United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6165
(Investment Company Act File Number)
Federated Municipal Securities Income Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
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:08/31/19
Date of Reporting Period:Six months ended 02/28/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | MMIFX |
Donahue
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 30.5% |
Water & Sewer | 14.3% |
Dedicated Tax | 11.1% |
Hospital | 10.9% |
Education | 9.4% |
Public Power | 6.1% |
Airport | 5.6% |
General Obligation—State Appropriation | 3.7% |
Toll Road | 3.0% |
Electric & Gas | 1.4% |
Other2 | 2.1% |
Other Assets and Liabilities—Net3 | 1.9% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 96.0% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—98.0% | |||
Michigan—98.0% | |||
$1,255,000 | Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033 | $1,380,400 | |
1,000,000 | Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,149,980 | |
410,000 | Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.000%, 5/1/2027 | 479,942 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS), 4.500%, 12/1/2023 | 1,766,777 | |
1,425,000 | Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030 | 1,537,917 | |
2,000,000 | Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2025 | 2,268,280 | |
500,000 | Detroit, MI Downtown Development Authority, Tax Increment Revenue Refunding Bonds (Catalyst Development Series 2018A), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2035 | 540,070 | |
375,000 | Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (AGM INS), 5.000%, 4/1/2031 | 432,694 | |
1,000,000 | Fennville, MI Public Schools, UT GO School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2035 | 1,159,550 | |
1,000,000 | Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/1/2025 | 1,130,480 | |
620,000 | Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 735,456 | |
670,000 | Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 805,166 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034 | 1,147,800 | |
500,000 | Grand Rapids, MI Sanitary Sewer System, Sanitary Sewer System Revenue Improvement and Refunding Bonds (Series 2014), 5.000%, 1/1/2022 | 545,295 | |
2,000,000 | Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 7/1/2029 | 2,457,620 | |
1,500,000 | Holland, MI Electric Utility System, Revenue Bonds (Series 2014A), 4.000%, 7/1/2022 | 1,579,035 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$335,000 | Kent County, MI, LT GO Capital Improvement Bonds (Series 2016), 5.000%, 6/1/2027 | $401,367 | |
1,500,000 | Kent Hospital Finance Authority, MI (Spectrum Health), Revenue Refunding Bonds (Series 2011A), 5.000%, 11/15/2022 | 1,624,545 | |
1,000,000 | Kentwood, MI Public Schools, UT GO School Building and Site Bonds (Series 2019 II), 5.000%, 5/1/2032 | 1,194,370 | |
1,010,000 | Lake Superior State University, MI, General Revenue Refunding Bonds (Series 2012), (Assured Guaranty Municipal Corp. INS), 4.000%, 11/15/2020 | 1,045,239 | |
1,900,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.000%, 7/1/2024 | 2,035,679 | |
525,000 | Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030 | 626,041 | |
1,445,000 | Mason, MI Public School District, UT GO School Building and Site Bonds (Series 2018I), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2032 | 1,564,848 | |
1,000,000 | Michigan Finance Authority Local Government Loan Program (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B), 5.000%, 10/1/2032 | 1,205,630 | |
1,000,000 | Michigan Public Power Agency, Combustion Turbine No. 1 Project Refunding Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2022 | 1,051,780 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.000%, 10/15/2022 | 558,060 | |
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Bonds (2009 Series II), (Assured Guaranty Corp. INS), 5.000%, 10/15/2022 | 1,019,930 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027 | 1,181,290 | |
2,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Bonds (Series 2009), 5.250%, 5/15/2019 | 2,014,260 | |
1,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026 | 1,166,100 | |
500,000 | Michigan State Finance Authority Revenue (Charter County of Wayne Criminal Justice Center Project), Senior Lien State Aid Revenue Bonds (Series 2018), 5.000%, 11/1/2033 | 588,335 | |
2,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-2), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2025 | 2,290,980 | |
250,000 | Michigan State Finance Authority Revenue (MidMichigan Obligated Group), Hospital Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2026 | 286,128 | |
1,500,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2022 | 1,625,415 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$2,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 1999B-3), 4.000%, 11/15/2032 | $2,127,920 | |
500,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2028 | 581,415 | |
1,000,000 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Bonds, 5.000%, 5/15/2023 | 1,124,280 | |
1,000,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.500%, 12/1/2026 | 1,196,330 | |
250,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C), 5.000%, 12/1/2031 | 293,815 | |
1,000,000 | Michigan State Strategic Fund (Detroit Edison Co.), Ltd Obligation Refunding Revenue Bonds, (AMBAC Financial Group, Inc. INS), 7.000%, 5/1/2021 | 1,101,150 | |
2,600,000 | Michigan State Trunk Line, Refunding Revenue Bonds (Series 2009), 5.000%, 11/1/2020 | 2,657,252 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2022 | 544,690 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2023 | 544,550 | |
1,250,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034 | 1,478,000 | |
2,000,000 | Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 6/30/2030 | 2,310,840 | |
1,000,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.250%, 10/15/2022 | 1,088,510 | |
1,855,000 | Orchard View, MI Schools, UT GO Bonds, (Assured Guaranty Municipal Corp. INS)/(Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2022 | 1,939,124 | |
1,000,000 | Roseville, MI Community Schools, UT GO 2018 School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2031 | 1,177,300 | |
1,000,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.000%, 9/1/2023 | 1,131,870 | |
1,670,000 | Saginaw, MI Water Supply System, Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 4.750%, 7/1/2025 | 1,790,591 | |
1,000,000 | Saline, MI Area Schools, UT GO Refunding Bonds (Series 2018), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,196,020 | |
1,085,000 | Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026 | 1,259,186 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029 | $1,102,540 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2010C), 4.000%, 4/1/2022 | 1,025,640 | |
250,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.000%, 4/1/2024 | 289,727 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027 | 1,224,360 | |
2,000,000 | University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033 | 2,190,420 | |
500,000 | Utica, MI Community Schools, School Building & Site & Refunding UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2029 | 571,905 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.000%, 12/1/2021 | 2,119,120 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021 | 2,155,880 | |
500,000 | West Bloomfield, MI School District, UT GO Public Improvement Bonds, (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2029 | 594,695 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $72,938,293) | 75,413,589 | ||
1 | SHORT-TERM MUNICIPALS—0.1% | ||
Michigan—0.1% | |||
100,000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 1.730%, 3/1/2019 (IDENTIFIED COST $100,000) | 100,000 | |
TOTAL INVESTMENT IN SECURITIES—98.1% (IDENTIFIED COST $73,038,293)2 | 75,513,589 | ||
OTHER ASSETS AND LIABILITIES - NET—1.9%3 | 1,491,145 | ||
TOTAL NET ASSETS—100% | $77,004,734 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost of investments for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AGM | —Assured Guaranty Municipal |
AMBAC | —American Municipal Bond Assurance Corporation |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LT | —Limited Tax |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $10.92 | $11.30 | $11.54 | $11.31 | $11.39 | $10.90 |
Income From Investment Operations: | ||||||
Net investment income | 0.13 | 0.25 | 0.25 | 0.28 | 0.29 | 0.33 |
Net realized and unrealized gain (loss) | 0.12 | (0.38) | (0.20) | 0.26 | (0.08) | 0.49 |
TOTAL FROM INVESTMENT OPERATIONS | 0.25 | (0.13) | 0.05 | 0.54 | 0.21 | 0.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.25) | (0.25) | (0.28) | (0.29) | (0.33) |
Distributions from net realized gain | (0.03) | — | (0.04) | (0.03) | — | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.25) | (0.29) | (0.31) | (0.29) | (0.33) |
Net Asset Value, End of Period | $11.01 | $10.92 | $11.30 | $11.54 | $11.31 | $11.39 |
Total Return1 | 2.37% | (1.11)% | 0.52% | 4.82% | 1.88% | 7.60% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.77%2 | 0.77%3 | 0.77% | 0.75% | 0.75% | 0.73% |
Net investment income | 2.46%2 | 2.29% | 2.27% | 2.40% | 2.57% | 2.94% |
Expense waiver/reimbursement4 | 0.29%2 | 0.21% | 0.18% | 0.16% | 0.16% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $77,005 | $88,810 | $110,912 | $130,516 | $129,662 | $123,083 |
Portfolio turnover | 15% | 19% | 13% | 12% | 25% | 19% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.77% for the year ended August 31, 2018 after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value (identified cost $73,038,293) | $75,513,589 | |
Cash | 93,432 | |
Income receivable | 948,740 | |
Receivable for investments sold | 610,237 | |
Prepaid expenses | 13,478 | |
Receivable for shares sold | 1,588 | |
TOTAL ASSETS | 77,181,064 | |
Liabilities: | ||
Payable for shares redeemed | $72,827 | |
Income distribution payable | 17,096 | |
Payable for portfolio accounting fees | 61,133 | |
Payable for other service fees (Notes 2 and 5) | 15,189 | |
Payable for share registration costs | 9,703 | |
Payable for investment adviser fee (Note 5) | 211 | |
Payable for Directors'/Trustees' fees (Note 5) | 171 | |
TOTAL LIABILITIES | 176,330 | |
Net assets for 6,996,923 shares outstanding | $77,004,734 | |
Net Assets Consists of: | ||
Paid-in capital | $74,518,692 | |
Total distributable earnings | 2,486,042 | |
TOTAL NET ASSETS | $77,004,734 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Net asset value per share ($77,004,734 ÷ 6,996,923 shares outstanding), no par value, unlimited shares authorized | $11.01 | |
Offering price per share (100/97.00 of $11.01) | $11.35 | |
Redemption proceeds per share | $11.01 |
Investment Income: | |||
Interest | $1,319,957 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $163,641 | ||
Administrative fee (Note 5) | 32,705 | ||
Custodian fees | 3,624 | ||
Transfer agent fees | 22,385 | ||
Directors'/Trustees' fees (Note 5) | 1,215 | ||
Auditing fees | 15,080 | ||
Legal fees | 6,295 | ||
Other service fees (Notes 2 and 5) | 102,085 | ||
Portfolio accounting fees | 51,036 | ||
Share registration costs | 13,674 | ||
Printing and postage | 9,181 | ||
Miscellaneous (Note 5) | 11,176 | ||
TOTAL EXPENSES | 432,097 | ||
Waiver of investment adviser fee (Note 5) | $(118,068) | ||
Net expenses | 314,029 | ||
Net investment income | 1,005,928 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 8,866 | ||
Net change in unrealized appreciation of investments | 822,223 | ||
Net realized and unrealized gain (loss) on investments | 831,089 | ||
Change in net assets resulting from operations | $1,837,017 |
Six Months Ended (unaudited) 2/28/2019 | Year Ended 8/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,005,928 | $2,292,656 |
Net realized gain | 8,866 | 572,046 |
Net change in unrealized appreciation/depreciation | 822,223 | (4,161,699) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,837,017 | (1,296,997) |
Distributions to Shareholders (Note 2) | (1,262,628) | (2,292,650) |
Share Transactions: | ||
Proceeds from sale of shares | 3,428,044 | 5,896,792 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,052,607 | 1,598,723 |
Cost of shares redeemed | (16,860,384) | (26,007,584) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (12,379,733) | (18,512,069) |
Change in net assets | (11,805,344) | (22,101,716) |
Net Assets: | ||
Beginning of period | 88,810,078 | 110,911,794 |
End of period | $77,004,734 | $88,810,078 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |
Shares sold | 315,490 | 531,387 |
Shares issued to shareholders in payment of distributions declared | 96,670 | 145,264 |
Shares redeemed | (1,550,178) | (2,359,207) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,138,018) | (1,682,556) |
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 | $11,850,220 |
Sales | $23,878,477 |
Beginning Account Value 9/1/2018 | Ending Account Value 2/28/2019 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,023.70 | $3.86 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,020.98 | $3.86 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | OMIAX | F | OMIFX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Education | 17.3% |
Hospital | 14.8% |
Dedicated Tax | 12.8% |
Pre-Refunded | 11.1% |
General Obligation—Local | 10.2% |
Water & Sewer | 8.1% |
General Obligation—State | 5.9% |
Toll Road | 4.3% |
Public Power | 3.4% |
Senior Care | 3.2% |
Other2 | 9.4% |
Other Assets and Liabilities—Net3 | (0.5)% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. Pre-refunded securities are those whose debt service is paid from escrowed assets, usually U.S. government securities. |
2 | For purposes of this table, sector classifications constitute 91.1% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—98.3% | |||
Ohio—98.3% | |||
$2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Akron General Health System), Hospital Facilities Revenue Bonds (Series 2012), (United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2031 | $2,168,540 | |
2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Children's Hospital Medical Center, Akron), Hospital Improvement & Refunding Revenue Bonds (Series 2012), 5.000%, 11/15/2032 | 2,161,820 | |
1,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), Hospital Facilities Revenue Bonds (Series 2016), 5.250%, 11/15/2041 | 1,102,880 | |
1,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2031 | 1,091,790 | |
2,000,000 | Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2033 | 2,178,980 | |
500,000 | Akron, OH (Akron, OH Community Learning Centers), Revenue Refunding Bonds (Series A), 5.000%, 12/1/2023 | 550,525 | |
1,000,000 | Allen County, OH (Mercy Health), Hospital Facilities Revenue Refunding Bonds, 5.000%, 11/1/2043 | 1,075,830 | |
2,000,000 | Allen County, OH (Mercy Health), Hospital Facilities Revenue Bonds (Series 2010B), (United States Treasury PRF 9/1/2020@100), 5.250%, 9/1/2027 | 2,102,920 | |
1,000,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Refunding Revenue Bonds (Series 2015A), 5.000%, 2/15/2042 | 1,090,410 | |
2,250,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds (Series 2015A), 5.000%, 2/15/2029 | 2,529,315 | |
2,000,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2016A), 5.000%, 6/1/2044 | 2,215,200 | |
1,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), (Original Issue Yield: 6.070%), 5.875%, 6/1/2047 | 936,270 | |
2,000,000 | Butler County, OH Hospital Facilities Authority (UC Health ), Revenue Bonds (Series 2016), 5.000%, 11/15/2045 | 2,170,860 | |
3,000,000 | Cincinnati, OH Water System, Revenue Bonds (Series 2015A), 5.000%, 12/1/2040 | 3,420,330 | |
2,000,000 | Cincinnati, OH, UT Various Purpose GO Improvement & Refunding Bonds (Series 2014A), (United States Treasury PRF 6/1/2022@100), 5.000%, 12/1/2032 | 2,210,580 | |
850,000 | Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), 5.000%, 12/1/2051 | 925,089 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,255,000 | Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), (United States Treasury PRF 6/1/2023@100), 5.000%, 12/1/2051 | $1,418,815 | |
