Federated Hermes Short-Intermediate Municipal Fund
(formerly, Federated Short-Intermediate Duration Municipal Trust)
Portfolio of Investments
September 30, 2020 (unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS—90.7% | |||
Alabama—2.3% | |||
$6,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 12/1/2025 | $7,452,510 | |
1,000,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 5 (Series 2020A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 10/1/2026 | 1,162,960 | |
8,000,000 | Lower Alabama Gas District, Gas Project Revenue Bonds Project No.2 (Series 2020A) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2025 | 9,162,080 | |
2,500,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007A) TOBs, 1.000%, Mandatory Tender 6/26/2025 | 2,507,100 | |
450,000 | Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 469,391 | |
425,000 | Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 443,313 | |
TOTAL | 21,197,354 | ||
Alaska—0.5% | |||
1,250,000 | Alaska International Airports System, Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2024 | 1,455,863 | |
1,010,000 | Alaska State Housing Finance Corp., Revenue Bonds (Series 2013A), 5.000%, 12/1/2022 | 1,085,255 | |
1,550,000 | Anchorage, AK Electric Utility System, Senior Lien Revenue Refunding Bonds (Series 2014A), 5.000%, 12/1/2022 | 1,703,620 | |
TOTAL | 4,244,738 | ||
Arizona—1.3% | |||
3,330,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 4.918%, Mandatory Tender 6/3/2024 | 3,843,120 | |
1,750,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2023 | 1,942,220 | |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2024 | 1,146,330 | |
1,500,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | 1,769,130 | |
3,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), (Original Issue Yield: 4.750%), 4.700%, 10/1/2024 | 3,007,440 | |
TOTAL | 11,708,240 | ||
California—5.7% | |||
5,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1) FRNs, 1.220% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 5,059,000 |
10,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1) FRNs, 1.220% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 10,118,000 |
2,045,000 | California Health Facilities Financing Authority (Kaiser Permanente), Revenue Bonds (Series 2017C) TOBs, 5.000%, Mandatory Tender 11/1/2022 | 2,245,390 | |
1,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2022 | 1,056,430 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2023 | 2,196,020 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2024 | 2,269,440 | |
1,500,000 | 2 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2009A) TOBs, 1.300%, Mandatory Tender 2/3/2025 | 1,516,485 |
4,000,000 | 2 | California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.500%, Mandatory Tender 11/2/2020 | 4,000,920 |
3,750,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2029 | 4,974,900 | |
2,500,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2030 | 3,367,150 | |
1,000,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2027 | 1,297,000 | |
1,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2026 | 1,267,900 | |
2,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2028 | 2,652,100 |
1
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$2,000,000 | Los Angeles County, CA Metropolitan Transportation Authority, Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds (Series 2020A) Green Bonds, 5.000%, 6/1/2030 | $2,730,560 | |
2,860,000 | Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)), Power System Revenue Bonds (Series 2020A), 5.000%, 7/1/2029 | 3,884,023 | |
2,000,000 | Southern California Public Power Authority (Power Projects), Windy Point/Windy Flats Project Revenue Refunding Bonds (Series 2020-1) Green Bonds, 5.000%, 4/1/2024 | 2,311,200 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,059,740 | |
TOTAL | 53,006,258 | ||
Colorado—1.4% | |||
350,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2021 | 350,189 | |
400,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2022 | 400,800 | |
640,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2023 | 654,694 | |
750,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2024 | 773,040 | |
600,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2025 | 622,236 | |
1,000,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2020 | 1,006,230 | |
750,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2021 | 782,655 | |
250,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2022 | 269,725 | |
3,000,000 | Denver, CO City & County Department of Aviation, Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 3,272,610 | |
450,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2024 | 528,961 | |
280,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2025 | 339,696 | |
1,480,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2026 | 1,846,182 | |
2,000,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2027 | 2,560,080 | |
TOTAL | 13,407,098 | ||
Connecticut—1.5% | |||
1,000,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2028 | 1,290,510 | |
