributions declared | 56,034 | 642,017 | 2,770 | 31,557 |
Shares redeemed | (277,024) | (3,173,728) | (9,736) | (110,743) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,642,568 | $30,134,742 | 583,518 | $6,621,068 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 707,779 | $8,126,473 | 197,209 | $2,263,485 |
2021 | 2020 | |
Ordinary income1 | $— | $20,629 |
Tax-exempt income | $3,109,103 | $3,160,608 |
Long-term capital gains | $— | $297,853 |
Undistributed tax-exempt income | $135,020 |
Undistributed long-term capital gains | $149,363 |
Net unrealized appreciation | $9,598,753 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class F Shares | 0.40% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class F Shares | $312,680 | $(195,304) |
Purchases | $17,153,127 |
Sales | $7,488,230 |
October 25, 2021
Beginning Account Value 3/1/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,023.50 | $3.93 |
Class F Shares | $1,000 | $1,023.60 | $4.69 |
Institutional Shares | $1,000 | $1,025.60 | $2.65 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.32 | $3.92 |
Class F Shares | $1,000 | $1,020.57 | $4.69 |
Institutional Shares | $1,000 | $1,022.58 | $2.65 |
Class A Shares | 0.77% |
Class F Shares | 0.92% |
Institutional Shares | 0.52% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: August 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 CHIEF INVESTMENT OFFICER Officer since: February 2010 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes, Inc. taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923609
CUSIP 313923765
Share Class | Ticker | A | PAMFX | Institutional | PAMIX |
Federated Hermes Pennsylvania Municipal Income Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
1 Year | 5 Years | 10 Years | |
Class A Shares | -1.05% | 1.88% | 3.22% |
Institutional Shares5 | 3.83% | 2.88% | 3.73% |
PA Index | 3.75% | 3.50% | 4.31% |
PAIG | 3.30% | 3.40% | 4.15% |
MMPFA | 4.33% | 3.07% | 3.81% |
Sector Composition | Percentage of Total Net Assets |
Hospital | 17.3% |
Refunded | 14.3% |
General Obligation—Local | 12.1% |
Tollroad | 10.1% |
Higher Education | 10.0% |
Water & Sewer | 8.7% |
Senior Care | 5.9% |
General Obligation—State | 3.9% |
Airport | 3.8% |
Dedicated Tax | 3.6% |
Other2 | 9.5% |
Derivative contracts3,4 | (0.0)% |
Other Assets and Liabilities—Net5 | 0.8% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.6% | |||
Pennsylvania—95.1% | |||
$1,550,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2012A-1), (United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2024 | $1,574,044 | |
3,000,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A), 5.000%, 1/1/2056 | 3,742,131 | |
2,000,000 | Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds (Series 2018A), 5.000%, 4/1/2047 | 2,408,173 | |
1,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2020), 5.000%, 3/1/2029 | 1,272,949 | |
1,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 | 1,172,637 | |
2,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045 | 2,329,797 | |
1,000,000 | Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043 | 1,244,134 | |
2,000,000 | Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041 | 2,396,978 | |
2,250,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2035 | 2,321,611 | |
335,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Refunding Bonds (Series 2022), 5.000%, 5/1/2042 | 420,372 | |
600,000 | Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2047 | 695,487 | |
1,000,000 | Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017C), 5.000%, 5/15/2042 | 1,109,772 | |
2,000,000 | Bethlehem, PA Authority (Bethlehem, PA), Guaranteed Water Revenue Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/15/2030 | 2,114,373 | |
1,450,000 | Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037 | 1,640,430 | |
1,000,000 | Canon McMillan, PA School District, General Obligation Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS)/(Pennsylvania School District Intercept Program GTD), 5.000%, 12/1/2041 | 1,211,610 | |
1,000,000 | Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032 | 1,267,309 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A), 5.000%, 11/15/2046 | 583,287 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A), 5.000%, 11/15/2042 | $608,636 | |
1,000,000 | Chartiers Valley, PA School District, UT GO Bonds (Series 2015B), (United States Treasury PRF 4/15/2025@100), 5.000%, 10/15/2040 | 1,168,275 | |
2,530,000 | Cheltenham Twp, PA School District, LT GO Bonds (Series 2014), (United States Treasury PRF 12/15/2023@100), 5.000%, 2/15/2040 | 2,706,463 | |
1,000,000 | Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,213,651 | |
