0001145549-24-044776.txt : 20240724 0001145549-24-044776.hdr.sgml : 20240724 20240724115640 ACCESSION NUMBER: 0001145549-24-044776 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240531 FILED AS OF DATE: 20240724 DATE AS OF CHANGE: 20240724 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Hermes Municipal Securities Income Trust CENTRAL INDEX KEY: 0000866700 ORGANIZATION NAME: IRS NUMBER: 251695291 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06165 FILM NUMBER: 241137063 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES INCOME TRUST DATE OF NAME CHANGE: 19991029 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL SECURITIES INCOME TRUST DATE OF NAME CHANGE: 19921023 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19920703 0000866700 S000009093 Federated Hermes Ohio Municipal Income Fund C000024703 Class F Shares OMIFX C000070760 Class A Shares OMIAX C000219236 Institutional Shares OMIIX NPORT-P 1 primary_doc.xml NPORT-P false 0000866700 XXXXXXXX S000009093 C000070760 C000024703 C000219236 Federated Hermes Municipal Securities Income Trust 811-06165 0000866700 254900RAQHES8ITD1U55 Federated Hermes Funds 4000 Ericsson Drive Warrendale 15086-7561 8003417400 Federated Hermes Ohio Municipal Income Fund S000009093 EXCIXF0TML1VCJK7C095 2024-08-31 2024-05-31 N 80050396.390000000000 1513373.500000000000 78537022.890000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 1369308.250000000000 0.000000000000 0.000000000000 75818.650000000000 USD N CLEVELAND OH 549300IQSLQPCVVMKJ96 City of Cleveland OH 1863434S5 235000 PA USD 251528.35 0.3202672329 Long DBT MUN US N 2 2045-12-01 Fixed 5 N N N N N N COLUMBUS OH N/A City of Columbus OH 199492J67 1270000 PA USD 1376872.91 1.7531513920 Long DBT MUN US N 2 2039-04-01 Fixed 5 N N N N N N OHIO ST HOSP FAC REVENUE 5493005LEB5E170OMX59 State of Ohio 677561KP6 250000 PA USD 222466.23 0.2832628763 Long DBT MUN US N 2 2037-01-01 Fixed 3.25 N N N N N N FRANKLIN CNTY OH HOSP FACS REV 549300VCBUC1RZE7KL42 County of Franklin OH 353187DR5 1000000 PA USD 1044073.4 1.3294028238 Long DBT MUN US N 2 2029-11-01 Fixed 5 N N N N N N OHIO ST WTR DEV AUTH WTR POLL N/A Ohio Water Development Authority Water Pollution Control Loan Fund 67766WYD8 470000 PA USD 509604.69 0.6488719221 Long DBT MUN US N 2 2035-12-01 Fixed 5 N N N N N N HAMILTON CNTY OH HLTH CARE REV 549300TO1E3N4E4YIO28 COUNTY OF HAMILTON OH 40727RBS6 500000 PA USD 500655.3 0.6374767996 Long DBT MUN US N 2 2036-01-01 Fixed 5 N N N N N N UNIV OF AKRON OH N/A UNIVERSITY OF AKRON/THE 914023LN4 1000000 PA USD 1016169.6 1.2938733385 Long DBT MUN US N 2 2036-01-01 Fixed 5 N N N N N N MIAMI CNTY OH HOSP FACS REVENU 549300YAYSF4ZQH3JU54 County of Miami OH 593328FH5 415000 PA USD 431017.71 0.5488083125 Long DBT MUN US N 2 2034-08-01 Fixed 5 N N N N N N OHIO ST 5493005LEB5E170OMX59 STATE OF OHIO 677522HF4 1000000 PA USD 1011983.2 1.2885428588 Long DBT MUN US N 2 2033-11-01 Fixed 5 N N N N N N HAMILTON CNTY OH 549300TO1E3N4E4YIO28 County of Hamilton OH 40727GAR3 1075000 PA USD 1125187.13 