2,600,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2029 | 3,411,642 | |
1,000,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2030 | 1,331,880 | |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.020% (SIFMA 7-day +0.900%), 3/1/2023 | 1,512,885 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.070% (SIFMA 7-day +0.950%), 3/1/2024 | 2,276,693 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.110% (SIFMA 7-day +0.990%), 3/1/2025 | 4,037,840 |
TOTAL | 13,861,450 | ||
Delaware—0.2% | |||
2,000,000 | Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Revenue Refunding Bonds (Series 2020A) TOBs, 1.050%, Mandatory Tender 7/1/2025 | 2,014,000 | |
Florida—1.5% | |||
575,000 | Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2024 | 595,867 | |
1,500,000 | Citizens Property Insurance Corp. FL, Revenue Bonds (Series 2015A1), 5.000%, 6/1/2022 | 1,579,665 | |
1,500,000 | Citizens Property Insurance Corp. FL, Senior Secured Revenue Bonds (Series 2012 A-1), 5.000%, 6/1/2021 | 1,545,585 | |
1,195,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2021 | 1,228,723 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2022 | 1,070,310 |
2
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$1,245,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2021 | $1,297,726 | |
1,300,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2022 | 1,402,843 | |
3,265,000 | Palm Beach County, FL Health Facilities Authority (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Bonds (Series 2016), 5.000%, 11/15/2021 | 3,404,742 | |
1,345,000 | Volusia County, FL Education Facility Authority (Stetson University, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 6/1/2024 | 1,532,560 | |
TOTAL | 13,658,021 | ||
Georgia—3.9% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2022 | 1,090,240 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2023 | 1,129,740 | |
800,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2024 | 933,848 | |
3,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth Series 1995) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 3,049,620 | |
7,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.854% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 6,992,230 |
5,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018C) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 12/1/2023 | 5,504,950 | |
5,300,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD), 4.000%, Mandatory Tender 12/2/2024 | 6,012,532 | |
5,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Plant Pollution Control Revenue Bonds (First Series 1995), 2.250%, 7/1/2025 | 5,661,920 | |
3,500,000 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2030 | 4,805,360 | |
850,000 | Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 886,626 | |
TOTAL | 36,067,066 | ||
Illinois—5.8% | |||
1,000,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2022 | 1,051,490 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2022 | 1,577,235 | |
2,000,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2021 | 2,021,380 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2024 | 572,580 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2026 | 609,405 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2028 | 633,790 | |
1,000,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2029 | 1,284,730 | |
1,000,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2030 | 1,301,210 | |
1,000,000 | Chicago, IL O'Hare International Airport, Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2023 | 1,103,100 | |
1,135,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.000%, 11/1/2023 | 1,274,185 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020 | 1,003,520 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 1,047,090 | |
5,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2022 | 5,419,050 | |
2,645,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2023 | 2,969,356 | |
1,780,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2022 | 1,785,393 | |
1,845,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2023 | 1,851,181 | |
2,800,000 | Illinois Finance Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,797,256 | |
3,000,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2026 | 3,646,740 | |
1,200,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2021 | 1,244,436 |
3
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,500,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2022 | $1,603,935 | |
1,800,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2023 | 1,979,802 | |
3,000,000 | 1 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016B) FRNs, 1.459% (1-month USLIBOR x 0.70 +1.350%), Mandatory Tender 5/1/2021 | 3,000,420 |
3,000,000 | Illinois Housing Development Authority (Century Woods), Multifamily Housing Revenue Bonds (Series 2019) TOBs, (GNMA COL), 1.868%, Mandatory Tender 10/1/2021 | 3,046,860 | |
1,750,000 | Illinois State, UT GO Bonds (Series 2020B), 5.500%, 5/1/2024 | 1,897,368 | |
1,500,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 1,543,005 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 2,094,420 | |
