United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-3181
(Investment Company Act File Number)
Federated Hermes Short-Intermediate Duration Municipal Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 06/30/22
Date of Reporting Period: Six months ended 12/31/21
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001623632-22-000328/imge3371b1f1.gif)
Share Class | Ticker | A | FMTAX | A2 | FMTHX | Institutional | FSHIX | Service | FSHSX |
Federated Hermes Short-Intermediate Municipal Fund
A Portfolio of Federated Hermes Short-Intermediate Duration Municipal Trust
![](https://capedge.com/proxy/N-CSRS/0001623632-22-000328/fisherjohnsigsmall.jpg)
Sector Composition | Percentage of Total Net Assets |
General Obligations - Local | 10.8% |
Prepaid Gas Utility | 10.1% |
Hospital | 9.9% |
Industrial Development/Pollution Control | 7.7% |
Airport | 7.0% |
Toll Road | 6.7% |
General Obligations - State | 6.4% |
Electric and Gas | 6.0% |
Public Power | 5.2% |
Multi-Family Housing | 4.6% |
Other2 | 24.6% |
Derivative Contracts3,4 | (0.0)% |
Other Assets and Liabilities—Net5 | 1.0% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—91.1% | |||
Alabama—2.5% | |||
$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 | $7,218,717 | |
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 | 1,134,101 | |
8,000,000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No.7 (Series 2021C-1) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2026 | 9,051,451 | |
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 | 8,871,627 | |
2,500,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007A) TOBs, 1.000%, Mandatory Tender 6/26/2025 | 2,522,172 | |
450,000 | Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 468,007 | |
425,000 | Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 442,007 | |
TOTAL | 29,708,082 | ||
Alaska—0.3% | |||
1,250,000 | Alaska International Airports System, Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2024 | 1,404,511 | |
1,010,000 | Alaska State Housing Finance Corp., Revenue Bonds (Series 2013A), (United States Treasury PRF 6/1/2022@100), 5.000%, 12/1/2022 | 1,030,112 | |
1,550,000 | Anchorage, AK Electric Utility System, Senior Lien Revenue Refunding Bonds (Series 2014A), (United States Treasury COL), 5.000%, 12/1/2022 | 1,617,124 | |
TOTAL | 4,051,747 | ||
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 | 3,674,649 | |
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 | 2,987,791 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$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 | $1,618,387 | |
1,750,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2023 | 1,870,339 | |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2024 | 1,107,695 | |
1,500,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2025 | 1,720,284 | |
3,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), (Original Issue Yield: 4.750%), 4.700%, 10/1/2024 | 3,002,011 | |
TOTAL | 15,981,156 | ||
California—6.9% | |||
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, 1.200% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 5,084,963 |
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, 1.200% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024 | 10,169,927 |
6,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021E) FRNs, 0.510% (SIFMA 7-day +0.410%), Mandatory Tender 4/1/2028 | 5,999,946 |
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 | 6,377,362 | |
2,045,000 | California Health Facilities Financing Authority (Kaiser Permanente), Revenue Bonds (Series 2017C) TOBs, 5.000%, Mandatory Tender 11/1/2022 | 2,126,410 | |
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 | 10,099,894 | |
1,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2022 | 1,003,595 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2023 | 2,101,437 | |
2,000,000 | California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A), 5.000%, 2/1/2024 | 2,190,297 | |
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 | 1,524,154 |
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 | $2,508,057 |
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 | 1,008,399 |
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 | 1,010,134 |
3,750,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2029 | 4,808,743 | |
2,500,000 | California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2030 | 3,281,456 | |
1,000,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2027 | 1,242,194 | |
1,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2026 | 1,208,013 | |
2,000,000 | California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2028 | 2,549,142 | |
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 | 2,661,030 | |
1,230,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2027 | 1,491,749 | |
1,250,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2028 | 1,550,270 | |
1,410,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2029 | 1,785,507 | |
2,150,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2030 | 2,775,508 | |
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 | 3,706,944 | |
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 | 2,186,762 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,036,791 | |
TOTAL | 82,488,684 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—1.6% | |||
$400,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 4.000%, 1/1/2022 | $400,000 | |
640,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2023 | 664,161 | |
750,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2024 | 805,307 | |
600,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2025 | 654,200 | |
250,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2022 | 260,148 | |
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 | 2,816,511 | |
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 | 3,120,432 | |
450,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2024 | 503,398 | |
280,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2025 | 324,509 | |
1,480,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2026 | 1,769,721 | |
2,000,000 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2027 | 2,453,583 | |
5,500,000 | University of Colorado (The Regents of), University Enterprise Revenue Refunding Bonds (Series 2021C-3B) TOBs, 2.000%, Mandatory Tender 10/15/2026 | 5,797,589 | |
TOTAL | 19,569,559 | ||
Connecticut—1.4% | |||
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2028 | 1,250,880 | |
2,600,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2029 | 3,323,373 | |
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2030 | 1,305,515 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$400,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2022 | $407,197 | |
400,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2023 | 421,192 | |
600,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2024 | 650,898 | |
600,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2025 | 668,567 | |
