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: 2024-08-31
Date of Reporting Period: 2024-08-31
Item 1. | Reports to Stockholders |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A Shares | $93 | 0.89% |
- Yield curve management contributed positively to relative performance. An overweight allocation to bonds with durations greater than eight years and a corresponding underweight in bonds with durations between two and six years benefitted from an inverted and steepening yield curve.
- Credit allocation was a positive factor. An overweight allocation to BB-rated and B-rated bonds benefitted from tightening credit spreads.
- Security selection contributed favorably as the Fund outperformed the Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed excess returns, notably in the Senior Care sector and various Puerto Rico bonds.
- During the reporting period, the Fund’s duration averaged 3% longer than the Index, which was a benefit to the Fund with falling rates.
- Although sector allocation was slightly positive, an underweight allocation to Higher Education and overweight allocation to Airports were drags on performance.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class A Shares — including sales load | 4.70% | 0.18% | 2.63% |
Class A Shares — excluding sales load | 9.66% | 1.11% | 3.10% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield 3 years and longer maturity | 9.55% | 2.15% | 4.04% |
S&P 25% A and Higher/25% BBB/50% High Yield, All 3-Year Plus Sub-Index | 9.44% | 2.09% | 3.97% |
Morningstar High Yield Muni Funds Average | 9.75% | 1.18% | 3.14% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $484,097,112 |
Number of Investments | 373 |
Portfolio Turnover Rate | 20% |
Total Advisory Fees Paid | $2,009,959 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C Shares | $171 | 1.64% |
- Yield curve management contributed positively to relative performance. An overweight allocation to bonds with durations greater than eight years and a corresponding underweight in bonds with durations between two and six years benefitted from an inverted and steepening yield curve.
- Credit allocation was a positive factor. An overweight allocation to BB-rated and B-rated bonds benefitted from tightening credit spreads.
- Security selection contributed favorably as the Fund outperformed the Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed excess returns, notably in the Senior Care sector and various Puerto Rico bonds.
- During the reporting period, the Fund’s duration averaged 3% longer than the Index, which was a benefit to the Fund with falling rates.
- Although sector allocation was slightly positive, an underweight allocation to Higher Education and overweight allocation to Airports were drags on performance.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class C Shares — including sales load | 7.89% | 0.37% | 2.49% |
Class C Shares — excluding sales load | 8.89% | 0.37% | 2.49% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield 3 years and longer maturity | 9.55% | 2.15% | 4.04% |
S&P 25% A and Higher/25% BBB/50% High Yield, All 3-Year Plus Sub-Index | 9.44% | 2.09% | 3.97% |
Morningstar High Yield Muni Funds Average | 9.75% | 1.18% | 3.14% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $484,097,112 |
Number of Investments | 373 |
Portfolio Turnover Rate | 20% |
Total Advisory Fees Paid | $2,009,959 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class F Shares | $93 | 0.89% |
- Yield curve management contributed positively to relative performance. An overweight allocation to bonds with durations greater than eight years and a corresponding underweight in bonds with durations between two and six years benefitted from an inverted and steepening yield curve.
- Credit allocation was a positive factor. An overweight allocation to BB-rated and B-rated bonds benefitted from tightening credit spreads.
- Security selection contributed favorably as the Fund outperformed the Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed excess returns, notably in the Senior Care sector and various Puerto Rico bonds.
- During the reporting period, the Fund’s duration averaged 3% longer than the Index, which was a benefit to the Fund with falling rates.
- Although sector allocation was slightly positive, an underweight allocation to Higher Education and overweight allocation to Airports were drags on performance.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class F Shares — including sales load | 7.59% | 0.93% | 3.01% |
Class F Shares — excluding sales load | 9.69% | 1.13% | 3.11% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield 3 years and longer maturity | 9.55% | 2.15% | 4.04% |
S&P 25% A and Higher/25% BBB/50% High Yield, All 3-Year Plus Sub-Index | 9.44% | 2.09% | 3.97% |
Morningstar High Yield Muni Funds Average | 9.75% | 1.18% | 3.14% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $484,097,112 |
Number of Investments | 373 |
Portfolio Turnover Rate | 20% |
Total Advisory Fees Paid | $2,009,959 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Shares | $67 | 0.64% |
- Yield curve management contributed positively to relative performance. An overweight allocation to bonds with durations greater than eight years and a corresponding underweight in bonds with durations between two and six years benefitted from an inverted and steepening yield curve.
- Credit allocation was a positive factor. An overweight allocation to BB-rated and B-rated bonds benefitted from tightening credit spreads.
- Security selection contributed favorably as the Fund outperformed the Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed excess returns, notably in the Senior Care sector and various Puerto Rico bonds.
- During the reporting period, the Fund’s duration averaged 3% longer than the Index, which was a benefit to the Fund with falling rates.
- Although sector allocation was slightly positive, an underweight allocation to Higher Education and overweight allocation to Airports were drags on performance.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Institutional Shares | 9.85% | 1.36% | 3.36% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield 3 years and longer maturity | 9.55% | 2.15% | 4.04% |
S&P 25% A and Higher/25% BBB/50% High Yield, All 3-Year Plus Sub-Index | 9.44% | 2.09% | 3.97% |
Morningstar High Yield Muni Funds Average | 9.75% | 1.18% | 3.14% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $484,097,112 |
Number of Investments | 373 |
Portfolio Turnover Rate | 20% |
Total Advisory Fees Paid | $2,009,959 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A Shares | $79 | 0.77% |
- Duration management and yield curve positioning contributed positively to relative Fund performance. Specifically, overweight positions in outperforming securities with maturities 12 years and longer had a positive contribution. The Fund held moderate duration short and long positions at different points relative to the Index during a volatile fiscal year which created modest net positive contribution. The 30-year AAA-rated Bloomberg Evaluation Service municipal yield fluctuated over a wide range from 4.59% to 3.34%, ending the period lower by 24 basis points.
- Credit allocation contributed positively with overweight positions relative to the Index in BBB-, B- and Non-rated securities all of which outperformed the Index. In addition, underweight positions in AAA-rated securities which underperformed the Index also contributed favorably.
- Sector allocation added to relative performance including underweight exposure to the underperforming Tobacco Settlement Revenue bond sector and overweight exposure to the outperforming Industrial Revenue bond sector.
- Security selection had a modest negative contribution to relative performance due to the timing of position adjustments as municipal yields peaked in October 2023. Specifically, the replacement of long duration securities during October with somewhat shorter duration securities mildly diminished returns as municipal yields subsequently declined to finish the calendar year.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class A Shares — including sales load | 1.35% | -0.29% | 1.44% |
Class A Shares — excluding sales load | 6.15% | 0.63% | 1.91% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond Ohio Index | 6.30% | 1.48% | 2.98% |
Morningstar Muni Ohio Funds | 6.43% | 0.68% | 1.83% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $81,569,260 |
Number of Investments | 105 |
Portfolio Turnover Rate | 35% |
Total Advisory Fees Paid | $48,325 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class F Shares | $95 | 0.92% |
- Duration management and yield curve positioning contributed positively to relative Fund performance. Specifically, overweight positions in outperforming securities with maturities 12 years and longer had a positive contribution. The Fund held moderate duration short and long positions at different points relative to the Index during a volatile fiscal year which created modest net positive contribution. The 30-year AAA-rated Bloomberg Evaluation Service municipal yield fluctuated over a wide range from 4.59% to 3.34%, ending the period lower by 24 basis points.
- Credit allocation contributed positively with overweight positions relative to the Index in BBB-, B- and Non-rated securities all of which outperformed the Index. In addition, underweight positions in AAA-rated securities which underperformed the Index also contributed favorably.
- Sector allocation added to relative performance including underweight exposure to the underperforming Tobacco Settlement Revenue bond sector and overweight exposure to the outperforming Industrial Revenue bond sector.
- Security selection had a modest negative contribution to relative performance due to the timing of position adjustments as municipal yields peaked in October 2023. Specifically, the replacement of long duration securities during October with somewhat shorter duration securities mildly diminished returns as municipal yields subsequently declined to finish the calendar year.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class F Shares — including sales load | 3.96% | 0.27% | 1.66% |
Class F Shares — excluding sales load | 5.99% | 0.48% | 1.76% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond Ohio Index | 6.30% | 1.48% | 2.98% |
Morningstar Muni Ohio Funds | 6.43% | 0.68% | 1.83% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $81,569,260 |
Number of Investments | 105 |
Portfolio Turnover Rate | 35% |
Total Advisory Fees Paid | $48,325 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Shares | $54 | 0.52% |
- Duration management and yield curve positioning contributed positively to relative Fund performance. Specifically, overweight positions in outperforming securities with maturities 12 years and longer had a positive contribution. The Fund held moderate duration short and long positions at different points relative to the Index during a volatile fiscal year which created modest net positive contribution. The 30-year AAA-rated Bloomberg Evaluation Service municipal yield fluctuated over a wide range from 4.59% to 3.34%, ending the period lower by 24 basis points.
- Credit allocation contributed positively with overweight positions relative to the Index in BBB-, B- and Non-rated securities all of which outperformed the Index. In addition, underweight positions in AAA-rated securities which underperformed the Index also contributed favorably.
- Sector allocation added to relative performance including underweight exposure to the underperforming Tobacco Settlement Revenue bond sector and overweight exposure to the outperforming Industrial Revenue bond sector.
- Security selection had a modest negative contribution to relative performance due to the timing of position adjustments as municipal yields peaked in October 2023. Specifically, the replacement of long duration securities during October with somewhat shorter duration securities mildly diminished returns as municipal yields subsequently declined to finish the calendar year.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Institutional Shares | 6.42% | 0.85% | 2.02% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond Ohio Index | 6.30% | 1.48% | 2.98% |
Morningstar Muni Ohio Funds | 6.43% | 0.68% | 1.83% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $81,569,260 |
Number of Investments | 105 |
Portfolio Turnover Rate | 35% |
Total Advisory Fees Paid | $48,325 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A Shares | $78 | 0.76% |
- Yield curve positioning provided a positive contribution to relative performance, particularly due to the Fund’s overweight allocation to bonds with duration greater than eight years.
- During the reporting period, the Fund’s duration was on average longer than the Index. Thus, the Fund benefitted from falling rates.
- Credit allocation contributed to relative performance against the Index. Notably, the Fund’s overweight allocation to BBB-rated bonds (which outperformed) and underweight allocation to AA-rated bonds (which underperformed) added to relative performance.
- Sector allocation was a net detractor from relative performance. Positions in Local General Obligations, Multi-Family, and Pre-Refunded bonds were a drag on relative performance. These were partially offset by overweight positions in Life Care and Incremental Tax bonds.
- Individual security selection which reflects factors not explained by duration, yield curve, credit and sector also lagged the Index. The Fund’s emphasis on higher-coupon bonds was a drag on performance versus the Index.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Class A Shares — including sales load | 0.89% | -0.27% | 1.62% |
Class A Shares — excluding sales load | 5.61% | 0.66% | 2.09% |
S&P Municipal Bond Index1 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond Pennsylvania Index | 6.37% | 1.17% | 2.60% |
Morningstar Muni Pennsylvania Funds | 6.82% | 0.67% | 2.14% |
1 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $102,316,544 |
Number of Investments | 99 |
Portfolio Turnover Rate | 26% |
Total Advisory Fees Paid | $192,350 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Shares | $55 | 0.53% |
- Yield curve positioning provided a positive contribution to relative performance, particularly due to the Fund’s overweight allocation to bonds with duration greater than eight years.
- During the reporting period, the Fund’s duration was on average longer than the Index. Thus, the Fund benefitted from falling rates.
- Credit allocation contributed to relative performance against the Index. Notably, the Fund’s overweight allocation to BBB-rated bonds (which outperformed) and underweight allocation to AA-rated bonds (which underperformed) added to relative performance.
- Sector allocation was a net detractor from relative performance. Positions in Local General Obligations, Multi-Family, and Pre-Refunded bonds were a drag on relative performance. These were partially offset by overweight positions in Life Care and Incremental Tax bonds.
- Individual security selection which reflects factors not explained by duration, yield curve, credit and sector also lagged the Index. The Fund’s emphasis on higher-coupon bonds was a drag on performance versus the Index.
