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, PA 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: 08/31/22
Date of Reporting Period: Six months ended 02/28/22
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
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 34.6% |
Water & Sewer | 17.2% |
Hospital | 9.1% |
Higher Education | 8.5% |
General Obligation – State Appropriation | 6.0% |
Dedicated Tax | 5.8% |
Pre-refunded | 3.7% |
Other Transportation | 1.7% |
Airport | 1.7% |
Electric & Gas | 1.6% |
Other2 | 9.0% |
Other Assets and Liabilities—Net3 | 1.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—95.3% | |||
Michigan—95.3% | |||
$1,255,000 | Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033 | $1,419,752 | |
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 | 1,112,233 | |
500,000 | Birmingham, MI Public Schools, 2020 UT GO School Building and Site and Refunding Bonds, 4.000%, 5/1/2023 | 517,942 | |
410,000 | Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.000%, 5/1/2027 | 456,961 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS), 4.500%, 12/1/2023 | 1,694,845 | |
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 | 556,281 | |
1,425,000 | Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030 | 1,523,515 | |
830,000 | Dearborn Heights, MI, LT GO Capital Improvement Bonds (Series 2021), (Build America Mutual Assurance INS), 3.000%, 5/1/2026 | 875,619 | |
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 | 2,127,628 | |
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 | 536,758 | |
375,000 | Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (Assured Guaranty Municipal Corp. INS), 5.000%, 4/1/2031 | 448,429 | |
720,000 | Ferndale, MI Public Schools, UT GO Refunding Bonds (Series 2021A), 4.000%, 5/1/2024 | 762,630 | |
1,000,000 | Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/1/2025 | 1,078,039 | |
200,000 | Gerald R. Ford International Airport, Limited Tax Revenue Bonds (Series 2021), (Kent County, MI GTD), 5.000%, 1/1/2026 | 225,336 | |
250,000 | Gerald R. Ford International Airport, Limited Tax Revenue Bonds (Series 2021), (Kent County, MI GTD), 5.000%, 1/1/2027 | 288,516 | |
125,000 | Gerald R. Ford International Airport, Limited Tax Revenue Bonds (Series 2021), (Kent County, MI GTD), 5.000%, 1/1/2028 | 146,861 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$495,000 | Grand Blanc, MI Community Schools, UT GO 2022 School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 11/1/2024 | $543,222 | |
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 | 707,020 | |
670,000 | Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 781,736 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034 | 1,124,694 | |
555,000 | Grand Traverse County, MI Hospital Finance Authority (Munson Healthcare), Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2025 | 619,894 | |
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 | 2,448,453 | |
300,000 | Grosse Pointe, MI Public School System, UT GO 2021 School Building and Site Bonds, 5.000%, 5/1/2024 | 324,216 | |
500,000 | Kalamazoo, MI, LT GO Refunding Bonds, (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2024 | 534,275 | |
500,000 | Kent County, MI, Michigan Transportation Fund LT GO Bonds (Series 2021), 5.000%, 9/1/2025 | 562,946 | |
500,000 | Kent County, MI, Michigan Transportation Fund LT GO Bonds (Series 2021), 5.000%, 9/1/2026 | 579,422 | |
500,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 510,552 | |
525,000 | Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030 | 622,822 | |
625,000 | Lansing, MI, LT GO Refunding Bonds (Series 2020), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2025 | 691,456 | |
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 | 522,941 | |
360,000 | Marquette, MI, Limited Tax General Obligation and Refunding Bonds (Series 2021), (Build America Mutual Assurance INS), 4.000%, 5/1/2024 | 380,838 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.000%, 10/15/2022 | 513,324 | |
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Bonds (Series 2021-I), 4.000%, 10/15/2024 | 1,068,652 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027 | 1,125,321 | |
500,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2020-I), 5.000%, 10/15/2027 | 592,273 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026 | $1,100,384 | |
1,000,000 | Michigan State Department of Transportation, Grant Anticipation Refunding Bonds (Series 2016), 5.000%, 3/15/2025 | 1,107,762 | |
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 | 604,984 | |
1,000,000 | Michigan State Finance Authority Revenue (Clean Water Revolving Fund), Drinking Water Revolving Fund Revenue Bonds (Series 2021B), 5.000%, 10/1/2026 | 1,159,046 | |
250,000 | Michigan State Finance Authority Revenue (Clean Water Revolving Fund), Drinking Water Revolving Fund Revenue Bonds (Series 2021B), 5.000%, 10/1/2027 | 297,058 | |
1,000,000 | Michigan State Finance Authority Revenue (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B), 5.000%, 10/1/2032 | 1,223,165 | |
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 | 2,175,797 | |
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 | 271,072 | |
1,500,000 | Michigan State Finance Authority Revenue (Public Lighting Authority ), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2022 | 1,517,801 | |
2,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 1999B-3), 4.000%, 11/15/2032 | 2,248,889 | |
500,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2028 | 575,244 | |
1,000,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.500%, 12/1/2026 | 1,128,033 | |
250,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C), 5.000%, 12/1/2031 | 292,188 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Revenue Bonds (Series 2021A), 5.000%, 11/15/2025 | 1,132,158 | |
1,250,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034 | 1,507,375 | |
1,000,000 | Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue Bonds (Series 2019) TOBs, 1.800%, Mandatory Tender 10/1/2024 | 1,014,376 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.250%, 10/15/2022 | $1,003,601 | |
500,000 | Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2034 | 559,165 | |
250,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 274,123 | |
200,000 | Northern Michigan University, General Revenue Refunding Bonds (Series 2021), 5.000%, 6/1/2028 | 237,839 | |
500,000 | Northview Michigan Public School District, UT GO Refunding Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 11/1/2025 | 564,117 | |
500,000 | Oakland-Macomb Interceptor Drain Drainage District, LT GO Bonds (Series 2020A), 5.000%, 7/1/2025 | 558,810 | |
500,000 | Owosso, MI, UT GO Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 4.000%, 5/1/2025 | 539,072 | |
510,000 | Port Huron, MI, LT GO Refunding Bonds (Series 2021), (Build America Mutual Assurance INS), 4.000%, 10/1/2024 | 543,618 | |
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 | 1,077,822 | |
1,000,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.000%, 9/1/2023 | 1,058,229 | |
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 | 560,559 | |
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 | 1,178,027 | |
500,000 | South Lyon, MI Community School District, School Building and Site UT GO Bonds (Series 2020-I), 4.000%, 11/1/2026 | 558,312 | |
1,085,000 | Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026 | 1,211,067 | |
1,000,000 | Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029 | 1,120,063 | |
250,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.000%, 4/1/2024 | 269,674 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027 | 1,176,306 | |
2,000,000 | University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033 | 2,270,716 |
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 | $554,474 | |
1,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2027 | 1,118,023 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $60,468,580) | 61,814,351 | ||
1 | SHORT-TERM MUNICIPALS—3.6% | ||
Michigan—3.6% | |||
500,000 | Green Lake Township, MI (Interlochen Center) Daily VRDNs, (BMO Harris Bank, N.A. LOC), 0.060%, 3/1/2022 | 500,000 | |
1,400,000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.100%, 3/1/2022 | 1,400,000 | |
400,000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 0.050%, 3/1/2022 | 400,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,300,000) | 2,300,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $62,768,580)2 | 64,114,351 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%3 | 741,274 | ||
TOTAL NET ASSETS—100% | $64,855,625 |
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 |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $11.34 | $11.46 | $11.42 | $10.92 | $11.30 | $11.54 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.20 | 0.25 | 0.27 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) | (0.42) | (0.05) | 0.05 | 0.53 | (0.38) | (0.20) |
TOTAL FROM INVESTMENT OPERATIONS | (0.34) | 0.15 | 0.30 | 0.80 | (0.13) | 0.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.21) | (0.25) | (0.27) | (0.25) | (0.25) |
Distributions from net realized gain | (0.05) | (0.06) | (0.01) | (0.03) | — | (0.04) |
TOTAL DISTRIBUTIONS | (0.13) | (0.27) | (0.26) | (0.30) | (0.25) | (0.29) |
Net Asset Value, End of Period | $10.87 | $11.34 | $11.46 | $11.42 | $10.92 | $11.30 |
Total Return1 | (3.05)% | 1.26% | 2.67% | 7.46% | (1.11)% | 0.52% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.77%3 | 0.77% | 0.77%4 | 0.77%4 | 0.77%4 | 0.77% |
Net investment income | 1.44%3 | 1.80% | 2.20% | 2.42% | 2.29% | 2.27% |
Expense waiver/reimbursement5 | 0.34%3 | 0.32% | 0.32% | 0.29% | 0.21% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $48,277 | $66,554 | $72,959 | $78,276 | $88,810 | $110,912 |
Portfolio turnover6 | 6% | 20% | 11% | 21% | 19% | 13% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | ||
2021 | 20201,2 | ||
Net Asset Value, Beginning of Period | $11.34 | $11.46 | $11.15 |
Income From Investment Operations: | |||
Net investment income | 0.09 | 0.23 | 0.09 |
Net realized and unrealized gain (loss) | (0.42) | (0.06) | 0.31 |
TOTAL FROM INVESTMENT OPERATIONS | (0.33) | 0.17 | 0.40 |
Less Distributions: | |||
Distributions from net investment income | (0.09) | (0.23) | (0.09) |
Distributions from net realized gain | (0.05) | (0.06) | — |
TOTAL DISTRIBUTIONS | (0.14) | (0.29) | (0.09) |
Net Asset Value, End of Period | $10.87 | $11.34 | $11.46 |
Total Return3 | (2.93)% | 1.50% | 3.56% |
Ratios to Average Net Assets: | |||
Net expenses4 | 0.52%5 | 0.52% | 0.52%5,6 |
Net investment income | 1.69%5 | 2.03% | 2.23%5 |
Expense waiver/reimbursement7 | 0.34%5 | 0.32% | 0.40%5 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $16,578 | $10,675 | $3,273 |
Portfolio turnover8 | 6% | 20% | 11%9 |
February 28, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $62,768,580) | $64,114,351 | |
Cash | 50,159 | |
Income receivable | 764,947 | |
Prepaid expenses | 22,560 | |
Receivable for shares sold | 446 | |
TOTAL ASSETS | 64,952,463 | |
Liabilities: | ||
Payable for shares redeemed | $19,952 | |
Income distribution payable | 18,493 | |
Payable for portfolio accounting fees | 35,178 | |
Payable for other service fees (Notes 2 and 5) | 9,626 | |
Payable for share registration costs | 7,569 | |
Payable for transfer agent fee | 5,671 | |
Payable for administrative fee (Note 5) | 231 | |
Payable for Directors’/Trustees’ fees (Note 5) | 118 | |
TOTAL LIABILITIES | 96,838 | |
Net assets for 5,968,711 shares outstanding | $64,855,625 | |
Net Assets Consists of: | ||
Paid-in capital | $63,091,524 | |
Total distributable earnings (loss) | 1,764,101 | |
TOTAL NET ASSETS | $64,855,625 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($48,277,431 ÷ 4,443,253 shares outstanding), no par value, unlimited shares authorized | $10.87 | |
Offering price per share (100/97.00 of $10.87) | $11.21 | |
Redemption proceeds per share | $10.87 | |
Institutional Shares: | ||
Net asset value per share ($16,578,194 ÷ 1,525,458 shares outstanding), no par value, unlimited shares authorized | $10.87 | |
Offering price per share | $10.87 | |
Redemption proceeds per share | $10.87 |
Six Months Ended February 28, 2022 (unaudited)
Investment Income: | |||
Interest | $790,255 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $142,601 | ||
Administrative fee (Note 5) | 28,409 | ||
Custodian fees | 3,769 | ||
Transfer agent fees | 17,412 | ||
Directors’/Trustees’ fees (Note 5) | 1,040 | ||
Auditing fees | 15,080 | ||
Legal fees | 4,503 | ||
Other service fees (Notes 2 and 5) | 66,493 | ||
Portfolio accounting fees | 53,558 | ||
Share registration costs | 19,197 | ||
Printing and postage | 10,051 | ||
Miscellaneous (Note 5) | 11,251 | ||
TOTAL EXPENSES | 373,364 | ||
Waiver of investment adviser fee (Note 5) | (119,742) | ||
Net expenses | 253,622 | ||
Net investment income | 536,633 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 624,318 | ||
Net change in unrealized appreciation of investments | (3,341,947) | ||
Net realized and unrealized loss on investments | (2,717,629) | ||
Change in net assets resulting from operations | $(2,180,996) |
Six Months Ended (unaudited) 2/28/2022 | Year Ended 8/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $536,633 | $1,419,629 |
Net realized gain | 624,318 | 121,176 |
Net change in unrealized appreciation/depreciation | (3,341,947) | (545,952) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (2,180,996) | 994,853 |
Distributions to Shareholders: | ||
Class A Shares | (602,680) | (1,560,716) |
Institutional Shares | (234,645) | (253,205) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (837,325) | (1,813,921) |
Share Transactions: | ||
Proceeds from sale of shares | 11,785,993 | 18,161,152 |
Net asset value of shares issued to shareholders in payment of distributions declared | 629,725 | 1,691,787 |
Cost of shares redeemed | (21,770,767) | (18,037,040) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (9,355,049) | 1,815,899 |
Change in net assets | (12,373,370) | 996,831 |
Net Assets: | ||
Beginning of period | 77,228,995 | 76,232,164 |
