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United States\nSecurities and Exchange Commission
Washington, D.C. 20549

Form N-CSR
Certified Shareholder Report\nof Registered Management Investment Companies

811-6165
\n(Investment Company Act File Number)

Federated Hermes Municipal Securities Income Trust
(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds
4000 Ericsson\nDrive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)

(412) 288-1900
(Registrant’s Telephone\nNumber)

Peter J. Germain, Esquire
1001 Liberty\nAvenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent\nfor Service)

Date of Fiscal Year End: 2026-08-31

Date of Reporting Period: 2026-08-31

\n \n \n \n

Item 1.

Reports to Stockholders

$\"TSR$

Federated Hermes Municipal High Yield Advantage Fund

Class A Shares / FMOAX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This annual shareholder report contains important information about the Federated Hermes Municipal High Yield Advantage Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at FederatedHermes.com/FundInformation. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor.

This report describes changes made to the Fund during the reporting period. This report describes planned changes made to the Fund since the beginning of the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$92	0.89%

Management's Discussion of Fund Performance

The following discussion compares the performance of the Fund to a blended index consisting of S&P Municipal Bond Index reweighted 10% AAA&AA-rated, 15% A-rated, 25% BBB-rated, 50% High Yield, All 3-Year Plus Sub-Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&P Municipal Bond Index, which represents the overall U.S. municipal fixed-income market. The Fund seeks to provide a high level of current income by investing its assets so that normally at least 80% of the income that it distributes will be exempt from federal regular income tax.

Top Contributors to Performance

\n
Sector allocation was a positive contributor to relative Fund performance. An overweight allocation to the Senior Care, Airport and Industrial Development Bond (IDB) sectors each contributed positively.
\n
\n
Yield curve management contributed positively to relative Fund performance. An overweight allocation to bonds with maturities greater than 22 years and a corresponding underweight in bonds with maturities between 2 and 10 years contributed to performance relative to the Index as the municipal AAA curve twist flattened during the fiscal year with the 2-year rate increasing 33 basis points and the 30-year rate decreasing one basis point.
\n
\n
Duration management contributed positively to relative performance. The Fund held moderate duration short and long positions relative to the Index at different points during a volatile fiscal year resulting in a positive contribution.
\n
\n
Security selection for the Fund contributed positively relative to Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed positive excess returns as did avoiding poorly performing holdings in the Index. Highlights in the Fund include names in the Senior Care sector and various Puerto Rico bonds.
\n

Top Detractors from Performance

\n
Credit allocation was a negative factor to performance relative to the Index. An overweight allocation to AA-rated bonds hurt relative performance as high-grade bonds underperformed lower rated bonds during the year.
\n

Fund Performance

Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Class A Shares with sales load	1.77%	-0.47%	1.75%
Class A Shares without sales load	6.62%	0.44%	2.22%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield, All 3-Year Plus Sub-Index	6.30%	1.06%	3.15%
Morningstar High Yield Muni Funds Category Average	5.49%	-0.04%	2.12%

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$450,155,798
Number of Investments	353
Portfolio Turnover	20%
Total Advisory Fees Paid	$1,934,363

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Material Fund Changes

Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at FederatedHermes.com/FundInformation or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.

Effective April 1, 2026, Lee R. Cunningham II retired and no longer serves as a portfolio manager of the Fund. The other members of the management team continue to manage the Fund.

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923864

G01091-01-A (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Municipal High Yield Advantage Fund

Class C Shares / FMNCX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This report describes changes made to the Fund during the reporting period. This report describes planned changes made to the Fund since the beginning of the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$169	1.64%

Management's Discussion of Fund Performance

Top Contributors to Performance

\n
Sector allocation was a positive contributor to relative Fund performance. An overweight allocation to the Senior Care, Airport and Industrial Development Bond (IDB) sectors each contributed positively.
\n
\n
Yield curve management contributed positively to relative Fund performance. An overweight allocation to bonds with maturities greater than 22 years and a corresponding underweight in bonds with maturities between 2 and 10 years contributed to performance relative to the Index as the municipal AAA curve twist flattened during the fiscal year with the 2-year rate increasing 33 basis points and the 30-year rate decreasing one basis point.
\n
\n
Duration management contributed positively to relative performance. The Fund held moderate duration short and long positions relative to the Index at different points during a volatile fiscal year resulting in a positive contribution.
\n
\n
Security selection for the Fund contributed positively relative to Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed positive excess returns as did avoiding poorly performing holdings in the Index. Highlights in the Fund include names in the Senior Care sector and various Puerto Rico bonds.
\n

Top Detractors from Performance

\n
Credit allocation was a negative factor to performance relative to the Index. An overweight allocation to AA-rated bonds hurt relative performance as high-grade bonds underperformed lower rated bonds during the year.
\n

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Class C Shares with sales load	4.85%	-0.28%	1.59%
Class C Shares without sales load	5.85%	-0.28%	1.59%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield, All 3-Year Plus Sub-Index	6.30%	1.06%	3.15%
Morningstar High Yield Muni Funds Category Average	5.49%	-0.04%	2.12%

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$450,155,798
Number of Investments	353
Portfolio Turnover	20%
Total Advisory Fees Paid	$1,934,363

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Material Fund Changes

Effective April 1, 2026, Lee R. Cunningham II retired and no longer serves as a portfolio manager of the Fund. The other members of the management team continue to manage the Fund.

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923849

G01091-01-B (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Municipal High Yield Advantage Fund

Institutional Shares / FMYIX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This report describes changes made to the Fund during the reporting period. This report describes planned changes made to the Fund since the beginning of the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$66	0.64%

Management's Discussion of Fund Performance

Top Contributors to Performance

\n
Sector allocation was a positive contributor to relative Fund performance. An overweight allocation to the Senior Care, Airport and Industrial Development Bond (IDB) sectors each contributed positively.
\n
\n
Yield curve management contributed positively to relative Fund performance. An overweight allocation to bonds with maturities greater than 22 years and a corresponding underweight in bonds with maturities between 2 and 10 years contributed to performance relative to the Index as the municipal AAA curve twist flattened during the fiscal year with the 2-year rate increasing 33 basis points and the 30-year rate decreasing one basis point.
\n
\n
Duration management contributed positively to relative performance. The Fund held moderate duration short and long positions relative to the Index at different points during a volatile fiscal year resulting in a positive contribution.
\n
\n
Security selection for the Fund contributed positively relative to Index after accounting for duration, yield curve, sector allocation and credit allocation contributions. A number of individual holdings that experienced improving credit situations contributed positive excess returns as did avoiding poorly performing holdings in the Index. Highlights in the Fund include names in the Senior Care sector and various Puerto Rico bonds.
\n

Top Detractors from Performance

\n
Credit allocation was a negative factor to performance relative to the Index. An overweight allocation to AA-rated bonds hurt relative performance as high-grade bonds underperformed lower rated bonds during the year.
\n

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Institutional Shares	6.92%	0.71%	2.48%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond 10% AAA&AA/15% A/25% BBB/50% High Yield, All 3-Year Plus Sub-Index	6.30%	1.06%	3.15%
Morningstar High Yield Muni Funds Category Average	5.49%	-0.04%	2.12%

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$450,155,798
Number of Investments	353
Portfolio Turnover	20%
Total Advisory Fees Paid	$1,934,363

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Material Fund Changes

Effective April 1, 2026, Lee R. Cunningham II retired and no longer serves as a portfolio manager of the Fund. The other members of the management team continue to manage the Fund.

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923815

G01091-01-D (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Ohio Municipal Income Fund

Class A Shares / OMIAX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This annual shareholder report contains important information about the Federated Hermes Ohio Municipal Income Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at FederatedHermes.com/FundInformation. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$79	0.77%

Management's Discussion of Fund Performance

The following discussion compares the performance of the Fund to the S&P Municipal Bond Ohio Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&P Municipal Bond Index, a required broad-based index which represents the overall U.S. municipal fixed-income market. The Fund seeks to provide current income by investing in a portfolio of tax-exempt securities so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by the State of Ohio and Ohio municipalities.

Top Contributors to Performance

\n
Sector allocation contributed to performance relative to the Index, including overweight exposure to outperforming Dedicated Tax, Water/Sewer and Industrial Development bonds and underweight exposure to underperforming Hospital bonds.
\n
Credit allocation made a positive contribution to Fund performance with overweight positions relative to the Index in outperforming A-rated and BBB-rated bonds and underweight positions in underperforming AAA-rated and non-rated securities.
\n
Yield curve positioning contributed to relative Fund performance. The Fund held overweight positions in securities with maturities of 15 years and longer where market yields decreased.
\n
Security selection provided a positive contribution to relative performance as gross return was above the Index after accounting for duration, yield curve, credit quality and sector positioning. The outperformance was primarily the result of an overweight allocation to outperforming long 4% coupon bonds priced at a discount.

Top Detractors from Performance

\n
Duration management detracted from relative Fund performance. The Fund held moderate duration short and long positions at various times relative to the Index during a volatile fiscal year which created modest net negative contribution. The 30-year AAA-rated Bloomberg Evaluation Service municipal yield fluctuated over a wide range from 4.59% to 4.03%, ending the period at the same yield it started at 4.59%.

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n
	1 Year	5 Years	10 Years
Class A Shares with sales load	-0.21%	-0.71%	0.90%
Class A Shares without sales load	4.46%	0.21%	1.36%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond Ohio Index	3.94%	0.54%	2.17%
Morningstar Municipal Ohio Funds Category Average	4.64%	0.20%	1.35%

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$69,915,593
Number of Investments	98
Portfolio Turnover	29%
Total Advisory Fees Paid	$113

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923823

28994-A (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Ohio Municipal Income Fund

Institutional Shares / OMIIX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$53	0.52%

Management's Discussion of Fund Performance

Top Contributors to Performance

\n
Sector allocation contributed to performance relative to the Index, including overweight exposure to outperforming Dedicated Tax, Water/Sewer and Industrial Development bonds and underweight exposure to underperforming Hospital bonds.
\n
\n
Credit allocation made a positive contribution to Fund performance with overweight positions relative to the Index in outperforming A-rated and BBB-rated bonds and underweight positions in underperforming AAA-rated and non-rated securities.
\n
\n
Yield curve positioning contributed to relative Fund performance. The Fund held overweight positions in securities with maturities of 15 years and longer where market yields decreased.
\n
\n
Security selection provided a positive contribution to relative performance as gross return was above the Index after accounting for duration, yield curve, credit quality and sector positioning. The outperformance was primarily the result of an overweight allocation to outperforming long 4% coupon bonds priced at a discount.
\n

Top Detractors from Performance

\n
Duration management detracted from relative Fund performance. The Fund held moderate duration short and long positions at various times relative to the Index during a volatile fiscal year which created modest net negative contribution. The 30-year AAA-rated Bloomberg Evaluation Service municipal yield fluctuated over a wide range from 4.59% to 4.03%, ending the period at the same yield it started at 4.59%.
\n

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Institutional Shares¹	4.62%	0.44%	1.52%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond Ohio Index	3.94%	0.54%	2.17%
Morningstar Municipal Ohio Funds Category Average	4.64%	0.20%	1.35%

\n\n\n\n\n\n\n

\n\n

The Fund’s Institutional Shares commenced operations on April 28, 2020. For the period prior to the commencement of operations of Institutional Shares, the performance information shown for the Fund’s Institutional Shares is for the Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses of the Institutional Shares since the Institutional Shares have a lower expense ratio than the expense ratio of Class A Shares.

\n\n

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$69,915,593
Number of Investments	98
Portfolio Turnover	29%
Total Advisory Fees Paid	$113

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923765

28994-C (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Pennsylvania Municipal Income Fund

Class A Shares / PAMFX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This annual shareholder report contains important information about the Federated Hermes Pennsylvania Municipal Income Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at FederatedHermes.com/FundInformation. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor.

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$78	0.76%

Management's Discussion of Fund Performance

The following discussion compares the performance of the Fund to the S&P Municipal Bond Pennsylvania Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&P Municipal Bond Index, a required broad-based index which represents the overall U.S. municipal fixed-income market. The Fund seeks to provide current income by investing in a portfolio of tax-exempt securities so that, normally, distributions of annual interest income are exempt from federal regular income tax and the personal income taxes imposed by the State of Pennsylvania and Pennsylvania municipalities.

Top Contributors to Performance

\n
Credit allocation contributed to Fund performance relative to the Index. Notably, the Fund’s overweight allocation to outperforming BBB-rated bonds and underweight allocation to underperforming AA-rated bonds added to relative performance.
\n
\n
Sector allocations to overweight Industrial Development, Senior Care, Airport and Public Power outperformed the Index and sector allocations to underweight State General Obligation and Higher Education outperformed the Index.
\n
\n
Yield curve positioning contributed to relative Fund performance. The Fund held overweight positions in securities with maturities of 15 years and longer where market yields decreased.
\n
\n
Security selection provided a positive contribution to relative performance as gross return was above the Index after accounting for duration, yield curve, credit quality and sector positioning. The outperformance was primarily the result of an overweight allocation to outperforming long 4% coupon bonds priced at a discount.
\n

Top Detractors from Performance

\n
There were no factors that materially detracted from performance relative to the Index.
\n

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Class A Shares with sales load	0.05%	-0.69%	1.05%
Class A Shares without sales load	4.81%	0.23%	1.52%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond Pennsylvania Index	4.39%	0.80%	2.14%
Morningstar Muni Pennsylvania Funds Category Average	4.98%	0.19%	1.60%

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$94,121,637
Number of Investments	100
Portfolio Turnover	19%
Total Advisory Fees Paid	$106,339

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Material Fund Changes

Lee R. Cunningham II retired on April 1, 2026. Effective upon his retirement, Mr. Cunningham no longer serves as a portfolio manager of the Fund.

Ann Ferentino, CFA, and Derek Plaski, CFA, continue to serve as portfolio managers of the Fund and manage its portfolio as described in the Prospectus.

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923708

28995-A (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

$\"TSR$

Federated Hermes Pennsylvania Municipal Income Fund

Institutional Shares / PAMIX

Annual Shareholder Report | August 31, 2026

A Portfolio of Federated Hermes Municipal Securities Income Trust

This report describes changes made to the Fund during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n\n\n\n\n\n

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$54	0.53%

Management's Discussion of Fund Performance

Top Contributors to Performance

\n
Credit allocation contributed to Fund performance relative to the Index. Notably, the Fund’s overweight allocation to outperforming BBB-rated bonds and underweight allocation to underperforming AA-rated bonds added to relative performance.
\n
\n
Sector allocations to overweight Industrial Development, Senior Care, Airport and Public Power outperformed the Index and sector allocations to underweight State General Obligation and Higher Education outperformed the Index.
\n
\n
Yield curve positioning contributed to relative Fund performance. The Fund held overweight positions in securities with maturities of 15 years and longer where market yields decreased.
\n
\n
Security selection provided a positive contribution to relative performance as gross return was above the Index after accounting for duration, yield curve, credit quality and sector positioning. The outperformance was primarily the result of an overweight allocation to outperforming long 4% coupon bonds priced at a discount.
\n

Top Detractors from Performance

\n
There were no factors that materially detracted from performance relative to the Index.
\n

Fund Performance

Cumulative Performance: August 31, 2016 through August 31, 2026

Initial Investment of $10,000

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns	\n	\n	\n
	1 Year	5 Years	10 Years
Institutional Shares¹	5.16%	0.46%	1.66%
S&P Municipal Bond Index	4.16%	0.79%	2.01%
S&P Municipal Bond Pennsylvania Index	4.39%	0.80%	2.14%
Morningstar Muni Pennsylvania Funds Category Average	4.98%	0.19%	1.60%

\n\n\n\n\n\n\n

\n\n

The Fund's Institutional Shares commenced operations on April 28, 2020. For the periods prior to the commencement of operations of the Institutional Shares, the performance information shown is for the Fund's Class A Shares.

\n\n

Visit FederatedHermes.com/FundInformation. and click on the link to your fund and share class for more recent performance information.

Key Fund Statistics

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Net Assets	$94,121,637
Number of Investments	100
Portfolio Turnover	19%
Total Advisory Fees Paid	$106,339

Fund Holdings

Top Sectors
(% of Net Assets)

$\"Graphical$

Material Fund Changes

Lee R. Cunningham II retired on April 1, 2026. Effective upon his retirement, Mr. Cunningham no longer serves as a portfolio manager of the Fund.

Ann Ferentino, CFA, and Derek Plaski, CFA, continue to serve as portfolio managers of the Fund and manage its portfolio as described in the Prospectus.

Availability of Additional Information

Additional information is available on the Fund’s website at FederatedHermes.com/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information

CUSIP 313923757

28995-B (10/26)

FederatedHermes.com

Federated Securities Corp., Distributor

\n\n \n\n \n\n \n

\n\n

Item 2.

Code of Ethics

(a) As of the end of the period covered by this report, the\nregistrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive\nand Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the\nregistrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the registrant’s code\nof ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit,\nfrom a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person,\nwithout charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400,\nand ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

\n\n \n\n \n\n \n

\n\n

Item 3.

Audit Committee Financial Expert

The registrant’s Board has determined that each of\nthe following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,”\nfor purposes of this Item 3: John G. Carson, Thomas M. O’Neill and John S. Walsh.

\n\n \n\n \n\n \n

\n\n

Item 4.

Principal Accountant Fees and Services

(a) Audit Fees billed\nto the registrant for the two most recent fiscal years:

Fiscal year ended 2026 – $116,060

Fiscal year ended 2025 – $116,060

(b) Audit-Related\nFees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant’s Audit\nCommittee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant’s Audit\nCommittee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees\nbilled to the registrant for the two most recent fiscal years:

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant’s Audit\nCommittee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1)\tAudit Committee Policies regarding Pre-approval\nof Services.

The Audit Committee is required to pre-approve\naudit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair\nthe auditor’s independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent\nauditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity\nthat is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received\ngeneral pre-approval, it will require specific pre-approval(and pre-concurrence for non-audit services) by the Audit Committee. Any proposed\nservices exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval\nof the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically\nprovides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor\nwithout obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee\nwill revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will\nnot delegate to management its responsibilities to pre-approve services performed by the independent auditor.

The Audit Committee has delegated pre-approval/pre-concurrence\nauthority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief\nAudit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The\nCommittee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.

AUDIT SERVICES

The annual audit services engagement\nterms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any\nchanges in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual audit services\nengagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services,\nwhich are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit\nservices; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance\nand related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or\nthat are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services\ndoes not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services\nmust be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the\nindependent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s\nindependence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially\nrecommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported\nin the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited\nexception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of permissible\nservices other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:

(1) \nWith respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than\nfive percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are\nprovided; and,

(2) \nWith respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling,\ncontrolled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s\npurview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact\non the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent\nof the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or\nunder common control with the Adviser during the fiscal year in which the services are provided; and

(3) \nSuch services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and

(4) \nSuch services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by\nthe Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant\nsuch approvals has been delegated by the Audit Committee.

The Audit Committee may grant general\npre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine\nand recurring services, and would not impair the independence of the auditor.

The Securities and Exchange Commission’s\n(the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability\nof exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services\nto be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels\nwill require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services\nthat require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal\nAccounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request\nor application is consistent with the SEC’s rules on auditor independence.

(e)(2)\tPercentage of services identified in items 4(b)\nthrough 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation\nS-X:

4(b)

Fiscal year ended 2026 – 0%

Fiscal year ended 2025 - 0%

Percentage of services provided to the registrant’s\nAdviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant\nthat were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and\n0% respectively.

4(c)

Fiscal year ended 2026 – 0%

Fiscal year ended 2025 – 0%

4(d)

Fiscal year ended 2026 – 0%

Fiscal year ended 2025 – 0%

(f) \nNA

(g) \nNon-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under\ncommon control with the Adviser:

Fiscal year ended 2026 - $796,022

Fiscal year ended 2025 - $0

(h) The\nregistrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s\nAdviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment\nadviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant\nthat were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal\naccountant’s independence.

(i) Not Applicable

(j) Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 5.

Audit Committee of Listed Registrants

Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 6.

Schedule of Investments

(a) The registrant’s Schedule of Investments is included\nas part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 7.

Financial Statements and Financial Highlights for Open-End Management Companies

Annual Financial Statements\n
and Additional Information

August 31, 2026

$\"$

\n \n \n \n \n \n \n

Share\n Class | Ticker

A | FMOAX

C | FMNCX

Institutional | FMYIX

\n \n

Federated\nHermes Municipal High Yield Advantage Fund

A\nPortfolio of Federated Hermes Municipal Securities Income Trust

Not FDIC Insured ▪ May\nLose Value ▪ No Bank Guarantee

CONTENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Portfolio\n of Investments	\n 1
\n Financial\n Highlights	\n 15
\n Statement\n of Assets and Liabilities	\n 18
\n Statement\n of Operations	\n 19
\n Statement\n of Changes in Net Assets	\n 20
\n Notes\n to Financial Statements	\n 21
\n Report\n of Independent Registered Public Accounting Firm	\n 30
\n Evaluation\n and Approval of Advisory Contract	\n 31 \n