1,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2023 | 1,059,780 | |
2,300,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2028 | 2,538,395 | |
1,925,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), 5.000%, 6/1/2026 | 2,357,952 | |
TOTAL | 54,315,064 | ||
Indiana—0.8% | |||
725,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2021 | 751,078 | |
500,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2022 | 540,555 | |
1,000,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2016C), 5.000%, 1/1/2024 | 1,148,220 | |
1,000,000 | Indiana State Finance Authority Hospital Revenue (Beacon Health System Obligated Group), Hospital Revenue Bonds (Series 2013A), 5.000%, 8/15/2021 | 1,039,610 | |
4,000,000 | Rockport, IN PCR (Indiana Michigan Power Co.), Revenue Refunding Bonds (Series 2008D) TOBs, 2.050%, Mandatory Tender 6/1/2021 | 4,030,560 | |
TOTAL | 7,510,023 | ||
Iowa—0.1% | |||
1,040,000 | Ames, IA Hospital Revenue (Mary Greeley Medical Center), Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2023 | 1,160,744 | |
Kansas—0.5% | |||
2,000,000 | Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021 | 2,006,280 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.000%, 9/1/2021 | 1,042,950 | |
1,000,000 | Wyandotte County, KS Unified Government Utility System, Revenue Bonds (Series 2016A), 5.000%, 9/1/2024 | 1,175,470 | |
TOTAL | 4,224,700 | ||
Kentucky—4.0% | |||
2,640,000 | Kentucky Bond Development Corp. (St. Elizabeth Medical Center), Hospital Facilities Revenue Refunding Bonds (Series 2016), 5.000%, 5/1/2024 | 3,035,604 | |
5,000,000 | Kentucky Economic Development Finance Authority (Catholic Health Initiatives), Revenue Bonds (Series 2009B) TOBs, 2.700%, Mandatory Tender 11/10/2021 | 5,099,850 | |
3,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Pollution Control Revenue Bonds (Series 2005A) TOBs, 1.750%, Mandatory Tender 7/1/2026 | 3,086,550 | |
4,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021 | 4,022,400 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018A) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 4/1/2024 | 5,519,950 | |
4,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 4,482,880 | |
9,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2020A) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 6/1/2026 | 10,410,570 | |
2,250,000 | Trimble County, KY (Louisville Gas & Electric Co.), PCR Refunding Bonds (Series 2016A) TOBs, 1.300%, Mandatory Tender 9/1/2044 | 2,242,237 | |
TOTAL | 37,900,041 | ||
Louisiana—2.8% | |||
1,450,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2028 | 1,877,141 | |
750,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2030 | 1,010,100 | |
5,000,000 | Louisiana Local Government Environmental Facilities Community Development Authority (East Baton Rouge Sewerage Commission), Subordinate Lien Multi-Modal Revenue Refunding Bonds (Series 2020B) TOBs, 0.875%, Mandatory Tender 2/1/2025 | 4,961,300 |
4
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—continued | |||
$6,000,000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2010B-1A) TOBs, 2.000%, Mandatory Tender 10/1/2022 | $6,067,140 | |
790,000 | New Orleans, LA Aviation Board, Revenue Bonds (Series 2015A), 5.000%, 1/1/2024 | 895,299 | |
3,765,000 | St. Charles Parish, LA Gulf Opportunity Zone (Valero Energy Corp.), Revenue Bonds (Series 2010) TOBs, 4.000%, Mandatory Tender 6/1/2022 | 3,923,657 | |
7,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-2) TOBs, 2.375%, Mandatory Tender 7/1/2026 | 7,088,410 | |
TOTAL | 25,823,047 | ||
Maryland—0.2% | |||
850,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-70 (Series 2017C-2), 3.000%, 11/1/2025 | 850,000 | |
620,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-85 (Series 2017C-1), 3.500%, 11/1/2026 | 607,005 | |
TOTAL | 1,457,005 | ||
Massachusetts—1.2% | |||
2,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2029 | 2,739,820 | |
1,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2030 | 1,399,270 | |
6,000,000 | Massachusetts State Development Finance Agency (Boston University), Revenue Bonds (Series 2019 DD-1) TOBs, 5.000%, Mandatory Tender 4/1/2024 | 6,797,220 | |
310,000 | Massachusetts State Housing Finance Agency Housing Revenue, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045 | 326,002 | |
TOTAL | 11,262,312 | ||
Michigan—1.6% | |||
5,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2022 | 5,415,600 | |
2,500,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2021 | 2,589,150 | |
1,205,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2023 | 1,383,822 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2024 | 1,192,090 | |
3,500,000 | Michigan Strategic Fund (Detroit Edison Co.), Variable Rate Limited Obligation Revenue Refunding Bonds (Series 2008ET-2) TOBs, 1.450%, Mandatory Tender 9/1/2021 | 3,516,205 | |
1,170,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.000%, 10/15/2020 | 1,171,813 | |
TOTAL | 15,268,680 | ||
Minnesota—0.3% | |||
3,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.550% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 2,999,070 |