End of period | $64,855,625 | $77,228,995 |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 107,181 | $1,195,199 | 840,490 | $9,593,743 |
Shares issued to shareholders in payment of distributions declared | 49,929 | 556,550 | 127,060 | 1,448,392 |
Shares redeemed | (1,583,234) | (17,780,426) | (1,466,264) | (16,710,943) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,426,124) | $(16,028,677) | (498,714) | $(5,668,808) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 937,630 | $10,590,794 | 750,794 | $8,567,409 |
Shares issued to shareholders in payment of distributions declared | 6,565 | 73,175 | 21,355 | 243,395 |
Shares redeemed | (360,108) | (3,990,341) | (116,478) | (1,326,097) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 584,087 | $6,673,628 | 655,671 | $7,484,707 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (842,037) | $(9,355,049) | 156,957 | $1,815,899 |
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 | $4,191,670 |
Sales | $14,833,072 |
Beginning Account Value 9/1/2021 | Ending Account Value 2/28/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $969.50 | $3.76 |
Institutional Shares | $1,000 | $970.70 | $2.54 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.98 | $3.86 |
Institutional Shares | $1,000 | $1,022.22 | $2.61 |
Class A Shares | 0.77% |
Institutional Shares | 0.52% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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
Sector Composition | Percentage of Total Net Assets |
Dedicated Tax | 16.0% |
Primary/Secondary Education | 11.1% |
Senior Care | 9.8% |
Hospital | 9.3% |
Industrial Development Bond/Pollution Control Revenue Bond | 8.5% |
Incremental Tax | 6.0% |
Tobacco | 5.4% |
General Obligation-State | 4.8% |
Pre-Refunded | 4.6% |
Airport | 3.7% |
Other2 | 19.7% |
Other Assets and Liabilities—Net3 | 1.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.6% | |||
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 | $314,243 |
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 | 934,313 |
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 | 2,168,445 | |
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 | 2,161,636 | |
790,000 | 2 | Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 | 841,317 |
TOTAL | 6,419,954 | ||
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—2.2% | |||
650,000 | 2 | Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051 | 718,296 |
500,000 | 2 | Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 552,535 |
1,000,000 | 2 | Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 1,104,737 |
1,750,000 | 2 | Arizona State IDA (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 1,943,365 |
1,000,000 | Maricopa County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), 4.000%, 10/15/2047 | 1,035,337 | |
1,000,000 | 2 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 1,073,871 |
1,500,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 | 1,579,256 | |
1,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,071,398 |
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 | $3,819,164 | |
430,000 | 2 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 443,240 |
TOTAL | 13,341,199 | ||
California—6.7% | |||
4,445,000 | California Health Facilities Financing Authority (Cedars-Sinai Medical Center), Revenue Refunding Bonds (Series 2021A), 5.000%, 8/15/2051 | 5,424,884 | |
2,000,000 | California Health Facilities Financing Authority (CommonSpirit Health), Revenue Refunding Bonds (Series 2020A), 4.000%, 4/1/2049 | 2,178,163 | |
2,000,000 | California Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 6/1/2048 | 2,269,886 | |
500,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 548,609 |
750,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 799,097 |
565,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 612,797 |
500,000 | 2 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 557,823 |
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 | 1,119,577 |
500,000 | 2 | California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 539,371 |
1,100,000 | 2 | California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 1,205,937 |
1,925,000 | California State, UT GO Various Purpose Refunding Bonds (Series 2021), 4.000%, 10/1/2041 | 2,199,887 | |
2,250,000 | 2 | California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 2,514,603 |
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 | 1,709,495 | |
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 | 1,131,682 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$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 | $529,191 | |
95,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028 | 100,185 | |
365,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2029 | 384,716 | |
180,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2030 | 189,592 | |
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 | 1,071,403 | |
850,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2017A), 5.000%, 5/15/2047 | 966,458 | |
1,500,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2051 | 1,788,624 | |
1,000,000 | Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.000%, 8/1/2044 | 1,079,545 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 3,565,527 | |
1,000,000 | Palomar Health, CA Revenue (Series 2016), 5.000%, 11/1/2039 | 1,132,017 | |
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 | 484,969 | |
1,000,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017), 5.000%, 9/1/2034 | 1,135,872 | |
1,255,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 5), Special Tax Revenue Bonds (Series 2021), 4.000%, 9/1/2050 | 1,346,051 | |
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 | 362,079 |
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 | 570,050 | |
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 | 1,256,551 | |
990,000 | Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A), 5.000%, 9/1/2044 | 1,118,590 | |
TOTAL | 39,893,231 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—6.3% | |||
$750,000 | Arista, CO Metropolitan District, Special Revenue Refunding and Improvement Bonds (Series 2018A), 5.000%, 12/1/2038 | $788,910 | |
1,000,000 | Banning Lewis Ranch Metropolitan District No. 4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048 | 1,056,648 | |
1,000,000 | Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048 | 1,050,365 | |
1,500,000 | Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046 | 1,547,000 | |
2,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625%, 12/1/2038 | 2,099,317 | |
1,250,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.000%, 12/1/2038 | 1,317,821 | |
500,000 | Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), 4.000%, 5/1/2061 | 518,180 | |
1,000,000 | 2 | Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 1,069,284 |
1,625,000 | Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.500%, 7/1/2049 | 1,698,530 | |
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 | 1,078,331 | |
5,000,000 | Colorado Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), Hospital Revenue Bonds (Series 2021A), 4.000%, 11/15/2050 | 5,637,078 | |
1,500,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2037 | 1,575,600 | |
1,250,000 | Denver Connection West Metropolitan District, LT GO Bonds (Series 2017A), 5.375%, 8/1/2047 | 1,297,811 | |
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 | 1,064,292 | |
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 | 1,081,112 | |
500,000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 553,673 | |
1,000,000 | 2 | Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 1,146,013 |
750,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027 | 744,686 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$1,170,000 | Hogback Metropolitan District, CO, Limited Tax General Obligation Bonds (Series 2021A), 5.000%, 12/1/2051 | $1,160,062 | |
1,500,000 | Lakes at Centerra Metropolitan District No. 2, LT GO Refunding and Improvement Bonds (Series 2018A), 5.125%, 12/1/2037 | 1,570,311 | |
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 | 2,604,689 | |
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 | 2,394,508 | |
750,000 | Rampart Range, CO Metropolitan District No. 5, Limited Tax Supported and Special Revenue Bonds (Series 2021), 4.000%, 12/1/2051 | 712,394 | |
2,510,000 | St. Vrain Lakes, CO Metropolitan District No. 2, Limited Tax GO Senior Bonds (Series 2017A), 5.000%, 12/1/2037 | 2,613,827 | |
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 | 1,094,286 | |
TOTAL | 37,474,728 | ||
Connecticut—1.2% | |||
1,000,000 | Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.950%, 4/1/2026 | 1,000,588 | |
1,500,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2038 | 1,789,044 | |
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2039 | 1,129,098 | |
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 | 2,042,866 |
1,500,000 | Steel Point Infrastructure Improvement District, Steelpoint Harbor Special Obligation Revenue Bonds (Series 2021), 4.000%, 4/1/2051 | 1,500,987 | |
TOTAL | 7,462,583 | ||
Delaware—1.5% | |||
2,000,000 | Delaware Economic Development Authority (Newark Charter School, Inc.), Charter School Revenue Bonds (Series 2021), 4.000%, 9/1/2051 | 2,158,790 | |
3,000,000 | Delaware Health Facilities Authority (Christiana Care Health Services), Revenue and Refunding Bonds (Series 2020A), 4.000%, 10/1/2049 | 3,306,300 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Delaware—continued | |||
$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 | $3,214,665 |
TOTAL | 8,679,755 | ||
District of Columbia—2.1% | |||
1,000,000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | 1,086,597 | |
1,000,000 | District of Columbia (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%), 5.000%, 7/1/2052 | 1,040,704 | |
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 | 1,097,299 | |
1,000,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2019), 4.000%, 7/1/2039 | 1,085,965 | |
1,500,000 | District of Columbia, UT GO Bonds (Series 2021D), 4.000%, 2/1/2046 | 1,706,888 | |
1,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 | 1,144,685 | |
3,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2019A), 5.000%, 10/1/2039 | 3,528,721 | |
500,000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2020A), 4.000%, 7/15/2045 | 560,173 | |
1,070,000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2021A), 4.000%, 7/15/2046 | 1,209,881 | |
TOTAL | 12,460,913 | ||
Florida—7.2% | |||
1,245,000 | Alta Lakes, FL Community Development District, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049 | 1,310,427 | |
135,000 | Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 | 136,490 | |
450,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-1), 4.000%, 5/1/2051 | 458,638 | |
550,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-2), 4.000%, 5/1/2052 | 560,558 | |
1,365,000 | Boggy Branch CDD, FL, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2051 | 1,375,375 | |
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 | 1,091,595 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$1,000,000 | Florida Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A), 4.000%, 6/1/2055 | $1,033,569 | |
1,000,000 | Florida Development Finance Corp. (Shands Jacksonville Medical Center, Inc.), UFHealth Revenue Refunding Bonds (Series 2022A), 5.000%, 2/1/2052 | 1,171,174 | |
1,000,000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2040 | 1,093,647 | |
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 | 1,032,436 | |
265,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051 | 258,811 | |
750,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%), 3.875%, 5/1/2031 | 731,027 | |
555,000 | Lakewood Ranch Stewardship District, FL (Indigo Expansion Area Project), Special Assessment Revenue Bonds (Series 2019), 4.000%, 5/1/2049 | 564,459 | |
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 | 1,036,887 | |
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 | 1,082,032 | |
750,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020), 4.000%, 5/1/2050 | 763,319 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Project—Phase 1B), Special Assessment Revenue Bonds (Series 2018), 5.450%, 5/1/2048 | 1,099,998 | |
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 | 1,358,241 | |
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 | 2,064,543 | |
1,840,000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.000%, 5/1/2050 | 1,861,289 | |
1,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2014A), 5.000%, 10/1/2036 | 1,077,948 | |
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 | 759,942 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$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 | $1,036,511 | |
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 | 2,346,108 |
145,000 | 1,3 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 1 |
1,125,000 | River Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051 | 1,136,713 | |
900,000 | Rivers Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | 906,150 | |
1,250,000 | Seminole County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054 | 1,345,334 | |
940,000 | Southern Grove, FL Community Development District #5, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2048 | 948,582 | |
585,000 | Southern Grove, FL Community Development District #5, Special Assessment District Revenue Refunding Bonds (Series 2019), 4.000%, 5/1/2043 | 598,153 | |
500,000 | St. Johns County, FL IDA (Vicar’s Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2050 | 503,666 | |
495,000 | Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040 | 517,921 | |
770,000 | Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050 | 802,510 | |
900,000 | Tolomato Community Development District, FL, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040 | 959,119 | |
1,000,000 | Tolomato Community Development District, FL, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2), 4.250%, 5/1/2037 | 1,061,388 | |
290,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), (Original Issue Yield: 6.930%), 6.610%, 5/1/2040 | 290,728 | |