Average Annual Total Returns | |||
1 Year | 5 Year | 10 Year | |
Institutional Shares1 | 5.86% | 0.84% | 2.18% |
S&P Municipal Bond Index2 | 6.25% | 1.19% | 2.48% |
S&P Municipal Bond Pennsylvania Index | 6.37% | 1.17% | 2.60% |
Morningstar Muni Pennsylvania Funds | 6.82% | 0.67% | 2.14% |
1 | The Fund’s Institutional Shares commenced operations on April 28, 2020. For the period prior to the commencement of operations of Institutional Shares, the performance information shown for the Fund’s Institutional Shares is for the Class A Shares. |
2 | The Fund has designated the S&P Municipal Bond Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
Net Assets | $102,316,544 |
Number of Investments | 99 |
Portfolio Turnover Rate | 26% |
Total Advisory Fees Paid | $192,350 |
(% of Net Assets)
• prospectus • financial information • holdings • proxy voting information
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. | Audit Committee Financial Expert |
The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,” for purposes of this Item 3: Thomas M. O’Neill and John S. Walsh.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 – $111,596
Fiscal year ended 2023 - $139,389
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $3,990 respectively. Fiscal year ended 2023- Audit consent fee for N-14 merger document filing.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval(and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2024 - $4,292
Fiscal year ended 2023 - $51,847
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not Applicable
Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
and Additional Information
Share Class | Ticker | A | FMOAX | C | FMNCX | F | FHTFX | Institutional | FMYIX |
Federated Hermes Municipal High Yield Advantage Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
Principal Amount | Value | ||
MUNICIPAL BONDS—100.2% | |||
Alabama—1.3% | |||
$ 500,000 | 1,2 | 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 | $ 280,000 |
1,500,000 | 1,2 | 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 | 840,000 |
2,000,000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.250%, 10/1/2049 | 2,159,727 | |
2,000,000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.500%, 10/1/2053 | 2,184,388 | |
1,000,000 | Mobile County, AL IDA (AM/NS Calvert LLC), Solid Waste Disposal Revenue Bonds (Series 2024A), 5.000%, 6/1/2054 | 1,039,326 | |
TOTAL | 6,503,441 | ||
Alaska—0.0% | |||
1,000,000 | 1,2 | Alaska Industrial Development and Export Authority (Boys & Girls Home & Family Services, Inc.), Community Provider Revenue Bonds (Series 2007C), 6.000%, 12/1/2036 | 4,000 |
Arizona—2.8% | |||
650,000 | 3 | Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051 | 643,322 |
500,000 | 3 | Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 494,863 |
1,000,000 | 3 | Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 1,000,856 |
1,750,000 | 3 | Arizona State IDA (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 1,776,734 |
1,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory Tender 9/1/2027 | 1,029,252 | |
1,000,000 | Maricopa County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), 4.000%, 10/15/2047 | 903,741 | |
1,000,000 | 3 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 991,861 |
1,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,000,469 | |
1,000,000 | 3 | Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035 | 1,087,897 |
1,000,000 | 3 | Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057 | 1,088,223 |
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 | 3,322,930 | |
TOTAL | 13,340,148 | ||
Arkansas—0.3% | |||
1,250,000 | Arkansas Development Finance Authority (United States Steel Corp.), Environmental Improvement Revenue Bonds (Series 2022), 5.450%, 9/1/2052 | 1,314,061 | |
California—5.5% | |||
2,000,000 | California Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 12/31/2043 | 2,036,819 | |
2,250,000 | California Municipal Finance Authority (Republic Services, Inc.), Solid Waste Disposal Revenue Bonds (Series 2023A), 4.375%, Mandatory Tender 9/1/2033 | 2,354,590 | |
500,000 | 3 | California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 475,015 |
750,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 750,324 |
565,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 567,266 |
500,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 505,603 |
1,000,000 | 3 | California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds (Series 2017), 5.000%, 6/1/2037 | 1,006,033 |
500,000 | 3 | California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 493,275 |
580,000 | 3 | California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), (United States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053 | 611,013 |
520,000 | 3 | California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 506,044 |
1,125,000 | California State, UT GO Various Purpose Bonds, 5.250%, 8/1/2044 | 1,303,835 | |
900,000 | California State, Various Purpose UT GO Bonds, 5.250%, 9/1/2047 | 1,009,572 | |
2,250,000 | 3 | California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 2,273,019 |
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%, 8/15/2042 | 1,030,694 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$ 5,000,000 | 4 | Golden State Tobacco Securitization Corp., CA, Subordinate Tobacco Settlement Asset-Backed Bonds (Series 2021B-2), 0.000%, 6/1/2066 | $ 581,515 |
1,590,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2022), 5.000%, 6/1/2051 | 1,650,305 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 3,152,824 | |
1,250,000 | Orange County, CA Community Facilities District No. 2016-1 (CFD 2016-1 (Village of Esencia)), Special Tax Revenue Bonds (Series 2016A), 5.000%, 8/15/2041 | 1,270,649 | |
1,000,000 | Orange County, CA Community Facilities District No. 2023-1 (Rienda Phase 2B), Special Tax Bonds (Series 2023A), (Original Issue Yield: 5.550%), 5.500%, 8/15/2053 | 1,076,825 | |
1,000,000 | Palomar Health, CA Revenue, (Series 2016), 5.000%, 11/1/2039 | 969,712 | |
1,000,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017), 5.000%, 9/1/2034 | 1,030,625 | |
1,255,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 5), Special Tax Revenue Bonds (Series 2021), 4.000%, 9/1/2050 | 1,139,831 | |
600,000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2024A), 5.250%, 5/1/2044 | 655,123 | |
TOTAL | 26,450,511 | ||
Colorado—6.4% | |||
1,000,000 | Banning Lewis Ranch Metropolitan District No. 4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048 | 1,008,449 | |
1,000,000 | Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048 | 1,001,877 | |
1,500,000 | Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046 | 1,502,455 | |
500,000 | Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), 4.000%, 5/1/2061 | 429,319 | |
2,000,000 | Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation), Charter School Revenue Bonds (Series 2022), 5.000%, 9/1/2062 | 2,022,896 | |
1,000,000 | 3 | Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 1,014,261 |
1,625,000 | Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.500%, 7/1/2049 | 1,625,577 | |
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 | 1,002,226 | |
5,000,000 | Colorado Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), Hospital Revenue Bonds (Series 2021A), 4.000%, 11/15/2050 | 4,821,560 | |
1,500,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2031 | 1,510,785 | |
2,000,000 | Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2024A), 5.000%, 12/1/2039 | 2,248,193 | |
1,000,000 | Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2024A), 5.250%, 12/1/2054 | 1,099,733 | |
750,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Subordinate Revenue Bonds (Series 2023B), 5.500%, 11/15/2040 | 851,484 | |
500,000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 506,851 | |
1,000,000 | 3 | Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 1,030,460 |
475,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027 | 475,601 | |
1,170,000 | Hogback Metropolitan District, CO, LT GO Bonds (Series 2021A), 5.000%, 12/1/2051 | 1,047,287 | |
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 | 2,507,285 | |
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 | 2,114,546 | |
2,510,000 | St. Vrain Lakes, CO Metropolitan District No. 2, LT GO Senior Bonds (Series 2017A), 5.000%, 12/1/2037 | 2,517,694 | |
735,000 | Sterling Ranch, CO Community Authority Board (Sterling Ranch, CO Metropolitan District No. 4 Subdistrict-A), LT Supported and Special Revenue Refunding Improvement Bonds (Series 2024A), 6.500%, 12/1/2054 | 767,486 | |
TOTAL | 31,106,025 | ||
Connecticut—0.4% | |||
1,000,000 | Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.950%, 4/1/2026 | 1,000,377 | |
1,000,000 | Steel Point Infrastructure Improvement District, Steelpointe Harbor Special Obligation Revenue Bonds (Series 2024), (Original Issue Yield: 6.090%), 6.000%, 4/1/2052 | 1,071,053 | |
TOTAL | 2,071,430 | ||
Delaware—0.9% | |||
1,600,000 | Delaware EDA (Newark Charter School, Inc.), Charter School Revenue Bonds (Series 2021), 4.000%, 9/1/2041 | 1,519,389 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Delaware—continued | |||
$ 3,000,000 | 3 | 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 | $ 3,009,899 |
TOTAL | 4,529,288 | ||
District of Columbia—0.9% | |||
1,000,000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | 1,005,014 | |
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 | 944,314 | |
1,000,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2019), 4.000%, 7/1/2039 | 979,199 | |
1,180,000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2020A), 5.000%, 7/15/2045 | 1,255,770 | |
TOTAL | 4,184,297 | ||
Florida—10.3% | |||
1,245,000 | Alta Lakes, FL CDD, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049 | 1,178,137 | |
120,000 | Arborwood, FL CDD, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 | 120,071 | |
450,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-1), 4.000%, 5/1/2051 | 381,718 | |
550,000 | Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-2), 4.000%, 5/1/2052 | 463,489 | |
1,360,000 | Boggy Branch CDD, FL, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2051 | 1,132,485 | |
3,000,000 | Broward County, FL (Broward County, FL Convention Center Hotel), First Tier Revenue Bonds (Series 2022), (Broward County, FL GTD), 5.500%, 1/1/2055 | 3,330,319 | |
2,000,000 | Central Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2024A), (Assured Guaranty Inc. INS), 5.000%, 7/1/2054 | 2,161,834 | |
2,237,081 | 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 | 60,401 |
1,000,000 | 3 | Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 984,265 |
1,000,000 | Florida Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A), 4.000%, 6/1/2055 | 749,079 | |
1,000,000 | Florida Development Finance Corp. (Shands Jacksonville Medical Center, Inc.), UFHealth Revenue Refunding Bonds (Series 2022A), 5.000%, 2/1/2052 | 997,362 | |
1,000,000 | Florida Development Finance Corp. (Tampa General Hospital), Healthcare Facilities Revenue Bonds (Series 2024A), 5.250%, 8/1/2055 | 1,058,856 | |
500,000 | Hacienda North CDD, Special Assessment Bonds (Series 2023), 6.300%, 5/1/2043 | 541,259 | |
1,000,000 | Hacienda North CDD, Special Assessment Bonds (Series 2023), 6.500%, 5/1/2053 | 1,080,633 | |
1,000,000 | Harbor Bay, FL CDD, Special Assessment District Area One (Series 2019A-1), (Original Issue Yield: 4.140%), 4.100%, 5/1/2048 | 872,095 | |
1,000,000 | Hillsborough County, FL Aviation Authority, Revenue Bonds (Series 2024B), 5.500%, 10/1/2054 | 1,100,296 | |
265,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051 | 228,073 | |
160,000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%), 3.875%, 5/1/2031 | 158,170 | |
555,000 | Lakewood Ranch Stewardship District, FL (Indigo Expansion Area Project), Special Assessment Revenue Bonds (Series 2019), 4.000%, 5/1/2049 | 479,081 | |
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 | 1,000,360 | |
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 | 1,018,716 | |
750,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020), 4.000%, 5/1/2050 | 643,100 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Project - Phase 1B), Special Assessment Revenue Bonds (Series 2018), 5.450%, 5/1/2048 | 1,023,731 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Taylor Ranch), Special Assessment Revenue Bonds (Series 2023), 6.300%, 5/1/2054 | 1,061,071 | |
1,075,000 | 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 | 1,079,474 | |
1,000,000 | Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds (Series 2022A), 5.250%, 10/1/2057 | 918,335 | |
1,000,000 | LT Ranch, FL CDD (LT Ranch, FL CDD Phase IIA Assessment Area), Capital Improvement Revenue Bonds Phase IIA (Series 2022-2), (Original Issue Yield: 5.740%), 5.700%, 5/1/2053 | 1,035,863 | |
500,000 | LT Ranch, FL CDD (LT Ranch, FL CDD Phase IIB Assessment Area), Capital Improvement Revenue Bonds Phase IIB (Series 2024), 5.500%, 5/1/2044 | 512,541 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$ 500,000 | LT Ranch, FL CDD (LT Ranch, FL CDD Phase IIB Assessment Area), Capital Improvement Revenue Bonds Phase IIB (Series 2024), 5.850%, 5/1/2054 | $ 512,314 | |
825,000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIB Assessment Area (Series 2019), 4.000%, 5/1/2050 | 711,900 | |
2,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2017B), 5.000%, 10/1/2040 | 2,045,864 | |
745,000 | Midtown Miami, FL CDD, Special Assessment & Revenue Refunding Bonds (Series 2014A), (Original Issue Yield: 5.250%), 5.000%, 5/1/2037 | 745,133 | |
1,000,000 | North River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), 5.800%, 5/1/2043 | 1,028,047 | |
1,000,000 | North River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), 6.000%, 5/1/2054 | 1,027,287 | |
1,750,000 | 3 | Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds (Series 2020), 5.875%, 1/1/2033 | 1,567,071 |
145,000 | 1,2 | Reunion East CDD, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 2 |
1,125,000 | River Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051 | 1,004,667 | |
900,000 | Rivers Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | 754,655 | |
1,250,000 | Seminole County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054 | 1,252,769 | |
1,000,000 | Shadowlawn, FL CDD, Special Assessment Revenue Bonds (Series 2024), 5.850%, 5/1/2054 | 1,011,973 | |
740,000 | Southern Grove, FL CDD #5, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2048 | 650,816 | |
585,000 | Southern Grove, FL CDD #5, Special Assessment District Revenue Refunding Bonds (Series 2019), 4.000%, 5/1/2043 | 520,756 | |
500,000 | St. Johns County, FL IDA (Vicar’s Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2050 | 394,728 | |
495,000 | Talavera, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040 | 467,834 | |
770,000 | Talavera, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050 | 703,544 | |
900,000 | Three Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.600%), 5.550%, 5/1/2043 | 927,816 | |
900,000 | Three Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.800%), 5.750%, 5/1/2053 | 926,334 | |
900,000 | Tolomato CDD, FL, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040 | 876,066 | |