1,500,000 | Cleveland State University, OH, General Receipts Bonds (Series 2012), 5.000%, 6/1/2037 | 1,606,530 | |
1,000,000 | Cleveland, OH Income Tax (Cleveland, OH), Subordinate Lien Income Tax Public Facilities Improvements Refunding Bonds (Series 2017B), 5.000%, 10/1/2030 | 1,189,180 | |
1,000,000 | Cleveland, OH Municipal School District, School Improvement UT GO Bonds (Series 2015A), (Ohio School District Credit Enhancement GTD), 5.000%, 12/1/2033 | 1,103,510 | |
1,000,000 | Cleveland, OH Water, Senior Lien Revenue Bonds (Series 2012X), 5.000%, 1/1/2042 | 1,075,080 | |
2,000,000 | Cleveland, OH, LT GO Bonds, (Assured Guaranty Municipal Corp. INS), 5.500%, 10/1/2019 | 2,043,040 | |
3,000,000 | Cleveland-Cuyahoga County, OH Port Authority (Euclid Avenue Development Corporation), Revenue Bonds (Series 2014), 5.000%, 8/1/2039 | 3,297,540 | |
2,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2017), 5.000%, 12/1/2047 | 2,250,940 | |
1,000,000 | Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2031 | 1,153,630 | |
1,500,000 | Columbus, OH, Various Purpose LT GO Bonds (Series 2013B), (United States Treasury PRF 8/15/2023@100), 5.000%, 8/15/2028 | 1,711,830 | |
1,270,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,376,794 | |
1,340,000 | Cuyahoga County, OH Sales Tax, Various Purpose Sales Tax Revenue Bonds (Series 2014), 5.000%, 12/1/2034 | 1,530,293 | |
1,000,000 | Cuyahoga County, OH, LT GO Convention Hotel Project, 5.000%, 12/1/2036 | 1,098,950 | |
220,000 | Cuyahoga, OH Community College District, General Receipts Revenue Bonds (Series 2012D), 5.000%, 8/1/2026 | 242,242 | |
1,335,000 | Dayton, OH Airport (James M. Cox Dayton International Airport), Airport Revenue Refunding Bonds (Series 2014A), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2026 | 1,425,032 | |
2,000,000 | Fairfield County, OH, LT GO Bonds (Series 2015), 4.000%, 12/1/2040 | 2,047,160 | |
2,000,000 | Franklin County, OH Convention Facilities Authority, Tax & Lease Revenue Anticipation & Refunding Bonds (Series 2014), 5.000%, 12/1/2035 | 2,285,180 | |
1,000,000 | Franklin County, OH Health Care Facilities (Friendship Village of Dublin, OH, Inc.), Refunding & Improvement Bonds (Series 2014), 5.000%, 11/15/2044 | 1,040,240 | |
2,400,000 | Franklin County, OH Health Care Facilities (Ohio Presbyterian Retirement Services), Improvement Revenue Bonds (Series 2010A), (Original Issue Yield: 5.750%), 5.625%, 7/1/2026 | 2,472,264 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), Hospital Improvement Revenue Bonds (Series 2017A), 5.000%, 11/1/2029 | $1,200,350 | |
1,000,000 | Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), Hospital Facilities Revenue Bonds (Series 2015), 5.000%, 5/15/2040 | 1,096,030 | |
2,000,000 | Franklin County, OH Revenue (Trinity Healthcare Credit Group), Revenue Bonds (Series 2017A), 5.000%, 12/1/2047 | 2,227,420 | |
2,015,000 | Franklin County, OH Sales Tax Revenue, Various Purpose Sales Tax Revenue Bonds (Series 2018), 5.000%, 6/1/2048 | 2,310,862 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2036 | 518,985 | |
500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 510,395 | |
2,000,000 | Hamilton County, OH Convention Facilities Authority, Convention Facilities Authority Revenue & Refunding Bonds (Series 2014), 5.000%, 12/1/2032 | 2,214,040 | |
2,850,000 | Hamilton County, OH Sales Tax, Revenue Refunding Bonds (Series 2011A), 5.000%, 12/1/2032 | 3,076,860 | |
1,000,000 | Hamilton County, OH, LT GO Refunding Bonds (Series 20017A), 5.000%, 12/1/2037 | 1,161,530 | |
280,000 | Hamilton, OH, LT GO Various Purpose Bonds, (Assured Guaranty Corp. INS), 5.000%, 11/1/2021 | 285,849 | |
1,555,000 | JobsOhio Beverage System, OH, Statewide Senior Lien Liquor Profits Tax-Exempt Revenue Bonds (Series 2013A), 5.000%, 1/1/2038 | 1,702,554 | |
165,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), (Assured Guaranty Corp. INS), 5.000%, 5/1/2028 | 165,828 | |
70,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), (Assured Guaranty Corp. LOC), 5.000%, 5/1/2023 | 70,365 | |
2,000,000 | Lucas County, OH (ProMedica Healthcare Obligated Group), Hospital Revenue Bonds (Series 2011A), (United States Treasury PRF 11/15/2021@100), 6.500%, 11/15/2037 | 2,250,280 | |
1,000,000 | Miami County, OH Hospital Facility (Kettering Health Network Obligated Group), Hospital Facilities Revenue Refunding and Improvement Bonds (Series 2019), 5.000%, 8/1/2049 | 1,102,350 | |
2,000,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.000%, 9/1/2031 | 2,140,680 | |
500,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.000%, 9/1/2036 | 533,535 | |
1,000,000 | Montgomery County, OH (Catholic Health Initiatives), Revenue Bonds (Series 2008D), (Original Issue Yield: 6.300%), 6.125%, 10/1/2028 | 1,003,570 | |
1,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.000%, 11/15/2049 | 1,115,140 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$2,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue Bonds (Series 2013), (United States Treasury PRF 5/15/2023@100), 5.000%, 11/15/2038 | $2,263,620 | |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.250%, 1/15/2038 | 509,605 | |
500,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 512,475 | |
115,000 | Ohio HFA Single Family Mortgage, Revenue Bond (Series 1), (GNMA Collateralized Home Mortgage Program COL), 3.250%, 5/1/2020 | 115,265 | |
1,000,000 | Ohio HFA, Residential Mortgage Revenue Bonds (Series 2019A), (GNMA Collateralized Home Mortgage Program COL), 4.000%, 3/1/2049 | 1,015,590 | |
1,150,000 | Ohio State Air Quality Development Authority (Buckeye Power, Inc.), Environmental Improvement Revenue Bonds (Series 2010), 5.000%, 12/1/2021 | 1,212,169 | |
2,000,000 | Ohio State Air Quality Development Authority (Columbus Southern Power Company), Air Quality Revenue Refunding Bonds (Series 2009B), 5.800%, 12/1/2038 | 2,046,460 | |
2,000,000 | Ohio State Capital Facilities (Ohio State), Parks and Recreation Improvement Fund Projects (Series 2016C), 5.000%, 12/1/2031 | 2,344,940 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 1,127,510 | |
1,500,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Bonds (Series 2012), 5.000%, 1/1/2031 | 1,621,185 | |
1,000,000 | Ohio State Higher Educational Facility Commission (Denison University), Revenue Bonds (Series 2019), 5.000%, 11/1/2044 | 1,144,570 | |
2,000,000 | Ohio State Higher Educational Facility Commission (Kenyon College, OH), Higher Educational Facility Revenue Bonds (Series 2015), 5.000%, 7/1/2041 | 2,219,380 | |
1,000,000 | Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2011A), (Original Issue Yield: 5.480%), 5.375%, 12/1/2030 | 1,057,450 | |
1,830,000 | Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2013), 5.000%, 12/1/2031 | 2,011,152 | |
2,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2046 | 2,158,060 | |
3,325,000 | Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 12/31/2039 | 3,533,744 | |
350,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2028 | 422,013 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), (Original Issue Yield: 5.050%), 5.000%, 2/15/2048 | 1,074,250 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Revenue Refunding Bonds (Series 1998A), (National Re Holdings Corp. INS), 5.500%, 2/15/2024 | $1,134,240 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 | 1,108,620 | |
2,000,000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Loan Fund Revenue Bonds (Series 2017A), 5.000%, 12/1/2030 | 2,397,040 | |
1,000,000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2016B), 5.000%, 6/1/2037 | 1,155,160 | |
3,000,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds (Series 2016A), 5.000%, 2/1/2030 | 3,498,390 | |
750,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2034 | 874,860 | |
1,460,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds Adult Correctional Building Fund (Series 2017A), 5.000%, 10/1/2035 | 1,696,184 | |
1,500,000 | Ohio State, Common Schools UT GO Bonds (Series 2011B), (United States Treasury PRF 3/15/2021@100), 5.000%, 9/15/2024 | 1,601,490 | |
3,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.000%, 11/1/2033 | 3,433,290 | |
2,000,000 | Ohio University, General Receipts Bonds (Series 2013), 5.000%, 12/1/2043 | 2,176,200 | |
1,500,000 | Olentangy, OH Local School District, UT GO Refunding Bonds (Series 2016), 5.000%, 12/1/2030 | 1,764,720 | |
470,000 | River Valley, OH Local School District, UT GO School Facilities Bonds, (School District Credit Program GTD), 5.250%, 11/1/2023 | 537,351 | |
700,000 | South Euclid, OH, LT GO Real Estate Acquisition and Urban Development Bonds, 5.000%, 6/1/2032 | 764,708 | |
1,250,000 | Southeastern Ohio Port Authority, OH (Memorial Health System, OH), Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), (Original Issue Yield: 6.020%), 6.000%, 12/1/2042 | 1,312,875 | |
500,000 | Switzerland, OH Local School District, UT GO School Improvement Refunding Bonds, (School District Credit Program GTD), 5.000%, 12/1/2027 | 555,380 | |
1,000,000 | Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.000%, 11/15/2032 | 1,114,010 | |
1,500,000 | Toledo-Lucas County, OH Port Authority (CSX Corp.), Revenue Bonds, 6.450%, 12/15/2021 | 1,661,925 | |
1,020,000 | University of Akron, OH, General Receipts Bonds (Series 2015A), 5.000%, 1/1/2030 | 1,160,434 | |
1,000,000 | University of Akron, OH, General Receipts Bonds (Series 2016A), 5.000%, 1/1/2036 | 1,125,440 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.000%, 6/1/2041 | $1,125,980 | |
TOTAL | 139,573,947 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $136,007,190) | 139,573,947 | ||
1 | SHORT-TERM MUNICIPALS—2.2% | ||
Ohio—2.2% | |||
650,000 | Allen County, OH (Mercy Health), (Series 2010C) Daily VRDNs, (MUFG Union Bank, N.A. LOC), 1.730%, 3/1/2019 | 650,000 | |
1,700,000 | Cleveland-Cuyahoga County, OH Port Authority (Carnegie/89th Garage and Service Center LLC), Revenue Bonds (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.760%, 3/7/2019 | 1,700,000 | |
800,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008B) Weekly VRDNs, 1.770%, 3/7/2019 | 800,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $3,150,000) | 3,150,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $139,157,190)2 | 142,723,947 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%3 | (692,073) | ||
TOTAL NET ASSETS—100% | $142,031,874 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | The cost of investments for federal tax purposes amounts to $139,144,357. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
INS | —Insured |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $10.95 | $11.23 | $11.56 | $11.16 | $11.28 | $10.70 |
Income From Investment Operations: | ||||||
Net investment income | 0.15 | 0.32 | 0.32 | 0.34 | 0.36 | 0.36 |
Net realized and unrealized gain (loss) | 0.04 | (0.29) | (0.32) | 0.39 | (0.14) | 0.59 |
TOTAL FROM INVESTMENT OPERATIONS | 0.19 | 0.03 | 0.00 | 0.73 | (0.22) | 0.95 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.31) | (0.32) | (0.33) | (0.34) | (0.37) |
Distributions from net realized gain | — | — | (0.01) | — | — | — |
TOTAL DISTRIBUTIONS | (0.15) | (0.31) | (0.33) | (0.33) | (0.34) | (0.37) |
Net Asset Value, End of Period | $10.99 | $10.95 | $11.23 | $11.56 | $11.16 | $11.28 |
Total Return1 | 1.78% | 0.27% | 0.02% | 6.65% | 2.00% | 9.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.77%2,3 | 0.77%3 | 0.76% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.79%2 | 2.81% | 2.84% | 2.96% | 3.16% | 3.32% |
Expense waiver/reimbursement4 | 0.19%2 | 0.17% | 0.16% | 0.15% | 0.14% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $54,035 | $53,438 | $59,865 | $66,884 | $67,469 | $69,461 |
Portfolio turnover | 5% | 9% | 9% | 13% | 25% | 8% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.77% for the six months ended February 28, 2019 and 0.77% for the year ended August 31, 2018, after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $10.95 | $11.23 | $11.57 | $11.16 | $11.28 | $10.70 |
Income From Investment Operations: | ||||||
Net investment income | 0.14 | 0.29 | 0.30 | 0.32 | 0.34 | 0.35 |
Net realized and unrealized gain (loss) | 0.04 | (0.28) | (0.33) | 0.40 | (0.13) | 0.58 |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | 0.01 | (0.03) | 0.72 | 0.21 | 0.93 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.29) | (0.30) | (0.31) | (0.33) | (0.35) |
Distributions from net realized gain | — | — | (0.01) | — | — | — |
TOTAL DISTRIBUTIONS | (0.14) | (0.29) | (0.31) | (0.31) | (0.33) | (0.35) |
Net Asset Value, End of Period | $10.99 | $10.95 | $11.23 | $11.57 | $11.16 | $11.28 |
Total Return1 | 1.70% | 0.12% | (0.22)% | 6.58% | 1.84% | 8.84% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.92%2,3 | 0.92%3 | 0.91% | 0.90% | 0.90% | 0.90% |
Net investment income | 2.64%2 | 2.66% | 2.69% | 2.81% | 3.01% | 3.19% |
Expense waiver/reimbursement4 | 0.44%2 | 0.42% | 0.41% | 0.40% | 0.39% | 0.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $87,997 | $92,665 | $101,620 | $111,156 | $107,450 | $109,583 |
Portfolio turnover | 5% | 9% | 9% | 13% | 25% | 8% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.92% for the six months ended February 28, 2019 and 0.92% for the year ended August 31, 2018, after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value (identified cost $139,157,190) | $142,723,947 | |
Cash | 49,013 | |
Income receivable | 1,515,543 | |
Receivable for shares sold | 97,458 | |
TOTAL ASSETS | 144,385,961 | |
Liabilities: | ||
Payable for investments purchased | $2,235,220 | |
Payable for shares redeemed | 15,957 | |
Payable for other service fees (Notes 2 and 5) | 26,848 | |
Payable for distribution services fee (Note 5) | 10,138 | |
Payable for investment adviser fee (Note 5) | 837 | |
Payable for Directors'/Trustees' fees (Note 5) | 201 | |
Accrued expenses (Note 5) | 64,886 | |
TOTAL LIABILITIES | 2,354,087 | |
Net assets for 12,926,055 shares outstanding | $142,031,874 | |
Net Assets Consists of: | ||
Paid-in capital | $138,791,292 | |
Total distributable earnings (loss) | 3,240,582 | |
TOTAL NET ASSETS | $142,031,874 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($54,035,218 ÷ 4,918,289 shares outstanding), no par value, unlimited shares authorized | $10.99 | |
Offering price per share (100/95.50 of $10.99) | $11.51 | |
Redemption proceeds per share | $10.99 | |
Class F Shares: | ||
Net asset value per share ($87,996,656 ÷ 8,007,766 shares outstanding), no par value, unlimited shares authorized | $10.99 | |
Offering price per share (100/99.00 of $10.99) | $11.10 | |
Redemption proceeds per share (99.00/100 of $10.99) | $10.88 |
Investment Income: | |||
Interest | $2,496,775 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $280,574 | ||
Administrative fee (Note 5) | 56,070 | ||
Custodian fees | 5,224 | ||
Transfer agent fees | 41,509 | ||
Directors'/Trustees' fees (Note 5) | 1,436 | ||
Auditing fees | 15,080 | ||
Legal fees | 6,295 | ||
Distribution services fee (Note 5) | 176,564 | ||
Other service fees (Notes 2 and 5) | 175,240 | ||
Portfolio accounting fees | 51,249 | ||
Share registration costs | 18,647 | ||
Printing and postage | 11,923 | ||
Miscellaneous (Note 5) | 11,813 | ||
TOTAL EXPENSES | 851,624 | ||
Waivers and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(136,425) | ||
Waiver of other operating expenses (Note 5) | (110,234) | ||
Reduction of custodian fees (Note 6) | (148) | ||
TOTAL WAIVERS AND REDUCTION | (246,807) | ||
Net expenses | 604,817 | ||
Net investment income | 1,891,958 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 65,682 | ||
Net change in unrealized appreciation of investments | 406,704 | ||
Net realized and unrealized gain on investments | 472,386 | ||
Change in net assets resulting from operations | $2,364,344 |
Six Months Ended (unaudited) 2/28/2019 | Year Ended 8/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,891,958 | $4,187,480 |
Net realized gain | 65,682 | 124,444 |