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 | 138,511 | |
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 | 69,933 | |
1,400,000 | Tradition CDD No. 9, Special Assessment Community Infrastructure Bonds (Series 2021), 4.000%, 5/1/2052 | 1,416,028 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$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 | $1,011,527 | |
1,500,000 | Viera Stewardship District (Viera Stewardship District Village 2), Special Assessment Revenue Bonds (Series 2021), 4.000%, 5/1/2053 | 1,516,299 | |
2,000,000 | Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 | 2,105,000 | |
TOTAL | 42,672,591 | ||
Georgia—0.4% | |||
1,000,000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 | 1,109,311 | |
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 | 1,027,856 | |
500,000 | Rockdale County, GA Development Authority (Pratt Paper, LLC), Revenue Refunding Bonds (Series 2018), 4.000%, 1/1/2038 | 539,879 | |
TOTAL | 2,677,046 | ||
Guam—0.2% | |||
705,000 | Guam Government, Business Privilege Tax Refunding Bonds (Series 2021F), 4.000%, 1/1/2042 | 753,678 | |
500,000 | Guam Government, Hotel Occupancy Tax Revenue Refunding Bonds (Series 2021A), 5.000%, 11/1/2040 | 591,813 | |
TOTAL | 1,345,491 | ||
Hawaii—0.2% | |||
1,000,000 | Hawaii State Airports System Revenue, Airports Systems Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,144,125 | |
Idaho—0.5% | |||
3,000,000 | Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.550%, 10/1/2056 | 2,760,463 | |
490,000 | Idaho Health Facilities Authority (Terraces of Boise), Taxable Exchange Revenue Refunding Bonds (Series 2021B), 8.000%, 10/1/2028 | 480,265 | |
TOTAL | 3,240,728 | ||
Illinois—9.0% | |||
1,000,000 | Chicago, IL (Chicago, IL Sales Tax), Revenue Refunding Bonds (Series 2002), (United States Treasury PRF 1/1/2025@100), 5.000%, 1/1/2032 | 1,100,859 | |
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 | 2,096,361 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$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 | $4,035,698 | |
1,200,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.000%, 12/1/2046 | 1,327,663 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2030 | 1,138,184 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2031 | 1,136,267 | |
1,125,000 | Chicago, IL O’Hare International Airport (TRIPs Obligated Group), Senior Special Facilities Revenue Bonds (Series 2018), 5.000%, 7/1/2048 | 1,294,956 | |
385,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.000%, 1/1/2041 | 430,060 | |
1,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044 | 1,351,566 | |
2,683,000 | Chicago, IL, UT GO Exchanged Bonds (Series 2021B), 4.000%, 1/1/2038 | 2,853,406 | |
1,333,000 | Chicago, IL, UT GO Exchanged Bonds (Series 2021B), 4.000%, 1/1/2044 | 1,400,451 | |
314,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 315,693 | |
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 | 2,028,903 | |
800,000 | Illinois Finance Authority (Dekalb Supportive Living Facility), Multi-Family Housing Revenue Bonds (Series 2007), 6.100%, 12/1/2041 | 732,244 | |
1,100,000 | Illinois Finance Authority (Lutheran Life Communities), Revenue Bonds (Series 2019A), 5.000%, 11/1/2040 | 1,187,017 | |
1,250,000 | Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.000%, 9/1/2032 | 1,331,681 | |
1,100,000 | Illinois Finance Authority (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A), 6.125%, 2/1/2045 | 1,146,118 | |
3,000,000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046 | 3,679,017 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 9,161,675 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2013A), 5.000%, 4/1/2035 | 2,075,197 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041 | 1,070,447 | |
2,025,000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038 | 2,129,788 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), (Original Issue Yield: 5.040%), 5.000%, 2/1/2039 | 1,054,253 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018B), 5.000%, 10/1/2030 | $3,462,216 | |
600,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2046 | 693,605 | |
410,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025 | 417,047 | |
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 | 1,071,849 | |
2,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), 5.500%, 6/15/2053 | 2,179,243 | |
2,000,000 | 4 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), (Original Issue Yield: 5.250%), 5.250%, 12/15/2056 | 495,512 |
1,000,000 | Sales Tax Securitization Corp., IL, Sales Tax Revenue Bonds (Series 2017A), 5.000%, 1/1/2030 | 1,160,110 | |
TOTAL | 53,557,086 | ||
Indiana—1.2% | |||
915,000 | Indiana State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055 | 986,897 | |
4,000,000 | Indiana State Finance Authority (Ohio River Bridges East End Crossing), Tax-Exempt Private Activity Bonds (Series 2013), (United States Treasury PRF 7/1/2023@100), 5.250%, 1/1/2051 | 4,208,158 | |
2,000,000 | Rockport, IN (AK Steel Corp.), Revenue Refunding Bonds (Series 2012-A), 7.000%, 6/1/2028 | 2,008,025 | |
TOTAL | 7,203,080 | ||
Iowa—1.3% | |||
916,872 | Iowa Finance Authority (Deerfield Retirement Community, Inc.), Lifespace GTD Senior Living Facility Revenue Refunding Bonds (Series 2014A), (United States Treasury PRF 11/15/2024@100), 5.400%, 11/15/2046 | 1,006,460 | |
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 | 1,066,669 | |
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 | 3,166,497 | |
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 | 774,234 |
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 | 531,369 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$1,060,000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.000%, 12/1/2041 | $1,175,275 | |
TOTAL | 7,720,504 | ||
Kentucky—0.5% | |||
1,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2046 | 1,021,190 | |
2,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051 | 2,038,540 | |
TOTAL | 3,059,730 | ||
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 | 1,127,046 | |
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 | 34,131 | |
970,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), 5.000%, 5/15/2047 | 1,080,439 | |
1,000,000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008) TOBs, 6.100%, Mandatory Tender 6/1/2030 | 1,248,987 | |
1,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.250%, 5/15/2035 | 1,600,335 | |
TOTAL | 5,090,938 | ||
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 | 1,114,541 | |
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 | 2,168,742 |
TOTAL | 3,283,283 | ||
Maryland—1.8% | |||
955,000 | Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 1,040,019 | |
500,000 | Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 6/1/2043 | 530,969 | |
1,865,000 | Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds (Series 2020B), 4.625%, 7/1/2043 | 2,098,260 | |
1,060,000 | Maryland State Economic Development Corp. (CONSOL Energy, Inc.), Port Facilities Refunding Revenue Bonds (Series 2010), 5.750%, 9/1/2025 | 1,071,237 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maryland—continued | |||
$1,000,000 | Maryland State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020), 4.000%, 9/1/2050 | $1,044,453 | |
200,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2032 | 231,892 | |
450,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2035 | 520,262 | |
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 | 1,080,445 |
1,000,000 | Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), Special Obligation Bonds (Series 2016), 5.000%, 7/1/2046 | 1,071,449 | |
1,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), (Series 2017B), 5.000%, 11/1/2047 | 1,054,067 | |
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 | 1,067,221 | |
TOTAL | 10,810,274 | ||
Massachusetts—1.0% | |||
1,000,000 | Commonwealth of Massachusetts, GO Consolidated Loan Bonds (Series 2020E), 5.000%, 11/1/2050 | 1,216,949 | |
2,000,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Refunding Bonds (Series 2016Q), 5.000%, 7/1/2047 | 2,261,109 | |
1,000,000 | 2 | Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 1,068,358 |
1,000,000 | Massachusetts Port Authority, Revenue Bonds (Series 2021-E), 5.000%, 7/1/2051 | 1,195,692 | |
TOTAL | 5,742,108 | ||
Michigan—2.2% | |||
1,000,000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050 | 1,183,561 | |
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 | 1,078,283 | |
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 | 1,075,657 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$2,210,000 | Michigan State Finance Authority Revenue (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2019A), 4.000%, 11/15/2050 | $2,412,216 | |
2,000,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2044 | 2,080,342 | |
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 | 3,156,188 | |
1,500,000 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 915,000 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2015), 5.000%, 4/1/2040 | 1,131,055 | |
TOTAL | 13,032,302 | ||
Minnesota—2.5% | |||
750,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.000%, 8/1/2041 | 771,073 | |
1,100,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.250%, 8/1/2046 | 1,135,716 | |
45,000 | Duluth, MN EDA (St. Luke’s Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012), (United States Treasury PRF 6/15/2022@100), 6.000%, 6/15/2039 | 45,673 | |
1,955,000 | Duluth, MN EDA (St. Luke’s Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012), 6.000%, 6/15/2039 | 1,980,647 | |
1,700,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), 5.750%, 8/1/2044 | 1,752,304 | |
1,000,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), 5.375%, 8/1/2050 | 1,103,582 | |
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 | 3,193,690 |
2,000,000 | St. Cloud, MN Charter School (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046 | 1,739,979 | |
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 | 2,138,258 | |
325,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036 | 325,531 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Minnesota—continued | |||
$750,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046 | $752,484 | |
TOTAL | 14,938,937 | ||
Missouri—0.8% | |||
400,000 | Cape Girardeau County, MO IDA (SoutheastHEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021), 4.000%, 3/1/2046 | 429,342 | |
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 | 1,163,155 | |
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 | 1,874,298 |
1,000,000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050 | 1,049,982 | |
TOTAL | 4,516,777 | ||
Montana—0.4% | |||
900,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 949,584 | |
1,425,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2052 | 1,499,095 | |
TOTAL | 2,448,679 | ||
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 | 2,552,024 | |
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 | 3,221,183 | |
TOTAL | 5,773,207 | ||
Nevada—1.3% | |||
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 | 970,675 |
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 | 1,061,456 |
940,000 | Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.000%, 12/1/2035 | 1,000,492 | |
500,000 | Las Vegas, NV (Summerlin Village 25 SID No. 815), Local Improvement Bonds (Series 2020), 5.000%, 12/1/2049 | 552,101 |
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 | $1,644,828 | |
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 | 803,959 | |
1,240,000 | Las Vegas, NV Special Improvement District No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds (Series 2019), 4.000%, 6/1/2049 | 1,281,258 | |
665,000 | North Las Vegas, NV Special Improvement District No. 64 (Valley Vista), Local Improvement Bonds (Series 2019), 4.625%, 6/1/2049 | 708,257 | |
TOTAL | 8,023,026 | ||
New Hampshire—0.1% | |||
100,000 | National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B) TOBs, 3.750%, Mandatory Tender 7/2/2040 | 100,870 | |
1,500,000 | 1,2,3 | New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A), (Original Issue Yield: 6.375%), 6.125%, 7/1/2052 | 750,000 |
TOTAL | 850,870 | ||
New Jersey—4.5% | |||
1,500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 4.000%, 6/15/2046 | 1,609,722 | |
3,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Revenue Refunding Bonds (Series 2013NN), (United States Treasury PRF 3/1/2023@100), 5.000%, 3/1/2030 | 3,122,603 | |
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 | 202,557 | |
3,075,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 | 3,398,619 | |
500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), 5.000%, 6/15/2043 | 568,956 | |
1,280,000 | New Jersey EDA (New Jersey State), Subordinate Revenue Refunding Bonds (Series 2017A), 5.000%, 7/1/2033 | 1,443,486 | |
1,335,000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 | 1,487,193 | |
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 | 1,008,301 | |
2,500,000 | New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 1999), 5.250%, 9/15/2029 | 2,561,166 |
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 | $2,138,344 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034 | 1,153,298 | |
1,415,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 4.000%, 6/15/2035 | 1,559,032 | |
750,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2032 | 872,552 | |
500,000 | South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048 | 551,885 | |
4,610,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 | 5,134,253 | |
TOTAL | 26,811,967 | ||
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 | 1,012,332 | |
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 | 2,012,738 |
TOTAL | 3,025,070 | ||
New York—4.1% | |||
1,000,000 | 2 | Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1,095,646 |
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 | 1,750,620 |
1,250,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Revenue Bonds (Series 2022A), 4.000%, 2/15/2044 | 1,417,165 | |
