NPORT-EX 2 poi_fhpremmuniincfund.htm POI - FEDERATED HERMES PREMIER MUNICIPAL INCOME FUND EDGAR HTML
Federated Hermes Premier Municipal Income Fund
Portfolio of Investments
February 29, 2024 (unaudited)  
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—98.1%
 
 
 
Alabama—3.2%
 
$1,500,000
 
Alabama State Corrections Institution Finance Authority (Alabama State), Revenue Bonds (Series 2022A), 5.250%, 7/1/2052
$  1,623,821
1,500,000
 
Energy Southeast, AL, Energy Supply Revenue Bonds (Series 2023A-1), (Morgan Stanley GTD), 5.500%, Mandatory
Tender 1/1/2031
  1,631,116
1,500,000
 
Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.250%, 10/1/2049
  1,610,986
2,500,000
 
Lower Alabama Gas District, Gas Project Revenue Bonds (Series 2016A), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2046
  2,709,148
 
 
TOTAL
7,575,071
 
 
Arizona—2.1%
 
  500,000
 
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017F), (School District Credit
Program GTD), 5.000%, 7/1/2052
    506,682
  585,000
1
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036
    589,297
1,000,000
 
Phoenix, AZ Civic Improvement Corp. - Wastewater System, Junior Lien Wastewater System Revenue Bonds (Series 2023),
5.250%, 7/1/2047
  1,128,828
2,000,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
  2,003,680
  625,000
1
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.750%, 11/15/2042
    672,949
 
 
TOTAL
4,901,436
 
 
California—5.9%
 
2,300,000
 
California Infrastructure & Economic Development Bank (Equitable School Revolving Fund), Senior National Charter School
Revolving Loan Fund Revenue Bonds (Series 2022B), 5.000%, 11/1/2057
  2,419,508
  165,000
1
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A),
5.000%, 11/15/2056
    137,188
  600,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
    601,804
  250,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
    250,309
1,000,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
  1,013,371
  600,000
 
California State, Various Purpose UT GO Bonds, 5.250%, 9/1/2047
    685,080
1,110,000
 
Chula Vista, CA Municipal Finance Authority, Special Tax Revenue Refunding Bonds (Series 2013), 5.500%, 9/1/2028
  1,112,275
1,060,000
 
Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2022), 5.000%, 6/1/2051
  1,111,897
  165,000
 
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028
    166,828
1,400,000
 
Los Angeles, CA Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)),
Power System Revenue Bonds (Series 2022C), 5.000%, 7/1/2043
  1,580,800
1,500,000
 
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034
  1,902,382
1,130,000
 
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Original Issue Yield: 6.375%), (Citigroup, Inc. GTD),
6.125%, 11/1/2029
  1,213,900
1,500,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019F), 5.000%, 5/1/2050
  1,599,675
 
 
TOTAL
13,795,017
 
 
Colorado—3.3%
 
  500,000
 
Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement
Revenue Bonds (Series 2015), 5.000%, 12/15/2035
    505,996
2,000,000
 
Colorado Health Facilities Authority (Adventist Health System), Hospital Revenue Bonds (Series 2018B), 4.000%, 11/15/2048
  1,908,676
  800,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2022), 5.500%, 11/1/2047
    872,782
1,805,000
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Senior Revenue Bonds (Series 2017),
5.000%, 12/31/2056
  1,808,633
2,480,000
 
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
  2,630,096
 
 
TOTAL
7,726,183
 
 
Connecticut—1.1%
 
1,755,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purpose (Series 2018B), 5.000%, 10/1/2037
  1,893,628
  750,000
 
Connecticut State, UT GO Bonds (Series 2024B), 4.000%, 1/15/2043
    759,396
 
 
TOTAL
2,653,024
1
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
District of Columbia—0.2%
 
$  500,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041
$    497,895
 
 
Florida—3.3%
 
1,000,000
 
Atlantic Beach, FL Health Care Facilities (Fleet Landing Project, FL), Revenue & Refunding Bonds (Series 2013A),
5.000%, 11/15/2028
  1,000,317
1,465,000
 
Central Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2019B), 5.000%, 7/1/2044
  1,546,800
  596,555
1,2,3
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield:
8.250%), 8.125%, 5/15/2044
     16,107
1,000,000
 
