Federated Hermes Short-Intermediate Municipal Fund
Portfolio of Investments
September 30, 2021 (unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS—87.0% | |||
Alabama—1.6% | |||
$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 | $7,335,276 | |
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 | 1,148,638 | |
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 | 9,010,158 | |
2,500,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007A) TOBs, 1.000%, Mandatory Tender 6/26/2025 | 2,529,268 | |
450,000 | Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 468,709 | |
425,000 | Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 442,670 | |
TOTAL | 20,934,719 | ||
Alaska—0.3% | |||
1,250,000 | Alaska International Airports System, Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2024 | 1,421,227 | |
1,010,000 | Alaska State Housing Finance Corp., Revenue Bonds (Series 2013A), 5.000%, 12/1/2022 | 1,042,355 | |
1,550,000 | Anchorage, AK Electric Utility System, Senior Lien Revenue Refunding Bonds (Series 2014A), (United States Treasury COL), 5.000%, 12/1/2022 | 1,636,033 | |
TOTAL | 4,099,615 | ||
Arizona—1.3% | |||
3,330,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 3,719,265 | |
3,000,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), Pollution Control Revenue Refunding Bonds Palo Verde Project (Series 2010A) TOBs, 0.875%, Mandatory Tender 10/1/2026 | 2,967,847 | |
1,625,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), Pollution Control Revenue Refunding Bonds Palo Verde Project (Series 2010B) TOBs, 0.875%, Mandatory Tender 10/1/2026 | 1,607,584 | |
1,750,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2023 | 1,891,746 | |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2024 | 1,122,718 | |
1,500,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | 1,740,615 | |
3,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), (Original Issue Yield: 4.750%), 4.700%, 10/1/2024 | 3,001,953 | |
TOTAL | 16,051,728 | ||
California—6.0% | |||
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, 1.150% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 5,087,401 |
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, 1.150% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 10,174,799 |
5,250,000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds (Series 2021B-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 8/1/2031 | 6,362,732 | |
2,045,000 | California Health Facilities Financing Authority (Kaiser Permanente), Revenue Bonds (Series 2017C) TOBs, 5.000%, Mandatory Tender 11/1/2022 | 2,149,643 | |
10,000,000 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021A) TOBs, 1.200%, Mandatory Tender 6/1/2028 | 10,030,239 | |
1,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2022 | 1,015,486 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2023 | 2,124,957 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2024 | 2,216,028 | |
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 | 1,532,569 |
1
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$2,500,000 | 2 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.700%, Mandatory Tender 12/1/2023 | $2,514,484 |
1,000,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 1,008,643 |
1,000,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-70 Senior Living Revenue Refunding Bonds (Series B-2), 2.375%, 11/15/2028 | 1,010,692 |
3,750,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2029 | 4,824,459 | |
2,500,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2030 | 3,271,492 | |
1,000,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2027 | 1,251,127 | |
1,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2026 | 1,218,928 | |
2,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2028 | 2,555,596 | |
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 | 2,666,388 | |
1,230,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2027 | 1,504,062 | |
1,250,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2028 | 1,561,236 | |
1,410,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2029 | 1,791,233 | |
2,150,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2030 | 2,781,535 | |
2,860,000 | Los Angeles, CA 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 | 3,732,936 | |
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 | 2,213,413 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,048,460 | |
TOTAL | 76,648,538 | ||
Colorado—1.2% | |||
400,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2022 | 402,805 | |
640,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2023 | 670,279 | |
750,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2024 | 812,314 | |
600,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2025 | 659,545 | |
750,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2021 | 755,388 | |
250,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2022 | 262,901 | |
2,425,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Bonds (Series 2020B-2) TOBs, 5.000%, Mandatory Tender 11/15/2025 | 2,852,714 | |
3,000,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 3,155,179 | |
450,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2024 | 509,335 | |
280,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2025 | 327,778 | |
1,480,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2026 | 1,784,246 | |
2,000,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2027 | 2,469,491 | |
�� | TOTAL | 14,661,975 | |
Connecticut—1.3% | |||
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2028 | 1,260,961 | |
2,600,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2029 | 3,352,619 |
2
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2030 | $1,312,729 | |
400,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2022 | 410,663 | |
400,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2023 | 424,664 | |
600,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2024 | 656,621 | |
600,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2025 | 673,394 | |
700,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2026 | 802,416 | |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 0.950% (SIFMA 7-day +0.900%), 3/1/2023 | 1,510,275 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.000% (SIFMA 7-day +0.950%), 3/1/2024 | 2,283,087 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.040% (SIFMA 7-day +0.990%), 3/1/2025 | 4,081,288 |