Net change in unrealized appreciation/depreciation | 406,704 | (4,155,496) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,364,344 | 156,428 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (732,985) | (1,578,528) |
Class F Shares | (1,171,822) | (2,565,144) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,904,807) | (4,143,672) |
Share Transactions: | ||
Proceeds from sale of shares | 9,779,021 | 10,805,960 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,542,538 | 3,331,784 |
Cost of shares redeemed | (15,851,994) | (25,532,308) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (4,530,435) | (11,394,564) |
Change in net assets | (4,070,898) | (15,381,808) |
Net Assets: | ||
Beginning of period | 146,102,772 | 161,484,580 |
End of period | $142,031,874 | $146,102,772 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Class A Shares | $65,006 |
Class F Shares | 110,234 |
TOTAL | $175,240 |
Six Months Ended 2/28/2018 | Year Ended 8/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 521,372 | $5,684,530 | 387,619 | $4,302,739 |
Shares issued to shareholders in payment of distributions declared | 38,822 | 421,990 | 80,871 | 892,953 |
Shares redeemed | (523,759) | (5,685,522) | (917,056) | (10,151,079) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 36,435 | $420,998 | (448,566) | $(4,955,387) |
Six Months Ended 2/28/2018 | Year Ended 8/31/2018 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 376,206 | $4,094,491 | 586,460 | $6,503,221 |
Shares issued to shareholders in payment of distributions declared | 103,094 | 1,120,548 | 220,817 | 2,438,831 |
Shares redeemed | (935,481) | (10,166,472) | (1,389,884) | (15,381,229) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (456,181) | $(4,951,433) | (582,607) | $(6,439,177) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (419,746) | $(4,530,435) | (1,031,173) | $(11,394,564) |
Short-Term | Long-Term | Total |
$— | $742,222 | $742,222 |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class F Shares | 0.40% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class F Shares | $176,564 | $(110,234) |
Purchases | $7,694,085 |
Sales | $7,530,189 |
Beginning Account Value 9/1/2018 | Ending Account Value 2/28/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,017.80 | $3.85 |
Class F Shares | $1,000 | $1,017.00 | $4.60 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.98 | $3.86 |
Class F Shares | $1,000 | $1,020.23 | $4.61 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.77% |
Class F Shares | 0.92% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923609
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | PAMFX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Hospital | 21.3% |
General Obligation—Local | 15.2% |
Education | 13.4% |
Refunded | 10.6% |
Water & Sewer | 9.9% |
Toll Road | 4.9% |
Senior Care | 4.6% |
Industrial Development/Pollution Control | 3.6% |
General Obligation—State Appropriation | 3.4% |
Airport | 2.5% |
Other2 | 9.5% |
Other Assets and Liabilities—Net3 | 1.1% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. Pre-refunded securities are those whose debt service is paid from escrowed assets, usually U.S. government securities. |
2 | For purposes of this table, sector classifications constitute 89.4% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.4% | |||
Pennsylvania—97.4% | |||
$1,550,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2012A-1), 5.000%, 1/1/2024 | $1,662,856 | |
2,000,000 | Allegheny County, PA Hospital Development Authority (Allegheny Health Network Obligated Group), Revenue Bonds (Series 2018A), 5.000%, 4/1/2047 | 2,187,300 | |
290,000 | Allegheny County, PA IDA (Residential Resources Inc. Project), Lease Revenue Bonds (Series 2006), 5.125%, 9/1/2031 | 290,215 | |
1,715,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.750%, 3/1/2029 | 1,844,705 | |
1,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 | 1,116,590 | |
2,000,000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2045 | 2,222,900 | |
1,000,000 | Allegheny County, PA, UT GO Bonds (Series C-77), 5.000%, 11/1/2043 | 1,137,820 | |
2,000,000 | Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.000%, 11/1/2041 | 2,235,560 | |
2,250,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2035 | 2,324,475 | |
1,000,000 | Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017C), 5.000%, 5/15/2042 | 1,061,660 | |
600,000 | Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2047 | 627,756 | |
3,000,000 | Berks County, PA Municipal Authority (Tower Health), Revenue Bonds (Series 2012A), 5.000%, 11/1/2044 | 3,164,940 | |
2,000,000 | Bethlehem, PA Authority (Bethlehem, PA), Guaranteed Water Revenue Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/15/2030 | 2,195,040 | |
1,450,000 | Bucks County, PA IDA (Pennswood Village), Revenue Bonds (Series 2018A), 5.000%, 10/1/2037 | 1,565,304 | |
1,000,000 | Canon McMillan, PA School District, General Obligation Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS)/(Pennsylvania School District Intercept Program GTD), 5.000%, 12/1/2041 | 1,123,110 | |
1,000,000 | Capital Region Water, PA, Water Revenue Refunding Bonds (Series 2018), 5.000%, 7/15/2032 | 1,166,490 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A), 5.000%, 11/15/2046 | 544,200 | |
500,000 | Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2018A), 5.000%, 11/15/2042 | 555,795 | |
1,000,000 | Chartiers Valley, PA School District, UT GO Bonds (Series 2015B), (Pennsylvania School District Intercept Program GTD), 5.000%, 10/15/2040 | 1,121,880 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,530,000 | Cheltenham Twp., PA School District, LT GO Bonds (Series 2014), (Pennsylvania School District Intercept Program GTD), 5.000%, 2/15/2040 | $2,780,166 | |
1,000,000 | Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,108,590 | |
1,250,000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), (Original Issue Yield: 4.820%), 4.750%, 12/15/2037 | 1,271,475 | |
2,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.000%, 12/1/2037 | 2,124,840 | |
1,500,000 | Clarion County, PA IDA (Pennsylvania American Water Co.), Water Facility Revenue Refunding Bonds (Series 2009), 5.500%, 12/1/2039 | 1,533,915 | |
2,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Revenue Bonds (Series 2013B), 5.000%, 6/1/2036 | 2,150,960 | |
3,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue Bonds (Series 2018), (Original Issue Yield: 4.035%), (Assured Guaranty Municipal Corp. INS), 4.000%, 6/1/2039 | 3,070,980 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.000%, 9/15/2026 | 2,376,020 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2011), (United States Treasury PRF 11/15/2021@100), 5.000%, 11/15/2030 | 2,177,660 | |
1,000,000 | Cumberland County, PA Municipal Authority (Asbury Pennsylvania Obligated Group), Refunding Revenue Bonds (Series 2012), 5.250%, 1/1/2041 | 1,016,170 | |
905,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 956,431 | |
1,000,000 | Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.000%, 5/1/2030 | 1,157,050 | |
2,500,000 | Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A), 5.000%, 6/1/2042 | 2,664,600 | |
1,700,000 | Delaware County, PA Authority (Haverford College), Revenue Bonds (Series 2017A), 5.000%, 10/1/2042 | 1,914,081 | |
1,000,000 | Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2045 | 1,133,090 | |
1,000,000 | Delaware County, PA IDA (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2015), 5.000%, 7/1/2043 | 1,007,070 | |
1,250,000 | Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 5/1/2040 | 1,402,425 | |
1,750,000 | Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 | 1,982,750 | |
1,130,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2033 | 1,353,039 | |
250,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2038 | 291,828 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$200,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2039 | $232,958 | |
500,000 | Delaware River Port Authority Revenue (Delaware River Port Authority), Revenue Bonds (Series 2018A), 5.000%, 1/1/2040 | 580,805 | |
1,105,000 | Erie, PA Water Authority, Refunding Revenue Bonds (Series 2014), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/1/2034 | 1,254,926 | |
1,000,000 | Erie, PA Water Authority, Water Revenue Bonds (Series 2016), 5.000%, 12/1/2043 | 1,107,960 | |
1,000,000 | Fulton County, PA IDA (Fulton County Medical Center), Hospital Revenue Bonds (Series 2016), 5.000%, 7/1/2040 | 1,007,960 | |
2,260,000 | Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.000%, 6/1/2041 | 2,461,931 | |
1,215,000 | Lancaster County, PA Hospital Authority (Lancaster General Hospital), Health System Revenue Bonds (Series 2012B), (United States Treasury PRF 1/1/2022@100), 5.000%, 7/1/2042 | 1,324,399 | |
785,000 | Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015), 5.000%, 11/1/2035 | 851,772 | |
1,000,000 | Lancaster County, PA Solid Waste Management Authority, Guaranteed Authority Bonds (Series 2013B), (Dauphin County, PA GTD), 5.000%, 12/15/2033 | 1,113,930 | |
1,000,000 | Lancaster, PA, UT GO Bonds (Series 2018), (Build America Mutual Assurance INS), 4.000%, 11/1/2043 | 1,023,340 | |
500,000 | Luzerne County, PA IDA (Luzerne County, PA), Guaranteed Lease Revenue Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/15/2022 | 544,095 | |
1,000,000 | Luzerne County, PA, UT GO Guaranteed Bonds (Series 2017A), (Assured Guaranty Municipal Corp. INS), 5.000%, 12/15/2029 | 1,152,160 | |
2,200,000 | Lycoming County PA Authority (Susquehanna Health System), Revenue Bonds (Series A), (Original Issue Yield: 5.900%), 5.750%, 7/1/2039 | 2,225,344 | |
1,000,000 | Mount Lebanon, PA Hospital Authority (St. Clair Memorial Hospital), Hospital Revenue Bonds (Series 2018), 5.000%, 7/1/2038 | 1,136,080 | |
750,000 | Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017), 5.000%, 11/1/2047 | 844,800 | |
1,000,000 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Hospital Revenue Bonds (Series 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048 | 988,430 | |
1,000,000 | Pennsylvania Economic Development Financing Authority (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A), 5.000%, 11/1/2041 | 1,069,290 | |
2,000,000 | Pennsylvania Economic Development Financing Authority (Pennsylvania American Water Co.), Water Facility Revenue Bonds (Series 2009), 6.200%, 4/1/2039 | 2,006,200 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2042 | $2,140,260 | |
2,000,000 | Pennsylvania Economic Development Financing Authority, Junior Guaranteed Parking Revenue Bonds (Series 2013B-1), (Dauphin County, PA GTD), 6.000%, 7/1/2053 | 2,298,460 | |
1,000,000 | Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 1,037,770 | |
1,500,000 | Pennsylvania EDFA (UPMC Health System), Revenue Bonds (Series 2014A), 5.000%, 2/1/2045 | 1,627,590 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012), 5.000%, 4/1/2035 | 2,151,100 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Fixed Rate Revenue Bonds (Series 2015A), 5.250%, 9/1/2050 | 1,123,230 | |
1,100,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Revenue Bonds (Series 2010), (United States Treasury PRF 3/1/2020@100), 5.000%, 3/1/2040 | 1,135,211 | |
1,950,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 2017A), 5.000%, 8/15/2042 | 2,190,649 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Refunding Revenue Bonds (Series 2015A), 5.000%, 10/1/2036 | 1,149,270 | |
500,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2017A), 5.000%, 8/15/2046 | 568,970 | |
1,630,000 | Pennsylvania State Higher Education Facilities Authority (University of the Sciences in Philadelphia), Revenue Bonds (Series 2015), 5.000%, 11/1/2036 | 1,802,927 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), (United States Treasury PRF 12/1/2021@100), 5.000%, 12/1/2030 | 1,084,640 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | 1,095,540 | |
2,440,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), (Original Issue Yield: 5.550%), (United States Treasury PRF 12/1/2020@100), 5.500%, 12/1/2041 | 2,600,991 | |
2,000,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), (United States Treasury PRF 12/1/2020@100), 6.000%, 12/1/2036 | 2,149,060 | |
1,970,000 | Pennsylvania State University, Revenue Bonds (Series 2017A), 5.000%, 9/1/2037 | 2,291,937 | |
1,000,000 | Pennsylvania State University, Revenue Bonds (Series 2018), 5.000%, 9/1/2035 | 1,187,370 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | Philadelphia, PA Airport System, Refunding Revenue Bonds (Series 2017B), 5.000%, 7/1/2047 | $2,197,600 | |
1,210,000 | Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), (United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041 | 1,418,531 | |
1,490,000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 1,491,162 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group), Senior Living Facilities Revenue Bonds (Series 2017A), 5.000%, 7/1/2049 | 1,008,740 | |
2,000,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), Hospital Revenue Bonds (Series 2011D), 5.000%, 7/1/2028 | 2,140,460 | |
1,040,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), Hospital Revenue Bonds (Series 2014A), 5.000%, 7/1/2042 | 1,137,375 | |
1,670,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Temple University Health System Obligated Group), Hospital Revenue Bonds (Series 2012A), (Original Issue Yield: 5.875%), 5.625%, 7/1/2042 | 1,770,200 | |
1,000,000 | Philadelphia, PA School District, LT GO Bonds (Series 2018B), (Pennsylvania School District Intercept Program GTD), 5.000%, 9/1/2043 | 1,092,630 | |
2,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Refunding Bonds (Series 2012), 5.000%, 11/1/2028 | 2,202,760 | |
1,000,000 | Philadelphia, PA, UT GO Bonds (Series 2017A), 5.000%, 8/1/2033 | 1,129,810 | |
655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017), 5.000%, 12/15/2037 | 730,960 | |
1,000,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.000%, 12/1/2025 | 1,159,730 | |
3,000,000 | Pittsburgh, PA, UT GO Bonds (Series 2012B), 5.000%, 9/1/2026 | 3,300,750 | |
1,075,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.080%), 5.000%, 12/1/2031 | 1,154,615 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.270%), 5.250%, 12/1/2036 | 1,621,425 | |
1,000,000 | Scranton, PA School District, GO Bonds (Series 2017E), (Build America Mutual Assurance GTD), 5.000%, 12/1/2035 | 1,124,990 | |
1,000,000 | South Fork Municipal Authority, PA (Conemaugh Valley Memorial Hospital), Hospital Revenue Bonds (Series 2010), (Original Issue Yield: 5.720%), (United States Treasury PRF 7/1/2020@100), 5.500%, 7/1/2029 | 1,049,010 | |
1,140,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), 5.000%, 6/1/2026 | 1,298,050 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Southeastern, PA Transportation Authority, Capital Grant Receipts Bonds (Series 2011), (United States Treasury PRF 6/1/2021@100), 5.000%, 6/1/2028 | $1,072,940 | |
1,750,000 | St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Remarket 1/9/18), 5.000%, 11/15/2028 | 2,101,033 | |
1,000,000 | Swarthmore Boro Authority PA (Swarthmore College), Revenue Bonds (Series 2018), 5.000%, 9/15/2048 | 1,163,030 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds (Series 2015B), 5.000%, 4/1/2032 | 1,155,130 | |
2,000,000 | West View, PA Municipal Authority Water Revenue, Revenue Bonds (Series 2014), (United States Treasury PRF 11/15/2024@100), 5.000%, 11/15/2039 | 2,354,500 | |
1,685,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2033 | 1,916,755 | |
825,000 | Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.000%, 11/1/2034 | 936,317 | |
2,895,000 | York County, PA, UT GO Bonds (Series 2013), 5.000%, 6/1/2037 | 3,211,945 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $147,440,904) | 151,123,539 | ||
1 | SHORT-TERM MUNICIPALS—1.5% | ||
Pennsylvania—1.5% | |||
1,850,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-A) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.710%, 3/1/2019 | 1,850,000 | |