700,000 | Connecticut State Health & Educational Facilities (Stamford Hospital), Revenue Bonds (Series 2021L-1), 4.000%, 7/1/2026 | 798,273 | |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.000% (SIFMA 7-day +0.900%), 3/1/2023 | 1,508,464 |
2,255,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.050% (SIFMA 7-day +0.950%), 3/1/2024 | 2,280,237 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.090% (SIFMA 7-day +0.990%), 3/1/2025 | 4,075,583 |
TOTAL | 16,690,179 | ||
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 | 2,028,286 | |
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 | 9,947,019 | |
Florida—1.1% | |||
575,000 | Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2024 | 577,063 | |
1,475,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2027 | 1,815,014 | |
1,250,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2029 | 1,604,913 | |
1,200,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2030 | 1,570,468 | |
1,300,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2031 | 1,734,311 | |
1,000,000 | Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2022 | 1,019,027 | |
1,300,000 | Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A), 5.000%, 10/1/2022 | 1,344,696 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$2,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2031 | $2,597,627 | |
1,345,000 | Volusia County, FL Education Facility Authority (Stetson University, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 6/1/2024 | 1,482,207 | |
TOTAL | 13,745,326 | ||
Georgia—4.0% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2022 | 1,041,994 | |
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2023 | 1,085,675 | |
800,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2024 | 899,555 | |
7,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.816% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 7,034,896 |
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 | 5,310,247 | |
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 | 5,784,251 | |
3,235,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021A) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 9/1/2027 | 3,738,743 | |
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 | 4,987,539 | |
1,225,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2027 | 1,424,292 | |
4,500,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2028 | 5,313,640 | |
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 | 5,715,216 | |
3,500,000 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2030 | 4,622,286 | |
850,000 | Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 884,014 | |
TOTAL | 47,842,348 | ||
Hawaii—0.8% | |||
7,500,000 | Honolulu, HI City & County, UT GO Rail Transit Project Bonds (Series 2021E), 5.000%, 3/1/2030 | 9,796,487 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—6.0% | |||
$400,000 | Chicago, IL Board of Education, UT GO Refunding Bonds (Series 2021B), 5.000%, 12/1/2022 | $416,455 | |
1,000,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2023 | 1,088,882 | |
1,500,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2024 | 1,696,890 | |
1,000,000 | Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2022 | 1,000,000 | |
1,500,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2022 | 1,500,000 | |
500,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2024 | 545,642 | |
500,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2026 | 585,007 | |
500,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2028 | 616,195 | |
1,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2029 | 1,259,653 | |
1,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2020B), 5.000%, 1/1/2030 | 1,285,373 | |
1,000,000 | Chicago, IL O’Hare International Airport, Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2023 | 1,046,796 | |
1,135,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.000%, 11/1/2023 | 1,229,535 | |
5,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2022 | 5,193,515 | |
2,645,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2023 | 2,865,304 | |
2,100,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2024 | 2,308,204 | |
3,700,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2026 | 4,259,477 | |
1,500,000 | Granite City, IL (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250%, 5/1/2027 | 1,499,993 | |
1,780,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2022 | 1,792,749 | |
1,845,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2023 | 1,892,638 | |
2,800,000 | Illinois Finance Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,798,459 | |
3,000,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2026 | 3,536,880 |
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 | $1,554,998 | |
1,800,000 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2023 | 1,942,019 | |
2,125,000 | 1 | Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2021B) FRNs, 0.800% (SIFMA 7-day +0.700%), Mandatory Tender 5/1/2026 | 2,129,856 |
2,125,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 2,558,037 | |
1,750,000 | Illinois State, UT GO Bonds (Series 2020B), 5.500%, 5/1/2024 | 1,947,890 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2022 | 2,518,872 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 2,069,272 | |
1,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2023 | 1,077,996 | |
2,300,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2028 | 2,832,635 | |
2,250,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2023 | 2,369,722 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2024 | 2,190,097 | |
6,465,000 | Illinois State, UT GO Bonds (Series 2016), 5.000%, 6/1/2028 | 7,540,937 | |
1,925,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), 5.000%, 6/1/2026 | 2,270,683 | |
TOTAL | 71,420,661 | ||
Indiana—0.3% | |||
500,000 | Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2022 | 511,953 | |
1,000,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2016C), 5.000%, 1/1/2024 | 1,090,027 | |
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 | 1,987,692 | |
TOTAL | 3,589,672 | ||
Iowa—0.4% | |||
1,040,000 | Ames, IA Hospital Revenue (Mary Greeley Medical Center), Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2023 | 1,109,312 | |
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 | 2,013,013 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$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 | $1,999,250 |
TOTAL | 5,121,575 | ||
Kansas—0.1% | |||
1,000,000 | Wyandotte County, KS Unified Government Utility System, Revenue Bonds (Series 2016A), 5.000%, 9/1/2024 | 1,115,840 | |
Kentucky—2.4% | |||
2,640,000 | Kentucky Bond Development Corp. (St. Elizabeth Medical Center), Hospital Facilities Revenue Refunding Bonds (Series 2016), 5.000%, 5/1/2024 | 2,915,392 | |
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 | 3,114,526 | |
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 | 5,342,313 | |