1,000,000 | Tolomato CDD, FL, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2), 4.250%, 5/1/2037 | 979,665 | |
175,000 | 4 | Tolomato CDD, 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 | 173,592 |
190,000 | 1,2 | Tolomato CDD, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040 | 2 |
1,400,000 | Tradition CDD No. 9, Special Assessment Community Infrastructure Bonds (Series 2021), 4.000%, 5/1/2052 | 1,159,080 | |
905,000 | Verandah West, FL CDD, Capital Improvement Revenue Refunding Bonds (Series 2013), (Original Issue Yield: 5.125%), 5.000%, 5/1/2033 | 905,443 | |
1,500,000 | Viera Stewardship District (Viera Stewardship District Village 2), Special Assessment Revenue Bonds (Series 2021), 4.000%, 5/1/2053 | 1,240,656 | |
2,000,000 | Willow Walk, FL CDD, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 | 2,009,022 | |
1,330,000 | Windward at Lakewood Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2022), 4.250%, 5/1/2052 | 1,141,013 | |
TOTAL | 50,108,863 | ||
Georgia—1.6% | |||
2,000,000 | Atlanta, GA Development Authority (Westside Gulch Area Project (Spring Street Atlanta)), Senior Revenue Bonds (Series 2024A-2), 5.500%, 4/1/2039 | 2,038,680 | |
1,000,000 | Fayette County, GA Development Authority (United States Soccer Federation, Inc.), Revenue Bonds (Series 2024), 5.250%, 10/1/2054 | 1,080,953 | |
1,000,000 | Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation, Inc.), Retirement Facility Refunding Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 1,011,756 | |
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 | 958,175 | |
475,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056 | 490,575 | |
1,500,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Revenue Refunding Bonds (Series 2023A), 5.250%, 7/1/2064 | 1,600,563 | |
500,000 | Rockdale County, GA Development Authority (Pratt Paper, LLC), Revenue Refunding Bonds (Series 2018), 4.000%, 1/1/2038 | 492,851 | |
TOTAL | 7,673,553 | ||
Idaho—0.9% | |||
2,000,000 | Idaho Health Facilities Authority (North Canyon Medical Center), Revenue and Refunding Bonds (Series 2023), 7.125%, 11/1/2057 | 2,086,281 | |
3,000,000 | Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.550%, 10/1/2056 | 2,056,831 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Idaho—continued | |||
$ 490,000 | Idaho Health Facilities Authority (Terraces of Boise), Taxable Exchange Revenue Refunding Bonds (Series 2021B), 8.000%, 10/1/2028 | $ 463,385 | |
TOTAL | 4,606,497 | ||
Illinois—9.4% | |||
2,000,000 | Chicago, IL Board of Education, UT GO Bonds (Series 2023A), 6.000%, 12/1/2049 | 2,215,043 | |
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 | 3,541,625 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2030 | 1,037,079 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2031 | 1,036,487 | |
2,750,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2033 | 2,843,390 | |
1,400,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2034 | 1,445,939 | |
1,000,000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue and Revenue Refunding Bonds (Series 2023A), 5.750%, 1/1/2048 | 1,112,614 | |
1,000,000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue and Revenue Refunding Bonds (Series 2023C), 5.000%, 1/1/2033 | 1,093,927 | |
1,000,000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue and Revenue Refunding Bonds (Series 2023C), 5.000%, 1/1/2039 | 1,071,662 | |
1,125,000 | Chicago, IL O’Hare International Airport (TrIPs Obligated Group), Senior Special Facilities Revenue Bonds (Series 2018), 5.000%, 7/1/2048 | 1,136,255 | |
1,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.500%, 1/1/2055 | 1,073,721 | |
1,250,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2024A), 5.500%, 1/1/2059 | 1,357,514 | |
1,475,000 | Chicago, IL, UT GO Bonds (Series 2019A), 5.500%, 1/1/2049 | 1,534,811 | |
1,250,000 | Chicago, IL, UT GO Bonds (Series 2023A), 5.500%, 1/1/2039 | 1,377,760 | |
3,700,000 | Chicago, IL, UT GO Bonds (Series 2024A), 5.250%, 1/1/2045 | 3,951,516 | |
1,333,000 | Chicago, IL, UT GO Exchanged Bonds (Series 2021B), 4.000%, 1/1/2044 | 1,234,803 | |
313,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 313,303 | |
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 | 1,735,743 | |
1,250,000 | Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.000%, 9/1/2032 | 1,250,836 | |
815,000 | Illinois Finance Authority (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A), 6.125%, 2/1/2045 | 815,271 | |
8,000,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 8,499,687 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041 | 974,018 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2022A), 5.500%, 3/1/2042 | 1,112,688 | |
530,000 | Illinois State, UT GO Bonds (Series 2023B), 5.500%, 5/1/2047 | 581,628 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2024B), 5.250%, 5/1/2045 | 1,100,261 | |
2,000,000 | 4 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), (Original Issue Yield: 5.250%), 0.000%, 12/15/2056 | 428,027 |
1,500,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2024B), 5.000%, 6/15/2053 | 1,610,016 | |
TOTAL | 45,485,624 | ||
Indiana—1.4% | |||
915,000 | Indiana State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055 | 905,001 | |
1,000,000 | Indiana State Finance Authority Hospital Revenue (Methodist Hospital of Indiana), Hospital Revenue Refunding Bonds (Series 2024A), 5.500%, 9/15/2044 | 1,068,834 | |
1,670,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds (Series 2023E), (Original Issue Yield: 6.170%), 6.000%, 3/1/2053 | 1,845,392 | |
1,000,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds (Series 2023E), (Original Issue Yield: 6.270%), 6.125%, 3/1/2057 | 1,104,895 | |
1,000,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue Bonds (Series 2023F-2), (Original Issue Yield: 8.200%), 7.750%, 3/1/2067 | 1,081,419 | |
750,000 | Valparaiso, IN (Pratt Paper (IN), LLC), Exempt Facilities Revenue Bonds (Series 2024), 5.000%, 1/1/2054 | 774,453 | |
TOTAL | 6,779,994 | ||
Iowa—1.5% | |||
879,539 | 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 | 883,261 | |
2,930,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), (United States Treasury PRF 12/1/2032@100), 5.000%, 12/1/2050 | 3,403,487 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$ 2,930,000 | Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2021A-2 Class 1), 4.000%, 6/1/2049 | $ 2,762,007 | |
55,000 | Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2021B-1 Class 2), 4.000%, 6/1/2049 | 55,152 | |
10,000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), (United States Treasury PRF 12/1/2026@100), 5.000%, 12/1/2041 | 10,530 | |
TOTAL | 7,114,437 | ||
Kentucky—1.2% | |||
375,000 | Henderson, KY (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2022), 4.700%, 1/1/2052 | 368,404 | |
650,000 | Kenton County, KY Airport Board (Cincinnati/Northern Kentucky International Airport), Revenue Bonds (Series 2024A), 5.250%, 1/1/2054 | 693,664 | |
1,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2046 | 799,332 | |
2,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051 | 1,553,517 | |
1,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds (Series 2023A), 5.000%, 10/1/2040 | 1,096,148 | |
1,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds (Series 2023A), 5.000%, 10/1/2041 | 1,087,595 | |
TOTAL | 5,598,660 | ||
Louisiana—1.7% | |||
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 | 981,899 | |
2,000,000 | Louisiana Public Facilities Authority (Calcasieu Bridge Partners LLC), I-10 Calcasieu River Bridge Senior Lien Revenue Bonds (Series 2024), 5.750%, 9/1/2064 | 2,189,335 | |
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 | 31,087 | |
970,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), 5.000%, 5/15/2047 | 980,322 | |
600,000 | Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048 | 650,028 | |
2,000,000 | Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.250%, 7/1/2053 | 2,196,022 | |
1,000,000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008), 6.100%, Mandatory Tender 6/1/2030 | 1,113,252 | |
TOTAL | 8,141,945 | ||
Maine—0.6% | |||
1,000,000 | Maine Health & Higher Educational Facilities Authority (Northern Light Health Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 946,072 | |
2,000,000 | 3 | Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.250%, 1/1/2025 | 2,005,079 |
TOTAL | 2,951,151 | ||
Maryland—2.0% | |||
955,000 | Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 965,270 | |
500,000 | Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 6/1/2043 | 502,216 | |
1,855,000 | Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds (Series 2020B), 4.625%, 7/1/2043 | 1,824,679 | |
1,060,000 | Maryland State Economic Development Corp. (CONSOL Energy, Inc.), Port Facilities Refunding Revenue Bonds (Series 2010), 5.750%, 9/1/2025 | 1,067,496 | |
1,000,000 | Maryland State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020), 4.000%, 9/1/2050 | 847,351 | |
200,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2032 | 210,302 | |
450,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2035 | 471,242 | |
2,000,000 | Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), Special Obligation Bonds (Series 2016), 5.000%, 7/1/2046 | 2,003,862 | |
1,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Economic Development Revenue Bonds (Series 2017B), 5.000%, 11/1/2042 | 988,413 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maryland—continued | |||
$ 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 | $ 1,000,269 | |
TOTAL | 9,881,100 | ||
Massachusetts—0.2% | |||
1,000,000 | 3 | Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 1,006,246 |
Michigan—1.7% | |||
1,250,000 | Detroit, MI Downtown Development Authority, Tax Increment Revenue Refunding Bonds Catalyst Development Project (Series 2024), 5.000%, 7/1/2048 | 1,319,726 | |
1,000,000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050 | 1,055,598 | |
250,000 | Detroit, MI, UT GO Bonds (Series 2023A), 6.000%, 5/1/2043 | 288,479 | |
1,500,000 | Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Water Supply System), Water Supply System Revenue Refunding Bonds (Series 2024A), 5.000%, 7/1/2034 | 1,754,664 | |
1,500,000 | Michigan State Finance Authority (Great Lakes, MI Water Authority Sewage Disposal System), Revenue Refunding Senior Lien Bonds (Series 2024A), 5.000%, 7/1/2033 | 1,757,498 | |
1,000,000 | Michigan State Finance Authority (Provident Group - HFH Energy LLC), Act 38 Facilities Senior Revenue Bonds (Series 2024), 5.500%, 2/28/2057 | 1,114,677 | |
1,500,000 | 1,2 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 750,000 |
TOTAL | 8,040,642 | ||
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 | 685,089 | |
1,100,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.250%, 8/1/2046 | 992,232 | |
1,700,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), 5.750%, 8/1/2044 | 1,701,019 | |
1,000,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), 5.375%, 8/1/2050 | 1,016,104 | |
3,000,000 | 3 | Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: 5.150%), 5.000%, 12/1/2047 | 2,991,591 |
2,000,000 | St. Cloud, MN (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046 | 1,703,803 | |
2,000,000 | St. Paul, MN Housing & Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Bonds (Series 2015A), 5.375%, 7/1/2050 | 2,005,054 | |
325,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036 | 297,393 | |
750,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046 | 652,489 | |
TOTAL | 12,044,774 | ||
Missouri—0.7% | |||
400,000 | Cape Girardeau County, MO IDA (SoutheastHEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021), 4.000%, 3/1/2046 | 384,609 | |
2,000,000 | 3 | 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 | 1,919,254 |
1,000,000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050 | 867,311 | |
TOTAL | 3,171,174 | ||
Montana—0.4% | |||
900,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 779,981 | |
1,425,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2052 | 1,207,359 | |
TOTAL | 1,987,340 | ||
Nevada—1.7% | |||
905,000 | 3 | 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 | 905,701 |
1,000,000 | 3 | 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%, 12/15/2038 | 1,004,365 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—continued | |||
$ 755,000 | Las Vegas, NV (Las Vegas, NV SID No. 611), Sunstone Phase I and II Local Improvement Bonds (Series 2020), (Original Issue Yield: 4.170%), 4.125%, 6/1/2050 | $ 667,132 | |
450,000 | Las Vegas, NV (Las Vegas, NV SID No. 613), Sunstone Phases III and IV Local Improvement Bonds (Series 2024), (Original Issue Yield: 5.330%), 5.250%, 12/1/2047 | 455,787 | |
500,000 | Las Vegas, NV (Las Vegas, NV SID No. 613), Sunstone Phases III and IV Local Improvement Bonds (Series 2024), 5.500%, 12/1/2053 | 505,515 | |
875,000 | Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.000%, 12/1/2035 | 878,922 | |
485,000 | Las Vegas, NV (Summerlin Village 25 SID No. 815), Local Improvement Bonds (Series 2020), 5.000%, 12/1/2049 | 468,968 | |
1,160,000 | Las Vegas, NV SID No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds (Series 2019), 4.000%, 6/1/2049 | 961,068 | |
635,000 | North Las Vegas, NV SID No. 64 (Valley Vista), Local Improvement Bonds (Series 2019), 4.625%, 6/1/2049 | 617,632 | |
1,500,000 | Reno-Tahoe Airport Authority (Reno-Tahoe International Airport), Airport Revenue Bonds (Series 2024A), 5.250%, 7/1/2054 | 1,592,759 | |
TOTAL | 8,057,849 | ||
New Hampshire—0.3% | |||
100,000 | National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B), 3.750%, Mandatory Tender 7/2/2040 | 85,198 | |
987,957 | National Finance Authority, NH, Municipal Certificates (Series 2023-2 Class A), (Original Issue Yield: 4.650%), 3.875%, 1/20/2038 | 958,689 | |
497,773 | National Finance Authority, NH, Municipal Certificates (Series 2024-1 Class A), (Original Issue Yield: 4.510%), 4.250%, 7/20/2041 | 495,923 | |
TOTAL | 1,539,810 | ||
New Jersey—2.5% | |||
1,280,000 | New Jersey EDA (New Jersey State), Motor Vehicle Surcharge Subordinate Revenue Refunding Bonds (Series 2017A), 5.000%, 7/1/2033 | 1,309,588 | |
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 | 183,775 | |
185,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), (United States Treasury PRF 12/15/2028@100), 5.000%, 6/15/2043 | 204,017 | |
315,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), 5.000%, 6/15/2043 | 327,299 | |
1,335,000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 | 1,357,452 | |
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 | 1,000,111 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034 | 1,064,876 | |
750,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2032 | 807,369 | |
1,000,000 | Newark, NJ, Mass Transit Access Tax Revenue Bonds (Series 2022), (Assured Guaranty Inc. INS), 6.000%, 11/15/2062 | 1,160,181 | |
500,000 | South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048 | 507,958 | |
4,010,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 | 4,046,191 | |
TOTAL | 11,968,817 | ||
New York—6.1% | |||
1,835,000 | Albany Capital Resource Corporation (KIPP Capital Region Public Charter Schools), Revenue Bonds (Series 2024), 5.000%, 6/1/2064 | 1,851,936 | |
900,000 | 3 | Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 902,902 |