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 | 1,113,021 |
1,365,028 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Revenue Bonds (Series 2021B), 5.000%, 1/1/2058 | 1,136,500 | |
500,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1), 4.000%, 5/1/2045 | 557,521 | |
1,000,000 | New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.000%, 6/1/2051 | 1,078,739 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,000,000 | 2 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 | $1,080,097 |
1,000,000 | New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2060 | 1,101,111 | |
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 | 1,651,321 | |
665,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 3.000%, 8/1/2031 | 675,930 | |
2,445,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2026 | 2,469,367 | |
455,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2031 | 459,535 | |
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 | 1,126,804 | |
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 | 1,604,492 | |
1,000,000 | New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds (Series 2021), 4.000%, 4/30/2053 | 1,074,488 | |
865,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2042 | 912,009 | |
1,800,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 4.000%, 12/1/2042 | 1,941,870 | |
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 | 1,017,112 | |
1,000,000 | TSASC, Inc. NY, Tobacco Settlement Asset-Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041 | 1,113,337 | |
TOTAL | 24,376,685 | ||
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 | 2,390,564 | |
1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), (United States Treasury PRF 10/1/2023@103), 5.000%, 10/1/2037 | 1,088,858 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), (United States Treasury PRF 10/1/2023@103), 10/1/2047 | $1,088,859 | |
TOTAL | 4,568,281 | ||
Ohio—4.5% | |||
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 | 1,064,084 | |
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 | 11,866,320 | |
1,000,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,165,704 | |
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 | 2,050,662 | |
1,800,000 | 2 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 1,953,765 |
1,000,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 1,107,375 | |
1,125,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2041 | 1,250,437 | |
1,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Revenue Bonds (Series 2020A), 4.000%, 1/15/2050 | 1,083,336 | |
1,000,000 | Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2053 | 1,074,534 | |
3,225,000 | Ohio State, Infrastructure Improvement GO Bonds (Series 2021A), 5.000%, 3/1/2040 | 4,097,090 | |
TOTAL | 26,713,307 | ||
Oklahoma—0.9% | |||
3,000,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | 3,554,498 | |
1,750,000 | Tulsa County, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Refunding Bonds (Series 2017), 5.250%, 11/15/2045 | 1,913,105 | |
TOTAL | 5,467,603 | ||
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 | 464,379 | |
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 | 669,392 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oregon—continued | |||
$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 | $421,416 | |
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 | 526,614 | |
TOTAL | 2,081,801 | ||
Pennsylvania—4.9% | |||
2,500,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A), 4.000%, 1/1/2056 | 2,676,238 | |
3,715,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2042 | 3,739,514 | |
2,000,000 | Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 | 2,204,032 | |
500,000 | Butler County, PA Hospital Authority (Butler Health System), Hospital Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 548,885 | |
1,200,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047 | 1,322,668 | |
800,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051 | 879,838 | |
1,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), (Original Issue Yield: 5.050%), 5.000%, 12/1/2042 | 1,020,381 | |
1,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050 | 1,092,142 | |
3,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 5.000%, 4/1/2050 | 3,583,944 | |
3,000,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Academy Regional Charter School), Charter School Revenue Bonds (Series 2022), 4.000%, 6/1/2057 | 3,218,574 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 2,089,386 | |
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 | 1,372,347 | |
2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046 | 2,194,470 | |
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 | 1,259,055 | |
740,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 756,358 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | $1,155,719 | |
TOTAL | 29,113,551 | ||
Puerto Rico—5.3% | |||
4,000,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010 XX-RSA-1), 5.250%, 7/1/2040 | 4,135,000 |
995,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2012A-RSA-1), 5.050%, 7/1/2042 | 1,023,606 |
310,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2033 | 328,600 |
195,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2040 | 206,700 |
2,500,000 | 1,3 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2043 | 2,649,999 |
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 | 1,618,056 |
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 | 10,451,012 | |
4,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 4,413,779 | |
6,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | 6,620,936 | |
TOTAL | 31,447,688 | ||
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 | 552,098 | |
2,730,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 2,927,503 | |
TOTAL | 3,479,601 | ||
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 | 1,069,729 | |
1,020,000 | 2 | South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2056 | 1,027,247 |
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 | 1,062,297 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—continued | |||
$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 | $1,061,389 | |
TOTAL | 4,220,662 | ||
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 | 1,057,366 | |
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), 5.125%, 11/1/2047 | 1,057,405 | |
TOTAL | 2,114,771 | ||
Tennessee—0.2% | |||
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 | 896,527 | |
500,000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2049 | 536,897 | |
TOTAL | 1,433,424 | ||
Texas—8.2% | |||
1,100,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 1,214,499 | |
500,000 | Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.000%, 11/15/2044 | 540,596 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2034 | 270,674 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2017B), 5.000%, 1/1/2034 | 260,528 | |
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 | 1,048,481 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2043 | 2,115,397 | |
500,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012), 5.000%, 8/15/2042 | 507,565 | |
1,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2022A), (Texas Permanent School Fund Guarantee Program GTD), 4.000%, 8/15/2047 | 1,143,346 | |
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 | 1,076,995 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,000,000 | Clifton Higher Education Finance Corporation, TX (Uplift Education), Revenue Bonds (Series 2015A), 5.000%, 12/1/2050 | $2,143,832 | |
4,335,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B), 5.000%, 12/1/2047 | 5,319,861 | |
1,527,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2044 | 1,651,641 | |
515,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Revenue Bonds, (United States Treasury PRF 9/1/2023@100), 6.375%, 9/1/2042 | 554,115 | |
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 | 1,182,093 | |
1,500,000 | Houston, TX Airport System (United Airlines, Inc.), Airport System Special Facilities Revenue Bonds (Series 2021 B-1), 4.000%, 7/15/2041 | 1,548,353 | |
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 | 1,508,052 | |
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 | 1,052,968 | |
1,500,000 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017A), 5.000%, 10/15/2044 | 1,677,798 | |
2,000,000 | Lavernia, TX Higher Education Finance Corporation (Meridian World School), Education Revenue Bonds (Series 2015A), (United States Treasury PRF 8/15/2024@100), 5.500%, 8/15/2045 | 2,196,836 | |
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 | 1,577,210 |
1,500,000 | New Hope Cultural Education Facilities Finance Corporation (Buckingham Senior Living Community), Retirement Facilities Revenue Exchange Bonds (Series 2021B), 2.000%, 11/15/2061 | 851,212 | |
2,000,000 | New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding Bonds (Series 2021), 4.000%, 8/15/2056 | 2,049,069 | |
2,000,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2042 | 2,109,327 | |
700,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), (United States Treasury PRF 11/15/2024@102), 5.000%, 11/15/2046 | 779,507 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $1,032,051 | |
600,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2039 | 671,495 | |
1,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2040 | 1,129,848 | |
335,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041 | 377,923 | |
2,000,000 | Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), (United States Treasury PRF 11/15/2024@100), 8.000%, 11/15/2049 | 2,344,250 | |
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 | 2,902,110 | |
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 | 1,699,188 | |
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 | 2,168,404 | |
545,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 606,773 | |
1,500,000 | Texas Water Development Board, State Revolving Fund Revenue Bonds (Series 2018), 4.000%, 8/1/2036 | 1,669,463 | |
TOTAL | 48,981,460 | ||
Utah—0.6% | |||
1,000,000 | Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,139,730 | |
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 | 2,169,474 |
TOTAL | 3,309,204 | ||
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 | 1,116,270 |
Virginia—1.6% | |||
1,800,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2051 | 1,979,540 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$1,500,000 | 2 | Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), (United States Treasury PRF 3/1/2025@100), 5.600%, 3/1/2045 | $1,676,234 |
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 | 1,065,654 | |
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 | 4,280,895 | |
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 | 377,912 | |
TOTAL | 9,380,235 | ||
Washington—2.8% | |||
2,000,000 | Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 7/1/2042 | 2,302,171 | |
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 | 1,033,312 | |
5,000,000 | 2,5 | Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 9.542% (SIFMA 7-day +0.000%), 1/1/2047 | 6,000,667 |
1,000,000 | Washington State Convention Center Public Facilities District, Junior Lodging Tax Notes (Series 2021), 4.000%, 7/1/2031 | 1,084,678 | |
1,000,000 | Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017), 5.000%, 8/15/2037 | 1,136,106 | |
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 | 1,085,134 |
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 | 1,086,753 |
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 | 2,689,033 |
TOTAL | 16,417,854 | ||
Wisconsin—2.4% | |||
3,000,000 | 2 | Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 3,145,125 |
1,375,000 | 2 | Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 1,482,147 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$750,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2047 | $789,760 | |
1,000,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2052 | 1,051,771 | |
1,000,000 | Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), 4.000%, 8/1/2035 | 1,008,840 | |
3,000,000 | 2 | Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2048 | 3,202,206 |
1,500,000 | Public Finance Authority, WI Revenue (Fargo-Moorhead Metropolitan Area Flood Risk Management Project), Senior Revenue Bonds (Series 2021) Green Bonds, 4.000%, 3/31/2056 | 1,550,631 | |
800,000 | Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039 | 865,008 | |
1,000,000 | Wisconsin Health & Educational Facilities Authority (St. Camillus Health System, Inc.), Revenue Bonds (Series 2019A), 5.000%, 11/1/2046 | 1,073,282 | |
TOTAL | 14,168,770 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $556,414,491) | 581,132,599 | ||
5 | SHORT-TERM MUNICIPALS—1.3% | ||
Alabama—0.4% | |||
275,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-A) Daily VRDNs, 0.131%, 3/1/2022 | 275,000 | |
2,095,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.131%, 3/1/2022 | 2,095,000 | |
TOTAL | 2,370,000 | ||
Georgia—0.4% | |||
2,450,000 | Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.131%, 3/1/2022 | 2,450,000 | |
New York—0.1% | |||
200,000 | New York City, NY Municipal Water Finance Authority, (2014 Series AA-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 3/1/2022 | 200,000 | |
Texas—0.4% | |||
1,400,000 | Dallas-Fort Worth, TX International Airport Facility Improvement Corp. (United Parcel Service, Inc.), (Series 2002) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.120%, 3/1/2022 | 1,400,000 |
Principal Amount | Value | ||
5 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$1,000,000 | Gulf Coast, TX Waste Disposal Authority (Exxon Capital Ventures, Inc.), (Series 2002) Daily VRDNs, (Exxon Mobil Corp. GTD), 0.121%, 3/1/2022 | $1,000,000 | |
TOTAL | 2,400,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $7,420,000) | 7,420,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $563,834,491)6 | 588,552,599 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%7 | 6,832,051 | ||
TOTAL NET ASSETS—100% | $595,384,650 |
CDD | —Community Development District |