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 | 4,358,688 | |
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 | 10,172,380 | |
2,250,000 | Trimble County, KY (Louisville Gas & Electric Co.), PCR Refunding Bonds (Series 2016A) TOBs, 1.300%, Mandatory Tender 9/1/2027 | 2,269,612 | |
TOTAL | 28,172,911 | ||
Louisiana—2.3% | |||
1,450,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2028 | 1,800,341 | |
750,000 | East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2030 | 973,098 | |
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 | 5,013,496 | |
1,175,000 | Louisiana Stadium and Exposition District, BANS (Series 2021), 4.000%, 7/3/2023 | 1,223,383 | |
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 | 6,048,046 | |
790,000 | New Orleans, LA Aviation Board, Revenue Bonds (Series 2015A), 5.000%, 1/1/2024 | 861,948 | |
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 | 3,820,194 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—continued | |||
$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 | $7,361,751 | |
TOTAL | 27,102,257 | ||
Maryland—1.4% | |||
12,945,000 | Maryland State, UT GO Bonds (Second Series 2021A), 5.000%, 8/1/2030 | 17,177,228 | |
Massachusetts—1.3% | |||
2,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2029 | 2,612,148 | |
1,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A), 5.000%, 10/15/2030 | 1,336,929 | |
1,750,000 | Massachusetts Development Finance Agency (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002), 1.250%, 5/1/2027 | 1,749,992 | |
2,600,000 | Massachusetts Development Finance Agency (Williams College, MA), Variable Rate Revenue Bonds (Series 2011N) TOBs, 0.450%, Mandatory Tender 7/1/2025 | 2,586,330 | |
205,000 | Massachusetts Housing Finance Agency, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045 | 213,324 | |
6,000,000 | Massachusetts State Development Finance Agency (Boston University), Revenue Bonds (Series 2019 DD-1) TOBs, 5.000%, Mandatory Tender 4/1/2024 | 6,460,638 | |
TOTAL | 14,959,361 | ||
Michigan—2.3% | |||
5,000,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 5,298,183 | |
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 | 5,118,269 | |
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 | 2,011,561 | |
3,300,000 | Michigan State Strategic Fund (Waste Management, Inc.), Revenue Bonds TOBs, 0.580%, Mandatory Tender 8/1/2024 | 3,288,232 | |
1,205,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2023 | 1,309,263 | |
1,000,000 | Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2024 | 1,129,068 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2026 | 889,235 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$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 | $2,431,644 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2029 | 634,901 | |
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 | 1,294,351 | |
2,735,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2025 | 3,173,028 | |
1,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2027 | 1,160,575 | |
TOTAL | 27,738,310 | ||
Minnesota—0.2% | |||
2,955,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.530% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 2,959,117 |
Mississippi—0.5% | |||
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 | 1,294,189 | |
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 | 4,106,947 | |
TOTAL | 5,401,136 | ||
Missouri—0.6% | |||
1,570,000 | Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2022 | 1,600,607 | |
500,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 5.000%, 2/1/2023 | 523,370 | |
650,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2022 | 652,213 | |
1,200,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2023 | 1,256,088 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024 | 816,153 | |
850,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025 | 956,283 | |
750,000 | Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026 | 871,125 | |
TOTAL | 6,675,839 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Montana—0.4% | |||
$4,555,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 0.650% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | $4,559,058 |
Nebraska—0.3% | |||
3,000,000 | 1 | Douglas County, NE (Creighton University, NE), Educational Facilities Revenue Refunding Bonds (Series 2021B) FRNs, 0.630% (SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026 | 3,010,976 |
Nevada—1.6% | |||
6,665,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2026 | 7,933,068 | |
3,000,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2028 | 3,764,050 | |
875,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2030 | 1,142,062 | |
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 | 6,569,069 | |
TOTAL | 19,408,249 | ||
New Hampshire—0.7% | |||
1,960,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 1.000%, 1/1/2022 | 1,960,000 | |
220,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2024 | 232,400 | |
290,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2025 | 313,524 | |
265,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2026 | 292,200 | |
250,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2027 | 279,950 | |
285,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2028 | 318,540 | |
300,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2029 | 333,690 | |
280,000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), 4.000%, 1/1/2030 | 310,174 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Hampshire—continued | |||
$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 | $4,127,104 | |
TOTAL | 8,167,582 | ||
New Jersey—6.1% | |||
1,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 2/4/2022 | 1,000,674 | |
400,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2022 | 408,425 | |
220,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2023 | 234,463 | |
300,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2024 | 331,941 | |
385,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2025 | 440,732 | |
555,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2026 | 655,329 | |
410,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2027 | 497,502 | |
400,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2028 | 496,049 | |
1,000,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2029 | 1,261,606 | |
500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2031 | 646,369 | |
500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 5.000%, 6/15/2032 | 645,364 | |
5,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2022 | 5,105,544 | |
10,000,000 | 1 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs, 1.350% (SIFMA 7-day +1.250%), 9/1/2025 | 10,131,941 |
1,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020A), 1.000%, 6/1/2023 | 1,008,662 | |
2,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020C), 1.150%, 6/1/2023 | 2,018,709 | |
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 | 4,054,116 | |