1,000,000 | Build NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds (Series 2022), 5.250%, 7/1/2062 | 1,036,558 | |
4,675,000 | 4 | Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation Revenue Bonds (Series 2016B), (Original Issue Yield: 6.000%), 0.000%, 1/1/2045 | 1,286,030 |
1,000,000 | 3 | Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/1/2059 | 1,010,609 |
1,365,028 | 1,2 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Revenue Bonds (Series 2021B), 5.000%, 1/1/2058 | 408,752 |
500,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1), 4.000%, 5/1/2045 | 495,969 | |
3,000,000 | New York City, NY, UT GO Bonds (Series 2025C-1), 4.000%, 9/1/2052 | 2,912,207 | |
1,000,000 | New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.000%, 6/1/2051 | 937,349 | |
1,000,000 | New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2060 | 971,109 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$ 665,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 3.000%, 8/1/2031 | $ 622,434 | |
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 | 1,032,058 | |
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 | 1,442,955 | |
2,250,000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities Revenue Bonds (Series 2023), 6.000%, 4/1/2035 | 2,529,574 | |
1,000,000 | New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds (Series 2021), 4.000%, 10/31/2046 | 887,743 | |
865,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2042 | 833,236 | |
1,800,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 4.000%, 12/1/2040 | 1,790,453 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2022), 5.000%, 12/1/2041 | 1,052,239 | |
500,000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities Revenue Bonds (Series 2023), 6.000%, 6/30/2054 | 546,286 | |
3,000,000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities Revenue Bonds (Series 2024), 5.500%, 6/30/2060 | 3,195,382 | |
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 | 956,863 | |
750,000 | Onondaga, NY Civic Development Corporation (Crouse Health Hospital, Inc.), Revenue Refunding Bonds (Series 2024A), (Original Issue Yield: 5.540%), 5.375%, 8/1/2054 | 771,091 | |
1,000,000 | Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 6.100%), 6.000%, 12/1/2053 | 1,050,350 | |
1,000,000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041 | 1,019,359 | |
TOTAL | 29,543,444 | ||
North Carolina—0.3% | |||
1,500,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2024), (Assured Guaranty Inc. INS), 5.000%, 1/1/2058 | 1,596,140 | |
Ohio—3.1% | |||
7,600,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020B-2 Class 2), 5.000%, 6/1/2055 | 6,984,043 | |
1,000,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,019,377 | |
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 | 1,970,637 | |
1,800,000 | 3 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 1,780,686 |
1,000,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 999,090 | |
1,125,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2041 | 1,139,009 | |
1,000,000 | Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2053 | 1,007,001 | |
TOTAL | 14,899,843 | ||
Oklahoma—0.9% | |||
2,315,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | 2,381,630 | |
1,750,000 | Tulsa County, OK Industrial Authority (Montereau, Inc.), Senior LivingCommunity Revenue Refunding Bonds (Series 2017), 5.250%, 11/15/2045 | 1,767,908 | |
TOTAL | 4,149,538 | ||
Oregon—0.6% | |||
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 | 442,175 | |
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 | 627,507 | |
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 | 383,464 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oregon—continued | |||
$ 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 | $ 470,841 | |
1,000,000 | Port of Portland, OR Airport, Airport Revenue Bonds (Series Thirty A), 5.250%, 7/1/2054 | 1,076,699 | |
TOTAL | 3,000,686 | ||
Pennsylvania—3.9% | |||
800,000 | 3 | Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds (Series 2024), 5.000%, 5/1/2042 | 816,811 |
2,000,000 | Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 | 2,006,647 | |
1,200,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047 | 1,205,294 | |
800,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051 | 801,000 | |
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 | 2,559,264 | |
4,000,000 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds (Series 2024-A1), 5.250%, 8/15/2053 | 4,347,837 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 2,002,585 | |
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 | 1,273,991 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds (Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061 | 2,218,023 | |
650,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 662,418 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,026,350 | |
TOTAL | 18,920,220 | ||
Puerto Rico—7.9% | |||
2,761,292 | 4 | Commonwealth of Puerto Rico, Clawback CVI Bonds, 0.000%, 11/1/2051 | 1,449,678 |
2,663,216 | 4 | Commonwealth of Puerto Rico, GO CVI Bonds, 0.000%, 11/1/2043 | 1,684,484 |
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037 | 977,159 | |
3,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041 | 2,847,618 | |
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046 | 927,092 | |
2,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 5.750%, 7/1/2031 | 2,214,342 | |
4,000,000 | 3 | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), 4.000%, 7/1/2042 | 3,793,578 |
4,000,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2010 XX), 5.250%, 7/1/2040 | 1,680,000 |
995,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2012A), 5.050%, 7/1/2042 | 417,900 |
310,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2013A), 7.000%, 7/1/2033 | 130,200 |
195,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.070%), 7.000%, 7/1/2040 | 81,900 |
2,500,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.120%), 7.000%, 7/1/2043 | 1,050,000 |
6,764,000 | 4 | Puerto Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), 5.900%, 7/1/2051 | 1,650,854 |
15,340,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 15,400,934 | |
4,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | 3,949,514 | |
TOTAL | 38,255,253 | ||
Rhode Island—0.7% | |||
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 | 506,094 | |
2,730,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 2,732,492 | |
TOTAL | 3,238,586 | ||
South Carolina—1.2% | |||
1,000,000 | Berkeley County, SC (Nexton Improvement District), Assessment Revenue Bonds (Series 2019), (Original Issue Yield: 4.280%), 4.250%, 11/1/2040 | 916,792 | |
1,150,000 | 3 | South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2046 | 888,862 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—continued | |||
$ 1,000,000 | 3 | South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), 7.500%, 11/15/2053 | $ 1,039,665 |
1,000,000 | 3 | South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS-75 (Series 2023B-1), 5.750%, 11/15/2029 | 987,124 |
1,000,000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue and Revenue Refunding Bonds (Series 2018A), 5.000%, 4/1/2038 | 1,010,798 | |
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 | 979,729 | |
TOTAL | 5,822,970 | ||
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 | 951,997 | |
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), 5.125%, 11/1/2047 | 931,592 | |
TOTAL | 1,883,589 | ||
Texas—8.4% | |||
1,100,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 1,104,248 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2034 | 253,167 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2017B), 5.000%, 1/1/2034 | 249,640 | |
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 | 914,990 | |
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 | 968,890 | |
1,000,000 | Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Refunding and Improvement Bonds (Series 2023B), 5.000%, 11/1/2047 | 1,084,028 | |
2,920,000 | Harris County, TX IDC (Energy Transfer LP), Marine Terminal Refunding Revenue Bonds (Series 2023), 4.050%, Mandatory Tender 6/1/2033 | 2,977,977 | |
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 | 1,451,710 | |
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 | 1,501,978 | |
3,000,000 | Houston, TX Airport System, Subordinate Lien Revenue and Refunding Bonds (Series 2023A), (Assured Guaranty Inc. INS), 5.250%, 7/1/2048 | 3,210,357 | |
1,500,000 | 3 | Mission, TX Economic Development Corp. (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 1,501,519 |
2,000,000 | New Hope Cultural Education Facilities Finance Corporation (Brazos Presbyterian Homes Holding, Inc.), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2042 | 2,005,172 | |
1,575,214 | 2 | New Hope Cultural Education Facilities Finance Corporation (Buckingham Senior Living Community), Retirement Facilities Revenue Exchange Bonds (Series 2021B), 2.000%, 11/15/2061 | 592,610 |
2,000,000 | 3 | New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding Bonds (Series 2021), 4.000%, 8/15/2046 | 1,749,776 |
1,000,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facility Revenue Bonds (Series 2016A), 5.500%, 11/15/2046 | 856,307 | |
600,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2039 | 609,671 | |
335,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041 | 323,905 | |
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 | 2,017,670 | |
5,000,000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2024E), 5.250%, 2/1/2049 | 5,559,536 | |
1,000,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), Hospital Revenue Bonds (Series 2022D), 5.500%, 11/15/2047 | 1,108,597 | |
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 | 2,739,754 | |
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 | 1,425,648 | |
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 | 2,013,564 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$ 1,000,000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien Revenue Refunding Bonds (Series 2023), 5.500%, 6/30/2040 | $ 1,084,606 | |
2,000,000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners, LLC), Senior Lien Revenue Bonds (Series 2023), 5.500%, 12/31/2058 | 2,182,202 | |
1,195,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 1,220,388 | |
TOTAL | 40,707,910 | ||
Utah—1.1% | |||
1,000,000 | Salt Lake City, UT (Salt Lake City, UT International Airport), Airport Revenue Bonds (Series 2023A), 5.500%, 7/1/2053 | 1,093,049 | |
1,000,000 | Salt Lake City, UT Airport Revenue (Salt Lake City, UT International Airport), Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2042 | 1,017,747 | |
2,000,000 | 3 | 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 | 2,000,345 |
1,250,000 | Utah State Transit Authority, Revenue Refunding Bonds (Series 2024), 5.000%, 6/15/2040 | 1,420,927 | |
TOTAL | 5,532,068 | ||
Vermont—0.2% | |||
1,000,000 | 3 | Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, Mandatory Tender 4/3/2028 | 1,018,942 |
Virginia—1.8% | |||
1,800,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2051 | 1,811,328 | |
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 | 916,517 | |
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 | 4,250,484 | |
1,365,000 | Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue Bonds (Series 2023A), 7.000%, 9/1/2059 | 1,565,488 | |
370,000 | Virginia Small Business Financing Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2018), 5.000%, Mandatory Tender 7/1/2038 | 370,020 | |
TOTAL | 8,913,837 | ||
Washington—1.2% | |||
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 | 1,000,274 | |
1,000,000 | Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017), 5.000%, 8/15/2037 | 1,017,126 | |
1,000,000 | 3 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), (United States Treasury PRF 7/1/2025@100), 7.000%, 7/1/2050 | 1,028,763 |
1,000,000 | 3 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (United States Treasury PRF 7/1/2025@100), 7.000%, 7/1/2045 | 1,028,762 |
1,654,488 | Washington State Housing Finance Commission, Municipal Certificates (Series 2023-1 Class A), (Original Issue Yield: 5.067%), 3.375%, 4/20/2037 | 1,516,574 | |
TOTAL | 5,591,499 | ||
West Virginia—0.2% | |||
1,000,000 | West Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds (Series 2023B), 6.000%, 9/1/2053 | 1,134,348 | |
Wisconsin—3.1% | |||
1,500,000 | 3 | Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 1,538,994 |
1,375,000 | 3 | Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 1,351,881 |
2,000,000 | Public Finance Authority, WI (Grand Hyatt San Antonio Hotel), Grand Hyatt San Antonio Hotel Aquistion Project (Senior Lien Series 2022A), 5.000%, 2/1/2062 | 2,041,108 | |
2,000,000 | 3 | Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052 | 2,059,002 |
1,000,000 | Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), 4.000%, 8/1/2035 | 979,075 | |
3,000,000 | 3 | Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2053 | 2,906,926 |
1,200,000 | 3 | Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), 9.000%, 11/1/2028 | 1,252,656 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$ 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 | $ 1,270,528 | |
800,000 | Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), (United States Treasury PRF 11/12/2024@100), 5.000%, 8/15/2039 | 802,794 | |
1,000,000 | Wisconsin Health & Educational Facilities Authority (St. Camillus Health System, Inc.), Revenue Bonds (Series 2019A), 5.000%, 11/1/2046 | 906,856 | |
TOTAL | 15,109,820 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $494,814,985) | 484,980,370 | ||
5 | SHORT-TERM MUNICIPALS—1.0% | ||
Multi State—1.0% | |||
5,100,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.550%, 9/2/2024 (IDENTIFIED COST $5,100,000) | 5,100,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $5,100,000) | 5,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—101.2% (IDENTIFIED COST $499,914,985)6 | 490,080,370 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.2%)7 | (5,983,258) | ||
TOTAL NET ASSETS—100% | $484,097,112 |
1 | Non-income-producing security. |
2 | Security in default. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2024, these restricted securities amounted to $60,427,744, which represented 12.4% of total net assets. |
4 | Zero coupon bond. |
5 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
6 | The cost of investments for federal tax purposes amounts to $497,808,209. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
CDD | —Community Development District | |
EDA | —Economic Development Authority | |
GO | —General Obligation | |
GTD | —Guaranteed | |
HFDC | —Health Facility Development Corporation | |
IDA | —Industrial Development Authority | |
IDC | —Industrial Development Corporation | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LP | —Limited Partnership | |
LT | —Limited Tax | |
PILOT | —Payment in Lieu of Taxes | |
PRF | —Pre-refunded | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SID | —Special Improvement District | |
TEMPS | —Tax Exempt Mandatory Paydown Securities | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $7.80 | $8.14 | $9.40 | $8.90 | $9.30 |
Income From Investment Operations: | |||||