Mississippi—0.7% | |||
1,250,000 | Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.200%, Mandatory Tender 6/3/2024 | 1,306,213 | |
1,000,000 | Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004) TOBs, 0.550%, Mandatory Tender 9/1/2021 | 1,000,180 | |
4,000,000 | Warren County, MS Gulf Opportunity Zone (International Paper Co.), Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 4,076,160 | |
TOTAL | 6,382,553 | ||
Missouri—0.9% | |||
1,570,000 | Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2022 | 1,685,819 | |
565,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2014A), 5.000%, 2/1/2021 | 571,690 | |
500,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 5.000%, 2/1/2023 | 539,685 | |
800,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2021 | 809,472 | |
650,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2022 | 680,199 | |
1,200,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2023 | 1,295,244 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024 | 832,372 | |
850,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025 | 966,994 |
5
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—continued | |||
$750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026 | $868,140 | |
TOTAL | 8,249,615 | ||
Montana—0.5% | |||
4,710,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 0.670% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 4,707,645 |
Nevada—2.1% | |||
6,665,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2026 | 8,109,972 | |
3,000,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2028 | 3,842,460 | |
875,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2030 | 1,158,491 | |
6,500,000 | Washoe County, NV Gas & Water Facilities Revenue (Sierra Pacific Power Co.), Refunding Revenue Bonds (Series 2016B) TOBs, 3.000%, Mandatory Tender 6/1/2022 | 6,766,110 | |
TOTAL | 19,877,033 | ||
New Hampshire—0.7% | |||
2,750,000 | National Finance Authority, NH (Waste Management, Inc.), (Series A-1) TOBs, 0.400%, Mandatory Tender 12/1/2020 | 2,750,083 | |
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-2) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 4,150,800 | |
TOTAL | 6,900,883 | ||
New Jersey—4.6% | |||
2,600,000 | Camden, NJ BANs, 1.500%, 8/12/2021 | 2,610,920 | |
5,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2022 | 5,336,750 | |
10,000,000 | 1 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs, 1.370% (SIFMA 7-day +1.250%), 9/1/2025 | 9,806,400 |
1,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020A), 1.000%, 6/1/2023 | 1,002,680 | |
2,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020C), 1.150%, 6/1/2023 | 2,029,680 | |
1,000,000 | New Jersey Turnpike Authority, Revenue Bonds (Series 2017A), 5.000%, 1/1/2027 | 1,246,740 | |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-3) FRNs, 0.709% (1-month USLIBOR x 0.70 +0.600%), 1/1/2023 | 4,987,550 |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-4) FRNs, 0.809% (1-month USLIBOR x 0.70 +0.700%), 1/1/2024 | 4,992,150 |
600,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 721,326 | |
500,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2026 | 615,485 | |
625,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2027 | 784,262 | |
1,300,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2028 | 1,652,495 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 582,990 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 601,105 | |
1,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 1,069,820 | |
2,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2023 | 2,775,475 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2024 | 2,295,900 | |
TOTAL | 43,111,728 | ||
New Mexico—1.1% | |||
3,500,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%, Mandatory Tender 6/1/2022 | 3,575,460 |
6
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—continued | |||
$4,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, Mandatory Tender 6/1/2023 | $4,018,960 | |
2,200,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 2,617,758 | |
TOTAL | 10,212,178 | ||
New York—3.9% | |||
5,500,000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds (Series 2020) TOBs, 1.278%, Mandatory Tender 4/3/2023 | 5,462,710 | |
4,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 4,125,120 | |
900,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2028 | 1,181,817 | |
1,200,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2029 | 1,604,016 | |
875,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2030 | 1,191,496 | |
4,040,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory Tender 9/1/2025 | 4,060,119 | |
3,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 0.787% (1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 2,971,620 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.654% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 4,729,900 |
3,000,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (Series 2019B-2) TOBs, 2.100%, Mandatory Tender 7/3/2023 | 3,054,720 | |