1,250,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), (Original Issue Yield: 4.820%), 4.750%, 12/15/2037 | 1,398,871 | |
2,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037 | 2,089,226 | |
2,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Revenue Bonds (Series 2013B), (United States Treasury PRF 6/1/2022@100), 5.000%, 6/1/2036 | 2,073,025 | |
3,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue Bonds (Series 2018), (Original Issue Yield: 4.035%), (Assured Guaranty Municipal Corp. INS), 4.000%, 6/1/2039 | 3,445,121 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026 | 2,447,535 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2027 | 2,502,477 | |
1,000,000 | Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2029 | 1,313,774 | |
90,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), (United States Treasury PRF 1/1/2025@100), 5.000%, 1/1/2038 | 103,715 | |
815,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 904,507 | |
1,000,000 | Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030 | 1,187,223 | |
2,000,000 | Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019), 4.000%, 11/1/2044 | 2,315,297 | |
2,500,000 | Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A), 5.000%, 6/1/2042 | 2,579,070 | |
1,700,000 | Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042 | 2,055,046 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045 | $1,152,360 | |
1,250,000 | Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040 | 1,437,892 | |
1,750,000 | Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 | 2,113,743 | |
1,130,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2033 | 1,443,275 | |
250,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2038 | 314,052 | |
200,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2039 | 250,695 | |
500,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2040 | 625,581 | |
1,000,000 | DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2020), 4.000%, 7/15/2050 | 1,111,976 | |
1,000,000 | Erie, PA Water Authority, Water Revenue Bonds (Series 2016), (United States Treasury PRF 12/1/2026@100), 5.000%, 12/1/2043 | 1,231,593 | |
2,260,000 | Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041 | 2,539,263 | |
1,000,000 | Greater Johnstown, PA Water Authority, Sewer Revenue Bonds (Series 2020), (Assured Guaranty Municipal Corp. GTD), 4.000%, 8/15/2048 | 1,166,771 | |
1,215,000 | Lancaster County, PA Hospital Authority (Lancaster General Hospital), Health System Revenue Bonds (Series 2012B), (United States Treasury PRF 1/1/2022@100), 5.000%, 7/1/2042 | 1,234,258 | |
785,000 | Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015), 5.000%, 11/1/2035 | 882,699 | |
500,000 | Lancaster County, PA Hospital Authority (St. Anne’s Retirement Community, Inc.), Revenue Bonds (Series 2020), 5.000%, 3/1/2050 | 569,499 | |
1,000,000 | Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County, PA GTD), 5.000%, 12/15/2033 | 1,106,748 | |
1,000,000 | Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043 | 1,154,096 | |
500,000 | Luzerne County, PA IDA (Luzerne County, PA), Guaranteed Lease Revenue Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/15/2022 | 527,883 | |
1,000,000 | Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/15/2029 | 1,251,272 | |
1,500,000 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding Bonds (Series 2019), 4.000%, 9/1/2049 | 1,713,372 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds (Series 2020C), 5.000%, 11/15/2045 | $1,216,484 | |
2,000,000 | Montgomery County, PA, UT GO (Series 2019A), 5.000%, 7/1/2039 | 2,561,956 | |
1,000,000 | Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018), 5.000%, 7/1/2038 | 1,219,787 | |
750,000 | Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017), 5.000%, 11/1/2047 | 915,954 | |
1,000,000 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds (Series 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048 | 1,134,908 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A), 5.000%, 11/1/2041 | 1,046,465 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2042 | 2,336,184 | |
2,000,000 | Pennsylvania Economic Development Financing Authority, Junior Guaranteed Parking Revenue Bonds (Series 2013B-1), (Dauphin County, PA GTD), 6.000%, 7/1/2053 | 2,194,170 | |
1,000,000 | Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 1,066,464 | |
2,200,000 | Pennsylvania EDFA (Presbyterian Homes Obligated Group), Revenue Refunding Bonds (Series 2021), 4.000%, 7/1/2046 | 2,476,852 | |
1,500,000 | Pennsylvania EDFA (UPMC Health System), Revenue Bonds (Series 2014A), 5.000%, 2/1/2045 | 1,682,121 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012), (United States Treasury PRF 4/1/2022@100), 5.000%, 4/1/2035 | 2,056,862 | |