Portfolio\nof Investments

August 31, 2026\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Principal\n \n Amount\n \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—97.3%	\n
\n	\n \n	\n Alabama—3.4% \n	\n
\n $ 2,000,000 \n	\n \n	\n Birmingham,\n AL Special Care Facilities Financing Authority (Children’s Hospital of Alabama), Revenue Bonds (Series 2025A), \n 5.250%,\n 6/1/2055	\n $ 2,030,539 \n
\n 1,000,000 \n	\n \n	\n Black\n Belt Energy Gas District, AL, Gas Project Revenue Refunding Bonds (Series 2026H-1), (Goldman Sachs Group, Inc. \n GTD),\n 5.000%, 1/1/2034	\n 1,037,990 \n
\n 3,000,000 \n	\n \n	\n Energy\n Southeast, AL, Energy Supply Revenue Bonds (Series 2026C-2), (Pacific Life Insurance Co. GTD), 5.250%, 11/1/2037 \n	\n 3,158,885 \n
\n 2,000,000 \n	\n 1\n	\n Huntsville,\n AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds \n (Series\n 2007), 6.000%, 1/1/2060	\n 1,746,995 \n
\n 467,098 \n	\n 1,2\n	\n Huntsville,\n AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds \n (Series\n 2008), 0.000%, 1/1/2060	\n 24,583 \n
\n 2,000,000 \n	\n \n	\n Jefferson\n County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.250%, 10/1/2049	\n 2,042,189 \n
\n 2,000,000 \n	\n \n	\n Jefferson\n County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.500%, 10/1/2053	\n 2,056,933 \n
\n 1,000,000 \n	\n \n	\n Mobile\n County, AL IDA (AM/NS Calvert LLC), Solid Waste Disposal Revenue Bonds (Series 2024A), 5.000%, 6/1/2054	\n 948,777 \n
\n 1,000,000 \n	\n \n	\n Mobile\n County, AL IDA (AM/NS Calvert LLC), Solid Waste Disposal Revenue Bonds (Series 2024B), (Original Issue Yield: \n 4.875%),\n 4.750%, 12/1/2054	\n 919,480 \n
\n 1,335,000 \n	\n 3\n	\n The\n IDA of Baldwin County (Novelis Corporation), Solid Waste Disposal Revenue Bonds (Series 2025A), (Novelis Corporation \n GTD),\n 5.000%, Mandatory Tender 6/1/2032	\n 1,368,698 \n
\n	\n \n	\n TOTAL \n	\n 15,335,069 \n
\n	\n \n	\n Arizona—1.6% \n	\n
\n 650,000 \n	\n 3\n	\n Arizona\n State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051	\n 585,487 \n
\n 500,000 \n	\n 3\n	\n Arizona\n State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051	\n 450,375 \n
\n 1,000,000 \n	\n 3\n	\n Arizona\n State IDA (Copper World LLC), Solid Waste Disposal Revenue Bonds (Series 2026A), (HudBay Minerals, Inc. GTD), \n 4.500%,\n 7/1/2046	\n 987,656 \n
\n 1,000,000 \n	\n \n	\n Chandler,\n AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory Tender 9/1/2027 \n	\n 1,009,769 \n
\n 1,000,000 \n	\n 3\n	\n Maricopa\n County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), 4.000%, 10/15/2047 \n	\n 847,553 \n
\n 750,000 \n	\n \n	\n Phoenix,\n AZ IDA (GreatHearts Arizona), Education Revenue Bonds (Series 2025A), (Original Issue Yield: 5.220%), \n 5.000%,\n 7/1/2045	\n 732,733 \n
\n 1,000,000 \n	\n 3\n	\n Pima\n County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035	\n 1,070,798 \n
\n 1,000,000 \n	\n 3\n	\n Pima\n County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057	\n 1,056,716 \n
\n 400,000 \n	\n 3\n	\n Tempe,\n AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017A), 6.125%, 10/1/2047	\n 310,745 \n
\n	\n \n	\n TOTAL \n	\n 7,051,832 \n
\n	\n \n	\n Arkansas—0.5% \n	\n
\n 1,250,000 \n	\n 3\n	\n Arkansas\n Development Finance Authority (United States Steel Corp.), Environmental Improvement Revenue Bonds \n (Series\n 2022), 5.450%, 9/1/2052	\n 1,261,031 \n
\n 1,000,000 \n	\n 3\n	\n Osceola,\n AR (Plum Point Energy Associates LLC), Solid Waste Disposal Revenue Refunding Bonds (Series 2026), \n 4.875%,\n 4/1/2040	\n 971,550 \n
\n	\n \n	\n TOTAL \n	\n 2,232,581 \n
\n	\n \n	\n California—5.0% \n	\n
\n 1,445,000 \n	\n 3\n	\n California\n Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), Senior Subordinated \n Secured\n Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026	\n 917,575 \n
\n 500,000 \n	\n 3\n	\n California\n Municipal Finance Authority (Clay Lacy Santa Ana, LLC), Clay Lacy Aviation Facilities - John Wayne Airport, \n Orange\n County Project (Series 2026), 6.000%, 1/1/2055	\n 518,033 \n
\n 2,000,000 \n	\n \n	\n California\n Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 12/31/2043 \n	\n 2,010,379 \n
\n 2,250,000 \n	\n \n	\n California\n Municipal Finance Authority (Republic Services, Inc.), Solid Waste Disposal Revenue Bonds (Series 2023A), \n 4.375%,\n Mandatory Tender 9/1/2033	\n 2,312,026 \n
\n 500,000 \n	\n 3\n	\n California\n State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds \n (Series\n 2017G), 5.000%, 6/1/2047	\n 464,245 \n
\n 580,000 \n	\n 3\n	\n California\n State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), \n (United\n States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053	\n 589,170 \n
\n 520,000 \n	\n 3\n	\n California\n State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), \n 5.000%,\n 6/1/2053	\n 457,995 \n
\n 1,000,000 \n	\n 3\n	\n California\n State School Finance Authority Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds \n (Series\n 2017), 5.000%, 6/1/2037	\n 988,649 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n California—continued \n	\n
\n $ 2,250,000 \n	\n 3\n	\n California\n Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds \n (Series\n 2016A), 5.000%, 12/1/2046	\n $ 2,252,262 \n
\n 30,000,000 \n	\n 2\n	\n Golden\n State, CA Tobacco Securitization Corp., Subordinate Tobacco Settlement Asset-Backed Bonds (Series 2021B-2), \n 0.000%,\n 6/1/2066	\n 2,795,808 \n
\n 1,000,000 \n	\n \n	\n Los\n Angeles, CA Department of Airports, Subordinate Revenue and Refunding Revenue Bonds (Series 2025A), \n 5.250%,\n 5/15/2043	\n 1,053,675 \n
\n 2,000,000 \n	\n \n	\n Los\n Angeles, CA Department of Airports, Subordinate Revenue and Refunding Revenue Bonds (Series 2025E), \n 5.250%,\n 5/15/2055	\n 2,084,893 \n
\n 2,500,000 \n	\n \n	\n M-S-R\n Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034	\n 2,939,214 \n
\n 1,000,000 \n	\n \n	\n Orange\n County, CA Community Facilities District No. 2023-1 (Rienda Phase 2B), Special Tax Bonds (Series 2023A), (Original \n Issue\n Yield: 5.550%), 5.500%, 8/15/2053	\n 1,024,589 \n
\n 1,600,000 \n	\n \n	\n San\n Diego County, CA Regional Airport Authority, Senior Airport Revenue Bonds (Series 2025B), 5.250%, 7/1/2050 \n	\n 1,642,913 \n
\n 600,000 \n	\n \n	\n San\n Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2024A), \n 5.250%,\n 5/1/2044	\n 630,445 \n
\n	\n \n	\n TOTAL \n	\n 22,681,871 \n
\n	\n \n	\n Colorado—3.1% \n	\n
\n 1,000,000 \n	\n \n	\n Banning\n Lewis Ranch Metropolitan District No. 4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048	\n 999,916 \n
\n 1,000,000 \n	\n \n	\n Banning\n Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048	\n 958,979 \n
\n 1,500,000 \n	\n \n	\n Base\n Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046	\n 1,500,367 \n
\n 500,000 \n	\n \n	\n Colorado\n Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), \n 4.000%,\n 5/1/2061	\n 372,532 \n
\n 1,750,000 \n	\n \n	\n Colorado\n Educational & Cultural Facilities Authority (James Irwin Educational Foundation), Charter School Revenue Bonds \n (Series\n 2022), 5.000%, 9/1/2057	\n 1,595,682 \n
\n 1,000,000 \n	\n 3\n	\n Colorado\n Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds \n (Series\n 2016), 5.000%, 7/1/2036	\n 1,000,231 \n
\n 1,000,000 \n	\n \n	\n Colorado\n Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement \n Revenue\n Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045	\n 937,262 \n
\n 750,000 \n	\n \n	\n Denver,\n CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2023B), \n 5.500%,\n 11/15/2040	\n 804,958 \n
\n 750,000 \n	\n \n	\n Denver,\n CO Health & Hospital Authority, Revenue Bonds (Series 2025A), 6.000%, 12/1/2055	\n 785,660 \n
\n 170,000 \n	\n \n	\n Eagle\n County, CO Air Terminal Corporation, Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027	\n 170,345 \n
\n 2,500,000 \n	\n \n	\n North\n Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds \n (Series\n 2017A), 5.750%, 12/1/2047	\n 2,499,897 \n
\n 1,305,000 \n	\n \n	\n Public\n Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%), \n (Bank\n of America Corp. GTD), 6.250%, 11/15/2028	\n 1,350,441 \n
\n 735,000 \n	\n \n	\n Sterling\n Ranch, CO Community Authority Board (Sterling Ranch, CO Metropolitan District No. 4 Subdistrict-A), Limited Tax \n Supported\n and Special Revenue Refunding Improvement Bonds (Series 2024A), 6.500%, 12/1/2054	\n 753,606 \n
\n	\n \n	\n TOTAL \n	\n 13,729,876 \n
\n	\n \n	\n Connecticut—0.7% \n	\n
\n 250,000 \n	\n 2\n	\n Aquarion\n Water Authority, CT, Subordinate Water System Revenue Capital Appreciation Bonds (Series 2026E), (Original \n Issue\n Yield: 4.920%), 0.000%, 8/1/2045	\n 98,761 \n
\n 1,000,000 \n	\n 3\n	\n Connecticut\n State Health & Educational Facilities (Odd Fellows Homes of Connecticut, Inc.), Educational Facilities Authority \n Revenue\n Bonds, Fairview Issue TEMPS-50 (Series 2026B-3), 4.400%, 12/15/2031	\n 1,004,233 \n
\n 1,000,000 \n	\n \n	\n Stamford,\n CT Housing Authority (Mozaic Concierge Living), Revenue Bonds (Series 2025A), 6.500%, 10/1/2055	\n 1,027,080 \n
\n 1,000,000 \n	\n 3\n	\n Steel\n Point Infrastructure Improvement District, Steelpointe Harbor Special Obligation Revenue Bonds (Series 2024), \n (Original\n Issue Yield: 6.090%), 6.000%, 4/1/2052	\n 1,014,899 \n
\n	\n \n	\n TOTAL \n	\n 3,144,973 \n
\n	\n \n	\n Delaware—1.4% \n	\n
\n 1,600,000 \n	\n \n	\n Delaware\n EDA (Newark Charter School, Inc.), Charter School Revenue Bonds (Series 2021), 4.000%, 9/1/2041	\n 1,390,999 \n
\n 2,090,000 \n	\n \n	\n Delaware\n Health Facilities Authority (Christiana Care Health Services), Revenue and Refunding Bonds (Series 2020A), \n 4.000%,\n 10/1/2049	\n 1,851,965 \n
\n 3,000,000 \n	\n 3\n	\n Millsboro,\n DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds \n (Series\n 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038	\n 3,004,539 \n
\n	\n \n	\n TOTAL \n	\n 6,247,503 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n District\n of Columbia—1.0%	\n
\n $ 1,000,000 \n	\n \n	\n District\n of Columbia (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%), \n 5.000%,\n 7/1/2052	\n $ 937,572 \n
\n 1,500,000 \n	\n \n	\n District\n of Columbia Income Tax Revenue, Income Tax Secured Revenue and Refunding Bonds (Series 2025A), \n 5.250%,\n 6/1/2050	\n 1,563,516 \n
\n 2,000,000 \n	\n \n	\n Washington\n Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2024A), (Original Issue Yield: 4.530%), \n 4.375%,\n 7/15/2059	\n 1,842,544 \n
\n	\n \n	\n TOTAL \n	\n 4,343,632 \n
\n	\n \n	\n Florida—11.5% \n	\n
\n 1,245,000 \n	\n \n	\n Alta\n Lakes, FL CDD, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049	\n 1,122,094 \n
\n 105,000 \n	\n \n	\n Arborwood,\n FL CDD, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 \n	\n 105,058 \n
\n 1,000,000 \n	\n \n	\n Ave\n Maria Stewardship Community District, FL (Phase 5 Master Improvements Project), Capital Improvement Revenue Bonds \n (Series\n 2025), 5.600%, 5/1/2056	\n 952,713 \n
\n 1,500,000 \n	\n 3\n	\n Capital\n Projects Finance Authority, FL (Trilogy Community Development Foundation, Inc.), Millenia Moments Orlando \n Project\n Revenue Bonds (Series 2025A), (Original Issue Yield: 7.400%), 7.125%, 1/1/2065	\n 1,567,240 \n
\n 1,000,000 \n	\n 3\n	\n Capital\n Trust Authority (Convivial St. Petersburg), Revenue Bond Anticipation Notes (Series 2024A), 12.000%, 10/3/2029 \n	\n 1,263,907 \n
\n 2,000,000 \n	\n \n	\n Central\n Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2024A), (Assured Guaranty, Inc. INS), \n 5.000%,\n 7/1/2054	\n 2,028,579 \n
\n 665,000 \n	\n 3\n	\n Florida\n Development Finance Corp. (GFL Solid Waste Southeast LLC), Solid Waste Disposal Revenue Bonds (Series 2024A), \n (GFL\n Environmental, Inc. GTD), 4.375%, Mandatory Tender 10/1/2031	\n 663,913 \n
\n 1,000,000 \n	\n 3\n	\n Florida\n Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A), \n 4.000%,\n 6/1/2055	\n 736,653 \n
\n 1,000,000 \n	\n \n	\n Florida\n Development Finance Corp. (Tampa General Hospital), Healthcare Facilities Revenue Bonds (Series 2024A), \n 5.250%,\n 8/1/2055	\n 1,010,603 \n
\n 1,000,000 \n	\n 3\n	\n Florida\n Development Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2026), 4.350%, \n Mandatory\n Tender 7/1/2031	\n 991,919 \n
\n 1,735,000 \n	\n 3\n	\n Florida\n Local Government Finance Commission (Ponte Vedra Pine Company LLC), Fleet Landing at Nocatee Senior Living \n Revenue\n Bonds (Series 2025A), (Original Issue Yield: 6.970%), 6.875%, 11/15/2064	\n 1,814,494 \n
\n 1,000,000 \n	\n 3\n	\n Florida\n Local Government Finance Commission (The Sanctuary at Village on the Isle), Revenue Bond Anticipation Notes \n (Series\n 2025A), 11.000%, 12/22/2030	\n 1,073,739 \n
\n 1,000,000 \n	\n \n	\n Greater\n Orlando, FL Aviation Authority (United Airlines, Inc.), Special Purpose Airport Facilities Revenue Bonds \n (Series\n 2025), 5.500%, 11/1/2036	\n 1,064,682 \n
\n 500,000 \n	\n \n	\n Hacienda\n North CDD, Special Assessment Bonds (Series 2023), 6.300%, 5/1/2043	\n 525,864 \n
\n 1,000,000 \n	\n \n	\n Hacienda\n North CDD, Special Assessment Bonds (Series 2023), 6.500%, 5/1/2053	\n 1,042,577 \n
\n 1,000,000 \n	\n \n	\n Harbor\n Bay, FL CDD, Special Assessment District Area One (Series 2019A-1), (Original Issue Yield: 4.140%), \n 4.100%,\n 5/1/2048	\n 857,186 \n
\n 1,000,000 \n	\n \n	\n Hillsborough\n County, FL Aviation Authority, Revenue Bonds (Series 2024B), 5.500%, 10/1/2054	\n 1,038,352 \n
\n 265,000 \n	\n \n	\n Lakes\n of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051	\n 209,718 \n
\n 15,000 \n	\n \n	\n Lakes\n of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%), \n 3.875%,\n 5/1/2031	\n 14,914 \n
\n 555,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Indigo Expansion Area Project), Special Assessment Revenue Bonds (Series 2019), \n 4.000%,\n 5/1/2049	\n 456,374 \n
\n 1,000,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Lakewood National & Polo Run), Special Assessment Bonds, (Original Issue Yield: \n 5.400%),\n 5.375%, 5/1/2047	\n 1,000,659 \n
\n 1,000,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Lakewood Ranch Southeast Project), Special Assessment Revenue Bonds \n (Series\n 2025), (Original Issue Yield: 6.080%), 6.000%, 5/1/2056	\n 1,028,441 \n
\n 750,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020), \n 4.000%,\n 5/1/2050	\n 609,915 \n
\n 1,000,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Northeast Sector Project - Phase 1B), Special Assessment Revenue Bonds \n (Series\n 2018), 5.450%, 5/1/2048	\n 985,340 \n
\n 655,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Palm Grove Project), Special Assessment Revenue Bonds (Series 2024), (Original \n Issue\n Yield: 5.530%), 5.500%, 5/1/2055	\n 651,437 \n
\n 1,000,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Taylor Ranch), Special Assessment Revenue Bonds (Series 2023), \n 6.300%,\n 5/1/2054	\n 1,040,950 \n
\n 1,075,000 \n	\n \n	\n Lakewood\n Ranch, FL Stewardship District (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds \n (Series\n 2016), (Original Issue Yield: 5.160%), 5.125%, 5/1/2046	\n 1,067,092 \n
\n 1,000,000 \n	\n \n	\n Lee\n County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds (Series 2022A), 5.250%, 10/1/2057 \n	\n 912,854 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Florida—continued \n	\n
\n $ 355,000 \n	\n \n	\n Lee\n County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds (Series 2026), 6.000%, 10/1/2061 \n	\n $ 356,519 \n
\n 1,000,000 \n	\n \n	\n LT\n Ranch, FL CDD (LT Ranch, FL CDD Phase IIA Assessment Area), Capital Improvement Revenue Bonds Phase IIA \n (Series\n 2022-2), (Original Issue Yield: 5.740%), 5.700%, 5/1/2053	\n 1,007,074 \n
\n 500,000 \n	\n \n	\n LT\n Ranch, FL CDD (LT Ranch, FL CDD Phase IIB Assessment Area), Capital Improvement Revenue Bonds Phase IIB \n (Series\n 2024), 5.500%, 5/1/2044	\n 511,577 \n
\n 500,000 \n	\n \n	\n LT\n Ranch, FL CDD (LT Ranch, FL CDD Phase IIB Assessment Area), Capital Improvement Revenue Bonds Phase IIB \n (Series\n 2024), 5.850%, 5/1/2054	\n 507,198 \n
\n 805,000 \n	\n \n	\n LT\n Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIB Assessment Area (Series 2019), 4.000%, 5/1/2050 \n	\n 659,296 \n
\n 1,725,000 \n	\n \n	\n Miami-Dade\n County IDA (Mater Academy Foundation, Inc.), Educational Facilities Revenue Bonds (Series 2026), \n 5.250%,\n 6/15/2056	\n 1,656,468 \n
\n 1,500,000 \n	\n \n	\n Miami-Dade\n County, FL Aviation Department, Aviation Revenue Bonds (Series 2025A), 5.500%, 10/1/2055	\n 1,545,230 \n
\n 1,000,000 \n	\n \n	\n North\n River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), \n 5.800%,\n 5/1/2043	\n 1,013,956 \n
\n 1,000,000 \n	\n \n	\n North\n River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), \n 6.000%,\n 5/1/2054	\n 1,006,177 \n
\n 1,000,000 \n	\n \n	\n Orange\n County, FL, Health Facilities Authority (Orlando Health Obligated Group), Hospital Revenue Bonds (Series 2025A), \n 5.250%,\n 10/1/2056	\n 1,012,662 \n
\n 2,000,000 \n	\n 3\n	\n Palm\n Beach County, FL Health Facilities Authority (Green Cay Life Plan Village, Inc.), Health Facilities Revenue Bonds \n TEMPS-90\n (Series 2026D-1), (Original Issue Yield: 6.150%), 5.900%, 11/15/2034	\n 1,978,407 \n
\n 2,500,000 \n	\n \n	\n Palm\n Beach County, FL Health Facilities Authority (Jupiter Medical Center), Hospital Revenue Bonds (Series 2025), (Original \n Issue\n Yield: 5.510%), 5.250%, 11/1/2055	\n 2,430,903 \n
\n 1,750,000 \n	\n 1,3,4,5\n	\n Polk\n County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds \n (Series\n 2020), 5.875%, 1/1/2033	\n 87,500 \n
\n 145,000 \n	\n 1,4\n	\n Reunion,\n FL East CDD, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033	\n 1 \n
\n 1,115,000 \n	\n \n	\n River\n Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051 \n	\n 938,664 \n
\n 900,000 \n	\n \n	\n Rivers\n Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051	\n 731,214 \n
\n 1,250,000 \n	\n \n	\n Seminole\n County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054 \n	\n 1,169,132 \n
\n 900,000 \n	\n \n	\n Shadowlawn,\n FL CDD, Special Assessment Revenue Bonds (Series 2024), 5.850%, 5/1/2054	\n 863,663 \n
\n 585,000 \n	\n \n	\n Southern\n Grove, FL CDD #5, Special Assessment District Revenue Refunding Bonds (Series 2019), 4.000%, 5/1/2043	\n 508,818 \n
\n 1,000,000 \n	\n \n	\n Sunbridge\n Stewardship District (Del Webb Phase 2D/3 Project), Special Assessment Revenue Bonds (Series 2026), \n 5.300%,\n 5/1/2046	\n 970,863 \n
\n 495,000 \n	\n \n	\n Talavera,\n FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040	\n 456,492 \n
\n 770,000 \n	\n \n	\n Talavera,\n FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050	\n 672,581 \n
\n 400,000 \n	\n \n	\n Three\n Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.600%), 5.550%, 5/1/2043 \n	\n 404,513 \n
\n 400,000 \n	\n \n	\n Three\n Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.800%), 5.750%, 5/1/2053 \n	\n 399,369 \n
\n 900,000 \n	\n \n	\n Tolomato,\n FL CDD, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040	\n 844,459 \n
\n 1,000,000 \n	\n \n	\n Tolomato,\n FL CDD, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2), 4.250%, 5/1/2037	\n 980,754 \n
\n 1,250,000 \n	\n 3\n	\n Venice,\n FL (Village on the Isle), Retirement Community Revenue Improvement Bonds (Series 2024), 5.625%, 1/1/2060	\n 1,220,996 \n
\n 735,000 \n	\n \n	\n Verandah\n West, FL CDD, Capital Improvement Revenue Refunding Bonds (Series 2013), (Original Issue Yield: 5.125%), \n 5.000%,\n 5/1/2033	\n 735,397 \n
\n 1,330,000 \n	\n \n	\n Windward\n at Lakewood Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2022), 4.250%, 5/1/2052	\n 1,087,177 \n
\n	\n \n	\n TOTAL \n	\n 51,594,327 \n
\n	\n \n	\n Georgia—2.7% \n	\n
\n 2,000,000 \n	\n 3\n	\n Atlanta,\n GA Development Authority (Westside Gulch Area Project (Spring Street Atlanta)), Senior Revenue Bonds \n (Series\n 2024A-2), 5.500%, 4/1/2039	\n 2,020,877 \n
\n 1,985,000 \n	\n \n	\n Fayette\n County, GA Development Authority (United States Soccer Federation, Inc.), Revenue Bonds (Series 2024), \n 5.250%,\n 10/1/2054	\n 1,995,481 \n
\n 1,000,000 \n	\n \n	\n Fulton\n County, GA Residential Care Facilities (Lenbrook Square Foundation, Inc.), Retirement Facility Refunding Revenue \n Bonds\n (Series 2016), 5.000%, 7/1/2036	\n 999,979 \n
\n 3,000,000 \n	\n \n	\n Metropolitan\n Atlanta Rapid Transit Authority, GA, Sales Tax Revenue Bonds (Series 2025A), 5.000%, 7/1/2055	\n 3,075,141 \n
\n 475,000 \n	\n \n	\n Municipal\n Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056 \n	\n 467,516 \n
\n 1,500,000 \n	\n \n	\n Municipal\n Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Revenue Refunding Bonds (Series 2023A), \n 5.250%,\n 7/1/2064	\n 1,512,446 \n
\n 500,000 \n	\n 3\n	\n Rockdale\n County, GA Development Authority (Pratt Industries, Inc.), Revenue Refunding Bonds (Series 2018), \n 4.000%,\n 1/1/2038	\n 476,289 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Georgia—continued \n	\n
\n $ 1,800,000 \n	\n 3\n	\n Savannah-Georgia\n Convention Center Authority (Savannah-Georgia Convention Center Hotel), Convention Center Hotel \n Second\n Tier Revenue Bonds (Series 2025B), (Original Issue Yield: 6.450%), 6.250%, 6/1/2061	\n $ 1,793,941 \n
\n	\n \n	\n TOTAL \n	\n 12,341,670 \n
\n	\n \n	\n Guam—0.2% \n	\n
\n 1,000,000 \n	\n \n	\n Guam\n Waterworks Authority, Water and Wastewater System Revenue Bonds (Series 2025A), 5.500%, 7/1/2055	\n 1,019,708 \n
\n	\n \n	\n Hawaii—0.2% \n	\n
\n 750,000 \n	\n \n	\n Hawaii\n State Airports System, Airports System Revenue Bonds (Series 2025A), 5.500%, 7/1/2054	\n 777,622 \n
\n	\n \n	\n Idaho—1.0% \n	\n
\n 2,000,000 \n	\n \n	\n Idaho\n Health Facilities Authority (North Canyon Medical Center), Revenue and Refunding Bonds (Series 2023), \n 7.125%,\n 11/1/2057	\n 2,078,185 \n
\n 2,500,000 \n	\n \n	\n Idaho\n Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.550%, 10/1/2056 \n	\n 2,135,524 \n
\n 490,000 \n	\n \n	\n Idaho\n Health Facilities Authority (Terraces of Boise), Taxable Exchange Revenue Refunding Bonds (Series 2021B), \n 8.000%,\n 10/1/2028	\n 484,585 \n
\n	\n \n	\n TOTAL \n	\n 4,698,294 \n
\n	\n \n	\n Illinois—4.8% \n	\n
\n 2,000,000 \n	\n \n	\n Chicago,\n IL Board of Education, UT GO Bonds (Series 2023A), 6.000%, 12/1/2049	\n 2,025,802 \n
\n 1,000,000 \n	\n \n	\n Chicago,\n IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), (Original Issue Yield: 7.650%), \n 7.000%,\n 12/1/2046	\n 1,015,874 \n
\n 1,000,000 \n	\n \n	\n Chicago,\n IL Midway Airport, Senior Lien Airport Revenue and Revenue Refunding Bonds (Series 2023A), 5.750%, 1/1/2048 \n	\n 1,046,777 \n
\n 1,000,000 \n	\n \n	\n Chicago,\n IL O’Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.500%, 1/1/2055 \n	\n 1,017,908 \n
\n 1,250,000 \n	\n \n	\n Chicago,\n IL O’Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2024A), 5.500%, 1/1/2059 \n	\n 1,276,827 \n
\n 313,000 \n	\n \n	\n DuPage\n County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036	\n 313,207 \n
\n 2,000,000 \n	\n \n	\n Illinois\n Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.350%), \n 5.250%,\n 5/15/2042	\n 1,865,792 \n
\n 2,625,000 \n	\n 3\n	\n Illinois\n Finance Authority (CenterPoint Joliet Terminal Railroad), Surface Freight Transfer Facilities Revenue Bonds \n (Series\n 2017), (CenterPoint Properties Trust GTD), 4.800%, Mandatory Tender 7/2/2035	\n 2,671,293 \n
\n 8,000,000 \n	\n \n	\n Illinois\n State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028	\n 8,189,236 \n
\n 1,000,000 \n	\n \n	\n Illinois\n State, UT GO Bonds (Series 2022A), 5.500%, 3/1/2042	\n 1,048,394 \n
\n 1,000,000 \n	\n \n	\n Illinois\n State, UT GO Bonds (Series 2024B), 5.250%, 5/1/2045	\n 1,029,037 \n
\n	\n \n	\n TOTAL \n	\n 21,500,147 \n
\n	\n \n	\n Indiana—1.4% \n	\n
\n 915,000 \n	\n \n	\n Indiana\n State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055	\n 796,048 \n
\n 1,000,000 \n	\n \n	\n Indiana\n State Finance Authority Hospital Revenue (Methodist Hospital of Indiana), Hospital Revenue Refunding Bonds \n (Series\n 2024A), 5.500%, 9/15/2044	\n 986,625 \n
\n 1,670,000 \n	\n \n	\n Indianapolis,\n IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds \n (Series\n 2023E), (Original Issue Yield: 6.170%), 6.000%, 3/1/2053	\n 1,706,244 \n
\n 1,000,000 \n	\n \n	\n Indianapolis,\n IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds \n (Series\n 2023E), (Original Issue Yield: 6.270%), 6.125%, 3/1/2057	\n 1,026,469 \n
\n 1,000,000 \n	\n 3\n	\n Indianapolis,\n IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue Bonds \n (Series\n 2023F-2), (Original Issue Yield: 8.200%), 7.750%, 3/1/2067	\n 1,076,201 \n
\n 750,000 \n	\n 3\n	\n Valparaiso,\n IN (Pratt Paper (IN), LLC), Exempt Facilities Revenue Bonds (Series 2024), 5.000%, 1/1/2054	\n 720,669 \n
\n	\n \n	\n TOTAL \n	\n 6,312,256 \n
\n	\n \n	\n Iowa—1.3% \n	\n
\n 2,930,000 \n	\n \n	\n Iowa\n Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), (United \n States\n Treasury PRF 12/1/2032@100), 5.000%, 12/1/2050	\n 3,249,601 \n
\n 2,930,000 \n	\n \n	\n Tobacco\n Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Current Interest Bonds \n (Series\n 2021A-2 Class 1), 4.000%, 6/1/2049	\n 2,488,599 \n
\n 10,000 \n	\n \n	\n Xenia\n Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), (United States Treasury PRF \n 12/1/2026@100),\n 5.000%, 12/1/2041	\n 10,057 \n
\n	\n \n	\n TOTAL \n	\n 5,748,257 \n
\n	\n \n	\n Kentucky—1.7% \n	\n
\n 375,000 \n	\n 3\n	\n Henderson,\n KY (Pratt Paper (KY), LLC), Exempt Facilities Revenue Bonds (Series 2022), 4.700%, 1/1/2052	\n 346,928 \n
\n 650,000 \n	\n \n	\n Kenton\n County, KY Airport Board, Revenue Bonds (Series 2024A), 5.250%, 1/1/2054	\n 653,149 \n
\n 2,000,000 \n	\n \n	\n Kentucky\n Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051	\n 1,589,729 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Kentucky—continued \n	\n
\n $ 3,000,000 \n	\n \n	\n Kentucky\n Public Energy Authority, Gas Supply Revenue Bonds (Series 2026A), (Nomura Holdings, Inc. GTD), \n 5.000%,\n 6/1/2034	\n $ 3,080,229 \n
\n 1,000,000 \n	\n \n	\n Louisville\n & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds \n (Series\n 2023A), 5.000%, 10/1/2040	\n 1,033,736 \n
\n 1,000,000 \n	\n \n	\n Louisville\n & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds \n (Series\n 2023A), 5.000%, 10/1/2041	\n 1,028,293 \n
\n	\n \n	\n TOTAL \n	\n 7,732,064 \n
\n	\n \n	\n Louisiana—1.7% \n	\n
\n 1,000,000 \n	\n \n	\n Louisiana\n Public Facilities Authority (Calcasieu Bridge Partners LLC), I-10 Calcasieu River Bridge Senior Lien Revenue Bonds \n (Series\n 2024), 5.500%, 9/1/2054	\n 1,009,753 \n
\n 1,000,000 \n	\n \n	\n Louisiana\n Public Facilities Authority (Calcasieu Bridge Partners LLC), I-10 Calcasieu River Bridge Senior Lien Revenue Bonds \n (Series\n 2024), 5.500%, 9/1/2059	\n 1,008,125 \n
\n 600,000 \n	\n \n	\n Louisiana\n Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048	\n 605,588 \n
\n 2,000,000 \n	\n \n	\n Louisiana\n Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.250%, 7/1/2053	\n 2,027,076 \n
\n 1,700,000 \n	\n \n	\n New\n Orleans, LA Aviation Board, General Airport Revenue Refunding Bonds (Series 2024B), 5.250%, 1/1/2045	\n 1,730,562 \n
\n 1,000,000 \n	\n 3\n	\n St.\n James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008), 6.100%, Mandatory Tender 6/1/2030	\n 1,082,031 \n
\n	\n \n	\n TOTAL \n	\n 7,463,135 \n
\n	\n \n	\n Maine—0.1% \n	\n
\n 500,000 \n	\n 3\n	\n Maine\n State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds \n (Series\n 2024), 4.625%, Mandatory Tender 6/1/2035	\n 508,584 \n
\n	\n \n	\n Maryland—1.3% \n	\n
\n 955,000 \n	\n \n	\n Baltimore,\n MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), \n 5.000%,\n 9/1/2038	\n 958,733 \n
\n 500,000 \n	\n \n	\n Baltimore,\n MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), \n 5.125%,\n 6/1/2043	\n 500,077 \n
\n 1,675,000 \n	\n \n	\n Frederick\n County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds \n (Series\n 2020B), 4.625%, 7/1/2043	\n 1,646,105 \n
\n 1,000,000 \n	\n \n	\n Maryland\n State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020), \n 4.000%,\n 9/1/2050	\n 811,691 \n
\n 1,000,000 \n	\n \n	\n Rockville,\n MD Mayor & City Council (Ingleside at King Farm), EDR Bonds (Series 2017B), 5.000%, 11/1/2042	\n 985,871 \n
\n 1,000,000 \n	\n \n	\n Westminster,\n MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), (Original Issue Yield: 6.300%), \n 6.250%,\n 7/1/2044	\n 1,000,241 \n
\n	\n \n	\n TOTAL \n	\n 5,902,718 \n
\n	\n \n	\n Massachusetts—1.0% \n	\n
\n 1,540,000 \n	\n \n	\n Commonwealth\n of Massachusetts, UT GO Bonds (Series 2024B), 5.000%, 5/1/2054	\n 1,561,483 \n
\n 2,000,000 \n	\n \n	\n Massachusetts\n Bay Transportation Authority Sales Tax Revenue, Senior Sales Tax Bonds (Series 2023A-1), 4.000%, 7/1/2048	\n 1,806,744 \n
\n 1,000,000 \n	\n \n	\n Massachusetts\n Development Finance Agency (UMass Memorial Health Care Obligated Group), Revenue Bonds \n (Series\n 2025N-1), 5.250%, 7/1/2050	\n 1,006,194 \n
\n	\n \n	\n TOTAL \n	\n 4,374,421 \n
\n	\n \n	\n Michigan—1.8% \n	\n
\n 1,000,000 \n	\n \n	\n Detroit,\n MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050	\n 1,013,134 \n
\n 250,000 \n	\n \n	\n Detroit,\n MI, UT GO Bonds (Series 2023A), 6.000%, 5/1/2043	\n 270,275 \n
\n 2,000,000 \n	\n \n	\n Grand\n Rapids, MI EDR (Michigan Christian Home Obligated Group), Beacon Hill at Eastgate Project Revenue Bonds \n (Series\n 2025A), (Original Issue Yield: 6.170%), 6.125%, 11/1/2060	\n 1,989,251 \n
\n 1,000,000 \n	\n \n	\n Kalamazoo,\n MI Economic Development Corp. (Lifecare, Inc. d/b/a Friendship Village), Limited Obligation Revenue Bonds \n (Series\n 2026A), 6.250%, 8/15/2056	\n 1,014,090 \n
\n 610,000 \n	\n \n	\n Kalamazoo,\n MI Economic Development Corp. (Lifecare, Inc. d/b/a Friendship Village), Limited Obligation Revenue Bonds \n TEMPS-85\n (Series 2026B-1), 4.500%, 8/15/2031	\n 603,504 \n
\n 1,000,000 \n	\n \n	\n Michigan\n State Finance Authority (Provident Group - HFH Energy LLC), Act 38 Facilities Senior Revenue Bonds (Series 2024), \n 5.500%,\n 2/28/2057	\n 1,031,827 \n
\n 1,000,000 \n	\n 3\n	\n Michigan\n Strategic Fund (Bedrock TBP Inc.), Limited Obligation Tax Capture Revenue Bonds (Series 2026), \n 4.625%,\n 10/1/2041	\n 989,067 \n