400,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank plc LOC), 1.720%, 3/7/2019 | 400,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,250,000) | 2,250,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.9% (IDENTIFIED COST $149,690,904)2 | 153,373,539 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%3 | 1,742,650 | ||
TOTAL NET ASSETS—100% | $155,116,189 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | The cost of investments for federal tax purposes amounts to $149,690,904. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $10.69 | $10.96 | $11.28 | $10.88 | $10.94 | $10.34 |
Income From Investment Operations: | ||||||
Net investment income | 0.16 | 0.32 | 0.33 | 0.33 | 0.36 | 0.38 |
Net realized and unrealized gain (loss) | 0.02 | (0.27) | (0.32) | 0.40 | (0.07) | 0.61 |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | 0.05 | 0.01 | 0.73 | 0.29 | 0.99 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.32) | (0.33) | (0.33) | (0.35) | (0.39) |
Distributions from net realized gain | (0.01) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.17) | (0.32) | (0.33) | (0.33) | (0.35) | (0.39) |
Net Asset Value, End of Period | $10.70 | $10.69 | $10.96 | $11.28 | $10.88 | $10.94 |
Total Return1 | 1.73% | 0.51% | 0.11% | 6.85% | 2.65% | 9.68% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.76%2,3 | 0.76%3 | 0.76% | 0.75%3 | 0.75% | 0.75% |
Net investment income | 2.97%2 | 2.98% | 2.98% | 3.01% | 3.25% | 3.60% |
Expense waiver/reimbursement4 | 0.17%2 | 0.14% | 0.14% | 0.13% | 0.12% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $155,116 | $163,819 | $178,935 | $199,403 | $202,057 | $219,307 |
Portfolio turnover | 5% | 21% | 6% | 14% | 29% | 5% |
1 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.76% for the six months ended February 28, 2019, and 0.76% and 0.75% for the years ended August 31, 2018 and 2016, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value (identified cost $149,690,904) | $153,373,539 | |
Cash | 89,533 | |
Income receivable | 1,920,864 | |
Receivable for shares sold | 11,865 | |
Prepaid expenses | 11,853 | |
TOTAL ASSETS | 155,407,654 | |
Liabilities: | ||
Payable for shares redeemed | $182,801 | |
Payable for portfolio accounting fees | 61,488 | |
Payable for other service fees (Notes 2 and 5) | 31,320 | |
Payable for transfer agent fee | 14,555 | |
Payable for investment adviser fee (Note 5) | 1,082 | |
Payable for Directors'/Trustees' fees (Note 5) | 219 | |
TOTAL LIABILITIES | 291,465 | |
Net assets for 14,490,598 shares outstanding | $155,116,189 | |
Net Assets Consists of: | ||
Paid-in capital | $151,503,657 | |
Total distributable earnings | 3,612,532 | |
TOTAL NET ASSETS | $155,116,189 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Net asset value per share ($155,116,189 ÷ 14,490,598 shares outstanding), no par value, unlimited shares authorized | $10.70 | |
Offering price per share (100/95.50 of $10.70) | $11.20 | |
Redemption proceeds per share | $10.70 |
Investment Income: | |||
Interest | $2,926,808 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $313,507 | ||
Administrative fee (Note 5) | 62,652 | ||
Custodian fees | 5,407 | ||
Transfer agent fees | 43,053 | ||
Directors'/Trustees' fees (Note 5) | 1,508 | ||
Auditing fees | 15,080 | ||
Legal fees | 6,519 | ||
Other service fees (Notes 2 and 5) | 195,928 | ||
Portfolio accounting fees | 51,202 | ||
Share registration costs | 11,869 | ||
Printing and postage | 12,248 | ||
Miscellaneous (Note 5) | 12,056 | ||
TOTAL EXPENSES | 731,029 | ||
Waiver, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(118,552) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (15,662) | ||
Reduction of custodian fees (Note 6) | (169) | ||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (134,383) | ||
Net expenses | 596,646 | ||
Net investment income | 2,330,162 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 208,089 | ||
Net change in unrealized appreciation of investments | 94,264 | ||
Net realized and unrealized gain (loss) on investments | 302,353 | ||
Change in net assets resulting from operations | $2,632,515 |
Six Months Ended (unaudited) 2/28/2019 | Year Ended 8/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,330,162 | $5,141,565 |
Net realized gain | 208,089 | 228,315 |
Net change in unrealized appreciation/depreciation | 94,264 | (4,534,041) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,632,515 | 835,839 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (2,546,994) | (5,137,695) |
Class B Shares1 | — | (12,777) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,546,994) | (5,150,472) |
Share Transactions: | ||
Proceeds from sale of shares | 5,180,204 | 10,342,841 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,935,287 | 3,875,907 |
Cost of shares redeemed | (15,904,266) | (26,498,483) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (8,788,775) | (12,279,735) |
Change in net assets | (8,703,254) | (16,594,368) |
Net Assets: | ||
Beginning of period | 163,819,443 | 180,413,811 |
End of period | $155,116,189 | $163,819,443 |
1 | On February 2, 2018, Class B Shares were converted into Class A Shares. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $195,928 | $(15,662) |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 488,215 | $5,180,204 | 957,876 | $10,342,841 |
Shares issued to shareholders in payment of distributions declared | 182,703 | 1,935,287 | 358,130 | 3,863,129 |
Shares redeemed | (1,498,800) | (15,904,266) | (2,318,830) | (25,031,186) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (827,882) | $(8,788,775) | (1,002,824) | $(10,825,216) |
Six Months Ended 2/28/2019 | Year Ended 8/31/20181 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | 1,172 | 12,778 |
Shares redeemed | — | — | (135,955) | (1,467,297) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | — | $— | (134,783) | $(1,454,519) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (827,882) | $(8,788,775) | (1,137,607) | $(12,279,735) |
1 | On February 2, 2018, Class B Shares were converted to Class A Shares. |
Expiration Year | Short-Term | Long-Term | Total |
2019 | $3,561 | NA | $3,561 |
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 | $7,800,232 |
Sales | $16,770,694 |
Beginning Account Value 9/1/2018 | Ending Account Value 2/28/2019 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,017.30 | $3.80 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,021.03 | $3.81 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.76%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | FMOAX | B | FMOBX | C | FMNCX |
F | FHTFX | Institutional | FMYIX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Senior Care | 11.5% |
Education | 10.2% |
Industrial Development Bond/Pollution Control Revenue Bond | 10.0% |
Incremental Tax | 9.0% |
Dedicated Tax | 8.6% |
Hospital | 7.1% |
Tobacco | 5.6% |
Toll Road | 4.6% |
General Obligation—Local | 4.4% |
Water and Sewer | 4.1% |
Other2 | 23.6% |
Other Assets and Liabilities—Net3 | 1.3% |
TOTAL | 100.0% |
1 | Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund's Adviser. |
2 | For purposes of this table, sector classifications constitute 75.1% of the Fund's total net assets. Remaining sectors have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.9% | |||
Alabama—1.2% | |||
$500,000 | Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facilities Revenue Bonds (Series 2011A), (Original Issue Yield: 7.625%), 7.500%, 1/1/2047 | $422,490 | |
1,500,000 | Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds (Series 2007), (Original Issue Yield: 5.600%), 5.500%, 1/1/2043 | 1,059,645 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A), (Original Issue Yield: 5.650%), (Assured Guaranty Municipal Corp. INS), 5.500%, 10/1/2053 | 2,202,940 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013A), (Original Issue Yield: 5.450%), (Assured Guaranty Municipal Corp. INS), 5.250%, 10/1/2048 | 2,188,080 | |
835,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2010A), 5.800%, 5/1/2034 | 867,114 | |
TOTAL | 6,740,269 | ||
Alaska—0.0% | |||
1,000,000 | 1,2 | Alaska Industrial Development and Export Authority (Boys & Girls Home & Family Services, Inc.), Community Provider Revenue Bonds (Series 2007C), 6.000%, 12/1/2036 | 50,000 |
Arizona—2.7% | |||
650,000 | 3 | Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.000%, 7/1/2051 | 654,797 |
500,000 | 3 | Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 503,690 |
1,750,000 | 3 | Arizona State Industrial Development Authority Education Revenue (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 1,832,110 |
4,000,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), PCR Refunding Bonds (Series 2003A), 6.250%, 1/1/2038 | 4,166,120 | |
1,000,000 | 3 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 1,020,210 |
1,500,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 | 1,545,810 | |
1,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,034,430 | |
3,000,000 | Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), (Citigroup, Inc. GTD), 5.000%, 12/1/2037 | 3,543,990 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$1,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017A), 6.125%, 10/1/2047 | $1,081,980 | |
430,000 | 3 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 457,546 |
TOTAL | 15,840,683 | ||
California—7.5% | |||
750,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 797,790 |
565,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 602,866 |
500,000 | 3 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 541,545 |
2,000,000 | California State Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 6/1/2048 | 2,202,600 | |
1,000,000 | 3 | California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds (series 2017), 5.000%, 6/1/2047 | 1,016,130 |
500,000 | 3 | California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 510,800 |
1,100,000 | 3 | California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 1,171,742 |
2,250,000 | 3 | California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.250%, 12/1/2056 | 2,390,490 |
1,555,000 | Community Facilities District No. 2016 of the County of Orange (CFD 2016-1 (Village of Esencia)), Special Tax Revenue Bonds (Series 2016A), 5.000%, 8/15/2046 | 1,660,864 | |
1,000,000 | Community Facilities District No. 2017 of the County of Orange (CFD 2017-1 (Village of Esencia)), Improvement Area No.1 Special Tax Revenue Bonds (Series 2018A), 5.000%, 8/15/2047 | 1,080,460 | |
500,000 | Corona-Norco USD Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, 5.000%, 9/1/2032 | 562,950 | |
3,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013A), (Original Issue Yield: 6.400%), 6.000%, 1/15/2053 | 3,431,220 | |
2,500,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2018A-1), 5.000%, 6/1/2047 | 2,406,175 | |
95,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028 | 105,355 | |
365,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2029 | 403,343 | |
180,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2030 | 198,018 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$1,300,000 | Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 4), Special Tax Bonds (Series 2016), 4.000%, 9/1/2049 | $1,299,077 | |
1,000,000 | Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No.1), Special Tax Bonds (Series 2014), 5.000%, 9/1/2049 | 1,058,970 | |
3,000,000 | Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)), Revenue Refunding Bonds (Series 2017B), 5.000%, 7/1/2038 | 3,448,800 | |
850,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2017A), 5.000%, 5/15/2047 | 945,710 | |
1,000,000 | Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.000%, 8/1/2044 | 1,112,380 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 3,579,200 | |
1,000,000 | Palomar Health, CA Revenue, (Series 2016), 5.000%, 11/1/2039 | 1,067,180 | |
485,000 | Poway, CA Unified School District (Community Facilities District No. 6 (4S Ranch)), Special Tax Bonds (Series 2012), 5.000%, 9/1/2033 | 532,933 | |
1,000,000 | Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017), 5.000%, 9/1/2034 | 1,098,580 | |
308,000 | San Bernardino County, CA Housing Authority (Glen Aire Park & Pacific Palms), Subordinated Revenue Bonds, 7.250%, 4/15/2042 | 203,326 | |
1,250,000 | San Buenaventura, CA (Community Memorial Health System), Revenue Bonds (Series 2011), 8.000%, 12/1/2031 | 1,396,000 | |
3,000,000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019A), 5.000%, 5/1/2049 | 3,382,770 | |
1,000,000 | San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay North Redevelopment), Tax Allocation Bonds (Series 2011C), (Original Issue Yield: 6.860%), (United States Treasury PRF 2/1/2021@100), 6.750%, 8/1/2041 | 1,099,780 | |
1,280,000 | San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay North Redevelopment), Tax Allocation Refunding Bonds (Series 2016A), (National Public Finance Guarantee Corporation INS), 5.000%, 8/1/2041 | 1,427,085 | |
500,000 | San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay South Redevelopment), Tax Allocation Refunding Bonds (Series 2016C), (National Public Finance Guarantee Corporation INS), 5.000%, 8/1/2041 | 557,110 | |
1,250,000 | Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013), (Original Issue Yield: 5.700%), 5.625%, 9/1/2043 | 1,340,713 | |
990,000 | Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A), 5.000%, 9/1/2044 | 1,084,812 | |
TOTAL | 43,716,774 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—8.8% | |||
$750,000 | Arista, CO Metropolitan District, Special Revenue Refunding and Improvement Bonds (Series 2018A), 5.000%, 12/1/2038 | $761,490 | |
1,000,000 | Banning Lewis Ranch Metropolitan District No.4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048 | 1,010,470 | |
1,000,000 | Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048 | 1,013,490 | |
1,500,000 | Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046 | 1,509,315 | |
2,750,000 | Castle Oaks, CO Metropolitan District No. 3, LT GO Tax Refunding Bonds (Series 2017), 5.000%, 12/1/2047 | 2,696,347 | |
1,500,000 | Centerra Metropolitian District No. 1, CO, Special Revenue Refunding and Improvement Bonds (Series 2017), (Original Issue Yield: 5.100%), 5.000%, 12/1/2047 | 1,504,995 | |
2,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625%, 12/1/2038 | 2,220,780 | |
1,250,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.000%, 12/1/2038 | 1,418,538 | |
1,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2014), 5.000%, 12/1/2043 | 1,046,260 | |
2,000,000 | Colliers Hill, CO Metropolitan District No. 2, General Obligation Limited Tax Bonds (Series 2017A), 6.500%, 12/1/2047 | 2,006,220 | |
1,000,000 | 3 | Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2046 | 1,001,750 |
1,625,000 | Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.500%, 7/1/2049 | 1,650,317 | |
1,000,000 | 3 | Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045 | 1,032,410 |
1,500,000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2037 | 1,577,760 | |
800,000 | Colorado Health Facilities Authority (Volunteers of America Care Facilities), Health & Residential Care Facilities Revenue Bonds (Series 2007), 5.300%, 7/1/2037 | 794,376 | |
2,000,000 | Colorado High Performance Transport Enterprise Revenue, C-470 Express Lanes Senior Revenue Bonds (Series 2017), 5.000%, 12/31/2056 | 2,132,860 | |
2,000,000 | Colorado State Health Facilities Authority Revenue (Frasier Meadows Manor, Inc.), (Series 2017A), 5.250%, 5/15/2047 | 2,125,700 | |
1,500,000 | Copperleaf Metropolitan District No. 2, CO, LT GO Refunding Bonds (Series 2015), 5.750%, 12/1/2045 | 1,564,185 | |
1,250,000 | Denver Connection West Metropolitan District, LT GO Bonds (Series 2017A), 5.375%, 8/1/2047 | 1,255,850 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$1,000,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Bonds (Series 2018A), (Original Issue Yield: 4.070%), 4.000%, 12/1/2048 | $1,003,890 | |
500,000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040 | 537,510 | |
1,000,000 | 3 | Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 1,112,770 |
750,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027 | 807,645 | |