1,750,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2027 | 2,123,485 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$2,500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2028 | $3,098,552 | |
3,165,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2030 | 3,838,437 | |
2,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2027 | 2,430,755 | |
1,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2028 | 1,242,231 | |
1,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2029 | 1,269,903 | |
1,000,000 | New Jersey Turnpike Authority, Revenue Bonds (Series 2017A), 5.000%, 1/1/2027 | 1,207,522 | |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-3) FRNs, 0.669% (1-month USLIBOR x 0.70 +0.600%), 1/1/2023 | 5,010,327 |
5,000,000 | 1 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-4) FRNs, 0.769% (1-month USLIBOR x 0.70 +0.700%), 1/1/2024 | 5,043,230 |
600,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 689,130 | |
500,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2026 | 590,902 | |
625,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2027 | 757,046 | |
1,300,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2028 | 1,606,472 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 556,285 | |
500,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2025 | 574,275 | |
8,349,000 | Riverdale Borough, NJ BANs, 1.000%, 9/9/2022 | 8,388,604 | |
1,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 1,018,905 | |
2,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2023 | 2,660,132 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2024 | 2,214,379 | |
TOTAL | 73,257,998 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
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 | $3,523,271 | |
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 | 4,033,816 | |
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 | 2,496,946 | |
TOTAL | 10,054,033 | ||
New York—6.9% | |||
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 | 5,522,498 | |
4,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.640%, Mandatory Tender 9/1/2024 | 4,096,154 | |
900,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2028 | 1,137,726 | |
1,200,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2029 | 1,549,786 | |
875,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2030 | 1,150,505 | |
4,040,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory Tender 9/1/2025 | 4,049,208 | |
3,500,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2021B) TOBs, 1.500%, Mandatory Tender 9/1/2026 | 3,586,351 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Bond Anticipation Notes (Series 2019D-1), 5.000%, 9/1/2022 | 5,155,401 | |
2,205,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-1F) FRNs, 0.464% (SOFR x 0.67 +0.430%), 11/1/2026 | 2,187,695 |
2,375,000 | 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 | 2,363,067 |
5,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.616% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 5,013,752 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$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 | $7,404,346 | |
3,000,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (Series 2019B-2) TOBs, 2.100%, Mandatory Tender 7/3/2023 | 3,003,852 | |
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 | 1,227,818 | |
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 | 626,390 | |
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 | 1,275,766 | |
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 | 1,235,477 | |
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 | 1,895,018 | |
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 | 2,061,051 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020J), 0.750%, 5/1/2025 | 4,005,207 | |
3,500,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020K), 0.700%, 11/1/2024 | 3,505,327 | |
2,750,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2021), 2.250%, 8/1/2026 | 2,848,255 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2025 | 1,153,061 | |
2,430,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2026 | 2,880,748 | |
1,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2029 | 1,883,839 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,188,127 | |
1,600,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2028 | 1,985,271 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$2,250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2029 | $2,842,960 | |
5,000,000 | Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax Senior Lien Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 5/15/2026 | 5,913,679 | |
TOTAL | 82,748,335 | ||
North Carolina—2.0% | |||
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 | 858,014 | |
745,000 | North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047 | 802,231 | |
5,000,000 | North Carolina Medical Care Commission (CaroMont Health), Hospital Revenue Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 2/1/2026 | 5,872,144 | |
1,875,000 | North Carolina State (North Carolina State Grant Anticipation Revenue), Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2025 | 2,144,347 | |
1,600,000 | North Carolina State (North Carolina State Grant Anticipation Revenue), Grant Anticipation Revenue Vehicle Bonds (Series 2019), 5.000%, 3/1/2026 | 1,890,553 | |
4,500,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Bonds (Series 2020), 5.000%, 2/1/2024 | 4,904,615 | |
1,750,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2027 | 2,083,816 | |
1,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds (Series 2018), 5.000%, 1/1/2028 | 1,218,086 | |
2,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2027 | 2,450,137 | |
1,000,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2028 | 1,258,629 | |
500,000 | Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2029 | 644,809 | |
TOTAL | 24,127,381 | ||
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 | 5,002,366 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—2.0% | |||
$3,500,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2017B) TOBs, 2.150%, Mandatory Tender 5/5/2022 | $3,554,171 | |
1,350,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2026 | 1,588,000 | |
1,600,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2027 | 1,936,727 | |
1,750,000 | American Municipal Power-Ohio, Inc. (AMP—Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A), 5.000%, 2/15/2028 | 2,165,538 | |
1,500,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2025 | 1,709,665 | |
650,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2026 | 763,317 | |
950,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2027 | 1,150,780 | |
600,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2028 | 746,147 | |
1,100,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2029 | 1,402,592 | |
800,000 | Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2030 | 1,041,022 | |
500,000 | Hamilton County, OH (UC Health ), Hospital Facilities Revenue Bonds (Series 2014), 5.000%, 2/1/2023 | 524,747 | |