TOTAL | 16,768,717 | ||
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 | 2,025,962 | |
District of Columbia—0.8% | |||
8,040,000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue Refunding Bonds (Series 2018A), 5.000%, 10/1/2030 | 10,063,167 | |
Florida—1.6% | |||
575,000 | Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2024 | 577,059 | |
1,500,000 | Citizens Property Insurance Corp. FL, Revenue Bonds (Series 2015A1), 5.000%, 6/1/2022 | 1,511,359 | |
1,475,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2027 | 1,835,246 | |
1,250,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2029 | 1,620,723 | |
1,200,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2030 | 1,585,237 | |
1,300,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2031 | 1,748,732 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2022 | 1,030,599 | |
1,245,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2021 | 1,245,000 | |
1,300,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2022 | 1,359,028 | |
2,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2031 | 2,595,763 | |
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 | 3,282,183 | |
1,345,000 | Volusia County, FL Education Facility Authority (Stetson University, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 6/1/2024 | 1,499,276 | |
TOTAL | 19,890,205 | ||
Georgia��3.7% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2022 | 1,052,323 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2023 | 1,096,071 | |
800,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2024 | 908,200 | |
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 | 3,006,623 | |
7,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.805% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 7,045,408 |
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 | 5,352,953 | |
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 | 5,840,548 | |
4,250,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C) TOBs, (Citigroup, Inc. GTD), 4.000%, Mandatory Tender 12/1/2028 | 5,018,251 | |
1,225,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2027 | 1,437,386 |
3
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$4,500,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2028 | $5,343,913 | |
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 | 5,638,748 | |
3,500,000 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2030 | 4,643,473 | |
850,000 | Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 885,340 | |
TOTAL | 47,269,237 | ||
Hawaii—0.8% | |||
7,500,000 | Honolulu, HI City & County, UT GO Rail Transit Project Bonds (Series 2021E), 5.000%, 3/1/2030 | 9,828,502 | |
Illinois—5.5% | |||
400,000 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2021B), 5.000%, 12/1/2021 | 402,928 | |
400,000 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2021B), 5.000%, 12/1/2022 | 420,779 | |
1,000,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2022 | 1,011,624 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2022 | 1,517,436 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2024 | 551,570 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2026 | 590,487 | |
500,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2028 | 621,668 | |
1,000,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2029 | 1,268,990 | |
1,000,000 | Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2030 | 1,294,352 | |
1,000,000 | Chicago, IL O'Hare International Airport, Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2023 | 1,059,121 | |
1,135,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.000%, 11/1/2023 | 1,242,513 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 1,003,573 | |
5,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2022 | 5,253,625 | |
2,645,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2023 | 2,895,548 | |
1,500,000 | Granite City, IL (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250%, 5/1/2027 | 1,497,582 | |
1,780,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2022 | 1,802,526 | |
1,845,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2023 | 1,903,831 | |
2,800,000 | Illinois Finance Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,801,086 | |
3,000,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2026 | 3,566,944 | |
1,200,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2021 | 1,204,048 | |
1,500,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2022 | 1,571,089 | |
1,800,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2023 | 1,962,654 | |
2,125,000 | 1 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2021B) FRNs, 0.750%, (SIFMA 7-day +0.700%) Mandatory Tender 5/1/2026 | 2,130,191 |
3,000,000 | Illinois Housing Development Authority (Century Woods), Multifamily Housing Revenue Bonds (Series 2019) TOBs, (GNMA COL), 1.900%, Mandatory Tender 10/1/2021 | 3,000,000 | |
2,125,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 2,569,032 | |
1,750,000 | Illinois State, UT GO Bonds (Series 2020B), 5.500%, 5/1/2024 | 1,970,216 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2022 | 2,548,115 | |
1,500,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 1,500,000 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 2,091,984 | |
1,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2023 | 1,089,696 | |
2,300,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2028 | 2,839,202 | |
2,250,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2023 | 2,395,199 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2024 | 2,213,137 | |
6,465,000 | Illinois State, UT GO Bonds (Series 2016), 5.000%, 6/1/2028 | 7,568,003 |
4
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,925,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), 5.000%, 6/1/2026 | $2,303,337 | |
TOTAL | 69,662,086 | ||
Indiana—0.4% | |||
500,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2022 | 517,982 | |
1,000,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2016C), 5.000%, 1/1/2024 | 1,101,954 | |
1,000,000 | Indiana State Finance Authority Environmental (Indianapolis, IN Power & Light Co.), Environmental Facilities Refunding Revenue Bonds (Series 2020A) TOBs, 0.750%, Mandatory Tender 4/1/2026 | 990,297 | |