1.4326837058 Long DBT MUN US N 2 2033-12-01 Fixed 5 N N N N N N BUCKEYE OH TOBACCO SETTLEMENT N/A Buckeye Tobacco Settlement Financing Authority 118217CW6 500000 PA USD 365096.2 0.4648714537 Long DBT MUN US N 2 2048-06-01 Fixed 3 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DJW7 100000 PA USD 91679.54 0.1167341677 Long DBT MUN US N 2 2035-12-01 Fixed 3.25 N N N N N N BOWLING GREEN OH ST UNIV N/A Bowling Green State University 102885JQ4 130000 PA USD 121616.95 0.1548530178 Long DBT MUN US N 2 2037-06-01 Fixed 3.5 N N N N N N OHIO ST ADULT CORRECTIONAL CAP 5493005LEB5E170OMX59 STATE OF OHIO 677524BU3 750000 PA USD 777598.8 0.9901047575 Long DBT MUN US N 2 2034-10-01 Fixed 5 N N N N N N PUERTO RICO CMWLTH 549300X44HXPLJU48U63 Commonwealth of Puerto Rico 74514L3K1 1000000 PA USD 997711.8 1.2703713017 Long DBT MUN US N 2 2033-07-01 Fixed 4 N N N N N N CLEVELAND OH 549300IQSLQPCVVMKJ96 City of Cleveland OH 1863434R7 220000 PA USD 237692.2 0.3026498730 Long DBT MUN US N 2 2043-12-01 Fixed 5 N N N N N N BUCKEYE OH TOBACCO SETTLEMENT N/A Buckeye Tobacco Settlement Financing Authority 118217CX4 510000 PA USD 453567.94 0.5775211783 Long DBT MUN US N 2 2048-06-01 Fixed 4 N N N N N N LUCAS CNTY OH N/A County of Lucas OH 54930LTL9 335000 PA USD 287816.49 0.3664723711 Long DBT MUN US N 2 2037-12-01 Fixed 3 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677522G32 2000000 PA USD 2072690.2 2.6391249932 Long DBT MUN US N 2 2035-05-01 Fixed 5 N N N N N N LICKING HEIGHTS OH LOCAL SCH D N/A Licking Heights Local School District 531677MV1 135000 PA USD 110893.09 0.1411984895 Long DBT MUN US N 2 2047-10-01 Fixed 3.375 N N N N N N HAMILTON CNTY OH HOSP FACS REV 549300TO1E3N4E4YIO28 County of Hamilton OH 407272V91 2000000 PA USD 2244371 2.8577235518 Long DBT MUN US N 2 2041-11-15 Fixed 5 N N N N N N CUYAHOGA CNTY OH HOSP REVENUE 549300GHDK9DGLUNJU89 COUNTY OF CUYAHOGA OH 2322655V6 1270000 PA USD 1283221.08 1.6339059373 Long DBT MUN US N 2 2057-02-15 Fixed 5.5 N N N N N N CLEVELAND OH 549300IQSLQPCVVMKJ96 City of Cleveland OH 1863432N8 125000 PA USD 115703.88 0.1473239954 Long DBT MUN US N 2 2031-12-01 Fixed 3 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756AH96 380000 PA USD 380000 0.4838482362 Long DBT MUN US N 2 2043-01-01 Variable 3.65 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DBD7 750000 PA USD 750000 0.9549636240 Long DBT MUN US N 2 2039-01-01 Variable 3.7 N N N N N N OHIO ST AIR QUALITY DEV AUTH E 549300DZUU80AYOR6M80 OHIO AIR QUALITY DEVELOPMENT AUTHORITY 67754AAD6 500000 PA USD 493365.75 0.6281951261 Long DBT MUN US N 2 2038-01-15 Fixed 4.25 N N N N N N HAMILTON CNTY OH HLTH CARE REV 549300TO1E3N4E4YIO28 COUNTY OF HAMILTON OH 40727RBU1 500000 PA USD 456818.7 0.5816603217 Long DBT MUN US N 2 2051-01-01 Fixed 5 N N N N N N CUYAHOGA CNTY OH SALES TAX REV N/A County of Cuyahoga OH Sales Tax Revenue 232287DM1 275000 PA USD 256876.7 0.3270772058 Long DBT MUN US N 2 2032-01-01 Fixed 3 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 677510CY3 200000 PA USD 204594.24 0.2605067425 