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 | 3,939,676 | |
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 | 1,572,935 | |
455,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2026 | 530,245 | |
345,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A), 5.000%, 1/15/2027 | 412,894 | |
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 | 1,129,901 | |
TOTAL | 24,168,357 | ||
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 | 3,882,849 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$3,200,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2025 | $3,678,576 | |
5,000,000 | Oklahoma Development Finance Authority (Gilcrease Developers, LLC), Limited Obligation Revenue Bonds (Series 2020), 1.625%, 7/6/2023 | 5,023,880 | |
1,000,000 | Oklahoma State Turnpike Authority, Second Senior Revenue Refunding Bonds (Series 2020A), 5.000%, 1/1/2028 | 1,245,565 | |
1,000,000 | Oklahoma State Turnpike Authority, Second Senior Revenue Refunding Bonds (Series 2020A), 5.000%, 1/1/2030 | 1,303,950 | |
1,000,000 | Tulsa County, OK Industrial Authority (Broken Arrow Public Schools), Educational Facilities Lease Revenue Bonds (Series 2016), 5.000%, 9/1/2022 | 1,031,378 | |
TOTAL | 16,166,198 | ||
Oregon—1.4% | |||
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 | 2,766,349 | |
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 | 1,233,208 | |
1,450,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2026 | 1,711,771 | |
1,700,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2027 | 2,059,397 | |
1,600,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2028 | 1,983,555 | |
2,635,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2029 | 3,332,460 | |
2,400,000 | Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2030 | 3,084,128 | |
TOTAL | 16,170,868 | ||
Pennsylvania—4.9% | |||
850,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2025 | 995,082 | |
2,100,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021C) FRNs, 0.384% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 2,101,195 |
1,115,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2022 | 1,115,000 | |
1,155,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016), 5.000%, 1/1/2024 | 1,252,338 |
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 | $520,249 | |
750,000 | East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2023 | 811,859 | |
12,500,000 | 1 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2014B) FRNs, 1.138% (1-month USLIBOR x 0.67 +1.070%), Mandatory Tender 6/1/2024 | 12,639,164 |
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 | 5,043,416 | |
2,250,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 0.820% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 2,250,080 |
1,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.109% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 1,006,006 |
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 | 6,729,125 | |
4,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 0.500% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | 4,016,061 |
2,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.641% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 2,007,257 |
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 | 1,620,923 | |
250,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2026 | 300,884 | |
400,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2027 | 493,525 | |
500,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2028 | 632,074 | |
750,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2029 | 968,373 | |
525,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2030 | 692,348 | |
625,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2028 | 789,141 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2029 | $1,285,931 | |
750,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2030 | 983,158 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021B), 5.000%, 12/1/2031 | 1,334,205 | |
1,200,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2024 | 1,329,234 | |
1,600,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2025 | 1,831,986 | |
2,000,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2026 | 2,356,230 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2025 | 1,135,898 | |
1,000,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2026 | 1,175,312 | |
1,250,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2027 | 1,511,510 | |
TOTAL | 58,927,564 | ||
Rhode Island—0.7% | |||
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 | 2,287,431 | |
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 | 2,121,959 | |
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 | 3,622,440 | |
TOTAL | 8,031,830 | ||
South Carolina—0.4% | |||
1,545,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 1/1/2025 | 1,701,540 | |
2,000,000 | South Carolina State Public Service Authority (Santee Cooper), Revenue Refunding and Improvement Bonds (Series 2020A), 5.000%, 12/1/2031 | 2,612,812 | |
TOTAL | 4,314,352 | ||
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 | 799,768 | |
Tennessee—1.7% | |||
1,200,000 | Metropolitan Government Nashville & Davidson County, TN IDB (Waste Management, Inc.), Revenue Bonds TOBs, 3.750%, Mandatory Tender 8/1/2024 | 1,195,721 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$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 | $12,592,805 | |
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 | 6,425,245 | |
225,000 | Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045 | 236,263 | |
TOTAL | 20,450,034 | ||
Texas—14.3% | |||
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 | 1,502,216 | |
600,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2024 | 673,599 | |
650,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2025 | 754,402 | |
1,000,000 | Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026 | 1,194,044 | |
4,570,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue BAN (Series 2021C), 5.000%, 1/1/2027 | 5,305,784 | |
3,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 3,316,595 | |
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 | 1,501,974 | |
1,500,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016B), 5.000%, 12/1/2022 | 1,565,804 | |
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 | 9,348,817 | |
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 | 6,843,636 | |
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 | 3,073,758 | |
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 | 5,875,097 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $3,490,579 | |
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 | 2,025,564 | |
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 | 2,537,041 | |
3,000,000 | Goose Creek, TX ISD, Variable Rate UT GO School Building Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.600%, Mandatory Tender 8/17/2026 | 2,964,071 | |