Net investment income1 | 0.32 | 0.33 | 0.28 | 0.31 | 0.33 |
Net realized and unrealized gain (loss) | 0.42 | (0.37) | (1.26) | 0.50 | (0.41) |
TOTAL FROM INVESTMENT OPERATIONS | 0.74 | (0.04) | (0.98) | 0.81 | (0.08) |
Less Distributions: | |||||
Distributions from net investment income | (0.32) | (0.30) | (0.28) | (0.31) | (0.32) |
Net Asset Value, End of Period | $8.22 | $7.80 | $8.14 | $9.40 | $8.90 |
Total Return2 | 9.66% | (0.50)% | (10.60)% | 9.19% | (0.78)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.89%4 | 0.89%4 | 0.89% | 0.89% | 0.89%4 |
Net investment income | 4.09% | 4.13% | 3.16% | 3.35% | 3.69% |
Expense waiver/reimbursement5 | 0.17% | 0.18% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $137,264 | $150,104 | $178,383 | $224,522 | $204,461 |
Portfolio turnover6 | 20% | 17% | 27% | 12% | 27% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.89%, 0.89% and 0.89% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $7.79 | $8.13 | $9.39 | $8.90 | $9.29 |
Income From Investment Operations: | |||||
Net investment income1 | 0.26 | 0.27 | 0.21 | 0.24 | 0.26 |
Net realized and unrealized gain (loss) | 0.42 | (0.37) | (1.25) | 0.49 | (0.39) |
TOTAL FROM INVESTMENT OPERATIONS | 0.68 | (0.10) | (1.04) | 0.73 | (0.13) |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.24) | (0.22) | (0.24) | (0.26) |
Net Asset Value, End of Period | $8.21 | $7.79 | $8.13 | $9.39 | $8.90 |
Total Return2 | 8.89% | (1.23)% | (11.26)% | 8.27% | (1.41)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.64%4 | 1.64%4 | 1.64% | 1.64% | 1.64%4 |
Net investment income | 3.34% | 3.37% | 2.41% | 2.62% | 2.93% |
Expense waiver/reimbursement5 | 0.17% | 0.18% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,114 | $13,713 | $18,017 | $25,061 | $31,350 |
Portfolio turnover6 | 20% | 17% | 27% | 12% | 27% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.64%, 1.64% and 1.64% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $7.80 | $8.14 | $9.39 | $8.90 | $9.30 |
Income From Investment Operations: | |||||
Net investment income1 | 0.32 | 0.32 | 0.28 | 0.31 | 0.33 |
Net realized and unrealized gain (loss) | 0.42 | (0.36) | (1.25) | 0.49 | (0.41) |
TOTAL FROM INVESTMENT OPERATIONS | 0.74 | (0.04) | (0.97) | 0.80 | (0.08) |
Less Distributions: | |||||
Distributions from net investment income | (0.32) | (0.30) | (0.28) | (0.31) | (0.32) |
Net Asset Value, End of Period | $8.22 | $7.80 | $8.14 | $9.39 | $8.90 |
Total Return2 | 9.69% | (0.48)% | (10.49)% | 9.08% | (0.77)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.89%4 | 0.89%4 | 0.89% | 0.89% | 0.89%4 |
Net investment income | 4.09% | 4.12% | 3.16% | 3.35% | 3.69% |
Expense waiver/reimbursement5 | 0.17% | 0.18% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $98,900 | $109,065 | $147,878 | $189,045 | $182,765 |
Portfolio turnover6 | 20% | 17% | 27% | 12% | 27% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.89%, 0.89% and 0.89% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $7.79 | $8.12 | $9.38 | $8.89 | $9.29 |
Income From Investment Operations: | |||||
Net investment income1 | 0.34 | 0.35 | 0.30 | 0.33 | 0.35 |
Net realized and unrealized gain (loss) | 0.41 | (0.36) | (1.26) | 0.49 | (0.40) |
TOTAL FROM INVESTMENT OPERATIONS | 0.75 | (0.01) | (0.96) | 0.82 | (0.05) |
Less Distributions: | |||||
Distributions from net investment income | (0.34) | (0.32) | (0.30) | (0.33) | (0.35) |
Net Asset Value, End of Period | $8.20 | $7.79 | $8.12 | $9.38 | $8.89 |
Total Return2 | 9.85% | (0.11)% | (10.39)% | 9.37% | (0.53)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.64%4 | 0.64%4 | 0.64% | 0.64% | 0.64%4 |
Net investment income | 4.33% | 4.38% | 3.41% | 3.59% | 3.93% |
Expense waiver/reimbursement5 | 0.17% | 0.18% | 0.16% | 0.15% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $235,819 | $170,139 | $179,629 | $174,234 | $129,832 |
Portfolio turnover6 | 20% | 17% | 27% | 12% | 27% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.64%, 0.64% and 0.64% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value (identified cost $499,914,985) | $490,080,370 |
Cash | 106,592 |
Income receivable | 6,166,428 |
Receivable for shares sold | 864,211 |
Total Assets | 497,217,601 |
Liabilities: | |
Payable for investments purchased | $12,694,840 |
Payable for shares redeemed | 166,659 |
Payable for other service fees (Notes 2 and 5) | 50,322 |
Payable for investment adviser fee (Note 5) | 11,156 |
Payable for distribution services fee (Note 5) | 7,644 |
Payable for administrative fee (Note 5) | 2,228 |
Payable for Directors’/Trustees’ fees (Note 5) | 289 |
Accrued expenses (Note 5) | 187,351 |
TOTAL LIABILITIES | 13,120,489 |
Net assets for 58,944,378 shares outstanding | $484,097,112 |
Net Assets Consist of: | |
Paid-in capital | $548,308,312 |
Total distributable earnings (loss) | (64,211,200) |
TOTAL NET ASSETS | $484,097,112 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($137,264,301 ÷ 16,691,402 shares outstanding), no par value, unlimited shares authorized | $8.22 |
Offering price per share (100/95.50 of $8.22) | $8.61 |
Redemption proceeds per share | $8.22 |
Class C Shares: | |
Net asset value per share ($12,113,665 ÷ 1,475,622 shares outstanding), no par value, unlimited shares authorized | $8.21 |
Offering price per share | $8.21 |
Redemption proceeds per share (99.00/100 of $8.21) | $8.13 |
Class F Shares: | |
Net asset value per share ($98,900,054 ÷ 12,034,733 shares outstanding), no par value, unlimited shares authorized | $8.22 |
Offering price per share (100/99.00 of $8.22) | $8.30 |
Redemption proceeds per share (99.00/100 of $8.22) | $8.14 |
Institutional Shares: | |
Net asset value per share ($235,819,092 ÷ 28,742,621 shares outstanding), no par value, unlimited shares authorized | $8.20 |
Offering price per share | $8.20 |
Redemption proceeds per share | $8.20 |
Investment Income: | |
Interest | $23,476,142 |
Expenses: | |
Investment adviser fee (Note 5) | $2,827,546 |
Administrative fee (Note 5) | 373,421 |
Custodian fees | 14,639 |
Transfer agent fees | 261,608 |
Directors’/Trustees’ fees (Note 5) | 3,744 |
Auditing fees | 38,808 |
Legal fees | 12,636 |
Distribution services fee (Note 5) | 91,501 |
Other service fees (Notes 2 and 5) | 638,840 |
Portfolio accounting fees | 177,678 |
Share registration costs | 75,710 |
Printing and postage | 34,316 |
Miscellaneous (Note 5) | 36,622 |
TOTAL EXPENSES | 4,587,069 |
Waiver and Reduction: | |
Waiver of investment adviser fee (Note 5) | (817,587) |
Reduction of custodian fees (Note 6) | (1,871) |
TOTAL WAIVER AND REDUCTION | (819,458) |
Net expenses | 3,767,611 |
Net investment income | 19,708,531 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments | (5,705,258) |
Net change in unrealized depreciation of investments | 30,308,438 |
Net realized and unrealized gain (loss) on investments | 24,603,180 |
Change in net assets resulting from operations | $44,311,711 |
Year Ended August 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $19,708,531 | $19,896,165 |
Net realized loss | (5,705,258) | (9,758,729) |
Net change in unrealized appreciation/depreciation | 30,308,438 | (13,468,064) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 44,311,711 | (3,330,628) |
Distributions to Shareholders: | ||
Class A Shares | (5,614,638) | (6,105,694) |
Class B Shares1 | — | (7,965) |
Class C Shares | (399,570) | (478,427) |
Class F Shares | (4,124,691) | (4,602,811) |
Institutional Shares | (9,125,920) | (7,113,142) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (19,264,819) | (18,308,039) |
Share Transactions: | ||
Proceeds from sale of shares | 147,244,003 | 107,701,590 |
Net asset value of shares issued to shareholders in payment of distributions declared | 17,693,530 | 17,438,881 |
Cost of shares redeemed | (148,907,687) | (185,117,340) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 16,029,846 | (59,976,869) |
Change in net assets | 41,076,738 | (81,615,536) |
Net Assets: | ||
Beginning of period | 443,020,374 | 524,635,910 |
End of period | $484,097,112 | $443,020,374 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. |
Other Service Fees Incurred | |
Class A Shares | $351,890 |
Class C Shares | 30,501 |
Class F Shares | 256,449 |
TOTAL | $638,840 |
Security | Acquisition Date | Acquisition Cost | Value |
Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds (Series 2024), 5.000%, 5/1/2042 | 1/18/2024 | $800,000 | $816,811 |
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 | $655,783 | $643,322 |
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 12/15/2017 | $507,235 | $494,863 |
Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A), 5.000%, 7/15/2049 | 4/3/2019 | $1,019,954 | $1,000,856 |
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 | $1,768,462 | $1,776,734 |
Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1/14/2016 | $900,000 | $902,902 |
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2046 | 5/27/2021 | $522,635 | $475,015 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 6/13/2014 | $750,000 | $750,324 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 8/27/2015 | $567,734 | $567,266 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 8/4/2017 | $520,044 | $505,603 |
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 | $1,004,303 | $1,006,033 |
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 12/4/2017 | $506,521 | $493,275 |
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), (United States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053 | 10/5/2017 | $625,340 | $611,013 |
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 10/5/2017 | $560,649 | $506,044 |
California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 5/19/2020 | $2,253,607 | $2,273,019 |
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 | $2,207,729 | $60,401 |
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2036 | 4/17/2020 | $946,760 | $1,014,261 |
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 8/23/2017 | $1,038,803 | $1,030,460 |
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 | $907,852 | $905,701 |
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%, 12/15/2038 | 11/8/2022 | $936,840 | $1,004,365 |
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 5/13/2021 | $1,081,728 | $984,265 |
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 | $1,977,470 | $1,919,254 |
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 | $2,005,079 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 10/6/2016 | $1,012,538 | $991,861 |
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 12/7/2017 | $1,030,834 | $1,006,246 |
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 | $2,862,868 | $3,009,899 |
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 | $2,939,319 | $2,991,591 |
Mission, TX Economic Development Corp. (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 10/30/2018 | $1,491,824 | $1,501,519 |
Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/1/2059 | 7/9/2020 | $1,071,843 | $1,010,609 |
New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding Bonds (Series 2021), 4.000%, 8/15/2046 | 3/24/2023 | $1,480,320 | $1,749,776 |
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 6/27/2019 | $1,856,009 | $1,780,686 |
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035 | 10/6/2022 | $1,000,000 | $1,087,897 |
Security | Acquisition Date | Acquisition Cost | Value |
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057 | 10/6/2022 | $1,000,000 | $1,088,223 |
Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds (Series 2020), 5.875%, 1/1/2033 | 10/23/2020 | $1,750,000 | $1,567,071 |
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 6/22/2017 | $1,516,156 | $1,538,994 |
Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | 6/12/2020 | $1,397,759 | $1,351,881 |
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052 | 2/2/2023 | $2,000,000 | $2,059,002 |
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2053 | 11/15/2022 | $2,416,980 | $2,906,926 |
Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), 9.000%, 11/1/2028 | 12/14/2023 | $1,200,000 | $1,252,656 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), 4.000%, 7/1/2042 | 3/21/2024 | $3,820,200 | $3,793,578 |
South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A), 4.000%, 6/1/2046 | 1/31/2023 | $891,952 | $888,862 |
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), 7.500%, 11/15/2053 | 7/21/2023 | $1,000,000 | $1,039,665 |
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS-75 (Series 2023B-1), 5.750%, 11/15/2029 | 7/21/2023 | $956,636 | $987,124 |
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 | $1,866,973 | $2,000,345 |
Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, Mandatory Tender 4/3/2028 | 3/28/2018 | $1,000,000 | $1,018,942 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), (United States Treasury PRF 7/1/2025@100), 7.000%, 7/1/2050 | 7/22/2015 | $994,001 | $1,028,763 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (United States Treasury PRF 7/1/2025@100), 7.000%, 7/1/2045 | 7/22/2015 | $1,001,182 | $1,028,762 |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,674,674 | $13,149,706 | 1,990,207 | $15,740,915 |
Shares issued to shareholders in payment of distributions declared | 664,722 | 5,253,279 | 723,366 | 5,706,697 |
Conversion of Class B Shares to Class A Shares1 | — | — | 76,188 | 620,168 |
Shares redeemed | (4,885,850) | (38,541,332) | (5,468,316) | (42,926,213) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (2,546,454) | $(20,138,347) | (2,678,555) | $(20,858,433) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 22 | $173 |
Shares issued to shareholders in payment of distributions declared | — | — | 869 | 6,791 |
Conversion of Class B Shares to Class A Shares1 | — | — | (76,382) | (620,168) |
Shares redeemed | — | — | (14,164) | (109,995) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | — | $— | (89,655) | $(723,199) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 342,417 | $2,749,944 | 332,353 | $2,616,366 |
Shares issued to shareholders in payment of distributions declared | 50,257 | 396,530 | 60,152 | 474,027 |
Shares redeemed | (677,031) | (5,348,802) | (848,869) | (6,693,087) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (284,357) | $(2,202,328) | (456,364) | $(3,602,694) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 197,353 | $1,567,740 | 579,841 | $4,552,690 |
Shares issued to shareholders in payment of distributions declared | 487,546 | 3,850,758 | 546,583 | 4,307,683 |
Shares redeemed | (2,633,759) | (20,830,965) | (5,314,901) | (41,353,905) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (1,948,860) | $(15,412,467) | (4,188,477) | $(32,493,532) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,635,903 | $129,776,613 | 10,856,645 | $84,791,446 |
Shares issued to shareholders in payment of distributions declared | 1,036,740 | 8,192,963 | 882,155 | 6,943,683 |
Shares redeemed | (10,779,126) | (84,186,588) | (11,998,332) | (94,034,140) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 6,893,517 | $53,782,988 | (259,532) | $(2,299,011) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,113,846 | $16,029,846 | (7,672,583) | $(59,976,869) |
1 | On February 3, 2023, Class B Shares were converted to Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class B Shares is within the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares. |