EDA | —Economic Development Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDC | —Industrial Development Corporation |
INS | —Insured |
LIQ | —Liquidity Agreement |
LT | —Limited Tax |
MUNINVs | —Municipal Inverse Floater |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
SID | —Special Improvement District |
SIFMA | —Securities Industry and Financial Markets Association |
TELA | —Toll Equity Loan Agreement |
TOBs | —Tender Option Bonds |
USD | —Unified School District |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $9.40 | $8.90 | $9.30 | $8.88 | $8.98 | $9.28 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.311 | 0.331 | 0.331 | 0.341 | 0.35 |
Net realized and unrealized gain (loss) | (0.39) | 0.50 | (0.41) | 0.43 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | (0.26) | 0.81 | (0.08) | 0.76 | 0.24 | 0.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.31) | (0.32) | (0.34) | (0.34) | (0.35) |
Net Asset Value, End of Period | $9.00 | $9.40 | $8.90 | $9.30 | $8.88 | $8.98 |
Total Return2 | (2.80)% | 9.19% | (0.78)% | 8.76% | 2.71% | 0.67% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.89%4 | 0.89% | 0.89%5 | 0.89%5 | 0.90%5 | 0.89% |
Net investment income | 2.87%4 | 3.35% | 3.69% | 3.77% | 3.81% | 3.96% |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $213,126 | $224,522 | $204,461 | $218,050 | $222,108 | $221,586 |
Portfolio turnover7 | 9% | 12% | 27% | 11% | 24% | 24% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 | $9.27 |
Income From Investment Operations: | ||||||
Net investment income | 0.101 | 0.241 | 0.261 | 0.271 | 0.271 | 0.32 |
Net realized and unrealized gain (loss) | (0.39) | 0.49 | (0.40) | 0.42 | (0.11) | (0.34) |
TOTAL FROM INVESTMENT OPERATIONS | (0.29) | 0.73 | (0.14) | 0.69 | 0.16 | (0.02) |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.24) | (0.26) | (0.27) | (0.26) | (0.28) |
Net Asset Value, End of Period | $8.98 | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 |
Total Return2 | (3.17)% | 8.29% | (1.51)% | 7.96% | 1.92% | (0.09)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.64%4 | 1.64% | 1.64%5 | 1.64%5 | 1.65%5 | 1.64% |
Net investment income | 2.13%4 | 2.63% | 2.93% | 3.02% | 3.05% | 3.21% |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,104 | $1,516 | $2,744 | $4,622 | $6,504 | $9,446 |
Portfolio turnover7 | 9% | 12% | 27% | 11% | 24% | 24% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $9.39 | $8.90 | $9.29 | $8.87 | $8.97 | $9.28 |
Income From Investment Operations: | ||||||
Net investment income | 0.101 | 0.241 | 0.261 | 0.271 | 0.271 | 0.29 |
Net realized and unrealized gain (loss) | (0.39) | 0.49 | (0.39) | 0.42 | (0.10) | (0.32) |
TOTAL FROM INVESTMENT OPERATIONS | (0.29) | 0.73 | (0.13) | 0.69 | 0.17 | (0.03) |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.24) | (0.26) | (0.27) | (0.27) | (0.28) |
Net Asset Value, End of Period | $8.99 | $9.39 | $8.90 | $9.29 | $8.87 | $8.97 |
Total Return2 | (3.17)% | 8.27% | (1.41)% | 7.97% | 1.94% | (0.20)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.64%4 | 1.64% | 1.64%5 | 1.64%5 | 1.65%5 | 1.64% |
Net investment income | 2.13%4 | 2.62% | 2.93% | 3.01% | 3.06% | 3.21% |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $23,339 | $25,061 | $31,350 | $48,130 | $50,262 | $68,461 |
Portfolio turnover7 | 9% | 12% | 27% | 11% | 24% | 24% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $9.39 | $8.90 | $9.30 | $8.88 | $8.98 | $9.28 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.311 | 0.331 | 0.331 | 0.341 | 0.35 |
Net realized and unrealized gain (loss) | (0.39) | 0.49 | (0.41) | 0.42 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | (0.26) | 0.80 | (0.08) | 0.75 | 0.24 | 0.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.31) | (0.32) | (0.33) | (0.34) | (0.35) |
Net Asset Value, End of Period | $8.99 | $9.39 | $8.90 | $9.30 | $8.88 | $8.98 |
Total Return2 | (2.81)% | 9.08% | (0.77)% | 8.76% | 2.71% | 0.66% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.89%4 | 0.89% | 0.89%5 | 0.89%5 | 0.90%5 | 0.89% |
Net investment income | 2.87%4 | 3.35% | 3.69% | 3.76% | 3.81% | 3.96% |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $178,708 | $189,045 | $182,765 | $195,691 | $194,464 | $207,266 |
Portfolio turnover7 | 9% | 12% | 27% | 11% | 24% | 24% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 | $9.27 |
Income From Investment Operations: | ||||||
Net investment income | 0.141 | 0.331 | 0.351 | 0.361 | 0.361 | 0.37 |
Net realized and unrealized gain (loss) | (0.39) | 0.49 | (0.40) | 0.42 | (0.10) | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | (0.25) | 0.82 | (0.05) | 0.78 | 0.26 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.33) | (0.35) | (0.36) | (0.36) | (0.37) |
Net Asset Value, End of Period | $8.98 | $9.38 | $8.89 | $9.29 | $8.87 | $8.97 |
Total Return2 | (2.69)% | 9.37% | (0.53)% | 9.04% | 2.97% | 0.92% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.64%4 | 0.64% | 0.64%5 | 0.64%5 | 0.65%5 | 0.64% |
Net investment income | 3.11%4 | 3.59% | 3.93% | 4.01% | 4.06% | 4.21% |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $179,109 | $174,234 | $129,832 | $155,444 | $155,902 | $137,235 |
Portfolio turnover7 | 9% | 12% | 27% | 11% | 24% | 24% |
February 28, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $563,834,491) | $588,552,599 | |
Cash | 17,065 | |
Income receivable | 6,970,804 | |
Receivable for shares sold | 105,155 | |
Prepaid expenses | 18,718 | |
TOTAL ASSETS | 595,664,341 | |
Liabilities: | ||
Payable for shares redeemed | $93,513 | |
Payable for other service fees (Notes 2 and 5) | 77,886 | |
Payable for portfolio accounting fees | 40,038 | |
Payable for transfer agent fees | 24,207 | |
Payable for share registration costs | 20,228 | |
Payable for distribution services fee (Note 5) | 14,236 | |
Payable for investment adviser fee (Note 5) | 7,384 | |
Payable for administrative fee (Note 5) | 1,874 | |
Payable for Directors’/Trustees’ fees (Note 5) | 325 | |
TOTAL LIABILITIES | 279,691 | |
Net assets for 66,226,944 shares outstanding | $595,384,650 | |
Net Assets Consists of: | ||
Paid-in capital | $607,106,642 | |
Total distributable earnings (loss) | (11,721,992) | |
TOTAL NET ASSETS | $595,384,650 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($213,125,946 ÷ 23,692,646 shares outstanding), no par value, unlimited shares authorized | $9.00 | |
Offering price per share (100/95.50 of $9.00) | $9.42 | |
Redemption proceeds per share | $9.00 | |
Class B Shares: | ||
Net asset value per share ($1,103,581 ÷ 122,883 shares outstanding), no par value, unlimited shares authorized | $8.98 | |
Offering price per share | $8.98 | |
Redemption proceeds per share (94.50/100 of $8.98) | $8.49 | |
Class C Shares: | ||
Net asset value per share ($23,338,711 ÷ 2,597,259 shares outstanding), no par value, unlimited shares authorized | $8.99 | |
Offering price per share | $8.99 | |
Redemption proceeds per share (99.00/100 of $8.99) | $8.90 | |
Class F Shares: | ||
Net asset value per share ($178,707,806 ÷ 19,869,254 shares outstanding), no par value, unlimited shares authorized | $8.99 | |
Offering price per share (100/99.00 of $8.99) | $9.08 | |
Redemption proceeds per share (99.00/100 of $8.99) | $8.90 | |
Institutional Shares: | ||
Net asset value per share ($179,108,606 ÷ 19,944,902 shares outstanding), no par value, unlimited shares authorized | $8.98 | |
Offering price per share | $8.98 | |
Redemption proceeds per share | $8.98 |
Six Months Ended February 28, 2022 (unaudited)
Investment Income: | |||
Interest | $11,435,586 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,824,226 | ||
Administrative fee (Note 5) | 240,562 | ||
Custodian fees | 11,416 | ||
Transfer agent fees | 154,603 | ||
Directors’/Trustees’ fees (Note 5) | 2,480 | ||
Auditing fees | 17,456 | ||
Legal fees | 5,266 | ||
Distribution services fee (Note 5) | 96,694 | ||
Other service fees (Notes 2 and 5) | 536,385 | ||
Portfolio accounting fees | 70,070 | ||
Share registration costs | 42,007 | ||
Printing and postage | 18,103 | ||
Miscellaneous (Note 5) | 15,719 | ||
TOTAL EXPENSES | 3,034,987 | ||
Waiver of investment adviser fee (Note 5) | $(441,169) | ||
Net expenses | 2,593,818 | ||
Net investment income | 8,841,768 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 1,894,528 | ||
Net change in unrealized appreciation of investments | (28,024,198) | ||
Net realized and unrealized gain (loss) on investments | (26,129,670) | ||
Change in net assets resulting from operations | $(17,287,902) |
Six Months Ended (unaudited) 2/28/2022 | Year Ended 8/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $8,841,768 | $19,555,415 |
Net realized gain (loss) | 1,894,528 | 2,798,869 |
Net change in unrealized appreciation/depreciation | (28,024,198) | 27,805,753 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (17,287,902) | 50,160,037 |
Distributions to Shareholders: | ||
Class A Shares | (3,339,040) | (7,104,670) |
Class B Shares | (15,076) | (53,393) |
Class C Shares | (279,716) | (740,261) |
Class F Shares | (2,795,823) | (6,199,693) |
Institutional Shares | (2,924,384) | (5,255,699) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,354,039) | (19,353,716) |
Share Transactions: | ||
Proceeds from sale of shares | 56,659,261 | 109,147,112 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,893,198 | 18,265,350 |
Cost of shares redeemed | (57,905,036) | (94,991,088) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 7,647,423 | 32,421,374 |
Change in net assets | (18,994,518) | 63,227,695 |
Net Assets: | ||
Beginning of period | 614,379,168 | 551,151,473 |
End of period | $595,384,650 | $614,379,168 |
Other Service Fees Incurred | |
Class A Shares | $274,712 |
Class B Shares | 1,619 |
Class C Shares | 30,612 |
Class F Shares | 229,442 |
TOTAL | $536,385 |
Security | Acquisition Date | Acquisition Cost | Value |
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051 | 10/12/2017 | 660,307 | 718,296 |
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 12/15/2017 | 512,928 | 552,535 |
Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 4/3/2019 | 1,035,515 | 1,104,737 |
Arizona State IDA (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 12/14/2018 | 1,790,610 | 1,943,365 |
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 | 1,095,646 |
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 5/27/2021 | 527,773 | 548,609 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 6/13/2014 | 750,000 | 799,097 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 8/27/2015 | 575,399 | 612,797 |
Security | Acquisition Date | Acquisition Cost | Value |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 8/4/2017 | 536,210 | 557,823 |
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 | 1,007,760 | 1,119,577 |
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 12/4/2017 | 511,807 | 539,371 |
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 10/5/2017 | 1,156,238 | 1,205,937 |
California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 5/19/2020 | 2,258,268 | 2,514,603 |
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 | 2,959,530 | 2,040,000 |
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 4/17/2020 | 946,760 | 1,069,284 |
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 8/23/2017 | 1,065,698 | 1,146,013 |
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 | 915,464 | 970,675 |
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 | 1,001,672 | 1,061,456 |
Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), (United States Treasury PRF 3/1/2025@100), 5.600%, 3/1/2045 | 10/22/2015 | 1,500,000 | 1,676,234 |
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 5/13/2021 | 1,112,816 | 1,091,595 |
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 | 1,976,437 | 1,874,298 |
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 | 2,168,742 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 10/6/2016 | 1,028,188 | 1,073,871 |
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 12/7/2017 | 1,052,644 | 1,068,358 |
Security | Acquisition Date | Acquisition Cost | Value |
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 | 2,862,335 | 3,214,665 |
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 | 2,936,111 | 3,193,690 |
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 | 1,489,522 | 1,577,210 |
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 | 1,820,817 | 2,042,866 |
Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/1/2059 | 7/9/2020 | 1,115,609 | 1,113,021 |
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 | 1,449,889 | 750,000 |
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 | 1,080,097 |
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 6/27/2019 | 1,880,843 | 1,953,765 |
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 | 2,346,108 |
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 | 988,693 | 1,080,445 |
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 6/22/2017 | 3,052,946 | 3,145,125 |
Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 6/12/2020 | 1,405,873 | 1,482,147 |
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2048 | 4/6/2020 | 2,733,300 | 3,202,206 |
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 | 375,386 | 362,079 |
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 9.542% (SIFMA 7-day +0.000%), 1/1/2047 | 2/1/2019 | 5,191,155 | 6,000,667 |
Security | Acquisition Date | Acquisition Cost | Value |
South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2056 | 7/30/2021 | 1,064,692 | 1,027,247 |
Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 | 4/17/2019 | 790,000 | 841,317 |
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 | 1,865,769 | 2,169,474 |
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 | 1,116,270 |
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 7/3/2013 | 433,093 | 443,240 |
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 | 993,809 | 1,085,134 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.000%, 7/1/2045 | 7/22/2015 | 1,004,367 | 1,086,753 |
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 | 2,689,033 |