1,000,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2028 | 1,255,690 | |
1,500,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2029 | 1,916,925 | |
1,600,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 3/1/2030 | 2,069,984 | |
2,500,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2019F Group 3) TOBs, (New York State Mortgage Agency GTD), 1.875%, Mandatory Tender 11/1/2021 | 2,501,825 | |
TOTAL | 36,125,942 | ||
North Carolina—1.5% | |||
825,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 860,549 | |
1,030,000 | North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047 | 1,118,642 | |
1,875,000 | North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2025 | 2,256,075 | |
1,600,000 | North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2026 | 1,983,824 | |
1,750,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2027 | 2,115,575 | |
1,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2028 | 1,232,080 | |
2,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2027 | 2,578,860 | |
1,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2028 | 1,322,220 | |
500,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2029 | 676,640 | |
TOTAL | 14,144,465 | ||
North Dakota—0.2% | |||
2,200,000 | Burleigh Co., ND Health Care Revenue (Missouri Slope North Campus), Healthcare BAN (Series 2020), 3.000%, 11/1/2021 | 2,157,606 | |
Ohio—2.8% | |||
3,500,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2017B) TOBs, 2.150%, Mandatory Tender 5/5/2022 | 3,729,705 | |
1,350,000 | American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2026 | 1,664,388 | |
1,600,000 | American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2027 | 2,021,136 |
7
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,750,000 | American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2028 | $2,258,690 | |
1,500,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2025 | 1,792,635 | |
650,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2026 | 804,694 | |
950,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2027 | 1,208,875 | |
600,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2028 | 783,684 | |
1,100,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2029 | 1,466,322 | |
800,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2030 | 1,089,968 | |
500,000 | Hamilton County, OH Hospital Facilities Authority (UC Health ), Revenue Bonds (Series 2014), 5.000%, 2/1/2023 | 550,350 | |
3,500,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 4,129,545 | |
790,000 | Lorain County, OH, (Series B) BANs, 1.300%, 2/6/2021 | 790,395 | |
1,500,000 | Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Refunding Bonds (Series 2014A) TOBs, 2.400%, Mandatory Tender 10/1/2029 | 1,552,185 | |
455,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2026 | 550,145 | |
345,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2027 | 426,975 | |
1,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 1/15/2025 | 1,170,340 | |
TOTAL | 25,990,032 | ||
Oklahoma—1.9% | |||
2,285,000 | Canadian County Educational Facilities Authority, OK (Mustang Public Schools), Educational Facilities Lease Revenue Bonds (Series 2012), 4.500%, 9/1/2021 | 2,373,384 | |
3,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 4,028,955 | |
3,200,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2025 | 3,802,176 | |
5,000,000 | Oklahoma Development Finance Authority (Gilcrease Developers, LLC), Limited Obligation Revenue Bonds (Series 2020), 1.625%, 7/6/2023 | 4,992,550 | |
1,850,000 | Oklahoma Development Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375%, 12/1/2021 | 1,886,278 | |
1,000,000 | Tulsa County, OK Industrial Authority (Broken Arrow Public Schools), Educational Facilities Lease Revenue Bonds (Series 2016), 5.000%, 9/1/2022 | 1,088,420 | |
TOTAL | 18,171,763 | ||
Oregon—1.3% | |||
1,450,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2026 | 1,770,696 | |
1,700,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2027 | 2,117,792 | |
1,600,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2028 | 2,023,984 | |
2,635,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2029 | 3,373,143 | |
2,400,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2030 | 3,106,560 | |
TOTAL | 12,392,175 | ||
Pennsylvania—6.4% | |||
850,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2025 | 1,049,163 | |
2,000,000 | Berks County, PA Municipal Authority (Tower Health), Revenue Bonds (Series 2020B-1) TOBs, 5.000%, Mandatory Tender 2/1/2025 | 2,169,140 | |
2,000,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2021 | 2,013,180 | |
1,115,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2022 | 1,150,925 | |
1,155,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2024 | 1,244,478 | |
500,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 4.000%, 12/1/2020 | 502,225 |
8
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$500,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2022 | $538,445 | |
750,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2023 | 832,275 | |