2,000,000 | Indiana State Finance Authority Environmental (Indianapolis, IN Power & Light Co.), Environmental Facilities Refunding Revenue Bonds (Series 2020B) TOBs, 0.950%, Mandatory Tender 4/1/2026 | 1,970,306 | |
TOTAL | 4,580,539 | ||
Iowa—0.4% | |||
1,040,000 | Ames, IA Hospital Revenue (Mary Greeley Medical Center), Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2023 | 1,121,945 | |
2,000,000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project (Series 2021) TOBs, (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024 | 2,013,439 | |
2,000,000 | 1 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 0.585% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | 2,000,000 |
TOTAL | 5,135,384 | ||
Kansas—0.1% | |||
1,000,000 | Wyandotte County, KS Unified Government Utility System, Revenue Bonds (Series 2016A), 5.000%, 9/1/2024 | 1,128,750 | |
Kentucky—2.6% | |||
2,640,000 | Kentucky Bond Development Corp. (St. Elizabeth Medical Center), Hospital Facilities Revenue Refunding Bonds (Series 2016), 5.000%, 5/1/2024 | 2,950,509 | |
5,000,000 | Kentucky Economic Development Finance Authority (Catholic Health Initiatives), Revenue Bonds (Series 2009B) TOBs, 2.700%, Mandatory Tender 11/10/2021 | 5,011,573 | |
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 | 3,048,685 | |
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 | 5,402,644 | |
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 | 4,405,488 | |
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 | 10,290,163 | |
2,250,000 | Trimble County, KY (Louisville Gas & Electric Co.), PCR Refunding Bonds (Series 2016A) TOBs, 1.300%, Mandatory Tender 9/1/2027 | 2,245,331 | |
TOTAL | 33,354,393 | ||
Louisiana—2.1% | |||
1,450,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2028 | 1,803,362 | |
750,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2030 | 976,410 | |
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 | 4,983,247 | |
1,175,000 | Louisiana Stadium and Exposition District, BANS (Series 2021), 4.000%, 7/3/2023 | 1,233,838 | |
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 | 6,033,122 | |
790,000 | New Orleans, LA Aviation Board, Revenue Bonds (Series 2015A), 5.000%, 1/1/2024 | 871,481 | |
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 | 3,851,934 | |
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 | 7,361,396 | |
TOTAL | 27,114,790 | ||
Maryland—1.4% | |||
12,945,000 | Maryland State, UT GO Bonds (Second Series 2021A), 5.000%, 8/1/2030 | 17,135,089 | |
Massachusetts—1.2% | |||
2,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2029 | 2,628,385 |
5
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$1,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2030 | $1,342,015 | |
1,750,000 | Massachusetts Development Finance Agency (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250% 5/1/2027 | 1,747,179 | |
2,600,000 | Massachusetts Development Finance Agency (Williams College, MA), Variable Rate Revenue Bonds (Series 2011N) TOBs, 0.450%, Mandatory Tender 7/1/2025 | 2,588,174 | |
205,000 | Massachusetts Housing Finance Agency, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045 | 213,184 | |
6,000,000 | Massachusetts State Development Finance Agency (Boston University), Revenue Bonds (Series 2019 DD-1) TOBs, 5.000%, Mandatory Tender 4/1/2024 | 6,533,986 | |
TOTAL | 15,052,923 | ||
Michigan—2.2% | |||
5,000,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 5,272,719 | |
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 | 5,176,760 | |
2,000,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Hospital Revenue Refunding Bonds (Series 2015D-2) TOBs, 1.200%, Mandatory Tender 4/13/2028 | 1,999,098 | |
3,300,000 | Michigan State Strategic Fund (Waste Management, Inc.), Revenue Bonds TOBs, 0.580%, Mandatory Tender 8/1/2024 | 3,284,343 | |
1,205,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2023 | 1,326,562 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2024 | 1,145,262 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2026 | 892,409 | |
2,000,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2027 | 2,445,734 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2029 | 639,003 | |
1,000,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2030 | 1,301,966 | |
2,735,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2025 | 3,214,422 | |
1,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2027 | 1,171,253 | |
TOTAL | 27,869,531 | ||
Minnesota—0.2% | |||
2,955,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.480% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 2,961,214 |
Mississippi—0.4% | |||
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 | 1,304,464 | |
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 | 4,103,114 | |
TOTAL | 5,407,578 | ||
Missouri—0.5% | |||
1,570,000 | Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2022 | 1,619,231 | |
500,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 5.000%, 2/1/2023 | 528,576 | |
650,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2022 | 659,287 | |
1,200,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2023 | 1,268,581 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024 | 823,506 | |
850,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025 | 965,396 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026 | 876,317 | |
TOTAL | 6,740,894 | ||
Montana—0.4% | |||
4,555,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 0.600% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 4,560,210 |
Nevada—1.5% | |||
6,665,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2026 | 8,018,133 |
6
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—continued | |||
$3,000,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2028 | $3,780,249 | |
875,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2030 | 1,146,991 | |
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 | 6,613,929 | |
TOTAL | 19,559,302 | ||
New Hampshire—0.6% | |||
1,960,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 1.000%, 1/1/2022 | 1,959,694 | |
220,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2024 | 233,732 | |
