Federated Hermes Premier Municipal Income Fund
Portfolio of Investments
August 31, 2024 (unaudited)
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—98.2%
 
Alabama—3.2%
$1,500,000
 
Alabama State Corrections Institution Finance Authority (Alabama State), Revenue Bonds (Series 2022A), 5.250%, 7/1/2052
$  1,616,775
1,500,000
 
Energy Southeast, AL, Energy Supply Revenue Bonds (Series 2023A-1), (Morgan Stanley GTD), 5.500%, Mandatory
Tender 1/1/2031
  1,635,234
1,500,000
 
Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.250%, 10/1/2049
  1,619,795
2,500,000
 
Lower Alabama Gas District, Gas Project Revenue Bonds (Series 2016A), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2046
  2,746,560
 
TOTAL
7,618,364
 
Arizona—1.9%
  585,000
1
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036
    589,428
1,000,000
 
Phoenix, AZ Civic Improvement Corp. - Wastewater System, Junior Lien Wastewater System Revenue Bonds (Series 2023),
5.250%, 7/1/2047
  1,119,652
2,000,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
  2,001,134
  625,000
1
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.750%, 11/15/2042
    684,203
 
TOTAL
4,394,417
 
California—4.0%
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
  2,426,604
  165,000
1
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A),
5.000%, 11/15/2056
    150,340
  600,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
    600,496
  250,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
    250,108
1,000,000
1
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
  1,009,130
  165,000
 
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, (United States Treasury PRF
9/2/2024@100), 5.000%, 9/2/2028
    165,000
1,500,000
 
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034
  1,891,694
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
  1,209,934
1,500,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019F), 5.000%, 5/1/2050
  1,584,351
 
TOTAL
9,287,657
 
Colorado—3.7%
  500,000
 
Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement
Revenue Bonds (Series 2015), 5.000%, 12/15/2035
    504,515
2,000,000
 
Colorado Health Facilities Authority (Adventist Health System), Hospital Revenue Bonds (Series 2018B), 4.000%, 11/15/2048
  1,924,904
  800,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2022), 5.500%, 11/1/2047
    890,905
1,805,000
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Senior Revenue Bonds (Series 2017),
5.000%, 12/31/2056
  1,805,880
1,000,000
 
Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2024A),
5.000%, 5/15/2054
  1,057,229
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
  2,622,037
 
TOTAL
8,805,470
 
District of Columbia—0.2%
  500,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041
    503,740
 
Florida—4.6%
1,000,000
 
Atlantic Beach, FL Health Care Facilities (Fleet Landing Project, FL), Revenue & Refunding Bonds (Series 2013A),
5.000%, 11/15/2028
  1,000,873
1,465,000
 
Central Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2019B), 5.000%, 7/1/2044
  1,542,917
  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
 
Collier County, FL IDA (NCH Healthcare System, Inc.), Revenue Bonds (Series 2024A), (Assured Guaranty, Inc. INS),
5.000%, 10/1/2054
  1,070,350
1

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Florida—continued
$1,000,000
 
Florida Development Finance Corp. (Tampa General Hospital), Healthcare Facilities Revenue Bonds (Series 2024A),
5.250%, 8/1/2049
$  1,067,415
1,000,000
 
Hillsborough County, FL IDA (Baycare Health System), Health System Revenue Bonds (Series 2024C), (Original Issue Yield:
4.320%), 4.125%, 11/15/2051
    970,740
  500,000
 
Lakewood Ranch Stewardship District, FL (Taylor Ranch), Special Assessment Revenue Bonds (Series 2023), 6.125%, 5/1/2043
    534,656
1,500,000
 
Miami-Dade County, FL (Miami-Dade County, FL Transit System), Sales Surtax Revenue Bonds (Series 2020A),
4.000%, 7/1/2050
  1,431,454
  500,000
 
Midtown Miami, FL CDD, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.000%, 5/1/2029
    500,207
  900,000
 
Rivers Edge II CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051
    755,742
1,530,000
 
Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2038
  1,541,423
  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
    411,661
  450,000
2,3
Tolomato CDD, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040
          4
 
TOTAL
10,843,549
 
Georgia—4.4%
  500,000
 
Atlanta, GA Development Authority (Westside Gulch Area Project (Spring Street Atlanta)), Senior Revenue Bonds
(Series 2024A-1), 5.000%, 4/1/2034
    510,329
2,000,000
 
Atlanta, GA, UT GO Public Improvement Bonds (Series 2022A-1), 5.000%, 12/1/2041
  2,245,891
  500,000
 
Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation, Inc.), Retirement Facility Refunding Revenue
Bonds (Series 2016), 5.000%, 7/1/2036
    505,878
  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
    483,831
1,460,000
 
Georgia Ports Authority, Revenue Bonds (Series 2022), 4.000%, 7/1/2052
  1,415,422
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
  1,316,263
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
  1,069,767
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
  1,004,062
1,000,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056
  1,032,790
  775,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project P Revenue Refunding Bonds (Series 2023A),
5.500%, 7/1/2064
    824,766
 
TOTAL
10,408,999
 
Idaho—0.6%
1,750,000
 
Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.000%, 10/1/2033
  1,456,773
 
Illinois—8.3%
  430,000
 
Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds (Series 2023), 5.750%, 4/1/2048
    478,230
1,500,000
 
Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.000%, 12/1/2046
  1,510,622
2,000,000
 
Chicago, IL Wastewater Transmission, Second Lien Wastewater Transmission Revenue Bonds (Series 2023A), (Assured
Guaranty, Inc. INS), 5.250%, 1/1/2053
  2,173,322
  200,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2023A), (Assured Guaranty, Inc. INS),
5.250%, 11/1/2053
    217,211
  234,000
 
DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036
    234,227
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
    794,961
1,340,000
 
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028
  1,423,698
  750,000
 
Illinois State, UT GO Bonds (Series 2020B), (Original Issue Yield: 5.850%), 5.750%, 5/1/2045
    822,280
2,000,000
 
Illinois State, UT GO Bonds (Series 2022C), 5.125%, 10/1/2043
  2,165,150
2,000,000
 
Illinois State, UT GO Bonds (Series 2022C), 5.500%, 10/1/2045
  2,212,972
1,000,000
 
Illinois State, UT GO Bonds (Series 2023B), (Original Issue Yield: 4.730%), 4.500%, 5/1/2048
  1,002,073
  265,000
 
Illinois State, UT GO Bonds (Series 2023B), 5.500%, 5/1/2047
    290,814
  890,000
 
Illinois State, UT GO Bonds (Series 2023C), 5.000%, 12/1/2042
    967,000
1,000,000
 
Illinois State, UT GO Bonds (Series of May 2014), 5.000%, 5/1/2039
  1,000,885
  235,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2026
    244,671
2

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Illinois—continued
$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
$  1,609,830
1,250,000
 
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2018A), 5.000%, 1/1/2048
  1,279,599
1,105,000
 
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2022A), 4.000%, 1/1/2042
  1,109,699
 
TOTAL
19,537,244
 
Indiana—2.8%
  500,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), 5.250%, 1/1/2038
    500,584
1,000,000
 
Indiana State Finance Authority (CWA Authority, Inc.), First Lien Wastewater Utility Revenue Bonds (Series 2022B),
5.250%, 10/1/2052
  1,071,882
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
  2,781,639
2,000,000
 
Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2023I-1), 5.000%, 1/1/2053
  2,141,048
 
TOTAL
6,495,153
 
Iowa—1.0%
1,000,000
 
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
  1,161,600
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
  1,179,023
 
TOTAL
2,340,623
 
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
  2,000,933
 
Kentucky—1.3%
1,000,000
 
Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2031
    947,959
1,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2019C), (Morgan Stanley GTD), 4.000%, Mandatory
Tender 2/1/2028
  1,009,982
1,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Refunding Bonds (Series 2024B), (BP PLC GTD), 5.000%, Mandatory
Tender 8/1/2032
  1,085,873
 