\n 1,000,000 \n	\n 3\n	\n Michigan\n Strategic Fund (Bedrock TBP Inc.), Limited Obligation Tax Capture Revenue Bonds (Series 2026), \n 5.500%,\n 10/1/2053	\n 996,440 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Michigan—continued \n	\n
\n $ 1,500,000 \n	\n 1,4,5\n	\n Plymouth,\n MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, \n 5.625%,\n 11/1/2035	\n $ 315,000 \n
\n	\n \n	\n TOTAL \n	\n 8,222,588 \n
\n	\n \n	\n Minnesota—1.7% \n	\n
\n 750,000 \n	\n \n	\n Baytown\n Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), \n 4.000%,\n 8/1/2041	\n 639,612 \n
\n 1,100,000 \n	\n \n	\n Baytown\n Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), \n 4.250%,\n 8/1/2046	\n 927,543 \n
\n 1,700,000 \n	\n \n	\n Forest\n Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), \n 5.750%,\n 8/1/2044	\n 1,700,479 \n
\n 1,000,000 \n	\n \n	\n Forest\n Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), \n 5.375%,\n 8/1/2050	\n 967,075 \n
\n 2,000,000 \n	\n \n	\n St.\n Cloud, MN (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046	\n 1,647,870 \n
\n 1,000,000 \n	\n \n	\n St.\n Paul, MN Housing & Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Refunding Bonds \n (Series\n 2025A), 5.875%, 7/1/2055	\n 965,915 \n
\n 750,000 \n	\n \n	\n Winona,\n MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046	\n 623,394 \n
\n	\n \n	\n TOTAL \n	\n 7,471,888 \n
\n	\n \n	\n Mississippi—0.7% \n	\n
\n 2,000,000 \n	\n \n	\n Gulfport,\n Mississippi (Memorial Hospital at Gulfport Project), Hospital Revenue Bonds (Series 2025), 5.500%, 7/1/2055 \n	\n 2,006,755 \n
\n 1,000,000 \n	\n 3\n	\n Mississippi\n Business Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2025), 4.375%, \n Mandatory\n Tender 8/2/2027	\n 1,000,781 \n
\n	\n \n	\n TOTAL \n	\n 3,007,536 \n
\n	\n \n	\n Missouri—0.6% \n	\n
\n 2,000,000 \n	\n 3\n	\n Kansas\n City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds \n (Series\n 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050	\n 1,926,238 \n
\n 1,000,000 \n	\n \n	\n Kirkwood,\n MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050	\n 933,525 \n
\n	\n \n	\n TOTAL \n	\n 2,859,763 \n
\n	\n \n	\n Montana—0.2% \n	\n
\n 750,000 \n	\n \n	\n Montana\n Facility Finance Authority (St. John’s Lutheran Ministries, Inc.), St. John’s United Project Revenue Bonds \n (Series\n 2026A), (Original Issue Yield: 6.140%), 6.125%, 11/15/2061	\n 742,732 \n
\n	\n \n	\n Nevada—1.1% \n	\n
\n 1,445,000 \n	\n 3\n	\n Director\n of the State of Nevada Department of Business and Industry (Brightline West Passenger Rail Project), Senior \n Subordinated\n Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026	\n 917,575 \n
\n 905,000 \n	\n 3\n	\n Director\n of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School \n Revenue\n Bonds (Series 2017A), 5.000%, 7/15/2047	\n 813,379 \n
\n 1,000,000 \n	\n 3\n	\n Director\n of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School \n Lease\n Revenue Bonds (Series 2018A), 5.000%, 12/15/2038	\n 991,988 \n
\n 445,000 \n	\n \n	\n Las\n Vegas, NV (Las Vegas, NV SID No. 613), Sunstone Phases III and IV Local Improvement Bonds (Series 2024), (Original \n Issue\n Yield: 5.330%), 5.250%, 12/1/2047	\n 438,025 \n
\n 495,000 \n	\n \n	\n Las\n Vegas, NV (Las Vegas, NV SID No. 613), Sunstone Phases III and IV Local Improvement Bonds (Series 2024), \n 5.500%,\n 12/1/2053	\n 493,052 \n
\n 1,115,000 \n	\n \n	\n Las\n Vegas, NV SID No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds (Series 2019), 4.000%, 6/1/2049 \n	\n 930,320 \n
\n 600,000 \n	\n \n	\n North\n Las Vegas, NV SID No. 64 (Valley Vista), Local Improvement Bonds (Series 2019), 4.625%, 6/1/2049	\n 565,227 \n
\n	\n \n	\n TOTAL \n	\n 5,149,566 \n
\n	\n \n	\n New\n Hampshire—1.6%	\n
\n 700,000 \n	\n 3\n	\n National\n Finance Authority, NH (Bridgeland Water & Utility District 490, 491, & 158), Special Revenue Bonds (Series 2024), \n 5.375%,\n 12/15/2035	\n 691,034 \n
\n 2,500,000 \n	\n 2,3\n	\n National\n Finance Authority, NH (Goodland Project, TX MUD), Special Revenue Capital Appreciation Bonds (Series 2026), \n (Original\n Issue Yield: 6.625%), 0.000%, 12/15/2039	\n 1,041,684 \n
\n 600,000 \n	\n 3\n	\n National\n Finance Authority, NH (Highlands Project MUDs), Special Revenue Bonds (Series 2024), 5.125%, 12/15/2030	\n 596,976 \n
\n 1,000,000 \n	\n \n	\n National\n Finance Authority, NH (Maine Sustainable Energy Partners LLC), Revenue Bonds (Series 2026A), (Original Issue \n Yield:\n 5.040%), 5.000%, 8/1/2056	\n 964,977 \n
\n 800,000 \n	\n 3\n	\n National\n Finance Authority, NH (Princeton Area Projects MUD), Special Revenue Bonds (Series 2025), 5.500%, 12/1/2030 \n	\n 799,764 \n
\n 1,000,000 \n	\n \n	\n National\n Finance Authority, NH (Winston-Salem Sustainable Energy Partners LLC), Revenue Bonds (Series 2025A), \n 5.500%,\n 6/1/2055	\n 1,028,041 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n New\n Hampshire—continued	\n
\n $ 961,428 \n	\n \n	\n National\n Finance Authority, NH, Municipal Certificates (Series 2023-2 Class A), (Original Issue Yield: 4.650%), \n 3.875%,\n 1/20/2038	\n $ 909,644 \n
\n 485,073 \n	\n \n	\n National\n Finance Authority, NH, Municipal Certificates (Series 2024-1 Class A), (Original Issue Yield: 4.510%), \n 4.250%,\n 7/20/2041	\n 470,539 \n
\n 493,231 \n	\n \n	\n National\n Finance Authority, NH, Municipal Certificates (Series 2025-1 Class A-1), (Original Issue Yield: 4.510%), \n 4.168%,\n 1/20/2041	\n 471,036 \n
\n	\n \n	\n TOTAL \n	\n 6,973,695 \n
\n	\n \n	\n New\n Jersey—2.2%	\n
\n 185,000 \n	\n \n	\n New\n Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), (United States \n Treasury\n PRF 12/15/2028@100), 5.000%, 6/15/2043	\n 195,111 \n
\n 1,335,000 \n	\n \n	\n New\n Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), \n 5.000%,\n 10/1/2047	\n 1,325,981 \n
\n 1,500,000 \n	\n 3\n	\n New\n Jersey EDA (Repauno Port & Rail Terminal), Dock and Wharf Facility Revenue Bonds (Series 2025), (Original Issue Yield: \n 6.516%),\n 6.375%, 1/1/2035	\n 1,575,557 \n
\n 1,000,000 \n	\n \n	\n New\n Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A), (Original Issue Yield: 5.190%), \n 5.125%,\n 6/15/2043	\n 974,984 \n
\n 575,000 \n	\n \n	\n New\n Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), \n 5.000%,\n 12/15/2034	\n 594,458 \n
\n 1,000,000 \n	\n \n	\n Newark,\n NJ, Mass Transit Access Tax Revenue Bonds (Series 2022), (Assured Guaranty, Inc. INS), 6.000%, 11/15/2062	\n 1,077,939 \n
\n 500,000 \n	\n \n	\n South\n Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048	\n 494,452 \n
\n 3,650,000 \n	\n \n	\n Tobacco\n Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), \n 5.000%,\n 6/1/2046	\n 3,524,861 \n
\n	\n \n	\n TOTAL \n	\n 9,763,343 \n
\n	\n \n	\n New\n York—7.8%	\n
\n 800,000 \n	\n 3\n	\n Build\n NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 \n	\n 783,205 \n
\n 1,000,000 \n	\n \n	\n Build\n NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds (Series 2022), 5.250%, 7/1/2062	\n 993,089 \n
\n 1,500,000 \n	\n 3\n	\n Build\n NYC Resource Corporation (RiverSpring Health Senior Living), Rivers Edge Revenue Bonds (Series 2026), (Original \n Issue\n Yield: 7.030%), 7.000%, 12/15/2055	\n 1,512,593 \n
\n 1,000,000 \n	\n \n	\n Build\n NYC Resource Corporation (TrIPs Obligated Group), Senior Airport Facilities Revenue Bonds (Series 2025), \n 5.500%,\n 7/1/2055	\n 1,019,569 \n
\n 4,455,000 \n	\n 2\n	\n Glen\n Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation Revenue \n Bonds\n (Series 2016B), (Original Issue Yield: 6.000%), 0.000%, 1/1/2045	\n 1,359,062 \n
\n 1,365,028 \n	\n 1,5\n	\n Nassau\n County, NY IDA, Amsterdam at Harborside - Escrow, 5.000%, 12/31/2099	\n 136 \n
\n 4,000,000 \n	\n \n	\n New\n York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds \n (Series\n 2024CC-1), 5.250%, 6/15/2054	\n 4,098,868 \n
\n 500,000 \n	\n \n	\n New\n York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1), 4.000%, 5/1/2045 \n	\n 450,085 \n
\n 3,000,000 \n	\n \n	\n New\n York City, NY, UT GO Bonds (Series 2025C-1), 4.000%, 9/1/2052	\n 2,563,021 \n
\n 665,000 \n	\n \n	\n New\n York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds \n (Series\n 2021), 3.000%, 8/1/2031	\n 637,977 \n
\n 1,000,000 \n	\n \n	\n New\n York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities \n Revenue\n Bonds (Series 2018), 5.000%, 1/1/2033	\n 1,016,600 \n
\n 1,500,000 \n	\n \n	\n New\n York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities \n Revenue\n Bonds (Series 2020), (Original Issue Yield: 4.550%), 4.375%, 10/1/2045	\n 1,396,516 \n
\n 2,250,000 \n	\n \n	\n New\n York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities \n Revenue\n Bonds (Series 2023), 6.000%, 4/1/2035	\n 2,468,774 \n
\n 1,000,000 \n	\n \n	\n New\n York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds \n (Series\n 2021), 4.000%, 10/31/2046	\n 882,235 \n
\n 2,000,000 \n	\n \n	\n New\n York Transportation Development Corporation (JFK Airport Terminal 6 Redevelopment Project), Special Facilities \n Revenue\n Bonds (Series 2024A), 5.500%, 12/31/2054	\n 2,012,100 \n
\n 1,800,000 \n	\n \n	\n New\n York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds \n (Series\n 2020C), 4.000%, 12/1/2040	\n 1,684,838 \n
\n 500,000 \n	\n \n	\n New\n York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities \n Revenue\n Bonds (Series 2023), 6.000%, 6/30/2054	\n 513,041 \n
\n 1,000,000 \n	\n \n	\n New\n York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities \n Revenue\n Bonds (Series 2024), 5.500%, 6/30/2060	\n 1,004,278 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n New\n York—continued	\n
\n $ 2,000,000 \n	\n \n	\n New\n York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities \n Revenue\n Bonds (Series 2025), 6.000%, 6/30/2059	\n $ 2,090,852 \n
\n 1,000,000 \n	\n 3\n	\n Niagara\n Area, NY Development Corporation (Reworld Holding Corp.), Solid Waste Disposal Facility Revenue Refunding \n Bonds\n (Series 2018A), 4.750%, 11/1/2042	\n 875,320 \n
\n 2,100,000 \n	\n \n	\n Suffolk\n County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 6.100%), 6.000%, 12/1/2053 \n	\n 2,127,986 \n
\n 2,000,000 \n	\n \n	\n Triborough\n Bridge & Tunnel Authority, NY (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax), TBTA Lockbox \n Fund\n Revenue Bonds (Series 2025A), 5.500%, 12/1/2059	\n 2,089,514 \n
\n 1,000,000 \n	\n \n	\n TSASC,\n Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041	\n 1,004,216 \n
\n 2,850,000 \n	\n \n	\n TSASC,\n Inc. NY, Tobacco Settlement Asset Backed Subordinate Refunding Bonds (Series 2017B), 5.000%, 6/1/2048	\n 2,646,260 \n
\n	\n \n	\n TOTAL \n	\n 35,230,135 \n
\n	\n \n	\n North\n Carolina—0.6%	\n
\n 1,665,000 \n	\n \n	\n North\n Carolina Medical Care Commission (Penick Village), Retirement Facilities First Mortgage Revenue Bonds (Series 2024), \n 5.500%,\n 9/1/2054	\n 1,658,626 \n
\n 1,250,000 \n	\n \n	\n North\n Carolina Medical Care Commission (The Presbyterian Home at Charlotte), The Sharon at Southpark Retirement \n Facilities\n First Mortgage Revenue Bonds (Series 2026A), 5.625%, 7/1/2061	\n 1,242,862 \n
\n	\n \n	\n TOTAL \n	\n 2,901,488 \n
\n	\n \n	\n Ohio—3.4% \n	\n
\n 7,600,000 \n	\n \n	\n Buckeye\n Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds \n (Series\n 2020B-2 Class 2), 5.000%, 6/1/2055	\n 5,802,294 \n
\n 1,500,000 \n	\n \n	\n Columbus,\n OH Regional Airport Authority, Airport Revenue Bonds (Series 2025A), 5.500%, 1/1/2055	\n 1,541,182 \n
\n 500,000 \n	\n \n	\n Montgomery\n County, OH (Solvita), Health Care Facilities Revenue Refunding and Improvement Bonds (Series 2024), \n 5.250%,\n 9/1/2054	\n 486,590 \n
\n 2,000,000 \n	\n \n	\n Muskingum\n County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), (Original Issue Yield: \n 5.080%),\n 5.000%, 2/15/2044	\n 1,919,265 \n
\n 1,000,000 \n	\n 3\n	\n Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), \n 4.500%,\n 1/15/2048	\n 925,380 \n
\n 1,000,000 \n	\n \n	\n Ohio\n State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2053 \n	\n 999,924 \n
\n 2,000,000 \n	\n 3\n	\n Port\n of Greater Cincinnati, OH Development Authority (Cincinnati Convention Center Hotel), Special Obligation \n Development\n Revenue and Refunding Bonds (Series 2026), (Original Issue Yield: 5.950%), 5.750%, 3/1/2059	\n 1,906,116 \n
\n 1,695,000 \n	\n \n	\n West\n Central Ohio Port Authority (Global Impact STEM Academy), Revenue Bonds (Series 2025A), 5.500%, 12/1/2062	\n 1,627,406 \n
\n	\n \n	\n TOTAL \n	\n 15,208,157 \n
\n	\n \n	\n Oklahoma—0.6% \n	\n
\n 2,315,000 \n	\n \n	\n Oklahoma\n Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057	\n 2,322,859 \n
\n 500,000 \n	\n \n	\n Trustees\n of the Tulsa Municipal Airport Trust (American Airlines, Inc.), Revenue Bonds (Series 2025), 6.250%, 12/1/2035	\n 555,468 \n
\n	\n \n	\n TOTAL \n	\n 2,878,327 \n
\n	\n \n	\n Oregon—0.2% \n	\n
\n 1,000,000 \n	\n \n	\n Oregon\n State, UT GO Bonds (Series 2025A), 5.250%, 5/1/2050	\n 1,045,183 \n
\n	\n \n	\n Pennsylvania—2.9% \n	\n
\n 800,000 \n	\n 3\n	\n Allentown,\n PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds \n (Series\n 2024), 5.000%, 5/1/2042	\n 816,333 \n
\n 2,000,000 \n	\n \n	\n Bucks\n County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046	\n 1,920,478 \n
\n 1,200,000 \n	\n \n	\n Chester\n County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047	\n 1,117,303 \n
\n 800,000 \n	\n \n	\n Chester\n County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051	\n 719,394 \n
\n 2,000,000 \n	\n 3\n	\n Pennsylvania\n Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue \n Bonds\n (Series 2014), 5.500%, 11/1/2044	\n 1,970,750 \n
\n 1,250,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private \n Activity\n Revenue Bonds (Series 2015), 5.000%, 12/31/2038	\n 1,251,609 \n
\n 2,000,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue \n Bonds\n (Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061	\n 2,085,889 \n
\n 1,750,000 \n	\n \n	\n Pennsylvania\n State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2026A), \n 4.500%,\n 12/15/2051	\n 1,636,371 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State Higher Education Facilities Authority (Thomas Jefferson University Obligated Group), Revenue Bonds \n (Series\n 2024B-1), (Assured Guaranty, Inc. INS), 5.000%, 11/1/2051	\n 984,364 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Pennsylvania—continued \n	\n
\n $ 565,000 \n	\n \n	\n Philadelphia,\n PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds \n (Series\n 2005A), 5.625%, 7/1/2035	\n $ 565,729 \n
\n	\n \n	\n TOTAL \n	\n 13,068,220 \n
\n	\n \n	\n Puerto\n Rico—6.7%	\n
\n 5,330,378 \n	\n 2\n	\n Commonwealth\n of Puerto Rico, Clawback CVI Bonds (PRIFA), 0.000%, 11/1/2051	\n 3,464,746 \n
\n 2,314,286 \n	\n 2\n	\n Commonwealth\n of Puerto Rico, GO CVI Bonds, 0.000%, 11/1/2043	\n 1,648,929 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037	\n 969,131 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041	\n 927,805 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046	\n 887,310 \n
\n 2,000,000 \n	\n \n	\n Commonwealth\n of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 5.750%, 7/1/2031	\n 2,157,784 \n
\n 4,000,000 \n	\n 3\n	\n Puerto\n Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), 4.000%, 7/1/2042 \n	\n 3,753,490 \n
\n 4,000,000 \n	\n 1,4\n	\n Puerto\n Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2010 XX), 5.250%, 7/1/2040	\n 2,960,000 \n
\n 995,000 \n	\n 1,4\n	\n Puerto\n Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2012A), 5.050%, 7/1/2042	\n 736,300 \n
\n 310,000 \n	\n 1,4\n	\n Puerto\n Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2013A), 7.000%, 7/1/2033	\n 232,887 \n
\n 195,000 \n	\n 1,4\n	\n Puerto\n Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.070%), \n 7.000%,\n 7/1/2040	\n 146,494 \n
\n 2,500,000 \n	\n 1,4\n	\n Puerto\n Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.120%), \n 7.000%,\n 7/1/2043	\n 1,878,125 \n
\n 5,000,000 \n	\n 2\n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), (Original Issue \n Yield:\n 5.375%), 0.000%, 7/1/2046	\n 1,790,910 \n
\n 6,764,000 \n	\n 2\n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), \n 0.000%,\n 7/1/2051	\n 1,764,034 \n
\n 2,500,000 \n	\n \n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), \n 5.000%,\n 7/1/2058	\n 2,422,127 \n
\n 4,510,000 \n	\n \n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053	\n 4,260,956 \n
\n	\n \n	\n TOTAL \n	\n 30,001,028 \n
\n	\n \n	\n South\n Carolina—0.7%	\n
\n 1,000,000 \n	\n \n	\n Berkeley\n County, SC (Nexton Improvement District), Assessment Revenue Bonds (Series 2019), (Original Issue Yield: \n 4.280%),\n 4.250%, 11/1/2040	\n 929,855 \n
\n 1,000,000 \n	\n 3\n	\n South\n Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), \n 7.500%,\n 11/15/2053	\n 1,073,409 \n
\n 1,000,000 \n	\n \n	\n South\n Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue and Revenue \n Refunding\n Bonds (Series 2018A), 5.000%, 4/1/2038	\n 1,000,359 \n
\n	\n \n	\n TOTAL \n	\n 3,003,623 \n
\n	\n \n	\n South\n Dakota—0.4%	\n
\n 1,000,000 \n	\n \n	\n Sioux\n Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.050%), \n 5.000%,\n 11/1/2042	\n 1,003,809 \n
\n 1,000,000 \n	\n \n	\n Sioux\n Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), \n 5.125%,\n 11/1/2047	\n 1,004,014 \n
\n	\n \n	\n TOTAL \n	\n 2,007,823 \n
\n	\n \n	\n Texas—7.6% \n	\n
\n 1,000,000 \n	\n \n	\n Board\n of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement \n Bonds\n (Series 2015), (Original Issue Yield: 5.080%), 5.000%, 12/1/2045	\n 906,586 \n
\n 1,000,000 \n	\n \n	\n Dallas-Fort\n Worth, TX International Airport, Joint Revenue Refunding and Improvement Bonds (Series 2023B), \n 5.000%,\n 11/1/2047	\n 1,025,577 \n
\n 1,000,000 \n	\n \n	\n Harris\n County, TX Hospital District, LT GO Bonds (Series 2025), 5.250%, 2/15/2055	\n 1,022,979 \n
\n 2,920,000 \n	\n \n	\n Harris\n County, TX IDC (Energy Transfer LP), Marine Terminal Refunding Revenue Bonds (Series 2023), 4.050%, Mandatory \n Tender\n 6/1/2033	\n 2,971,779 \n
\n 750,000 \n	\n 2\n	\n Houston,\n TX (Houston, TX Convention & Entertainment Facilities Department), First Lien Hotel Occupancy Tax Special \n Revenue\n and Refunding Bonds (Series 2026C), (Assured Guaranty, Inc. INS), 0.000%, 9/1/2049	\n 229,453 \n
\n 1,500,000 \n	\n \n	\n Houston,\n TX (United Airlines, Inc.), Airport System Special Facilities Revenue Bonds (Series 2024B), 5.500%, 7/15/2039 \n	\n 1,561,873 \n
\n 500,000 \n	\n \n	\n Houston,\n TX (United Airlines, Inc.), Terminal Improvement Bonds (Series 2025B), 5.500%, 7/15/2038	\n 520,377 \n
\n 3,000,000 \n	\n \n	\n Houston,\n TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2025A), 5.500%, 7/1/2050	\n 3,125,026 \n
\n 1,370,000 \n	\n \n	\n Houston,\n TX Combined Utility System, First Lien Revenue and Refunding Bonds (Series 2020C), 4.000%, 11/15/2049	\n 1,180,143 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Texas—continued \n	\n
\n $ 2,000,000 \n	\n \n	\n New\n Hope Cultural Education Facilities Finance Corporation (Brazos Presbyterian Homes Holding, Inc.), Retirement Facilities \n Revenue\n Bonds (Series 2017), 5.000%, 1/1/2042	\n $ 1,958,127 \n
\n 943,989 \n	\n 1,4\n	\n New\n Hope Cultural Education Facilities Finance Corporation (Buckingham Senior Living Community), Retirement Facilities \n Revenue\n Exchange Bonds (Series 2021B), 2.000%, 11/15/2061	\n 4,720 \n
\n 2,000,000 \n	\n 3\n	\n New\n Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding \n Bonds\n (Series 2021), 4.000%, 8/15/2046	\n 1,590,753 \n
\n 1,000,000 \n	\n \n	\n New\n Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facility Revenue Bonds \n (Series\n 2016A), 5.500%, 11/15/2046	\n 896,217 \n
\n 1,500,000 \n	\n \n	\n North\n Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2024A), 5.000%, 1/1/2041	\n 1,576,564 \n
\n 1,000,000 \n	\n \n	\n Tarrant\n County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), Hospital Revenue \n Bonds\n (Series 2022D), 5.500%, 11/15/2047	\n 1,042,383 \n
\n 2,655,000 \n	\n \n	\n Tarrant\n County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Retirement Facility \n Revenue\n Bonds (Series 2017A), (Original Issue Yield: 6.770%), 6.750%, 11/15/2052	\n 2,662,200 \n
\n 1,500,000 \n	\n \n	\n Tarrant\n County, TX Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks Project), Retirement Facilities Revenue \n Bonds\n (Series 2020A), 6.875%, 11/15/2055	\n 1,431,584 \n
\n 1,600,000 \n	\n \n	\n Texas\n Municipal Gas Acquisition & Supply Corp VI, Gas Supply Revenue Bonds (Series 2026A), (Bank of America Corp. GTD), \n 5.250%,\n 3/1/2037	\n 1,693,585 \n
\n 1,665,000 \n	\n \n	\n Texas\n Municipal Gas Acquisition & Supply Corp. V, Gas Supply Revenue Bonds (Series 2026), (Citigroup, Inc. GTD), \n 5.000%,\n 4/1/2036	\n 1,726,678 \n
\n 3,000,000 \n	\n \n	\n Texas\n Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien \n Revenue\n Bonds (Series 2019), 5.000%, 6/30/2058	\n 2,910,389 \n
\n 1,000,000 \n	\n \n	\n Texas\n Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien \n Revenue\n Refunding Bonds (Series 2023), 5.500%, 6/30/2040	\n 1,043,757 \n
\n 2,000,000 \n	\n \n	\n Texas\n Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners, LLC), Senior Lien Revenue Bonds \n (Series\n 2023), 5.500%, 12/31/2058	\n 2,041,800 \n
\n 1,195,000 \n	\n \n	\n Texas\n State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), \n 5.000%,\n 8/1/2057	\n 1,168,678 \n
\n	\n \n	\n TOTAL \n	\n 34,291,228 \n
\n	\n \n	\n Utah—1.4% \n	\n
\n 2,000,000 \n	\n 3\n	\n Panorama\n Public Infrastructure District No. 1, LT GO Bonds (Series 2025A), 6.250%, 3/1/2055	\n 1,998,027 \n
\n 1,000,000 \n	\n \n	\n Salt\n Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2042	\n 1,003,660 \n
\n 1,500,000 \n	\n \n	\n Salt\n Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2025A), 5.500%, 7/1/2055	\n 1,552,865 \n
\n 2,000,000 \n	\n 3\n	\n Utah\n State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds \n (Series\n 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037	\n 1,836,656 \n
\n	\n \n	\n TOTAL \n	\n 6,391,208 \n
\n	\n \n	\n Vermont—0.2% \n	\n
\n 1,000,000 \n	\n 3\n	\n Vermont\n EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, Mandatory \n Tender\n 4/3/2028	\n 1,012,249 \n
\n	\n \n	\n Virgin\n Islands—0.4%	\n
\n 2,000,000 \n	\n 3\n	\n Virgin\n Islands Hotel Development Financing Corporation (Frenchman’s Reef Hotel Acquisition Project), Senior Lien Hotel \n Revenue\n Bonds (Series 2025A-1), (Original Issue Yield: 6.250%), 6.000%, 12/1/2055	\n 1,933,113 \n
\n	\n \n	\n Virginia—0.6% \n	\n
\n 750,000 \n	\n \n	\n Henrico\n County, VA EDA (Bon Secours Mercy Health), Health Facilities Revenue Bonds (Series 2025A), 5.000%, 11/1/2048 \n	\n 756,012 \n
\n 1,365,000 \n	\n \n	\n Virginia\n Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue \n Bonds\n (Series 2023A), 7.000%, 9/1/2059	\n 1,477,158 \n
\n 370,000 \n	\n 3\n	\n Virginia\n Small Business Financing Authority (Reworld Holding Corp.), Solid Waste Disposal Revenue Bonds (Series 2018), \n 5.000%,\n Mandatory Tender 7/1/2038	\n 358,357 \n
\n	\n \n	\n TOTAL \n	\n 2,591,527 \n
\n	\n \n	\n Washington—2.5% \n	\n
\n 1,000,000 \n	\n \n	\n Port\n of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012), (Original Issue \n Yield:\n 5.310%), 5.000%, 4/1/2030	\n 1,001,163 \n
\n 2,000,000 \n	\n \n	\n Port\n of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2025B), 5.500%, 10/1/2050	\n 2,083,799 \n
\n 3,000,000 \n	\n \n	\n Public\n Hospital District No. 4 King County, Washington (Snoqualmie Valley Health), Hospital Revenue and Refunding Bonds \n (Series\n 2025A), 7.000%, 12/1/2060	\n 3,023,210 \n
\n 2,500,000 \n	\n \n	\n Washington\n State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2025A), 5.500%, 9/1/2055 \n	\n 2,581,948 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Washington—continued \n	\n
\n $ 1,000,000 \n	\n 3\n	\n Washington\n State Housing Finance Commission (Horizon House Project), Nonprofit Housing Revenue and Refunding \n Revenue\n Bonds, 6.250%, 1/1/2061	\n $ 1,013,848 \n
\n 1,615,094 \n	\n \n	\n Washington\n State Housing Finance Commission, Municipal Certificates (Series 2023-1 Class A), (Original Issue Yield: \n 5.067%),\n 3.375%, 4/20/2037	\n 1,480,904 \n
\n	\n \n	\n TOTAL \n	\n 11,184,872 \n
\n	\n \n	\n West\n Virginia—0.7%	\n
\n 1,000,000 \n	\n \n	\n West\n Virginia EDA (Commercial Metals Corp.), Solid Waste Disposal Facilities Revenue Bonds (Series 2025), 4.625%, \n Mandatory\n Tender 5/15/2032	\n 1,014,585 \n
\n 1,000,000 \n	\n 3\n	\n West\n Virginia EDA (Core Natural Resources, Inc.), Solid Waste Disposal Facility Revenue Bonds (Series 2025), 5.450%, \n Mandatory\n Tender 3/27/2035	\n 1,071,047 \n
\n 1,000,000 \n	\n \n	\n West\n Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds \n (Series\n 2023B), 6.000%, 9/1/2053	\n 1,046,787 \n
\n	\n \n	\n TOTAL \n	\n 3,132,419 \n
\n	\n \n	\n Wisconsin—5.1% \n	\n
\n 1,375,000 \n	\n 3\n	\n Public\n Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054	\n 1,235,325 \n
\n 2,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052	\n 2,060,208 \n
\n 1,500,000 \n	\n 3\n	\n Public\n Finance Authority, WI (Mater Academy of Nevada), East Las Vegas Campus Revenue Bonds (Series 2024A), \n 5.000%,\n 12/15/2054	\n 1,320,615 \n
\n 1,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI (Million Air Two, LLC), Special Facility Refunding Revenue Bonds (Series 2026A), (Original Issue \n Yield:\n 5.125%), 5.000%, 6/1/2041	\n 974,388 \n
\n 2,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI (Million Air Two, LLC), Special Facility Refunding Revenue Bonds (Series 2026A), (Original Issue \n Yield:\n 5.450%), 5.375%, 6/1/2046	\n 1,972,855 \n
\n 1,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), \n 4.000%,\n 8/1/2035	\n 953,428 \n
\n 3,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), \n 5.000%,\n 10/1/2053	\n 2,748,802 \n
\n 2,000,000 \n	\n \n	\n Public\n Finance Authority, WI (SR 400 Peach Partners, LLC), Senior Lien Toll Revenue Bonds (Series 2025), \n 6.500%,\n 12/31/2065	\n 2,187,433 \n
\n 2,000,000 \n	\n 2,3\n	\n Public\n Finance Authority, WI Revenue (Alpha Ranch Project MUD), Capital Appreciation Bonds (Series 2024), (Original Issue \n Yield:\n 6.125%), 0.000%, 12/15/2038	\n 937,053 \n
\n 815,000 \n	\n 2,3\n	\n Public\n Finance Authority, WI Revenue (Anthem/Freedom, TX Municipal Utility District), Revenue Anticipation Capital \n Appreciation\n Bonds (Series 2025), (Original Issue Yield: 5.750%), 0.000%, 12/15/2037	\n 401,598 \n
\n 700,000 \n	\n 3\n	\n Public\n Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), \n 9.000%,\n 11/1/2028	\n 730,263 \n
\n 1,715,000 \n	\n 2,3\n	\n Public\n Finance Authority, WI Revenue (Briarwood and Park Place Projects), Capital Appreciation Bonds (Series 2025), \n (Original\n Issue Yield: 6.750%), 0.000%, 12/15/2036	\n 876,194 \n
\n 1,250,000 \n	\n 2,3\n	\n Public\n Finance Authority, WI Revenue (Cole Ranch Project MUD), Capital Appreciation Bonds (Series 2026), (Original Issue \n Yield:\n 7.625%), 0.000%, 12/15/2040	\n 418,232 \n
\n 1,500,000 \n	\n \n	\n Public\n Finance Authority, WI Revenue (Fargo-Moorhead Metropolitan Area Flood Risk Management Project), Senior Revenue \n Bonds\n (Series 2021) Green Bonds, 4.000%, 3/31/2056	\n 1,190,953 \n
\n 2,000,000 \n	\n \n	\n Public\n Finance Authority, WI Revenue (Puerto Rico Toll Roads Monetization Project), Senior Lien Revenue Bonds \n (Series\n 2024), 5.750%, 7/1/2054	\n 2,047,410 \n
\n 1,000,000 \n	\n 3\n	\n Public\n Finance Authority, WI Revenue (Sky Harbour Capital III LLC), Revenue Bonds (Series 2026), 6.000%, Mandatory \n Tender\n 1/1/2031	\n 1,017,909 \n
\n 2,000,000 \n	\n \n	\n Wisconsin\n Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Revenue Bonds (Series 2025), \n 5.250%,\n 8/15/2055	\n 2,023,827 \n
\n	\n \n	\n TOTAL \n	\n 23,096,493 \n
\n	\n \n	\n TOTAL\n MUNICIPAL BONDS \n (IDENTIFIED\n COST $449,042,132)	\n 437,908,744 \n
\n	\n 6\n	\n SHORT-TERM\n MUNICIPALS—2.5%	\n
\n	\n \n	\n Alabama—0.4% \n	\n
\n 200,000 \n	\n \n	\n Columbia,\n AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 3.180%, 9/1/2026	\n 200,000 \n
\n 650,000 \n	\n \n	\n Columbia,\n AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 3.150%, 9/1/2026	\n 650,000 \n
\n 950,000 \n	\n \n	\n West\n Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.300%, 9/1/2026	\n 950,000 \n
\n	\n \n	\n TOTAL \n	\n 1,800,000 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n or\n Shares	\n \n	\n \n	\n Value \n
\n	\n 6\n	\n SHORT-TERM\n MUNICIPALS—continued \n	\n
\n	\n \n	\n Florida—0.1% \n	\n
\n $ 300,000 \n	\n \n	\n Lee\n County, FL IDA (Lee Health Systems, Inc.), (2026 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 2.900%, 9/1/2026	\n $ 300,000 \n
\n	\n \n	\n New\n York—0.7%	\n
\n 3,100,000 \n	\n \n	\n New\n York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs, (Mizuho Bank Ltd. LOC), 3.100%, 9/1/2026	\n 3,100,000 \n
\n	\n \n	\n North\n Carolina—0.4%	\n
\n 1,900,000 \n	\n \n	\n Charlotte-Mecklenburg\n Hospital Authority, NC (Atrium Health - The Charlotte Mecklenburg Hospital Authority), \n (Series\n 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.000%, 9/1/2026	\n 1,900,000 \n
\n	\n \n	\n Ohio—0.5% \n	\n
\n 2,065,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ), \n 2.900%,\n 9/1/2026	\n 2,065,000 \n
\n	\n \n	\n Pennsylvania—0.4% \n	\n
\n 1,900,000 \n	\n \n	\n Delaware\n County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), \n 3.000%,\n 9/1/2026	\n 1,900,000 \n
\n 100,000 \n	\n \n	\n Northampton\n County, PA General Purpose Authority (St. Luke’s Hospital Obligated Group), (Series B) Daily VRDNs, (TD \n Bank,\n N.A. LOC), 2.900%, 9/1/2026	\n 100,000 \n
\n	\n \n	\n TOTAL \n	\n 2,000,000 \n
\n	\n \n	\n TOTAL\n SHORT-TERM MUNICIPALS \n (IDENTIFIED\n COST $11,165,000)	\n 11,165,000 \n
\n	\n \n	\n WARRANTS—0.0% \n	\n
\n	\n \n	\n Industrials—0.0% \n	\n
\n 24,028 \n	\n 1,5\n	\n Brightline\n Holdings LLC, Warrants \n (IDENTIFIED\n COST $24,028)	\n 48,056 \n
\n	\n \n	\n TOTAL\n INVESTMENT IN SECURITIES—99.8% \n (IDENTIFIED\n COST $460,231,160)7\n	\n 449,121,800 \n
\n	\n \n	\n OTHER\n ASSETS AND LIABILITIES - NET—0.2%8\n	\n 1,033,998 \n
\n	\n \n	\n NET\n ASSETS—100%	\n $450,155,798 \n