290,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2025 | 315,061 | |
265,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2026 | 293,389 | |
250,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2027 | 280,851 | |
285,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2028 | 319,542 | |
300,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2029 | 334,645 | |
280,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2030 | 310,988 | |
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 | 4,158,338 | |
TOTAL | 8,206,240 | ||
New Jersey—5.9% | |||
800,000 | Lyndhurst Township, NJ BANs, 1.000%, 10/8/2021 | 800,065 | |
1,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 2/4/2022 | 1,002,503 | |
400,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2022 | 413,099 | |
220,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2023 | 237,334 | |
300,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2024 | 336,227 | |
385,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2025 | 446,339 | |
555,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2026 | 662,650 | |
410,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2027 | 501,258 | |
400,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2028 | 498,502 | |
1,000,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2029 | 1,265,531 | |
500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2031 | 646,201 | |
500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2032 | 644,680 | |
5,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2022 | 5,164,458 | |
10,000,000 | 1 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs, 1.300% (SIFMA 7-day +1.250%), 9/1/2025 | 10,141,649 |
1,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020A), 1.000%, 6/1/2023 | 1,010,772 | |
2,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020C), 1.150%, 6/1/2023 | 2,023,169 | |
4,075,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020D) TOBs, 1.100%, Mandatory Tender 12/1/2027 | 4,054,473 | |
1,750,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2027 | 2,139,516 | |
2,500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2028 | 3,115,637 | |
3,165,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2030 | 3,857,636 | |
2,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2027 | 2,453,263 |
7
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$1,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2028 | $1,254,597 | |
1,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2029 | 1,279,868 | |
1,000,000 | New Jersey Turnpike Authority, Revenue Bonds (Series 2017A), 5.000%, 1/1/2027 | 1,216,561 | |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-3) FRNs, 0.660% (1-month USLIBOR x 0.70 +0.600%), 1/1/2023 | 5,017,941 |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-4) FRNs, 0.760% (1-month USLIBOR x 0.70 +0.700%), 1/1/2024 | 5,043,439 |
600,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 695,454 | |
500,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2026 | 595,256 | |
625,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2027 | 761,439 | |
1,300,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2028 | 1,613,226 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 562,431 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 579,545 | |
8,349,000 | Riverdale Borough, NJ BANs, 1.000%, 9/9/2022 | 8,401,686 | |
1,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 1,029,870 | |
2,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2023 | 2,685,111 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2024 | 2,233,408 | |
TOTAL | 74,384,794 | ||
New Mexico—0.8% | |||
3,500,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%, Mandatory Tender 6/1/2022 | 3,539,599 | |
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 | 4,029,975 | |
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 | 2,528,832 | |
TOTAL | 10,098,406 | ||
New York—6.6% | |||
5,500,000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds (Series 2020) TOBs, 1.300%, Mandatory Tender 4/3/2023 | 5,534,430 | |
4,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.640%, Mandatory Tender 9/1/2024 | 4,113,925 | |
900,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2028 | 1,143,591 | |
1,200,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2029 | 1,555,972 | |
875,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2030 | 1,153,059 | |
4,040,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory Tender 9/1/2025 | 4,053,186 | |
3,500,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2021B) TOBs, 1.500%, Mandatory Tender 9/1/2026 | 3,607,623 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Bond Anticipation Notes (Series 2019D-1), 5.000%, 9/1/2022 | 5,210,816 | |
2,645,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-1F), 0.464% (SOFR x 0.67 +0.430%), 11/1/2026 | 2,641,670 |
2,500,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 0.364% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 2,490,351 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.608% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 5,013,189 |
7,500,000 | New York City Housing Development Corp., Multi-Family Housing Revenue Sustainable Development Bonds (Series 2021F-2) TOBs, 0.600%, Mandatory Tender 7/1/2025 | 7,493,615 |
8
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$3,000,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (Series 2019B-2) TOBs, 2.100%, Mandatory Tender 7/3/2023 | $3,017,108 | |
1,000,000 | New York City, NY IDA (Queens Baseball Stadium), PILOT Refunding Bonds (Series 2021A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2028 | 1,241,966 | |
500,000 | New York City, NY IDA (Queens Baseball Stadium), PILOT Refunding Bonds (Series 2021A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2029 | 634,495 | |
1,000,000 | New York City, NY IDA (Queens Baseball Stadium), PILOT Refunding Bonds (Series 2021A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2030 | 1,293,445 | |
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 | 1,227,984 | |
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 | 1,878,650 | |
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 | 2,039,288 | |