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 | 1,972,636 | 2,012,738 |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,390,308 | $12,912,747 | 3,782,558 | $34,853,277 |
Shares issued to shareholders in payment of distributions declared | 335,666 | 3,110,333 | 719,306 | 6,576,868 |
Shares redeemed | (1,930,814) | (17,829,373) | (3,565,462) | (32,820,882) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (204,840) | $(1,806,293) | 936,402 | $8,609,263 |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 28 | $267 | 1,365 | $12,535 |
Shares issued to shareholders in payment of distributions declared | 1,451 | 13,437 | 5,257 | 47,833 |
Shares redeemed | (40,230) | (371,859) | (153,517) | (1,398,266) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (38,751) | $(358,155) | (146,895) | $(1,337,898) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 230,042 | $2,131,913 | 596,877 | $5,487,417 |
Shares issued to shareholders in payment of distributions declared | 30,059 | 278,328 | 79,657 | 726,086 |
Shares redeemed | (333,117) | (3,075,243) | (1,530,274) | (14,050,850) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (73,016) | $(665,002) | (853,740) | $(7,837,347) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 426,989 | $3,961,442 | 1,136,329 | $10,446,206 |
Shares issued to shareholders in payment of distributions declared | 285,631 | 2,645,884 | 637,865 | 5,829,331 |
Shares redeemed | (967,399) | (8,935,375) | (2,176,973) | (20,003,779) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (254,779) | $(2,328,049) | (402,779) | $(3,728,242) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,070,830 | $37,652,892 | 6,339,014 | $58,347,677 |
Shares issued to shareholders in payment of distributions declared | 307,639 | 2,845,216 | 556,500 | 5,085,232 |
Shares redeemed | (3,009,054) | (27,693,186) | (2,922,568) | (26,717,311) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,369,415 | $12,804,922 | 3,972,946 | $36,715,598 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 798,029 | $7,647,423 | 3,505,934 | $32,421,374 |
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 | $4,859 |
Class C Shares | 91,835 |
TOTAL | $96,694 |
Purchases | $58,790,670 |
Sales | $52,147,079 |
Beginning Account Value 9/1/2021 | Ending Account Value 2/28/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $972.00 | $4.35 |
Class B Shares | $1,000 | $968.30 | $8.00 |
Class C Shares | $1,000 | $968.30 | $8.00 |
Class F Shares | $1,000 | $971.90 | $4.35 |
Institutional Shares | $1,000 | $973.10 | $3.13 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.38 | $4.46 |
Class B Shares | $1,000 | $1,016.66 | $8.20 |
Class C Shares | $1,000 | $1,016.66 | $8.20 |
Class F Shares | $1,000 | $1,020.38 | $4.46 |
Institutional Shares | $1,000 | $1,021.62 | $3.21 |
Class A Shares | 0.89% |
Class B Shares | 1.64% |
Class C Shares | 1.64% |
Class F Shares | 0.89% |
Institutional Shares | 0.64% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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
Sector Composition | Percentage of Total Net Assets |
Hospital | 20.0% |
Pre-Refunded | 12.6% |
Higher Education | 12.1% |
Dedicated Tax | 9.4% |
General Obligation—Local | 9.2% |
General Obligation—State Appropriation | 6.6% |
Water & Sewer | 6.2% |
General Obligation—State | 5.8% |
Toll Road | 4.9% |
Public Power | 3.7% |
Other2 | 8.6% |
Other Assets and Liabilities—Net3 | 0.9% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—95.2% | |||
Ohio—92.9% | |||
$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 | $2,016,795 | |
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 | 1,137,454 | |
1,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2031 | 1,010,872 | |
2,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2033 | 2,021,745 | |
500,000 | Akron, OH (Akron, OH Community Learning Centers), Revenue Refunding Bonds (Series A), 5.000%, 12/1/2023 | 505,436 | |
1,000,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding Bonds, 5.000%, 11/1/2043 | 1,086,427 | |
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 | 1,063,487 | |
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 | 2,398,227 | |
1,000,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2029 | 1,207,765 | |
750,000 | American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A), 5.000%, 2/15/2034 | 930,653 | |
2,000,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2016A), 5.000%, 6/1/2044 | 2,229,109 | |
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 | 3,265,960 | |
2,000,000 | Butler County, OH Hospital Facilities Authority (UC Health), Revenue Bonds (Series 2016), 5.000%, 11/15/2045 | 2,277,637 | |
3,000,000 | Cincinnati, OH Water System, Revenue Bonds (Series 2015A), (United States Treasury PRF 12/1/2025@100), 5.000%, 12/1/2040 | 3,401,959 | |
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 | 892,601 | |
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 | 1,317,899 |
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 | $307,821 | |
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 | 1,192,930 | |
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 | 1,045,518 | |
500,000 | Cleveland, OH, Various Purpose GO Bonds (Series 2019A), 4.000%, 12/1/2035 | 573,049 | |
2,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2017), 5.000%, 12/1/2047 | 2,257,598 | |
1,000,000 | Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2031 | 1,095,904 | |
2,270,000 | Columbus, OH, UT GO Bonds (Series 2021A), 5.000%, 4/1/2039 | 2,843,246 | |
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 | 1,586,422 | |
1,270,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,480,444 | |
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 | 1,475,764 | |
1,000,000 | Cuyahoga County, OH, Certificates of Participation Convention Hotel Project (Series 2014), 5.000%, 12/1/2036 | 1,057,935 | |
220,000 | Cuyahoga, OH Community College District, General Receipts Revenue Bonds (Series 2012D), 5.000%, 8/1/2026 | 223,807 | |
2,000,000 | Fairfield County, OH, LT GO Bonds (Series 2015), 4.000%, 12/1/2040 | 2,108,176 | |
2,000,000 | Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A), 5.000%, 12/1/2047 | 2,299,858 | |
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 | 1,088,528 | |
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 | 2,202,633 | |
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 | 1,059,791 | |
1,000,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), Hospital Improvement Revenue Bonds (Series 2017A), 5.000%, 11/1/2029 | 1,180,379 | |
1,000,000 | Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), Hospital Facilities Revenue Bonds (Series 2015), 5.000%, 5/15/2040 | 1,100,914 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$3,015,000 | Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series 2018), 5.000%, 6/1/2048 | $3,564,620 | |
2,000,000 | Hamilton County, OH (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC), 5.000%, 11/15/2041 | 2,724,327 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2036 | 534,977 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 527,931 | |
2,000,000 | Hamilton County, OH Convention Facilities Authority, Convention Facilities Authority Revenue & Refunding Bonds (Series 2014), 5.000%, 12/1/2032 | 2,105,592 | |
1,075,000 | Hamilton County, OH, LT GO Improvement and Refunding Bonds (Series 2017A), 5.000%, 12/1/2033 | 1,270,540 | |
1,000,000 | Hamilton County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037 | 1,183,704 | |
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 | 1,608,548 | |
1,000,000 | Kent State University, OH, General Receipts Bonds (Series 2020A), 5.000%, 5/1/2050 | 1,190,728 | |
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 | 1,176,294 | |
1,000,000 | Middleburg Heights, OH (Southwest General Health Center), Hospital Facilities Improvement and Revenue Redunding Bonds (Series 2020A), 4.000%, 8/1/2047 | 1,102,146 | |
1,000,000 | Montgomery County, OH (Dayton Children’s Hospital), Hospital Facilities Revenue Bonds (Series 2021), 4.000%, 8/1/2046 | 1,113,474 | |
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 | 1,112,279 | |
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 | 1,099,939 | |
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 | 2,096,044 | |
1,200,000 | 1 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 1,302,510 |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Evempt Facilities Revenue Bonds (Series 2017), 4.250%, 1/15/2038 | 546,908 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | $553,688 | |
515,000 | Ohio HFA, Residential Mortgage Revenue Bonds (Series 2019A), (GNMA Collateralized Home Mortgage Program COL), 4.000%, 3/1/2049 | 530,350 | |
1,000,000 | Ohio State (Judson Obligated Group), Healthcare Facility Revenue Bonds (Series 2020A), 5.000%, 12/1/2050 | 1,115,418 | |
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 | 1,029,666 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 1,142,888 | |
1,500,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), Revenue Bonds (Series 2019B), 4.000%, 1/1/2042 | 1,670,359 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds (Series 2019), 5.000%, 11/1/2044 | 1,190,774 | |
2,000,000 | Ohio State Higher Educational Facility Commission (Kenyon College, OH), Higher Educational Facility Revenue Bonds (Series 2015), 5.000%, 7/1/2041 | 2,214,008 | |
1,830,000 | Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2013), 5.000%, 12/1/2031 | 1,881,991 | |
345,000 | Ohio State Higher Educational Facility Commission (Xavier University), Higher Educational Facility Revenue Bonds (Series 2020), 4.000%, 5/1/2037 | 386,036 | |
1,025,000 | Ohio State Higher Educational Facility Commission (Xavier University), Higher Educational Facility Revenue Bonds (Series 2020), 4.000%, 5/1/2039 | 1,142,755 | |
2,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2046 | 2,219,844 | |
3,325,000 | Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2039 | 3,600,436 | |
350,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2028 | 407,638 | |
2,000,000 | Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series 2021A), 5.000%, 2/15/2046 | 2,459,903 | |
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 | 1,038,850 | |
685,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Revenue Refunding Bonds (Series 1998A), (National Re Holdings Corp. INS), 5.500%, 2/15/2024 | 727,474 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$500,000 | Ohio State University, General Receipts Bonds (Series 2021A), 4.000%, 12/1/2048 | $569,991 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 | 1,046,920 | |
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 | 2,341,247 | |
1,000,000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2016B), 5.000%, 6/1/2037 | 1,151,737 | |
1,680,000 | Ohio State Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds (Series 2021A), 4.000%, 12/1/2041 | 1,964,481 | |
1,000,000 | Ohio State, Capital Facilities Lease Appropriation Bonds Adult Correctional Building Fund Project (Series 2019B), 5.000%, 10/1/2032 | 1,305,465 | |
2,000,000 | Ohio State, Capital Facilities Lease Appropriation Bonds Parks and Recreation Improvement Fund Projects (Series 2016C), 5.000%, 12/1/2031 | 2,311,392 | |
3,000,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds (Series 2016A), 5.000%, 2/1/2030 | 3,398,374 | |
750,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2034 | 877,577 | |
1,460,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2035 | 1,706,658 | |
1,475,000 | Ohio State, Common Schools UT GO Bonds (Series 2021A), 4.000%, 6/15/2037 | 1,733,751 | |
3,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033 | 3,318,987 | |
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 | 1,178,173 | |
3,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2035 | 3,490,610 | |
1,500,000 | Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%, 12/1/2030 | 1,694,515 | |
470,000 | River Valley, OH Local School District, UT GO School Facilities Bonds, (School District Credit Program GTD), 5.250%, 11/1/2023 | 500,151 | |
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 | 524,739 | |
1,000,000 | Toledo, OH Water System, Revenue Bonds (Series 2020), 5.000%, 11/15/2033 | 1,251,285 | |
1,000,000 | Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.000%, 11/15/2032 | 1,045,044 | |
1,020,000 | University of Akron, OH, General Receipts Bonds (Series 2015A), 5.000%, 1/1/2030 | 1,113,939 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036 | $1,130,109 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041 | 1,084,055 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2019A), 4.000%, 6/1/2038 | 1,124,997 | |
TOTAL | 136,381,579 | ||
Puerto Rico—2.3% | |||
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 | 2,237,904 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 1,103,445 | |
TOTAL | 3,341,349 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $135,884,676) | 139,722,928 | ||
2 | SHORT-TERM MUNICIPALS—3.9% | ||
Ohio—3.9% | |||
2,820,000 | Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Harris Bank, N.A. LOC), 0.080%, 3/1/2022 | 2,820,000 | |
1,100,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 0.160%, 3/3/2022 | 1,100,000 | |
1,800,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 0.080%, 3/1/2022 | 1,800,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $5,720,000) | 5,720,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $141,604,676)3 | 145,442,928 | ||
OTHER ASSETS AND LIABILITIES - NET—0.9%4 | 1,318,618 | ||
TOTAL NET ASSETS—100% | $146,761,546 |
COL | —Collateralized |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $11.50 | $11.40 | $11.44 | $10.95 | $11.23 | $11.56 |
Income From Investment Operations: | ||||||
Net investment income | 0.14 | 0.25 | 0.26 | 0.30 | 0.32 | 0.32 |
Net realized and unrealized gain (loss) | (0.46) | 0.09 | (0.02) | 0.49 | (0.29) | (0.32) |
TOTAL FROM INVESTMENT OPERATIONS | (0.32) | 0.34 | 0.24 | 0.79 | 0.03 | 0.00 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.24) | (0.26) | (0.30) | (0.31) | (0.32) |
Distributions from net realized gain | (0.01) | — | (0.02) | — | — | (0.01) |