Florida Development Finance Corp. (Tampa General Hospital), Healthcare Facilities Revenue Bonds (Series 2024A),
5.250%, 8/1/2049
  1,065,237
  500,000
 
Lakewood Ranch Stewardship District, FL (Taylor Ranch), Special Assessment Revenue Bonds (Series 2023), 6.125%, 5/1/2043
    525,693
  500,000
 
Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds TEMPS-80 (Series 2022B-1), 3.750%,
10/1/2027
    481,972
1,500,000
 
Miami-Dade County, FL (Miami-Dade County, FL Transit System), Sales Surtax Revenue Bonds (Series 2020A),
4.000%, 7/1/2050
  1,446,777
  500,000
 
Midtown Miami, FL CDD, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.000%, 5/1/2029
    500,117
  900,000
 
Rivers Edge II CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051
    729,854
  415,000
 
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
    397,751
  450,000
2,3
Tolomato CDD, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040
          4
 
 
TOTAL
7,710,629
 
 
Georgia—4.0%
 
2,000,000
 
Atlanta, GA, UT GO Public Improvement Bonds (Series 2022A-1), 5.000%, 12/1/2041
  2,268,267
  510,000
 
Geo. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel Second Tier Revenue Bonds
(Series 2021B), 5.000%, 1/1/2054
    458,047
1,460,000
 
Georgia Ports Authority, Revenue Bonds (Series 2022), 4.000%, 7/1/2052
  1,428,374
1,250,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2022B), (Citigroup, Inc. GTD), 5.000%, Mandatory
Tender 6/1/2029
  1,313,652
1,000,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2023C), (Royal Bank of Canada GTD), 5.000%,
Mandatory Tender 9/1/2030
  1,064,132
1,000,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project J Revenue Refunding Bonds (Series 2015A),
5.500%, 7/1/2060
  1,007,087
1,000,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056
  1,021,460
  775,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project P Revenue Refunding Bonds (Series 2023A),
5.500%, 7/1/2064
    818,459
 
 
TOTAL
9,379,478
 
 
Idaho—0.6%
 
1,750,000
 
Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.000%, 10/1/2033
  1,438,515
 
 
Illinois—9.0%
 
  430,000
 
Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds (Series 2023), 5.750%, 4/1/2048
    474,725
1,500,000
 
Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.000%, 12/1/2046
  1,501,075
2,000,000
 
Chicago, IL Wastewater Transmission, Second Lien Wastewater Transmission Revenue Bonds (Series 2023A), (Assured Guaranty
Municipal Corp. INS), 5.250%, 1/1/2053
  2,182,286
  200,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2023A), (Assured Guaranty Municipal Corp. INS),
5.250%, 11/1/2053
    217,960
  234,000
 
DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036
    234,240
1,000,000
 
Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.500%),
5.250%, 5/15/2054
    757,119
1,500,000
 
Illinois Finance Authority (Northshore-Edward-Elmhurst Health Credit Group), Revenue Bonds (Series 2022A),
4.000%, 8/15/2042
  1,484,445
1,340,000
 
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028
  1,425,162
  750,000
 
Illinois State, UT GO Bonds (Series 2020B), (Original Issue Yield: 5.850%), 5.750%, 5/1/2045
    823,169
2,000,000
 
Illinois State, UT GO Bonds (Series 2022C), 5.125%, 10/1/2043
  2,168,350
2,000,000
 
Illinois State, UT GO Bonds (Series 2022C), 5.500%, 10/1/2045
  2,212,697
1,000,000
 
Illinois State, UT GO Bonds (Series 2023B), (Original Issue Yield: 4.730%), 4.500%, 5/1/2048
    994,084
  265,000
 
Illinois State, UT GO Bonds (Series 2023B), 5.500%, 5/1/2047
    290,490
2
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Illinois—continued
 
$  890,000
 
Illinois State, UT GO Bonds (Series 2023C), 5.000%, 12/1/2042
$    968,324
1,000,000
 
Illinois State, UT GO Bonds (Series of May 2014), 5.000%, 5/1/2039
  1,000,770
  235,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2026
    244,956
1,600,000
 
Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), (Original Issue Yield:
5.060%), 5.000%, 6/15/2053
  1,611,116
1,250,000
 
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2018A), 5.000%, 1/1/2048
  1,286,053
1,105,000
 
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2022A), 4.000%, 1/1/2042
  1,112,344
 
 
TOTAL
20,989,365
 
 
Indiana—2.8%
 
  500,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), 5.250%, 1/1/2038
    500,410
1,000,000
 
Indiana State Finance Authority (CWA Authority, Inc.), First Lien Wastewater Utility Revenue Bonds (Series 2022B),
5.250%, 10/1/2052
  1,071,328
2,500,000
 
Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds
(Series 2023E), (Original Issue Yield: 5.880%), 5.750%, 3/1/2043
  2,710,509
2,000,000
 
Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2023I-1), 5.000%, 1/1/2053
  2,168,252
 
 
TOTAL
6,450,499
 
 
Iowa—0.9%
 
1,000,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, 12/1/2050
  1,051,238
1,015,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), 5.000%,
Mandatory Tender 12/1/2042
  1,070,793
 
 
TOTAL
2,122,031
 
 
Kansas—0.9%
 
2,000,000
 
Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A),
5.000%, 9/1/2044
  2,004,570
 
 
Kentucky—0.8%
 
1,000,000
 
Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2031
    922,334
1,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2019C), (Morgan Stanley GTD), 4.000%, Mandatory
Tender 2/1/2028
  1,003,319
 
 
TOTAL
1,925,653
 
 
Louisiana—1.4%
 
1,000,000
 
Louisiana Public Facilities Authority (Tulane University, LA), University Revenue and Refunding Bonds (Series 2023A),
5.000%, 10/15/2048
  1,087,724
1,500,000
 
Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048
  1,623,476
  550,000
 
St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011), 5.850%, Mandatory Tender 6/1/2025
    559,958
 
 
TOTAL
3,271,158
 
 
Maryland—0.3%
 
  320,000
 
Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038
    322,274
  400,000
 
Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), 6.000%, 7/1/2034
    400,720
 
 
TOTAL
722,994
 
 
Massachusetts—1.4%
 
1,000,000
 
Commonwealth of Massachusetts, UT GO Consolidated Loan Bonds (Series 2023C), 5.000%, 8/1/2044
  1,119,604
1,500,000
 
Massachusetts Bay Transportation Authority Sales Tax Revenue, Senior Sales Tax Bonds (Series 2023A-1), (Original Issue Yield:
4.260%), 4.000%, 7/1/2053
  1,473,191
  500,000
 
Massachusetts Water Resources Authority, General Revenue Bonds (Series 2023B), 5.250%, 8/1/2048
    564,707
 
 
TOTAL
3,157,502
 
 
Michigan—4.2%
 
  445,000
 
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
    465,867
2,250,000
 
Michigan State Building Authority, Revenue Refunding Bonds Facilities Program (Series 2023-II), 4.000%, 10/15/2047
  2,249,354
1,750,000
 
Michigan State Finance Authority (Detroit, MI Public Lighting Authority), Local Government Loan Program Revenue Bonds
(Series 2014B), 5.000%, 7/1/2039
  1,753,303
  750,000
 
Michigan State Finance Authority (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Bonds
(Series 2014 C-3), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2032
    753,354
3
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Michigan—continued
 
$  600,000
 
Michigan State Finance Authority (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds
(Series 2014 D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2037
$    602,157
2,500,000
 
Michigan State Finance Authority (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 4.000%, 2/15/2044
  2,421,369
1,755,000
 
Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series MI 2019A), 4.000%, 12/1/2049
  1,674,119
 
 
TOTAL
9,919,523
 
 
Minnesota—0.2%
 
  460,000
 
Minneapolis-St. Paul, MN Metropolitan Airports Commission (Minneapolis-St. Paul International Airport), Subordinate Airport
Revenue Bonds (Series 2022A), 5.000%, 1/1/2052
    495,097
 
 
Missouri—0.5%
 
  550,000
1
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
    516,238
  750,000
1
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds
(Series 2018B), 5.000%, 2/1/2040
    721,920
 