80,000 | 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 | 80,062 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020J), 0.750%, 5/1/2025 | 4,008,933 | |
3,500,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020K), 0.700%, 11/1/2024 | 3,511,154 | |
2,750,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 2.250%, 8/1/2026 | 2,814,608 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2025 | 1,160,563 | |
2,430,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2026 | 2,892,662 | |
1,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2029 | 1,881,553 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,193,160 | |
1,600,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2028 | 1,983,306 | |
2,250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2029 | 2,843,892 | |
5,000,000 | Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax Senior Lien Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 5/15/2026 | 5,977,502 | |
TOTAL | 83,691,758 | ||
North Carolina—1.9% | |||
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 | 859,300 | |
745,000 | North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047 | 802,861 | |
5,000,000 | North Carolina Medical Care Commission (CaroMont Health), Hospital Revenue Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 2/1/2026 | 5,931,420 | |
1,875,000 | North Carolina State (North Carolina State Grant Anticipation Revenue), Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2025 | 2,168,558 | |
1,600,000 | North Carolina State (North Carolina State Grant Anticipation Revenue), Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2026 | 1,908,216 | |
4,500,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Bonds (Series 2020), 5.000%, 2/1/2024 | 4,958,397 | |
1,750,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2027 | 2,106,009 | |
1,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2028 | 1,227,692 | |
2,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2027 | 2,468,475 | |
1,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2028 | 1,266,420 | |
500,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2029 | 647,774 | |
TOTAL | 24,345,122 |
9
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Dakota—0.4% | |||
$5,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | $5,006,762 | |
Ohio—1.9% | |||
3,500,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2017B) TOBs, 2.150%, Mandatory Tender 5/5/2022 | 3,594,157 | |
1,350,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2026 | 1,599,472 | |
1,600,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2027 | 1,944,262 | |
1,750,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2028 | 2,178,371 | |
1,500,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2025 | 1,725,041 | |
650,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2026 | 772,136 | |
950,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2027 | 1,161,754 | |
600,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2028 | 750,954 | |
1,100,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2029 | 1,409,096 | |
800,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2030 | 1,044,969 | |
500,000 | Hamilton County, OH (UC Health), Hospital Facilities Revenue Bonds (Series 2014), 5.000%, 2/1/2023 | 530,550 | |
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 | 3,989,031 | |
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 | 1,572,114 | |
455,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2026 | 535,018 | |
345,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2027 | 415,776 | |
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 | 1,142,229 | |
TOTAL | 24,364,930 | ||
Oklahoma—1.4% | |||
3,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 3,925,181 | |
3,200,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2025 | 3,711,167 | |
5,000,000 | Oklahoma Development Finance Authority (Gilcrease Developers, LLC), Limited Obligation Revenue Bonds (Series 2020), 1.625%, 7/6/2023 | 5,039,472 | |
1,850,000 | Oklahoma Development Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 2.375%, 12/1/2021 | 1,856,330 | |
1,000,000 | Oklahoma State Turnpike Authority, Second Senior Revenue Refunding Bonds (Series 2020A), 5.000%, 1/1/2028 | 1,254,356 | |
1,000,000 | Oklahoma State Turnpike Authority, Second Senior Revenue Refunding Bonds (Series 2020A), 5.000%, 1/1/2030 | 1,310,807 | |
1,000,000 | Tulsa County, OK Industrial Authority (Broken Arrow Public Schools), Educational Facilities Lease Revenue Bonds (Series 2016), 5.000%, 9/1/2022 | 1,043,599 | |
TOTAL | 18,140,912 | ||
Oregon—1.3% | |||
2,800,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027 | 2,772,442 | |
1,250,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028 | 1,235,728 | |
1,450,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2026 | 1,729,399 | |
1,700,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2027 | 2,079,940 | |
1,600,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2028 | 1,996,898 | |
2,635,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2029 | 3,348,979 | |
2,400,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2030 | 3,088,911 | |
TOTAL | 16,252,297 |
10
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—6.0% | |||
$850,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2025 | $1,004,750 | |
1,115,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2022 | 1,126,625 | |
1,155,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2024 | 1,262,818 | |
500,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2022 | 525,802 | |
750,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2023 | 821,032 | |
12,500,000 | 1 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2014B) FRNs, 1.124% (1-month USLIBOR x 0.67 +1.070%), Mandatory Tender 6/1/2024 | 12,636,927 |
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 | 5,063,700 | |
2,250,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 0.770% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 2,250,079 |
1,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.100% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 1,005,031 |
15,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 0.220%, Mandatory Tender 10/1/2021 | 15,000,000 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 1.850%, 11/1/2021 | 2,002,457 | |