Securities that are subject to the federal\nalternative minimum tax (AMT) represent 21.9% of the Fund’s portfolio as calculated based upon\ntotal market value (Unaudited).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Non-income-producing\n security.
\n 2 \n	\n Zero\n coupon bond.
\n 3 \n	\n Denotes\n a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from\n registration, under \n the\n Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2026, these restricted securities\n amounted to $95,636,020, \n which\n represented 21.2% of net assets.
\n 4 \n	\n Security\n in default.
\n 5 \n	\n Market\n quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures\n established \n by\n and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
\n 6 \n	\n Current\n rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable\n rate securities are \n not\n based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These\n securities do \n not\n indicate a reference rate and spread in their description above.
\n 7 \n	\n The\n cost of investments for federal tax purposes amounts to $457,001,871.
\n 8 \n	\n Assets,\n other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are\nshown as a percentage of net assets at August 31, 2026.\n

Various inputs are used in determining the\nvalue of the Fund’s investments. These inputs are summarized in the three broad levels listed\nbelow:

Level 1—quoted prices in active markets\nfor identical securities.

Level 2—other significant observable\ninputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,\netc.). Also includes securities valued at amortized cost.\n

Level 3—significant unobservable inputs\n(including the Fund’s own assumptions in determining the fair value of investments).\n

The inputs or methodology used for valuing\nsecurities are not an indication of the risk associated with investing in those securities.\n

Annual\nFinancial Statements and Additional Information

The following is a summary\nof the inputs used, as of August 31, 2026, in valuing the Fund’s assets carried at fair value:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Valuation\n Inputs
\n \n	\n Level\n 1— \n Quoted\n \n Prices \n	\n Level\n 2— \n Other\n \n Significant\n \n Observable\n \n Inputs \n	\n Level\n 3— \n Significant\n \n Unobservable\n \n Inputs \n	\n Total \n
\n Debt\n Securities:	\n	\n	\n	\n
\n Municipal\n Bonds	\n $— \n	\n $437,506,108 \n	\n $402,636 \n	\n $437,908,744 \n
\n Short-Term\n Municipals	\n — \n	\n 11,165,000 \n	\n — \n	\n 11,165,000 \n
\n Equity\n Security:	\n	\n	\n	\n
\n Warrants \n	\n — \n	\n — \n	\n 48,056 \n	\n 48,056 \n
\n TOTAL\n SECURITIES	\n $— \n	\n $448,671,108 \n	\n $450,692 \n	\n $449,121,800 \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n The\n following acronym(s) are used throughout this portfolio:	\n \n
\n CDD \n	\n —Community\n Development District
\n CVI \n	\n —Contingent-Value\n Instrument
\n EDA \n	\n —Economic\n Development Authority
\n EDR \n	\n —Economic\n Development Revenue
\n GO \n	\n —General\n Obligation
\n GTD \n	\n —Guaranteed \n
\n IDA \n	\n —Industrial\n Development Authority
\n IDB \n	\n —Industrial\n Development Bond
\n IDC \n	\n —Industrial\n Development Corporation
\n INS \n	\n —Insured \n
\n LIQ \n	\n —Liquidity\n Agreement
\n LOC \n	\n —Letter\n of Credit
\n LP \n	\n —Limited\n Partnership
\n LT \n	\n —Limited\n Tax
\n PCRB \n	\n —Pollution\n Control Revenue Bond(s)
\n PRF \n	\n —Pre-refunded \n
\n SID \n	\n —Special\n Improvement District
\n UT \n	\n —Unlimited\n Tax
\n VRDNs \n	\n —Variable\n Rate Demand Notes

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Class\nA Shares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $7.77 \n	\n $8.22 \n	\n $7.80 \n	\n $8.14 \n	\n $9.40 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.35 \n	\n 0.33 \n	\n 0.32 \n	\n 0.33 \n	\n 0.28 \n
\n Net\n realized and unrealized gain (loss)	\n 0.16 \n	\n (0.47) \n	\n 0.42 \n	\n (0.37) \n	\n (1.26) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.51 \n	\n (0.14) \n	\n 0.74 \n	\n (0.04) \n	\n (0.98) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.33) \n	\n (0.31) \n	\n (0.32) \n	\n (0.30) \n	\n (0.28) \n
\n Net\n Asset Value, End of Period	\n $7.95 \n	\n $7.77 \n	\n $8.22 \n	\n $7.80 \n	\n $8.14 \n
\n Total\n Return2 \n	\n 6.62% \n	\n (1.70)% \n	\n 9.66% \n	\n (0.50)% \n	\n (10.60)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.89%4\n	\n 0.89%4\n	\n 0.89%4\n	\n 0.89%4\n	\n 0.89% \n
\n Net\n investment income	\n 4.41% \n	\n 4.07% \n	\n 4.09% \n	\n 4.13% \n	\n 3.16% \n
\n Expense\n waiver/reimbursement5\n	\n 0.17% \n	\n 0.18% \n	\n 0.17% \n	\n 0.18% \n	\n 0.16% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $178,144 \n	\n $119,075 \n	\n $137,264 \n	\n $150,104 \n	\n $178,383 \n
\n Portfolio\n turnover6\n	\n 20% \n	\n 31% \n	\n 20% \n	\n 17% \n	\n 27% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. \n
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.89%, 0.89%, 0.89% and\n 0.89% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Class\nC Shares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $7.76 \n	\n $8.21 \n	\n $7.79 \n	\n $8.13 \n	\n $9.39 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.29 \n	\n 0.27 \n	\n 0.26 \n	\n 0.27 \n	\n 0.21 \n
\n Net\n realized and unrealized gain (loss)	\n 0.16 \n	\n (0.46) \n	\n 0.42 \n	\n (0.37) \n	\n (1.25) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.45 \n	\n (0.19) \n	\n 0.68 \n	\n (0.10) \n	\n (1.04) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.27) \n	\n (0.26) \n	\n (0.26) \n	\n (0.24) \n	\n (0.22) \n
\n Net\n Asset Value, End of Period	\n $7.94 \n	\n $7.76 \n	\n $8.21 \n	\n $7.79 \n	\n $8.13 \n
\n Total\n Return2 \n	\n 5.85% \n	\n (2.40)% \n	\n 8.89% \n	\n (1.23)% \n	\n (11.26)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 1.64%4\n	\n 1.64%4\n	\n 1.64%4\n	\n 1.64%4\n	\n 1.64% \n
\n Net\n investment income	\n 3.66% \n	\n 3.32% \n	\n 3.34% \n	\n 3.37% \n	\n 2.41% \n
\n Expense\n waiver/reimbursement5\n	\n 0.17% \n	\n 0.18% \n	\n 0.17% \n	\n 0.18% \n	\n 0.16% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $7,572 \n	\n $8,873 \n	\n $12,114 \n	\n $13,713 \n	\n $18,017 \n
\n Portfolio\n turnover6\n	\n 20% \n	\n 31% \n	\n 20% \n	\n 17% \n	\n 27% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. \n
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 1.64%, 1.64%, 1.64% and\n 1.64% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Institutional\nShares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $7.75 \n	\n $8.20 \n	\n $7.79 \n	\n $8.12 \n	\n $9.38 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.37 \n	\n 0.35 \n	\n 0.34 \n	\n 0.35 \n	\n 0.30 \n
\n Net\n realized and unrealized gain (loss)	\n 0.16 \n	\n (0.46) \n	\n 0.41 \n	\n (0.36) \n	\n (1.26) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.53 \n	\n (0.11) \n	\n 0.75 \n	\n (0.01) \n	\n (0.96) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.35) \n	\n (0.34) \n	\n (0.34) \n	\n (0.32) \n	\n (0.30) \n
\n Net\n Asset Value, End of Period	\n $7.93 \n	\n $7.75 \n	\n $8.20 \n	\n $7.79 \n	\n $8.12 \n
\n Total\n Return2 \n	\n 6.92% \n	\n (1.43)% \n	\n 9.85% \n	\n (0.11)% \n	\n (10.39)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.64%4\n	\n 0.64%4\n	\n 0.64%4\n	\n 0.64%4\n	\n 0.64% \n
\n Net\n investment income	\n 4.65% \n	\n 4.32% \n	\n 4.33% \n	\n 4.38% \n	\n 3.41% \n
\n Expense\n waiver/reimbursement5\n	\n 0.17% \n	\n 0.18% \n	\n 0.17% \n	\n 0.18% \n	\n 0.16% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $264,439 \n	\n $227,528 \n	\n $235,819 \n	\n $170,139 \n	\n $179,629 \n
\n Portfolio\n turnover6\n	\n 20% \n	\n 31% \n	\n 20% \n	\n 17% \n	\n 27% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value.
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.64%, 0.64%, 0.64% and\n 0.64% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Assets and Liabilities\n\n

August 31, 2026

\n Assets: \n	\n
\n Investment\n in securities, at value (identified\n cost $460,231,160)	\n $449,121,800 \n
\n Cash \n	\n 19,851 \n
\n Income\n receivable	\n 6,209,289 \n
\n Receivable\n for shares sold	\n 282,239 \n
\n Total\n Assets	\n 455,633,179 \n
\n Liabilities: \n	\n
\n Payable\n for investments purchased	\n $5,117,760 \n
\n Payable\n for shares redeemed	\n 196,197 \n
\n Payable\n for other service fees (Notes 2 and 5) \n	\n 24,676 \n
\n Payable\n for investment adviser fee (Note 5) \n	\n 5,360 \n
\n Payable\n for distribution services fee (Note 5) \n	\n 4,948 \n
\n Payable\n for administrative fee (Note 5) \n	\n 1,305 \n
\n Accrued\n expenses (Note 5)	\n 127,135 \n
\n TOTAL\n LIABILITIES	\n 5,477,381 \n
\n Net\n assets for 56,691,117 shares outstanding	\n $450,155,798 \n
\n Net Assets\n Consist of:	\n
\n Paid-in\n capital	\n $530,928,363 \n
\n Total\n distributable earnings (loss)	\n (80,772,565) \n
\n NET\n ASSETS	\n $450,155,798 \n
\n Net Asset\n Value, Offering Price and Redemption Proceeds Per Share:	\n
\n Class A\n Shares:	\n
\n Net\n asset value per share ($178,144,156 ÷ 22,394,071 shares outstanding), no par value, unlimited shares authorized \n	\n $7.95 \n
\n Offering\n price per share (100/95.50 of $7.95)	\n $8.32 \n
\n Redemption\n proceeds per share	\n $7.95 \n
\n Class C\n Shares:	\n
\n Net\n asset value per share ($7,572,144 ÷ 954,206 shares outstanding), no par value, unlimited shares authorized	\n $7.94 \n
\n Offering\n price per share	\n $7.94 \n
\n Redemption\n proceeds per share (99.00/100 of $7.94)	\n $7.86 \n
\n Institutional\n Shares:	\n
\n Net\n asset value per share ($264,439,498 ÷ 33,342,840 shares outstanding), no par value, unlimited shares authorized \n	\n $7.93 \n
\n Offering\n price per share	\n $7.93 \n
\n Redemption\n proceeds per share	\n $7.93 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Operations\n\n

Year Ended August\n31, 2026

\n Investment\n Income:	\n
\n Interest \n	\n $23,755,592 \n
\n Expenses: \n	\n
\n Investment\n adviser fee (Note 5) \n	\n $2,690,796 \n
\n Administrative\n fee (Note 5) \n	\n 352,904 \n
\n Custodian\n fees	\n 14,589 \n
\n Transfer\n agent fees	\n 235,843 \n
\n Directors’/Trustees’\n fees (Note 5) \n	\n 4,855 \n
\n Auditing\n fees	\n 42,754 \n
\n Legal\n fees	\n 11,835 \n
\n Distribution\n services fee (Note 5) \n	\n 62,671 \n
\n Other\n service fees (Note 2 and 5)	\n 493,542 \n
\n Portfolio\n accounting fees	\n 165,051 \n
\n Share\n registration costs	\n 64,204 \n
\n Printing\n and postage	\n 35,192 \n
\n Miscellaneous\n (Note 5) \n	\n 30,568 \n
\n TOTAL\n EXPENSES	\n 4,204,804 \n
\n Waiver\n and Reduction:	\n
\n Waiver\n of investment adviser fee (Note 5) \n	\n (756,433) \n
\n Reduction\n of custodian fees (Note 6) \n	\n (3,846) \n
\n TOTAL\n WAIVER AND REDUCTION	\n (760,279) \n
\n Net\n expenses	\n 3,444,525 \n
\n Net\n investment income	\n 20,311,067 \n
\n Realized\n and Unrealized Gain (Loss) on Investments and Futures Contracts:	\n
\n Net\n realized loss on investments	\n (4,111,596) \n
\n Net\n realized gain on futures contracts	\n 165,611 \n
\n Net\n change in unrealized depreciation of investments	\n 12,495,807 \n
\n Net\n realized and unrealized gain (loss) on investments and futures contracts	\n 8,549,822 \n
\n Change\n in net assets resulting from operations	\n $28,860,889 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Changes in Net Assets\n\n

\n Year\n Ended August 31	\n 2026 \n	\n 2025 \n
\n Increase\n (Decrease) in Net Assets	\n	\n
\n Operations: \n	\n	\n
\n Net\n investment income	\n $20,311,067 \n	\n $19,325,807 \n
\n Net\n realized loss	\n (3,945,985) \n	\n (13,120,666) \n
\n Net\n change in unrealized appreciation/depreciation	\n 12,495,807 \n	\n (13,770,552) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM OPERATIONS	\n 28,860,889 \n	\n (7,565,411) \n
\n Distributions\n to Shareholders:	\n	\n
\n Class\n A Shares	\n (4,867,911) \n	\n (5,052,522) \n
\n Class\n C Shares	\n (285,156) \n	\n (343,073) \n
\n Class\n F Shares1 \n	\n (2,948,733) \n	\n (3,511,398) \n
\n Institutional\n Shares	\n (10,983,549) \n	\n (9,864,501) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	\n (19,085,349) \n	\n (18,771,494) \n
\n Share Transactions: \n	\n	\n
\n Proceeds\n from sale of shares	\n 147,657,706 \n	\n 74,546,372 \n
\n Net\n asset value of shares issued to shareholders in payment of distributions declared	\n 17,272,209 \n	\n 17,135,630 \n
\n Cost\n of shares redeemed	\n (155,150,351) \n	\n (118,841,515) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	\n 9,779,564 \n	\n (27,159,513) \n
\n Change\n in net assets	\n 19,555,104 \n	\n (53,496,418) \n
\n Net Assets: \n	\n	\n
\n Beginning\n of period	\n 430,600,694 \n	\n 484,097,112 \n
\n End\n of period	\n $450,155,798 \n	\n $430,600,694 \n

\n \n \n \n

On\n August 28, 2026, Class F Shares were converted to Class A Shares.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Notes to\nFinancial Statements

August 31, 2026\n

1. ORGANIZATION\n

Federated Hermes Municipal Securities Income\nTrust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the\n“Act”), as an open-end management investment company. The Trust consists of three portfolios. The financial statements included\nherein are only those of the Federated Hermes Municipal High Yield\nAdvantage Fund (the “Fund”), a diversified portfolio. The financial statements\nof the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited\nto the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Class A Shares,\nClass C Shares and Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters.\nThe investment objective of the Fund is to provide a high level of current income which is generally exempt from the federal regular\nincome tax. Interest income from the Fund’s investments may be subject to the federal AMT for individuals and state and local\ntaxes.

At the close of business\non August 28, 2026, Class F Shares were converted into the Fund’s existing Class A Shares pursuant to a Plan of\nConversion approved by the Fund’s Board of Trustees (the “Trustees”). The conversion occurred on a tax-free basis. The\ncash value of a shareholder’s investment was not changed\nas a result of the share class conversion. No action was required by shareholders to effect the\nconversion.

2. SIGNIFICANT\nACCOUNTING POLICIES

The following is a summary of significant\naccounting policies consistently followed by the Fund in the preparation of its financial statements.\nThese policies are in conformity with U.S. generally accepted accounting principles (GAAP).\n

Investment Valuation\n

In\ncalculating its net asset value (NAV), the Fund generally values investments as follows:

■\n

Fixed-income\nsecurities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management\nCompany (the “Adviser”).

■\n

Shares\nof other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share\npractical expedient, as applicable.

■\n

Derivative\ncontracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean\nof closing bid and ask quotations.

■\n

Over-the-counter\n(OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the\nAdviser.

■\n

For\nsecurities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain\nfactors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer\nor dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature\nand duration of restrictions on disposition, the movement of the\nmarket in which the security is normally traded, public trading in similar securities\nor derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited\nto industry changes and relevant government actions.\n

If any price, quotation, price evaluation\nor other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain\nprice evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth\nin the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion\nof the Adviser’s valuation committee (“Valuation Committee”),\nis deemed not representative of the fair value of such security, the Fund uses the\nfair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund\ncould obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines\nits NAV per share, and the actual value obtained could be materially different.\n

Fair Valuation Procedures\n

Pursuant\nto Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund’s valuation designee to perform any fair value\ndeterminations for securities and other assets held by the Fund.\nThe Adviser is subject to the Trustees’ oversight and certain reporting and\nother requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.\n

The Adviser, acting through\nits Valuation Committee, is responsible for determining the fair value of investments for which market quotations\nare not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated\ncompanies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use\npricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The\nValuation Committee employs various methods for reviewing third-party\npricing-service evaluations including periodic reviews of third-party\npricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional\nback-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on\nrecent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee\ndetermines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review\nthe fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant\nevents procedures as part of the Fund’s compliance program\nand will review any changes made to the procedures.\n

Annual\nFinancial Statements and Additional Information

Factors\nconsidered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon,\nmaturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers\nand general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an\ninvestment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price\nbetween the prices bid and ask for the investment (a “mid”\nevaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities,\nmortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income\nsecurities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment,\nthe fair value of the investment is determined in accordance with procedures adopted by the Adviser.\n

Investment Income, Gains and Losses, Expenses and Distributions\n

Investment\ntransactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an\nidentified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded\non the ex-dividend date. Distributions of net investment income\nif any, are declared and paid monthly. In addition, distributions of capital\ngains, if any, are declared and paid at least annually. Non-cash dividends included in dividend income, if any, are recorded at fair value.\nAmortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains\nand losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select\nclasses will bear certain expenses unique to those classes. The\ndetail of the total fund expense waiver and reduction of $760,279 is disclosed\nin Note 5\nand Note 6.\nDividends are declared separately for each class. No class has preferential dividend rights; differences in per\nshare dividend rates are generally due to differences in separate class expenses.\n

Other Service Fees\n

The\nFund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares and Class C Shares to financial\nintermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder\naccounts. Prior to their conversion to Class A Shares at the close of business on August 28, 2026, the Class F Shares were also\nsubject to these fees. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other\nservice fees. For the year ended August 31, 2026, other service fees for the Fund were as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Other\n Service \n Fees\n Incurred
\n Class\n A Shares	\n $295,550 \n
\n Class\n C Shares	\n $20,890 \n
\n Class\n F Shares	\n $177,102 \n
\n TOTAL \n	\n $493,542 \n

Federal Taxes\n

It\nis the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and\nto distribute to shareholders each year substantially all of its\nincome. Accordingly, no provision for federal income tax is necessary. As of and during the year\nended August 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties,\nif any, related to tax liabilities as income tax expense in the\nStatement of Operations. As of August 31, 2026, tax years 2023 through 2026\nremain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth\nof Massachusetts.

When-Issued and Delayed-Delivery Transactions\n

The\nFund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains\nsecurity positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased\non a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses\nmay occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the\ncontract.

Futures Contracts\n

The\nFund purchases and sells financial futures contracts to manage duration risk. Upon entering into a financial futures contract with a broker,\nthe Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due\nfrom broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded\nin a “variation margin” account. The Fund receives\nfrom or pays to the broker a specified amount of cash based upon changes in the variation\nmargin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including\nthe risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.\nThere is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as\ncounterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.\n

At August 31, 2026, the Fund had no outstanding\nfutures contracts.

The average notional\nvalue of short futures contracts held by the Fund throughout the period was $1,776,034. This is based on amounts\nheld as of each month-end throughout the fiscal year.\n

Annual\nFinancial Statements and Additional Information

Restricted Securities\n

The\nFund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered\nfor public sale without first being registered, or being able\nto take advantage of an exemption from registration, under the Securities Act of\n1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale\nwithout first being registered, the issuer of the restricted security\nhas agreed to register such securities for resale, at the issuer’s expense, either\nupon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be\nresold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria\nestablished by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities,\nlike other securities, are priced in accordance with procedures\nestablished by and under the general supervision of the Adviser.\n

Additional information on restricted securities\nheld at August 31, 2026, is as follows:

\n Security \n	\n Acquisition\n \n Date \n	\n Cost \n	\n Value \n
\n Allentown,\n PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds \n (Series\n 2024), 5.000%, 5/1/2042	\n 1/18/2024 \n	\n $800,000 \n	\n $816,333 \n
\n Arizona\n State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), \n 5.000%,\n 7/1/2051	\n 10/12/2017 \n	\n $651,777 \n	\n $585,487 \n
\n Arizona\n State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), \n 5.000%,\n 7/1/2051	\n 12/15/2017 \n	\n $502,219 \n	\n $450,375 \n
\n Arizona\n State IDA (Copper World LLC), Solid Waste Disposal Revenue Bonds (Series 2026A), (HudBay Minerals, Inc. \n GTD),\n 4.500%, 7/1/2046	\n 6/18/2026 \n	\n $1,000,000 \n	\n $987,656 \n
\n Arkansas\n Development Finance Authority (United States Steel Corp.), Environmental Improvement Revenue Bonds \n (Series\n 2022), 5.450%, 9/1/2052	\n 8/17/2022 \n	\n $1,250,000 \n	\n $1,261,031 \n
\n Atlanta,\n GA Development Authority (Westside Gulch Area Project (Spring Street Atlanta)), Senior Revenue Bonds \n (Series\n 2024A-2), 5.500%, 4/1/2039	\n 8/22/2024 \n	\n $2,000,000 \n	\n $2,020,877 \n
\n Build\n NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), \n 5.500%,\n 9/1/2045	\n 1/14/2016 \n	\n $800,000 \n	\n $783,205 \n
\n Build\n NYC Resource Corporation (RiverSpring Health Senior Living), Rivers Edge Revenue Bonds (Series 2026), \n (Original\n Issue Yield: 7.030%), 7.000%, 12/15/2055	\n 2/6/2026 \n	\n $1,494,226 \n	\n $1,512,593 \n
\n California\n Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), Senior \n Subordinated\n Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026	\n 11/26/2025 \n	\n $1,447,447 \n	\n $917,575 \n
\n California\n Municipal Finance Authority (Clay Lacy Santa Ana, LLC), Clay Lacy Aviation Facilities - John Wayne \n Airport,\n Orange County Project (Series 2026), 6.000%, 1/1/2055	\n 4/24/2026 \n	\n $475,513 \n	\n $518,033 \n
\n California\n State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds \n (Series\n 2017G), 5.000%, 6/1/2047	\n 12/4/2017 \n	\n $501,856 \n	\n $464,245 \n
\n California\n State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), \n (Series\n 2017), (United States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053	\n 10/5/2017 \n	\n $584,602 \n	\n $589,170 \n
\n California\n State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), \n (Series\n 2017), 5.000%, 6/1/2053	\n 10/5/2017 \n	\n $524,126 \n	\n $457,995 \n
\n California\n State School Finance Authority Revenue (Bright Star Schools-Obligated Group), Charter School Revenue \n Bonds\n (Series 2017), 5.000%, 6/1/2037	\n 4/20/2020 \n	\n $1,001,229 \n	\n $988,649 \n
\n California\n Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds \n (Series\n 2016A), 5.000%, 12/1/2046	\n 5/19/2020 \n	\n $2,250,000 \n	\n $2,252,262 \n
\n Capital\n Projects Finance Authority, FL (Trilogy Community Development Foundation, Inc.), Millenia Moments \n Orlando\n Project Revenue Bonds (Series 2025A), (Original Issue Yield: 7.400%), 7.125%, 1/1/2065	\n 4/21/2025 \n	\n $1,447,475 \n	\n $1,567,240 \n
\n Capital\n Trust Authority (Convivial St. Petersburg), Revenue Bond Anticipation Notes (Series 2024A), \n 12.000%,\n 10/3/2029	\n 9/27/2024 \n	\n $1,000,000 \n	\n $1,263,907 \n
\n Colorado\n Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue \n Bonds\n (Series 2016), 5.000%, 7/1/2036	\n 4/17/2020 \n	\n $946,760 \n	\n $1,000,231 \n
\n Connecticut\n State Health & Educational Facilities (Odd Fellows Homes of Connecticut, Inc.), Educational Facilities \n Authority\n Revenue Bonds, Fairview Issue TEMPS-50 (Series 2026B-3), 4.400%, 12/15/2031	\n 6/26/2026 \n	\n $1,000,000 \n	\n $1,004,233 \n
\n Director\n of the State of Nevada Department of Business and Industry (Brightline West Passenger Rail Project), \n Senior\n Subordinated Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026	\n 11/26/2025 \n	\n $1,447,447 \n	\n $917,575 \n
\n Director\n of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter \n School\n Revenue Bonds (Series 2017A), 5.000%, 7/15/2047	\n 8/31/2017 \n	\n $905,000 \n	\n $813,379 \n
\n Director\n of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter \n School\n Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2038	\n 11/8/2022 \n	\n $936,840 \n	\n $991,988 \n
\n Florida\n Development Finance Corp. (GFL Solid Waste Southeast LLC), Solid Waste Disposal Revenue Bonds \n (Series\n 2024A), (GFL Environmental, Inc. GTD), 4.375%, Mandatory Tender 10/1/2031	\n 10/1/2024 \n	\n $665,000 \n	\n $663,913 \n
\n Florida\n Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds \n (Series\n 2021A), 4.000%, 6/1/2055	\n 7/23/2021 \n	\n $1,054,045 \n	\n $736,653 \n

Annual\nFinancial Statements and Additional Information

\n Security \n	\n Acquisition \n Date \n	\n Cost \n	\n Value \n
\n Florida\n Development Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2026), \n 4.350%,\n Mandatory Tender 7/1/2031	\n 6/26/2026 \n	\n $1,000,000 \n	\n $991,919 \n
\n Florida\n Local Government Finance Commission (Ponte Vedra Pine Company LLC), Fleet Landing at Nocatee Senior \n Living\n Revenue Bonds (Series 2025A), (Original Issue Yield: 6.970%), 6.875%, 11/15/2064	\n 8/15/2025 \n	\n $1,712,865 \n	\n $1,814,494 \n
\n Florida\n Local Government Finance Commission (The Sanctuary at Village on the Isle), Revenue Bond Anticipation \n Notes\n (Series 2025A), 11.000%, 12/22/2030	\n 12/11/2025 \n	\n $1,000,000 \n	\n $1,073,739 \n
\n Henderson,\n KY (Pratt Paper (KY), LLC), Exempt Facilities Revenue Bonds (Series 2022), 4.700%, 1/1/2052	\n 3/25/2022 \n	\n $375,000 \n	\n $346,928 \n
\n Illinois\n Finance Authority (CenterPoint Joliet Terminal Railroad), Surface Freight Transfer Facilities Revenue Bonds \n (Series\n 2017), (CenterPoint Properties Trust GTD), 4.800%, Mandatory Tender 7/2/2035	\n 6/25/2025 \n	\n $2,625,000 \n	\n $2,671,293 \n
\n Indianapolis,\n IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue \n Bonds\n (Series 2023F-2), (Original Issue Yield: 8.200%), 7.750%, 3/1/2067	\n 11/17/2023 \n	\n $947,039 \n	\n $1,076,201 \n
\n Kansas\n City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue \n Bonds\n (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050	\n 1/10/2018 \n	\n $1,978,392 \n	\n $1,926,238 \n
\n Maine\n State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue \n Bonds\n (Series 2024), 4.625%, Mandatory Tender 6/1/2035	\n 12/18/2024 \n	\n $500,000 \n	\n $508,584 \n
\n Maricopa\n County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), \n 4.000%,\n 10/15/2047	\n 2/11/2022 \n	\n $1,030,303 \n	\n $847,553 \n
\n Michigan\n Strategic Fund (Bedrock TBP Inc.), Limited Obligation Tax Capture Revenue Bonds (Series 2026), \n 4.625%,\n 10/1/2041	\n 6/4/2026 \n	\n $986,578 \n	\n $989,067 \n
\n Michigan\n Strategic Fund (Bedrock TBP Inc.), Limited Obligation Tax Capture Revenue Bonds (Series 2026), \n 5.500%,\n 10/1/2053	\n 6/4/2026 \n	\n $980,584 \n	\n $996,440 \n
\n Millsboro,\n DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding \n Bonds\n (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038	\n 5/22/2020 \n	\n $2,863,345 \n	\n $3,004,539 \n
\n Mississippi\n Business Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2025), \n 4.375%,\n Mandatory Tender 8/2/2027	\n 11/7/2025 \n	\n $1,000,000 \n	\n $1,000,781 \n
\n National\n Finance Authority, NH (Bridgeland Water & Utility District 490, 491, & 158), Special Revenue Bonds \n (Series\n 2024), 5.375%, 12/15/2035	\n 9/13/2024 \n	\n $700,000 \n	\n $691,034 \n
\n National\n Finance Authority, NH (Goodland Project, TX MUD), Special Revenue Capital Appreciation Bonds \n (Series\n 2026), (Original Issue Yield: 6.625%), 0.000%, 12/15/2039	\n 4/22/2026 \n	\n $1,066,154 \n	\n $1,041,684 \n
\n National\n Finance Authority, NH (Highlands Project MUDs), Special Revenue Bonds (Series 2024), \n 5.125%,\n 12/15/2030	\n 10/9/2024 \n	\n $600,000 \n	\n $596,976 \n
\n National\n Finance Authority, NH (Princeton Area Projects MUD), Special Revenue Bonds (Series 2025), \n 5.500%,\n 12/1/2030	\n 4/11/2025 \n	\n $800,000 \n	\n $799,764 \n
\n New\n Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue \n Refunding\n Bonds (Series 2021), 4.000%, 8/15/2046	\n 3/24/2023 \n	\n $1,480,320 \n	\n $1,590,753 \n
\n New\n Jersey EDA (Repauno Port & Rail Terminal), Dock and Wharf Facility Revenue Bonds (Series 2025), (Original \n Issue\n Yield: 6.516%), 6.375%, 1/1/2035	\n 5/16/2025 \n	\n $1,486,488 \n	\n $1,575,557 \n
\n Niagara\n Area, NY Development Corporation (Reworld Holding Corp.), Solid Waste Disposal Facility Revenue \n Refunding\n Bonds (Series 2018A), 4.750%, 11/1/2042	\n 8/30/2018 \n	\n $1,000,000 \n	\n $875,320 \n
\n Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), \n 4.500%,\n 1/15/2048	\n 11/16/2017 \n	\n $1,000,000 \n	\n $925,380 \n
\n Osceola,\n AR (Plum Point Energy Associates LLC), Solid Waste Disposal Revenue Refunding Bonds (Series 2026), \n 4.875%,\n 4/1/2040	\n 6/18/2026 \n	\n $1,000,000 \n	\n $971,550 \n
\n Palm\n Beach County, FL Health Facilities Authority (Green Cay Life Plan Village, Inc.), Health Facilities Revenue \n Bonds\n TEMPS-90 (Series 2026D-1), (Original Issue Yield: 6.150%), 5.900%, 11/15/2034	\n 8/19/2026 \n	\n $1,967,940 \n	\n $1,978,407 \n
\n Panorama\n Public Infrastructure District No. 1, LT GO Bonds (Series 2025A), 6.250%, 3/1/2055	\n 11/14/2025 \n	\n $2,000,000 \n	\n $1,998,027 \n
\n Pennsylvania\n Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding \n Revenue\n Bonds (Series 2014), 5.500%, 11/1/2044	\n 11/21/2014 \n	\n $2,000,000 \n	\n $1,970,750 \n
\n Pima\n County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035	\n 10/6/2022 \n	\n $1,000,000 \n	\n $1,070,798 \n
\n Pima\n County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057	\n 10/6/2022 \n	\n $1,000,000 \n	\n $1,056,716 \n
\n Polk\n County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds \n (Series\n 2020), 5.875%, 1/1/2033	\n 10/23/2020 \n	\n $1,750,000 \n	\n $87,500 \n
\n Port\n of Greater Cincinnati, OH Development Authority (Cincinnati Convention Center Hotel), Special Obligation \n Development\n Revenue and Refunding Bonds (Series 2026), (Original Issue Yield: 5.950%), 5.750%, 3/1/2059	\n 6/17/2026 \n	\n $1,942,571 \n	\n $1,906,116 \n
\n Public\n Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), \n 5.000%,\n 6/15/2054	\n 6/12/2020 \n	\n $1,390,570 \n	\n $1,235,325 \n
\n Public\n Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052	\n 2/2/2023 \n	\n $2,000,000 \n	\n $2,060,208 \n