Long DBT MUN US N 2 2052-01-01 Fixed 5.25 N N N N N N SHAKER HEIGHTS OH 5493000DJBQYJU5NKL14 City of Shaker Heights OH 819054MM6 1135000 PA USD 1072685.55 1.3658342404 Long DBT MUN US N 2 2052-12-01 Fixed 4 N N N N N N OHIO ST AIR QUALITY DEV AUTH 549300DZUU80AYOR6M80 Ohio Air Quality Development Authority 677525WF0 1000000 PA USD 859997.6 1.0950218997 Long DBT MUN US N 2 2042-11-01 Variable 2.5 N N N N N N TOLEDO OH 549300I365GIDPR4BM68 City of Toledo OH 889278ZV2 555000 PA USD 613294.37 0.7808984189 Long DBT MUN US N 2 2042-12-01 Fixed 5.5 N N N N N N CLEVELAND OH INCOME TAX REVENU N/A CITY OF CLEVELAND OH INCOME TAX REVENUE 186387TT3 1000000 PA USD 1052938.2 1.3406902391 Long DBT MUN US N 2 2030-10-01 Fixed 5 N N N N N N FRANKLIN CNTY OH SALES TAX REV N/A County of Franklin OH Sales Tax Revenue 353204AX8 3015000 PA USD 3114414.5 3.9655367436 Long DBT MUN US N 2 2048-06-01 Fixed 5 N N N N N N CUYAHOGA CNTY OH 549300GHDK9DGLUNJU89 County of Cuyahoga OH 23223PEZ6 250000 PA USD 224186.08 0.2854527352 Long DBT MUN US N 2 2032-12-01 Fixed 3 N N N N N N COLUMBUS OH SWR REVENUE N/A CITY OF COLUMBUS OH SEWERAGE REVENUE 199561GL9 1000000 PA USD 1005100.9 1.2797797306 Long DBT MUN US N 2 2031-06-01 Fixed 5 N N N N N N HAMILTON CNTY OH SWR SYS REVEN N/A County of Hamilton OH Sewer System Revenue 407288G86 500000 PA USD 534796.7 0.6809485263 Long DBT MUN US N 2 2053-12-01 Fixed 5 N N N N N N MASON OH N/A City of Mason OH 575294QV8 200000 PA USD 164049.92 0.2088822748 Long DBT MUN US N 2 2032-12-01 Fixed 2 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677522J47 1835000 PA USD 1976171.5 2.5162291965 Long DBT MUN US N 2 2033-06-15 Fixed 5 N N N N N N HAMILTON CNTY OH 549300TO1E3N4E4YIO28 COUNTY OF HAMILTON OH 40727GAV4 1000000 PA USD 1027807.1 1.3086911907 Long DBT MUN US N 2 2037-12-01 Fixed 5 N N N N N N OHIO ST TURNPIKE COMMISSION N/A Ohio Turnpike & Infrastructure Commission 67760HNK3 1400000 PA USD 1470277.48 1.8720820142 Long DBT MUN US N 2 2051-02-15 Fixed 5 N N N N N N ALLEN CNTY OH HOSP FACS REVENU N/A County of Allen OH Hospital Facilities Revenue 01757LDW3 1050000 PA USD 1050000 1.3369490736 Long DBT MUN US N 2 2034-06-01 Variable 3.65 N N N N N N OHIO ST TURNPIKE COMMISSION N/A Ohio Turnpike & Infrastructure Commission 67760HNJ6 1000000 PA USD 1053376.8 1.3412487019 Long DBT MUN US N 2 2046-02-15 Fixed 5 N N N N N N OHIO ST AIR QUALITY DEV AUTH E 549300DZUU80AYOR6M80 Ohio Air Quality Development Authority 67754AAF1 1200000 PA USD 1066647.24 1.3581457518 Long DBT MUN US Y 2 2049-07-01 Fixed 5 N N N N N N FRANKLIN CNTY OH CONVENTION FA N/A FRANKLIN COUNTY CONVENTION FACILITIES AUTHORITY 353174GR0 2000000 PA USD 2010584.6 2.5600468747 Long DBT MUN US N 2 2035-12-01 Fixed 5 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677523DW9 1465000 PA USD 1615121.04 2.0565091222 Long DBT MUN US N 2 2040-03-01 Fixed 5 N N N N N N MIDDLEBURG HEIGHTS OH HOSP REV 549300YPL4J3W5PGVS22 City of Middleburg Heights OH 596126CX8 1000000 PA USD 908485.6 1.1567609346 Long DBT MUN US N 2 2047-08-01 Fixed 