2024 | 2023 | |
Tax-exempt income | $19,190,427 | $18,262,061 |
Ordinary income | $74,392 | $45,978 |
TOTAL | $19,264,819 | $18,308,039 |
Undistributed tax-exempt income | $556,026 |
Net unrealized depreciation | $(7,727,839) |
Capital loss carryforwards | $(56,859,517) |
Other timing differences | $(179,870) |
TOTAL | $(64,211,200) |
Short-Term | Long-Term | Total |
$15,815,739 | $41,043,778 | $56,859,517 |
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 C Shares | 0.75% |
Class F Shares | 0.05% |
Distribution Services Fees Incurred | |
Class C Shares | $91,501 |
Purchases | $112,580,358 |
Sales | $90,291,434 |
October 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923849
CUSIP 313923831
CUSIP 313923815
and Additional Information
Share Class | Ticker | A | OMIAX | F | OMIFX | Institutional | OMIIX |
Federated Hermes Ohio Municipal Income Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
Principal Amount | Value | ||
MUNICIPAL BONDS—97.3% | |||
Ohio—92.5% | |||
$1,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center, Akron), Hospital Refunding Revenue Bonds (Series 2002A), (Original Issue Yield: 4.120%), 4.000%, 11/15/2042 | $ 965,424 | |
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 | 1,019,008 | |
900,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding Bonds, 4.000%, 8/1/2047 | 872,805 | |
545,000 | American Municipal Power-Ohio, Inc. (AMP - Greenup Hydroelectric Project), Revenue Bonds (Series 2016A), 4.000%, 2/15/2036 | 546,656 | |
1,500,000 | American Municipal Power-Ohio, Inc. (AMP - Prairie State Energy), Revenue Bonds (Series 2019C), 4.000%, 2/15/2039 | 1,505,925 | |
380,000 | AMP - Combined Hydroelectric Projects, Revenue Bonds (Series 2024A), 5.000%, 2/15/2036 | 431,340 | |
635,000 | Avon Lake, OH City School District, UT GO Refunding Bonds (Series 2014A), 3.500%, 12/1/2029 | 635,087 | |
530,000 | Big Walnut, OH LSD, School Facilities Construction and Improvement Bonds (Series 2018B), 5.000%, 12/1/2040 | 559,466 | |
130,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2017B), 3.500%, 6/1/2037 | 128,200 | |
255,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2020A), 4.000%, 6/1/2038 | 259,642 | |
500,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020A-2 Class 1), 3.000%, 6/1/2048 | 377,841 | |
130,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020A-2 Class 1), 4.000%, 6/1/2038 | 130,195 | |
510,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020A-2 Class 1), 4.000%, 6/1/2048 | 464,530 | |
350,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020A-2 Class 1), 5.000%, 6/1/2036 | 373,799 | |
235,000 | Cincinnati, OH Water System, Refunding Revenue Bonds (Series 2017A), 3.000%, 12/1/2035 | 222,315 | |
1,350,000 | Cleveland, OH (Cleveland, OH Water Pollution Control), Water Pollution Control Revenue Bonds (Series 2024), 5.000%, 11/15/2054 | 1,442,993 | |
500,000 | Cleveland, OH Airport System, Airport System Revenue Bonds (Series 2018A), 5.000%, 1/1/2027 | 518,707 | |
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 | 1,071,546 | |
125,000 | Cleveland, OH, LT GO Various Purpose and Refunding Bonds (Series 2021A), 3.000%, 12/1/2031 | 123,162 | |
155,000 | Cleveland, OH, Various Purpose General Obligation Bonds (Series 2021A), 3.000%, 12/1/2033 | 148,479 | |
220,000 | Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2043 | 243,180 | |
235,000 | Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2045 | 257,125 | |
2,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2017), (Ohio School District Credit Enhancement GTD), 5.000%, 12/1/2047 | 2,059,837 | |
500,000 | Copley Fairlawn, OH School District, UT GO Classroom Facilities Construction and Improvement Bonds (Series 2023), 4.000%, 12/1/2052 | 491,578 | |
1,270,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,294,609 | |
250,000 | Cuyahoga County, OH, Capital Improvement and Refunding Bonds (Series 2019), 3.000%, 12/1/2032 | 240,908 | |
275,000 | Cuyahoga County, OH, Quicken Loans Arena Sales Tax Revenue Bonds (Series 2017A), (Original Issue Yield: 3.100%), 3.000%, 1/1/2032 | 270,494 | |
800,000 | Dayton-Montgomery County, OH Port Authority (Dayton Regional STEM Schools, Inc.), Development Revenue Bonds (Series 2024), 5.000%, 12/1/2054 | 819,176 | |
1,060,000 | Franklin County, OH (Nationwide Children’s Hospital), Hospital Facilities Revenue Refunding and Improvement Bonds (Series 2017A), 4.000%, 11/1/2047 | 1,010,360 | |
1,000,000 | Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017), 4.000%, 12/1/2046 | 968,673 | |
1,000,000 | Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A), 5.000%, 12/1/2047 | 1,024,176 | |
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 | 1,003,067 | |
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 | 2,008,414 | |
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 | 1,000,740 | |
240,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), Revenue Bonds (Series 2019A), 4.000%, 12/1/2044 | 233,364 | |
3,015,000 | Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series 2018), 5.000%, 6/1/2048 | 3,142,360 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$ 720,000 | Gahanna OH, City of, Capital Facilities Bonds (Series 2024B), 4.000%, 12/1/2046 | $ 706,744 | |
615,000 | Green, OH School District, School Facilities Construction and Improvement Bonds (Series 2019), (Ohio School District Credit Enhancement INS), 3.000%, 11/1/2033 | 584,918 | |
200,000 | Greenon Local School District, UT GO Bonds (Series 2017), 4.000%, 10/1/2033 | 203,865 | |
2,000,000 | Hamilton County, OH (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC), 5.000%, 11/15/2041 | 2,367,125 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2036 | 503,472 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 483,762 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Hospital Revenue Bonds (Series 2023A), 5.750%, 1/1/2053 | 526,363 | |
500,000 | Hamilton County, OH Sewer System, Sewer System Revenue and Refunding Revenue Bonds (Series 2024A), 5.000%, 12/1/2053 | 544,596 | |
1,075,000 | Hamilton County, OH, LT GO Improvement and Refunding Bonds (Series 2017A), 5.000%, 12/1/2033 | 1,144,949 | |
1,000,000 | Hamilton County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037 | 1,051,116 | |
135,000 | Licking Heights, OH Local School District, School Facilities Construction and Improvement Bonds (Series 2017A), (Ohio School District Credit Enhancement INS), 3.375%, 10/1/2047 | 115,818 | |
155,000 | Little Miami, OH Local School District, UT GO Bonds (Series 2018A), (Ohio School District Credit Enhancement GTD), 4.000%, 11/1/2055 | 148,330 | |
335,000 | Lucas County, OH, Capital Facility Improvement Bonds (Series 2020), 3.000%, 12/1/2037 | 307,361 | |
200,000 | Mason, OH, LT GO Bonds (Series 2020A), 2.000%, 12/1/2032 | 173,017 | |
415,000 | Miami County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Improvement and Refunding Revenue Bonds (Series 2019), 5.000%, 8/1/2034 | 437,532 | |
725,000 | Miami University, OH, General Receipts Revenue and Refunding Bonds (Series 2024A), 5.000%, 9/1/2039 | 834,179 | |
1,000,000 | Middleburg Heights, OH (Southwest General Health Center), Hospital Facilities Improvement and Revenue Refunding Bonds (Series 2020A), 4.000%, 8/1/2047 | 893,799 | |
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 | 929,305 | |
550,000 | North Ridgeville, OH CSD, School Improvement Bonds (Series 2024), 4.375%, 12/1/2050 | 545,052 | |
1,200,000 | 1 | Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 1,187,124 |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.250%, 1/15/2038 | 502,468 | |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 499,545 | |
500,000 | Ohio HFA, Residential Mortgage Revenue Bonds (Series 2024A), 4.650%, 9/1/2054 | 497,190 | |
400,000 | Ohio HFA, Residential Mortgage Revenue Bonds (Series 2024B), 4.100%, 9/1/2039 | 405,696 | |
240,000 | Ohio State (Columbus, OH), Transportation Project Revenue Bonds (Series 2016-1), 2.750%, 11/15/2031 | 234,663 | |
1,000,000 | Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Bonds (Series 2007B), 2.500%, Mandatory Tender 10/1/2029 | 919,265 | |
200,000 | Ohio State Higher Educational Facility Commission (Ashtabula County Medical Center), Healthcare Facility Revenue Bonds (Series 2022), 5.250%, 1/1/2052 | 208,475 | |
100,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Higher Educational Facility Revenue Bonds (Series 2016), 3.250%, 12/1/2035 | 96,857 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Higher Educational Facility Revenue Bonds (Series 2016), 5.000%, 12/1/2040 | 1,038,094 | |
115,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2021A), 4.000%, 12/1/2044 | 113,697 | |
250,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Refunding Bonds (Series 2017A), 3.250%, 1/1/2037 | 233,140 | |
240,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Refunding Bonds (Series 2019B), 4.000%, 1/1/2040 | 240,778 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds (Series 2019), 5.000%, 11/1/2044 | 1,046,328 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Judson Obligated Group), Healthcare Facility Revenue Bonds (Series 2020A), 5.000%, 12/1/2050 | 966,075 | |
1,000,000 | Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2022A), (Original Issue Yield: 4.240%), 4.000%, 2/1/2052 | 938,499 | |
350,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2028 | 370,118 | |
1,400,000 | Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series 2021A), 5.000%, 2/15/2051 | 1,487,074 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$ 175,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Water Pollution Control Loan Fund Refunding Revenue and Revenue Bonds (Series 2019B), 3.000%, 12/1/2034 | $ 168,507 | |
470,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Water Pollution Control Loan Fund Revenue Bonds (Series 2019B), 5.000%, 12/1/2035 | 516,754 | |
1,060,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Water Pollution Control Loan Fund Revenue Bonds (Series 2020A), 5.000%, 12/1/2050 | 1,122,059 | |
1,260,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Water Pollution Control Loan Fund Revenue Bonds (Series 2021A), 5.000%, 12/1/2046 | 1,367,613 | |
500,000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2023A), 5.000%, 12/1/2041 | 566,389 | |
750,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2034 | 794,897 | |
1,460,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2035 | 1,545,193 | |
1,835,000 | Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2033 | 2,014,607 | |
1,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033 | 1,012,883 | |
2,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2035 | 2,109,051 | |
465,000 | Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2036 | 489,743 | |
990,000 | Ohio State, Higher Education UT GO Bonds (Series 2021A), 4.000%, 5/1/2036 | 1,043,849 | |
1,465,000 | Ohio State, UT GO Bonds (Series 2022A), 5.000%, 3/1/2040 | 1,658,249 | |
1,210,000 | 1 | Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032 | 1,280,122 |
1,500,000 | Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%, 12/1/2030 | 1,540,838 | |
205,000 | Perry, OH Local School District, UT GO School Improvement Bonds (Series 2020), (Ohio School District Credit Enhancement INS), 3.000%, 11/1/2035 | 191,880 | |
750,000 | Port of Greater Cincinnati, OH Development Authority (Duke Energy Convention Center), First Subordinate Development Revenue and Refunding Bonds (Series 2024B), 5.000%, 12/1/2063 | 796,286 | |
120,000 | Revere, OH Local School District, School Facilities Improvement Refunding Bonds (Series 2017), 3.250%, 12/1/2045 | 104,455 | |
500,000 | Shaker Heights, OH, School Facilities Improvement Bonds (Series 2024), 4.375%, 12/15/2061 | 501,744 | |
1,135,000 | Shaker Heights, OH, UT GO Bonds, 4.000%, 12/1/2052 | 1,090,480 | |
555,000 | Toledo, OH, LT GO Various Purpose Improvement Bonds (Series 2022), (Assured Guaranty Inc. INS), 5.500%, 12/1/2042 | 623,451 | |
1,000,000 | University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036 | 1,028,445 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041 | 1,002,844 | |
235,000 | Willoughby-Eastlake, OH CSD, UT GO School Improvement Bonds (Series 2016), 3.375%, 12/1/2036 | 222,998 | |
760,000 | Winton Woods, OH School District, UT GO Classroom Facilities Refunding Bonds (Series 2022), (Build America Mutual Assurance INS), 4.000%, 11/1/2049 | 738,609 | |
500,000 | Worthington City, OH City School District, UT GO Bonds (Series 2023), 5.500%, 12/1/2054 | 557,022 | |
TOTAL | 75,440,538 | ||
Puerto Rico—4.8% | |||
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2033 | 991,645 | |
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037 | 977,159 | |
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041 | 949,206 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 1,003,972 | |
TOTAL | 3,921,982 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $80,351,275) | 79,362,520 | ||
2 | SHORT-TERM MUNICIPALS—1.7% | ||
Ohio—1.7% | |||
80,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank plc LIQ), 3.850%, 9/2/2024 | 80,000 |
Principal Amount | Value | ||
2 | SHORT-TERM MUNICIPALS—continued | ||
Ohio—continued | |||
$1,350,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ), 3.800%, 9/2/2024 | $ 1,350,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $1,430,000) | 1,430,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.0% (IDENTIFIED COST $81,781,275)3 | 80,792,520 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%4 | 776,740 | ||
TOTAL NET ASSETS—100% | $81,569,260 |
1 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2024, these restricted securities amounted to $2,467,246, which represented 3.1% of total net assets. |
2 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | The cost of investments for federal tax purposes amounts to $81,690,743. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
CSD | —Central School District | |
GO | —General Obligation | |
GTD | —Guaranteed | |
HFA | —Housing Finance Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LSD | —Local School District | |
LT | —Limited Tax | |
PRF | —Pre-refunded | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $10.13 | $10.32 | $11.50 | $11.40 | $11.44 |
Income From Investment Operations: | |||||
Net investment income1 | 0.28 | 0.27 | 0.27 | 0.25 | 0.26 |
Net realized and unrealized gain (loss) | 0.33 | (0.20) | (1.21) | 0.09 | (0.02) |
TOTAL FROM INVESTMENT OPERATIONS | 0.61 | 0.07 | (0.94) | 0.34 | 0.24 |
Less Distributions: | |||||
Distributions from net investment income | (0.27) | (0.26) | (0.23) | (0.24) | (0.26) |
Distributions from net realized gain | — | — | (0.01) | — | (0.02) |
TOTAL DISTRIBUTIONS | (0.27) | (0.26) | (0.24) | (0.24) | (0.28) |
Net Asset Value, End of Period | $10.47 | $10.13 | $10.32 | $11.50 | $11.40 |
Total Return2 | 6.15% | 0.68% | (8.22)% | 2.99% | 2.17% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.77%4 | 0.77%4 | 0.77% | 0.77% | 0.77%4 |
Net investment income | 2.76% | 2.52% | 2.09% | 2.08% | 2.27% |
Expense waiver/reimbursement5 | 0.34% | 0.27% | 0.19% | 0.19% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $16,744 | $18,678 | $22,235 | $44,097 | $58,253 |