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 | 6,782,585 | |
4,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 0.450% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | 4,014,020 |
2,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.629% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 2,007,271 |
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 | 1,634,260 | |
250,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2026 | 303,605 | |
400,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2027 | 496,890 | |
500,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2028 | 635,348 | |
750,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2029 | 970,590 | |
525,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2030 | 692,053 | |
625,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2028 | 792,706 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2029 | 1,294,120 | |
750,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2030 | 987,889 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2031 | 1,336,299 | |
1,200,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2024 | 1,346,210 | |
1,600,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2025 | 1,856,656 | |
2,000,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2026 | 2,386,406 | |
1,700,000 | Philadelphia, PA Gas Works, 1998 General Ordinance Revenue Refunding Bonds (14th Series 2016), 5.000%, 10/1/2021 | 1,700,000 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2025 | 1,148,905 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2026 | 1,186,755 | |
1,250,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2027 | 1,523,329 | |
TOTAL | 75,795,118 | ||
Rhode Island—0.6% | |||
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 | 2,311,540 | |
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 | 2,134,880 | |
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 | 3,660,440 | |
TOTAL | 8,106,860 |
11
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—0.3% | |||
$1,545,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 1/1/2025 | $1,719,307 | |
2,000,000 | South Carolina State Public Service Authority (Santee Cooper), Revenue Refunding and Improvement Bonds (Series 2020A), 5.000%, 12/1/2031 | 2,606,629 | |
TOTAL | 4,325,936 | ||
South Dakota—0.1% | |||
750,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), (United States Treasury COL), 5.000%, 6/1/2023 | 808,917 | |
Tennessee—1.6% | |||
1,200,000 | Metropolitan Government Nashville & Davidson County, TN IDB (Waste Management, Inc.), Revenue Bonds TOBs, 3.750%, Mandatory Tender 8/1/2024 | 1,194,307 | |
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 | 12,736,040 | |
5,500,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2021A) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 9/1/2028 | 6,484,936 | |
225,000 | Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045 | 236,401 | |
TOTAL | 20,651,684 | ||
Texas—13.7% | |||
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 | 1,503,969 | |
600,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2024 | 682,740 | |
650,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2025 | 762,909 | |
1,000,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026 | 1,207,352 | |
4,570,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue BAN (Series 2021C), 5.000%, 1/1/2027 | 5,332,282 | |
3,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 3,352,478 | |
1,500,000 | Clear Creek, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.500%, Mandatory Tender 8/15/2023 | 1,498,402 | |
1,500,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016B), 5.000%, 12/1/2022 | 1,584,071 | |
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 | 9,400,090 | |
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 | 6,881,992 | |
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 | 3,086,636 | |
5,820,000 | 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 | 5,897,618 | |
3,500,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2021B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.720%, Mandatory Tender 8/1/2026 | 3,497,173 | |
1,990,000 | 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 | 2,010,994 | |
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 | 2,552,946 | |
3,000,000 | Goose Creek, TX ISD, Variable Rate UT GO School Building Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.586%, Mandatory Tender 8/17/2026 | 2,978,032 | |
1,250,000 | Gulf Coast, TX Waste Disposal Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2003B), 1.500%, 5/1/2028 | 1,249,216 | |
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 | 2,901,348 | |
3,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage Revenue Refunding Bonds (Series 2019A) FRNs, 0.710% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 3,010,980 |
5,635,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 0.950% (SIFMA 7-day +0.900%), 6/1/2022 | 5,651,818 |
4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.000% (SIFMA 7-day +0.950%), 6/1/2023 | 4,535,941 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.100% (SIFMA 7-day +1.050%), 6/1/2024 | 5,776,784 |
12
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2019B) TOBs, 5.000%, Mandatory Tender 10/1/2024 | $5,681,697 | |
3,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, 0.900%, Mandatory Tender 5/15/2025 | 3,001,596 | |
2,500,000 | Houston, TX Independent School District, Variable Rate Limited Tax Schoolhouse Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.000%, Mandatory Tender 6/1/2024 | 2,674,379 | |
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 | 2,101,398 | |
1,905,000 | 1 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017B) FRNs, 1.150% (SIFMA 7-day +1.100%), Mandatory Tender 10/15/2023 | 1,913,085 |
4,000,000 | Katy, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2021C) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.500%, Mandatory Tender 8/15/2024 | 4,126,448 | |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2024 | 1,680,600 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2025 | 1,161,195 | |
750,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2026 | 898,136 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2027 | 1,230,201 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2028 | 1,258,438 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2025 | 1,161,195 | |