 
TOTAL
1,238,158
 
 
Montana—0.1%
 
  350,000
 
Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047
    287,800
 
 
Nevada—1.1%
 
  700,000
 
Las Vegas, NV Convention & Visitors Authority, Convention Center Expansion and Renovation Revenue Bonds (Series 2023A),
5.000%, 7/1/2049
    757,472
1,500,000
 
Nevada State, LT GO Bonds (Series 2023A), 5.000%, 5/1/2042
  1,702,522
 
 
TOTAL
2,459,994
 
 
New Hampshire—0.0%
 
  403,872
1,2,3
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, 7/1/2037
      8,077
 
 
New Jersey—8.5%
 
  750,000
 
New Jersey EDA (New Jersey State), North Portal Bridge Project (Series 2022), 5.250%, 11/1/2041
    843,242
1,000,000
 
New Jersey EDA (New Jersey State), North Portal Bridge Project (Series 2022), 5.250%, 11/1/2047
  1,094,092
2,500,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2014UU), (United States Treasury PRF
6/15/2024@100), 5.000%, 6/15/2034
  2,508,890
  500,000
 
New Jersey State Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund
(Series 2023A), 4.625%, 9/1/2048
    517,225
1,295,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2022BB),
4.000%, 6/15/2042
  1,296,489
3,000,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2023BB),
5.000%, 6/15/2046
  3,268,636
1,000,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2034
  1,083,611
  500,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2022CC),
5.500%, 6/15/2050
    554,138
2,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2019A), 5.000%, 1/1/2048
  2,118,601
  500,000
 
South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 4.000%, 11/1/2050
    459,431
3,355,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A),
5.250%, 6/1/2046
  3,477,625
2,520,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Senior Refunding Bonds (Series 2018A),
5.000%, 6/1/2035
  2,693,645
 
 
TOTAL
19,915,625
 
 
New Mexico—0.3%
 
  650,000
 
New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds
(Series 2017A), 5.000%, 8/1/2046
    670,880
 
 
New York—9.5%
 
1,650,000
 
Build NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds (Series 2022), 5.250%, 7/1/2057
  1,700,934
1,500,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2023E), (Assured Guaranty Municipal Corp.
INS), 5.000%, 9/1/2053
  1,655,501
1,000,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 20114B),
5.250%, 11/15/2044
  1,001,420
1,500,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds
(Series 2020C-1), 5.250%, 11/15/2055
  1,587,576
4
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
New York—continued
 
$2,000,000
 
New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds
(Series 2023-DD), (Original Issue Yield: 4.380%), 4.125%, 6/15/2047
$  2,002,187
1,250,000
 
New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2015E-1), 5.000%, 2/1/2041
  1,264,085
1,000,000
 
New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2023F-1), (Original Issue
Yield: 4.450%), 4.000%, 2/1/2051
    963,602
  250,000
 
New York City, NY, UT GO Bonds (Series 2014G), 5.000%, 8/1/2030
    250,119
1,000,000
1
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044
  1,000,062
  750,000
 
New York State Power Authority (New York State Power Authority Transmission Project), Green Transmission Project Revenue
Bonds (Series 2022A), (Assured Guaranty Municipal Corp. INS), 4.000%, 11/15/2047
    741,514
1,000,000
 
New York State Thruway Authority (New York State Thruway Authority - General Revenue), General Revenue Bonds
(Series 2024P), 5.250%, 1/1/2054
  1,104,810
1,480,000
 
New York State Thruway Authority (New York State Thruway Authority - General Revenue), General Revenue Junior
Indebtedness Obligations (Series 2016A), 5.000%, 1/1/2046
  1,504,108
1,000,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 4.000%, 12/1/2040
    975,040
3,000,000
 
Port Authority of New York and New Jersey, Consolidated Bonds (Series 241), 5.000%, 7/15/2048
  3,302,490
1,000,000
 
Triborough Bridge & Tunnel Authority, NY (MTA Payroll Mobility Tax), MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien
Bonds (Series 2022D-2), 5.250%, 5/15/2047
  1,115,898
1,000,000
 
Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels Sales Tax Revenue Bonds (Series 2023A), (Original Issue
Yield: 4.630%), 4.250%, 5/15/2058
    999,078
1,000,000
 
Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-2), 5.000%, 12/15/2049
  1,092,046
 