TOTAL
3,043,814
 
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
  1,083,389
1,500,000
 
Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048
  1,625,069
  550,000
 
St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011), 5.850%, Mandatory Tender 6/1/2025
    557,768
 
TOTAL
3,266,226
 
Maryland—0.3%
  320,000
 
Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038
    323,441
  400,000
 
Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), 6.000%, 7/1/2034
    400,270
 
TOTAL
723,711
 
Massachusetts—1.7%
1,000,000
 
Commonwealth of Massachusetts, UT GO Consolidated Loan Bonds (Series 2023C), 5.000%, 8/1/2044
  1,112,445
3,000,000
 
Massachusetts Bay Transportation Authority Sales Tax Revenue, Senior Sales Tax Bonds (Series 2023A-1), (Original Issue Yield:
4.260%), 4.000%, 7/1/2053
  2,902,387
 
TOTAL
4,014,832
 
Michigan—3.8%
  445,000
 
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
    473,427
2,250,000
 
Michigan State Building Authority, Revenue Refunding Bonds Facilities Program (Series 2023-II), 4.000%, 10/15/2047
  2,191,160
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
  1,750,998
2,500,000
 
Michigan State Finance Authority (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 4.000%, 2/15/2044
  2,445,155
  430,000
 
Michigan State Finance Authority (Provident Group - HFH Energy LLC), Act 38 Facilities Senior Revenue Bonds (Series 2024),
5.500%, 2/28/2049
    484,519
1,755,000
 
Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series MI 2019A), 4.000%, 12/1/2049
  1,664,906
 
TOTAL
9,010,165
3

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Minnesota—1.1%
$  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
$    486,678
2,250,000
 
Minneapolis-St. Paul, MN Metropolitan Airports Commission (Minneapolis-St. Paul International Airport), Subordinate Airport
Revenue Bonds (Series 2024A), 4.000%, 1/1/2054
  2,158,008
 
TOTAL
2,644,686
 
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
    527,795
  750,000
1
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds
(Series 2018B), 5.000%, 2/1/2040
    737,964
 
TOTAL
1,265,759
 
Montana—0.1%
  350,000
 
Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047
    303,326
 
Nevada—1.8%
  700,000
 
Las Vegas, NV Convention & Visitors Authority, Convention Center Expansion and Renovation Revenue Bonds (Series 2023A),
5.000%, 7/1/2049
    753,418
1,500,000
 
Nevada State, LT GO Bonds (Series 2023A), 5.000%, 5/1/2042
  1,684,214
1,535,000
 
Reno-Tahoe Airport Authority (Reno-Tahoe International Airport), Airport Revenue Bonds (Series 2024B), 5.250%, 7/1/2054
  1,669,398
 
TOTAL
4,107,030
 
New Hampshire—0.2%
  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
 
New Jersey—7.1%
  750,000
 
New Jersey EDA (New Jersey State), North Portal Bridge Project (Series 2022), 5.250%, 11/1/2041
    833,456
1,000,000
 
New Jersey EDA (New Jersey State), North Portal Bridge Project (Series 2022), 5.250%, 11/1/2047
  1,086,103
  500,000
 
New Jersey Educational Facilities Authority (New Jersey State), Higher Education Capital Improvement Fund (Series 2023A),
4.625%, 9/1/2048
    515,229
1,295,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2022BB),
4.000%, 6/15/2042
  1,278,014
3,000,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2023BB),
5.000%, 6/15/2046
  3,242,378
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
  500,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2022CC),
5.500%, 6/15/2050
    551,557
2,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2019A), 5.000%, 1/1/2048
  2,095,883
3,355,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A),
5.250%, 6/1/2046
  3,476,603
2,520,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Senior Refunding Bonds (Series 2018A),
5.000%, 6/1/2035
  2,642,789
 