Annual\nFinancial Statements and Additional Information

\n Security \n	\n Acquisition \n Date \n	\n Cost \n	\n Value \n
\n Public\n Finance Authority, WI (Mater Academy of Nevada), East Las Vegas Campus Revenue Bonds (Series 2024A), \n 5.000%,\n 12/15/2054	\n 9/25/2024 \n	\n $1,513,592 \n	\n $1,320,615 \n
\n Public\n Finance Authority, WI (Million Air Two, LLC), Special Facility Refunding Revenue Bonds (Series 2026A), \n (Original\n Issue Yield: 5.125%), 5.000%, 6/1/2041	\n 7/15/2026 \n	\n $987,092 \n	\n $974,388 \n
\n Public\n Finance Authority, WI (Million Air Two, LLC), Special Facility Refunding Revenue Bonds (Series 2026A), \n (Original\n Issue Yield: 5.450%), 5.375%, 6/1/2046	\n 7/15/2026 \n	\n $1,981,808 \n	\n $1,972,855 \n
\n Public\n Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), \n 4.000%,\n 8/1/2035	\n 5/19/2016 \n	\n $1,000,000 \n	\n $953,428 \n
\n Public\n Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), \n 5.000%,\n 10/1/2053	\n 11/15/2022 \n	\n $2,416,980 \n	\n $2,748,802 \n
\n Public\n Finance Authority, WI Revenue (Alpha Ranch Project MUD), Capital Appreciation Bonds (Series 2024), \n (Original\n Issue Yield: 6.125%), 0.000%, 12/15/2038	\n 11/22/2024 \n	\n $963,332 \n	\n $937,053 \n
\n Public\n Finance Authority, WI Revenue (Anthem/Freedom, TX Municipal Utility District), Revenue Anticipation \n Capital\n Appreciation Bonds (Series 2025), (Original Issue Yield: 5.750%), 0.000%, 12/15/2037	\n 2/28/2025 \n	\n $433,662 \n	\n $401,598 \n
\n Public\n Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), \n 9.000%,\n 11/1/2028	\n 12/14/2023 \n	\n $700,000 \n	\n $730,263 \n
\n Public\n Finance Authority, WI Revenue (Briarwood and Park Place Projects), Capital Appreciation Bonds \n (Series\n 2025), (Original Issue Yield: 6.750%), 0.000%, 12/15/2036	\n 5/9/2025 \n	\n $875,989 \n	\n $876,194 \n
\n Public\n Finance Authority, WI Revenue (Cole Ranch Project MUD), Capital Appreciation Bonds (Series 2026), \n (Original\n Issue Yield: 7.625%), 0.000%, 12/15/2040	\n 6/25/2026 \n	\n $437,526 \n	\n $418,232 \n
\n Public\n Finance Authority, WI Revenue (Sky Harbour Capital III LLC), Revenue Bonds (Series 2026), 6.000%, \n Mandatory\n Tender 1/1/2031	\n 1/30/2026 \n	\n $1,000,000 \n	\n $1,017,909 \n
\n Puerto\n Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), \n 4.000%,\n 7/1/2042	\n 3/21/2024 \n	\n $3,820,200 \n	\n $3,753,490 \n
\n Rockdale\n County, GA Development Authority (Pratt Industries, Inc.), Revenue Refunding Bonds (Series 2018), \n 4.000%,\n 1/1/2038	\n 5/16/2018 \n	\n $500,000 \n	\n $476,289 \n
\n Savannah-Georgia\n Convention Center Authority (Savannah-Georgia Convention Center Hotel), Convention Center \n Hotel\n Second Tier Revenue Bonds (Series 2025B), (Original Issue Yield: 6.450%), 6.250%, 6/1/2061	\n 9/11/2025 \n	\n $1,750,107 \n	\n $1,793,941 \n
\n South\n Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), \n 7.500%,\n 11/15/2053	\n 7/21/2023 \n	\n $1,000,000 \n	\n $1,073,409 \n
\n St.\n James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008), 6.100%, Mandatory Tender 6/1/2030	\n 5/20/2020 \n	\n $1,000,000 \n	\n $1,082,031 \n
\n Steel\n Point Infrastructure Improvement District, Steelpointe Harbor Special Obligation Revenue Bonds \n (Series\n 2024), (Original Issue Yield: 6.090%), 6.000%, 4/1/2052	\n 5/17/2024 \n	\n $988,310 \n	\n $1,014,899 \n
\n Tempe,\n AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017A), 6.125%, 10/1/2047	\n 3/6/2025 \n	\n $261,638 \n	\n $310,745 \n
\n The\n IDA of Baldwin County (Novelis Corporation), Solid Waste Disposal Revenue Bonds (Series 2025A), (Novelis \n Corporation\n GTD), 5.000%, Mandatory Tender 6/1/2032	\n 6/6/2025 \n	\n $1,335,000 \n	\n $1,368,698 \n
\n Utah\n State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding \n Bonds\n (Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037	\n 4/27/2020 \n	\n $1,868,056 \n	\n $1,836,656 \n
\n Valparaiso,\n IN (Pratt Paper (IN), LLC), Exempt Facilities Revenue Bonds (Series 2024), 5.000%, 1/1/2054	\n 4/26/2024 \n	\n $750,000 \n	\n $720,669 \n
\n Venice,\n FL (Village on the Isle), Retirement Community Revenue Improvement Bonds (Series 2024), \n 5.625%,\n 1/1/2060	\n 11/20/2024 \n	\n $1,270,223 \n	\n $1,220,996 \n
\n Vermont\n EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, \n Mandatory\n Tender 4/3/2028	\n 3/28/2018 \n	\n $1,000,000 \n	\n $1,012,249 \n
\n Virgin\n Islands Hotel Development Financing Corporation (Frenchman’s Reef Hotel Acquisition Project), Senior Lien \n Hotel\n Revenue Bonds (Series 2025A-1), (Original Issue Yield: 6.250%), 6.000%, 12/1/2055	\n 12/18/2025 \n	\n $1,933,061 \n	\n $1,933,113 \n
\n Virginia\n Small Business Financing Authority (Reworld Holding Corp.), Solid Waste Disposal Revenue Bonds \n (Series\n 2018), 5.000%, Mandatory Tender 7/1/2038	\n 5/24/2018 \n	\n $370,000 \n	\n $358,357 \n
\n Washington\n State Housing Finance Commission (Horizon House Project), Nonprofit Housing Revenue and \n Refunding\n Revenue Bonds, 6.250%, 1/1/2061	\n 11/13/2025 \n	\n $971,090 \n	\n $1,013,848 \n
\n West\n Virginia EDA (Core Natural Resources, Inc.), Solid Waste Disposal Facility Revenue Bonds (Series 2025), \n 5.450%,\n Mandatory Tender 3/27/2035	\n 3/20/2025 \n	\n $1,000,000 \n	\n $1,071,047 \n

Annual\nFinancial Statements and Additional Information

Additional Disclosure Related\nto Derivative Instruments

The Effect of Derivative Instruments on the Statement\nof Operations for the Year Ended August 31, 2026

\n \n \n \n \n \n \n \n \n

Amount\n of Realized Gain or (Loss) on Derivatives Recognized in Income

\n \n

Futures\n

Contracts

Interest\n rate contracts

$165,611

Other\n

The\npreparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the\namounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from\nthose estimated. The Fund applies investment company accounting\nand reporting guidance.

3. SHARES\nOF BENEFICIAL INTEREST

The following tables summarize share activity:\n

\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n A Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 1,383,442 \n	\n $11,150,603 \n	\n 1,295,847 \n	\n $10,466,827 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 569,575 \n	\n 4,574,936 \n	\n 590,843 \n	\n 4,741,477 \n
\n Conversion\n of Class F Shares to Class A Shares1\n	\n 8,162,981 \n	\n 65,058,959 \n	\n — \n	\n — \n
\n Shares\n redeemed	\n (3,038,881) \n	\n (24,444,728) \n	\n (3,261,138) \n	\n (26,198,138) \n
\n NET\n CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	\n 7,077,117 \n	\n $56,339,770 \n	\n (1,374,448) \n	\n $(10,989,834) \n
\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n C Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 186,506 \n	\n $1,482,476 \n	\n 160,751 \n	\n $1,278,418 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 35,567 \n	\n 285,156 \n	\n 42,788 \n	\n 343,064 \n
\n Shares\n redeemed	\n (411,723) \n	\n (3,287,289) \n	\n (535,305) \n	\n (4,263,706) \n
\n NET\n CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	\n (189,650) \n	\n $(1,519,657) \n	\n (331,766) \n	\n $(2,642,224) \n
\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n F Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 148,380 \n	\n $1,188,349 \n	\n 90,862 \n	\n $728,815 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 338,752 \n	\n 2,717,603 \n	\n 408,952 \n	\n 3,281,821 \n
\n Conversion\n of Class F Shares to Class A Shares1\n	\n (8,174,160) \n	\n (65,058,959) \n	\n — \n	\n — \n
\n Shares\n redeemed	\n (1,987,020) \n	\n (15,965,027) \n	\n (2,860,499) \n	\n (22,825,270) \n
\n NET\n CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS	\n (9,674,048) \n	\n $(77,118,034) \n	\n (2,360,685) \n	\n $(18,814,634) \n
\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Institutional\n Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 8,573,779 \n	\n $68,777,319 \n	\n 7,756,870 \n	\n $62,072,312 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 1,210,344 \n	\n 9,694,514 \n	\n 1,096,431 \n	\n 8,769,268 \n
\n Shares\n redeemed	\n (5,788,747) \n	\n (46,394,348) \n	\n (8,248,458) \n	\n (65,554,401) \n
\n NET\n CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	\n 3,995,376 \n	\n $32,077,485 \n	\n 604,843 \n	\n $5,287,179 \n
\n NET\n CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	\n 1,208,795 \n	\n $9,779,564 \n	\n (3,462,056) \n	\n $(27,159,513) \n

\n \n \n \n

On\n August 28, 2026, Class F Shares were converted to Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class\n F Shares is

within\n the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares.

Annual\nFinancial Statements and Additional Information

4. FEDERAL\nTAX INFORMATION

The tax character of distributions as reported\non the Statement of Changes in Net Assets for the years ended August 31, 2026 and 2025,\nwas as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n 2026 \n	\n 2025 \n
\n Tax-exempt\n income	\n $18,599,666 \n	\n $18,660,860 \n
\n Ordinary\n income	\n $485,683 \n	\n $110,634 \n

As of August 31, 2026, the components of\ndistributable earnings on a tax-basis were as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Undistributed\n tax-exempt income	\n $462,246 \n
\n Net\n unrealized depreciation	\n $(7,880,071) \n
\n Capital\n loss carryforwards	\n $(73,354,740) \n
\n TOTAL \n	\n $(80,772,565) \n

At August 31, 2026, the cost of investments\nfor federal tax purposes was $457,001,871. The net unrealized depreciation of investments for\nfederal tax purposes was $7,880,071. This consists of unrealized appreciation from investments for those securities having an excess of\nvalue over cost of $10,449,039 and unrealized depreciation from investments for those securities having an excess of cost over value of\n$18,329,110. The difference between book-basis and tax-basis net unrealized depreciation is attributable to differing treatments for discount\naccretion/premium amortization on debt securities and defaulted bonds.\n

At August 31, 2026, the\nFund had a capital loss carryforward of $73,354,740 which will reduce the Fund’s taxable income arising from future\nnet realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders\nwhich would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net\ncapital losses retain their character as either short-term or long-term and do not expire.\n

The following schedule summarizes the Fund’s\ncapital loss carryforwards:

\n \n \n \n \n \n \n \n \n

\n Short-Term \n	\n Long-Term \n	\n Total \n
\n $17,107,378 \n	\n $56,247,362 \n	\n $73,354,740 \n

The Fund used capital loss carryforwards\nof $292,630 to offset capital gains realized during the year ended August 31, 2026.\n

5. INVESTMENT\nADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee\n

The\nadvisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.60% of the Fund’s average daily net assets.\nSubject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or\nreimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and\nwhen appropriate, to maintain positive or zero net yields. For\nthe year ended August 31, 2026, the Adviser voluntarily waived $756,433 of\nits fee.

Administrative Fee\n

Federated\nAdministrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and\nservices. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated\nHermes Funds subject to a fee under the Administrative Services\nAgreement. The fee paid to FAS is based on the average daily net assets\nof the Investment Complex as specified below:\n

\n \n \n \n \n \n \n \n \n \n

Administrative\n Fee

Average\n Daily Net Assets

of\n the Investment Complex

0.100%

on\n assets up to $50 billion

0.075%

on\n assets over $50 billion

Subject to the terms described in the Expense\nLimitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended\nAugust 31, 2026, the annualized fee paid to FAS was 0.079% of average daily net assets of the Fund.\n

In addition, FAS may charge certain out-of-pocket\nexpenses to the Fund.

Annual\nFinancial Statements and Additional Information

Distribution Services Fee\n

The\nFund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund\nwill compensate Federated Securities Corp. (FSC), the principal\ndistributor, from the daily net assets of the Fund’s Class A Shares and Class C Shares\nto finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses\nat the following percentages of average daily net assets annually,\nto compensate FSC:

\n \n \n \n \n \n \n \n \n \n

\n \n

Percentage\n of Average Daily

Net\n Assets of Class

Class\n A Shares

0.05%

Class\n C Shares

0.75%

Prior to their conversion to Class A at\nthe close of business on August 28, 2026, the Class F Shares were also subject to the Plan at 0.05% of\naverage daily net assets of the Class F Shares.\n

Subject to the terms\ndescribed in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year\nended August 31, 2026, distribution services fees for the Fund were as follows:\n

\n \n \n \n \n \n \n

\n \n

Distribution\n Services

Fees\n Incurred

Class\n C Shares

$62,671

For the year ended August 31, 2026, FSC\nretained $8,473 of fees paid by the Fund. When FSC receives fees, it may pay some or all of them\nto financial intermediaries whose customers purchase shares. For the year ended August 31, 2026, the Fund’s Class A Shares and Class\nF Shares did not incur a distribution services fee; however, the Fund’s Class A Shares may begin to incur this fee upon approval\nby the Trustees.\n

Sales Charges\n

Front-end\nsales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the\nproceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended\nAugust 31, 2026, FSC retained $7,207 in sales charges from the sale of Class A Shares. FSC also retained $707, $938 and $1,574 of\nCDSC relating to redemptions of Class A Shares, Class C Shares and Class F Shares, respectively.\n

Other Service Fees\n

For\nthe year ended August 31, 2026, FSSC received $13,688 of the other service fees disclosed in Note 2.\n

Expense Limitation\n

The\nAdviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts\nof their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding\ninterest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Class A Shares, Class C Shares and\nInstitutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.89%, 1.64% and 0.64% (the “Fee Limit”),\nrespectively, up to but not including the later of (the “Termination\nDate”): (a) November 1, 2027; or (b) the date of the Fund’s next effective\nProspectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements\nprior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination\nDate with the approval of the Trustees.

Interfund Transactions\n

During\nthe year ended August 31, 2026, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser\n(or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied\nwith Rule 17a-7 under the Act and amounted to $62,395,000 and $82,925,000, respectively. Net realized gain (loss) recognized on\nthese transactions was $0.

Directors’/Trustees’ and Miscellaneous Fees\n

Certain\nOfficers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate\npayment, Independent Directors’/Trustees’ fees and\ncertain expenses related to conducting meetings of the Directors/Trustees and other\nmiscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related\nto conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous\nExpenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.\n

6. EXPENSE\nREDUCTION

Through arrangements with the Fund’s\ncustodian, net credits realized as a result of uninvested cash balances were used to offset custody expenses.\nFor the year ended August 31, 2026, the Fund’s expenses were offset by $3,846 under these arrangements.\n

Annual\nFinancial Statements and Additional Information

7. INVESTMENT\nTRANSACTIONS

Purchases and sales of investments, excluding\nlong-term U.S. government securities and short-term obligations, for the year ended August\n31, 2026, were as follows:

\n \n \n \n \n \n \n

\n Purchases \n	\n $88,284,027 \n
\n Sales \n	\n $86,555,143 \n

8. CONCENTRATION\nOF RISK

The Fund has 52.9% of its portfolio invested\nin lower rated and comparable quality unrated high-yield securities. Investments in higher yield\nsecurities may be subject to a greater degree of credit risk and the risk tends to be more sensitive to economic conditions than higher\nrated securities. The risk of loss due to default by the issuer may be significantly higher for the holders of high yielding securities\nbecause such securities are generally unsecured and often subordinated\nto other creditors of the issuer.

9. LINE\nOF CREDIT

The Fund participates with certain other\nFederated Hermes Funds, on a several basis, in an up to $400,000,000 unsecured, 364-day, committed,\nrevolving line of credit (LOC) agreement dated June 16, 2026. The LOC was made available to temporarily finance the repurchase\nor redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary\nor emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s\nability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied\nbefore the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on\nany day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and\n(iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under\nthe LOC pays its pro rata share of a commitment fee based on the amount of\nthe lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of August 31, 2026, the Fund had no\noutstanding loans. During the year ended August 31, 2026, the\nFund did not utilize the LOC.

10. INTERFUND\nLENDING

Pursuant to an Exemptive Order issued by\nthe Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries\nof Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility\nallowing the Fund to borrow from other participating affiliated funds. As of August 31, 2026, there were no outstanding loans. During\nthe year ended August 31, 2026, the program was not utilized.\n

11. OPERATING\nSEGMENTS

An operating segment is defined as a component\nof a public entity that engages in business activities from which it may recognize revenues\nand incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)\nto make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information\navailable. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the\nCODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment\nobjective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s\nportfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,\nsubscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s\nbenchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented\nin these financial statements. Segment assets are reflected on\nthe accompanying Statement of Assets and Liabilities as “total assets” and significant\nsegment expenses are listed on the accompanying Statement of Operations.\n

12. INDEMNIFICATIONS\n

Under the Fund’s organizational documents,\nits Officers and Directors/Trustees are indemnified against certain liabilities arising out of the\nperformance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence\nor reckless disregard of their duties to the Fund). In addition,\nin the normal course of business, the Fund provides certain indemnifications under\narrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into\nby the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to\nthe arrangement, provided the third party’s actions are\nnot deemed to have breached an agreed-upon standard of care (such as willful misfeasance,\nbad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these\narrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund\ndoes not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss\nto be remote.

13. FEDERAL\nTAX INFORMATION (UNAUDITED)

For the fiscal year ended August 31, 2026,\n97.5% of distributions from net investment income is exempt from federal income tax, other than\nthe federal AMT.

For the year ended August\n31, 2026, 100% of total ordinary income distributions qualified as business interest income for purposes of 163(j)\nand the regulations thereunder.

Annual\nFinancial Statements and Additional Information

Report of\nIndependent Registered Public Accounting Firm

To the Shareholders of Federated\nHermes Municipal High Yield Advantage Fund AND THE Board of\nTrustees of Federated Hermes Municipal Securities Income Trust:

Opinion on the Financial Statements

We have audited the accompanying\nstatement of assets and liabilities of Federated Hermes Municipal High Yield Advantage\nFund (the Fund), a portfolio of Federated Hermes Municipal Securities Income Trust, including the portfolio of investments,\nas of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in\nnet assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements)\nand the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial\nstatements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August\n31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the\ntwo-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity\nwith U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and\nfinancial highlights are the responsibility of the Fund’s management. Our responsibility is to\nexpress an opinion on these financial statements and financial highlights based on our audits. We are a public accounting\nfirm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required\nto be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules\nand regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance\nwith the standards of the PCAOB. Those standards require that we plan and perform\nthe audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material\nmisstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material\nmisstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts\nand disclosures in the financial statements and financial highlights. Such procedures also included confirmation of\nsecurities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received\nfrom brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles\nused and significant estimates made by management, as well as evaluating the overall presentation of the financial\nstatements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

$\"$

We have served as the auditor\nof one or more Federated Hermes’ investment companies since 2006.

Boston, Massachusetts\n
October 26, 2026

Annual\nFinancial Statements and Additional Information

Evaluation\nand Approval of Advisory Contract–May\n2026

Federated Hermes Municipal\nHigh Yield Advantage Fund (the “Fund”)

At its meetings in May 2026 (the\n“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who\nare not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the\n“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between\nthe Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year\nterm. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment\nafter considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation\nof the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval\nare summarized below.

Information Received\nand Review Process

At the request\nof the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance\nof its May Meetings an independent written report regarding data related to the Fund’s management fee (the\n“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,\nin evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation\nof the Contract.

In addition\nto the CCO Management Fee Report, the Board considered information specifically prepared in connection with\nthe approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding\nthe May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the\nAdviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent\nlegal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized\nbelow. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary\nto evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the\nBoard at its meetings throughout the year.

The Board’s\nconsideration of the Contract included review of materials and information covering the following matters, among\nothers: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the\nFund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel\nand processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance\n- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds\nand its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the\nFund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary\nexpense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect\nto managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage\ncommissions derived from trading the Fund’s portfolio securities (if any).

The Board\nalso considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered\nfunds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it\ndeemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature\nand quality of the services provided by the adviser to the fund and its shareholders, including the performance of the\nfund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser\nof providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the\nfund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its\nshareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with\nthe fund, including research services received from\nbrokers that execute fund trades and any fees paid to affiliates of the adviser\nfor services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid\nto the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees\ncharged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)\nthe extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their\nexpertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the\nadviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements\nregarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with\nthe factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered\nthem to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors\nin light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters\nrelating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,\nthe “Federated Hermes Funds”).

Annual\nFinancial Statements and Additional Information

In\naddition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the\nFund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate\nor not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund\nbased on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes\nwill have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range\nof investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity\nto consider other investment options, have effectively selected Federated Hermes by virtue of investing in the\nFund.

In determining\nto approve the continuation of the Contract, the members of the Board reviewed and evaluated information\nand factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.\nWhile individual members of the Board may have weighed certain factors differently, the Board’s determination\nto approve the continuation of the Contract was based on a comprehensive consideration of all information provided\nto the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors\nconsidered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the\nregistered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal\ncounsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive\nsession with their independent legal counsel and without management present to review the relevant materials and\nconsider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes\nalso met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations\nfurnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as\npart of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made\non a fund-by-fund basis.

Nature, Extent and\nQuality of Services

The Board\nconsidered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources\nof Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the\nContract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,\ninvestment philosophy and process, investment research capabilities and resources, trade operations capabilities,\nexperience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities\nof the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated\nFederated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board\nconsidered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of\nbrokers for those transactions. The Board also considered the Adviser’s ability to deliver competitive investment performance\nfor the Fund when compared to the Fund’s Performance Peer Group (as defined below).

In addition,\nthe Board considered the financial resources and overall reputation of Federated Hermes and its willingness to\nconsider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational\nenhancements that are designed to benefit the Federated Hermes Funds. The Board considered Federated Hermes’\noversight of the securities lending program for the Federated Hermes Funds that engage in securities lending and noted\nthe income earned by the Federated Hermes Funds that participate in such program. In addition, the Board considered\nthe quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests\nmade from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes\nis responsible for providing the Federated Hermes Funds’ officers.

The Board\nreceived and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The\nBoard considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated\nHermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any\ncompliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated\nHermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes\nin support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,\nincluding Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The\nBoard considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes\nFunds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and\npolicies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led,\nand continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted\nFederated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for\nand respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service\nproviders operate.

Annual\nFinancial Statements and Additional Information

The\nBoard considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive\narray of funds with different investment objectives, policies and strategies. The Board considered the expenses\nthat Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in\nsponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted\nthe benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to\nexchange investments between the same class of shares without the incurrence of additional sales charges.

Based on\nthese considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services\nprovided by the Adviser to the Fund.

Fund Investment Performance

The Board\nconsidered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board\nconsidered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered\ndetailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods\nthat were provided to the Board throughout the year and in connection with the May Meetings. These reports included,\namong other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared\nto one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information\nand commentary on the effect of market conditions. The Board noted that it evaluated investment performance at\nmeetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated\nHermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions\nFederated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results\nof those actions.

The Board\nalso reviewed comparative information regarding the performance of other registered funds in the category of\npeer funds selected by Morningstar, Inc. (“Morningstar”), an independent fund ranking organization (the “Performance\nPeer Group”). The Board noted the CCO’s\nstatement that comparisons to fund peer groups may be helpful, though not conclusive,\nin evaluating the performance of the Adviser in managing the Fund.

The Board\nalso considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board\nthroughout the year.

The Board\nconsidered that for the one-year, three-year and five-year periods ended December 31, 2025, the Fund’s performance\nwas above the median of the Performance Peer Group.

Based on\nthese considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities\nto manage the Fund.

Fund Expenses

The Board\nconsidered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information\nthat had been provided in connection with the May Meetings. In this regard, the Board was presented with, and\nconsidered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each\nelement of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting\nfees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from\nthe overall category of peer funds selected by Morningstar (the “Expense Peer Group”). The Board received a description\nof the methodology used to select the Expense Peer Group from the overall Morningstar category. The Board also\nreviewed comparative information regarding the fees and expenses of the broader group of funds in the overall Morningstar\ncategory.

While mindful\nthat courts have cautioned against giving too much weight to comparative information concerning fees charged\nto funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board\nin its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more\nheavily than non-registered fund products or services because such comparisons are believed to be more relevant. The\nBoard considered that other registered funds are the products most like the Fund, in that they are readily available to Fund\nshareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained\nby the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore,\nappears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund\ncompetes.

The Board\nreviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position\nof the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory\nfee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements,\nand that the overall expense structure of the Fund remained competitive in the context of other factors considered\nby the Board.

Annual\nFinancial Statements and Additional Information

The\nBoard also received and considered information about the nature and extent of services offered and fees charged by Federated\nHermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including\nnon-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for\nwhich the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients\nare inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)\napplicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made\nnecessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams\n(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities\npricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)\nquestions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated\nwith management. The Board also considered information regarding the differences in the nature of the services required\nfor Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as\na sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs\nsignificant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes\nFunds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized\nthat differences in fees for providing advisory services to other types of clients may not be appropriate when judging\nthe appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.

In the case\nof the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable\nto the Fund.

Based on\nthese considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction\nwith other matters considered, are reasonable in light of the services provided.

Profitability

The Board\nreceived and considered profitability information furnished by Federated Hermes. Such profitability information\nincluded revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund\nbasis, using allocation methodologies specified by the CCO and described to the Board. The Board considered\nthe CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of\ngeneral comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report\nto be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost\nand/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered\nthe CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes\nof reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies\npreviously reviewed by an independent consultant. The Board noted that the independent consultant had previously\nconducted a review of the allocation methodologies and reported to the Board that, although there is no single best\nmethod to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s\nstatement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation\nto the services provided.

The Board\nalso reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held\nfund management companies, including information regarding profitability trends over time. The Board recognized\nthat profitability comparisons among fund management companies are difficult because of the variation in the type\nof comparative information that is publicly available, and the profitability of any fund management company is affected\nby numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated\nHermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with\nthe resources available to fulfill its contractual obligations.

Economies of Scale

The Board\nreceived and considered information about the notion of possible realization of “economies of scale” as a fund\ngrows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent\nto which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes\nhas made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio\nmanagement, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity\nand information security programs; internal audit and risk management functions; and technology, systems capabilities\nand use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed\nto provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered\nthat the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.\nIn addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies\nof scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes\nFund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive

Annual\nFinancial Statements and Additional Information

in the marketplace,\nFederated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds\nand has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.\nThe Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds\nin recent years, which has resulted in benefits being realized by shareholders.

The Board\nalso received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)\nthat was provided to the Board throughout the year and in connection with the May Meetings. The Board considered\nthat Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive\nto either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating\nthe reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines\non economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring\nfund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

Other Benefits

The Board\nconsidered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes\nderived from its relationships with the Federated Hermes Funds. The Board considered that Federated Hermes may\nderive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.\nThe Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory\ncontracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds\nunder separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.\nIn this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services\nto the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant\nto Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,\nthat Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the\nFederated Hermes Funds.

Conclusions

The Board\nconsidered the CCO’s presentation and statements and the information accompanying the CCO Management Fee\nReport. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements\nis a continuing and ongoing process that is informed by the information that the Board requests and receives from\nmanagement throughout the course of the year.

On the basis\nof the information and factors summarized above, among other information and factors deemed relevant by the\nBoard, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation\nof the Contract. The Board based its determination to approve the Contract on the totality of the circumstances\nand relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations\nidentified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them\nto be determinative.

Annual\nFinancial Statements and Additional Information

Mutual funds are not\nbank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the\nU.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.\nInvestment in mutual funds involves investment risk, including the possible loss of principal.

This information is authorized\nfor distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,\nwhich contains facts concerning its objective and policies, management fees, expenses and other information.\n

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Federated Hermes Municipal High Yield Advantage\nFund

Federated Hermes Funds
4000\nEricsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 313923864
CUSIP\n313923849
CUSIP 313923815

G01091-01 (10/26)

©\n2026 Federated Hermes, Inc.