1,250,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2026 | 1,496,893 | |
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 | 2,460,043 | |
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 | 7,833,178 | |
2,730,000 | 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 | 2,810,572 | |
270,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2024 | 277,819 | |
1,700,000 | New Caney, TX ISD, Variable Rate Unlimited Tax School Building Bonds (Series 2018) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.250%, Mandatory Tender 8/15/2024 | 1,737,728 | |
855,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2022 | 861,347 | |
945,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2024 | 1,007,031 | |
980,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2025 | 1,070,193 | |
735,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 4.000%, 11/1/2021 | 736,941 | |
500,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2023 | 545,515 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2024 | 708,045 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2025 | 1,269,451 | |
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 | 1,561,732 | |
1,400,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2025 | 1,481,685 | |
2,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2025 | 2,292,672 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2026 | 2,959,348 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2027 | 3,044,276 | |
7,885,000 | 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 | 8,129,015 |
13
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $6,234,016 | |
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 | 2,579,998 | |
550,000 | Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012), 5.000%, 10/1/2021 | 550,000 | |
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 | 4,243,277 | |
2,000,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2022 | 2,109,839 | |
1,700,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2024 | 1,937,600 | |
4,000,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2026 | 4,824,154 | |
750,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2024 | 806,267 | |
1,000,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2025 | 1,092,238 | |
950,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2026 | 1,051,910 | |
3,680,000 | Texas State Transportation Commission (Texas State), UT GO Mobility Fund Bonds (Series 2014B) TOBs, 0.650%, Mandatory Tender 4/1/2026 | 3,657,230 | |
TOTAL | 173,614,152 | ||
Utah—0.4% | |||
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 | 4,804,845 | |
Virginia—2.0% | |||
2,650,000 | Amelia County, VA IDA (Waste Management, Inc.), Tax-Exempt Adjustable Mode Solid Waste Disposal Revenue Bonds (Series 2002), 1.450%, 4/1/2027 | 2,673,816 | |
1,000,000 | Charles City County, VA IDA (Waste Management, Inc.), Tax-Exempt Adjustable Mode Solid Waste Disposal Revenue Bonds (Series 2002), 1.450%, 4/1/2027 | 1,008,987 | |
4,500,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 4,923,313 | |
7,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 7,694,819 | |
2,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2025 | 2,932,374 | |
1,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2030 | 1,988,485 | |
3,750,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024 | 3,812,748 | |
TOTAL | 25,034,542 | ||
Washington—3.3% | |||
1,000,000 | Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2030 | 1,320,665 | |
2,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2017-A), 5.000%, 7/1/2026 | 2,069,788 | |
1,250,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2027 | 1,545,108 | |
1,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2028 | 1,266,595 | |
1,750,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2022 | 1,790,499 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2023 | 2,137,300 | |
1,500,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 1,667,862 | |
1,825,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025 | 2,098,950 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026 | 2,368,855 | |
2,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 0.540% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 2,005,441 |
1,500,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2016C), 5.000%, 10/1/2023 | 1,642,304 | |
3,760,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.156% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 3,765,307 |
14
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$3,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.100% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | $3,017,832 |
10,000,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Refunding Bonds (Series 2021B) TOBs, 4.000%, Mandatory Tender 10/1/2030 | 12,181,722 | |
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 | 3,000,000 | |
TOTAL | 41,878,228 | ||
West Virginia—0.3% | |||
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 | 4,191,106 | |
Wyoming—0.2% | |||
3,000,000 | Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026 | 3,080,611 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,088,777,488) | 1,105,288,268 | ||
1 | SHORT-TERM MUNICIPALS—13.9% | ||
Alabama—0.7% | |||
8,400,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 0.110%, 10/1/2021 | 8,400,000 | |
California—3.4% | |||
8,775,000 | Los Angeles, CA Multi-Family Housing Revenue Bonds (CORE Related/GALA Rentals, LP), SPEAR's 3a7 (Series DBE-8081) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.450%, 10/7/2021 | 8,775,000 | |
17,600,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 0.250%, 10/1/2021 | 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), 0.200%, 10/1/2021 | 6,700,000 | |
10,000,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), SPEARs 3a7 (Series DBE-8059) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.460%, 10/7/2021 | 10,000,000 | |
TOTAL | 43,075,000 | ||
Florida—1.2% | |||
10,620,000 | Bay County, FL (Gulf Power Co.), (Series 2020) Daily VRDNs, 0.100%, 10/1/2021 | 10,620,000 | |
3,100,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.460%, 10/7/2021 | 3,100,000 | |