TOTAL DISTRIBUTIONS | (0.12) | (0.24) | (0.28) | (0.30) | (0.31) | (0.33) |
Net Asset Value, End of Period | $11.06 | $11.50 | $11.40 | $11.44 | $10.95 | $11.23 |
Total Return1 | (2.74)% | 2.99% | 2.17% | 7.32% | 0.27% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.77%3 | 0.77% | 0.77%4 | 0.77%4 | 0.77%4 | 0.76% |
Net investment income | 1.98%3 | 2.08% | 2.27% | 2.67% | 2.81% | 2.84% |
Expense waiver/reimbursement5 | 0.18%3 | 0.19% | 0.19% | 0.19% | 0.17% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,386 | $44,097 | $58,253 | $57,065 | $53,438 | $59,865 |
Portfolio turnover6 | 3% | 5% | 8% | 15% | 9% | 9% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $11.51 | $11.40 | $11.44 | $10.95 | $11.23 | $11.57 |
Income From Investment Operations: | ||||||
Net investment income | 0.10 | 0.22 | 0.24 | 0.28 | 0.29 | 0.30 |
Net realized and unrealized gain (loss) | (0.43) | 0.11 | (0.02) | 0.49 | (0.28) | (0.33) |
TOTAL FROM INVESTMENT OPERATIONS | (0.33) | 0.33 | 0.22 | 0.77 | 0.01 | (0.03) |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.22) | (0.24) | (0.28) | (0.29) | (0.30) |
Distributions from net realized gain | (0.01) | — | (0.02) | — | — | (0.01) |
TOTAL DISTRIBUTIONS | (0.11) | (0.22) | (0.26) | (0.28) | (0.29) | (0.31) |
Net Asset Value, End of Period | $11.07 | $11.51 | $11.40 | $11.44 | $10.95 | $11.23 |
Total Return1 | (2.81)% | 2.93% | 2.01% | 7.15% | 0.12% | (0.22)% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.92%3 | 0.92% | 0.92%4 | 0.92%4 | 0.92%4 | 0.91% |
Net investment income | 1.83%3 | 1.93% | 2.12% | 2.53% | 2.66% | 2.69% |
Expense waiver/reimbursement5 | 0.43%3 | 0.44% | 0.44% | 0.44% | 0.42% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $68,157 | $74,669 | $81,508 | $87,597 | $92,665 | $101,620 |
Portfolio turnover6 | 3% | 5% | 8% | 15% | 9% | 9% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, 2021 | Period Ended August 31, 20201 | |
Net Asset Value, Beginning of Period | $11.51 | $11.40 | $11.06 |
Income From Investment Operations: | |||
Net investment income | 0.13 | 0.26 | 0.08 |
Net realized and unrealized gain (loss) | (0.44) | 0.11 | 0.35 |
TOTAL FROM INVESTMENT OPERATIONS | (0.31) | 0.37 | 0.43 |
Less Distributions: | |||
Distributions from net investment income | (0.13) | (0.26) | (0.09) |
Distributions from net realized gain | (0.01) | — | — |
TOTAL DISTRIBUTIONS | (0.14) | (0.26) | (0.09) |
Net Asset Value, End of Period | $11.06 | $11.51 | $11.40 |
Total Return2 | (2.70)% | 3.32% | 3.90% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.52%4 | 0.52% | 0.52%4,5 |
Net investment income | 2.23%4 | 2.32% | 2.40%4 |
Expense waiver/reimbursement6 | 0.18%4 | 0.19% | 0.24%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $53,219 | $37,120 | $6,652 |
Portfolio turnover7 | 3% | 5% | 8%8 |
February 28, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $141,604,676) | $145,442,928 | |
Cash | 10,757 | |
Income receivable | 1,385,306 | |
Receivable for shares sold | 29,695 | |
Prepaid expenses | 21,323 | |
TOTAL ASSETS | 146,890,009 | |
Liabilities: | ||
Payable for shares redeemed | $39,763 | |
Payable for portfolio accounting fees | 37,129 | |
Payable for other service fees (Notes 2 and 5) | 18,070 | |
Payable for share registration costs | 13,970 | |
Payable for transfer agent fee | 10,094 | |
Payable for distribution services fee (Note 5) | 7,899 | |
Payable for investment adviser fee (Note 5) | 898 | |
Payable for administrative fee (Note 5) | 503 | |
Payable for Directors’/Trustees’ fees (Note 5) | 137 | |
TOTAL LIABILITIES | 128,463 | |
Net assets for 13,262,929 shares outstanding | $146,761,546 | |
Net Assets Consists of: | ||
Paid-in capital | $142,809,181 | |
Total distributable earnings (loss) | 3,952,365 | |
TOTAL NET ASSETS | $146,761,546 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($25,385,548 ÷ 2,294,490 shares outstanding), no par value, unlimited shares authorized | $11.06 | |
Offering price per share (100/95.50 of $11.06) | $11.58 | |
Redemption proceeds per share | $11.06 | |
Class F Shares: | ||
Net asset value per share ($68,156,572 ÷ 6,158,567 shares outstanding), no par value, unlimited shares authorized | $11.07 | |
Offering price per share (100/99.00 of $11.07) | $11.18 | |
Redemption proceeds per share (99.00/100 of $11.07) | $10.96 | |
Institutional Shares: | ||
Net asset value per share ($53,219,426 ÷ 4,809,872 shares outstanding), no par value, unlimited shares authorized | $11.06 | |
Offering price per share | $11.06 | |
Redemption proceeds per share | $11.06 |
Six Months Ended February 28, 2022 (unaudited)
Investment Income: | ||||
Interest | $2,090,660 | |||
Expenses: | ||||
Investment adviser fee (Note 5) | $303,540 | |||
Administrative fee (Note 5) | 60,097 | |||
Custodian fees | 5,721 | |||
Transfer agent fees | 38,840 | |||
Directors’/Trustees’ fees (Note 5) | 1,241 | |||
Auditing fees | 15,080 | |||
Legal fees | 4,503 | |||
Distribution services fee (Note 5) | 142,622 | |||
Other service fees (Notes 2 and 5) | 122,575 | |||
Portfolio accounting fees | 56,699 | |||
Share registration costs | 24,290 | |||
Printing and postage | 10,831 | |||
Miscellaneous (Note 5) | 12,070 | |||
TOTAL EXPENSES | 798,109 | |||
Waivers: | ||||
Waiver of investment adviser fee (Note 5) | $(134,592) | |||
Waiver of other operating expenses (Note 5) | (89,066) | |||
TOTAL WAIVERS | (223,658) | |||
Net expenses | 574,451 | |||
Net investment income | 1,516,209 | |||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | ||||
Net realized gain on investments | 10,733 | |||
Net realized gain on futures contracts | 31,365 | |||
Net change in unrealized appreciation of investments | (5,760,501) | |||
Net change in unrealized depreciation of futures contracts | 4,695 | |||
Net realized and unrealized gain (loss) on investments and futures contracts | (5,713,708) | |||
Change in net assets resulting from operations | $(4,197,499) |
Six Months Ended (unaudited) 2/28/2022 | Year Ended 8/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,516,209 | $3,114,185 |
Net realized gain | 42,098 | 220,968 |
Net change in unrealized appreciation/depreciation | (5,755,806) | 1,120,206 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (4,197,499) | 4,455,359 |
Distributions to Shareholders: | ||
Class A Shares | (290,159) | (899,418) |
Class F Shares | (753,022) | (1,499,989) |
Institutional Shares | (690,091) | (709,696) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,733,272) | (3,109,103) |
Share Transactions: | ||
Proceeds from sale of shares | 26,075,445 | 44,199,335 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,122,248 | 2,566,478 |
Cost of shares redeemed | (30,391,396) | (38,639,340) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (3,193,703) | 8,126,473 |
Change in net assets | (9,124,474) | 9,472,729 |
Net Assets: | ||
Beginning of period | 155,886,020 | 146,413,291 |
End of period | $146,761,546 | $155,886,020 |
Other Service Fees Incurred | |
Class A Shares | $33,509 |
Class F Shares | 89,066 |
TOTAL | $122,575 |
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 | $1,253,895 | $1,302,510 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $31,365 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $4,695 |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 267,867 | $3,046,609 | 947,848 | $10,855,861 |
Shares issued to shareholders in payment of distributions declared | 25,343 | 287,165 | 42,399 | 485,594 |
Shares redeemed | (1,831,610) | (21,023,494) | (2,266,464) | (25,789,993) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,538,400) | $(17,689,720) | (1,276,217) | $(14,448,538) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 33,989 | $388,563 | 59,150 | $677,021 |
Shares issued to shareholders in payment of distributions declared | 63,158 | 716,149 | 125,591 | 1,438,867 |
Shares redeemed | (426,924) | (4,845,555) | (843,313) | (9,675,619) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (329,777) | $(3,740,843) | (658,572) | $(7,559,731) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,972,316 | $22,640,273 | 2,863,558 | $32,666,453 |
Shares issued to shareholders in payment of distributions declared | 10,494 | 118,934 | 56,034 | 642,017 |
Shares redeemed | (399,024) | (4,522,347) | (277,024) | (3,173,728) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,583,786 | $18,236,860 | 2,642,568 | $30,134,742 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (284,391) | $(3,193,703) | 707,779 | $8,126,473 |
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 | $142,622 | $(89,066) |
Purchases | $4,773,634 |
Sales | $9,354,540 |
Beginning Account Value 9/1/2021 | Ending Account Value 2/28/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $972.60 | $3.77 |
Class F Shares | $1,000 | $971.90 | $4.50 |
Institutional Shares | $1,000 | $973.00 | $2.54 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.98 | $3.86 |
Class F Shares | $1,000 | $1,020.23 | $4.61 |
Institutional Shares | $1,000 | $1,022.22 | $2.61 |
Class A Shares | 0.77% |
Class F Shares | 0.92% |
Institutional Shares | 0.52% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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
Sector Composition | Percentage of Total Net Assets |
Hospital | 17.3% |
General Obligation—Local | 12.4% |
Refunded | 12.1% |
Higher Education | 11.8% |
Tollroad | 10.2% |
Water & Sewer | 8.9% |
Senior Care | 5.4% |
Dedicated Tax | 4.7% |
General Obligation—State | 3.9% |
Airport | 3.0% |
Other2 | 9.4% |
Other Assets and Liabilities—Net3 | 0.9% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—96.3% | |||
Pennsylvania—93.7% | |||
$1,000,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A), 4.000%, 1/1/2040 | $1,092,301 | |
1,000,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A), 5.000%, 1/1/2056 | 1,161,547 | |
1,000,000 | Allegheny County, PA Higher Education Building Authority (Duquesne University), University Revenue Refunding Bonds (Series 2021A), 4.000%, 3/1/2041 | 1,122,322 | |
2,000,000 | Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds (Series 2018A), 5.000%, 4/1/2047 | 2,291,550 | |
1,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2020), 5.000%, 3/1/2029 | 1,201,541 | |
1,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 | 1,116,095 | |
2,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045 | 2,219,135 | |
1,000,000 | Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043 | 1,192,351 | |
2,000,000 | Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041 | 2,275,671 | |
2,000,000 | Bethlehem, PA Authority (Bethlehem, PA), Guaranteed Water Revenue Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/15/2030 | 2,056,331 | |
1,450,000 | Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037 | 1,581,585 | |
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 | 1,155,893 | |
1,000,000 | Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032 | 1,204,365 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A), (United States Treasury PRF 11/15/2025@100), 5.000%, 11/15/2046 | 564,392 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A), 5.000%, 11/15/2042 | 580,334 | |
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 | 1,110,229 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,530,000 | Cheltenham Twp, PA School District, LT GO Bonds (Series 2014), (United States Treasury PRF 2/15/2023@100), 5.000%, 2/15/2040 | $2,628,292 | |
1,000,000 | Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,156,290 | |
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 | 1,371,097 | |
2,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037 | 2,043,654 | |
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 | 2,021,998 | |
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 | 3,302,616 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026 | 2,309,623 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2027 | 2,353,792 | |
1,000,000 | Commonwealth of Pennsylvania, UT GO Refunding Bonds (Series 2019), 5.000%, 7/15/2029 | 1,226,828 | |
365,000 | 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 | 401,278 | |
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 | 98,945 | |
450,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 482,202 | |
1,000,000 | Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030 | 1,127,837 | |
2,000,000 | Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019), 4.000%, 11/1/2044 | 2,210,112 | |
2,500,000 | Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A), 5.000%, 6/1/2042 | 2,525,540 | |
1,700,000 | Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042 | 1,962,096 | |
1,000,000 | Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045 | 1,105,831 | |
1,250,000 | Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040 | 1,372,334 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,750,000 | Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 | $2,021,483 | |
1,130,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033 | 1,369,698 | |
250,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038 | 300,065 | |
200,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039 | 239,690 | |
500,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040 | 598,417 | |
1,000,000 | DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2020), 4.000%, 7/15/2050 | 1,086,457 | |
1,000,000 | DuBois Hospital Authority (Penn Highlands Healthcare), Hospital Revenue Bonds (Series 2021), 4.000%, 7/15/2051 | 1,085,242 | |
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 | 1,160,667 | |
2,260,000 | Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041 | 2,436,344 | |
1,000,000 | Greater Johnstown, PA Water Authority, Sewer Revenue Bonds (Series 2020), (Assured Guaranty Municipal Corp. GTD), 4.000%, 8/15/2048 | 1,118,454 | |
785,000 | Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015), 5.000%, 11/1/2035 | 850,122 | |
500,000 | Lancaster County, PA Hospital Authority (St. Anne’s Retirement Community, Inc.), Revenue Bonds (Series 2020), 5.000%, 3/1/2050 | 542,039 | |
1,000,000 | Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County, PA GTD), 5.000%, 12/15/2033 | 1,067,981 | |