Annual Financial Statements\n
and Additional Information

August 31, 2026

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\n \n \n \n \n \n \n

Share\n Class | Ticker

A | OMIAX

Institutional | OMIIX

\n \n

Federated\nHermes Ohio Municipal Income Fund

A\nPortfolio of Federated Hermes Municipal Securities Income Trust

Not FDIC Insured ▪ May\nLose Value ▪ No Bank Guarantee

CONTENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Portfolio\n of Investments	\n 1
\n Financial\n Highlights	\n 5
\n Statement\n of Assets and Liabilities	\n 7
\n Statement\n of Operations	\n 8
\n Statement\n of Changes in Net Assets	\n 9
\n Notes\n to Financial Statements	\n 10
\n Report\n of Independent Registered Public Accounting Firm	\n 16
\n Evaluation\n and Approval of Advisory Contract	\n 17 \n

Portfolio\nof Investments

August 31, 2026\n

\n Principal\n \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—93.9%	\n
\n	\n \n	\n Guam—0.7% \n	\n
\n $ 500,000 \n	\n \n	\n Guam\n Government, Business Privilege Tax Refunding Bonds (Series 2025G), 5.000%, 1/1/2031	\n $ 530,173 \n
\n	\n \n	\n Ohio—90.6% \n	\n
\n 1,000,000 \n	\n \n	\n Akron,\n Bath & Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center, Akron), Hospital Refunding \n Revenue\n Bonds (Series 2002A), (Original Issue Yield: 4.120%), 4.000%, 11/15/2042	\n 925,122 \n
\n 1,000,000 \n	\n \n	\n Akron,\n Bath & Copley, OH Joint Township Hospital District (Summa Health System), Hospital Facilities Revenue Bonds \n (Series\n 2016), (United States Treasury PRF 11/15/2026@100), 5.250%, 11/15/2041	\n 1,005,002 \n
\n 380,000 \n	\n \n	\n American\n Municipal Power-Ohio, Inc. (AMP - Combined Hydroelectric Projects), Revenue Bonds (Series 2024A), \n 5.000%,\n 2/15/2036	\n 412,365 \n
\n 1,000,000 \n	\n \n	\n American\n Municipal Power-Ohio, Inc. (AMP - Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2025A), \n 5.000%,\n 2/15/2046	\n 1,033,922 \n
\n 1,500,000 \n	\n \n	\n American\n Municipal Power-Ohio, Inc. (AMP - Prairie State Energy), Revenue Bonds (Series 2019C), 4.000%, 2/15/2039	\n 1,445,514 \n
\n 635,000 \n	\n \n	\n Avon\n Lake, OH City School District, UT GO Refunding Bonds (Series 2014A), 3.500%, 12/1/2029	\n 635,020 \n
\n 530,000 \n	\n \n	\n Big\n Walnut, OH Local School District, School Facilities Construction and Improvement Bonds (Series 2018B), \n 5.000%,\n 12/1/2040	\n 539,359 \n
\n 130,000 \n	\n \n	\n Bowling\n Green State University, OH, General Receipts Bonds (Series 2017B), 3.500%, 6/1/2037	\n 121,016 \n
\n 255,000 \n	\n \n	\n Bowling\n Green State University, OH, General Receipts Bonds (Series 2020A), 4.000%, 6/1/2038	\n 250,668 \n
\n 130,000 \n	\n \n	\n Buckeye\n Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds \n (Series\n 2020A-2 Class 1), 4.000%, 6/1/2038	\n 129,839 \n
\n 350,000 \n	\n \n	\n Buckeye\n Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds \n (Series\n 2020A-2 Class 1), 5.000%, 6/1/2036	\n 364,245 \n
\n 1,850,000 \n	\n \n	\n Buckeye\n Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds \n (Series\n 2020B-2 Class 2), 5.000%, 6/1/2055	\n 1,412,400 \n
\n 1,350,000 \n	\n \n	\n Cleveland,\n OH (Cleveland, OH Water Pollution Control), Water Pollution Control Revenue Bonds (Series 2024), \n 5.000%,\n 11/15/2054	\n 1,359,103 \n
\n 500,000 \n	\n \n	\n Cleveland,\n OH Airport System, Airport System Revenue Bonds (Series 2018A), 5.000%, 1/1/2027	\n 503,559 \n
\n 125,000 \n	\n \n	\n Cleveland,\n OH, LT GO Various Purpose and Refunding Bonds (Series 2021A), 3.000%, 12/1/2031	\n 123,412 \n
\n 220,000 \n	\n \n	\n Cleveland,\n OH, Various Purpose GO Bonds (Series 2023A), 5.000%, 12/1/2043	\n 228,997 \n
\n 235,000 \n	\n \n	\n Cleveland,\n OH, Various Purpose GO Bonds (Series 2023A), 5.000%, 12/1/2045	\n 243,327 \n
\n 1,205,000 \n	\n \n	\n Columbus,\n OH Regional Airport Authority, Airport Revenue Bonds (Series 2025A), 5.250%, 1/1/2041	\n 1,261,023 \n
\n 500,000 \n	\n \n	\n Columbus,\n OH Regional Airport Authority, Airport Revenue Bonds (Series 2025A), 5.500%, 1/1/2055	\n 513,727 \n
\n 500,000 \n	\n \n	\n Columbus-Franklin\n County, OH Finance Authority (Barthman Family Homes, LLC), Multifamily Housing Revenue Bonds \n (Series\n 2026), (United States Treasury GTD), 2.950%, Mandatory Tender 1/1/2029	\n 498,099 \n
\n 500,000 \n	\n \n	\n Copley-Fairlawn,\n OH School District, UT GO Classroom Facilities Construction and Improvement Bonds (Series 2023), \n 4.000%,\n 12/1/2052	\n 440,902 \n
\n 500,000 \n	\n \n	\n Cuyahoga\n County, OH, Capital Facilities Bonds (Series 2026), 5.000%, 12/1/2046	\n 522,202 \n
\n 800,000 \n	\n \n	\n Dayton-Montgomery\n County, OH Port Authority (Dayton Regional STEM Schools, Inc.), Development Revenue Bonds \n (Series\n 2024), 5.000%, 12/1/2054	\n 759,643 \n
\n 1,060,000 \n	\n \n	\n Franklin\n County, OH (Nationwide Children’s Hospital), Hospital Facilities Revenue Refunding and Improvement Bonds \n (Series\n 2017A), 4.000%, 11/1/2047	\n 962,903 \n
\n 1,000,000 \n	\n \n	\n Franklin\n County, OH (Nationwide Children’s Hospital), Hospital Refunding and Improvement Revenue Bonds (Series 2025A), \n 5.250%,\n 11/1/2055	\n 1,030,636 \n
\n 1,000,000 \n	\n \n	\n Franklin\n County, OH Health Care Facilities (Friendship Village of Dublin, OH, Inc.), Refunding & Improvement Bonds \n (Series\n 2014), 5.000%, 11/15/2044	\n 975,740 \n
\n 720,000 \n	\n \n	\n Gahanna\n OH, City of, Capital Facilities Bonds (Series 2024B), 4.000%, 12/1/2046	\n 677,912 \n
\n 200,000 \n	\n \n	\n Greenon\n Local School District, UT GO Bonds (Series 2017), 4.000%, 10/1/2033	\n 200,093 \n
\n 500,000 \n	\n \n	\n Hamilton\n County, OH (Christ Hospital ), Healthcare Facilities Improvement and Refunding Revenue Bonds (Series 2026), \n (Assured\n Guaranty, Inc. INS), 4.125%, 6/1/2044	\n 463,531 \n
\n 500,000 \n	\n \n	\n Hamilton\n County, OH (Christ Hospital ), Healthcare Facilities Improvement and Refunding Revenue Bonds (Series 2026), \n (Assured\n Guaranty, Inc. INS), 5.250%, 6/1/2043	\n 522,573 \n
\n 1,000,000 \n	\n \n	\n Hamilton\n County, OH (Cincinnati Children’s Hospital Medical Center), Hospital Facilities Revenue Bonds (Series 2019CC), \n 5.000%,\n 11/15/2041	\n 1,090,015 \n
\n 500,000 \n	\n \n	\n Hamilton\n County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), \n 5.000%,\n 1/1/2036	\n 500,137 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Ohio—continued \n	\n
\n $ 500,000 \n	\n \n	\n Hamilton\n County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), \n 5.000%,\n 1/1/2051	\n $ 473,722 \n
\n 1,000,000 \n	\n \n	\n Hamilton\n County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2025), \n 5.500%,\n 1/1/2050	\n 1,013,160 \n
\n 500,000 \n	\n \n	\n Hamilton\n County, OH (Life Enriching Communities), Hospital Revenue Bonds (Series 2023A), 5.750%, 1/1/2053	\n 511,285 \n
\n 1,000,000 \n	\n \n	\n Hamilton\n County, OH, LT GO Refunding Bonds (Series 2017A), 5.000%, 12/1/2037	\n 1,017,524 \n
\n 675,000 \n	\n \n	\n JobsOhio\n Beverage System, OH, Revenue Refunding and New Money Bonds (Series 2025A), 5.000%, 1/1/2053	\n 683,578 \n
\n 150,000 \n	\n \n	\n Kings\n Local School District, OH, UT GO School Improvement Bonds (Series 2025), 5.000%, 12/1/2031	\n 163,803 \n
\n 180,000 \n	\n \n	\n Kings\n Local School District, OH, UT GO School Improvement Bonds (Series 2025), 5.000%, 12/1/2032	\n 196,850 \n
\n 620,000 \n	\n \n	\n Lancaster,\n OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2024A), (Royal Bank of Canada GTD), 5.000%, \n Mandatory\n Tender 8/1/2030	\n 648,603 \n
\n 155,000 \n	\n \n	\n Little\n Miami, OH Local School District, UT GO Bonds (Series 2018A), (Ohio School District Credit Enhancement GTD), \n 4.000%,\n 11/1/2055	\n 127,205 \n
\n 500,000 \n	\n \n	\n Lorain,\n OH Metropolitan Housing Authority (Western Horizon, LLC), Multifamily Housing Revenue Bonds (Series 2026A), \n (United\n States Treasury GTD), 3.100%, Mandatory Tender 4/1/2029	\n 499,586 \n
\n 415,000 \n	\n \n	\n Miami\n County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Improvement and \n Refunding\n Revenue Bonds (Series 2019), 5.000%, 8/1/2034	\n 426,261 \n
\n 375,000 \n	\n \n	\n Miami\n County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Improvement and \n Refunding\n Revenue Bonds (Series 2019), 5.000%, 8/1/2036	\n 383,251 \n
\n 1,000,000 \n	\n \n	\n Miami\n University, OH, General Receipts Revenue and Refunding Bonds (Series 2026A), 5.000%, 9/1/2040	\n 1,074,142 \n
\n 410,000 \n	\n \n	\n Milford,\n OH Exempted Village School District, UT GO School Improvement Refunding Bonds (Series 2025), (Ohio School \n District\n Credit Enhancement INS), 5.000%, 12/1/2033	\n 451,125 \n
\n 500,000 \n	\n \n	\n Montgomery\n County, OH (Solvita), Health Care Facilities Revenue Refunding and Improvement Bonds (Series 2024), \n 5.250%,\n 9/1/2054	\n 486,590 \n
\n 1,000,000 \n	\n \n	\n North\n Canton, OH, LT GO Fire Station Construction Bonds (Series 2025), (Original Issue Yield: 5.090%), 5.000%, 12/1/2053 \n	\n 1,005,969 \n
\n 1,000,000 \n	\n \n	\n North\n Olmsted, OH School District, UT GO School Improvement Bonds (Series 2023B), (Assured Guaranty, Inc. INS), \n 5.500%,\n 10/15/2059	\n 1,028,755 \n
\n 1,150,000 \n	\n \n	\n Oberlin\n City School District, Certificates of Participation (Series 2025), 4.500%, 11/1/2049	\n 1,103,747 \n
\n 1,000,000 \n	\n \n	\n Ohio\n Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Refunding Bonds \n (Series\n 2005), 3.750%, 1/1/2029	\n 1,006,705 \n
\n 1,000,000 \n	\n \n	\n Ohio\n Air Quality Development Authority (Ohio Valley Electric Corp.), Air Quality Revenue Refunding Bonds (Series 2026A), \n 3.875%,\n 1/1/2036	\n 974,321 \n
\n 500,000 \n	\n \n	\n Ohio\n Air Quality Development Authority (Ohio Valley Electric Corp.), Air Quality Revenue Refunding Bonds (Series 2026C), \n 4.125%,\n 1/1/2036	\n 493,686 \n
\n 500,000 \n	\n 1\n	\n Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), \n 4.250%,\n 1/15/2038	\n 487,007 \n
\n 500,000 \n	\n 1\n	\n Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), \n 4.500%,\n 1/15/2048	\n 462,690 \n
\n 750,000 \n	\n \n	\n Ohio\n HFA Multifamily Housing (Clover Glen II Senior Housing LP), Multifamily Housing Revenue Bonds (Series 2026), (United \n States\n Treasury GTD), 2.960%, Mandatory Tender 6/1/2029	\n 743,992 \n
\n 1,000,000 \n	\n \n	\n Ohio\n HFA Multifamily Housing (Marsh Run Homes Rehab, LLC), Multifamily Housing Revenue Bonds (Series 2025), (United \n States\n Treasury GTD), 3.200%, Mandatory Tender 2/1/2029	\n 1,002,481 \n
\n 475,000 \n	\n \n	\n Ohio\n HFA, Residential Mortgage Revenue Bonds (Series 2024A), 4.650%, 9/1/2054	\n 455,067 \n
\n 385,000 \n	\n \n	\n Ohio\n HFA, Residential Mortgage Revenue Bonds (Series 2024B), 4.100%, 9/1/2039	\n 365,792 \n
\n 100,000 \n	\n \n	\n Ohio\n HFA, Residential Mortgage Revenue Bonds (Series 2025B), 5.100%, 9/1/2045	\n 101,688 \n
\n 240,000 \n	\n \n	\n Ohio\n State (Columbus, OH), Transportation Project Revenue Bonds (Series 2016-1), 2.750%, 11/15/2031	\n 228,962 \n
\n 200,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Ashtabula County Medical Center), Healthcare Facility Revenue Bonds \n (Series\n 2022), 5.250%, 1/1/2052	\n 193,461 \n
\n 100,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Case Western Reserve University, OH), Higher Educational Facility \n Revenue\n Bonds (Series 2016), 3.250%, 12/1/2035	\n 93,397 \n
\n 1,155,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Cleveland Clinic), Hospital Refunding Revenue Bonds (Series 2017A), \n 4.000%,\n 1/1/2039	\n 1,108,215 \n
\n 250,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Refunding Bonds (Series 2017A), \n 3.250%,\n 1/1/2037	\n 231,989 \n
\n 1,000,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Judson Obligated Group), Healthcare Facility Revenue Bonds \n (Series\n 2020A), 5.000%, 12/1/2050	\n 929,960 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Ohio—continued \n	\n
\n $ 500,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Otterbein Homes), Health Facility Revenue Bonds (Series 2021B), \n 4.000%,\n 7/1/2031	\n $ 509,584 \n
\n 1,000,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2022A), (Original Issue Yield: \n 4.240%),\n 4.000%, 2/1/2052	\n 822,586 \n
\n 470,000 \n	\n \n	\n Ohio\n State Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds (Series 2019B), \n 5.000%,\n 12/1/2035	\n 493,749 \n
\n 1,060,000 \n	\n \n	\n Ohio\n State Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds (Series 2020A), \n 5.000%,\n 12/1/2050	\n 1,078,363 \n
\n 1,260,000 \n	\n \n	\n Ohio\n State Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds (Series 2021A), \n 5.000%,\n 12/1/2046	\n 1,303,804 \n
\n 500,000 \n	\n \n	\n Ohio\n State, Capital Facilities Lease-Appropriation Bonds (Series 2025A), 5.000%, 4/1/2030	\n 537,366 \n
\n 2,000,000 \n	\n \n	\n Ohio\n State, Capital Facilities Lease-Appropriation Bonds (Series 2025B), 5.000%, 10/1/2045	\n 2,076,124 \n
\n 465,000 \n	\n \n	\n Ohio\n State, Higher Education UT GO Bonds (Series 2019A), 5.000%, 5/1/2036	\n 470,615 \n
\n 990,000 \n	\n \n	\n Ohio\n State, Higher Education UT GO Bonds (Series 2021A), 4.000%, 5/1/2036	\n 1,007,042 \n
\n 1,050,000 \n	\n \n	\n Ohio\n State, UT GO Bonds (Series 2019A), 5.000%, 6/15/2037	\n 1,088,038 \n
\n 1,210,000 \n	\n 1\n	\n Ohio\n State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032	\n 1,226,861 \n
\n 205,000 \n	\n \n	\n Perry,\n OH Local School District, UT GO School Improvement Bonds (Series 2020), (Ohio School District Credit Enhancement \n INS),\n 3.000%, 11/1/2035	\n 189,349 \n
\n 350,000 \n	\n \n	\n Port\n of Greater Cincinnati, OH Development Authority (3CDC Parking Facilities Obligated Group), Parking Revenue and \n Refunding\n Bonds (Series 2025A), (Assured Guaranty, Inc. INS), 5.000%, 12/1/2055	\n 346,232 \n
\n 500,000 \n	\n 1\n	\n Port\n of Greater Cincinnati, OH Development Authority (Cincinnati Convention Center Hotel), Special Obligation Development \n Revenue\n and Refunding Bonds (Series 2026), (Original Issue Yield: 5.950%), 5.750%, 3/1/2059	\n 476,529 \n
\n 450,000 \n	\n \n	\n Port\n of Greater Cincinnati, OH Development Authority (Duke Energy Convention Center), First Subordinate Development \n Revenue\n and Refunding Bonds (Series 2024B), (Assured Guaranty, Inc. GTD), 5.000%, 12/1/2032	\n 491,643 \n
\n 750,000 \n	\n \n	\n Port\n of Greater Cincinnati, OH Development Authority (Duke Energy Convention Center), First Subordinate Development \n Revenue\n and Refunding Bonds (Series 2024B), 5.000%, 12/1/2063	\n 737,795 \n
\n 775,000 \n	\n \n	\n Revere,\n OH Local School District, School Facilities Improvement Refunding Bonds (Series 2017), 3.250%, 12/1/2045	\n 625,426 \n
\n 1,135,000 \n	\n \n	\n Shaker\n Heights, OH, UT GO Bonds, 4.000%, 12/1/2052	\n 964,718 \n
\n 555,000 \n	\n \n	\n Toledo,\n OH, LT GO Various Purpose Improvement Bonds (Series 2022), (Assured Guaranty, Inc. INS), 5.500%, 12/1/2042 \n	\n 587,435 \n
\n 610,000 \n	\n \n	\n University\n of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036	\n 610,648 \n
\n 1,000,000 \n	\n \n	\n University\n of Cincinnati, OH, General Receipts Bonds (Series 2025A), 5.250%, 6/1/2047	\n 1,045,667 \n
\n 500,000 \n	\n \n	\n University\n of Cincinnati, OH, General Receipts Bonds (Series 2026A), 5.000%, 6/1/2036	\n 553,651 \n
\n 500,000 \n	\n \n	\n Warren\n County, OH (Community First Solutions), Refunding Revenue Bonds (Series 2024A), 5.000%, 5/15/2049	\n 486,524 \n
\n 500,000 \n	\n \n	\n Warren\n County, OH (Community First Solutions), Refunding Revenue Bonds (Series 2024A), 5.000%, 5/15/2052	\n 480,540 \n
\n 1,000,000 \n	\n \n	\n Warren\n County, OH Health Care Facilities (Otterbein Homes), Improvement and Refunding Revenue Bonds (Series 2024), \n 5.000%,\n 7/1/2044	\n 1,005,147 \n
\n 1,470,000 \n	\n \n	\n Westerville,\n OH, Capital Facilities Bonds (Series 2025), 5.000%, 12/1/2037	\n 1,617,862 \n
\n 760,000 \n	\n \n	\n Winton\n Woods, OH School District, UT GO Classroom Facilities Refunding Bonds (Series 2022), (Build America Mutual \n Assurance\n INS), 4.000%, 11/1/2049	\n 682,270 \n
\n 500,000 \n	\n \n	\n Worthington\n City, OH City School District, UT GO Bonds (Series 2023), 5.500%, 12/1/2054	\n 519,957 \n
\n	\n \n	\n TOTAL \n	\n 63,362,100 \n
\n	\n \n	\n Puerto\n Rico—2.6%	\n
\n 1,157,143 \n	\n 2\n	\n Commonwealth\n of Puerto Rico, GO CVI Bonds, 0.000%, 11/1/2043	\n 824,464 \n
\n 1,000,000 \n	\n \n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), \n 5.000%,\n 7/1/2058	\n 968,851 \n
\n	\n \n	\n TOTAL \n	\n 1,793,315 \n
\n	\n \n	\n TOTAL\n MUNICIPAL BONDS \n (IDENTIFIED\n COST $67,632,549)	\n 65,685,588 \n

Annual\nFinancial Statements and Additional Information

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Principal \n Amount \n	\n \n	\n \n	\n Value \n
\n	\n 3\n	\n SHORT-TERM\n MUNICIPALS—5.0%	\n
\n	\n \n	\n Ohio—5.0% \n	\n
\n $3,495,000 \n	\n \n	\n Ohio\n State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ), \n 2.900%,\n 9/1/2026 \n (IDENTIFIED\n COST $3,495,000)	\n $ 3,495,000 \n
\n	\n \n	\n TOTAL\n SHORT-TERM MUNICIPALS \n (IDENTIFIED\n COST $3,495,000)	\n 3,495,000 \n
\n	\n \n	\n TOTAL\n INVESTMENT IN SECURITIES—98.9% \n (IDENTIFIED\n COST $71,127,549)4\n	\n 69,180,588 \n
\n	\n \n	\n OTHER\n ASSETS AND LIABILITIES - NET—1.1%5\n	\n 735,005 \n
\n	\n \n	\n NET\n ASSETS—100%	\n $69,915,593 \n

Securities that are subject to the federal\nalternative minimum tax (AMT) represent 6.8% of the Fund’s portfolio as calculated based upon total\nmarket value (Unaudited).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Denotes\n a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from\n registration, under \n the\n Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2026, these restricted securities\n amounted to $2,653,087, \n which\n represented 3.8% of net assets.
\n 2 \n	\n Zero\n coupon bond.
\n 3 \n	\n Current\n rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable\n rate securities are \n not\n based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These\n securities do \n not\n indicate a reference rate and spread in their description above.
\n 4 \n	\n The\n cost of investments for federal tax purposes amounts to $70,979,766.
\n 5 \n	\n Assets,\n other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are\nshown as a percentage of net assets at August 31, 2026.\n

Various inputs are used in determining the\nvalue of the Fund’s investments. These inputs are summarized in the three broad levels listed\nbelow:

Level 1—quoted prices in active markets\nfor identical securities.

Level 3—significant unobservable inputs\n(including the Fund’s own assumptions in determining the fair value of investments).\n

The inputs or methodology used for valuing\nsecurities are not an indication of the risk associated with investing in those securities.\n

As of August 31, 2026, all investments of\nthe Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n The\n following acronym(s) are used throughout this portfolio:	\n \n
\n CVI \n	\n —Contingent-Value\n Instrument
\n GO \n	\n —General\n Obligation
\n GTD \n	\n —Guaranteed \n
\n HFA \n	\n —Housing\n Finance Authority
\n INS \n	\n —Insured \n
\n LIQ \n	\n —Liquidity\n Agreement
\n LP \n	\n —Limited\n Partnership
\n LT \n	\n —Limited\n Tax
\n PRF \n	\n —Pre-refunded \n
\n UT \n	\n —Unlimited\n Tax
\n VRDNs \n	\n —Variable\n Rate Demand Notes

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Class\nA Shares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $10.03 \n	\n $10.47 \n	\n $10.13 \n	\n $10.32 \n	\n $11.50 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.35 \n	\n 0.31 \n	\n 0.28 \n	\n 0.27 \n	\n 0.27 \n
\n Net\n realized and unrealized gain (loss)	\n 0.10 \n	\n (0.45) \n	\n 0.33 \n	\n (0.20) \n	\n (1.21) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.45 \n	\n (0.14) \n	\n 0.61 \n	\n 0.07 \n	\n (0.94) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.34) \n	\n (0.30) \n	\n (0.27) \n	\n (0.26) \n	\n (0.23) \n
\n Distributions\n from net realized gain	\n — \n	\n — \n	\n — \n	\n — \n	\n (0.01) \n
\n TOTAL\n DISTRIBUTIONS	\n (0.34) \n	\n (0.30) \n	\n (0.27) \n	\n (0.26) \n	\n (0.24) \n
\n Net\n Asset Value, End of Period	\n $10.14 \n	\n $10.03 \n	\n $10.47 \n	\n $10.13 \n	\n $10.32 \n
\n Total\n Return2 \n	\n 4.46% \n	\n (1.38)% \n	\n 6.15% \n	\n 0.68% \n	\n (8.22)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.77%4\n	\n 0.77%4\n	\n 0.77%4\n	\n 0.77%4\n	\n 0.77% \n
\n Net\n investment income	\n 3.41% \n	\n 3.00% \n	\n 2.76% \n	\n 2.52% \n	\n 2.09% \n
\n Expense\n waiver/reimbursement5\n	\n 0.41% \n	\n 0.40% \n	\n 0.34% \n	\n 0.27% \n	\n 0.19% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $45,424 \n	\n $14,984 \n	\n $16,744 \n	\n $18,678 \n	\n $22,235 \n
\n Portfolio\n turnover6\n	\n 29% \n	\n 30% \n	\n 35% \n	\n 17% \n	\n 17% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. \n
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.77%, 0.77%, 0.77% and\n 0.77% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Institutional\nShares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $10.04 \n	\n $10.47 \n	\n $10.13 \n	\n $10.32 \n	\n $11.51 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.38 \n	\n 0.33 \n	\n 0.31 \n	\n 0.29 \n	\n 0.26 \n
\n Net\n realized and unrealized gain (loss)	\n 0.08 \n	\n (0.44) \n	\n 0.33 \n	\n (0.19) \n	\n (1.18) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.46 \n	\n (0.11) \n	\n 0.64 \n	\n 0.10 \n	\n (0.92) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.36) \n	\n (0.32) \n	\n (0.30) \n	\n (0.29) \n	\n (0.26) \n
\n Distributions\n from net realized gain	\n — \n	\n — \n	\n — \n	\n — \n	\n (0.01) \n
\n TOTAL\n DISTRIBUTIONS	\n (0.36) \n	\n (0.32) \n	\n (0.30) \n	\n (0.29) \n	\n (0.27) \n
\n Net\n Asset Value, End of Period	\n $10.14 \n	\n $10.04 \n	\n $10.47 \n	\n $10.13 \n	\n $10.32 \n
\n Total\n Return2 \n	\n 4.62% \n	\n (1.03)% \n	\n 6.42% \n	\n 0.94% \n	\n (8.07)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.52%4\n	\n 0.52%4\n	\n 0.52%4\n	\n 0.52%4\n	\n 0.52% \n
\n Net\n investment income	\n 3.66% \n	\n 3.26% \n	\n 3.01% \n	\n 2.76% \n	\n 2.34% \n
\n Expense\n waiver/reimbursement5\n	\n 0.41% \n	\n 0.40% \n	\n 0.34% \n	\n 0.27% \n	\n 0.19% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $24,491 \n	\n $22,645 \n	\n $21,419 \n	\n $27,865 \n	\n $42,461 \n
\n Portfolio\n turnover6\n	\n 29% \n	\n 30% \n	\n 35% \n	\n 17% \n	\n 17% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value.
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.52%, 0.52%, 0.52% and\n 0.52% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Assets and Liabilities\n\n

August 31, 2026

\n Assets: \n	\n
\n Investment\n in securities (identified\n cost $71,127,549)	\n $69,180,588 \n
\n Cash \n	\n 18,525 \n
\n Income\n receivable	\n 795,633 \n
\n Receivable\n for shares sold	\n 499 \n
\n Prepaid\n expenses	\n 11,834 \n
\n Total\n Assets	\n 70,007,079 \n
\n Liabilities: \n	\n
\n Payable\n for portfolio accounting fees	\n $54,088 \n
\n Payable\n for share registration costs	\n 23,031 \n
\n Payable\n for legal fees	\n 5,519 \n
\n Payable\n for transfer agent fees	\n 4,778 \n
\n Payable\n for other service fees (Notes 2 and 5) \n	\n 3,313 \n
\n Payable\n for investment adviser fee (Note 5) \n	\n 489 \n
\n Payable\n for administrative fee (Note 5) \n	\n 268 \n
\n TOTAL\n LIABILITIES	\n 91,486 \n
\n Net\n assets for 6,893,458 shares outstanding	\n $69,915,593 \n
\n Net Assets\n Consist of:	\n
\n Paid-in\n capital	\n $77,397,413 \n
\n Total\n distributable earnings (loss)	\n (7,481,820) \n
\n NET\n ASSETS	\n $69,915,593 \n
\n Net Asset\n Value, Offering Price and Redemption Proceeds Per Share:	\n
\n Class A\n Shares:	\n
\n Net\n asset value per share ($45,424,460 ÷ 4,478,911 shares outstanding), \n no\n par value, unlimited shares authorized	\n $10.14 \n
\n Offering\n price per share (100/95.50 of $10.14)	\n $10.62 \n
\n Redemption\n proceeds per share	\n $10.14 \n
\n Institutional\n Shares:	\n
\n Net\n asset value per share ($24,491,133 ÷ 2,414,547 shares outstanding), \n no\n par value, unlimited shares authorized	\n $10.14 \n
\n Offering\n price per share	\n $10.14 \n
\n Redemption\n proceeds per share	\n $10.14 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Operations\n\n

Year Ended August\n31, 2026

\n Investment\n Income:	\n
\n Interest \n	\n $3,026,340 \n
\n Expenses: \n	\n
\n Investment\n adviser fee (Note 5) \n	\n $289,732 \n
\n Administrative\n fee (Note 5) \n	\n 57,912 \n
\n Custodian\n fees	\n 1,141 \n
\n Transfer\n agent fees	\n 50,662 \n
\n Directors’/Trustees’\n fees (Note 5) \n	\n 3,008 \n
\n Auditing\n fees	\n 36,783 \n
\n Legal\n fees	\n 11,867 \n
\n Distribution\n services fee (Note 5) \n	\n 133,886 \n
\n Other\n service fees (Notes 2 and 5)	\n 122,237 \n
\n Portfolio\n accounting fees	\n 130,157 \n
\n Share\n registration costs	\n 51,881 \n
\n Printing\n and postage	\n 19,856 \n
\n Miscellaneous\n (Note 5) \n	\n 23,630 \n
\n TOTAL\n EXPENSES	\n 932,752 \n
\n Waivers,\n Reimbursement and Reduction:	\n
\n Waiver\n of investment adviser fee (Note 5) \n	\n (289,619) \n
\n Waiver/reimbursement\n of other operating expenses (Notes 2 and 5)	\n (90,437) \n
\n Reduction\n of custodian fees (Note 6) \n	\n (1,969) \n
\n TOTAL\n WAIVERS, REIMBURSEMENT AND REDUCTION	\n (382,025) \n
\n Net\n expenses	\n 550,727 \n
\n Net\n investment income	\n 2,475,613 \n
\n Realized\n and Unrealized Gain (Loss) on Investments and Futures Contracts:	\n
\n Net\n realized loss on investments	\n (139,491) \n
\n Net\n realized loss on futures contracts	\n (21,533) \n
\n Net\n change in unrealized depreciation of investments	\n 917,353 \n
\n Net\n realized and unrealized gain (loss) on investments and futures contracts	\n 756,329 \n
\n Change\n in net assets resulting from operations	\n $3,231,942 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Changes in Net Assets\n\n

\n Year\n Ended August 31	\n 2026 \n	\n 2025 \n
\n Increase\n (Decrease) in Net Assets	\n	\n
\n Operations: \n	\n	\n
\n Net\n investment income	\n $2,475,613 \n	\n $2,331,206 \n
\n Net\n realized loss	\n (161,024) \n	\n (1,537,845) \n
\n Net\n change in unrealized appreciation/depreciation	\n 917,353 \n	\n (1,875,559) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM OPERATIONS	\n 3,231,942 \n	\n (1,082,198) \n
\n Distributions\n to Shareholders:	\n	\n
\n Class\n A Shares	\n (503,093) \n	\n (454,342) \n
\n Class\n F Shares1 \n	\n (1,047,372) \n	\n (1,086,954) \n
\n Institutional\n Shares	\n (829,532) \n	\n (699,961) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	\n (2,379,997) \n	\n (2,241,257) \n
\n Share Transactions: \n	\n	\n
\n Proceeds\n from sale of shares	\n 40,529,989 \n	\n 11,713,679 \n
\n Net\n asset value of shares issued to shareholders in payment of distributions declared	\n 2,070,166 \n	\n 1,902,415 \n
\n Cost\n of shares redeemed	\n (46,718,767) \n	\n (18,679,639) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	\n (4,118,612) \n	\n (5,063,545) \n
\n Change\n in net assets	\n (3,266,667) \n	\n (8,387,000) \n
\n Net Assets: \n	\n	\n
\n Beginning\n of period	\n 73,182,260 \n	\n 81,569,260 \n
\n End\n of period	\n $69,915,593 \n	\n $73,182,260 \n

\n \n \n \n

On\n August 28, 2026, Class F Shares were converted to Class A Shares.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Notes to\nFinancial Statements

August 31, 2026\n

1. ORGANIZATION\n

Federated Hermes Municipal Securities Income\nTrust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the\n“Act”), as an open-end management investment company. The Trust consists of three portfolios. The financial statements included\nherein are only those of the Federated Hermes Ohio Municipal Income\nFund (the “Fund”), a diversified portfolio. The financial statements\nof the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited\nto the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Class A Shares\nand Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment\nobjective of the Fund is to provide current income exempt from federal regular income tax (federal regular income tax does not\ninclude the federal alternative minimum tax (AMT)) and the personal income taxes imposed by the State of Ohio and Ohio municipalities.\nInterest income from the Fund’s investments may be subject to the federal AMT for individuals.\n

2. SIGNIFICANT\nACCOUNTING POLICIES

Investment Valuation\n

In\ncalculating its net asset value (NAV), the Fund generally values investments as follows:

■\n

Fixed-income\nsecurities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management\nCompany (the ”Adviser”).

■\n

Derivative\ncontracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean\nof closing bid and ask quotations.

■\n

Over-the-counter\n(OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the\nAdviser.

■\n

Shares\nof other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share\npractical expedient, as applicable.