1,500,000 | Lakes at Centerra Metropolitan District No. 2, LT GO Refunding and Improvement Bonds (Series 2018A), 5.250%, 12/1/2047 | 1,509,360 | |
1,250,000 | Leyden Rock Metropolitan District No. 10, CO, LT GO Refunding & Improvement Bonds (Series 2016A), 5.000%, 12/1/2045 | 1,256,713 | |
2,500,000 | North Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds (Series 2017A), 5.750%, 12/1/2047 | 2,489,300 | |
1,500,000 | Park 70 Metropolitan District, CO, General Obligation Refunding and Improvement Bonds (Series 2016), 5.000%, 12/1/2046 | 1,578,810 | |
2,000,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%), (Bank of America Corp. GTD), 6.250%, 11/15/2028 | 2,505,860 | |
1,500,000 | Sierra Ridge Metropolitan District No. 2, LT GO Bonds (Series 2016A), 5.500%, 12/1/2046 | 1,522,710 | |
2,500,000 | St. Vrain Lakes, CO Metropolitan District No.2, Limited Tax GO Senior Bonds (Series 2017A), 5.125%, 12/1/2047 | 2,486,750 | |
1,220,000 | STC Metropolitan District No. 2, CO, LT GO Senior Bonds (Series 2015A), (Original Issue Yield: 6.250%), 6.000%, 12/1/2038 | 1,243,558 | |
1,500,000 | Sterling Ranch Community Authority Board, CO (Sterling Ranch Metropolitan District No. 2, CO), Limited Tax Supported Revenue Senior Bonds (Series 2015A), (Original Issue Yield: 5.830%), 5.750%, 12/1/2045 | 1,530,990 | |
1,030,000 | Tallyn's Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013), 5.125%, 11/1/2038 | 1,074,105 | |
2,000,000 | Three Springs Metropolitan District No. 3, CO, Property Tax Supported Revenue Bonds (Series 2010), 7.750%, 12/1/2039 | 2,037,940 | |
TOTAL | 51,021,024 | ||
Connecticut—0.8% | |||
1,000,000 | Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.950%, 4/1/2026 | 957,330 | |
1,500,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2038 | 1,669,485 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$1,835,000 | 3 | Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030 | $2,003,288 |
TOTAL | 4,630,103 | ||
Delaware—1.1% | |||
1,350,000 | 3 | Delaware Economic Development Authority (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.000%, 6/1/2051 | 1,295,676 |
1,905,000 | Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Refunding Bonds, 5.400%, 2/1/2031 | 1,982,095 | |
3,000,000 | 3 | Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds (Series 2018), 5.250%, 7/1/2048 | 3,061,860 |
TOTAL | 6,339,631 | ||
District of Columbia—1.3% | |||
1,030,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2043 | 1,212,011 | |
2,000,000 | District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2012A), 5.000%, 6/1/2042 | 2,067,560 | |
1,000,000 | District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | 1,058,360 | |
1,000,000 | District of Columbia Revenue (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%), 5.000%, 7/1/2052 | 1,006,020 | |
1,000,000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue Refunding Bonds (Series 2018A), 5.000%, 10/1/2038 | 1,139,060 | |
1,000,000 | Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 | 1,109,680 | |
TOTAL | 7,592,691 | ||
Florida—4.0% | |||
150,000 | Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 | 162,379 | |
3,000,000 | 3 | Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield: 8.375%), 8.250%, 5/15/2049 | 2,926,050 |
1,000,000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2040 | 1,080,300 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Lakewood Centre North), Special Assessment Revenue Bonds (Series 2015), (Original Issue Yield: 4.960%), 4.875%, 5/1/2045 | 995,640 | |
1,000,000 | Lakewood Ranch Stewardship District, FL (Lakewood National & Polo Run), Special Assessment Bonds, (Original Issue Yield: 5.400%), 5.375%, 5/1/2047 | 1,032,240 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$1,000,000 | Lakewood Ranch Stewardship District, FL (Northeast Sector Project—Phase 1B), Special Assessment Revenue Bonds (Series 2018), 5.450%, 5/1/2048 | $1,022,260 | |
1,375,000 | Lakewood Ranch Stewardship District, FL (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 5/1/2046 | 1,379,166 | |
2,000,000 | Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Refunding Revenue Bonds (Series 2012), 6.500%, 10/1/2047 | 2,167,720 | |
2,000,000 | Martin County, FL Health Facilities Authority (Martin Memorial Medical Center), Hospital Revenue Bonds (Series 2012), (Original Issue Yield: 5.530%), 5.500%, 11/15/2042 | 2,131,740 | |
1,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2014A), 5.000%, 10/1/2036 | 1,094,940 | |
745,000 | Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), (Original Issue Yield: 5.250%), 5.000%, 5/1/2037 | 770,352 | |
1,000,000 | Palm Beach County, FL Health Facilities Authority (Sinai Residences of Boca Raton), Revenue Bonds (Series 2014A), (Original Issue Yield: 7.625%), 7.500%, 6/1/2049 | 1,122,600 | |
1,405,000 | Pinellas County, FL Educational Facilities Authority (Pinellas Preparatory Academy), Revenue Bonds (Series 2011A), 7.125%, 9/15/2041 | 1,448,527 | |
145,000 | 1,2 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 1 |
145,000 | Reunion East Community Development District, FL, Special Assessment Refunding Bonds (2015-1), 6.600%, 5/1/2033 | 144,194 | |
1,000,000 | South Lake County, FL Hospital District (South Lake Hospital, Inc.), Revenue Bonds (Series 2009A), (Original Issue Yield: 6.300%), 6.250%, 4/1/2039 | 1,002,610 | |
10,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 1), 6.550%, 5/1/2027 | 9,884 | |
1,085,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2006), 5.400%, 5/1/2037 | 1,085,944 | |
290,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), 0.000%, (Step Coupon 11/1/2021@6.610%)/(Original Issue Yield: 6.930%), 5/1/2040 | 233,955 | |
175,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-2), 0.000%, (Step Coupon 11/1/2024@6.610%)/(Original Issue Yield: 6.752%), 5/1/2040 | 115,600 | |
190,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040 | 2 |
155,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.550%, 5/1/2027 | 2 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$130,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-3), 0.000%, (Step Coupon 5/1/2019@6.610%), 5/1/2040 | $128,770 | |
70,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4), 0.000%, (Step Coupon 5/1/2022@6.610%), 5/1/2040 | 57,581 | |
945,000 | Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013), (Original Issue Yield: 5.125%), 5.000%, 5/1/2033 | 954,469 | |
2,000,000 | Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 | 2,055,540 | |
TOTAL | 23,122,466 | ||
Georgia—0.6% | |||
1,645,000 | Atlanta, GA Development Authority Senior Health Care Facilities (Georgia Proton Treatment Center), Revenue Bonds (Series 2017A-1), (Original Issue Yield: 7.250%), 7.000%, 1/1/2040 | 1,602,543 | |
1,000,000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 | 1,114,690 | |
500,000 | Rockdale County, GA Development Authority (Pratt Paper, LLC), Revenue Refunding Bonds (Series 2018), 4.000%, 1/1/2038 | 500,345 | |
TOTAL | 3,217,578 | ||
Guam—0.2% | |||
1,000,000 | Guam Government Limited Obligation (Section 30), Revenue Refunding Bonds (Series 2016A), 5.000%, 12/1/2046 | 1,047,150 | |
Hawaii—0.8% | |||
1,000,000 | Hawaii State Airports System Revenue, Airports Systems Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,115,360 | |
3,660,000 | Hawaii State Department of Budget & Finance (Hawaiian Electric Co., Inc.), Special Purpose Revenue Bonds (Series 2009), 6.500%, 7/1/2039 | 3,720,061 | |
TOTAL | 4,835,421 | ||
Idaho—0.6% | |||
3,000,000 | Idaho Health Facilities Authority (Terraces of Boise), Revenue Bonds (Series 2013A), (Original Issue Yield: 8.250%), 8.125%, 10/1/2049 | 3,332,520 | |
Illinois—9.8% | |||
1,875,000 | Chicago, IL Board of Education, UT GO Dedicated Refunding Bonds (Series 2018D), (Original Issue Yield: 5.210%), 5.000%, 12/1/2046 | 1,899,394 | |
3,300,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), (Original Issue Yield: 7.650%), 7.000%, 12/1/2046 | 3,900,996 | |
4,200,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.000%, 12/1/2046 | 4,244,142 | |
1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2030 | 1,064,180 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$1,000,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2031 | $1,057,620 | |
500,000 | Chicago, IL Motor Fuel Tax, Motor Fuel Tax Revenue Refunding Bonds (Series 2013), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2033 | 533,945 | |
1,125,000 | Chicago, IL O'Hare International Airport (Trips Obligated Group), Senior Special Facilities Revenue Bonds ((Series 2018), 5.000%, 7/1/2048 | 1,225,845 | |
385,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.000%, 1/1/2041 | 422,114 | |
2,000,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016D), 5.000%, 1/1/2052 | 2,183,740 | |
275,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011A), (Original Issue Yield: 5.940%), 5.750%, 1/1/2039 | 291,132 | |
1,000,000 | Chicago, IL Sales Tax, Revenue Refunding Bonds (Series 2002), (United States Treasury PRF 1/1/2025@100), 5.000%, 1/1/2032 | 1,173,160 | |
1,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044 | 1,358,412 | |
625,000 | Chicago, IL, UT GO Bonds (Series 2009C), (Original Issue Yield: 5.160%), 5.000%, 1/1/2034 | 626,100 | |
3,000,000 | Chicago, IL, UT GO Bonds (Series 2015A), (Original Issue Yield: 5.640%), 5.500%, 1/1/2033 | 3,226,740 | |
3,000,000 | Chicago, IL, UT GO Refunding Bonds (Series 2014A), (Original Issue Yield: 5.140%), 5.000%, 1/1/2035 | 3,111,630 | |
2,500,000 | Chicago, IL, UT GO Refunding Bonds (Series 2017A), (Original Issue Yield: 6.200%), 6.000%, 1/1/2038 | 2,807,950 | |
315,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 315,564 | |
2,000,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.500%, 5/15/2054 | 2,006,360 | |
800,000 | Illinois Finance Authority (Dekalb Supportive Living Facility), Multi-Family Housing Revenue Bonds (Series 2007), 6.100%, 12/1/2041 | 757,632 | |
1,250,000 | Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.000%, 9/1/2032 | 1,341,062 | |
1,500,000 | Illinois Finance Authority (Uno Charter School Network, Inc.), Charter School Refunding & Improvement Revenue Bonds (Series 2011A), 7.125%, 10/1/2041 | 1,569,780 | |
1,100,000 | Illinois Finance Authority Educational Facility Revenue (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A), 6.125%, 2/1/2045 | 1,142,537 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2013A), 5.000%, 4/1/2035 | 2,045,020 | |
5,000,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2027 | 5,429,400 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$2,025,000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038 | $2,114,748 | |
1,485,000 | Illinois State, UT GO Bonds (Series May 2014), 5.000%, 5/1/2023 | 1,578,600 | |
1,000,000 | Illinois State, UT GO Bonds (Series of February 2014), (Original Issue Yield: 5.040%), 5.000%, 2/1/2039 | 1,015,160 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2032 | 3,176,820 | |
410,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025 | 429,151 | |
2,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), 5.500%, 6/15/2053 | 2,137,300 | |
1,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), 5.000%, 6/15/2057 | 1,041,030 | |
2,000,000 | 4 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), (Original Issue Yield: 5.250%), 12/15/2056 | 308,500 |
1,000,000 | Sales Tax Securitization Corp., IL, Sales Tax Revenue Bonds (Series 2017A), 5.000%, 1/1/2030 | 1,144,840 | |
TOTAL | 56,680,604 | ||
Indiana—1.4% | |||
1,250,000 | 1,2,5 | Carmel, IN (Barrington of Carmel), Revenue Bonds (Series 2012A), (Original Issue Yield: 7.200%), 7.125%, 11/15/2042 | 937,500 |
1,000,000 | 1,2,5 | Carmel, IN (Barrington of Carmel), Revenue Bonds (Series 2012A), (Original Issue Yield: 7.300%), 7.125%, 11/15/2047 | 750,000 |
4,000,000 | Indiana State Finance Authority (Ohio River Bridges East End Crossing), Tax-Exempt Private Activity Bonds (Series 2013), 5.250%, 1/1/2051 | 4,239,960 | |
2,000,000 | Rockport, IN (AK Steel Corp.), Revenue Refunding Bonds (Series 2012-A), 7.000%, 6/1/2028 | 2,030,160 | |
TOTAL | 7,957,620 | ||
Iowa—1.7% | |||
979,973 | Iowa Finance Authority (Deerfield Retirement Community, Inc.), Senior Living Facility Revenue Refunding Bonds (Series 2014A), 2.700%, 11/15/2046 | 1,020,965 | |
186,592 | 1 | Iowa Finance Authority (Deerfield Retirement Community, Inc.), Senior Living Facility Revenue Refunding Bonds (Series 2014B), 2.000%, 5/15/2056 | 2,332 |
5,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), 5.500%, 12/1/2022 | 5,005 | |
995,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013) Exchange Bonds (Series B), 5.250%, 12/1/2050 | 1,058,889 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—continued | |||
$3,000,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), (Original Issue Yield: 5.300%), 5.250%, 12/1/2025 | $3,180,270 | |
3,750,000 | Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Bonds (Series 2005C), (Original Issue Yield: 5.780%), 5.500%, 6/1/2042 | 3,736,500 | |
1,060,000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.000%, 12/1/2041 | 1,136,310 | |
TOTAL | 10,140,271 | ||
Kansas—0.0% | |||
45,000 | Kansas State Development Finance Authority (Adventist Health System/Sunbelt Obligated Group), Revenue Bonds, (Original Issue Yield: 5.950%), (United States Treasury PRF 11/15/2019@100), 5.750%, 11/15/2038 | 46,218 | |
Kentucky—0.8% | |||
1,250,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2011A), (Original Issue Yield: 7.400%), (United States Treasury PRF 5/15/2021@100), 7.375%, 5/15/2046 | 1,400,288 | |
3,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2046 | 3,034,110 | |
TOTAL | 4,434,398 | ||
Louisiana—1.0% | |||
1,725,000 | Louisiana Local Government Environmental Facilities Community Development Authority (Westlake Chemical Corp.), Revenue Refunding Bonds (Series 2017), 3.500%, 11/1/2032 | 1,699,297 | |
970,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), 5.000%, 5/15/2047 | 1,047,532 | |
30,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016), (United States Treasury PRF 5/15/2026@100), 5.000%, 5/15/2047 | 35,960 | |
1,000,000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Revenue Bonds (Series 2011), (Original Issue Yield: 6.650%), (United States Treasury PRF 5/15/2021@100), 6.500%, 5/15/2037 | 1,102,370 | |
1,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.250%, 5/15/2035 | 1,624,710 | |
TOTAL | 5,509,869 | ||
Maine—0.8% | |||
1,000,000 | Maine Health & Higher Educational Facilities Authority (Eastern Maine Healthcare Systems Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 | 1,056,930 | |
1,335,000 | Maine Health & Higher Educational Facilities Authority (MaineGeneral Medical Center), Revenue Bonds (Series 2011), 7.500%, 7/1/2032 | 1,476,190 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maine—continued | |||
$2,000,000 | 3 | Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.250%, 1/1/2025 | $2,154,480 |
TOTAL | 4,687,600 | ||
Maryland—2.1% | |||
500,000 | Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 6/1/2043 | 512,260 | |
1,500,000 | Baltimore, MD Convention Center Hotel Revenue (Baltimore Hotel Corp.), Convention Center Hotel Revenue Refunding Bonds (Series 2017), 5.000%, 9/1/2046 | 1,616,055 | |
955,000 | Baltimore, MD Special Obligation (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 1,004,221 | |
1,990,000 | 5 | Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax B Limited Obligation Bonds (Series 2013B), (Original Issue Yield: 7.300%), 7.125%, 7/1/2043 | 1,791,000 |
1,060,000 | Maryland State Economic Development Corp. (CONSOL Energy, Inc.), Port Facilities Refunding Revenue Bonds (Series 2010), 5.750%, 9/1/2025 | 1,090,009 | |
200,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc. ), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2032 | 228,180 | |
450,000 | Maryland State Economic Development Corp. (Ports America Chesapeake, Inc. ), Transportation Facilities Revenue Refunding Bonds (Series 2017A), 5.000%, 6/1/2035 | 507,064 | |