Portfolio turnover6 | 35% | 17% | 17% | 5% | 8% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.77%, 0.77% and 0.77% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $10.13 | $10.32 | $11.51 | $11.40 | $11.44 |
Income From Investment Operations: | |||||
Net investment income1 | 0.27 | 0.24 | 0.21 | 0.22 | 0.24 |
Net realized and unrealized gain (loss) | 0.33 | (0.19) | (1.18) | 0.11 | (0.02) |
TOTAL FROM INVESTMENT OPERATIONS | 0.60 | 0.05 | (0.97) | 0.33 | 0.22 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.24) | (0.21) | (0.22) | (0.24) |
Distributions from net realized gain | — | — | (0.01) | — | (0.02) |
TOTAL DISTRIBUTIONS | (0.26) | (0.24) | (0.22) | (0.22) | (0.26) |
Net Asset Value, End of Period | $10.47 | $10.13 | $10.32 | $11.51 | $11.40 |
Total Return2 | 5.99% | 0.53% | (8.44)% | 2.93% | 2.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.92%4 | 0.92%4 | 0.92% | 0.92% | 0.92%4 |
Net investment income | 2.61% | 2.36% | 1.94% | 1.93% | 2.12% |
Expense waiver/reimbursement5 | 0.59% | 0.52% | 0.44% | 0.44% | 0.44% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,407 | $48,409 | $58,194 | $74,669 | $81,508 |
Portfolio turnover6 | 35% | 17% | 17% | 5% | 8% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.92%, 0.92% and 0.92% for the year ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | Period Ended 8/31/20201 | ||||
2024 | 2023 | 2022 | 2021 | ||
Net Asset Value, Beginning of Period | $10.13 | $10.32 | $11.51 | $11.40 | $11.06 |
Income From Investment Operations: | |||||
Net investment income2 | 0.31 | 0.29 | 0.26 | 0.26 | 0.08 |
Net realized and unrealized gain (loss) | 0.33 | (0.19) | (1.18) | 0.11 | 0.35 |
TOTAL FROM INVESTMENT OPERATIONS | 0.64 | 0.10 | (0.92) | 0.37 | 0.43 |
Less Distributions: | |||||
Distributions from net investment income | (0.30) | (0.29) | (0.26) | (0.26) | (0.09) |
Distributions from net realized gain | — | — | (0.01) | — | — |
TOTAL DISTRIBUTIONS | (0.30) | (0.29) | (0.27) | (0.26) | (0.09) |
Net Asset Value, End of Period | $10.47 | $10.13 | $10.32 | $11.51 | $11.40 |
Total Return3 | 6.42% | 0.94% | (8.07)% | 3.32% | 3.90% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.52%5 | 0.52%5 | 0.52% | 0.52% | 0.52%5,6 |
Net investment income | 3.01% | 2.76% | 2.34% | 2.32% | 2.40%6 |
Expense waiver/reimbursement7 | 0.34% | 0.27% | 0.19% | 0.19% | 0.24%6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $21,419 | $27,865 | $42,461 | $37,120 | $6,652 |
Portfolio turnover8 | 35% | 17% | 17% | 5% | 8%9 |
1 | Reflects operations for the period from April 28, 2020 (date of initial investment) to August 31, 2020. |
2 | Per share number has been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.52% and 0.52% for the years ended August 31, 2024 and 2023, respectively, and 0.52% for the period ended August 31, 2020, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
9 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended August 31, 2020. |
Assets: | |
Investment in securities (identified cost $81,781,275) | $80,792,520 |
Cash | 54,450 |
Income receivable | 851,243 |
Receivable for shares sold | 19,200 |
Total Assets | 81,717,413 |
Liabilities: | |
Payable for portfolio accounting fees | $81,965 |
Payable for shares redeemed | 26,015 |
Payable for share registration costs | 14,477 |
Payable for other service fees (Notes 2 and 5) | 12,718 |
Payable for distribution services fee (Note 5) | 5,533 |
Payable for administrative fee (Note 5) | 373 |
Payable for investment adviser fee (Note 5) | 211 |
Payable for Directors’/Trustees’ fees (Note 5) | 176 |
Accrued expenses (Note 5) | 6,685 |
TOTAL LIABILITIES | 148,153 |
Net assets for 7,789,632 shares outstanding | $81,569,260 |
Net Assets Consist of: | |
Paid-in capital | $86,579,570 |
Total distributable earnings (loss) | (5,010,310) |
TOTAL NET ASSETS | $81,569,260 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($16,743,789 ÷ 1,599,290 shares outstanding), no par value, unlimited shares authorized | $10.47 |
Offering price per share (100/95.50 of $10.47) | $10.96 |
Redemption proceeds per share | $10.47 |
Class F Shares: | |
Net asset value per share ($43,406,885 ÷ 4,144,726 shares outstanding), no par value, unlimited shares authorized | $10.47 |
Offering price per share (100/99.00 of $10.47) | $10.58 |
Redemption proceeds per share (99.00/100 of $10.47) | $10.37 |
Institutional Shares: | |
Net asset value per share ($21,418,586 ÷ 2,045,616 shares outstanding), no par value, unlimited shares authorized | $10.47 |
Offering price per share | $10.47 |
Redemption proceeds per share | $10.47 |
Investment Income: | |
Interest | $2,976,349 |
Expenses: | |
Investment adviser fee (Note 5) | $337,264 |
Administrative fee (Note 5) | 67,345 |
Custodian fees | 5,077 |
Transfer agent fees | 52,903 |
Directors’/Trustees’ fees (Note 5) | 2,099 |
Auditing fees | 33,526 |
Legal fees | 10,564 |
Distribution services fee (Note 5) | 181,964 |
Other service fees (Notes 2 and 5) | 155,921 |
Portfolio accounting fees | 123,464 |
Share registration costs | 51,199 |
Printing and postage | 22,925 |
Miscellaneous (Note 5) | 25,148 |
TOTAL EXPENSES | 1,069,399 |
Waivers and Reduction: | |
Waiver of investment adviser fee (Note 5) | (288,939) |
Waiver of other operating expenses (Notes 2 and 5) | (113,716) |
Reduction of custodian fees (Note 6) | (1,647) |
TOTAL WAIVERS AND REDUCTION | (404,302) |
Net expenses | 665,097 |
Net investment income | 2,311,252 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |
Net realized loss on investments | (1,383,224) |
Net realized gain on futures contracts | 39,632 |
Net change in unrealized depreciation of investments | 4,038,264 |
Net realized and unrealized gain (loss) on investments and futures contracts | 2,694,672 |
Change in net assets resulting from operations | $5,005,924 |
Year Ended August 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,311,252 | $2,653,259 |
Net realized loss | (1,343,592) | (1,821,864) |
Net change in unrealized appreciation/depreciation | 4,038,264 | (251,363) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,005,924 | 580,032 |
Distributions to Shareholders: | ||
Class A Shares | (448,714) | (515,338) |
Class F Shares | (1,143,669) | (1,259,427) |
Institutional Shares | (638,069) | (881,207) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,230,452) | (2,655,972) |
Share Transactions: | ||
Proceeds from sale of shares | 11,627,095 | 12,464,351 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,852,234 | 1,959,751 |
Cost of shares redeemed | (29,636,140) | (40,287,092) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (16,156,811) | (25,862,990) |
Change in net assets | (13,381,339) | (27,938,930) |
Net Assets: | ||
Beginning of period | 94,950,599 | 122,889,529 |
End of period | $81,569,260 | $94,950,599 |
Other Service Fees Incurred | |
Class A Shares | $42,205 |
Class F Shares | 113,716 |
TOTAL | $155,921 |
Security | Acquisition Date | Acquisition Cost | Value |
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | 6/27/2019 | $1,237,339 | $1,187,124 |
Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032 | 11/7/2023 | $1,251,435 | $1,280,122 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $39,632 |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 245,685 | $2,535,606 | 328,107 | $3,341,878 |
Shares issued to shareholders in payment of distributions declared | 43,701 | 448,643 | 50,412 | 514,582 |
Shares redeemed | (534,753) | (5,438,274) | (688,640) | (7,004,258) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (245,367) | $(2,454,025) | (310,121) | $(3,147,798) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 86,884 | $898,452 | 99,405 | $1,016,632 |
Shares issued to shareholders in payment of distributions declared | 106,419 | 1,093,272 | 116,847 | 1,193,061 |
Shares redeemed | (828,089) | (8,492,216) | (1,074,591) | (10,977,377) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (634,786) | $(6,500,492) | (858,339) | $(8,767,684) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 801,460 | $8,193,037 | 799,945 | $8,105,841 |
Shares issued to shareholders in payment of distributions declared | 30,165 | 310,319 | 24,698 | 252,108 |
Shares redeemed | (1,537,584) | (15,705,650) | (2,187,580) | (22,305,457) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (705,959) | $(7,202,294) | (1,362,937) | $(13,947,508) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,586,112) | $(16,156,811) | (2,531,397) | $(25,862,990) |
2024 | 2023 | |
Tax-exempt income | $2,225,235 | $2,655,792 |
Ordinary income1 | $5,217 | $180 |
TOTAL | $2,230,452 | $2,655,972 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Undistributed tax-exempt income | $82,935 |
Net unrealized depreciation | $(898,223) |
Capital loss carryforwards | $(4,195,022) |
TOTAL | $(5,010,310) |
Short-Term | Long-Term | Total |
$666,551 | $3,528,471 | $4,195,022 |
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 F Shares | 0.40% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class F Shares | $181,964 | $(113,716) |
Purchases | $28,664,856 |
Sales | $43,522,183 |
October 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923609
CUSIP 313923765
and Additional Information
Share Class | Ticker | A | PAMFX | Institutional | PAMIX |
Federated Hermes Pennsylvania Municipal Income Fund
A Portfolio of Federated Hermes Municipal Securities Income Trust
Principal Amount | Value | ||
MUNICIPAL BONDS—100.4% | |||
Pennsylvania—94.6% | |||
$1,000,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2023A), (Assured Guaranty Inc. INS), 5.500%, 1/1/2048 | $ 1,098,851 | |
530,000 | Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2019A), 5.000%, 8/1/2027 | 566,477 | |
2,000,000 | Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds (Series 2018A), 5.000%, 4/1/2047 | 2,043,080 | |
1,000,000 | Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043 | 1,052,009 | |
500,000 | Allegheny County, PA, UT GO Refunding Bonds (Series C-80), 5.000%, 12/1/2054 | 538,136 | |
500,000 | 1 | Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds (Series 2024), 5.000%, 5/1/2042 | 510,507 |
1,450,000 | Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037 | 1,494,738 | |
1,000,000 | Canon McMillan, PA School District, GO Bonds (Series 2017), (Assured Guaranty Inc. INS), 5.000%, 12/1/2041 | 1,039,217 | |
1,000,000 | Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032 | 1,070,490 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A), 5.000%, 11/15/2042 | 512,523 | |
500,000 | Centre County, PA, UT GO Bonds (Series 2022), 5.000%, 7/1/2035 | 556,187 | |
1,000,000 | Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,022,099 | |
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 | 1,268,814 | |
1,250,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2024B), (Original Issue Yield: 4.680%), 4.375%, 12/1/2042 | 1,266,644 | |
3,000,000 | Commonwealth Financing Authority of PA, Tobacco Master Settlement Payment Revenue Bonds (Series 2018), (Original Issue Yield: 4.035%), (Assured Guaranty Inc. INS), 4.000%, 6/1/2039 | 3,014,336 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026 | 2,099,611 | |
1,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (Series 2023), 4.000%, 9/1/2043 | 1,011,898 | |
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 | 90,555 | |
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 | 367,253 | |
450,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 450,539 | |
2,000,000 | Cumberland County, PA Municipal Authority (Penn State Health Obligated Group), Revenue Bonds (Series 2019), 4.000%, 11/1/2044 | 1,929,806 | |
1,700,000 | Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042 | 1,743,850 | |
1,250,000 | Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040 | 1,262,883 | |
1,250,000 | Delaware County, PA, UT GO Bonds (Series 2024), 5.000%, 8/1/2046 | 1,360,110 | |
1,750,000 | Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 | 1,814,805 | |
1,030,000 | Delaware River Port Authority, Revenue Bonds (Series 2018), 5.000%, 1/1/2031 | 1,118,443 | |
1,130,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033 | 1,223,939 | |
250,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038 | 268,768 | |
200,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039 | 214,779 | |
500,000 | Delaware River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040 | 537,189 | |
1,000,000 | Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2024A), 4.000%, 9/1/2034 | 1,066,079 | |
1,000,000 | Hatboro-Horsham, PA School District, UT GO Bonds (Series 2023A), (Pennsylvania School District Intercept Program GTD), 5.250%, 9/15/2051 | 1,079,843 | |
785,000 | Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015), 5.000%, 11/1/2035 | 791,631 | |
1,000,000 | Lancaster, PA IDA (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2021), 4.000%, 7/1/2051 | 884,374 | |
1,100,000 | Lancaster, PA Municipal Authority (Garden Spot Village), Healthcare Facilities Revenue Bonds (Series 2024A), 5.000%, 5/1/2044 | 1,162,249 | |
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 | 871,536 | |
500,000 | Lower Merion, PA School District, LT GO Bonds (Series 2020), 4.000%, 11/15/2031 | 525,635 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,385,000 | Mechanicsburg Penn Area School District, UT GO Bonds (Series AA), (Pennsylvania School District Intercept Program GTD), 4.000%, 5/15/2050 | $ 1,344,892 | |
1,000,000 | Middletown, PA Area School District, LT GO Bonds (Series 2024), (Build America Mutual Assurance INS), 5.000%, 3/1/2041 | 1,090,028 | |
1,260,000 | Monroe County, PA, UT GO Bonds (Series 2021A), 4.000%, 7/15/2036 | 1,297,401 | |
1,500,000 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Refunding Bonds (Series 2019), 4.000%, 9/1/2049 | 1,396,077 | |
1,000,000 | Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds (Series 2020C), 5.000%, 11/15/2045 | 1,033,939 | |
1,125,000 | Montgomery County, PA IDA (Constellation Energy Generation LLC), Revenue Refunding Bonds (Series 2023A), 4.100%, Mandatory Tender 4/3/2028 | 1,152,247 | |
1,000,000 | Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018), 5.000%, 7/1/2038 | 1,036,974 | |
750,000 | Northampton County, PA General Purpose Authority (Lehigh University), Higher Education Revenue Bonds (Series 2024A), 5.000%, 11/15/2034 | 884,119 | |
1,000,000 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds (Series 2016A), 4.000%, 8/15/2040 | 970,999 | |
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 | 903,225 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 1,001,292 | |
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 | 2,021,685 | |
1,200,000 | Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group, PA), Revenue Refunding Bonds (Series 2021), 4.000%, 7/1/2046 | 1,125,343 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds (Series 2022), (Original Issue Yield: 5.080%), 5.000%, 12/31/2057 | 1,041,822 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds (Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061 | 1,109,012 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds (Series 2022), 5.750%, 6/30/2048 | 1,096,360 | |
1,500,000 | Pennsylvania Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2014A), 5.000%, 2/1/2045 | 1,500,492 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (Villanova University), Revenue Bonds (Series 2024), (Original Issue Yield: 4.140%), 4.000%, 8/1/2054 | 972,350 | |