TOTAL
16,786,888
 
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
    665,991
 
New York—9.0%
1,650,000
 
Build NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds (Series 2022), 5.250%, 7/1/2057
  1,715,802
1,500,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2023E), (Assured Guaranty, Inc. INS),
5.000%, 9/1/2053
  1,636,714
1,500,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds
(Series 2020C-1), 5.250%, 11/15/2055
  1,576,546
1,000,000
 
New York City Housing Development Corp., Multifamily Housing Revenue Bonds (Series 2024B-1), 4.750%, 11/1/2054
  1,008,464
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
  1,986,176
1,500,000
 
New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds
(Series 2024CC-1), 5.250%, 6/15/2054
  1,671,731
1,250,000
 
New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2015E-1), 5.000%, 2/1/2041
  1,257,322
4

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
New York—continued
$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
$    975,509
  500,000
 
New York City, NY, UT GO Bonds (Fiscal 2024 Series D), 5.250%, 4/1/2054
    551,507
  250,000
 
New York City, NY, UT GO Bonds (Series 2014G), (United States Treasury PRF 11/13/2024@100), 5.000%, 8/1/2030
    250,891
1,000,000
1
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044
  1,000,800
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
  1,122,037
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
  1,504,140
1,000,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 4.000%, 12/1/2040
    994,696
  500,000
 
Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 5.076%), 5.000%, 12/1/2034
    523,671
  250,000
 
Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 5.865%), 5.750%, 12/1/2044
    261,554
1,000,000
 
Triborough Bridge & Tunnel Authority, NY (Triborough Bridge & Tunnel Authority Payroll Mobility Tax), MTA Bridges and
Tunnels Payroll Mobility Tax Senior Lien Bonds (Series 2022D-2), 5.250%, 5/15/2047
  1,105,013
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
  1,000,325
1,000,000
 
Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-2), 5.000%, 12/15/2049
  1,096,120
 
TOTAL
21,239,018
 
North Carolina—0.9%
1,000,000
 
Charlotte, NC (Charlotte, NC Douglas International Airport), Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
  1,030,489
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
  1,040,686
 
TOTAL
2,071,175
 
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
  1,007,927
  640,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.250%, 2/15/2047
    652,076
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
  1,524,881
1,105,000
 
Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), 5.000%, 2/15/2027
  1,105,347
 
TOTAL
4,290,231
 
Oregon—0.9%
2,000,000
 
Oregon State Housing and Community Services Department, Single Family Mortgage Program (Series 2023A),
4.600%, 7/1/2043
  2,024,945
 
Pennsylvania—6.1%
1,000,000
 
Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds
(Series 2018A), 5.000%, 4/1/2047
  1,021,540
1,500,000
 
Allegheny County, PA Hospital Development Authority (UPMC Health System), Revenue Bonds (Series 2019A),
4.000%, 7/15/2039
  1,497,700
   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
     45,278
  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
    186,142
  220,000
 
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
    220,263
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
  1,279,632
1,500,000
 
Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017),
5.000%, 11/1/2047
  1,544,458
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
  1,810,912
  570,000
 
Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2),
4.000%, 5/15/2053
    532,941
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
  1,072,880
5

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Pennsylvania—continued
$1,350,000
 
Pennsylvania State Turnpike Commission, Subordinate Revenue Bonds (Series 2019A), 5.000%, 12/1/2044
$  1,419,730
  345,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.250%, 12/1/2052
    374,992
1,080,000
 
Philadelphia, PA Airport System, Airport Revenue and Refunding Bonds (Series 2017A), 5.000%, 7/1/2047
  1,107,103
1,050,000
 
Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
  1,122,747
1,200,000
 
Westmoreland County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2016), (Build America Mutual
Assurance INS), 5.000%, 8/15/2042
  1,217,517
 
TOTAL
14,453,835
 
Puerto Rico—5.8%
2,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041
  1,898,412
1,000,000
1
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), 4.000%, 7/1/2042
    948,394
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
  6,023,833
3,250,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
  3,219,107
1,500,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.329%, 7/1/2040
  1,481,302
 