4 N N N N N N UNIV OF CINCINNATI OH RECPTS 549300E0RD3ICJ858L23 UNIVERSITY OF CINCINNATI 914119A93 1000000 PA USD 1001504.7 1.2752007437 Long DBT MUN US N 2 2041-06-01 Fixed 5 N N N N N N AKRON BATH COPLEY JT TWP OH HO N/A AKRON BATH COPLEY JOINT TOWNSHIP HOSPITAL DISTRICT 009730NY4 1000000 PA USD 1012843.9 1.2896387751 Long DBT MUN US N 2 2041-11-15 Fixed 5.25 N N N N N N HAMILTON CNTY OH HLTH CARE REV 549300TO1E3N4E4YIO28 County of Hamilton OH 40727RCL0 500000 PA USD 513590.15 0.6539465479 Long DBT MUN US N 2 2053-01-01 Fixed 5.75 N N N N N N OHIO ST WTR DEV AUTH WTR POLL N/A Ohio Water Development Authority Water Pollution Control Loan Fund 67766WYC0 175000 PA USD 157796.03 0.2009192916 Long DBT MUN US N 2 2034-12-01 Fixed 3 N N N N N N CLEVELAND OH WTR REVENUE N/A Cleveland Department of Public Utilities Division of Water 186427GL8 250000 PA USD 271461.8 0.3456481924 Long DBT MUN US N 2 2033-01-01 Fixed 5 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677522F82 1210000 PA USD 1256350.38 1.5996918826 Long DBT MUN US Y 2 2032-05-01 Fixed 5 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DE93 1000000 PA USD 919335.1 1.1705754384 Long DBT MUN US N 2 2052-02-01 Fixed 4 N N N N N N WINTON WOODS CITY OH SCH DIST N/A Winton Woods City School District 97650EEE4 760000 PA USD 715368.47 0.9108678222 Long DBT MUN US N 2 2049-11-01 Fixed 4 N N N N N N CINCINNATI OH WTR SYS REVENUE N/A City of Cincinnati OH Water System Revenue 172311NX6 235000 PA USD 211151.61 0.2688561423 Long DBT MUN US N 2 2035-12-01 Fixed 3 N N N N N N OHIO ST HSG FIN AGY RSDL MTGE 549300K10X7VPG6JVX38 Ohio Housing Finance Agency 67756Q6V4 500000 PA USD 497216.9 0.6330987370 Long DBT MUN US N 2 2054-09-01 Fixed 4.65 N N N N N N OHIO ST ADULT CORRECTIONAL CAP 5493005LEB5E170OMX59 STATE OF OHIO 677524BV1 1460000 PA USD 1509110.02 1.9215268984 Long DBT MUN US N 2 2035-10-01 Fixed 5 N N N N N N AMERICAN MUNI PWR-OHIO INC OH EARKGGZJJEMVD66XQ486 American Municipal Power Inc 02765UKJ2 545000 PA USD 535581.69 0.6819480422 Long DBT MUN US N 2 2036-02-15 Fixed 4 N N N N N N PUERTO RICO CMWLTH 549300X44HXPLJU48U63 Commonwealth of Puerto Rico 74514L3N5 1000000 PA USD 926170.5 1.1792788495 Long DBT MUN US N 2 2041-07-01 Fixed 4 N N N N N N WILLOUGHBY-EASTLAKE OH CITY SC N/A Willoughby-Eastlake City School District 971039QU9 235000 PA USD 210845.13 0.2684659059 Long DBT MUN US N 2 2036-12-01 Fixed 3.375 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677522G40 465000 PA USD 481120.57 0.6126035242 Long DBT MUN US N 2 2036-05-01 Fixed 5 N N N N N N MIAMI UNIV OH N/A Miami University/Oxford OH 593791LP9 725000 PA USD 811381.07 1.0331192094 Long DBT MUN US N 2 2039-09-01 Fixed 5 N N N N N N OHIO ST AIR QUALITY DEV AUTH E 549300DZUU80AYOR6M80 OHIO AIR QUALITY DEVELOPMENT AUTHORITY 67754AAE4 500000 PA USD 485108.3 0.6176810403 Long DBT MUN US N 2 2048-01-15 Fixed 4.5 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 6775226T6 600000 PA USD 616259.88 0.7846743578 Long DBT MUN US N 2 2036-05-01 Fixed 4 N N N N N N OLENTANGY OH