1,950,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 2017A), 5.000%, 8/15/2042 | 2,381,019 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Refunding Revenue Bonds (Series 2015A), (United States Treasury PRF 10/1/2025@100), 5.000%, 10/1/2036 | 1,187,783 | |
500,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A), 5.000%, 8/15/2046 | 599,839 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), (United States Treasury PRF 12/1/2021@100), 5.000%, 12/1/2030 | 1,012,108 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | $1,162,334 | |
2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2018A), 5.000%, 12/1/2048 | 2,490,148 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2019A), 5.000%, 12/1/2044 | 1,263,858 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2019A), (Assured Guaranty Municipal Corp. GTD), 4.000%, 12/1/2049 | 1,166,933 | |
2,500,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2045 | 2,959,778 | |
1,970,000 | Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037 | 2,422,663 | |
1,000,000 | Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035 | 1,269,707 | |
2,000,000 | Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047 | 2,400,783 | |
1,210,000 | Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), (United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041 | 1,308,980 | |
1,355,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 1,386,034 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development (St. Joseph’s University), University Refunding Revenue Bonds (Series 2020A), 4.000%, 11/1/2045 | 1,154,092 | |
1,000,000 | Philadelphia, PA Gas Works, 1998 General Ordinance-Fifteenth Series Revenue Refunding Bonds, 5.000%, 8/1/2042 | 1,202,508 | |
1,040,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia), Hospital Revenue Bonds (Series 2014A), 5.000%, 7/1/2042 | 1,173,800 | |
1,000,000 | Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD), 5.000%, 9/1/2043 | 1,227,530 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049 | 1,263,453 | |
1,010,000 | Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2020A), 5.000%, 11/1/2040 | 1,315,129 | |
500,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038 | 629,649 | |
1,000,000 | Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033 | 1,224,876 | |
655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017), 5.000%, 12/15/2037 | 808,022 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$390,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), (United States Treasury PRF 6/1/2025@100), 5.000%, 12/1/2025 | $456,974 | |
610,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025 | 700,184 | |
1,500,000 | Pittsburgh, PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2019A), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2044 | 1,887,127 | |
1,000,000 | Pittsburgh, PA, UT GO Bonds (Series 2012B), (United States Treasury PRF 9/1/2022@100), 5.000%, 9/1/2026 | 1,048,621 | |
1,075,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.080%), (United States Treasury PRF 12/1/2021@100), 5.000%, 12/1/2031 | 1,087,744 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.270%), (United States Treasury PRF 12/1/2021@100), 5.250%, 12/1/2036 | 1,518,708 | |
1,000,000 | Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035 | 1,214,665 | |
1,140,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), 5.000%, 6/1/2026 | 1,286,893 | |
1,750,000 | St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18), 5.000%, 11/15/2028 | 2,192,478 | |
1,000,000 | Swarthmore Boro Authority PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048 | 1,244,359 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds (Series 2015B), 5.000%, 4/1/2032 | 1,151,949 | |
1,000,000 | West View, PA Municipal Authority Water Revenue, Revenue Bonds (Series 2014), (United States Treasury PRF 11/15/2024@100), 5.000%, 11/15/2039 | 1,153,163 | |
1,685,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033 | 1,948,173 | |
825,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034 | 952,321 | |
1,895,000 | York County, PA, UT GO Bonds (Series 2013), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2037 | 2,055,308 | |
Puerto Rico—2.5% | |||
2,983,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 3,446,436 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Puerto Rico—continued | |||
$500,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | $570,951 | |
TOTAL | 4,017,387 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $145,331,062) | 156,279,321 | ||
1 | SHORT-TERM MUNICIPALS—1.6% | ||
Pennsylvania—1.6% | |||