990,000 | Pennsylvania HFA, Single Family Mortgage Revenue Bonds (Series 2023-142A), 5.500%, 10/1/2053 | 1,057,508 | |
1,000,000 | Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2), 4.000%, 5/15/2048 | 954,193 | |
285,000 | Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2), 4.000%, 5/15/2053 | 266,470 | |
500,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A), 5.000%, 8/15/2046 | 514,156 | |
1,500,000 | Pennsylvania State Turnpike Commission, Oil Franchise Tax Subordinate Revenue Refunding Bonds (Series 2021B), 4.000%, 12/1/2053 | 1,395,238 | |
1,250,000 | Pennsylvania State Turnpike Commission, Subordinate Revenue Bonds (Series 2019A), 5.000%, 12/1/2044 | 1,314,565 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | 1,011,870 | |
400,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2036 | 455,267 | |
500,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2037 | 564,222 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2024), 5.000%, 12/1/2043 | 1,118,790 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2046 | 958,758 | |
1,000,000 | Pennsylvania State University, Revenue Bonds (Series 2024), 5.250%, 9/1/2054 | 1,119,172 | |
1,000,000 | Philadelphia, PA Airport System, Airport Revenue and Refunding Bonds (Series 2017A), 5.000%, 7/1/2047 | 1,025,095 | |
1,000,000 | Philadelphia, PA Airport System, Airport Revenue Refunding Bonds (Series 2020A), 4.000%, 7/1/2040 | 1,006,329 | |
2,000,000 | Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047 | 2,023,519 | |
1,165,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 1,187,257 | |
1,000,000 | Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD), 5.000%, 9/1/2043 | 1,031,279 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Bonds (Series 2019B), 5.000%, 11/1/2049 | 1,052,408 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2019B), 5.000%, 11/1/2054 | $ 1,046,284 | |
1,500,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2023B), (Assured Guaranty Inc. INS), 5.500%, 9/1/2053 | 1,708,906 | |
500,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2038 | 531,522 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2021A), 5.000%, 5/1/2034 | 1,098,001 | |
1,000,000 | Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033 | 1,046,222 | |
655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority Parking System, Parking System Revenue Bonds (Series 2017), 5.000%, 12/15/2037 | 682,568 | |
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 | 396,191 | |
610,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025 | 618,045 | |
1,200,000 | Pittsburgh, PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2023A), (Assured Guaranty Inc. INS), 4.250%, 9/1/2053 | 1,192,461 | |
1,000,000 | Ridley, PA School District, LT GO Bonds (Series 2024A), (Assured Guaranty Inc. INS), 5.000%, 11/15/2050 | 1,059,399 | |
1,000,000 | Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035 | 1,046,969 | |
1,750,000 | St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18), 5.000%, 11/15/2028 | 1,865,494 | |
1,340,000 | State College Area School District, PA, GO Bonds (Series 2018), (Pennsylvania School District Intercept Program GTD), 5.000%, 5/15/2044 | 1,398,841 | |
1,505,000 | Swarthmore Borough Authority, PA (Swarthmore College), Revenue Bonds (Series 2021B), 4.000%, 9/15/2049 | 1,485,467 | |
1,000,000 | Tredyffrin-Easttown, PA School District, UT GO Bonds (Series 2024), (Pennsylvania School District Intercept Program GTD), 5.000%, 2/15/2043 | 1,100,867 | |
500,000 | University of Pittsburgh, University Capital Project Bonds (Series 2023A), 5.000%, 2/15/2034 | 592,086 | |
740,000 | Westmoreland County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2016), (Build America Mutual Assurance INS), 5.000%, 8/15/2042 | 750,802 | |
1,190,000 | Westmoreland County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2017), (Build America Mutual Assurance INS), 4.000%, 8/15/2035 | 1,202,234 | |
TOTAL | 96,786,595 | ||
Puerto Rico—5.8% | |||
2,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037 | 1,954,317 | |
1,000,000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041 | 949,206 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 1,003,972 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 990,494 | |
1,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | 987,379 | |
TOTAL | 5,885,368 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $103,192,842) | 102,671,963 | ||
2 | SHORT-TERM MUNICIPALS—3.4% | ||
Pennsylvania—3.4% | |||
2,950,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 3.900%, 9/2/2024 | 2,950,000 | |
100,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.900%, 9/2/2024 | 100,000 | |
450,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 3.600%, 9/2/2024 | 450,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $3,500,000) | 3,500,000 | ||
TOTAL INVESTMENT IN SECURITIES—103.8% (IDENTIFIED COST $106,692,842)3 | 106,171,963 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.8%)4 | (3,855,419) | ||
TOTAL NET ASSETS—100% | $102,316,544 |
1 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2024, these restricted securities amounted to $510,507, which represented 0.5% of total net assets. |
2 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | The cost of investments for federal tax purposes amounts to $106,637,203. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
GO | —General Obligation | |
GTD | —Guaranteed | |
HEFA | —Health and Education Facilities Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
LT | —Limited Tax | |
PRF | —Pre-refunded | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes |
Year Ended August 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net Asset Value, Beginning of Period | $9.84 | $9.99 | $11.22 | $11.08 | $11.19 |
Income From Investment Operations: | |||||
Net investment income1 | 0.29 | 0.27 | 0.24 | 0.25 | 0.27 |
Net realized and unrealized gain (loss) | 0.25 | (0.16) | (1.20) | 0.14 | (0.03) |
TOTAL FROM INVESTMENT OPERATIONS | 0.54 | 0.11 | (0.96) | 0.39 | 0.24 |
Less Distributions: | |||||
Distributions from net investment income | (0.29) | (0.26) | (0.24) | (0.24) | (0.27) |
Distributions from net realized gain | — | — | (0.03) | (0.01) | (0.08) |
TOTAL DISTRIBUTIONS | (0.29) | (0.26) | (0.27) | (0.25) | (0.35) |
Net Asset Value, End of Period | $10.09 | $9.84 | $9.99 | $11.22 | $11.08 |
Total Return2 | 5.61% | 1.15% | (8.63)% | 3.60% | 2.21% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.76%4 | 0.76%4 | 0.76% | 0.76% | 0.76%4 |
Net investment income | 2.97% | 2.76% | 2.28% | 2.27% | 2.46% |
Expense waiver/reimbursement5 | 0.25% | 0.23% | 0.19% | 0.17% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $78,629 | $99,250 | $116,884 | $150,106 | $155,137 |
Portfolio turnover6 | 26% | 19% | 16% | 11% | 8% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios were 0.76%, 0.76% and 0.76% for the years ended August 31, 2024, 2023 and 2020, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended August 31, | Period Ended 8/31/20201 | ||||
2024 | 2023 | 2022 | 2021 | ||
Net Asset Value, Beginning of Period | $9.83 | $9.99 | $11.22 | $11.08 | $10.73 |
Income From Investment Operations: | |||||
Net investment income2 | 0.32 | 0.30 | 0.27 | 0.28 | 0.09 |
Net realized and unrealized gain (loss) | 0.25 | (0.17) | (1.20) | 0.14 | 0.36 |
TOTAL FROM INVESTMENT OPERATIONS | 0.57 | 0.13 | (0.93) | 0.42 | 0.45 |
Less Distributions: | |||||
Distributions from net investment income | (0.32) | (0.29) | (0.27) | (0.27) | (0.10) |
Distributions from net realized gain | — | — | (0.03) | (0.01) | — |
TOTAL DISTRIBUTIONS | (0.32) | (0.29) | (0.30) | (0.28) | (0.10) |
Net Asset Value, End of Period | $10.08 | $9.83 | $9.99 | $11.22 | $11.08 |
Total Return3 | 5.86% | 1.28% | (8.42)% | 3.83% | 4.15% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.53%5 | 0.53%5 | 0.53% | 0.53% | 0.53%5,6 |
Net investment income | 3.20% | 3.00% | 2.53% | 2.49% | 2.60%6 |
Expense waiver/reimbursement7 | 0.23% | 0.21% | 0.17% | 0.15% | 0.20%6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,688 | $17,454 | $13,202 | $10,033 | $1,847 |
Portfolio turnover8 | 26% | 19% | 16% | 11% | 8%9 |
1 | Reflects operations for the period from April 28, 2020 (commencement of operations) to August 31, 2020. |
2 | Per share number has been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios were 0.53%, 0.53% and 0.53% for the years ended August 31, 2024 and 2023 and period ended August 31, 2020, respectively, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
8 | Securities that mature are considered sales for purposes of this calculation. |
9 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal period ended August 31, 2020. |
Assets: | |
Investment in securities (identified cost $106,692,842) | $106,171,963 |
Cash | 20,784 |
Income receivable | 1,183,068 |
Receivable for shares sold | 910 |
Total Assets | 107,376,725 |
Liabilities: | |
Payable for investments purchased | $4,925,395 |
Payable for shares redeemed | 17,800 |
Payable for other service fees (Notes 2 and 5) | 17,008 |
Payable for investment adviser fee (Note 5) | 718 |
Payable for administrative fee (Note 5) | 531 |
Payable for Directors’/Trustees’ fees (Note 5) | 187 |
Accrued expenses | 98,542 |
TOTAL LIABILITIES | 5,060,181 |
Net assets for 10,142,237 shares outstanding | $102,316,544 |
Net Assets Consist of: | |
Paid-in capital | $107,246,735 |
Total distributable earnings (loss) | (4,930,191) |
TOTAL NET ASSETS | $102,316,544 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($78,628,703 ÷ 7,793,320 shares outstanding), no par value, unlimited shares authorized | $10.09 |
Offering price per share (100/95.50 of $10.09) | $10.57 |
Redemption proceeds per share | $10.09 |
Institutional Shares: | |
Net asset value per share ($23,687,841 ÷ 2,348,917 shares outstanding), no par value, unlimited shares authorized | $10.08 |
Offering price per share | $10.08 |
Redemption proceeds per share | $10.08 |
Investment Income: | |
Interest | $4,262,345 |
Expenses: | |
Investment adviser fee (Note 5) | $456,648 |
Administrative fee (Note 5) | 90,796 |
Custodian fees | 3,609 |
Transfer agent fees | 69,688 |
Directors’/Trustees’ fees (Note 5) | 2,225 |
Auditing fees | 33,527 |
Legal fees | 10,564 |
Other service fees (Notes 2 and 5) | 229,901 |
Portfolio accounting fees | 118,980 |
Share registration costs | 40,802 |
Printing and postage | 23,979 |
Miscellaneous (Note 5) | 24,133 |
TOTAL EXPENSES | 1,104,852 |
Waiver, Reimbursement and Reduction: | |
Waiver of investment adviser fee (Note 5) | (264,298) |
Reimbursement of other operating expenses (Notes 2 and 5) | (18,340) |
Reduction of custodian fees (Note 6) | (1,978) |
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (284,616) |
Net expenses | 820,236 |
Net investment income | 3,442,109 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |
Net realized loss on investments | (2,189,183) |
Net realized loss on futures contracts | (134,871) |
Net change in unrealized depreciation of investments | 5,126,824 |
Net realized and unrealized gain (loss) on investments and futures contracts | 2,802,770 |
Change in net assets resulting from operations | $6,244,879 |
Year Ended August 31 | 2024 | 2023 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,442,109 | $3,390,464 |
Net realized loss | (2,324,054) | (1,275,713) |
Net change in unrealized appreciation/depreciation | 5,126,824 | (808,890) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,244,879 | 1,305,861 |
Distributions to Shareholders: | ||
Class A Shares | (2,714,603) | (2,776,808) |
Institutional Shares | (707,868) | (475,047) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,422,471) | (3,251,855) |
Share Transactions: | ||
Proceeds from sale of shares | 16,569,441 | 21,973,110 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,673,866 | 2,471,479 |
Cost of shares redeemed | (36,453,713) | (35,879,650) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (17,210,406) | (11,435,061) |
Change in net assets | (14,387,998) | (13,381,055) |
Net Assets: | ||
Beginning of period | 116,704,542 | 130,085,597 |
End of period | $102,316,544 | $116,704,542 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $229,901 | $(18,340) |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(134,871) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 668,817 | $6,690,974 | 1,352,007 | $13,449,377 |
Shares issued to shareholders in payment of distributions declared | 219,439 | 2,178,995 | 220,564 | 2,179,260 |
Shares redeemed | (3,183,110) | (31,700,984) | (3,180,853) | (31,500,859) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (2,294,854) | $(22,831,015) | (1,608,282) | $(15,872,222) |
Year Ended 8/31/2024 | Year Ended 8/31/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,003,674 | $9,878,467 | 865,787 | $8,523,733 |
Shares issued to shareholders in payment of distributions declared | 49,797 | 494,871 | 29,563 | 292,219 |
Shares redeemed | (479,556) | (4,752,729) | (442,157) | (4,378,791) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 573,915 | $5,620,609 | 453,193 | $4,437,161 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,720,939) | $(17,210,406) | (1,155,089) | $(11,435,061) |
2024 | 2023 | |
Tax-exempt income | $3,422,471 | $3,251,855 |
Undistributed tax-exempt income | $102,608 |
Net unrealized depreciation | $(465,240) |
Capital loss carryforwards | $(4,567,559) |
TOTAL | $(4,930,191) |
Short-Term | Long-Term | Total |
$983,876 | $3,583,683 | $4,567,559 |
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 | $28,194,058 |
Sales | $41,594,312 |
October 23, 2024
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923757
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Municipal High Yield Advantage Fund: Not Applicable.
Federated Hermes Ohio Municipal Income Fund: Not Applicable.
Federated Hermes Pennsylvania Municipal Income Fund: Not Applicable.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Municipal High Yield Advantage Fund: Not Applicable.
Federated Hermes Ohio Municipal Income Fund: Not Applicable.
Federated Hermes Pennsylvania Municipal Income Fund: Not Applicable.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Municipal High Yield Advantage Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Ohio Municipal Income Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Pennsylvania Municipal Income Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Municipal High Yield Advantage Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Ohio Municipal Income Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Pennsylvania Municipal Income Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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 as of a date 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
Item 19. | Exhibits |
(a)(1) | Not Applicable. |
(a)(2) | Certifications of Principal Executive Officer and Principal Financial Officer. |
(a)(3) | Not Applicable. |
(a)(4) | 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/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: October 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date: October 23, 2024
By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: October 23, 2024