■\n

For\nsecurities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain\nfactors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer\nor dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature\nand duration of restrictions on disposition, the movement of the\nmarket in which the security is normally traded, public trading in similar securities\nor derivative contracts of the issuer or comparable issuers, movement of a relevant index or other factors including but not limited\nto industry changes and relevant government actions.\n

Fair Valuation Procedures\n

Annual\nFinancial Statements and Additional Information

Investment Income, Gains and Losses, Expenses and Distributions\n

Investment\ntransactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an\nidentified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.\nDistributions of net investment income, if any, are declared and paid monthly. In addition, distributions of capital gains, if any, are\ndeclared and paid at least annually. Non-cash dividends included\nin dividend income, if any, are recorded at fair value. Amortization/accretion\nof premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain\nfund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain\nexpenses unique to those classes. The detail of the total fund expense waivers, reimbursement and reduction of $382,025 is disclosed\nin various locations in Note 5\nand Note 6.\nDividends are declared separately for each class. No class has preferential dividend rights;\ndifferences in per share dividend rates are generally due to differences in separate class expenses.\n

Other Service Fees\n

The\nFund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares to unaffiliated financial\nintermediaries or to Federated Shareholder Services Company (FSSC)\nfor providing services to shareholders and maintaining shareholder accounts.\nPrior to their conversion to Class A Shares at the close of business on August 28, 2026, the Class F Shares were also subject to these\nfees. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.\nFor the year ended August 31, 2026, other service fees for the Fund were as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Other\n Service \n Fees\n Incurred
\n Class\n A Shares	\n $38,608 \n
\n Class\n F Shares	\n 83,629 \n
\n TOTAL \n	\n $122,237 \n

Federal Taxes\n

When-Issued and Delayed-Delivery Transactions\n

Restricted Securities\n

Additional information on restricted securities\nheld at August 31, 2026, is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Security

Acquisition\n

Date

Cost

Value

Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017),

4.250%,\n 1/15/2038

11/16/2017

$500,000

$487,007

Ohio\n Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017),

4.500%,\n 1/15/2048

3/15/2018

$501,443

$462,690

Annual\nFinancial Statements and Additional Information

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Security

Acquisition

Date

Cost

Value

Ohio\n State, UT GO Higher Education Bonds (Series 2019A), 5.000%, 5/1/2032

11/7/2023

$1,220,724

$1,226,861

Port\n of Greater Cincinnati, OH Development Authority (Cincinnati Convention Center Hotel), Special Obligation

Development\n Revenue and Refunding Bonds (Series 2026), (Original Issue Yield: 5.950%), 5.750%, 3/1/2059

6/17/2026

$485,643

$476,529

Futures Contracts\n

The\nFund purchases and sells financial futures contracts to manage duration and yield curve risks. Upon entering into a financial futures\ncontract with a broker, the Fund is required to deposit with a\nbroker, either U.S. government securities or a specified amount of cash, which\nis shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses\nare recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based\nupon changes in the variation margin account. When a contract\nis closed, the Fund recognizes a realized gain or loss. Futures contracts have\nmarket risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying\nsecurities. There is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse,\nas counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.\n

At August 31, 2026, the Fund had no outstanding\nfutures contracts.

The average notional\nvalue of futures contracts held by the Fund throughout the period was $14,063. This is based on amounts held as\nof each day throughout the fiscal year.

The Effect of Derivative Instruments on the Statement\nof Operations for the Year Ended August 31, 2026

\n \n \n \n \n \n \n \n \n

Amount\n of Realized Gain or (Loss) on Derivatives Recognized in Income

\n \n

Futures\n

Contracts

Interest\n rate contracts

$(21,533)

Other\n

3. SHARES\nOF BENEFICIAL INTEREST

The following tables summarize share activity:\n

\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n A Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 258,606 \n	\n $2,681,968 \n	\n 322,102 \n	\n $3,302,133 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 48,690 \n	\n 502,766 \n	\n 44,266 \n	\n 453,194 \n
\n Conversion\n of Class F Shares to Class A Shares1\n	\n 2,986,836 \n	\n 30,346,258 \n	\n — \n	\n — \n
\n Shares\n redeemed	\n (308,391) \n	\n (3,180,665) \n	\n (472,488) \n	\n (4,832,809) \n
\n NET\n CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	\n 2,985,741 \n	\n $30,350,327 \n	\n (106,120) \n	\n $(1,077,482) \n
\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n F Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 13,332 \n	\n $132,344 \n	\n 63,734 \n	\n $653,074 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 97,445 \n	\n 1,006,632 \n	\n 101,627 \n	\n 1,040,819 \n
\n Conversion\n of Class F Shares to Class A Shares1\n	\n (2,985,602) \n	\n (30,346,258) \n	\n — \n	\n — \n
\n Shares\n redeemed	\n (666,906) \n	\n (6,897,332) \n	\n (768,356) \n	\n (7,853,596) \n
\n NET\n CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS	\n (3,541,731) \n	\n $(36,104,614) \n	\n (602,995) \n	\n $(6,159,703) \n

Annual\nFinancial Statements and Additional Information

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Institutional\n Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 713,998 \n	\n $7,369,419 \n	\n 756,942 \n	\n $7,758,472 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 54,318 \n	\n 560,768 \n	\n 39,965 \n	\n 408,402 \n
\n Shares\n redeemed	\n (610,273) \n	\n (6,294,512) \n	\n (586,019) \n	\n (5,993,234) \n
\n NET\n CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	\n 158,043 \n	\n $1,635,675 \n	\n 210,888 \n	\n $2,173,640 \n
\n NET\n CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	\n (397,947) \n	\n $(4,118,612) \n	\n (498,227) \n	\n $(5,063,545) \n

\n \n \n \n

On\n August 28, 2026, Class F Shares were converted to Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class\n F Shares is

within\n the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares.

4. FEDERAL\nTAX INFORMATION

The tax character of distributions as reported\non the Statement of Changes in Net Assets for the years ended August 31, 2026 and 2025,\nwas as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n 2026 \n	\n 2025 \n
\n Tax-exempt\n income	\n $2,333,025 \n	\n $2,213,266 \n
\n Ordinary\n income	\n $46,972 \n	\n $27,991 \n

As of August 31, 2026, the components of\ndistributable earnings on a tax-basis were as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Undistributed\n tax-exempt income	\n $65,867 \n
\n Net\n unrealized depreciation	\n $(1,799,178) \n
\n Capital\n loss carryforwards	\n $(5,748,509) \n
\n TOTAL \n	\n $(7,481,820) \n

At August 31, 2026, the cost of investments\nfor federal tax purposes was $70,979,766. The net unrealized depreciation of investments for\nfederal tax purposes was $1,799,178. This consists of unrealized appreciation from investments for those securities having an excess of\nvalue over cost of $271,870 and unrealized depreciation from investments for those securities having an excess of cost over value of $2,071,048.\nThe amounts presented are inclusive of derivative contracts. The difference between book-basis and tax-basis net unrealized depreciation\nis attributable to differing treatments for discount accretion/premium amortization on debt securities.\n

As of August 31, 2026,\nthe Fund had a capital loss carryforward of $5,748,509 which will reduce the Fund’s taxable income arising from\nfuture net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to\nshareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these\nnet capital losses retain their character as either short-term or long-term and do not expire.\n

The following schedule summarizes the Fund’s\ncapital loss carryforwards:

\n \n \n \n \n \n \n \n \n

\n Short-Term \n	\n Long-Term \n	\n Total \n
\n $706,992 \n	\n $5,041,517 \n	\n $5,748,509 \n

The Fund used capital loss carryforwards\nof $50,013 to offset capital gains realized during the year ended August 31, 2026.\n

5. INVESTMENT\nADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee\n

The\nadvisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund’s average daily net assets.\nSubject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or\nreimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and\nwhen appropriate, to maintain positive or zero net yields. For\nthe year ended August 31, 2026, the Adviser voluntarily waived $289,619 of\nits fee and reimbursed $6,808 of other operating expenses.\n

Administrative Fee\n

\n \n \n \n \n \n \n \n \n \n

Administrative\n Fee

Average\n Daily Net Assets

of\n the Investment Complex

0.100%

on\n assets up to $50 billion

0.075%

on\n assets over $50 billion

Annual\nFinancial Statements and Additional Information

Subject to the terms\ndescribed in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended\nAugust 31, 2026, the annualized fee paid to FAS was 0.080% of average daily net assets of the Fund.\n

In addition, FAS may charge certain out-of-pocket\nexpenses to the Fund.

Distribution Services Fee\n

The\nFund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund\nwill compensate Federated Securities Corp. (FSC), the principal\ndistributor, from the daily net assets of the Fund’s Class A Shares to finance activities\nintended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages\nof average daily net assets annually, to compensate FSC:\n

\n \n \n \n \n \n \n

\n \n

Percentage\n of Average Daily

Net\n Assets of Class

Class\n A Shares

0.05%

Prior to their conversion to Class A Shares\nat the close of business on August 28, 2026, the Class F Shares were also subject to the Plan at\n0.40% of average daily net assets of the Class F Shares.\n

\n \n \n \n \n \n \n \n \n

\n \n

Distribution\n Services

Fees\n Incurred

Distribution\n Services

Fees\n Waived

Class\n F Shares

$133,886

$(83,629)

When FSC receives fees, it may pay some\nor all of them to financial intermediaries whose customers purchase shares. For the year ended August\n31, 2026, FSC retained $50,257 of fees paid by the Fund. For the year ended August 31, 2026, the Fund’s Class A shares did not incur\na distribution services fee; however it may begin to incur this fee upon approval of the Trustees.\n

Sales Charges\n

Front-end\nsales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the\nproceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended\nAugust 31, 2026, FSC retained $3,083 in sales charges from the sale of Class A Shares. FSC also retained $435 of CDSC relating to\nredemptions of Class F Shares.

Other Service Fees\n

For\nthe year ended August 31, 2026, FSSC received $2,129 of other service fees disclosed in Note 2.\n

Interfund Transactions\n

During\nthe year ended August 31, 2026, the Fund engaged in purchase and sales transactions with funds that have a common investment\nadviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sales transactions\ncomplied with Rule 17a-7 under the Act and amounted to $21,340,000 and $23,590,000, respectively. Net realized gain (loss)\nrecognized on these transactions was $0.\n

Expense Limitation\n

The\nAdviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts\nof their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding\ninterest expense, extraordinary expenses, and proxy-related expenses, if any) paid by the Fund’s Class A Shares and Institutional\nShares (after the voluntary waivers and reimbursements) will not exceed 0.77% and 0.52% (the “Fee Limit”), respectively, up\nto but not including the later of (the “Termination Date”):\n(a) November 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While\nthe Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination\nDate, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval\nof the Trustees.

Directors’/Trustees’ and Miscellaneous Fees\n

6. EXPENSE\nREDUCTION

Annual\nFinancial Statements and Additional Information

7. INVESTMENT\nTRANSACTIONS

Purchases and sales of investments, excluding\nlong-term U.S. government securities and short-term obligations, for the year ended August\n31, 2026, were as follows:

\n \n \n \n \n \n \n

\n Purchases \n	\n $20,166,795 \n
\n Sales \n	\n $21,695,024 \n

8. CONCENTRATION\nOF RISK

Since the Fund invests a substantial portion\nof its assets in issuers located in one state, it will be more susceptible to factors adversely affecting\nissuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk\nassociated with such factors, at August 31, 2026, 11.8% of the securities in the Portfolio of Investments are backed by letters of credit\nor bond insurance of various financial institutions and financial guaranty assurance agencies.\n

9. LINE\nOF CREDIT

10. INTERFUND\nLENDING

11. OPERATING\nSEGMENTS

12. INDEMNIFICATIONS\n

13. FEDERAL\nTAX INFORMATION (UNAUDITED)

For the fiscal year ended August 31, 2026,\n98.0% of distributions from net investment income is exempt from federal income tax, other than\nthe federal AMT.

For the year ended August\n31, 2026, 100.0% of total ordinary income distributions qualified as business interest income for purposes of\n163(j) and the regulations thereunder.

Annual\nFinancial Statements and Additional Information

Report of\nIndependent Registered Public Accounting Firm

TO THE shareholders of federated\nHermes ohio municipal income FUND AND THE BOARD OF TRUSTEES\nOF federated Hermes municipal securities income TRUST:

Opinion on the Financial Statements

We have audited the accompanying\nstatement of assets and liabilities of Federated Hermes Ohio Municipal Income Fund (the\nFund), a portfolio of Federated Hermes Municipal Securities Income Trust, including the portfolio of investments, as of\nAugust 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each\nof the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial\nhighlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial\nhighlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results\nof its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then\nended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S.\ngenerally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance\nwith the standards of the PCAOB. Those standards require that we plan and perform\nthe audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material\nmisstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material\nmisstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts\nand disclosures in the financial statements and financial highlights. Such procedures also included confirmation of\nsecurities owned as of August 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting\nprinciples used and significant estimates made by management, as well as evaluating the overall presentation of\nthe financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

$\"$

We have served as the auditor\nof one or more Federated Hermes’ investment companies since 2006.

Boston, Massachusetts\n
October 26, 2026

Annual\nFinancial Statements and Additional Information

Evaluation\nand Approval of Advisory Contract–May\n2026

Federated Hermes Ohio Municipal\nIncome Fund (the “Fund”)

Information Received\nand Review Process

Annual\nFinancial Statements and Additional Information

Nature, Extent and\nQuality of Services

Annual\nFinancial Statements and Additional Information

Based on\nthese considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services\nprovided by the Adviser to the Fund.

Fund Investment Performance

The Board\nalso considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board\nthroughout the year.

The Board\nconsidered that for the one-year, three-year and five-year periods ended December 31, 2025, the Fund’s performance\nwas above the median of the Performance Peer Group.

Based on\nthese considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities\nto manage the Fund.

Fund Expenses

The Board\nreviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position\nof the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory\nfee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure\nof the Fund remained competitive.

Annual\nFinancial Statements and Additional Information

In the case\nof the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable\nto the Fund.

Profitability

Economies of Scale

Annual\nFinancial Statements and Additional Information

Other Benefits

Conclusions

Annual\nFinancial Statements and Additional Information

$\"$

Federated Hermes Ohio Municipal Income\nFund

Federated Hermes Funds
4000\nEricsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 313923823
CUSIP\n313923765

28994 (10/26)

Annual Financial Statements\n
and Additional Information

August 31, 2026

$\"$

\n \n \n \n \n \n \n

Share\n Class | Ticker

A | PAMFX

Institutional | PAMIX

\n \n

Federated\nHermes Pennsylvania Municipal Income Fund

A\nPortfolio of Federated Hermes Municipal Securities Income Trust

Not FDIC Insured ▪ May\nLose Value ▪ No Bank Guarantee

CONTENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Portfolio\n of Investments	\n 1
\n Financial\n Highlights	\n 5
\n Statement\n of Assets and Liabilities	\n 7
\n Statement\n of Operations	\n 8
\n Statement\n of Changes in Net Assets	\n 9
\n Notes\n to Financial Statements	\n 10
\n Report\n of Independent Registered Public Accounting Firm	\n 15
\n Evaluation\n and Approval of Advisory Contract	\n 16 \n

Portfolio\nof Investments

August 31, 2026\n

\n Principal\n \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—97.2%	\n
\n	\n \n	\n Pennsylvania—92.7% \n	\n
\n $1,000,000 \n	\n \n	\n Adams\n County, PA General Authority (Cross Keys Village - Brethren Home Community), Revenue Bonds (Series 2024A), \n 5.000%,\n 6/1/2054	\n $ 950,507 \n
\n 1,000,000 \n	\n \n	\n Allegheny\n County, PA Airport Authority, Airport Revenue Bonds (Series 2023A), (Assured Guaranty, Inc. INS), \n 5.500%,\n 1/1/2048	\n 1,033,851 \n
\n 1,000,000 \n	\n \n	\n Allegheny\n County, PA Airport Authority, Airport Revenue Bonds (Series 2025A), (Assured Guaranty, Inc. INS), \n 5.500%,\n 1/1/2050	\n 1,036,299 \n
\n 530,000 \n	\n \n	\n Allegheny\n County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2019A), \n 5.000%,\n 8/1/2027	\n 541,750 \n
\n 2,000,000 \n	\n \n	\n Allegheny\n County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds \n (Series\n 2018A), 5.000%, 4/1/2047	\n 1,974,462 \n
\n 1,250,000 \n	\n \n	\n Allegheny\n County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2024), 5.000%, 12/1/2049	\n 1,272,384 \n
\n 1,000,000 \n	\n \n	\n Allegheny\n County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2025), 5.000%, 12/1/2045	\n 1,041,938 \n
\n 500,000 \n	\n \n	\n Allegheny\n County, PA, UT GO Refunding Bonds (Series C-80), 5.000%, 12/1/2054	\n 507,363 \n
\n 1,000,000 \n	\n \n	\n Allegheny\n County, PA, UT GO Refunding Bonds (Series C-82A), 4.375%, 11/1/2051	\n 939,360 \n
\n 500,000 \n	\n 1\n	\n Allentown,\n PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds \n (Series\n 2024), 5.000%, 5/1/2042	\n 510,208 \n
\n 750,000 \n	\n \n	\n Bensalem\n Township School District, PA, UT GO Bonds (Series 2025B), (Pennsylvania School District Intercept Program GTD), \n 5.000%,\n 6/1/2042	\n 773,534 \n
\n 1,000,000 \n	\n \n	\n Bethlehem,\n PA Area School District, LT GO Bonds (Series 2025), (Build America Mutual Assurance INS), 5.000%, 10/1/2043 \n	\n 1,030,785 \n
\n 1,000,000 \n	\n \n	\n Bethlehem,\n PA Area School District, LT GO Bonds (Series 2025A), (Build America Mutual Assurance INS), 5.000%, 8/1/2035 \n	\n 1,078,075 \n
\n 1,450,000 \n	\n \n	\n Bucks\n County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037	\n 1,459,002 \n
\n 1,000,000 \n	\n \n	\n Canon\n McMillan, PA School District, LT GO Bonds (Series 2025), (Pennsylvania School District Intercept Program GTD), \n 5.250%,\n 12/1/2051	\n 1,028,627 \n
\n 1,000,000 \n	\n \n	\n Capital\n Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032	\n 1,034,768 \n
\n 500,000 \n	\n \n	\n Centre\n County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A), \n 5.000%,\n 11/15/2042	\n 502,379 \n
\n 500,000 \n	\n \n	\n Centre\n County, PA, UT GO Bonds (Series 2022), 5.000%, 7/1/2035	\n 529,432 \n
\n 1,250,000 \n	\n \n	\n Chester\n County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), (Original Issue Yield: 4.820%), \n 4.750%,\n 12/15/2037	\n 1,248,002 \n
\n 1,250,000 \n	\n \n	\n Clairton,\n PA Municipal Authority, Sewer Revenue Bonds (Series 2024B), (Original Issue Yield: 4.680%), 4.375%, 12/1/2042 \n	\n 1,189,484 \n
\n 625,000 \n	\n \n	\n Coatesville,\n PA School District, UT GO Bonds (Series 2025), (Pennsylvania School District Intercept Program GTD), \n 5.250%,\n 11/15/2040	\n 659,539 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue \n Bonds\n (Series 2018), (Original Issue Yield: 4.035%), (Assured Guaranty, Inc. INS), 4.000%, 6/1/2039	\n 941,326 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Pennsylvania, UT GO Bonds (First Series 2026), 5.000%, 4/1/2040	\n 1,071,780 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Pennsylvania, UT GO Bonds (Series 2023), 4.000%, 9/1/2043	\n 954,518 \n
\n 1,000,000 \n	\n \n	\n Conewago\n Valley, PA School District, UT GO Bonds (Series 2025), (Pennsylvania School District Intercept Program GTD), \n 5.000%,\n 9/1/2055	\n 1,002,620 \n
\n 305,000 \n	\n \n	\n Cumberland\n County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), \n 5.000%,\n 1/1/2038	\n 305,101 \n
\n 1,000,000 \n	\n \n	\n Cumberland\n Valley, PA School District, UT GO Bonds (Series 2025A), (Build America Mutual Assurance LOC), \n 5.000%,\n 12/1/2053	\n 1,004,566 \n
\n 1,250,000 \n	\n \n	\n Delaware\n County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040	\n 1,251,578 \n
\n 1,250,000 \n	\n \n	\n Delaware\n County, PA, UT GO Bonds (Series 2024), 5.000%, 8/1/2046	\n 1,293,380 \n
\n 1,000,000 \n	\n \n	\n Delaware\n County, PA, UT GO Bonds (Series 2025), 5.000%, 8/1/2042	\n 1,062,165 \n
\n 850,000 \n	\n \n	\n Delaware\n River Joint Toll Bridge Commission, Bridge System Revenue Bonds (Series 2026), 5.250%, 7/1/2051	\n 894,606 \n
\n 1,130,000 \n	\n \n	\n Delaware\n River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2033	\n 1,180,437 \n
\n 250,000 \n	\n \n	\n Delaware\n River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2038	\n 258,043 \n
\n 200,000 \n	\n \n	\n Delaware\n River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2039	\n 205,857 \n
\n 500,000 \n	\n \n	\n Delaware\n River Port Authority, Revenue Bonds (Series 2018A), 5.000%, 1/1/2040	\n 513,165 \n
\n 1,000,000 \n	\n \n	\n Delaware\n River Port Authority, Revenue Refunding Bonds (Series 2025), 5.000%, 1/1/2040	\n 1,066,988 \n
\n 1,000,000 \n	\n \n	\n Delaware\n Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2024A), 4.000%, 9/1/2034	\n 1,016,036 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Pennsylvania—continued \n	\n
\n $1,100,000 \n	\n \n	\n Lancaster,\n PA Municipal Authority (Garden Spot Village), Healthcare Facilities Revenue Bonds (Series 2024A), 5.000%, 5/1/2044 \n	\n $ 1,103,595 \n
\n 1,000,000 \n	\n \n	\n Lancaster,\n PA Municipal Authority (Luthercare), Healthcare Facilities Revenue Bonds (Series 2025), 5.000%, 12/1/2055	\n 952,394 \n
\n 500,000 \n	\n \n	\n Lehigh\n County, PA General Purpose Authority (St. Luke’s University Health Network), Revenue Bonds (Series 2026A), \n 5.000%,\n 8/15/2036	\n 542,286 \n
\n 500,000 \n	\n \n	\n Lower\n Merion, PA School District, LT GO Bonds (Series 2020), 4.000%, 11/15/2031	\n 510,290 \n
\n 875,000 \n	\n \n	\n McCandless\n Industrial Development Authority (Shady Side Academy), Revenue Bonds (Series 2026A), 5.000%, 8/1/2036	\n 941,631 \n
\n 1,000,000 \n	\n \n	\n Middletown,\n PA Area School District, LT GO Bonds (Series 2024), (Build America Mutual Assurance INS), 5.000%, 3/1/2041 \n	\n 1,038,323 \n
\n 1,000,000 \n	\n \n	\n Montgomery\n County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds \n (Series\n 2025A), 5.000%, 11/15/2049	\n 988,276 \n
\n 1,125,000 \n	\n \n	\n Montgomery\n County, PA IDA (Constellation Energy Generation LLC), Revenue Refunding Bonds (Series 2023A), 4.100%, \n Mandatory\n Tender 4/3/2028	\n 1,142,988 \n
\n 1,000,000 \n	\n \n	\n Mount\n Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018), 5.000%, 7/1/2038 \n	\n 1,016,060 \n
\n 1,000,000 \n	\n \n	\n Muhlenberg,\n PA School District, UT GO Bonds (Series 2025), (Original Issue Yield: 5.050%), 5.000%, 5/15/2050	\n 1,013,315 \n
\n 750,000 \n	\n \n	\n Northampton\n County, PA General Purpose Authority (Lehigh University), Higher Education Revenue Bonds (Series 2024A), \n 5.000%,\n 11/15/2034	\n 842,382 \n
\n 1,000,000 \n	\n \n	\n Northampton\n County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds \n (Series\n 2016A), 4.000%, 8/15/2040	\n 942,780 \n
\n 1,000,000 \n	\n \n	\n Northampton\n County, PA General Purpose Authority (St. Luke’s University Health Network), Hospital Revenue Bonds \n (Series\n 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048	\n 859,189 \n
\n 1,000,000 \n	\n \n	\n Parkland,\n PA School District, LT GO Bonds (Series 2025), 5.000%, 2/1/2049	\n 1,017,207 \n
\n 500,000 \n	\n 1\n	\n Pennsylvania\n Economic Development Financing Authority (Core Natural Resources, Inc.), Solid Waste Disposal Facility Revenue \n Bonds\n (Series 2025), 5.450%, Mandatory Tender 3/27/2035	\n 535,570 \n
\n 1,000,000 \n	\n 1\n	\n Pennsylvania\n Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds \n (Series\n 2014), 5.500%, 11/1/2044	\n 985,375 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private \n Activity\n Revenue Bonds (Series 2015), 5.000%, 6/30/2042	\n 1,001,289 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds \n (Series\n 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061	\n 1,042,945 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds \n (Series\n 2022), 5.750%, 6/30/2048	\n 1,041,272 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n Economic Development Financing Authority (Villanova University), Revenue Bonds (Series 2024), (Original Issue \n Yield:\n 4.140%), 4.000%, 8/1/2054	\n 876,735 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n HFA (MCAP Walnut Park Plaza, LP), Special Limited Obligation Multifamily Housing Development Bonds \n (Series\n 2025A), (Federal National Mortgage Association INS), 4.850%, 8/1/2045	\n 956,758 \n
\n 710,000 \n	\n \n	\n Pennsylvania\n HFA, Single Family Mortgage Revenue Bonds (Series 2023-142A), 5.500%, 10/1/2053	\n 743,928 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2), \n 4.000%,\n 5/15/2048	\n 858,056 \n
\n 285,000 \n	\n \n	\n Pennsylvania\n State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2), \n 4.000%,\n 5/15/2053	\n 239,698 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2025A), \n 5.000%,\n Mandatory Tender 3/15/2035	\n 1,067,701 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2026A), \n 4.500%,\n 12/15/2051	\n 935,069 \n
\n 2,000,000 \n	\n \n	\n Pennsylvania\n State Higher Education Facilities Authority (Thomas Jefferson University Obligated Group), Revenue Bonds \n (Series\n 2024B-1), (Assured Guaranty, Inc. INS), 5.250%, 11/1/2048	\n 2,061,507 \n
\n 800,000 \n	\n \n	\n Pennsylvania\n State Higher Education Facilities Authority (University of Pennsylvania Health System), Health System Refunding \n Revenue\n Bonds (Series 2026A), 5.000%, 8/15/2042	\n 844,234 \n
\n 500,000 \n	\n \n	\n Pennsylvania\n State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2025A), \n 5.000%,\n 2/15/2055	\n 506,577 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State University, Revenue Bonds (Series 2024), 5.250%, 9/1/2054	\n 1,032,446 \n
\n 1,000,000 \n	\n \n	\n Pennsylvania\n State University, Revenue Bonds (Series 2025), 5.000%, 9/1/2045	\n 1,044,809 \n
\n 1,500,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Oil Franchise Tax Subordinate Revenue Refunding Bonds (Series 2021B), \n 4.000%,\n 12/1/2053	\n 1,264,173 \n
\n 1,250,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Subordinate Revenue Bonds (Series 2019A), 5.000%, 12/1/2044	\n 1,277,004 \n
\n 1,250,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Subordinate Revenue Refunding Bonds (First Series 2025), 5.000%, 12/1/2040	\n 1,327,324 \n
\n 400,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2036	\n 430,261 \n
\n 500,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Turnpike Revenue Bonds (Series 2022B), 5.000%, 12/1/2037	\n 534,183 \n

Annual\nFinancial Statements and Additional Information

\n Principal \n Amount \n	\n \n	\n \n	\n Value \n
\n \n	\n \n	\n MUNICIPAL\n BONDS—continued \n	\n
\n	\n \n	\n Pennsylvania—continued \n	\n
\n $1,000,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Turnpike Revenue Bonds (Series 2024), 5.000%, 12/1/2043	\n $ 1,047,730 \n
\n 500,000 \n	\n \n	\n Pennsylvania\n Turnpike Commission, Turnpike Revenue Bonds (Series 2025A), 5.250%, 12/1/2055	\n 512,792 \n
\n 1,000,000 \n	\n \n	\n Philadelphia,\n PA (Philadelphia, PA Division of Aviation), Airport Revenue and Refunding Bonds (Series 2017A), \n 5.000%,\n 7/1/2047	\n 1,003,119 \n
\n 1,000,000 \n	\n \n	\n Philadelphia,\n PA (Philadelphia, PA Division of Aviation), Airport Revenue and Refunding Bonds (Series 2025B), \n 5.500%,\n 7/1/2051	\n 1,031,538 \n
\n 500,000 \n	\n \n	\n Philadelphia,\n PA Authority for Industrial Development (Philadelphia, PA), City Service Agreement Revenue Refunding Bonds \n (Series\n 2025B), 5.000%, 12/1/2043	\n 522,349 \n
\n 1,030,000 \n	\n \n	\n Philadelphia,\n PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds \n (Series\n 2005A), 5.625%, 7/1/2035	\n 1,031,328 \n
\n 1,000,000 \n	\n \n	\n Philadelphia,\n PA Authority for Industrial Development (The Children’s Hospital of Philadelphia), Hospital Revenue Bonds \n (Series\n 2024A), 5.500%, 7/1/2053	\n 1,053,642 \n
\n 1,250,000 \n	\n \n	\n Philadelphia,\n PA Gas Works Co., Gas Works Revenue Bonds (Seventeenth Series A), (Assured Guaranty, Inc. INS), \n 5.250%,\n 8/1/2054	\n 1,288,113 \n
\n 1,000,000 \n	\n \n	\n Philadelphia,\n PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD), \n 5.000%,\n 9/1/2043	\n 1,014,384 \n
\n 1,500,000 \n	\n \n	\n Philadelphia,\n PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2023B), (Assured Guaranty, Inc. \n INS),\n 5.500%, 9/1/2053	\n 1,566,393 \n
\n 500,000 \n	\n \n	\n Philadelphia,\n PA, GO Bonds (Series 2019B), 5.000%, 2/1/2039	\n 515,173 \n
\n 500,000 \n	\n \n	\n Philadelphia,\n PA, GO Bonds (Series 2025A), 5.250%, 8/1/2044	\n 534,053 \n
\n 655,000 \n	\n \n	\n Pittsburgh\n & Allegheny County, PA Sports & Exhibition Authority Parking System, Parking System Revenue Bonds \n (Series\n 2017), 5.000%, 12/15/2037	\n 661,847 \n
\n 1,000,000 \n	\n \n	\n Pittsburgh,\n PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2025A), (Assured Guaranty, \n Inc.\n INS), 5.250%, 9/1/2050	\n 1,045,457 \n
\n 1,500,000 \n	\n \n	\n Pittsburgh,\n PA Water & Sewer Authority, Water and Sewer System First Lien Revenue Bonds (Series 2026A), 5.000%, 9/1/2052 \n	\n 1,514,626 \n
\n 1,000,000 \n	\n \n	\n Scranton,\n PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance INS), 5.000%, 12/1/2035	\n 1,016,686 \n
\n 1,340,000 \n	\n \n	\n State\n College Area School District, PA, GO Bonds (Series 2018), (Pennsylvania School District Intercept Program GTD), \n 5.000%,\n 5/15/2044	\n 1,357,735 \n
\n 500,000 \n	\n \n	\n University\n of Pittsburgh, University Capital Project Bonds (Series 2023A), 5.000%, 2/15/2034	\n 558,567 \n
\n 1,000,000 \n	\n \n	\n Westmoreland\n County, PA Municipal Authority, Municipal Service Revenue Bonds (Series 2025), (Assured Guaranty, Inc. INS), \n 5.000%,\n 8/15/2049	\n 1,016,867 \n
\n 1,000,000 \n	\n \n	\n Westmoreland\n County, PA Municipal Authority, Municipal Service Revenue Refunding Bonds (Series 2025A), (Build America \n Mutual\n Assurance INS), 5.000%, 8/15/2040	\n 1,059,111 \n
\n	\n \n	\n TOTAL \n	\n 87,233,055 \n
\n	\n \n	\n Puerto\n Rico—4.5%	\n
\n 1,542,857 \n	\n 2\n	\n Commonwealth\n of Puerto Rico, GO CVI Bonds, 0.000%, 11/1/2043	\n 1,099,286 \n
\n 1,000,000 \n	\n \n	\n Commonwealth\n of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037	\n 969,131 \n
\n 1,000,000 \n	\n 2\n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), 0.000%, 7/1/2051 \n	\n 260,797 \n
\n 1,000,000 \n	\n \n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), \n 5.000%,\n 7/1/2058	\n 968,851 \n
\n 1,000,000 \n	\n \n	\n Puerto\n Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053	\n 944,779 \n
\n	\n \n	\n TOTAL \n	\n 4,242,844 \n
\n	\n \n	\n TOTAL\n MUNICIPAL BONDS \n (IDENTIFIED\n COST $93,298,719)	\n 91,475,899 \n
\n	\n 3\n	\n SHORT-TERM\n MUNICIPALS—1.7%	\n
\n	\n \n	\n Pennsylvania—1.7% \n	\n
\n 900,000 \n	\n \n	\n Delaware\n County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), \n 3.000%,\n 9/1/2026	\n 900,000 \n
\n 700,000 \n	\n \n	\n Northampton\n County, PA General Purpose Authority (St. Luke’s Hospital Obligated Group), (Series B) Daily VRDNs, (TD Bank, \n N.A.\n LOC), 2.900%, 9/1/2026	\n 700,000 \n
\n	\n \n	\n TOTAL\n SHORT-TERM MUNICIPALS \n (IDENTIFIED\n COST $1,600,000)	\n 1,600,000 \n
\n	\n \n	\n TOTAL\n INVESTMENT IN SECURITIES—98.9% \n (IDENTIFIED\n COST $94,898,719)4\n	\n 93,075,899 \n
\n	\n \n	\n OTHER\n ASSETS AND LIABILITIES - NET—1.1%5\n	\n 1,045,738 \n
\n	\n \n	\n NET\n ASSETS—100%	\n $94,121,637 \n

Annual\nFinancial Statements and Additional Information

Securities that are\nsubject to the federal alternative minimum tax (AMT) represent 8.3% of the Fund’s portfolio as calculated based upon total\nmarket value (Unaudited).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Denotes\n a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from\n registration, under \n the\n Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2026, these restricted securities\n amounted to $2,031,153, \n which\n represented 2.2% of net assets.
\n 2 \n	\n Zero\n coupon bond.
\n 3 \n	\n Current\n rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable\n rate securities are \n not\n based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These\n securities do \n not\n indicate a reference rate and spread in their description above.
\n 4 \n	\n The\n cost of investments for federal tax purposes amounts to $94,810,664.
\n 5 \n	\n Assets,\n other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are\nshown as a percentage of net assets at August 31, 2026.\n

Various inputs are used in determining the\nvalue of the Fund’s investments. These inputs are summarized in the three broad levels listed\nbelow:

Level 1—quoted prices in active markets\nfor identical securities.