1,700,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 0.070%, 10/1/2021 | 1,700,000 | |
TOTAL | 15,420,000 | ||
Georgia—2.1% | |||
3,000,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.110%, 10/1/2021 | 3,000,000 | |
4,250,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.110%, 10/1/2021 | 4,250,000 | |
900,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.110%, 10/1/2021 | 900,000 | |
2,500,000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 0.110%, 10/1/2021 | 2,500,000 | |
2,000,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 2010) Daily VRDNs, 0.110%, 10/1/2021 | 2,000,000 | |
12,450,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 0.100%, 10/1/2021 | 12,450,000 | |
1,300,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Daily VRDNs, 0.100%, 10/1/2021 | 1,300,000 | |
TOTAL | 26,400,000 | ||
Indiana—0.4% | |||
5,000,000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 0.080%, 10/6/2021 | 5,000,000 | |
Kentucky—1.2% | |||
2,150,000 | Louisville, KY Regional Airport Authority (BT-OH LLC), (Series 2006A) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.110%, 10/1/2021 | 2,150,000 | |
11,400,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 0.120%, 10/1/2021 | 11,400,000 | |
1,200,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 0.120%, 10/1/2021 | 1,200,000 | |
TOTAL | 14,750,000 | ||
Louisiana—0.3% | |||
4,495,000 | Calcasieu Parish, LA Public Trust Authority (Le Jolliet LP), SPEARs 3a7 (Series DBE-8060) VRDNs, (Deutsche Bank AG LIQ)/ (Deutsche Bank AG LOC), 0.460%, 10/7/2021 | 4,495,000 |
15
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Multi State—0.3% | |||
$3,900,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D Weekly VRDPs, 0.220%, 10/1/2021 | $3,900,000 | |
New York—0.5% | |||
2,500,000 | New York City, NY, (Series 2021-2) Weekly VRENs, 0.130%, 10/1/2021 | 2,500,000 | |
2,500,000 | New York City, NY, (Series 2021-3) Weekly VRENs, 0.130%, 10/1/2021 | 2,500,000 | |
1,850,000 | New York City, NY, (Series B-3) Weekly VRENs, 0.130%, 10/1/2021 | 1,850,000 | |
TOTAL | 6,850,000 | ||
Texas—3.5% | |||
8,000,000 | Austin, TX Affordable Public Finance Authority (LDG The Henderson on Reinli LP), Tender Option Bond Certificates (Series 2021-XF1119) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 10/7/2021 | 8,000,000 | |
2,500,000 | Dallas, TX Housing Finance Corp. (LDG Ridge at Lancaster LP), (Series 2021-XF1109) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 10/7/2021 | 2,500,000 | |
1,100,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.100%, 10/6/2021 | 1,100,000 | |
1,130,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 0.100%, 10/1/2021 | 1,130,000 | |
8,100,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.130%, 10/1/2021 | 8,100,000 | |
23,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.090%, 10/6/2021 | 23,500,000 | |
TOTAL | 44,330,000 | ||
Wisconsin—0.3% | |||
4,500,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.150%, 10/7/2021 | 4,500,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $177,120,000) | 177,120,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.9% (IDENTIFIED COST $1,265,897,488) | 1,282,408,268 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.9)%3 | (11,742,766) | ||
TOTAL NET ASSETS—100% | $1,270,665,502 |
Securities that are subject to the federal alternative minimum tax (AMT) represent 15.4% of the Fund's portfolio as calculated based upon total market value.
At September 30, 2021, the Fund had the following open futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
Short Futures: | ||||
4United States Treasury Notes 5-Year, Short Futures | 100 | $12,274,219 | December 2021 | $69,306 |
4United States Treasury Notes 10-Year, Short Futures | 100 | $13,160,938 | December 2021 | $166,171 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $235,477 |
Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
The average notional value of short futures contracts held by the Fund throughout the period was $25,658,789. This is based on amounts held as of each month-end throughout the three-month fiscal period.
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, 2021, these restricted securities amounted to $6,066,388, which represented 0.5% of total net assets.
16
Additional information on restricted securities held at September 30, 2021, 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 | $1,532,569 |
California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.700%, Mandatory Tender 12/1/2023 | 12/1/2020 | $2,500,000 | $2,514,484 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 5/27/2021 | $1,000,000 | $1,008,643 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-70 Senior Living Revenue Refunding Bonds (Series B-2), 2.375%, 11/15/2028 | 5/27/2021 | $1,000,000 | $1,010,692 |
3
Assets, other than investments in securities, less liabilities.
4
Non-income-producing security.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2021.
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, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and 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.
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.
17
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of September 30, 2021, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $1,105,288,268 | $— | $1,105,288,268 |
Short-Term Municipals | — | 177,120,000 | — | 177,120,000 |
TOTAL SECURITIES | $— | $1,282,408,268 | $— | $1,282,408,268 |
Other Financial Instruments:1 | ||||
Assets | $235,477 | $— | $— | $235,477 |
TOTAL OTHER FINANCIAL INSTRUMENTS | $235,477 | $— | $— | $235,477 |
1
Other financial instruments are futures contracts.
The following acronym(s) are used throughout this portfolio:
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development 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 |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCR | —Pollution Control Revenue |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
PUTTERs | —Puttable Tax-Exempt Receipts |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SOFR | —Secured Overnight Financing Rate |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TEMPS | —Tax-Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
18