1,250,000 | Gulf Coast, TX Waste Disposal Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2003B), 1.500%, 5/1/2028 | 1,250,744 | |
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 | 2,900,231 | |
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, 0.719% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 3,011,656 |
5,635,000 | 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 +0.900%), 6/1/2022 | 5,645,954 |
4,500,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.050% (SIFMA 7-day +0.950%), 6/1/2023 | 4,530,582 |
5,685,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 1.150% (SIFMA 7-day +1.050%), 6/1/2024 | 5,768,396 |
5,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), Hospital Revenue Bonds (Series 2019B) TOBs, 4.945%, Mandatory Tender 10/1/2024 | 5,615,124 | |
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 | 3,001,840 | |
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 | 2,653,799 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $2,092,987 | |
1,810,000 | 1 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017B) FRNs, 1.200% (SIFMA 7-day +1.100%), Mandatory Tender 10/15/2023 | 1,816,441 |
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 | 4,104,056 | |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2024 | 1,658,948 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2025 | 1,146,343 | |
750,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2026 | 887,407 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2027 | 1,218,072 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019), 5.000%, 5/15/2028 | 1,248,584 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2025 | 1,146,343 | |
1,250,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2026 | 1,479,011 | |
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 | 2,442,350 | |
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 | 7,793,619 | |
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 | 2,797,501 | |
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 8/1/2052 | 276,547 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $1,731,417 | |
855,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2022 | 855,000 | |
945,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2024 | 1,001,035 | |
980,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2025 | 1,064,664 | |
500,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2023 | 540,440 | |
625,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2024 | 702,101 | |
1,105,000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016), 5.000%, 11/1/2025 | 1,259,339 | |
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 | 1,561,482 | |
1,400,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2025 | 1,464,654 | |
2,000,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2025 | 2,266,983 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2026 | 2,931,510 | |
2,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2027 | 3,021,534 | |
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 | 8,093,609 | |
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 | 6,197,742 | |
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 | 2,567,221 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $4,213,159 | |
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 | 2,083,613 | |
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 | 1,905,686 | |
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 | 4,746,762 | |
750,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2024 | 799,436 | |
1,000,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2025 | 1,084,808 | |
950,000 | Texas Municipal Power Agency, Transmission System Revenue Refunding Bonds (Series 2021), (Assured Guaranty Municipal Corp. GTD), 3.000%, 9/1/2026 | 1,046,788 | |
3,680,000 | Texas State Transportation Commission (Texas State), UT GO Mobility Fund Bonds (Series 2014B) TOBs, 0.650%, Mandatory Tender 4/1/2026 | 3,654,982 | |
TOTAL | 171,253,481 | ||
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 | 4,762,238 | |
Virginia—2.1% | |||
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 | 2,676,794 | |
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 | 1,010,111 | |
4,500,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 4,863,626 | |
7,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 7,661,812 | |
2,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2025 | 2,897,021 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$1,500,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2030 | $1,980,305 | |
3,750,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024 | 3,811,236 | |
TOTAL | 24,900,905 | ||
Washington—3.2% | |||
1,000,000 | Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2030 | 1,317,804 | |
2,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2017-A), 5.000%, 7/1/2026 | 2,046,603 | |
1,250,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2027 | 1,536,014 | |
1,000,000 | Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2028 | 1,259,676 | |
1,750,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2022 | 1,769,977 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2023 | 2,114,799 | |
1,500,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 1,648,307 | |
1,825,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025 | 2,076,345 | |
2,000,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026 | 2,346,563 | |
2,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 0.590% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 2,006,523 |
1,500,000 | Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2016C), 5.000%, 10/1/2023 | 1,623,368 | |
3,760,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.168% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 3,761,019 |
3,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.150% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 3,014,270 |
10,000,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Refunding Bonds (Series 2021B) TOBs, 3.956%, Mandatory Tender 10/1/2030 | 12,188,173 | |
TOTAL | 38,709,441 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
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 | $4,175,522 | |
Wyoming—0.3% | |||
3,000,000 | Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026 | 3,077,288 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,074,364,842) | 1,089,526,604 | ||
1 | SHORT-TERM MUNICIPALS—7.9% | ||
California—3.6% | |||
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), 0.500%, 1/6/2022 | 8,775,000 | |
17,600,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 0.300%, 1/3/2022 | 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), 0.250%, 1/3/2022 | 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), 0.500%, 1/6/2022 | 10,000,000 | |
TOTAL | 43,075,000 | ||
Florida—0.3% | |||
3,100,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.500%, 1/6/2022 | 3,100,000 | |
Georgia—0.2% | |||
2,125,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.140%, 1/3/2022 | 2,125,000 | |
Louisiana—0.4% | |||