1,000,000 | Maryland State Economic Development Corp. (Purple Line Transit Partners LLC), Private Activity Revenue Bonds (Series 2016D Green Bonds), 5.000%, 3/31/2051 | 1,064,750 | |
1,000,000 | 3 | Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018), (Original Issue Yield: 5.330%), 5.250%, 7/1/2048 | 1,017,630 |
1,000,000 | Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), Special Obligation Bonds (Series 2016), 5.000%, 7/1/2046 | 983,820 | |
1,000,000 | Rockville, MD Mayor & City Council Economic Development Revenue (Ingleside at King Farm), (Series 2017B), 5.000%, 11/1/2047 | 1,032,570 | |
1,000,000 | Westminster, MD (Lutheran Village at Miller's Grant, Inc.), Revenue Bonds (Series 2014A), (Original Issue Yield: 6.300%), 6.250%, 7/1/2044 | 1,063,000 | |
TOTAL | 11,910,559 | ||
Massachusetts—0.7% | |||
1,000,000 | 3 | Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 1,033,060 |
2,000,000 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Refunding Bonds (Series 2016Q), 5.000%, 7/1/2047 | 2,198,460 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$800,000 | Massachusetts Development Finance Agency (Tufts Medical Center), Revenue Bonds (Series 2011I), (United States Treasury PRF 1/1/2021@100), 7.250%, 1/1/2032 | $877,904 | |
200,000 | Massachusetts State Development Finance Agency (Wellforce Obligated Group), Revenue Refunding Bonds (Series 2019A), (Original Issue Yield: 4.170%), 4.000%, 7/1/2044 | 195,284 | |
TOTAL | 4,304,708 | ||
Michigan—2.4% | |||
1,000,000 | Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2031 | 1,082,210 | |
1,500,000 | Detroit, MI Sewage Disposal System (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Refunding Bonds (Series 2012A), (Original Issue Yield: 5.300%), 5.250%, 7/1/2039 | 1,616,880 | |
1,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Bonds (Series 2014 C-7), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2032 | 1,102,420 | |
1,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-6), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2036 | 1,088,220 | |
2,000,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2044 | 2,117,480 | |
5,000,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds (Series 2007A), (Original Issue Yield: 6.250%), 6.000%, 6/1/2048 | 4,912,850 | |
1,500,000 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 957,840 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2015), 5.000%, 4/1/2040 | 1,131,350 | |
TOTAL | 14,009,250 | ||
Minnesota—2.3% | |||
750,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.000%, 8/1/2041 | 691,402 | |
1,100,000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.250%, 8/1/2046 | 1,035,430 | |
2,000,000 | Duluth, MN EDA (St. Luke's Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012), 6.000%, 6/15/2039 | 2,177,740 | |
1,700,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), 5.750%, 8/1/2044 | 1,755,624 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Minnesota—continued | |||
$1,000,000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), 5.375%, 8/1/2050 | $1,014,680 | |
3,000,000 | 3 | Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: 5.150%), 5.000%, 12/1/2047 | 2,748,030 |
2,000,000 | St. Cloud, MN Charter School (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046 | 1,095,600 | |
2,000,000 | St. Paul and Ramsey County, MN Housing and Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Bonds (Series 2015A), 5.375%, 7/1/2050 | 2,008,880 | |
325,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036 | 300,677 | |
750,000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046 | 685,793 | |
TOTAL | 13,513,856 | ||
Mississippi—0.2% | |||
945,000 | Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A), 5.375%, 12/1/2035 | 1,015,506 | |
Missouri—0.9% | |||
2,000,000 | 3 | Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050 | 2,017,040 |
1,000,000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2010A), (Original Issue Yield: 8.400%), (United States Treasury PRF 5/15/2020@100), 8.250%, 5/15/2039 | 1,075,510 | |
1,000,000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050 | 1,041,130 | |
915,000 | St. Joseph, MO IDA (Living Community St. Joseph Project), Healthcare Revenue Bonds, 7.000%, 8/15/2032 | 914,982 | |
TOTAL | 5,048,662 | ||
Montana—0.4% | |||
900,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 922,824 | |
1,250,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2052 | 1,277,463 | |
TOTAL | 2,200,287 | ||
Nebraska—1.4% | |||
2,500,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), (Goldman Sachs Group, Inc. GTD), 5.250%, 9/1/2037 | 2,704,125 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—continued | |||
$4,700,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2017C), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042 | $5,416,233 | |
TOTAL | 8,120,358 | ||
Nevada—0.8% | |||
905,000 | 3 | Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 | 910,330 |
1,000,000 | 3 | Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048 | 1,005,640 |
1,000,000 | Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.000%, 12/1/2035 | 1,010,760 | |
1,500,000 | Las Vegas, NV Redevelopment Agency, Tax Increment Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2045 | 1,619,745 | |
TOTAL | 4,546,475 | ||
New Hampshire—0.3% | |||
1,500,000 | 3 | New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A), (Original Issue Yield: 6.375%), 6.125%, 7/1/2052 | 1,559,775 |
New Jersey—3.8% | |||
1,000,000 | Essex County, NJ Improvement Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2015), 5.250%, 7/1/2045 | 1,003,980 | |
3,255,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 | 3,457,038 | |
3,000,000 | New Jersey EDA (New Jersey State), School Facilities Construction Revenue Refunding Bonds (Series 2013NN), 5.000%, 3/1/2030 | 3,187,350 | |
580,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2017 DDD), 5.000%, 6/15/2042 | 609,313 | |
1,335,000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 | 1,408,492 | |
1,000,000 | New Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A), (Original Issue Yield: 5.190%), 5.125%, 6/15/2043 | 1,031,410 | |
1,500,000 | New Jersey EDA (United Airlines, Inc.), Special Facilities Revenue Bonds (Series 2003), 5.500%, 6/1/2033 | 1,646,970 | |
2,500,000 | New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 1999), 5.250%, 9/15/2029 | 2,714,125 | |
1,125,000 | New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 2000B), 5.625%, 11/15/2030 | 1,269,619 | |
1,280,000 | New Jersey EDA Motor Vehicle Surcharge Revenue, Subordinate Revenue Refunding Bonds (Series 2017A), 5.000%, 7/1/2033 | 1,384,921 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$1,200,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2011A), 6.000%, 6/15/2035 | $1,281,672 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2036 | 1,080,730 | |
500,000 | South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048 | 531,850 | |
1,540,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 | 1,559,219 | |
TOTAL | 22,166,689 | ||
New Mexico—0.5% | |||
1,000,000 | New Mexico State Hospital Equipment Loan Council (Gerald Champion Regional Medical Center), Hospital Improvement and Refunding Revenue Bonds (Series 2012A), (Original Issue Yield: 5.700%), 5.500%, 7/1/2042 | 1,072,960 | |
2,000,000 | 3 | Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), (Original Issue Yield: 6.120%), 6.000%, 5/1/2040 | 2,012,940 |
TOTAL | 3,085,900 | ||
New York—4.9% | |||
1,000,000 | 3 | Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1,063,990 |
5,000,000 | 4 | Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation Revenue Bonds (Series 2016B), (Original Issue Yield: 6.000%), 1/1/2045 | 1,269,250 |
1,550,000 | Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Revenue Bonds (Series 2016A), (Original Issue Yield: 5.080%), 5.000%, 1/1/2056 | 1,585,138 | |
20,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), (United States Treasury PRF 2/15/2021@100), 5.750%, 2/15/2047 | 21,601 | |
2,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2014D-1), 5.000%, 11/15/2039 | 2,187,260 | |
5,000,000 | 3,6 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Trust Receipts/Certificates (Series 2019-FG0227) MUNINVs, (Assured Guaranty Municipal Corp. GTD), 8.116%, 11/15/2046 | 5,309,750 |
1,500,000 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014A), 6.700%, 1/1/2049 | 1,498,140 | |
587,731 | Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014C), 2.000%, 1/1/2049 | 99,914 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,000,000 | New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.000%, 6/1/2051 | $1,013,260 | |
2,000,000 | 3 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044 | 2,082,260 |
1,000,000 | 3 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 | 1,058,920 |
2,900,000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2031 | 3,007,068 | |
1,000,000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities Revenue Bonds (Series 2018), 5.000%, 1/1/2034 | 1,129,170 | |
1,185,000 | Newburgh, NY, UT GO Bonds (Series 2012A), 5.500%, 6/15/2030 | 1,291,401 | |
1,120,000 | Newburgh, NY, UT GO Bonds (Series 2012A), (Original Issue Yield: 5.400%), 5.250%, 6/15/2029 | 1,215,637 | |
1,000,000 | Niagara Area Development Corporation, NY (Covanta Energy Corp.), Solid Waste Disposal Facility Revenue Refunding Bonds (Series 2018A), 4.750%, 11/1/2042 | 988,730 | |
2,500,000 | Port Authority of New York and New Jersey (JFK International Air Terminal LLC), Special Project Bonds (Series 8), (Original Issue Yield: 6.150%), 6.000%, 12/1/2042 | 2,641,450 | |
1,000,000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041 | 1,059,470 | |
TOTAL | 28,522,409 | ||
North Carolina—1.0% | |||
2,250,000 | North Carolina Department of Transportation (I-77 HOT Lanes), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2054 | 2,350,170 | |
1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2037 | 1,074,020 | |
1,000,000 | North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 | 1,044,320 | |
1,000,000 | North Carolina Medical Care Commission (Whitestone Project), Retirement Facilities First Mortgage Revenue Bonds (Series 2011A), (Original Issue Yield: 8.000%), (United States Treasury PRF 3/1/2021@100), 7.750%, 3/1/2041 | 1,114,850 | |
TOTAL | 5,583,360 | ||
Ohio—4.1% | |||
1,000,000 | American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Refunding Revenue Bonds (Series 2015A), 5.000%, 2/15/2039 | 1,094,740 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), (Original Issue Yield: 5.950%), 5.875%, 6/1/2030 | $1,885,040 | |
4,020,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), (Original Issue Yield: 6.070%), 5.875%, 6/1/2047 | 3,763,805 | |
3,655,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.500%, 6/1/2047 | 3,632,083 | |
1,000,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.500%, 2/15/2057 | 1,084,090 | |
1,500,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Revenue Bonds (Series 2011A), (Original Issue Yield: 6.750%), (United States Treasury PRF 1/1/2021@100), 6.625%, 1/1/2046 | 1,631,865 | |
2,000,000 | Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), (Original Issue Yield: 5.080%), 5.000%, 2/15/2044 | 2,043,360 | |
4,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.000%, 11/15/2044 | 4,462,800 | |
1,000,000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 | 1,024,950 | |
1,125,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.000%, 1/15/2041 | 1,221,008 | |
1,000,000 | Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 6/30/2053 | 1,050,190 | |
750,000 | Southeastern Ohio Port Authority, OH (Memorial Health System, OH), Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), (Original Issue Yield: 6.020%), 6.000%, 12/1/2042 | 787,725 | |
TOTAL | 23,681,656 | ||
Oklahoma—1.7% | |||
1,000,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | 1,101,300 | |
2,000,000 | Tulsa, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Bonds (Series 2010A), (Original Issue Yield: 7.500%), (United States Treasury PRF 5/1/2020@100), 7.250%, 11/1/2045 | 2,123,380 | |
1,750,000 | Tulsa, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Refunding Bonds (Series 2017), 5.250%, 11/15/2045 | 1,886,955 | |
3,000,000 | Tulsa, OK Municipal Airport Trust (American Airlines, Inc.), Refunding Revenue Bonds (Series 2000B), 5.500%, 6/1/2035 | 3,208,830 | |
1,500,000 | Tulsa, OK Municipal Airport Trust (American Airlines, Inc.), Refunding Revenue Bonds (Series 2015) TOBs, 5.000%, Mandatory Tender 6/1/2025 | 1,621,635 | |
TOTAL | 9,942,100 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oregon—0.5% | |||
$440,000 | Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series2018A), 5.000%, 5/15/2038 | $461,683 | |
635,000 | Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series2018A), 5.000%, 5/15/2043 | 662,718 | |
400,000 | Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series2018A), 5.000%, 5/15/2048 | 416,060 | |
500,000 | Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds (Series2018A), 5.000%, 5/15/2052 | 518,685 | |
250,000 | Yamhill County, OR Hospital Authority (Friendsview Retirement Community), Revenue Refunding Bonds (Series 2016A), 5.000%, 11/15/2036 | 265,048 | |
550,000 | Yamhill County, OR Hospital Authority (Friendsview Retirement Community), Revenue Refunding Bonds (Series 2016A), 5.000%, 11/15/2051 | 570,586 | |
TOTAL | 2,894,780 | ||
Pennsylvania—3.8% | |||
1,000,000 | 3 | Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Refunding Project Tax Revenue Bonds (Series 2017), 5.000%, 5/1/2042 | 1,064,670 |
3,715,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2042 | 3,801,336 | |
2,000,000 | Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 | 2,093,040 | |
500,000 | Butler County, PA Hospital Authority (Butler Health System), Hospital Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 549,210 | |
1,200,000 | Chester County, PA IDA (Avon Grove Charter School ), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047 | 1,229,916 | |
800,000 | Chester County, PA IDA (Avon Grove Charter School ), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051 | 814,168 | |
1,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), (Original Issue Yield: 5.050%), 5.000%, 12/1/2042 | 1,053,520 | |
1,250,000 | Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2038 | 1,349,500 | |
2,000,000 | Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2014), 5.500%, 11/1/2044 | 2,075,540 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development (Global Leadership Academy Charter School), Revenue Bonds (Series 2010), 6.375%, 11/15/2040 | 1,018,760 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,205,000 | Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), (United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041 | $1,412,670 | |
840,000 | Philadelphia, PA Authority for Industrial Development (Presby Homes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 | 840,655 | |
1,665,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Temple University Health System Obligated Group), Hospital Revenue Bonds (Series 2012A), (Original Issue Yield: 5.875%), 5.625%, 7/1/2042 | 1,764,900 | |
1,000,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.000%, 10/1/2052 | 1,112,500 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), (Original Issue Yield: 5.270%), 5.250%, 12/1/2036 | 1,621,425 | |
TOTAL | 21,801,810 | ||
Puerto Rico—1.8% | |||
995,000 | 1,2 | Puerto Rico Electric Power Authority, (Original Issue Yield: 5.080%), 5.050%, 7/1/2042 | 680,331 |
195,000 | 1,2 | Puerto Rico Electric Power Authority, (Original Issue Yield: 7.070%), 7.000%, 7/1/2040 | 136,256 |
4,000,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010 XX), (Original Issue Yield: 5.400%), 5.250%, 7/1/2040 | 2,735,000 |
310,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.000%, 7/1/2033 | 216,613 |
2,500,000 | 1,2 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), (Original Issue Yield: 7.120%), 7.000%, 7/1/2043 | 1,746,875 |
5,000,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), 5.000%, 7/1/2058 | 4,740,250 | |