600,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.010%, 9/1/2021 | 600,000 | |
400,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank plc LOC), 0.010%, 9/2/2021 | 400,000 | |
1,600,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.010%, 9/1/2021 | 1,600,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,600,000) | 2,600,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $147,931,062)2 | 158,879,321 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%3 | 1,259,864 | ||
TOTAL NET ASSETS—100% | $160,139,185 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Depreciation |
Short Futures | ||||
4US Long Bond (CBT) | 15 | $2,444,531 | December 2021 | $(4,695) |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $156,279,321 | $— | $156,279,321 |
Short-Term Municipals | — | 2,600,000 | — | 2,600,000 |
TOTAL SECURITIES | $— | $158,879,321 | $— | $158,879,321 |
Other Financial Instruments:1 | ||||
Assets | $— | $— | $— | $— |
Liabilities | $(4,695) | $— | $— | $(4,695) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(4,695) | $— | $— | $(4,695) |
COL | —Collateralized |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $11.08 | $11.19 | $10.69 | $10.96 | $11.28 |
Income From Investment Operations: | |||||
Net investment income | 0.25 | 0.27 | 0.31 | 0.32 | 0.33 |
Net realized and unrealized gain (loss) | 0.14 | (0.03) | 0.51 | (0.27) | (0.32) |
TOTAL FROM INVESTMENT OPERATIONS | 0.39 | 0.24 | 0.82 | 0.05 | 0.01 |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.27) | (0.31) | (0.32) | (0.33) |
Distributions from net realized gain | (0.01) | (0.08) | (0.01) | — | — |
TOTAL DISTRIBUTIONS | (0.25) | (0.35) | (0.32) | (0.32) | (0.33) |
Net Asset Value, End of Period | $11.22 | $11.08 | $11.19 | $10.69 | $10.96 |
Total Return1 | 3.60% | 2.21% | 7.85% | 0.51% | 0.11% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.76% | 0.76%3 | 0.76%3 | 0.76%3 | 0.76% |
Net investment income | 2.27% | 2.46% | 2.85% | 2.98% | 2.98% |
Expense waiver/reimbursement4 | 0.17% | 0.18% | 0.17% | 0.14% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $150,106 | $155,137 | $159,471 | $163,819 | $178,935 |
Portfolio turnover | 11% | 8% | 16% | 21% | 6% |
Year Ended 8/31/2021 | Period Ended 8/31/20201 | |
Net Asset Value, Beginning of Period | $11.08 | $10.73 |
Income From Investment Operations: | ||
Net investment income | 0.28 | 0.09 |
Net realized and unrealized gain (loss) | 0.14 | 0.36 |
TOTAL FROM INVESTMENT OPERATIONS | 0.42 | 0.45 |
Less Distributions: | ||
Distributions from net investment income | (0.27) | (0.10) |
Distributions from net realized gain | (0.01) | — |
TOTAL DISTRIBUTIONS | (0.28) | (0.10) |
Net Asset Value, End of Period | $11.22 | $11.08 |
Total Return2 | 3.83% | 4.15% |
Ratios to Average Net Assets: | ||
Net expenses3 | 0.53% | 0.53%4,5 |
Net investment income | 2.49% | 2.60%4 |
Expense waiver/reimbursement6 | 0.15% | 0.20%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $10,033 | $1,847 |
Portfolio turnover | 11% | 8%7 |
August 31, 2021
Assets: | ||
Investment in securities, at value (identified cost $147,931,062) | $158,879,321 | |
Cash | 10,818 | |
Income receivable | 1,704,655 | |
Receivable for shares sold | 105,208 | |
Receivable for variation margin on futures contracts | 7,500 | |
Due from broker | 52,500 | |
TOTAL ASSETS | 160,760,002 | |
Liabilities: | ||
Payable for investments purchased | $419,594 | |
Payable for shares redeemed | 117,569 | |
Payable for other service fees (Notes 2 and 5) | 35,815 | |
Payable for portfolio accounting fees | 32,246 | |
Payable for investment adviser fee (Note 5) | 1,113 | |
Payable for administrative fee (Note 5) | 232 | |
Accrued expenses (Note 5) | 14,248 | |
TOTAL LIABILITIES | 620,817 | |
Net assets for 14,271,818 shares outstanding | $160,139,185 | |
Net Assets Consists of: | ||
Paid-in capital | $149,014,390 | |
Total distributable earnings (loss) | 11,124,795 | |
TOTAL NET ASSETS | $160,139,185 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | �� | |
Class A Shares: | ||
Net asset value per share ($150,106,265 ÷ 13,377,276 shares outstanding), no par value, unlimited shares authorized | $11.22 | |
Offering price per share (100/95.50 of $11.22) | $11.75 | |
Redemption proceeds per share | $11.22 | |
Institutional Shares: | ||
Net asset value per share ($10,032,920 ÷ 894,542 shares outstanding), no par value, unlimited shares authorized | $11.22 | |
Offering price per share | $11.22 | |
Redemption proceeds per share | $11.22 |
Year Ended August 31, 2021
Investment Income: | |||
Interest | $4,834,442 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $636,855 | ||
Administrative fee (Note 5) | 123,849 | ||
Custodian fees | 12,000 | ||