 
TOTAL
22,260,470
 
 
North Carolina—0.9%
 
1,000,000
 
Charlotte, NC (Charlotte, NC Douglas International Airport), Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
  1,039,003
1,000,000
 
North Carolina Medical Care Commission (United Methodist Retirement Homes), Retirement Facilities First Mortgage Revenue
Bonds (Series 2024), 5.125%, 10/1/2054
  1,041,638
 
 
TOTAL
2,080,641
 
 
Ohio—1.8%
 
1,000,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue Yield:
5.030%), 5.000%, 2/15/2057
    980,204
  640,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.250%, 2/15/2047
    643,968
1,500,000
 
Miami County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Revenue Refunding and
Improvement Bonds (Series 2019), 5.000%, 8/1/2049
  1,533,816
1,105,000
 
Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), 5.000%, 2/15/2027
  1,105,035
 
 
TOTAL
4,263,023
 
 
Oregon—0.9%
 
2,000,000
 
Oregon State Housing and Community Services Department, Single Family Mortgage Program (Series 2023A),
4.600%, 7/1/2043
  2,037,340
 
 
Pennsylvania—7.1%
 
1,000,000
 
Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds
(Series 2018A), 5.000%, 4/1/2047
  1,022,773
1,500,000
 
Allegheny County, PA Hospital Development Authority (UPMC Health System), Revenue Bonds (Series 2019A),
4.000%, 7/15/2039
  1,505,053
2,000,000
 
Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022), 5.000%, 10/1/2042
  2,251,907
   45,000
 
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
     45,585
  185,000
 
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
    187,405
  220,000
 
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
    220,726
1,500,000
 
Lehigh County, PA General Purpose Authority (Lehigh Valley Academy Regional Charter School), Charter School Revenue
Bonds (Series 2022), 4.000%, 6/1/2057
  1,211,570
1,500,000
 
Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017),
5.000%, 11/1/2047
  1,551,540
1,865,000
 
Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds
(Series 2016A), 4.000%, 8/15/2040
  1,825,362
5
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Pennsylvania—continued
 
$  570,000
 
Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2),
4.000%, 5/15/2053
$    532,765
1,090,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Health System Revenue
Bonds (Series 2019), 4.000%, 8/15/2044
  1,064,092
1,350,000
 
Pennsylvania State Turnpike Commission, Subordinate Revenue Bonds (Series 2019A), 5.000%, 12/1/2044
  1,433,801
  345,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.250%, 12/1/2052
    380,842
1,080,000
 
Philadelphia, PA Airport System, Airport Revenue and Refunding Bonds (Series 2017A), 5.000%, 7/1/2047
  1,112,238
1,050,000
 
Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
  1,130,822
1,200,000
 
Westmoreland County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2016), (Build America Mutual
Assurance INS), 5.000%, 8/15/2042
  1,219,986
 
 
TOTAL
16,696,467
 
 
Puerto Rico—5.0%
 
1,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 5.625%, 7/1/2029
  1,083,164
1,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 5.750%, 7/1/2031
  1,114,808
6,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
  6,029,988
2,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
  1,996,144
1,500,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.329%, 7/1/2040
  1,489,392
 
 
TOTAL
11,713,496
 
 
Rhode Island—1.3%
 
3,000,000
 
Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050
  3,014,538
 
 
South Carolina—1.5%
 
2,250,000
 
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
  2,293,773
  650,000
1
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS-50 (Series 2023B-2),
5.250%, 11/15/2028
    653,691
  650,000
1
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS-75 (Series 2023B-1),
5.750%, 11/15/2029
    638,816
 
 
TOTAL
3,586,280
 
 
Tennessee—1.0%
 
  600,000
2,3
Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds
(Series 2016A), 5.000%, 1/1/2047
    150,600
1,000,000
 
Chattanooga, TN Health, Educational & Housing Facility Board (CommonSpirit Health), Revenue Bonds (Series 2019A),
5.000%, 8/1/2049
  1,033,402
1,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Airport Revenue Bonds (Series 2022A), 5.000%, 7/1/2052
  1,081,924
 