12,500,000 | 1 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2014B) FRNs, 1.167% (1-month USLIBOR x 0.67 +1.070%), Mandatory Tender 6/1/2024 | 12,464,125 |
5,000,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016A) TOBs, 1.800%, Mandatory Tender 9/1/2022 | 5,060,750 | |
2,250,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 0.840% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 2,248,627 |
1,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.149% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 996,400 |
6,500,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2011) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 6,786,455 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.700%, Mandatory Tender 8/2/2021 | 2,001,660 | |
2,000,000 | Pennsylvania EDFA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 1.850%, 11/1/2021 | 2,025,140 | |
2,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.676% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 1,998,020 |
1,500,000 | Pennsylvania State Higher Education Facilities Authority (University of the Sciences in Philadelphia), Revenue Refunding Bonds (Series 2015A), 5.000%, 11/1/2023 | 1,601,745 | |
250,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2026 | 316,713 | |
400,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2027 | 517,968 | |
500,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2028 | 658,045 | |
750,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2029 | 997,185 | |
525,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2030 | 710,777 | |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 1.100% (SIFMA 7-day +0.980%), 12/1/2021 | 5,020,950 |
1,700,000 | Philadelphia, PA Gas Works, 1998 General Ordinance Revenue Refunding Bonds (14th Series 2016), 5.000%, 10/1/2021 | 1,775,820 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2025 | 1,182,200 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2026 | 1,217,470 | |
1,250,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2027 | 1,560,800 | |
1,470,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School District Intercept Program GTD), 0.955% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021 | 1,468,045 |
TOTAL | 60,108,726 | ||
Rhode Island—1.1% | |||
2,250,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2021 | 2,301,727 | |
2,250,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2022 | 2,384,820 | |
2,000,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2023 | 2,186,320 | |
3,285,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2024 | 3,686,953 | |
TOTAL | 10,559,820 | ||
South Carolina—0.9% | |||
1,000,000 | Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.000%, 12/1/2020 | 1,007,990 | |
7,200,000 | Laurens County, SC Water and Sewer Commission, Waterworks Distribution System Bond Anticipation Notes (Series 2020), 1.375%, 2/1/2022 | 7,249,608 | |
TOTAL | 8,257,598 | ||
South Dakota—0.1% | |||
750,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.000%, 6/1/2023 | 836,063 | |
Tennessee—1.4% | |||
11,300,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 13,178,851 |
9
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$330,000 | Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045 | $350,038 | |
TOTAL | 13,528,889 | ||
Texas—16.1% | |||
1,500,000 | Alvin, TX Independent School District, Variable Rate Unlimited Tax Schoolhouse Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023 | 1,498,590 | |
600,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2024 | 701,010 | |
650,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2025 | 780,721 | |
1,000,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026 | 1,227,330 | |
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%, Mandatory Tender 1/7/2021 | 5,014,000 | |
1,400,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.000%, 1/1/2021 | 1,415,778 | |
1,500,000 | Dallas, TX Area Rapid Transit, Revenue Refunding Bonds (Series 2016B), 5.000%, 12/1/2022 | 1,655,535 | |
9,000,000 | Denton, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2014-B) TOBs, (Texas Permanent School Fund Guarantee Program INS), 2.000%, Mandatory Tender 8/1/2024 | 9,513,270 | |
6,580,000 | Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 6,934,662 | |
3,000,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 3,124,050 | |
5,920,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 6,100,382 | |
2,500,000 | Fort Bend, TX Independent School District, Variable Rate Unlimited Tax School Building and Refunding Bonds (Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025 | 2,520,100 | |
2,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022 | 2,612,675 | |
2,900,000 | Harlandale, TX Independent School District, Fixed and Variable Rate Unlimited Tax Refunding Bonds (Series 2020) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2025 | 2,900,638 | |
5,635,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.020% (SIFMA 7-day +0.900%), 6/1/2022 | 5,656,807 |