Transfer agent fees | 72,065 | ||
Directors’/Trustees’ fees (Note 5) | 2,584 | ||
Auditing fees | 28,890 | ||
Legal fees | 11,937 | ||
Other service fees (Notes 2 and 5) | 378,965 | ||
Portfolio accounting fees | 108,964 | ||
Share registration costs | 36,730 | ||
Printing and postage | 26,067 | ||
Miscellaneous (Note 5) | 32,055 | ||
TOTAL EXPENSES | 1,470,961 | ||
Waiver and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(234,950) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (35,410) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (270,360) | ||
Net expenses | 1,200,601 | ||
Net investment income | 3,633,841 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 130,209 | ||
Net realized gain on futures contracts | 61,169 | ||
Net change in unrealized appreciation of investments | 1,805,982 | ||
Net change in unrealized appreciation of futures contracts | (4,695) | ||
Net realized and unrealized gain (loss) on investments and futures contracts | 1,992,665 | ||
Change in net assets resulting from operations | $5,626,506 |
Year Ended August 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,633,841 | $3,813,206 |
Net realized gain | 191,378 | 414,459 |
Net change in unrealized appreciation/depreciation | 1,801,287 | (849,612) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,626,506 | 3,378,053 |
Distributions to Shareholders: | ||
Class A Shares | (3,453,257) | (4,893,672) |
Institutional Shares1 | (190,731) | (10,805) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,643,988) | (4,904,477) |
Share Transactions: | ||
Proceeds from sale of shares | 18,627,762 | 13,804,268 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,677,450 | 3,747,817 |
Cost of shares redeemed | (20,132,084) | (18,512,770) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,173,128 | (960,685) |
Change in net assets | 3,155,646 | (2,487,109) |
Net Assets: | ||
Beginning of period | 156,983,539 | 159,470,648 |
End of period | $160,139,185 | $156,983,539 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $378,965 | $(29,998) |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for variation margin on futures contracts | $(4,695)* |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $61,169 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(4,695) |
Year Ended August 31 | 2021 | 2020 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 847,834 | $9,468,877 | 1,088,949 | $11,961,967 |
Shares issued to shareholders in payment of distributions declared | 232,709 | 2,595,452 | 340,468 | 3,737,082 |
Shares redeemed | (1,702,693) | (18,982,268) | (1,677,969) | (18,493,159) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (622,150) | $(6,917,939) | (248,552) | $(2,794,110) |
Year Ended August 31 | 2021 | 20201 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 823,743 | $9,158,885 | 167,525 | $1,842,301 |
Shares issued to shareholders in payment of distributions declared | 7,349 | 81,998 | 969 | 10,735 |
Shares redeemed | (103,263) | (1,149,816) | (1,781) | (19,611) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 727,829 | $8,091,067 | 166,713 | $1,833,425 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 105,679 | $1,173,128 | (81,839) | $(960,685) |
2021 | 2020 | |
Tax-exempt income | $3,493,020 | $3,954,615 |
Ordinary income1 | $91,194 | $87,116 |
Long-term capital gains | $59,774 | $862,746 |
Undistributed tax-exempt income | $140,821 |
Undistributed ordinary income2 | $35,715 |
Net unrealized appreciation | $10,948,259 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $21,279,061 |
Sales | $16,780,953 |
October 25, 2021
Beginning Account Value 3/1/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,026.60 | $3.88 |
Institutional Shares | $1,000 | $1,027.80 | $2.71 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $ 1,021.37 | $ 3.87 |
Institutional Shares | $1,000 | $1,022.53 | $2.70 |
Class A Shares | 0.76% |
Institutional Shares | 0.53% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: August 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: February 2010 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes’ taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923757
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $126,430
Fiscal year ended 2020 - $120,110
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2021 - $13,659
Fiscal year ended 2020 - $25,948
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Municipal Securities Income Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date October 25, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date October 25, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date October 25, 2021