TOTAL
13,571,048
 
South Carolina—2.0%
1,000,000
 
South Carolina Jobs-EDA (Novant Health, Inc.), Health Care Facilities Revenue Bonds (Series 2024A), 5.500%, 11/1/2054
  1,115,443
2,250,000
 
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
  2,286,229
  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
    653,217
  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
    641,630
 
TOTAL
4,696,519
 
Tennessee—1.5%
1,000,000
 
Chattanooga, TN Health, Educational & Housing Facility Board (CommonSpirit Health), Revenue Bonds (Series 2019A),
5.000%, 8/1/2049
  1,030,599
1,300,000
 
Metropolitan Government Nashville & Davidson County, TN (Vanderbilt University), Educational Facilities Revenue Refunding
and Improvement Bonds (Series 2024), 5.000%, 10/1/2049
  1,441,895
1,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Airport Revenue Bonds (Series 2022A), 5.000%, 7/1/2052
  1,068,277
 
TOTAL
3,540,771
 
Texas—7.7%
  500,000
 
Austin, TX, Water and Wastewater System Revenue Refunding Bonds (Series 2022), 5.000%, 11/15/2052
    535,769
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
    941,160
1,460,000
 
Harris County, TX IDC (Energy Transfer LP), Marine Terminal Refunding Revenue Bonds (Series 2023), 4.050%, Mandatory
Tender 6/1/2033
  1,488,989
  665,000
 
Houston, TX, Public Improvement and Refunding Bonds (Series 2024A), (Original Issue Yield: 4.380%), 4.125%, 3/1/2051
    642,433
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
  1,422,133
1,500,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2021), 5.000%, 5/15/2051
  1,573,124
  685,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2045
    686,530
1,930,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2048
  1,991,518
  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
    418,301
1,450,000
 
Richardson, TX ISD, UT GO School Building Bonds (Series 2024), (Original Issue Yield: 4.160%), (Texas Permanent School Fund
Guarantee Program GTD), 4.000%, 2/15/2049
  1,410,478
1,000,000
 
San Antonio, TX Electric & Gas System, Revenue Bonds (Series 2024A), 5.250%, 2/1/2049
  1,107,865
1,500,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2017), 5.000%, 2/1/2047
  1,532,067
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
  1,801,677
1,000,000
 
Texas State Transportation Commission (Central Texas Turnpike System), Second Tier Revenue Refunding Bonds
(Series 2024-C), 5.000%, 8/15/2040
  1,101,443
6

Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
Texas—continued
$1,550,000
 
Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A),
5.000%, 8/1/2057
$  1,582,930
 
TOTAL
18,236,417
 
Utah—1.2%
3,000,000
 
Utah State Board of Higher Education (University of Utah), General Revenue Bonds (Series 2022A), 4.000%, 8/1/2051
  2,897,907
 
Virginia—1.4%
2,035,000
 
Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2046
  2,052,881
  400,000
 
James City County, VA EDA (Williamsburg Landing), Residential Care Facility Revenue Bonds (Series 2024A),
6.875%, 12/1/2058
    442,912
  750,000
 
Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue
Bonds (Series 2023A), 7.000%, 9/1/2053
    866,601
 
TOTAL
3,362,394
 
Washington—2.8%
2,000,000
 
University of Washington, General Revenue and Refunding Bonds (Series 2021A), 4.000%, 4/1/2051
  1,953,500
1,275,000
 
Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Refunding Bonds (Series 2019A-1),
4.000%, 8/1/2044
  1,221,905
  100,000
1
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A),
(United States Treasury COL), 6.000%, 7/1/2025
    102,134
  500,000
1
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2031
    498,850
1,000,000
1
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2051
    889,155
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
    971,885
1,000,000
1
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue Bonds
(Series 2020A), 5.000%, 1/1/2051
    915,498
 