1,000,000 | Lancaster, PA IDA (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2021), 4.000%, 7/1/2051 | 1,018,423 | |
1,000,000 | Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043 | 1,106,954 | |
1,000,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Academy Regional Charter School), Charter School Revenue Bonds (Series 2022), 4.000%, 6/1/2052 | 1,084,715 | |
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 | 515,369 | |
1,000,000 | Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/15/2029 | 1,179,849 | |
1,500,000 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding Bonds (Series 2019), 4.000%, 9/1/2049 | 1,631,319 |
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 | $1,155,196 | |
2,000,000 | Montgomery County, PA, UT GO (Series 2019A), 5.000%, 7/1/2039 | 2,440,834 | |
1,000,000 | Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018), 5.000%, 7/1/2038 | 1,174,045 | |
750,000 | Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017), 5.000%, 11/1/2047 | 879,634 | |
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 | 1,092,491 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A), 5.000%, 11/1/2041 | 1,022,074 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 1,044,693 | |
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 | 2,186,648 | |
2,200,000 | Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group), Revenue Refunding Bonds (Series 2021), 4.000%, 7/1/2046 | 2,368,235 | |
1,500,000 | Pennsylvania Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2014A), 5.000%, 2/1/2045 | 1,616,058 | |
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 | 2,126,429 | |
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 | 2,007,297 | |
1,950,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 2017A), 5.000%, 8/15/2042 | 2,266,797 | |
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 | 1,126,729 | |
500,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A), 5.000%, 8/15/2046 | 572,395 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | 1,113,401 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2018A), 5.000%, 12/1/2048 | $2,339,465 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2019A), 5.000%, 12/1/2044 | 1,197,966 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2019A), (Assured Guaranty Municipal Corp. GTD), 4.000%, 12/1/2049 | 1,121,324 | |
2,500,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046 | 2,753,449 | |
1,970,000 | Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037 | 2,303,329 | |
1,000,000 | Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035 | 1,194,379 | |
2,000,000 | Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047 | 2,245,036 | |
1,040,000 | Philadelphia, PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Hospital Revenue Bonds (Series 2014A), 5.000%, 7/1/2042 | 1,125,152 | |
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 | 1,264,279 | |
1,325,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 1,354,290 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development (St. Joseph’s University), University Refunding Revenue Bonds (Series 2020A), 4.000%, 11/1/2045 | 1,095,688 | |
1,000,000 | Philadelphia, PA Gas Works, 1998 General Ordinance-Fifteenth Series Revenue Refunding Bonds, 5.000%, 8/1/2042 | 1,147,643 | |
1,000,000 | Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD), 5.000%, 9/1/2043 | 1,177,824 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049 | 1,196,285 | |
1,010,000 | Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2020A), 5.000%, 11/1/2040 | 1,231,772 | |
500,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038 | 599,305 | |
1,000,000 | Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033 | 1,163,776 | |
1,000,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Hotel Room Excise Tax Revenue Refunding Bonds (2022A), (Assured Guaranty Municipal Corp. INS), 5.000%, 2/1/2035 | 1,253,497 | |
655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017), 5.000%, 12/15/2037 | 768,465 |
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 | $434,560 | |
610,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025 | 668,478 | |
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 | 1,805,415 | |
1,000,000 | Pittsburgh, PA, UT GO Bonds (Series 2012B), (United States Treasury PRF 9/1/2022@100), 5.000%, 9/1/2026 | 1,021,493 | |
1,000,000 | Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035 | 1,153,431 | |
1,140,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), (United States Treasury PRF 6/1/2024@100), 5.000%, 6/1/2026 | 1,234,764 | |
1,750,000 | St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18), 5.000%, 11/15/2028 | 2,067,374 | |
1,000,000 | Swarthmore Borough Authority, PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048 | 1,190,240 | |
1,050,000 | Swarthmore Borough Authority, PA (Swarthmore College), Revenue Bonds (Series 2021B), 4.000%, 9/15/2039 | 1,224,633 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds (Series 2015B), 5.000%, 4/1/2032 | 1,101,241 | |
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 | 1,099,939 | |
1,685,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033 | 1,884,313 | |
825,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034 | 922,746 | |
1,895,000 | York County, PA, UT GO Bonds (Series 2013), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2037 | 1,989,975 | |
TOTAL | 140,563,777 | ||
Puerto Rico—2.6% | |||
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 | 3,337,834 | |
500,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 551,722 | |
TOTAL | 3,889,556 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $139,323,505) | 144,453,333 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—2.8% | ||
Pennsylvania—2.8% | |||
$2,050,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.100%, 3/1/2022 | $2,050,000 | |
100,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.100%, 3/1/2022 | 100,000 | |
400,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank plc LOC), 0.190%, 3/3/2022 | 400,000 | |
1,600,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 3/1/2022 | 1,600,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $4,150,000) | 4,150,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $143,473,505)2 | 148,603,333 | ||
OTHER ASSETS AND LIABILITIES - NET—0.9%3 | 1,380,853 | ||
TOTAL NET ASSETS—100% | $149,984,186 |
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 |
Six Months Ended (unaudited) 2/28/2022 | Year Ended August 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $11.22 | $11.08 | $11.19 | $10.69 | $10.96 | $11.28 |
Income From Investment Operations: | ||||||
Net investment income | 0.12 | 0.25 | 0.27 | 0.31 | 0.32 | 0.33 |
Net realized and unrealized gain (loss) | (0.41) | 0.14 | (0.03) | 0.51 | (0.27) | (0.32) |
TOTAL FROM INVESTMENT OPERATIONS | (0.29) | 0.39 | 0.24 | 0.82 | 0.05 | 0.01 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.24) | (0.27) | (0.31) | (0.32) | (0.33) |
Distributions from net realized gain | (0.03) | (0.01) | (0.08) | (0.01) | — | — |
TOTAL DISTRIBUTIONS | (0.15) | (0.25) | (0.35) | (0.32) | (0.32) | (0.33) |
Net Asset Value, End of Period | $10.78 | $11.22 | $11.08 | $11.19 | $10.69 | $10.96 |
Total Return1 | (2.62)% | 3.60% | 2.21% | 7.85% | 0.51% | 0.11% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.76%3 | 0.76% | 0.76%4 | 0.76%4 | 0.76%4 | 0.76% |
Net investment income | 2.16%3 | 2.27% | 2.46% | 2.85% | 2.98% | 2.98% |
Expense waiver/reimbursement5 | 0.17%3 | 0.17% | 0.18% | 0.17% | 0.14% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $138,308 | $150,106 | $155,137 | $159,471 | $163,819 | $178,935 |
Portfolio turnover6 | 8% | 11% | 8% | 16% | 21% | 6% |
Six Months Ended (unaudited) 2/28/2022 | Year Ended 8/31/2021 | Period Ended 8/31/20201 | |
Net Asset Value, Beginning of Period | $11.22 | $11.08 | $10.73 |
Income From Investment Operations: | |||
Net investment income | 0.13 | 0.28 | 0.09 |
Net realized and unrealized gain (loss) | (0.42) | 0.14 | 0.36 |
TOTAL FROM INVESTMENT OPERATIONS | (0.29) | 0.42 | 0.45 |
Less Distributions: | |||
Distributions from net investment income | (0.13) | (0.27) | (0.10) |
Distributions from net realized gain | (0.03) | (0.01) | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.28) | (0.10) |
Net Asset Value, End of Period | $10.77 | $11.22 | $11.08 |
Total Return2 | (2.59)% | 3.83% | 4.15% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.53%4 | 0.53% | 0.53%4,5 |
Net investment income | 2.39%4 | 2.49% | 2.60%4 |
Expense waiver/reimbursement6 | 0.15%4 | 0.15% | 0.20%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $11,676 | $10,033 | $1,847 |
Portfolio turnover7 | 8% | 11% | 8%8 |
February 28, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $143,473,505) | $148,603,333 | |
Cash | 48,162 | |
Income receivable | 1,615,051 | |
Receivable for shares sold | 10,410 | |
Prepaid expenses | 5,759 | |
TOTAL ASSETS | 150,282,715 | |
Liabilities: | ||
Payable for shares redeemed | $234,100 | |
Payable for portfolio accounting fees | 35,173 | |
Payable for other service fees (Notes 2 and 5) | 27,532 | |
Payable for investment adviser fee (Note 5) | 1,007 | |
Payable for administrative fee (Note 5) | 581 | |
Payable for Directors’/Trustees’ fees (Note 5) | 136 | |
TOTAL LIABILITIES | 298,529 | |
Net assets for 13,919,509 shares outstanding | $149,984,186 | |
Net Assets Consists of: | ||
Paid-in capital | $145,122,368 | |
Total distributable earnings (loss) | 4,861,818 | |
TOTAL NET ASSETS | $149,984,186 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($138,307,939 ÷ 12,835,411 shares outstanding), no par value, unlimited shares authorized | $10.78 | |
Offering price per share (100/95.50 of $10.78) | $11.29 | |
Redemption proceeds per share | $10.78 | |
Institutional Shares: | ||
Net asset value per share ($11,676,247 ÷ 1,084,098 shares outstanding), no par value, unlimited shares authorized | $10.77 | |
Offering price per share | $10.77 | |
Redemption proceeds per share | $10.77 |
Six Months Ended February 28, 2022 (unaudited)
Investment Income: | |||
Interest | $2,267,313 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $310,273 | ||
Administrative fee (Note 5) | 61,499 | ||
Custodian fees | 5,803 | ||
Transfer agent fees | 36,374 | ||
Directors’/Trustees’ fees (Note 5) | 1,249 | ||
Auditing fees | 15,080 | ||
Legal fees | 4,604 | ||
Other service fees (Notes 2 and 5) | 180,318 | ||
Portfolio accounting fees | 53,794 | ||
Share registration costs | 18,741 | ||
Printing and postage | 11,974 | ||
Miscellaneous (Note 5) | 11,807 | ||
TOTAL EXPENSES | 711,516 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(116,285) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (14,392) | ||
TOTAL WAIVER AND REIMBURSEMENT | (130,677) | ||
Net expenses | 580,839 | ||
Net investment income | 1,686,474 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized loss on investments | (48,539) | ||
Net realized gain on futures contracts | 31,365 | ||
Net change in unrealized appreciation of investments | (5,818,431) | ||
Net change in unrealized depreciation of futures contracts | 4,695 | ||
Net realized and unrealized gain (loss) on investments and futures contracts | (5,830,910) | ||
Change in net assets resulting from operations | $(4,144,436) |
Six Months Ended (unaudited) 2/28/2022 | Year Ended 8/31/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,686,474 | $3,633,841 |
Net realized gain (loss) | (17,174) | 191,378 |
Net change in unrealized appreciation/depreciation | (5,813,736) | 1,801,287 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (4,144,436) | 5,626,506 |
Distributions to Shareholders: | ||
Class A Shares | (1,957,127) | (3,453,257) |
Institutional Shares | (161,414) | (190,731) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,118,541) | (3,643,988) |
Share Transactions: | ||
Proceeds from sale of shares | 5,740,438 | 18,627,762 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,540,550 | 2,677,450 |
Cost of shares redeemed | (11,173,010) | (20,132,084) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (3,892,022) | 1,173,128 |
Change in net assets | (10,154,999) | 3,155,646 |
Net Assets: | ||
Beginning of period | 160,139,185 | 156,983,539 |
End of period | $149,984,186 | $160,139,185 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $180,318 | $(14,392) |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $31,365 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $4,695 |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 257,427 | $2,850,917 | 847,834 | $9,468,877 |
Shares issued to shareholders in payment of distributions declared | 133,276 | 1,472,719 | 232,709 | 2,595,452 |
Shares redeemed | (932,568) | (10,315,987) | (1,702,693) | (18,982,268) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (541,865) | $(5,992,351) | (622,150) | $(6,917,939) |
Six Months Ended 2/28/2022 | Year Ended 8/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 260,661 | $2,889,521 | 823,743 | $9,158,885 |
Shares issued to shareholders in payment of distributions declared | 6,146 | 67,831 | 7,349 | 81,998 |
Shares redeemed | (77,251) | (857,023) | (103,263) | (1,149,816) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 189,556 | $2,100,329 | 727,829 | $8,091,067 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (352,309) | $(3,892,022) | 105,679 | $1,173,128 |
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 | $11,770,588 |
Sales | $16,847,173 |
Beginning Account Value 9/1/2021 | Ending Account Value 2/28/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $973.80 | $3.72 |
Institutional Shares | $1,000 | $974.10 | $2.59 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.03 | $3.81 |
Institutional Shares | $1,000 | $1,022.17 | $2.66 |
Class A Shares | 0.76% |
Institutional Shares | 0.53% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923757
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
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 period covered by this 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 April 22, 2022
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 April 22, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date April 22, 2022