 
TOTAL
2,265,926
 
 
Texas—7.7%
 
  500,000
 
Austin, TX (Austin, TX Water and Wastewater System), Water and Wastewater System Revenue Refunding Bonds (Series 2022),
5.000%, 11/15/2052
    539,526
  270,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2033
    270,493
  920,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012),
5.000%, 8/15/2032
    920,889
1,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes Holding, Inc.), First Mortgage
Revenue Bonds (Series 2016), 5.000%, 1/1/2048
    851,552
1,460,000
 
Harris County, TX IDC (Energy Transfer LP), Marine Terminal Refunding Revenue Bonds (Series 2023), 4.050%, Mandatory
Tender 6/1/2033
  1,477,930
2,000,000
 
Jarrell, TX ISD, UT GO School Building Bonds (Series 2023), (Texas Permanent School Fund Guarantee Program GTD),
4.250%, 2/15/2053
  1,998,595
1,500,000
 
Lamar, TX Consolidated ISD, UT GO School House Bonds (Series 2022), (Texas Permanent School Fund Guarantee Program
GTD), 4.000%, 2/15/2062
  1,425,602
1,500,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2021), 5.000%, 5/15/2051
  1,587,964
  685,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2045
    690,878
1,930,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2048
  2,008,325
  415,000
 
Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), (Original Issue Yield: 7.550%),
(United States Treasury PRF 11/15/2024@100), 7.500%, 11/15/2034
    426,090
6
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Texas—continued
 
$1,500,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2017), 5.000%, 2/1/2047
$  1,543,827
  750,000
 
Spring Branch, TX ISD, UT GO Schoolhouse Bonds (Series 2022), (Texas Permanent School Fund Guarantee Program GTD),
5.000%, 2/1/2042
    832,204
1,600,000
 
Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue Bonds (Series 2023B), (BP PLC GTD), 5.500%,
Mandatory Tender 1/1/2034
  1,776,643
1,550,000
 
Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A),
5.000%, 8/1/2057
  1,567,744
 
 
TOTAL
17,918,262
 
 
Utah—1.6%
 
1,970,000
 
Intermountain Power Agency, Power Supply Revenue Bonds (Series 2022A), 5.000%, 7/1/2041
  2,186,525
1,500,000
 
Utah State Board of Higher Education (Utah University), General Revenue Bonds (Series 2022A), 4.000%, 8/1/2051
  1,466,184
 
 
TOTAL
3,652,709
 
 
Virginia—0.5%
 
  400,000
 
James City County, VA EDA (Williamsburg Landing), Residential Care Facility Revenue Bonds (Series 2024A),
6.875%, 12/1/2058
    435,116
  750,000
 
Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue
Bonds (Series 2023A), 7.000%, 9/1/2053
    822,209
 
 
TOTAL
1,257,325
 
 
Washington—1.3%
 
  280,000
1
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A),
(United States Treasury PRF 7/1/2025@100), 6.000%, 7/1/2025
    284,529
  500,000
1
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2031
    453,233
1,000,000
1
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2051
    675,470
1,000,000
1
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
    900,773
1,000,000
1
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue Bonds
(Series 2020A), 5.000%, 1/1/2051
    824,840
 
 
TOTAL
3,138,845
 
 
West Virginia—0.5%
 
1,050,000
 
West Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds
(Series 2023B), 6.000%, 9/1/2048
  1,208,710
 
 
Wisconsin—1.4%
 
1,000,000
1
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.250%, 12/1/2042
  1,008,195
  800,000
1
Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023),
9.000%, 11/1/2028
    801,798
1,500,000
 
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds
(Series 2016A), 4.000%, 11/15/2046
  1,436,101
 
 
TOTAL
3,246,094
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $227,392,370)
229,656,300
 
4
SHORT-TERM MUNICIPALS—1.9%
 
 
 
Alabama—0.3%
 
  600,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 3.900%, 3/1/2024
    600,000
 
 
Louisiana—0.1%
 
  300,000
 
Louisiana State Gas & Fuels Second Lien, (Series 2023 A-2) Daily VRDNs, (TD Bank, N.A. LOC), 3.650%, 3/1/2024
    300,000
 
 
Michigan—0.2%
 
  300,000
 
Green Lake Township, MI (Interlochen Center), (Series 2004) Daily VRDNs, (PNC Bank, N.A. LOC), 3.650%, 3/1/2024
    300,000
  200,000
 
Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.710%, 3/1/2024
    200,000
 
 
TOTAL
500,000
 
 
Ohio—0.5%
 
1,250,000
 
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York
Mellon, N.A. LIQ), 3.650%, 3/1/2024
  1,250,000
7
Principal
Amount
 
 
Value
 
4
SHORT-TERM MUNICIPALS—continued
 
 
 
Pennsylvania—0.4%
 
$  900,000
 
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
3.600%, 3/1/2024
$    900,000
 
 
Texas—0.4%
 
1,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), (Series 2021C) Daily VRDNs, (Bank of
America N.A. LIQ), 3.600%, 3/1/2024
  1,000,000
 
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $4,550,000)
4,550,000
 
 
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $231,942,370)
234,206,300
 
 
OTHER ASSETS AND LIABILITIES - NET5
(521,034)
 
 
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM PREFERRED SHARES (VMTPS)
(88,600,000)
 
 
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
$145,085,266
At February 29, 2024, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).
At February 29, 2024, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures:
 
 
 
 
United States Treasury Long Bond Long Futures
40
$4,770,000
June 2024
$14,998
The average notional value of long futures contracts held by the Fund throughout the period was $3,580,313. This is based on amounts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”  
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 February 29, 2024, these restricted securities amounted to $11,768,667,
which represented 8.1% of total net assets.
Additional information on restricted securities held at February 29, 2024, is as follows:  
Security
Acquisition
Date
Acquisition
Cost
Value
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
5/27/2021
$171,514
$137,188
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
6/13/2014
$600,246
$601,804
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
7/10/2014
$250,102
$250,309
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
8/27/2015
$1,009,625
$1,013,371
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original
Issue Yield: 8.250%), 8.125%, 5/15/2044
8/11/2017
$599,049
$16,107
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
5/15/2018
$557,790
$516,238
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue
Bonds (Series 2018B), 5.000%, 2/1/2040
1/10/2018
$751,349
$721,920
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036
10/6/2016
$586,693
$589,297
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A),
6.125%, 7/1/2037
6/18/2017
$334,646
$8,077
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1),
5.000%, 11/15/2044
10/29/2014
$1,000,000
$1,000,062
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A),
6.750%, 11/15/2042
10/6/2022
$628,459
$672,949
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.250%, 12/1/2042
2/2/2023
$1,000,000
$1,008,195
Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023),
9.000%, 11/1/2028
12/14/2023
$800,000
$801,798
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS-50
(Series 2023B-2), 5.250%, 11/15/2028
7/21/2023
$650,000
$653,691
8
Security
Acquisition
Date
Acquisition
Cost
Value
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
$619,574
$638,816
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), (United States Treasury PRF 7/1/2025@100), 6.000%, 7/1/2025
7/22/2015
$280,351
$284,529
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2031
12/14/2016
$501,305
$453,233
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2051
2/13/2019
$1,022,461
$675,470
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
1/14/2021
$1,041,076
$900,773
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
Bonds (Series 2020A), 5.000%, 1/1/2051
6/9/2021
$1,070,967
$824,840
 
2
Non-income-producing security.
3
Security in default.
4
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.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total market value at February 29, 2024.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
9
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of February 29, 2024, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Municipal Bonds
$—
$229,656,300
$—
$229,656,300
Short-Term Municipals
—
4,550,000
—
4,550,000
TOTAL SECURITIES
$—
$234,206,300
$—
$234,206,300
Other Financial Instruments:*
 
 
 
 
Assets
$14,998
$—
$—
$14,998
TOTAL OTHER FINANCIAL INSTRUMENTS
$14,998
$—
$—
$14,998
 
*
Other financial instruments are futures contracts.
 
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
IDB
—Industrial Development Bond
IDC
—Industrial Development Corporation
INS
—Insured
ISD
—Independent School District
LIQ
—Liquidity Agreement
LOC
—Letter of Credit
LP
—Limited Partnership
LT
—Limited Tax
PCRB
—Pollution Control Revenue Bond(s)
PRF
—Pre-refunded
TEMPS
—Tax Exempt Mandatory Paydown Securities
UT
—Unlimited Tax
VRDNs
—Variable Rate Demand Notes
10