TOTAL | 10,255,325 | ||
Rhode Island—0.8% | |||
1,375,000 | Rhode Island State Health and Educational Building Corp. (Care New England), Hospital Financing Revenue Refunding Bonds (Series 2016B), 5.000%, 9/1/2036 | 1,455,451 | |
500,000 | Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue Refunding Bonds (Series 2016), 5.000%, 5/15/2039 | 540,290 | |
2,730,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 2,745,780 | |
TOTAL | 4,741,521 | ||
South Carolina—0.3% | |||
1,000,000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.000%, 4/1/2047 | 1,007,230 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—continued | |||
$1,000,000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.000%, 4/1/2052 | $1,001,280 | |
TOTAL | 2,008,510 | ||
South Dakota—0.3% | |||
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.050%), 5.000%, 11/1/2042 | 1,006,260 | |
1,000,000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), 5.125%, 11/1/2047 | 1,010,340 | |
TOTAL | 2,016,600 | ||
Tennessee—1.6% | |||
1,200,000 | Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds (Series 2016A), 5.000%, 1/1/2047 | 1,207,644 | |
3,500,000 | Greenville, TN Health and Educational Facilities Board (Ballad Health), Hospital Revenue Bonds (Series 2018A), 5.000%, 7/1/2036 | 3,951,675 | |
1,000,000 | Greenville, TN Health and Educational Facilities Board (Ballad Health), Hospital Revenue Bonds (Series 2018A), 5.000%, 7/1/2037 | 1,122,320 | |
2,725,000 | Tennessee Energy Acquisition Corp., Gas Revenue Bonds (Series 2006A), (Goldman Sachs Group, Inc. GTD), 5.250%, 9/1/2023 | 3,030,309 | |
TOTAL | 9,311,948 | ||
Texas—9.6% | |||
1,100,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | 1,164,284 | |
500,000 | Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.000%, 11/15/2044 | 549,275 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2034 | 279,270 | |
250,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2017B), 5.000%, 1/1/2034 | 270,657 | |
1,000,000 | Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement Bonds (Series 2015), (Original Issue Yield: 5.080%), 5.000%, 12/1/2045 | 1,018,040 | |
2,000,000 | Cass County, TX Industrial Development Corp. (International Paper Co.), Environmental Improvement Revenue Bonds (Series 2009A), 9.500%, 3/1/2033 | 2,010,240 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2046 | 1,088,740 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2043 | 2,212,360 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$750,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2011), (Original Issue Yield: 6.000%), (United States Treasury PRF 8/15/2021@100), 5.750%, 8/15/2041 | $820,230 | |
500,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012), 5.000%, 8/15/2042 | 520,800 | |
1,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Revenue Bonds (Series 2014), (Texas Permanent School Fund Guarantee Program GTD), 5.000%, 8/15/2039 | 1,104,470 | |
2,000,000 | Clifton Higher Education Finance Corporation, TX (Uplift Education), Revenue Bonds (Series 2015A), 5.000%, 12/1/2050 | 2,086,920 | |
1,500,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2014A), (Original Issue Yield: 5.300%), 5.250%, 9/1/2044 | 1,587,540 | |
515,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Revenue Bonds, 6.375%, 9/1/2042 | 575,729 | |
1,110,000 | Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported), 5.250%, 10/1/2051 | 1,214,185 | |
1,500,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue & Refunding Bonds (Series 2011), (Original Issue Yield: 6.875%), 6.625%, 7/15/2038 | 1,606,275 | |
2,000,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Bonds (Series 2015B-1), 5.000%, 7/15/2035 | 2,150,040 | |
500,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014), (Original Issue Yield: 4.900%), 4.750%, 7/1/2024 | 538,735 | |
1,000,000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014), (Original Issue Yield: 5.150%), 5.000%, 7/1/2029 | 1,093,860 | |
1,000,000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2012A), 5.000%, 7/1/2032 | 1,073,330 | |
535,000 | Houston, TX Higher Education Finance Corp. (Cosmos Foundation, Inc. ), Education Revenue Bonds (Series 2011A), (United States Treasury PRF 5/15/2021@100), 6.875%, 5/15/2041 | 592,240 | |
1,500,000 | Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017A), 5.000%, 10/15/2044 | 1,612,470 | |
2,000,000 | La Vernia, TX Higher Education Finance Corporation (Meridian World School), Education Revenue Bonds (Series 2015A), 5.500%, 8/15/2045 | 2,052,860 | |
1,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Series 2001A), 6.300%, 11/1/2029 | 1,032,940 | |
1,500,000 | 3 | Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 1,534,110 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$2,000,000 | New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds (Series 2017), 5.000%, 1/1/2047 | $2,007,580 | |
700,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), 5.000%, 11/15/2046 | 720,678 | |
1,000,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facilities Revenue Bonds (Series 2016A), (Original Issue Yield: 5.530%), 5.500%, 11/15/2052 | 992,330 | |
1,500,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2026 | 1,704,390 | |
600,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2039 | 667,428 | |
2,000,000 | Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), 8.000%, 11/15/2049 | 2,262,320 | |
2,500,000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2017), 5.000%, 2/1/2042 | 2,827,600 | |
1,000,000 | San Juan Higher Education Finance Authority, TX (Idea Public Schools), Education Revenue Bonds (Series 2010A), (United States Treasury PRF 8/15/2020@100), 6.700%, 8/15/2040 | 1,070,420 | |
1,500,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community), Retirement Facility Revenue Bonds (Series 2015A Fixed Rate Bonds), 5.500%, 11/15/2045 | 1,185,000 | |
2,655,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Retirement Facility Revenue Bonds (Series 2017A), (Original Issue Yield: 6.770%), 6.750%, 11/15/2052 | 2,896,950 | |
2,000,000 | Texas Private Activity Bonds Surface Transportation Corporation (Blueridge Transportation Group, LLC SH 288 Toll Lanes), Senior Lien Revenue Bonds (Series 2016), 5.000%, 12/31/2055 | 2,117,080 | |
2,680,000 | Texas State Transportation Commission (Central Texas Turnpike System), Second Tier Revenue Refunding Bonds (Series 2015-C), 5.000%, 8/15/2042 | 2,848,652 | |
545,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 591,521 | |
2,000,000 | Texas State Transportation Commission (Texas State), Highway Improvement UT GO Bonds (Series 2016), 5.000%, 4/1/2046 | 2,243,940 | |
1,500,000 | Texas Water Development Board, State Revolving Fund Revenue Bonds (Series 2018), 4.000%, 8/1/2036 | 1,603,785 | |
TOTAL | 55,529,274 | ||
Utah—0.5% | |||
1,000,000 | Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 | 1,114,520 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Utah—continued | |||
$2,000,000 | 3 | Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.500%), 5.375%, 6/15/2048 | $1,969,340 |
TOTAL | 3,083,860 | ||
Vermont—0.2% | |||
1,000,000 | 3 | Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%, Mandatory Tender 4/3/2028 | 1,003,280 |
Virginia—1.9% | |||
1,800,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2051 | 1,952,262 | |
1,500,000 | Chesterfield County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A), 5.000%, 5/1/2023 | 1,506,825 | |
1,500,000 | 3 | Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), 5.600%, 3/1/2045 | 1,515,180 |
1,380,000 | Mosaic District CDA, VA, Revenue Bonds (Series 2011A), (Original Issue Yield: 6.930%), 6.875%, 3/1/2036 | 1,465,284 | |
4,250,000 | Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), (Original Issue Yield: 5.120%), 5.000%, 6/1/2047 | 4,048,465 | |
370,000 | Virginia Small Business Financing Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2018) TOBs, 5.000%, Mandatory Tender 7/1/2038 | 377,467 | |
TOTAL | 10,865,483 | ||
Washington—2.1% | |||
1,000,000 | Port of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012), (Original Issue Yield: 5.310%), 5.000%, 4/1/2030 | 1,073,990 | |
5,000,000 | 3,6 | Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 8.146%,1/1/2047 | 5,308,500 |
1,000,000 | Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017), 5.000%, 8/15/2037 | 1,077,750 | |
1,000,000 | 3 | Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.000%, 7/1/2045 | 1,058,880 |
1,000,000 | 3 | Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050 | 1,056,180 |
2,500,000 | 3 | Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049 | 2,827,600 |
TOTAL | 12,402,900 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—1.9% | |||
$1,000,000 | 3 | Public Finance Authority, WI (Alabama Proton Therapy Center), Senior Revenue Bonds (Series 2017A), 7.000%, 10/1/2047 | $1,051,340 |
3,000,000 | 3 | Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 3,370,680 |
750,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2047 | 779,407 | |
1,000,000 | Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2052 | 1,033,420 | |
1,000,000 | Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), 4.000%, 8/1/2035 | 967,200 | |
3,000,000 | 3 | Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2053 | 3,013,470 |
800,000 | Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039 | 865,880 | |
TOTAL | 11,081,397 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $554,453,978) | 567,151,128 | ||
6 | SHORT-TERM MUNICIPALS—0.8% | ||
Alabama—0.1% | |||
300,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.790%, 3/1/2019 | 300,000 | |
Florida—0.1% | |||
300,000 | Putnam County, FL Development Authority (Florida Power & Light Co.), (PCR: Series 1994) Daily VRDNs, 1.730%, 3/1/2019 | 300,000 | |
New York—0.3% | |||
2,000,000 | New York City, NY Municipal Water Finance Authority, (2014 Series AA-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.720%, 3/1/2019 | 2,000,000 | |
North Carolina—0.1% | |||
450,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.730%, 3/1/2019 | 450,000 | |
Texas—0.1% | |||
900,000 | 3 | Harris County, TX IDC (Exxon Mobil Corp.), (Series 1997) Daily VRDNs, 1.770%, 3/1/2019 | 900,000 |
Principal Amount | Value | ||
6 | SHORT-TERM MUNICIPALS—continued | ||
Wyoming—0.1% | |||
$400,000 | Sweetwater County, WY Environmental Improvement (Pacificorp), (Series1995) Daily VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.760%, 3/1/2019 | $400,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $4,350,000) | 4,350,000 | ||
TOTAL INVESTMENT IN SECURITIES—98.7% (IDENTIFIED COST $558,803,978)7 | 571,501,128 | ||
OTHER ASSETS AND LIABILITIES - NET—1.3%8 | 7,652,634 | ||
TOTAL NET ASSETS—100% | $579,153,762 |
1 | Non-income-producing security. |
2 | Security in default. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At February 28, 2019, these restricted securities amounted to $73,580,595, which represented 12.7% of total net assets. |
4 | Zero coupon bond. |
5 | Fair Value determined by a valuation committee using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”). |
6 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
7 | The cost of investments for federal tax purposes amounts to $558,205,461. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $563,672,628 | $3,478,5001 | $567,151,128 |
Short-Term Municipals | — | 4,350,000 | — | 4,350,000 |
TOTAL SECURITIES | $— | $568,022,628 | $3,478,500 | $571,501,128 |
1 | Includes $4,400,123 of securities transferred from Level 2 to Level 3 because fair value was determined by a valuation committee using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Trustees. Transfer shown represents the value of the securities at the beginning of the period. |
CDA | —Community Development Authority |
EDA | —Economic Development Authority |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDC | —Industrial Development Corporation |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
MUNINVs | —Municipal Inverse Floater |
PCR | —Pollution Control Revenue |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
SID | —Special Improvement District |
TELA | —Toll Equity Loan Agreement |
TOBs | —Tender Option Bonds |
USD | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $8.88 | $8.98 | $9.28 | $8.86 | $8.85 | $8.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.171 | 0.341 | 0.35 | 0.37 | 0.39 | 0.41 |
Net realized and unrealized gain (loss) | (0.11) | (0.10) | (0.30) | 0.42 | 0.01 | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.06 | 0.24 | 0.05 | 0.79 | 0.40 | 1.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.34) | (0.35) | (0.37) | (0.39) | (0.41) |
Net Asset Value, End of Period | $8.77 | $8.88 | $8.98 | $9.28 | $8.86 | $8.85 |
Total Return2 | 0.68% | 2.71% | 0.67% | 9.17% | 4.63% | 14.54% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3,4 | 0.90%4 | 0.89% | 0.89% | 0.89% | 0.89% |
Net investment income | 3.87%3 | 3.81% | 3.96% | 4.12% | 4.42% | 4.84% |
Expense waiver/reimbursement5 | 0.16%3 | 0.15% | 0.15% | 0.14% | 0.15% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $203,839 | $222,108 | $221,586 | $270,092 | $230,664 | $224,298 |
Portfolio turnover | 6% | 24% | 24% | 10% | 12% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.89% for the six months ended February 28, 2019 and 0.90% for the year ended August 31, 2018, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $8.87 | $8.97 | $9.27 | $8.85 | $8.84 | $8.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.271 | 0.32 | 0.31 | 0.35 | 0.36 |
Net realized and unrealized gain (loss) | (0.10) | (0.11) | (0.34) | 0.42 | (0.01) | 0.71 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.16 | (0.02) | 0.73 | 0.34 | 1.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.26) | (0.28) | (0.31) | (0.33) | (0.34) |
Net Asset Value, End of Period | $8.76 | $8.87 | $8.97 | $9.27 | $8.85 | $8.84 |
Total Return2 | 0.30% | 1.92% | (0.09)% | 8.35% | 3.85% | 13.56% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.64%3,4 | 1.65%4 | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income | 3.12%3 | 3.05% | 3.21% | 3.38% | 3.66% | 4.09% |
Expense waiver/reimbursement5 | 0.16%3 | 0.15% | 0.15% | 0.14% | 0.15% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,204 | $6,504 | $9,446 | $12,241 | $11,528 | $13,424 |
Portfolio turnover | 6% | 24% | 24% | 10% | 12% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.64% for the six months ended February 28, 2019 and 1.65% for the year ended August 31, 2018, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $8.87 | $8.97 | $9.28 | $8.85 | $8.85 | $8.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.271 | 0.29 | 0.31 | 0.33 | 0.35 |
Net realized and unrealized gain (loss) | (0.09) | (0.10) | (0.32) | 0.43 | (0.00)2 | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.04 | 0.17 | (0.03) | 0.74 | 0.33 | 1.09 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.27) | (0.28) | (0.31) | (0.33) | (0.35) |
Net Asset Value, End of Period | $8.77 | $8.87 | $8.97 | $9.28 | $8.85 | $8.85 |
Total Return3 | 0.43% | 1.94% | (0.20)% | 8.47% | 3.73% | 13.69% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.64%4,5 | 1.65%5 | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income | 3.12%4 | 3.06% | 3.21% | 3.37% | 3.67% | 4.09% |
Expense waiver/reimbursement6 | 0.16%4 | 0.15% | 0.15% | 0.14% | 0.15% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,703 | $50,262 | $68,461 | $77,213 | $61,093 | $56,208 |
Portfolio turnover | 6% | 24% | 24% | 10% | 12% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.64% for the six months ended February 28, 2019 and 1.65% for the year ended August 31, 2018, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $8.88 | $8.98 | $9.28 | $8.86 | $8.85 | $8.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.171 | 0.341 | 0.35 | 0.37 | 0.39 | 0.41 |
Net realized and unrealized gain (loss) | (0.11) | (0.10) | (0.30) | 0.42 | 0.01 | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.06 | 0.24 | 0.05 | 0.79 | 0.40 | 1.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.34) | (0.35) | (0.37) | (0.39) | (0.41) |