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), 0.500%, 1/6/2022 | 4,495,000 | |
Multi State—1.5% | |||
9,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) Weekly VRDPs, 0.300%, 1/3/2022 | 9,000,000 | |
8,900,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D MuniFund Preferred Shares Weekly VRDPs, 0.300%, 1/3/2022 | 8,900,000 | |
TOTAL | 17,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—1.9% | |||
$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), 0.350%, 1/6/2022 | $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), 0.350%, 1/6/2022 | 2,500,000 | |
12,700,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.220%, 1/3/2022 | 12,700,000 | |
TOTAL | 23,200,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $93,895,000) | 93,895,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.0% (IDENTIFIED COST $1,168,259,842)3 | 1,183,421,604 | ||
OTHER ASSETS AND LIABILITIES—NET—1.0%4 | 12,045,242 | ||
TOTAL NET ASSETS—100% | $1,195,466,846 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Depreciation |
Short Futures: | ||||
5United States Treasury Notes 5-Year, Short Futures | 100 | $12,097,656 | March 2022 | $(36,744) |
5United States Treasury Notes 10-Year, Short Futures | 100 | $13,046,875 | March 2022 | $(96,319) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(133,062) |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $1,089,526,604 | $— | $1,089,526,604 |
Short-Term Municipals | — | 93,895,000 | — | 93,895,000 |
TOTAL SECURITIES | $— | $1,183,421,604 | $— | $1,183,421,604 |
Other Financial Instruments:1 | ||||
Liabilities | $(133,062) | $— | $— | $(133,062) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(133,062) | $— | $— | $(133,062) |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
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 |
Six Months Ended (unaudited) 12/31/2021 | Year Ended June 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $10.37 | $10.25 | $10.30 | $10.22 | $10.27 | $10.35 |
Income From Investment Operations: | ||||||
Net investment income | 0.03 | 0.08 | 0.13 | 0.14 | 0.11 | 0.09 |
Net realized and unrealized gain (loss) | (0.06) | 0.12 | (0.05) | 0.08 | (0.05) | (0.08) |
TOTAL FROM INVESTMENT OPERATIONS | (0.03) | 0.20 | 0.08 | 0.22 | 0.06 | 0.01 |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | (0.08) | (0.13) | (0.14) | (0.11) | (0.09) |
Net Asset Value, End of Period | $10.31 | $10.37 | $10.25 | $10.30 | $10.22 | $10.27 |
Total Return1 | (0.29)% | 1.98% | 0.81% | 2.20% | 0.60% | 0.09% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.71%3 | 0.71% | 0.81%4 | 0.96%4 | 0.96%4 | 0.96% |
Net investment income | 0.58%3 | 0.78% | 1.30% | 1.41% | 1.07% | 0.86% |
Expense waiver/reimbursement5 | 0.09%3 | 0.10% | 0.11% | 0.10% | 0.09% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $593,476 | $509,643 | $250,177 | $178,706 | $178,414 | $228,127 |
Portfolio turnover6 | 7% | 11% | 49% | 39% | 18% | 32% |
Six Months Ended (unaudited) 12/31/20211 | |
Net Asset Value, Beginning of Period | $10.31 |
Income From Investment Operations: | |
Net investment income | 0.002 |
Net realized and unrealized gain (loss) | (0.00)2 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 |
Less Distributions: | |
Distributions from net investment income | — |
Net Asset Value, End of Period | $10.31 |
Total Return3 | 0.07% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.65%5 |
Net investment income | 0.16%5 |
Expense waiver/reimbursement6 | —%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $07 |
Portfolio turnover8 | 7%9 |
Six Months Ended (unaudited) 12/31/2021 | Year Ended June 30, | ||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $10.37 | $10.24 | $10.30 | $10.21 | $10.26 | $10.35 | |
Income From Investment Operations: | |||||||
Net investment income | 0.04 | 0.11 | 0.17 | 0.19 | 0.16 | 0.14 | |
Net realized and unrealized gain (loss) | (0.06) | 0.13 | (0.06) | 0.09 | (0.05) | (0.09) | |
TOTAL FROM INVESTMENT OPERATIONS | (0.02) | 0.24 | 0.11 | 0.28 | 0.11 | 0.05 | |
Less Distributions: | |||||||
Distributions from net investment income | (0.04) | (0.11) | (0.17) | (0.19) | (0.16) | (0.14) | |
Net Asset Value, End of Period | $10.31 | $10.37 | $10.24 | $10.30 | $10.21 | $10.26 | |
Total Return1 | (0.16)% | 2.34% | 1.07% | 2.81% | 1.10% | 0.49% | |
Ratios to Average Net Assets: | |||||||
Net expenses2 | 0.46%3 | 0.46% | 0.46%4 | 0.46%4 | 0.46%4 | 0.46% | |
Net investment income | 0.83%3 | 1.05% | 1.66% | 1.91% | 1.58% | 1.36% | |
Expense waiver/reimbursement5 | 0.16%3 | 0.17% | 0.18% | 0.21% | 0.24% | 0.23% | |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $591,928 | $624,552 | $561,612 | $575,676 | $689,739 | $840,891 | |
Portfolio turnover6 | 7% | 11% | 49% | 39% | 18% | 32% |
Six Months Ended (unaudited) 12/31/2021 | Year Ended June 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $10.37 | $10.25 | $10.30 | $10.22 | $10.26 | $10.35 |
Income From Investment Operations: | ||||||
Net investment income | 0.03 | 0.08 | 0.14 | 0.17 | 0.14 | 0.11 |
Net realized and unrealized gain (loss) | (0.05) | 0.12 | (0.05) | 0.08 | (0.04) | (0.09) |
TOTAL FROM INVESTMENT OPERATIONS | (0.02) | 0.20 | 0.09 | 0.25 | 0.10 | 0.02 |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | (0.08) | (0.14) | (0.17) | (0.14) | (0.11) |
Net Asset Value, End of Period | $10.32 | $10.37 | $10.25 | $10.30 | $10.22 | $10.26 |
Total Return1 | (0.18)% | 2.00% | 0.93% | 2.46% | 0.95% | 0.25% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.70%3 | 0.70% | 0.70%4 | 0.70%4 | 0.71%4 | 0.70% |
Net investment income | 0.59%3 | 0.82% | 1.42% | 1.67% | 1.30% | 1.12% |
Expense waiver/reimbursement5 | 0.09%3 | 0.10% | 0.21% | 0.35% | 0.34% | 0.33% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,063 | $10,101 | $11,431 | $11,663 | $14,429 | $31,831 |
Portfolio turnover6 | 7% | 11% | 49% | 39% | 18% | 32% |
December 31, 2021 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $1,168,259,842) | $1,183,421,604 | |
Due from broker | 242,500 | |
Cash | 83,862 | |
Income receivable | 8,422,187 | |
Receivable for shares sold | 4,627,532 | |
Prepaid expenses | 41,721 | |
TOTAL ASSETS | 1,196,839,406 | |
Liabilities: | ||
Payable for shares redeemed | $943,224 | |
Income distribution payable | 159,178 | |
Payable for other service fees (Notes 2 and 5) | 165,096 | |
Payable for portfolio accounting fees | 79,855 | |
Payable for variation margin on futures contracts | 13,281 | |
Payable for investment adviser fee (Note 5) | 9,864 | |
Payable for administrative fee (Note 5) | 2,062 | |
TOTAL LIABILITIES | 1,372,560 | |
Net assets for 115,906,343 shares outstanding | $1,195,466,846 | |
Net Assets Consists of: | ||
Paid-in capital | $1,193,401,791 | |
Total distributable earnings (loss) | 2,065,055 | |
TOTAL NET ASSETS | $1,195,466,846 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($593,476,141 ÷ 57,537,710 shares outstanding), no par value, unlimited shares authorized | $10.31 | |