Level 3—significant unobservable inputs\n(including the Fund’s own assumptions in determining the fair value of investments).\n

The inputs or methodology used for valuing\nsecurities are not an indication of the risk associated with investing in those securities.\n

As of August 31, 2026, all investments of\nthe Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n The\n following acronym(s) are used throughout this portfolio:	\n \n
\n CVI \n	\n —Contingent-Value\n Instrument
\n GO \n	\n —General\n Obligation
\n GTD \n	\n —Guaranteed \n
\n HFA \n	\n —Housing\n Finance Authority
\n IDA \n	\n —Industrial\n Development Authority
\n INS \n	\n —Insured \n
\n LOC \n	\n —Letter\n of Credit
\n LP \n	\n —Limited\n Partnership
\n LT \n	\n —Limited\n Tax
\n UT \n	\n —Unlimited\n Tax
\n VRDNs \n	\n —Variable\n Rate Demand Notes

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Class\nA Shares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $9.66 \n	\n $10.09 \n	\n $9.84 \n	\n $9.99 \n	\n $11.22 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.34 \n	\n 0.32 \n	\n 0.29 \n	\n 0.27 \n	\n 0.24 \n
\n Net\n realized and unrealized gain (loss)	\n 0.13 \n	\n (0.43) \n	\n 0.25 \n	\n (0.16) \n	\n (1.20) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.47 \n	\n (0.11) \n	\n 0.54 \n	\n 0.11 \n	\n (0.96) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.34) \n	\n (0.32) \n	\n (0.29) \n	\n (0.26) \n	\n (0.24) \n
\n Distributions\n from net realized gain	\n — \n	\n — \n	\n — \n	\n — \n	\n (0.03) \n
\n TOTAL\n DISTRIBUTIONS	\n (0.34) \n	\n (0.32) \n	\n (0.29) \n	\n (0.26) \n	\n (0.27) \n
\n Net\n Asset Value, End of Period	\n $9.79 \n	\n $9.66 \n	\n $10.09 \n	\n $9.84 \n	\n $9.99 \n
\n Total\n Return2 \n	\n 4.81% \n	\n (1.11)% \n	\n 5.61% \n	\n 1.15% \n	\n (8.63)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.76%4\n	\n 0.76%4\n	\n 0.76%4\n	\n 0.76%4\n	\n 0.76% \n
\n Net\n investment income	\n 3.40% \n	\n 3.27% \n	\n 2.97% \n	\n 2.76% \n	\n 2.28% \n
\n Expense\n waiver/reimbursement5\n	\n 0.31% \n	\n 0.31% \n	\n 0.25% \n	\n 0.23% \n	\n 0.19% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $69,978 \n	\n $72,334 \n	\n $78,629 \n	\n $99,250 \n	\n $116,884 \n
\n Portfolio\n turnover6\n	\n 19% \n	\n 35% \n	\n 26% \n	\n 19% \n	\n 16% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. \n
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.76% , 0.76%, 0.76% and\n 0.76% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Financial\nHighlights–Institutional\nShares

(For a Share Outstanding Throughout Each\nPeriod)

\n \n	\n Year Ended August 31, \n
\n \n	\n 2026 \n	\n 2025 \n	\n 2024 \n	\n 2023 \n	\n 2022 \n
\n Net Asset\n Value, Beginning of Period	\n $9.65 \n	\n $10.08 \n	\n $9.83 \n	\n $9.99 \n	\n $11.22 \n
\n Income\n From Investment Operations:	\n	\n	\n	\n	\n
\n Net\n investment income1\n	\n 0.36 \n	\n 0.35 \n	\n 0.32 \n	\n 0.30 \n	\n 0.27 \n
\n Net\n realized and unrealized gain (loss)	\n 0.14 \n	\n (0.44) \n	\n 0.25 \n	\n (0.17) \n	\n (1.20) \n
\n TOTAL\n FROM INVESTMENT OPERATIONS	\n 0.50 \n	\n (0.09) \n	\n 0.57 \n	\n 0.13 \n	\n (0.93) \n
\n Less Distributions: \n	\n	\n	\n	\n	\n
\n Distributions\n from net investment income	\n (0.36) \n	\n (0.34) \n	\n (0.32) \n	\n (0.29) \n	\n (0.27) \n
\n Distributions\n from net realized gain	\n — \n	\n — \n	\n — \n	\n — \n	\n (0.03) \n
\n TOTAL\n DISTRIBUTIONS	\n (0.36) \n	\n (0.34) \n	\n (0.32) \n	\n (0.29) \n	\n (0.30) \n
\n Net\n Asset Value, End of Period	\n $9.79 \n	\n $9.65 \n	\n $10.08 \n	\n $9.83 \n	\n $9.99 \n
\n Total\n Return2 \n	\n 5.16% \n	\n (0.88)% \n	\n 5.86% \n	\n 1.28% \n	\n (8.42)% \n
\n Ratios\n to Average Net Assets:	\n	\n	\n	\n	\n
\n Net\n expenses3\n	\n 0.53%4\n	\n 0.53%4\n	\n 0.53%4\n	\n 0.53%4\n	\n 0.53% \n
\n Net\n investment income	\n 3.63% \n	\n 3.50% \n	\n 3.20% \n	\n 3.00% \n	\n 2.53% \n
\n Expense\n waiver/reimbursement5\n	\n 0.29% \n	\n 0.29% \n	\n 0.23% \n	\n 0.21% \n	\n 0.17% \n
\n Supplemental\n Data:	\n	\n	\n	\n	\n
\n Net\n assets, end of period (000 omitted)	\n $24,143 \n	\n $22,248 \n	\n $23,688 \n	\n $17,454 \n	\n $13,202 \n
\n Portfolio\n turnover6\n	\n 19% \n	\n 35% \n	\n 26% \n	\n 19% \n	\n 16% \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share numbers have been calculated using the average shares method.
\n 2 \n	\n Based\n on net asset value.
\n 3 \n	\n Amount\n does not reflect net expenses incurred by investment companies in which the Fund may invest.
\n 4 \n	\n The\n net expense ratios are calculated without reduction for expense offset arrangements. The net expense ratios are 0.53%, 0.53%, 0.53% and\n 0.53% for the \n years\n ended August 31, 2026, 2025, 2024 and 2023, respectively, after taking into account these expense reductions.
\n 5 \n	\n This\n expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense\n waiver/ \n reimbursement\n recorded by investment companies in which the Fund may invest.
\n 6 \n	\n Securities\n that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Assets and Liabilities\n\n

August 31, 2026

\n Assets: \n	\n
\n Investment\n in securities (identified\n cost $94,898,719)	\n $93,075,899 \n
\n Cash \n	\n 28,657 \n
\n Income\n receivable	\n 1,124,322 \n
\n Receivable\n for shares sold	\n 1,307 \n
\n Prepaid\n expenses	\n 10,097 \n
\n Total\n Assets	\n 94,240,282 \n
\n Liabilities: \n	\n
\n Payable\n for portfolio accounting fees	\n $50,211 \n
\n Payable\n for shares redeemed	\n 21,034 \n
\n Payable\n for share registration costs	\n 18,389 \n
\n Payable\n for other service fees (Notes 2 and 5) \n	\n 14,896 \n
\n Payable\n for transfer agent fees	\n 7,997 \n
\n Payable\n for legal fees	\n 5,524 \n
\n Payable\n for administrative fee (Note 5) \n	\n 299 \n
\n Payable\n for investment adviser fee (Note 5) \n	\n 295 \n
\n TOTAL\n LIABILITIES	\n 118,645 \n
\n Net\n assets for 9,611,779 shares outstanding	\n $94,121,637 \n
\n Net Assets\n Consist of:	\n
\n Paid-in\n capital	\n $102,053,512 \n
\n Total\n distributable earnings (loss)	\n (7,931,875) \n
\n NET\n ASSETS	\n $94,121,637 \n
\n Net Asset\n Value, Offering Price and Redemption Proceeds Per Share:	\n
\n Class A\n Shares:	\n
\n Net\n asset value per share ($69,978,350 ÷ 7,145,182 shares \n outstanding),\n no par value, unlimited shares authorized	\n $9.79 \n
\n Offering\n price per share (100/95.50 of $9.79)	\n $10.25 \n
\n Redemption\n proceeds per share	\n $9.79 \n
\n Institutional\n Shares:	\n
\n Net\n asset value per share ($24,143,287 ÷ 2,466,597 shares \n outstanding),\n no par value, unlimited shares authorized	\n $9.79 \n
\n Offering\n price per share	\n $9.79 \n
\n Redemption\n proceeds per share	\n $9.79 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Operations\n\n

Year Ended August\n31, 2026

\n Investment\n Income:	\n
\n Interest \n	\n $3,961,534 \n
\n Expenses: \n	\n
\n Investment\n adviser fee (Note 5) \n	\n $380,797 \n
\n Administrative\n fee (Note 5) \n	\n 75,392 \n
\n Custodian\n fees	\n 2,429 \n
\n Transfer\n agent fees	\n 64,785 \n
\n Directors’/Trustees’\n fees (Note 5) \n	\n 3,125 \n
\n Auditing\n fees	\n 36,523 \n
\n Legal\n fees	\n 10,669 \n
\n Other\n service fees (Notes 2 and 5)	\n 179,472 \n
\n Portfolio\n accounting fees	\n 120,821 \n
\n Share\n registration costs	\n 42,554 \n
\n Printing\n and postage	\n 23,072 \n
\n Miscellaneous\n (Note 5) \n	\n 23,512 \n
\n TOTAL\n EXPENSES	\n 963,151 \n
\n Waiver,\n Reimbursement and Reduction:	\n
\n Waiver\n of investment adviser fee (Note 5) \n	\n (274,458) \n
\n Reimbursement\n of other operating expenses (Notes 2 and 5)	\n (14,242) \n
\n Reduction\n of custodian fees (Note 6) \n	\n (2,175) \n
\n TOTAL\n WAIVER, REIMBURSEMENT AND REDUCTION	\n (290,875) \n
\n Net\n expenses	\n 672,276 \n
\n Net\n investment income	\n 3,289,258 \n
\n Realized\n and Unrealized Gain (Loss) on Investments:	\n
\n Net\n realized loss on investments	\n (197,846) \n
\n Net\n change in unrealized depreciation of investments	\n 1,526,949 \n
\n Net\n realized and unrealized gain (loss) on investments	\n 1,329,103 \n
\n Change\n in net assets resulting from operations	\n $4,618,361 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Statement\nof Changes in Net Assets\n\n

\n Year\n Ended August 31	\n 2026 \n	\n 2025 \n
\n Increase\n (Decrease) in Net Assets	\n	\n
\n Operations: \n	\n	\n
\n Net\n investment income	\n $3,289,258 \n	\n $3,301,397 \n
\n Net\n realized loss	\n (197,846) \n	\n (1,572,833) \n
\n Net\n change in unrealized appreciation/depreciation	\n 1,526,949 \n	\n (2,828,890) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM OPERATIONS	\n 4,618,361 \n	\n (1,100,326) \n
\n Distributions\n to Shareholders:	\n	\n
\n Class\n A Shares	\n (2,417,430) \n	\n (2,418,980) \n
\n Institutional\n Shares	\n (843,081) \n	\n (840,228) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	\n (3,260,511) \n	\n (3,259,208) \n
\n Share Transactions: \n	\n	\n
\n Proceeds\n from sale of shares	\n 9,650,441 \n	\n 15,055,097 \n
\n Net\n asset value of shares issued to shareholders in payment of distributions declared	\n 2,755,093 \n	\n 2,769,082 \n
\n Cost\n of shares redeemed	\n (14,223,612) \n	\n (21,199,324) \n
\n CHANGE\n IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	\n (1,818,078) \n	\n (3,375,145) \n
\n Change\n in net assets	\n (460,228) \n	\n (7,734,679) \n
\n Net Assets: \n	\n	\n
\n Beginning\n of period	\n 94,581,865 \n	\n 102,316,544 \n
\n End\n of period	\n $94,121,637 \n	\n $94,581,865 \n

See Notes which are an integral part of\nthe Financial Statements

Annual\nFinancial Statements and Additional Information

Notes to\nFinancial Statements

August 31, 2026\n

1. ORGANIZATION\n

Federated Hermes Municipal Securities Income\nTrust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the\n“Act”), as an open-end management investment company. The Trust consists of three portfolios. The financial statements included\nherein are only those of Federated Hermes Pennsylvania Municipal\nIncome Fund (the “Fund”), a diversified portfolio. The financial statements\nof the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited\nto the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Class A Shares\nand Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment\nobjective of the Fund is to provide current income exempt from federal regular income tax (federal regular income tax does not\ninclude the federal alternative minimum tax (AMT)) and the personal income taxes imposed by the State of Pennsylvania and Pennsylvania\nmunicipalities. Interest income from the Fund’s investments may be subject to the federal AMT for individuals.\n

2. SIGNIFICANT\nACCOUNTING POLICIES

Investment Valuation\n

In\ncalculating its net asset value (NAV), the Fund generally values investments as follows:

■\n

Fixed-income\nsecurities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management\nCompany (the “Adviser”).

■\n

Derivative\ncontracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean\nof closing bid and ask quotations.

■\n

Over-the-counter\n(OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the\nAdviser.

■\n

Shares\nof other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share\npractical expedient, as applicable.

■\n

For\nsecurities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain\nfactors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer\nor dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature\nand duration of restrictions on disposition, the movement of the\nmarket in which the security is normally traded, public trading in similar securities\nor derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited\nto industry changes and relevant government actions.\n

If any price, quotation, price evaluation\nor other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain\nprice evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth\nin the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion\nof the Adviser’s valuation committee (“Valuation Committee”)\nis deemed not representative of the fair value of such security, the Fund uses the fair\nvalue of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could\nobtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV\nper share, and the actual value obtained could be materially different.\n

Fair Valuation Procedures\n

Pursuant\nto Rule 2a-5 under the Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s\nvaluation designee to perform any fair value determinations for\nsecurities and other assets held by the Fund. The Adviser is subject to the Trustees’\noversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the\nAdviser’s fair value determinations.\n

Factors considered by\npricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon,\nmaturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers\nand general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an\ninvestment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price\nbetween

Annual\nFinancial Statements and Additional Information

the prices bid and\nask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities,\nmortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income\nsecurities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment,\nthe fair value of the investment is determined in accordance with procedures adopted by the Adviser.\n

Investment Income, Gains and Losses, Expenses and Distributions\n

Investment\ntransactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an\nidentified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.\nDistributions of net investment income, if any, are declared and paid monthly. In addition, distributions of capital gains, if any, are\ndeclared and paid at least annually. Non-cash dividends included\nin dividend income, if any, are recorded at fair value. Amortization/accretion\nof premium and discount is included in investment income. Investment income, realized and unrealized gains and losses and certain\nfund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain\nexpenses unique to those classes. The detail of the total fund expense waiver, reimbursement and reduction of $290,875 is disclosed\nin various locations in this Note 2, Note 5 and Note 6. Dividends are declared separately for each class. No class has preferential\ndividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.\n

Other Service Fees\n

The\nFund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Class A Shares to financial intermediaries\nor to Federated Shareholder Services Company (FSSC) for providing\nservices to shareholders and maintaining shareholder accounts. Subject\nto the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the year\nended August 31, 2026, other service fees for the Fund were as follows:\n

\n \n \n \n \n \n \n \n \n

\n \n

Other\n Service

Fees\n Incurred

Other\n Service

Fees\n Reimbursed

Class\n A Shares

$179,472

$(14,242)

Federal Taxes\n

When-Issued and Delayed-Delivery Transactions\n

Restricted Securities\n

Additional information on restricted securities\nheld at August 31, 2026, is as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Security \n	\n Acquisition\n \n Date \n	\n Cost \n	\n Value \n
\n Allentown,\n PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds \n (Series\n 2024), 5.000%, 5/1/2042	\n 1/18/2024 \n	\n $500,000 \n	\n $510,208 \n
\n Pennsylvania\n Economic Development Financing Authority (Core Natural Resources, Inc.), Solid Waste Disposal \n Facility\n Revenue Bonds (Series 2025), 5.450%, Mandatory Tender 3/27/2035	\n 3/20/2025 \n	\n $500,000 \n	\n $535,570 \n
\n Pennsylvania\n Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding \n Revenue\n Bonds (Series 2014), 5.500%, 11/1/2044	\n 11/21/2014 \n	\n $1,000,000 \n	\n $985,375 \n

Other\n

Annual\nFinancial Statements and Additional Information

3. SHARES\nOF BENEFICIAL INTEREST

The following tables summarize share activity:\n

\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Class\n A Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 325,312 \n	\n $3,237,073 \n	\n 697,711 \n	\n $6,894,190 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 218,966 \n	\n 2,180,422 \n	\n 218,293 \n	\n 2,152,352 \n
\n Shares\n redeemed	\n (889,988) \n	\n (8,853,543) \n	\n (1,218,432) \n	\n (12,067,997) \n
\n NET\n CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	\n (345,710) \n	\n $(3,436,048) \n	\n (302,428) \n	\n $(3,021,455) \n
\n \n	\n Year\n Ended \n 8/31/2026 \n	\n Year\n Ended \n 8/31/2025 \n
\n Institutional\n Shares:	\n Shares \n	\n Amount \n	\n Shares \n	\n Amount \n
\n Shares\n sold	\n 643,886 \n	\n $6,413,368 \n	\n 828,683 \n	\n $8,160,907 \n
\n Shares\n issued to shareholders in payment of distributions declared	\n 57,737 \n	\n 574,671 \n	\n 62,629 \n	\n 616,730 \n
\n Shares\n redeemed	\n (540,328) \n	\n (5,370,069) \n	\n (934,927) \n	\n (9,131,327) \n
\n NET\n CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	\n 161,295 \n	\n $1,617,970 \n	\n (43,615) \n	\n $(353,690) \n
\n NET\n CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	\n (184,415) \n	\n $(1,818,078) \n	\n (346,043) \n	\n $(3,375,145) \n

4. FEDERAL\nTAX INFORMATION

The tax character of distributions as reported\non the Statement of Changes in Net Assets for the years ended August 31, 2026 and 2025,\nwas as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n 2026 \n	\n 2025 \n
\n Tax-exempt\n income	\n $3,260,511 \n	\n $3,215,319 \n
\n Ordinary\n income	\n $— \n	\n $43,889 \n

As of August 31, 2026, the components of\ndistributable earnings on a tax-basis were as follows:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Undistributed\n tax-exempt income	\n $97,625 \n
\n Net\n unrealized depreciation	\n $(1,734,765) \n
\n Capital\n loss carryforwards	\n $(6,294,735) \n
\n TOTAL \n	\n $(7,931,875) \n

At August 31, 2026, the cost of investments\nfor federal tax purposes was $94,810,664. The net unrealized depreciation of investments for\nfederal tax purposes was $1,734,765. This consists of unrealized appreciation from investments for those securities having an excess of\nvalue over cost of $397,027 and unrealized depreciation from investments for those securities having an excess of cost over value of $2,131,792.\nThe difference between book-basis and tax-basis net unrealized depreciation is attributable to differing treatments for discount\naccretion/premium amortization on debt securities.\n

As of August 31, 2026,\nthe Fund had a capital loss carryforward of $6,294,735 which will reduce the Fund’s taxable income arising from\nfuture net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to\nshareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these\nnet capital losses retain their character as either short-term or long-term and do not expire.\n

The following schedule summarizes the Fund’s\ncapital loss carryforwards:

\n \n \n \n \n \n \n \n \n

\n Short-Term \n	\n Long-Term \n	\n Total \n
\n $1,027,348 \n	\n $5,267,387 \n	\n $6,294,735 \n

The Fund used capital loss carryforwards\nof $40,855 to offset capital gains realized during the year ended August 31, 2026.\n

5. INVESTMENT\nADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee\n

Annual\nFinancial Statements and Additional Information

Administrative Fee\n

\n \n \n \n \n \n \n \n \n \n

Administrative\n Fee

Average\n Daily Net Assets

of\n the Investment Complex

0.100%

on\n assets up to $50 billion

0.075%

on\n assets over $50 billion

In addition, FAS may charge certain out-of-pocket\nexpenses to the Fund.

Distribution Services Fee\n

The\nFund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund\nwill compensate Federated Securities Corp. (FSC), the principal\ndistributor, from the daily net assets of the Fund’s Class A Shares to finance activities\nintended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.05% of average\ndaily net assets annually to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose\nto waive any portion of its fee.

When FSC receives fees,\nit may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended\nAugust 31, 2026, the Fund’s Class A Shares did not incur a distribution services fee; however, it may begin to incur this fee upon\napproval of the Trustees.\n

Other Service Fees\n

For\nthe year ended August 31, 2026, FSSC received $22,614 and reimbursed $14,242 of other service fees disclosed in Note 2.\n

Sales Charges\n

Front-end\nsales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the\nproceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended\nAugust 31, 2026, FSC retained $5,679 in sales charges from the sale of Class A Shares. FSC also retained $440 of CDSC relating to\nredemptions of Class A Shares.

Interfund Transactions\n

During\nthe year ended August 31, 2026, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser\n(or affiliated investment advisers), common Trustees, and/or common Officers. These purchase and sale transactions complied with\nRule 17a-7 under the Act and amounted to $22,355,000 and $21,530,000, respectively. Net realized gain (loss) recognized on these transactions\nwas $0.

Expense Limitation\n

The\nAdviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts\nof their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding\ninterest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Class A Shares and Institutional\nShares (after the voluntary waivers and reimbursements) will not exceed 0.76% and 0.53% (the “Fee Limit”), respectively, up\nto but not including the later of (the “Termination Date”):\n(a) November 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While\nthe Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination\nDate, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval\nof the Trustees.

Directors’/Trustees’ and Miscellaneous Fees\n

6. EXPENSE\nREDUCTION

Annual\nFinancial Statements and Additional Information

7. INVESTMENT\nTRANSACTIONS

Purchases and sales of investments, excluding\nlong-term U.S. government securities and short-term obligations, for the year ended August\n31, 2026, were as follows:

\n \n \n \n \n \n \n

\n Purchases \n	\n $17,874,088 \n
\n Sales \n	\n $19,783,598 \n

8. CONCENTRATION\nOF RISK

Since the Fund invests a substantial portion\nof its assets in issuers located in one state, it will be more susceptible to factors adversely affecting\nissuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk\nassociated with such factors, at August 31, 2026, 26.1% of the securities in the Portfolio of Investments are backed by letters of credit\nor bond insurance of various financial institutions and financial guaranty assurance agencies.\n

9. LINE\nOF CREDIT

10. INTERFUND\nLENDING

11. OPERATING\nSEGMENTS

12. INDEMNIFICATIONS\n

13. FEDERAL\nTAX INFORMATION (UNAUDITED)

For the fiscal year ended August 31, 2026,\n100% of distributions from net investment income is exempt from federal income tax, other than\nthe federal AMT.

Annual\nFinancial Statements and Additional Information

Report of\nIndependent Registered Public Accounting Firm

To the SHAREHOLDERS OF FEDERATED\nHERMES PENNSYLVANIA MUNICIPAL INCOME FUND AND THE Board of\nTrustees of Federated Hermes Municipal Securities INCOME Trust:

Opinion on the Financial Statements

We have audited the accompanying\nstatement of assets and liabilities of Federated Hermes Pennsylvania Municipal Income\nFund (the Fund), a portfolio of Federated Hermes Municipal Securities Income Trust, including the portfolio of investments,\nas of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in\nnet assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements)\nand the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial\nstatements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August\n31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the\ntwo-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity\nwith U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance\nwith the standards of the PCAOB. Those standards require that we plan and perform\nthe audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material\nmisstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material\nmisstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts\nand disclosures in the financial statements and financial highlights. Such procedures also included confirmation of\nsecurities owned as of August 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting\nprinciples used and significant estimates made by management, as well as evaluating the overall presentation of\nthe financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

$\"$

We have served as the auditor\nof one or more Federated Hermes’ investment companies since 2006.

Boston, Massachusetts\n
October 26, 2026

Annual\nFinancial Statements and Additional Information

Evaluation\nand Approval of Advisory Contract–May\n2026

Federated Hermes Pennsylvania\nMunicipal Income Fund (the “Fund”)

Information Received\nand Review Process

Annual\nFinancial Statements and Additional Information

Nature, Extent and\nQuality of Services

Annual\nFinancial Statements and Additional Information

Based on\nthese considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services\nprovided by the Adviser to the Fund.

Fund Investment Performance

The Board\nalso considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board\nthroughout the year.

For the\nperiods ended December 31, 2025, the Fund’s performance fell below the Performance Peer Group median for the\none-year and three-year periods, and was above the Performance Peer Group median for the five-year period. The Board\ndiscussed the Fund’s performance with the Adviser and recognized the efforts being taken by the Adviser in the context\nof other factors considered relevant by the Board.

Based on\nthese considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities\nto manage the Fund.

Fund Expenses

The Board\nreviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position\nof the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory\nfee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure\nof the Fund remained competitive.

Annual\nFinancial Statements and Additional Information

In the case\nof the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable\nto the Fund.

Profitability

Economies of Scale

Annual\nFinancial Statements and Additional Information

Other Benefits

Conclusions

Annual\nFinancial Statements and Additional Information

$\"$

Federated Hermes Pennsylvania Municipal\nIncome Fund

Federated Hermes Funds
4000\nEricsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 313923708
CUSIP\n313923757

28995 (10/26)

\n\n \n\n \n\n \n

\n\n

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Federated Hermes Municipal High Yield Advantage Fund: Not\nApplicable.

Federated Hermes Ohio Municipal Income Fund: Not Applicable.

Federated Hermes Pennsylvania Municipal Income Fund: Not\nApplicable.

\n\n \n\n \n\n \n

\n\n

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Federated Hermes Municipal High Yield Advantage Fund: Not\nApplicable.

Federated Hermes Ohio Municipal Income Fund: Not Applicable.

Federated Hermes Pennsylvania Municipal Income Fund: Not\nApplicable.

\n\n \n\n \n\n \n

\n\n

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Federated Hermes Municipal High Yield Advantage Fund: The\nFund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Federated Hermes Ohio Municipal Income Fund: The Fund’s\ndisclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Federated Hermes Pennsylvania Municipal Income Fund: The\nFund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

\n\n \n\n \n\n \n

\n\n

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Federated Hermes Municipal High Yield Advantage Fund: The\nFund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this\nform.

Federated Hermes Ohio Municipal Income Fund: The Fund’s\nEvaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

Federated Hermes Pennsylvania Municipal Income Fund: The\nFund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this\nform.

\n\n \n\n \n\n \n

\n\n

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 15.

Submission of Matters to a Vote of Security Holders.

No Changes to Report

\n\n \n\n \n\n \n

\n\n

Item 16.

Controls and Procedures.

(a) The registrant’s Principal Executive Officer and\nPrincipal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)\nunder the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2)\nunder the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of\nthis report on Form N-CSR.

(b) There were no changes in the registrant’s internal\ncontrol over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially\naffected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

\n\n \n\n \n\n \n

\n\n

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 18.

Recovery of Erroneously Awarded Compensation

(a) Not Applicable

(b) Not Applicable

\n\n \n\n \n\n \n

\n\n

Item 19.

Exhibits

(a)(1)\tNot Applicable.

(a)(2)\tNot Applicable.

(a)(3)\tCertifications of Principal Executive Officer and Principal Financial Officer.

(a)(4) \tNot Applicable.

(a)(5) \tNot Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant\n to\n the\n requirements\n of\n the\n Securities\n Exchange\n Act\n of\n 1934\n and\n the\n Investment\n Company\n Act\n of\n 1940,\n the\n registrant\n has\n duly\n caused\n this\n report\n to\n be\n signed\n on\n its\n behalf\n by\n the\n undersigned,\n thereunto\n duly\n authorized.

Registrant:\n Federated\n Hermes\n Municipal\n Securities\n Income\n Trust

By:\n /s/\n Jeremy\n D.\n Boughton
\n Jeremy\n D.\n Boughton,\n Principal\n Financial\n Officer

Date:\n October\n 26,\n 2026

Pursuant\n to\n the\n requirements\n of\n the\n Securities\n Exchange\n Act\n of\n 1934\n and\n the\n Investment\n Company\n Act\n of\n 1940,\n this\n report\n has\n been\n signed\n below\n by\n the\n following\n persons\n on\n behalf\n of\n the\n registrant\n and\n in\n the\n capacities\n and\n on\n the\n dates\n indicated.

By:\n /s/\n J.\n Christopher\n Donahue
\n J.\n Christopher\n Donahue,\n Principal\n Executive\n Officer

Date:\n October\n 26,\n 2026

By:\n /s/\n Jeremy\n D.\n Boughton
\n Jeremy\n D.\n Boughton,\n Principal\n Financial\n Officer

Date:\n October\n 26,\n 2026

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