LOCAL SCH DIST N/A OLENTANGY LOCAL SCHOOL DISTRICT 680616C56 1500000 PA USD 1530375.6 1.9486040388 Long DBT MUN US N 2 2030-12-01 Fixed 5 N N N N N N OHIO ST TURNPIKE COMMISSION N/A OHIO TURNPIKE & INFRASTRUCTURE COMMISSION 67760HLE9 350000 PA USD 364936.85 0.4646685558 Long DBT MUN US N 2 2028-02-15 Fixed 5 N N N N N N COLUMBUS OH CITY SCH DIST N/A COLUMBUS CITY SCHOOL DISTRICT 1995075Q3 2000000 PA USD 2021411.4 2.5738324749 Long DBT MUN US N 2 2047-12-01 Fixed 5 N N N N N N FRANKLIN CNTY OH REVENUE 549300VCBUC1RZE7KL42 County of Franklin OH 353202FL3 1000000 PA USD 928357.2 1.1820631415 Long DBT MUN US N 2 2046-12-01 Fixed 4 N N N N N N REVERE OH LOCAL SCH DIST N/A Revere Local School District 761474JU0 120000 PA USD 98045.46 0.1248397971 Long DBT MUN US N 2 2045-12-01 Fixed 3.25 N N N N N N AKRON BATH COPLEY JT TWP OH HO N/A Akron Bath Copley Joint Township Hospital District 009730QS4 1000000 PA USD 947225 1.2060872250 Long DBT MUN US N 2 2042-11-15 Fixed 4 N N N N N N OHIO ST WTR DEV AUTH WTR POLL N/A Ohio Water Development Authority Water Pollution Control Loan Fund 67766WE65 1260000 PA USD 1347358.07 1.7155705939 Long DBT MUN US N 2 2046-12-01 Fixed 5 N N N N N N PORT OF GTR CINCINNATI DEV AUT 549300IK2RCZBY62ST97 Port of Greater Cincinnati Development Authority 734195EF3 750000 PA USD 770877.15 0.9815461825 Long DBT MUN US N 2 2063-12-01 Fixed 5 N N N N N N FRANKLIN CNTY OH HLTH CARE FAC 549300VCBUC1RZE7KL42 COUNTY OF FRANKLIN OH 353180JQ6 1000000 PA USD 1000033.2 1.2733271051 Long DBT MUN US N 2 2044-11-15 Fixed 5 N N N N N N LITTLE MIAMI OH LOCAL SCH DIST N/A Little Miami Local School District 537292LS1 155000 PA USD 142063.39 0.1808871597 Long DBT MUN US N 2 2055-11-01 Fixed 4 N N N N N N PUERTO RICO CMWLTH 549300X44HXPLJU48U63 Commonwealth of Puerto Rico 74514L3M7 1000000 PA USD 967282.8 1.2316265175 Long DBT MUN US N 2 2037-07-01 Fixed 4 N N N N N N AMERICAN MUNI PWR-OHIO INC OH EARKGGZJJEMVD66XQ486 American Municipal Power Inc 02765URD8 750000 PA USD 815769.53 1.0387069690 Long DBT MUN US N 2 2034-02-15 Fixed 5 N N N N N N PERRY OH LOCAL SCH DIST STARK N/A Perry Local School District/Stark County 714840EH4 205000 PA USD 180947.94 0.2303982674 Long DBT MUN US N 2 2035-11-01 Fixed 3 N N N N N N CLEVELAND OH 549300IQSLQPCVVMKJ96 City of Cleveland OH 1863432Q1 155000 PA USD 139561.41 0.1777014265 Long DBT MUN US N 2 2033-12-01 Fixed 3 N N N N N N BOWLING GREEN OH ST UNIV N/A Bowling Green State University 102885KP4 255000 PA USD 254947.85 0.3246212304 Long DBT MUN US N 2 2038-06-01 Fixed 4 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DSZ0 1000000 PA USD 1036321.9 1.3195329564 Long DBT MUN US N 2 2044-11-01 Fixed 5 N N N N N N SHAKER HEIGHTS OH CITY SCH DIS N/A Shaker Heights City School District 819071SP7 500000 PA USD 486193.05 0.6190622360 Long DBT MUN US N 2 2061-12-15 Fixed 4.375 N N N N N N GREEN OH LOCAL SCH DIST SCIOTO N/A Green Local School District/Scioto County 393178BB3 615000 PA USD 556306.61 0.7083367685 Long DBT MUN US N 2 2033-11-01 Fixed 3 N N N N N N