4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.070% (SIFMA 7-day +0.950%), 6/1/2023 | 4,529,655 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.170% (SIFMA 7-day +1.050%), 6/1/2024 | 5,756,802 |
5,000,000 | Harris County, TX Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2019B) TOBs, 4.918%, Mandatory Tender 10/1/2024 | 5,875,250 | |
2,000,000 | Hutto, TX Independent School District, Unlimited Tax School Building Bonds (Series 2017) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025 | 2,129,620 | |
1,905,000 | 1 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017B) FRNs, 1.220% (SIFMA 7-day +1.100%), Mandatory Tender 10/15/2023 | 1,954,700 |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2024 | 1,742,820 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2025 | 1,200,660 | |
750,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2026 | 925,995 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2027 | 1,266,980 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2028 | 1,295,740 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2025 | 1,200,660 | |
1,250,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2026 | 1,543,325 | |
2,300,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), Pollution Control Revenue Refunding Bonds (Series 2001A), 2.600%, 11/1/2029 | 2,437,494 | |
7,535,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013C) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 7,955,905 |
10
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$3,000,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2023 | $3,131,340 | |
3,000,000 | Mission, TX Economic Development Corp. (Republic Services, Inc.), (Series 2020 A) TOBs, 0.500%, Mandatory Tender 11/2/2020 | 3,000,690 | |
5,400,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series A) TOBs, 0.400%, Mandatory Tender 12/1/2020 | 5,400,162 | |
855,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2022 | 880,308 | |
945,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2024 | 1,013,012 | |
980,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2025 | 1,068,602 | |
735,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 4.000%, 11/1/2021 | 751,817 | |
500,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2023 | 545,375 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2024 | 699,413 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2025 | 1,255,225 | |
1,500,000 | North East, TX Independent School District, Variable Rate UT GO Refunding Bonds (Series 2019) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.200%, Mandatory Tender 8/1/2024 | 1,586,925 | |
1,400,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2025 | 1,541,344 | |
2,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2025 | 2,359,880 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2026 | 3,029,775 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2027 | 3,106,550 | |
7,945,000 | Northside, TX Independent School District, Variable Rate UT GO School Building and Refunding Bonds (Series 2019) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.600%, Mandatory Tender 8/1/2024 | 8,256,126 | |
6,000,000 | Pflugerville, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/15/2023 | 6,328,560 | |
2,500,000 | Prosper, TX Independent School District, Adjustable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/15/2023 | 2,599,200 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.000%, 10/1/2021 | 574,365 | |
7,500,000 | San Antonio, TX Electric & Gas System, Variable Rate Junior Lien Revenue Refunding Bonds (Series 2020) TOBs, 1.750%, Mandatory Tender 12/1/2025 | 7,832,700 | |
4,000,000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, Mandatory Tender 5/1/2024 | 4,271,720 | |
TOTAL | 150,704,243 | ||
Utah—0.5% | |||
4,000,000 | Utah County, UT Hospital Revenue (IHC Health Services, Inc.), Revenue Bonds (Series 2020 B-2) TOBs, 5.000%, Mandatory Tender 8/1/2026 | 4,995,160 | |
Virginia—2.3% | |||
4,500,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 5,047,425 | |
7,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 7,752,750 | |
2,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2025 | 3,065,050 | |
1,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2030 | 2,069,670 | |
3,750,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024 | 3,815,475 | |
TOTAL | 21,750,370 | ||
Washington—3.3% | |||
1,000,000 | Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2030 | 1,374,150 | |
2,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2017-A), 5.000%, 7/1/2026 | 2,160,440 |
11
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$1,250,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2027 | $1,616,263 | |
1,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2028 | 1,320,940 | |
1,750,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2022 | 1,871,135 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2023 | 2,212,340 | |
1,500,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 1,718,220 | |
1,825,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025 | 2,153,062 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026 | 2,413,340 | |