Net Asset Value, End of Period | $8.77 | $8.88 | $8.98 | $9.28 | $8.86 | $8.85 |
Total Return2 | 0.68% | 2.71% | 0.66% | 9.17% | 4.63% | 14.54% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3,4 | 0.90%4 | 0.89% | 0.89% | 0.89% | 0.89% |
Net investment income | 3.87%3 | 3.81% | 3.96% | 4.12% | 4.41% | 4.84% |
Expense waiver/reimbursement5 | 0.16%3 | 0.15% | 0.15% | 0.14% | 0.15% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $185,210 | $194,464 | $207,266 | $213,796 | $189,216 | $187,704 |
Portfolio turnover | 6% | 24% | 24% | 10% | 12% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.89% for the six months ended February 28, 2019 and 0.90% for the year ended August 31, 2018, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 2/28/2019 | Year Ended August 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $8.87 | $8.97 | $9.27 | $8.85 | $8.84 | $8.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.181 | 0.361 | 0.37 | 0.40 | 0.42 | 0.42 |
Net realized and unrealized gain (loss) | (0.11) | (0.10) | (0.30) | 0.42 | 0.01 | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.07 | 0.26 | 0.07 | 0.82 | 0.43 | 1.16 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.36) | (0.37) | (0.40) | (0.42) | (0.43) |
Net Asset Value, End of Period | $8.76 | $8.87 | $8.97 | $9.27 | $8.85 | $8.84 |
Total Return2 | 0.80% | 2.97% | 0.92% | 9.45% | 4.90% | 14.71% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.64%3,4 | 0.65%4 | 0.64% | 0.64% | 0.64% | 0.64% |
Net investment income | 4.12%3 | 4.06% | 4.21% | 4.35% | 4.67% | 5.01% |
Expense waiver/reimbursement5 | 0.16%3 | 0.15% | 0.15% | 0.14% | 0.15% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $139,198 | $155,902 | $137,235 | $106,699 | $63,857 | $48,577 |
Portfolio turnover | 6% | 24% | 24% | 10% | 12% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.64% for the six months ended February 28, 2019 and 0.65% for the year ended August 31, 2018, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above |
Assets: | ||
Investment in securities, at value (identified cost $558,803,978) | $571,501,128 | |
Cash | 51,869 | |
Income receivable | 7,366,967 | |
Receivable for shares sold | 514,253 | |
Receivable for investments sold | 105,150 | |
Prepaid expenses | 4,861 | |
TOTAL ASSETS | 579,544,228 | |
Liabilities: | ||
Payable for shares redeemed | $137,125 | |
Payable for portfolio accounting fees | 90,021 | |
Payable for other service fees (Notes 2 and 5) | 82,196 | |
Payable for transfer agent fee | 44,504 | |
Payable for distribution services fee (Note 5) | 29,181 | |
Payable for investment adviser fee (Note 5) | 6,985 | |
Payable for Directors'/Trustees' fees (Note 5) | 454 | |
TOTAL LIABILITIES | 390,466 | |
Net assets for 66,032,020 shares outstanding | $579,153,762 | |
Net Assets Consists of: | ||
Paid-in capital | $604,536,920 | |
Total distributable earnings (loss) | (25,383,158) | |
TOTAL NET ASSETS | $579,153,762 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($203,839,183 ÷ 23,230,300 shares outstanding), no par value, unlimited shares authorized | $8.77 | |
Offering price per share (100/95.50 of $8.77) | $9.18 | |
Redemption proceeds per share | $8.77 | |
Class B Shares: | ||
Net asset value per share ($5,203,944 ÷ 593,752 shares outstanding), no par value, unlimited shares authorized | $8.76 | |
Offering price per share | $8.76 | |
Redemption proceeds per share (94.50/100 of $8.76) | $8.28 | |
Class C Shares: | ||
Net asset value per share ($45,702,888 ÷ 5,213,318 shares outstanding), no par value, unlimited shares authorized | $8.77 | |
Offering price per share | $8.77 | |
Redemption proceeds per share (99.00/100 of $8.77) | $8.68 | |
Class F Shares: | ||
Net asset value per share ($185,209,990 ÷ 21,108,984 shares outstanding), no par value, unlimited shares authorized | $8.77 | |
Offering price per share (100/99.00 of $8.77) | $8.86 | |
Redemption proceeds per share (99.00/100 of $8.77) | $8.68 | |
Institutional Shares: | ||
Net asset value per share ($139,197,757 ÷ 15,885,666 shares outstanding), no par value, unlimited shares authorized | $8.76 | |
Offering price per share | $8.76 | |
Redemption proceeds per share | $8.76 |
Investment Income: | |||
Interest | $14,024,271 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,765,326 | ||
Administrative fee (Note 5) | 235,262 | ||
Custodian fees | 11,914 | ||
Transfer agent fees | 169,259 | ||
Directors'/Trustees' fees (Note 5) | 3,302 | ||
Auditing fees | 17,456 | ||
Legal fees | 6,182 | ||
Distribution services fee (Note 5) | 194,412 | ||
Other service fees (Notes 2 and 5) | 554,376 | ||
Portfolio accounting fees | 75,628 | ||
Share registration costs | 42,023 | ||
Printing and postage | 20,015 | ||
Miscellaneous (Note 5) | 15,839 | ||
TOTAL EXPENSES | 3,110,994 | ||
Waiver and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(464,775) | ||
Reduction of custodian fees (Note 6) | (245) | ||
TOTAL WAIVER AND REDUCTION | (465,020) | ||
Net expenses | 2,645,974 | ||
Net investment income | 11,378,297 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 24,621 | ||
Net change in unrealized appreciation of investments | (7,745,012) | ||
Net realized and unrealized gain (loss) on investments | (7,720,391) | ||
Change in net assets resulting from operations | $3,657,906 |
Six Months Ended (unaudited) 2/28/2019 | Year Ended 8/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $11,378,297 | $24,205,973 |
Net realized gain | 24,621 | 3,674,079 |
Net change in unrealized appreciation/depreciation | (7,745,012) | (11,113,615) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,657,906 | 16,766,437 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (4,032,278) | (8,247,855) |
Class B Shares | (88,307) | (223,442) |
Class C Shares | (733,106) | (2,016,716) |
Class F Shares | (3,614,414) | (7,688,836) |
Institutional Shares | (2,979,963) | (5,965,380) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,448,068) | (24,142,229) |
Share Transactions: | ||
Proceeds from sale of shares | 46,425,443 | 124,325,035 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,487,693 | 21,739,284 |
Cost of shares redeemed | (99,208,829) | (153,443,507) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (42,295,693) | (7,379,188) |
Change in net assets | (50,085,855) | (14,754,980) |
Net Assets: | ||
Beginning of period | 629,239,617 | 643,994,597 |
End of period | $579,153,762 | $629,239,617 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar |
securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Class A Shares | $257,199 |
Class B Shares | 7,069 |
Class C Shares | 57,735 |
Class F Shares | 232,373 |
TOTAL | $554,376 |
Security | Acquisition Date | Acquisition Cost | Market Value |
Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Refunding Project Tax Revenue Bonds (Series 2017), 5.000%, 5/1/2042 | 6/29/2017 | $1,016,703 | $1,064,670 |
Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.000%, 7/1/2051 | 10/12/2017 | $665,080 | $654,797 |
Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | 12/15/2017 | $518,967 | $503,690 |
Arizona State Industrial Development Authority Education Revenue (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds (Series 2018A), 5.750%, 7/15/2048 | 12/14/2018 | $1,813,666 | $1,832,110 |
Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | 1/14/2016 | $1,000,000 | $1,063,990 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 6/13/2014 | $750,000 | $797,790 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 | 8/27/2015 | $583,543 | $602,866 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047 | 8/4/2017 | $553,805 | $541,545 |
California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School Revenue Bonds (series 2017), 5.000%, 6/1/2047 | 12/13/2017 | $1,038,315 | $1,016,130 |
Security | Acquisition Date | Acquisition Cost | Market Value |
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds (Series 2017G), 5.000%, 6/1/2047 | 12/4/2017 | $517,413 | $510,800 |
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.000%, 6/1/2053 | 10/5/2017 | $1,183,599 | $1,171,742 |
California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.250%, 12/1/2056 | 4/28/2016 | $2,325,247 | $2,390,490 |
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield: 8.375%), 8.250%, 5/15/2049 | 12/16/2013 | $2,958,469 | $2,926,050 |
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.000%, 7/1/2046 | 8/11/2016 | $1,029,645 | $1,001,750 |
Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045 | 3/13/2015 | $996,992 | $1,032,410 |
Delaware Economic Development Authority (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.000%, 6/1/2051 | 7/15/2016 | $1,434,186 | $1,295,676 |
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034 | 8/23/2017 | $1,094,814 | $1,112,770 |
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 | 8/31/2017 | $923,501 | $910,330 |
Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048 | 4/6/2018 | $1,002,792 | $1,005,640 |
Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015), 5.600%, 3/1/2045 | 10/22/2015 | $1,500,000 | $1,515,180 |
Harris County, TX IDC (Exxon Mobil Corp.), (Series 1997) Daily VRDNs, 1.770%, 3/1/2019 | 2/19/2019 | $900,000 | $900,000 |
Security | Acquisition Date | Acquisition Cost | Market Value |
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050 | 1/10/2018 | $1,975,361 | $2,017,040 |
Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.250%, 1/1/2025 | 1/27/2017 | $2,000,000 | $2,154,480 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047 | 10/6/2016 | $1,044,868 | $1,020,210 |
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2057 | 12/7/2017 | $1,065,207 | $1,033,060 |
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Trust Receipts/Certificates (Series 2019-FG0227) MUNINVs, (Assured Guaranty Municipal Corp. GTD), 8.116%, 11/15/2046 | 2/12/2019 | $5,226,045 | $5,309,750 |
Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds (Series 2018), 5.250%, 7/1/2048 | 11/15/2018 | $2,977,642 | $3,061,860 |
Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: 5.150%), 5.000%, 12/1/2047 | 12/8/2017 | $2,932,769 | $2,748,030 |
Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018), (Original Issue Yield: 4.716%), 4.625%, 10/1/2031 | 10/30/2018 | $1,487,095 | $1,534,110 |
Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030 | 11/25/2015 | $1,817,038 | $2,003,288 |
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A), (Original Issue Yield: 6.375%), 6.125%, 7/1/2052 | 6/8/2017 | $1,448,384 | $1,559,775 |
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044 | 10/29/2014 | $2,000,000 | $2,082,260 |
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 | 10/29/2014 | $1,000,000 | $1,058,920 |
Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018), (Original Issue Yield: 5.330%), 5.250%, 7/1/2048 | 11/16/2018 | $988,143 | $1,017,630 |
Security | Acquisition Date | Acquisition Cost | Market Value |
Public Finance Authority, WI (Alabama Proton Therapy Center), Senior Revenue Bonds (Series 2017A), 7.000%, 10/1/2047 | 12/1/2017 | $1,000,000 | $1,051,340 |
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), 7.000%, 12/1/2050 | 6/22/2017 | $3,073,615 | $3,370,680 |
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), 5.000%, 10/1/2053 | 6/28/2018 | $3,146,955 | $3,013,470 |
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 8.146%, 1/1/2047 | 2/1/2019 | $5,292,226 | $5,308,500 |
Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.500%), 5.375%, 6/15/2048 | 8/31/2017 | $1,972,279 | $1,969,340 |
Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%, Mandatory Tender 4/3/2028 | 3/28/2018 | $1,000,000 | $1,003,280 |
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 7/3/2013 | $439,096 | $457,546 |
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.000%, 7/1/2045 | 7/22/2015 | $1,007,538 | $1,058,880 |
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050 | 7/22/2015 | $993,620 | $1,056,180 |
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049 | 1/31/2014 | $2,500,000 | $2,827,600 |
Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), (Original Issue Yield: 6.120%), 6.000%, 5/1/2040 | 6/30/2015 | $1,970,363 | $2,012,940 |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,282,988 | $11,191,879 | 4,292,007 | $38,176,506 |
Shares issued to shareholders in payment of distributions declared | 426,230 | 3,717,378 | 828,528 | 7,369,875 |
Shares redeemed | (3,490,858) | (30,424,803) | (4,784,409) | (42,562,274) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (1,781,640) | $(15,515,546) | 336,126 | $2,984,107 |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,696 | $215,012 | 6,523 | $49,830 |
Shares issued to shareholders in payment of distributions declared | 9,377 | 81,772 | 23,911 | 212,729 |
Shares redeemed | (173,622) | (1,513,774) | (349,965) | (3,126,358) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (139,549) | $(1,216,990) | (319,531) | $(2,863,799) |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 329,061 | $2,868,464 | 630,573 | $5,618,134 |
Shares issued to shareholders in payment of distributions declared | 72,623 | 633,331 | 200,906 | 1,786,777 |
Shares redeemed | (852,875) | (7,432,725) | (2,795,990) | (24,807,647) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (451,191) | $(3,930,930) | (1,964,511) | $(17,402,736) |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 482,909 | $4,211,118 | 1,462,269 | $13,029,983 |
Shares issued to shareholders in payment of distributions declared | 383,761 | 3,346,906 | 794,523 | 7,067,981 |
Shares redeemed | (1,658,454) | (14,458,821) | (3,438,756) | (30,577,604) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (791,784) | $(6,900,797) | (1,181,964) | $(10,479,640) |
Six Months Ended 2/28/2019 | Year Ended 8/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,209,703 | $27,938,970 | 7,583,601 | $67,450,582 |
Shares issued to shareholders in payment of distributions declared | 310,946 | 2,708,306 | 597,192 | 5,301,922 |
Shares redeemed | (5,215,981) | (45,378,706) | (5,902,859) | (52,369,624) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,695,332) | $(14,731,430) | 2,277,934 | $20,382,880 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (4,859,496) | $(42,295,693) | (851,946) | $(7,379,188) |
Expiration Year | Short-Term | Long-Term | Total |
No expiration | $7,621,533 | $28,273,371 | $35,894,904 |
2019 | $2,945,947 | NA | $2,945,947 |
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 |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.05% |
Distribution Services Fee Incurred | |
Class B Shares | $21,208 |
Class C Shares | 173,204 |
TOTAL | $194,412 |
Purchases | $33,079,104 |
Sales | $87,068,052 |
Beginning Account Value 9/1/2018 | Ending Account Value 2/28/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,006.80 | $4.43 |
Class B Shares | $1,000 | $1,003.00 | $8.14 |
Class C Shares | $1,000 | $1,004.30 | $8.15 |
Class F Shares | $1,000 | $1,006.80 | $4.43 |
Institutional Shares | $1,000 | $1,008.00 | $3.19 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.38 | $4.46 |
Class B Shares | $1,000 | $1,016.66 | $8.20 |
Class C Shares | $1,000 | $1,016.66 | $8.20 |
Class F Shares | $1,000 | $1,020.38 | $4.46 |
Institutional Shares | $1,000 | $1,021.62 | $3.21 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.89% |
Class B Shares | 1.64% |
Class C Shares | 1.64% |
Class F Shares | 0.89% |
Institutional Shares | 0.64% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 313923856
CUSIP 313923849
CUSIP 313923831
CUSIP 313923815
2019 ©Federated Investors, Inc.
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 second fiscal quarter of the period covered by this 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.
RegistrantFederated Municipal Securities Income Trust
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateApril 22, 2019
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/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
DateApril 22, 2019
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateApril 22, 2019