MONTGOMERY CNTY OH HOSP REVENU N/A County of Montgomery OH 613520NH4 1000000 PA USD 883510.4 1.1249603913 Long DBT MUN US N 2 2051-08-01 Fixed 4 N N N N N N COPLEY FAIRLAWN OH CITY SCH DI N/A Copley-Fairlawn City School District 217441DU5 500000 PA USD 474077.6 0.6036358173 Long DBT MUN US N 2 2052-12-01 Fixed 4 N N N N N N PUERTO RICO SALES TAX FING COR N/A Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 74529JPX7 1000000 PA USD 996710.6 1.2690964889 Long DBT MUN US N 2 2058-07-01 Fixed 5 N N N N N N FRANKLIN CNTY OH CONVENTION FA N/A Franklin County Convention Facilities Authority 35317DAM7 1000000 PA USD 964968.2 1.2286793725 Long DBT MUN US N 2 2044-12-01 Fixed 5 N N N N N N OHIO ST UNIV JFC10ZULKO4X2E3HBY86 Ohio State University/The 677632N72 2000000 PA USD 1899976 2.4192106221 Long DBT MUN US N 2 2048-12-01 Fixed 4 N N N N N N KENT OH ST UNIV REVENUES 549300HL3HX54032AG28 Kent State University 490728F23 1000000 PA USD 1035632.4 1.3186550265 Long DBT MUN US N 2 2050-05-01 Fixed 5 N N N N N N OHIO ST WTR DEV AUTH REVENUE 549300QMBH1DMY67FZ74 Ohio Water Development Authority 67765QNL6 500000 PA USD 552572.6 0.7035823102 Long DBT MUN US N 2 2041-12-01 Fixed 5 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DXL5 1000000 PA USD 909870.2 1.1585239248 Long DBT MUN US N 2 2050-12-01 Fixed 5 N N N N N N ALLEN CNTY OH HOSP FACS REVENU N/A County of Allen OH Hospital Facilities Revenue 01757LGF7 900000 PA USD 827226.09 1.0532944331 Long DBT MUN US N 2 2047-08-01 Fixed 4 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756DZH2 115000 PA USD 110977.15 0.1413055218 Long DBT MUN US N 2 2044-12-01 Fixed 4 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 67756DJY3 1000000 PA USD 1019913.4 1.2986402622 Long DBT MUN US N 2 2040-12-01 Fixed 5 N N N N N N AMERICAN MUNI PWR-OHIO INC OH EARKGGZJJEMVD66XQ486 American Municipal Power Inc 02765UPW8 1000000 PA USD 987358.7 1.2571888565 Long DBT MUN US N 2 2039-02-15 Fixed 4 N N N N N N FRANKLIN CNTY OH REVENUE 549300VCBUC1RZE7KL42 COUNTY OF FRANKLIN OH 353202FP4 1000000 PA USD 1014159.5 1.2913139086 Long DBT MUN US N 2 2047-12-01 Fixed 5 N N N N N N WORTHINGTON OH CITY SCH DIST N/A Worthington City School District 982038TL5 500000 PA USD 552858.85 0.7039467880 Long DBT MUN US N 2 2054-12-01 Fixed 5.5 N N N N N N FRANKLIN CNTY OH REVENUE 549300VCBUC1RZE7KL42 County of Franklin OH 353202FY5 240000 PA USD 224310.5 0.2856111573 Long DBT MUN US N 2 2044-12-01 Fixed 4 N N N N N N AVON LAKE OH CITY SCH DIST N/A Avon Lake City School District 054105KY6 635000 PA USD 615691.94 0.7839512084 Long DBT MUN US N 2 2029-12-01 Fixed 3.5 N N N N N N 2024-07-24 Federated Hermes Municipal Securities Income Trust Stephen Van Meter Federated Hermes Municipal Securities Income Trust Chief Compliance Officer XXXX NPORT-EX 2 poi_fhohiomuniincomefd.htm POI - FEDERATED HERMES OHIO MUNICIPAL INCOME FUND EDGAR HTML
Federated Hermes Ohio Municipal Income Fund
Portfolio of Investments
May 31, 2024 (unaudited)  
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—97.5%
 