TOTAL
6,552,927
 
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
  1,200,251
 
Wisconsin—1.4%
1,000,000
1
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.250%, 12/1/2042
  1,020,318
  800,000
1
Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023),
9.000%, 11/1/2028
    835,103
1,500,000
 
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds
(Series 2016A), 4.000%, 11/15/2046
  1,430,401
 
TOTAL
3,285,822
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $227,510,057)
231,444,533
4
SHORT-TERM MUNICIPALS—1.8%
 
Alabama—0.2%
  445,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 4.100%, 9/2/2024
    445,000
 
Indiana—0.6%
1,300,000
 
Indiana State Finance Authority Health System (Franciscan Alliance, Inc.), (Series 2008I) Daily VRDNs, (Barclays Bank PLC LOC),
3.900%, 9/2/2024
  1,300,000
 
North Carolina—0.1%
  200,000
 
Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.950%, 9/2/2024
    200,000
 
Ohio—0.7%
1,650,000
 
Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ),
3.800%, 9/2/2024
  1,650,000
 
Pennsylvania—0.1%
  350,000
 
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
3.900%, 9/2/2024
    350,000
7

Principal
Amount
 
 
Value
4
SHORT-TERM MUNICIPALS—continued
 
Texas—0.1%
$  200,000
 
Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 4.000%, 9/2/2024
$    200,000
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $4,145,000)
4,145,000
 
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $231,655,057)
235,589,533
 
OTHER ASSETS AND LIABILITIES - NET5
(720,251)
 
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM PREFERRED SHARES (VMTPS)
(88,600,000)
 
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
$146,269,282
At August 31, 2024, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).
At August 31, 2024, the Fund had the following outstanding futures contracts:
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
(Depreciation)
Long Futures:
 
United States Treasury Notes 5 Year Long Futures
71
$7,767,289
December 2024
$(25,121)
The average notional value of long futures contracts held by the Fund throughout the period was $3,560,979. This is based on amounts held as of each month-end throughout the nine-month period.
Net Unrealized Depreciation 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 August 31, 2024, these restricted securities amounted to $13,042,555,
which represented 8.9% of total net assets.
Additional information on restricted securities held at August 31, 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
$171,263
$150,340
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
6/13/2014
$600,000
$600,496
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
7/10/2014
$250,000
$250,108
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
8/27/2015
$1,006,058
$1,009,130
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
$596,555
$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
$556,863
$527,795
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue
Bonds (Series 2018B), 5.000%, 2/1/2040
1/10/2018
$751,190
$737,964
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036
10/6/2016
$585,344
$589,428
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
$1,000,800
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A),
6.750%, 11/15/2042
10/6/2022
$628,411
$684,203
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.250%, 12/1/2042
2/2/2023
$1,000,000
$1,020,318
Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023),
9.000%, 11/1/2028
12/14/2023
$800,000
$835,103
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B),
4.000%, 7/1/2042
4/1/2024
$955,000
$948,394
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
$653,217
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
$621,813
$641,630
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), (United States Treasury COL), 6.000%, 7/1/2025
7/22/2015
$100,079
$102,134
8

Security
Acquisition
Date
Acquisition
Cost
Value
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2031
12/14/2016
$501,086
$498,850
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2051
2/13/2019
$1,020,988
$889,155
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
1/14/2021
$1,038,121
$971,885
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
Bonds (Series 2020A), 5.000%, 1/1/2051
6/9/2021
$1,059,918
$915,498
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 August 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”).
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 valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the 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 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
9

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 August 31, 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
$
$231,444,533
$
$231,444,533
Short-Term Municipals
4,145,000
4,145,000
TOTAL SECURITIES
$
$235,589,533
$
$235,589,533
Other Financial Instruments:*
Liabilities
$(25,121)
$
$
$(25,121)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(25,121)
$
$
$(25,121)
*
Other financial instruments are futures contracts.
The following acronym(s) are used throughout this portfolio:
 
CDD
—Community Development District
COL
—Collateralized
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


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