Offering price per share (100/99.00 of $10.31) | $10.41 | |
Redemption proceeds per share | $10.31 | |
Class A2 Shares: | ||
Net asset value per share ($100 ÷ 10* shares outstanding), no par value, unlimited shares authorized | $10.31 | |
Offering price per share (100/98.50 of $10.31) | $10.47 | |
Redemption proceeds per share | $10.31 | |
Institutional Shares: | ||
Net asset value per share ($591,927,700 ÷ 57,393,395 shares outstanding), no par value, unlimited shares authorized | $10.31 | |
Offering price per share | $10.31 | |
Redemption proceeds per share | $10.31 | |
Service Shares: | ||
Net asset value per share ($10,062,905 ÷ 975,228 shares outstanding), no par value, unlimited shares authorized | $10.32 | |
Offering price per share | $10.32 | |
Redemption proceeds per share | $10.32 |
Six Months Ended December 31, 2021 (unaudited)
Investment Income: | |||
Interest | $7,940,879 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,463,239 | ||
Administrative fee (Note 5) | 484,798 | ||
Custodian fees | 19,463 | ||
Transfer agent fees | 206,304 | ||
Directors’/Trustees’ fees (Note 5) | 6,461 | ||
Auditing fees | 15,779 | ||
Legal fees | 5,267 | ||
Other service fees (Notes 2 and 5) | 964,687 | ||
Portfolio accounting fees | 122,170 | ||
Share registration costs | 65,275 | ||
Printing and postage | 14,212 | ||
Miscellaneous (Note 5) | 15,325 | ||
TOTAL EXPENSES | 4,382,980 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(581,874) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (189,798) | ||
TOTAL WAIVER AND REIMBURSEMENT | (771,672) | ||
Net expenses | 3,611,308 | ||
Net investment income | 4,329,571 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized loss on investments | (16,030) | ||
Net realized gain on futures contracts | 282,902 | ||
Net change in unrealized appreciation of investments | (7,007,791) | ||
Net change in unrealized depreciation of futures contracts | (78,319) | ||
Net realized and unrealized gain on investments and futures contracts | (6,819,238) | ||
Change in net assets resulting from operations | $(2,489,667) |
Six Months Ended (unaudited) 12/31/2021 | Year Ended 6/30/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,329,571 | $9,338,309 |
Net realized gain (loss) | 266,872 | (177,726) |
Net change in unrealized appreciation/depreciation | (7,086,110) | 10,371,455 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (2,489,667) | 19,532,038 |
Distributions to Shareholders: | ||
Class A Shares | (1,770,483) | (3,228,351) |
Class A2 Shares | — | — |
Institutional Shares | (2,548,946) | (6,014,951) |
Service Shares | (30,221) | (89,355) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (4,349,650) | (9,332,657) |
Share Transactions: | ||
Proceeds from sale of shares | 362,724,302 | 743,752,032 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,398,675 | 7,860,550 |
Cost of shares redeemed | (308,112,787) | (440,736,167) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 58,010,190 | 310,876,415 |
Change in net assets | 51,170,873 | 321,075,796 |
Net Assets: | ||
Beginning of period | 1,144,295,973 | 823,220,177 |
End of period | $1,195,466,846 | $1,144,295,973 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $762,752 | $— |
Institutional Shares | 189,798 | (189,798) |
Service Shares | 12,137 | — |
TOTAL | $964,687 | $(189,798) |
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 | $1,524,154 |
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 | $2,508,057 |
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 | $1,008,399 |
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 | $1,010,134 |
Fair Value of Derivative Instruments | ||||
Liability | ||||
Statement of Assets and Liabilities Location | Fair Value | |||
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate | Payable for variation margin on futures contracts | $133,062* |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||
Interest Rate Contracts | ||||
Futures Contracts | $282,902 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Interest Rate Contracts | ||||
Futures Contracts | $(78,319) |
Six Months Ended 12/31/2021 | Year Ended 6/30/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 26,489,488 | $274,507,667 | 47,219,152 | $489,044,329 |
Shares issued to shareholders in payment of distributions declared | 170,724 | 1,764,772 | 309,430 | 3,203,002 |
Shares redeemed | (18,271,142) | (188,860,615) | (22,797,898) | (236,148,176) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 8,389,070 | $87,411,824 | 24,730,684 | $256,099,155 |
Period Ended 12/31/20211 | Year Ended 6/30/2021 | |||
Class A2 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19 | $198 | — | — |
Shares redeemed | (9) | (98) | — | — |
NET CHANGE RESULTING FROM CLASS A2 SHARE TRANSACTIONS | 10 | $100 | — | $— |
Six Months Ended 12/31/2021 | Year Ended 6/30/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,527,552 | $88,172,699 | 24,607,058 | $254,516,619 |
Shares issued to shareholders in payment of distributions declared | 155,308 | 1,605,844 | 442,046 | 4,574,149 |
Shares redeemed | (11,526,651) | (119,195,256) | (19,634,130) | (202,844,515) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,843,791) | $(29,416,713) | 5,414,974 | $56,246,253 |
Six Months Ended 12/31/2021 | Year Ended 6/30/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,217 | $43,738 | 18,455 | $191,084 |
Shares issued to shareholders in payment of distributions declared | 2,713 | 28,059 | 8,056 | 83,399 |
Shares redeemed | (5,481) | (56,818) | (168,057) | (1,743,476) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 1,449 | $14,979 | (141,546) | $(1,468,993) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 5,546,738 | $58,010,190 | 30,004,112 | $310,876,415 |
Short-Term | Long-Term | Total |
$7,950,054 | $5,341,100 | $13,291,154 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $173,474,561 |
Sales | $73,915,195 |
Beginning Account Value 7/1/2021 | Ending Account Value 12/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $997.10 | $3.57 |
Class A2 Shares | $1,000 | $1,000.70 | $0.802 |
Institutional Shares | $1,000 | $998.40 | $2.32 |
Service Shares | $1,000 | $998.20 | $3.53 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.63 | $3.62 |
Class A2 Shares | $1,000 | $1,021.93 | $3.312 |
Institutional Shares | $1,000 | $1,022.89 | $2.35 |
Service Shares | $1,000 | $1,021.68 | $3.57 |
Class A Shares | 0.71% |
Class A2 Shares | 0.65% |
Institutional Shares | 0.46% |
Service Shares | 0.70% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423H106
CUSIP 313907107
CUSIP 313907206
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Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Short-Intermediate Duration Municipal Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 22, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ John B. Fisher
John B. Fisher
Principal Executive Officer
Date February 22, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date February 22, 2022