Ohio—92.6%
$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
$   947,225
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
 1,012,844
  900,000
 
Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding Bonds, 4.000%, 8/1/2047
   827,226
1,000,000
 
American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds
(Series 2019C), 4.000%, 2/15/2039
   987,359
  545,000
 
American Municipal Power-Ohio, Inc. (AMP - Greenup Hydroelectric Project), Revenue Bonds (Series 2016A), 4.000%, 2/15/2036
   535,582
  750,000
 
American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A), 5.000%, 2/15/2034
   815,770
  635,000
 
Avon Lake, OH City School District, UT GO Refunding Bonds (Series 2014A), 3.500%, 12/1/2029
   615,692
  130,000
 
Bowling Green State University, OH, General Receipts Bonds (Series 2017B), 3.500%, 6/1/2037
   121,617
  255,000
 
Bowling Green State University, OH, General Receipts Bonds (Series 2020A), 4.000%, 6/1/2038
   254,948
  500,000
 
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds
(Series 2020A-2 Class 1), 3.000%, 6/1/2048
   365,096
  510,000
 
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds
(Series 2020A-2 Class 1), 4.000%, 6/1/2048
   453,568
  235,000
 
Cincinnati, OH Water System, Refunding Revenue Bonds (Series 2017A), 3.000%, 12/1/2035
   211,152
  250,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2033
   271,462
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
 1,052,938
  125,000
 
Cleveland, OH, LT GO Various Purpose and Refunding Bonds (Series 2021A), 3.000%, 12/1/2031
   115,704
  155,000
 
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2021A), 3.000%, 12/1/2033
   139,561
  220,000
 
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2043
   237,692
  235,000
 
Cleveland, OH, Various Purpose General Obligation Bonds (Series 2023A), 5.000%, 12/1/2045
   251,528
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
 2,021,411
1,000,000
 
Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2031
 1,005,101
1,270,000
 
Columbus, OH, UT GO Bonds (Series 2021A), 5.000%, 4/1/2039
 1,376,873
  500,000
 
Copley Fairlawn, OH School District, UT GO Classroom Facilities Construction and Improvement Bonds (Series 2023),
4.000%, 12/1/2052
   474,078
1,270,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057
 1,283,221
  250,000
 
Cuyahoga County, OH, Capital Improvement and Refunding Bonds (Series 2019), 3.000%, 12/1/2032
   224,186
  275,000
 
Cuyahoga County, OH, Quicken Loans Arena Sales Tax Revenue Bonds (Series 2017A), (Original Issue Yield: 3.100%),
3.000%, 1/1/2032
   256,877
1,000,000
 
Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017), 4.000%, 12/1/2046
   928,357
1,000,000
 
Franklin County, OH (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A), 5.000%, 12/1/2047
 1,014,160
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
   964,968
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
 2,010,585
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
 1,000,033
1,000,000
 
Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), Hospital Improvement Revenue Bonds
(Series 2017A), 5.000%, 11/1/2029
 1,044,073
  240,000
 
Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), Revenue Bonds (Series 2019A), 4.000%, 12/1/2044
   224,311
3,015,000
 
Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series 2018), 5.000%, 6/1/2048
 3,114,414
  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
   556,307
2,000,000
 
Hamilton County, OH (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC),
5.000%, 11/15/2041
 2,244,371
1
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Ohio—continued
$  500,000
 
Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016),
5.000%, 1/1/2036
$   500,655
  500,000
 
Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016),
5.000%, 1/1/2051
   456,819
  500,000
 
Hamilton County, OH (Life Enriching Communities), Hospital Revenue Bonds (Series 2023A), 5.750%, 1/1/2053
   513,590
  500,000
 
Hamilton County, OH Sewer System, Sewer System Revenue and Refunding Revenue Bonds (Series 2024A), 5.000%, 12/1/2053
   534,797
1,075,000
 
Hamilton County, OH, LT GO Improvement and Refunding Bonds (Series 2017A), 5.000%, 12/1/2033
 1,125,187
1,000,000
 
Hamilton County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037
 1,027,807
1,000,000
 
Kent State University, OH, General Receipts Bonds (Series 2020A), 5.000%, 5/1/2050
 1,035,632
  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
   110,893
  155,000
 
Little Miami, OH Local School District, UT GO Bonds (Series 2018A), (Ohio School District Credit Enhancement GTD),
4.000%, 11/1/2055
   142,063
  335,000
 
Lucas County, OH, Capital Facility Improvement Bonds (Series 2020), 3.000%, 12/1/2037
   287,816
  200,000
 
Mason, OH, LT GO Bonds (Series 2020A), 2.000%, 12/1/2032
   164,050
  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
   431,018
  725,000
 
Miami University, OH, General Receipts Revenue and Refunding Bonds (Series 2024A), 5.000%, 9/1/2039
   811,381
1,000,000
 
Middleburg Heights, OH (Southwest General Health Center), Hospital Facilities Improvement and Revenue Refunding Bonds
(Series 2020A), 4.000%, 8/1/2047
   908,486
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
   883,510
1,200,000
1
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019),
5.000%, 7/1/2049
 1,066,647
  500,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.250%, 1/15/2038
   493,366
  500,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048
   485,108
  500,000
 
Ohio HFA, Residential Mortgage Revenue Bonds (Series 2024A), 4.650%, 9/1/2054
   497,217
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
   859,998
  200,000
 
Ohio State Higher Educational Facility Commission (Ashtabula County Medical Center), Healthcare Facility Revenue Bonds
(Series 2022), 5.250%, 1/1/2052
   204,594
  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
    91,680
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
 1,019,913
  115,000
 
Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds
(Series 2021A), 4.000%, 12/1/2044
   110,977
  250,000
 
Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Refunding Bonds (Series 2017A),
3.250%, 1/1/2037
   222,466
1,000,000
 
Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds (Series 2019), 5.000%, 11/1/2044
 1,036,322
1,000,000
 
Ohio State Higher Educational Facility Commission (Judson Obligated Group), Healthcare Facility Revenue Bonds
(Series 2020A), 5.000%, 12/1/2050
   909,870
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
   919,335
  350,000
 
Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2028
   364,937
1,000,000
 
Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series 2021A), 5.000%, 2/15/2046
 1,053,377
1,400,000
 
Ohio State Turnpike & Infrastructure Commission, Senior Lien Revenue Bonds (Series 2021A), 5.000%, 2/15/2051
 1,470,277
2,000,000
 
Ohio State University, General Receipts Bonds (Series 2021A), 4.000%, 12/1/2048
 1,899,976
  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
   157,796
  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
   509,605
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
 1,347,358
  500,000
 
Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2023A), 5.000%, 12/1/2041
   552,573
  750,000
 
Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2034
   777,599
2
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Ohio—continued
$1,460,000
 
Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2035
$ 1,509,110
1,835,000
 
Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2033
 1,976,171
1,000,000
 
Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033
 1,011,983
2,000,000
 
Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2035
 2,072,690
  465,000
 
Ohio State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2036
   481,121
  600,000
 
Ohio State, Higher Education UT GO Bonds (Series 2021A), 4.000%, 5/1/2036
   616,260
1,465,000
 
Ohio State, UT GO Bonds (Series 2022A), 5.000%, 3/1/2040
 1,615,121
1,210,000
1
Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032
 1,256,350
1,500,000
 
Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%, 12/1/2030
 1,530,376
  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
   180,948
  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
   770,877
  120,000
 
Revere, OH Local School District, School Facilities Improvement Refunding Bonds (Series 2017), 3.250%, 12/1/2045
    98,045
  500,000
 
Shaker Heights, OH, School Facilities Improvement Bonds (Series 2024), 4.375%, 12/15/2061
   486,193
1,135,000
 
Shaker Heights, OH, UT GO Bonds, 4.000%, 12/1/2052
 1,072,686
  555,000
 
Toledo, OH, LT GO Various Purpose Improvement Bonds (Series 2022), (Assured Guaranty Municipal Corp. INS),
5.500%, 12/1/2042
   613,294
1,000,000
 
University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036
 1,016,170
1,000,000
 
University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041
 1,001,505
  235,000
 
Willoughby-Eastlake, OH CSD, UT GO School Improvement Bonds (Series 2016), 3.375%, 12/1/2036
   210,845
  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
   715,368
  500,000
 
Worthington City, OH City School District, UT GO Bonds (Series 2023), 5.500%, 12/1/2054
   552,859
 
TOTAL
72,732,957
 
Puerto Rico—4.9%
1,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2033
   997,712
1,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037
   967,283
1,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041
   926,170
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
   996,711
 
TOTAL
3,887,876
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $79,956,264)
76,620,833
2
SHORT-TERM MUNICIPALS—2.8%
 
Ohio—2.8%
1,050,000
 
Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Bank, N.A. LOC), 3.900%, 6/3/2024
 1,050,000
  380,000
 
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank plc LIQ),
3.950%, 6/3/2024
   380,000
  750,000
 
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York Mellon,
N.A. LIQ), 4.000%, 6/3/2024
   750,000
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $2,180,000)
2,180,000
 
TOTAL INVESTMENT IN SECURITIES—100.3%
(IDENTIFIED COST $82,136,264)
78,800,833
 
OTHER ASSETS AND LIABILITIES - NET—(0.3%)3
(263,810)
 
TOTAL NET ASSETS—100%
$78,537,023
3
Securities that are subject to the federal alternative minimum tax (AMT) represent 2.4% of the Fund’s portfolio as calculated based upon total market value (unaudited).  
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 May 31, 2024, these restricted securities amounted to $2,322,997, which
represented 3.0% 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
Assets, other than investments in securities, less liabilities.
Additional information on restricted securities held at May 31, 2024, is as follows:  
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
06/27/2019
$1,239,077
$1,066,647
Ohio State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032
11/07/2023
$1,255,120
$1,256,350
Note: The categories of investments are shown as a percentage of total net assets at May 31, 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”).
■ 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.
■ 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.
■ 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.
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
4
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.
As of May 31, 2024, all investments of the Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.  
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
LOC
—Letter of Credit
LT
—Limited Tax
PRF
—Pre-refunded
UT
—Unlimited Tax
VRDNs
—Variable Rate Demand Notes
5