2,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 0.610% (SIFMA 7- day +0.490%), Mandatory Tender 11/1/2023 | 2,006,700 |
1,500,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2016C), 5.000%, 10/1/2023 | 1,715,235 | |
3,760,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.201% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 3,782,823 |
3,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.170% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 3,029,460 |
3,000,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), Revenue Bonds (Series 2012B) TOBs, 5.000%, Mandatory Tender 10/1/2021 | 3,134,730 | |
TOTAL | 30,508,838 | ||
West Virginia—0.4% | |||
4,000,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Refunding Bonds Amos Project (Series 2015A) TOBs, 2.550%, Mandatory Tender 4/1/2024 | 4,206,960 | |
Wisconsin—0.1% | |||
1,310,000 | Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran), Revenue Bonds (Series 2011A), 5.000%, 10/15/2020 | 1,312,109 | |
Wyoming—0.3% | |||
3,000,000 | Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026 | 3,117,360 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $830,930,933) | 849,394,665 | ||
1 | SHORT-TERM MUNICIPALS—9.8% | ||
Alabama—0.3% | |||
2,400,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series D) (Gaston Plant) Daily VRDNs, 0.150%, 10/1/2020 | 2,400,000 | |
California—2.6% | |||
17,600,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDNs, 0.680%, 10/1/2020 | 17,600,000 | |
6,700,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.290%, 10/1/2020 | 6,700,000 | |
TOTAL | 24,300,000 | ||
Georgia—1.0% | |||
1,300,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.170%, 10/1/2020 | 1,300,000 | |
2,000,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.160%, 10/1/2020 | 2,000,000 | |
5,250,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.160%, 10/1/2020 | 5,250,000 | |
800,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.170%, 10/1/2020 | 800,000 | |
TOTAL | 9,350,000 | ||
New York—0.3% | |||
1,850,000 | New York City, NY, (Series B-3) Weekly VRENs, 0.360%, 10/1/2020 | 1,850,000 | |
1,400,000 | New York State Mortgage Agency, (Series 135) Daily VRDNs, (Barclays Bank plc LIQ), 0.160%, 10/1/2020 | 1,400,000 | |
TOTAL | 3,250,000 | ||
Texas—4.6% | |||
1,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.300%, 10/7/2020 | 1,500,000 | |
3,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 1998) Weekly VRDNs, (BASF SE GTD), 0.300%, 10/7/2020 | 3,000,000 | |
2,700,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 0.170%, 10/1/2020 | 2,700,000 |
12
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$15,995,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 0.170%, 10/1/2020 | $15,995,000 | |
15,675,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.190%, 10/1/2020 | 15,675,000 | |
4,600,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.400%, 10/7/2020 | 4,600,000 | |
TOTAL | 43,470,000 | ||
Utah—0.1% | |||
1,450,000 | Weber County, UT (IHC Health Services, Inc.), (Series 2000B) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.080%, 10/7/2020 | 1,450,000 | |
Wisconsin—0.5% | |||
4,500,000 | Wisconsin State HEFA (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.370%, 10/1/2020 | 4,500,000 | |
Wyoming—0.4% | |||
3,500,000 | Sublette County, WY (Exxon Capital Ventures, Inc.), (Series 2014) Daily VRDNs, (Exxon Mobil Corp. GTD), 0.160%, 10/1/2020 | 3,500,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $92,220,000) | 92,220,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $923,150,933) | 941,614,665 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%3 | (5,016,506) | ||
TOTAL NET ASSETS—100% | $936,598,159 |
Securities that are subject to the federal alternative minimum tax (AMT) represent 9.4% of the Fund's portfolio as calculated based upon total market value.
1
Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At September 30, 2020, these restricted securities amounted to $5,517,405, which represented 0.6% of total net assets.
Additional information on restricted securities held at September 30, 2020, is as follows:
Security | Acquisition Date | Acquisition Cost | Value |
California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2009A) TOBs, 1.300%, Mandatory Tender 2/3/2025 | 1/30/2020 | $1,500,000 | $1,516,485 |
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.500%, Mandatory Tender 11/2/2020 | 7/31/2020 | $4,000,000 | $4,000,920 |
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2020.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
13
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of September 30, 2020, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
14
The following acronym(s) are used throughout this portfolio:
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
FRNs | —Floating Rate Notes |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PILOT | —Payment in Lieu of Taxes |
PUTTERs | —Puttable Tax-Exempt Receipts |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Purchases |
VRENs | —Variable Rate Extendible Notes |
15