Federated Municipal Ultrashort Fund
Portfolio of Investments
December 31, 2019 (unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS—86.0% | |||
Alabama—3.6% | |||
$1,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2020 | $1,516,590 | |
1,250,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2021 | 1,295,762 | |
1,425,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2022 | 1,511,070 | |
1,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2023 | 1,625,625 | |
22,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No.3 (Series 2018B-1) FRNs, (Goldman Sachs Group, Inc. GTD), 2.045% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,509,450 |
15,500,000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2016A) TOBs, (Royal Bank of Canada GTD), 4.000%, Mandatory Tender 6/1/2021 | 16,050,405 | |
27,275,000 | Health Care Authority for Baptist Health, AL, Affiliate of UAB Health (Montgomery) (Series B) ARNs, (Assured Guaranty Corp. INS), 1.690%, 1/3/2020 | 27,275,000 | |
3,650,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 3,681,974 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 1.990% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 30,048,600 |
TOTAL | 105,514,476 | ||
Alaska—0.8% | |||
24,175,000 | Alaska Industrial Development and Export Authority (Yukon-Kuskokwim Health Corp.), Loan Anticipation Revenue Notes (Series 2017), 3.500%, 12/1/2020 | 24,204,010 | |
Arizona—2.6% | |||
26,500,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 30,351,245 | |
7,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017A) TOBs, 1.800%, Mandatory Tender 5/21/2020 | 7,007,140 | |
1,100,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017B) TOBs, 1.600%, Mandatory Tender 5/21/2020 | 1,101,122 | |
26,700,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 1.450%, Mandatory Tender 2/3/2020 | 26,699,733 | |
5,000,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.000%, 10/1/2023 | 5,039,650 | |
4,000,000 | 2 | Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | 4,071,760 |
TOTAL | 74,270,650 | ||
California—6.2% | |||
9,350,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Index Rate Bonds Series 2017D) FRNs, 2.019% (3-month USLIBOR x 0.70 +0.550%), Mandatory Tender 4/1/2021 | 9,362,996 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018B) FRNs, 1.634% (1-month USLIBOR x 0.70 +0.380%), Mandatory Tender 8/1/2021 | 9,991,100 |
15,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-1) FRNs, 1.400% (1-month USLIBOR x 0.70 +0.200%), Mandatory Tender 4/1/2021 | 14,998,800 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Variable Rate Refunding Revenue Bonds (Series 2011A-3) FRNs, 1.705% (3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 4/1/2020 | 10,001,600 |
50,000,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Revenue Refunding Bonds (Series 2017B) FRNs, 1.913% (1-month USLIBOR x 0.70 +0.650%), Mandatory Tender 2/1/2021 | 50,063,500 |
40,000,000 | 2 | California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 2.300%, Mandatory Tender 2/3/2020 | 39,999,600 |
7,500,000 | 1 | California State, UT GO Bonds (Index Floating Rate Bonds Series 2013D) FRNs, 1.900% (SIFMA 7-day +0.290%), Mandatory Tender 12/1/2020 | 7,500,750 |
25,000,000 | 1 | California State, UT GO Bonds (Series 2013B) FRNs, 1.990% (SIFMA 7-day +0.380%), Mandatory Tender 12/1/2022 | 25,064,750 |
5,050,000 | 1 | Riverside, CA Water Revenue, (Series 2011A) FRNs, 2.240% (SIFMA 7-day +0.630%), Mandatory Tender 1/15/2020 | 5,050,808 |
1
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$7,250,000 | Southern California Public Power Authority (Power Projects) (Southern California Public Power Authority—Magnolia Power Project A), Refunding Revenue Bonds (Series 2017-1) TOBs, 2.000%, Mandatory Tender 7/1/2020 | $7,263,848 | |
TOTAL | 179,297,752 | ||
Colorado—1.2% | |||
5,825,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 1.645% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | 5,849,057 |
14,375,000 | Denver, CO City & County Department of Aviation, Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 15,904,500 | |
6,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017B) FRNs, 2.251% (1-month USLIBOR x 0.67 +1.050%), Mandatory Tender 9/1/2021 | 6,050,220 |
8,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2019A) FRNs, 1.616% (1-month USLIBOR x 0.67 +0.420%), Mandatory Tender 9/1/2021 | 7,999,360 |
TOTAL | 35,803,137 | ||
Connecticut—0.7% | |||
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 5,083,350 | |
6,355,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.260% (SIFMA 7-day +0.650%), 3/1/2020 | 6,359,321 |
4,000,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.360% (SIFMA 7-day +0.750%), 3/1/2021 | 4,020,200 |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.460% (SIFMA 7-day +0.850%), 3/1/2022 | 3,089,949 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 2.510% (SIFMA 7-day +0.900%), 3/1/2023 | 1,515,120 |
TOTAL | 20,067,940 | ||
Florida—1.8% | |||
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 781,789 | |
34,000,000 | Florida Development Finance Corp. (Virgin Trains USA Passenger Rail), Surface Transportation Facility Revenue Bonds (Series 2019B) TOBs, (United States Treasury GTD), 1.900%, Optional Tender 3/17/2020 | 34,037,060 | |
3,500,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), (Series 2011) TOBs, 1.600%, Mandatory Tender 11/2/2020 | 3,503,430 | |
5,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 3.000%, Mandatory Tender 10/1/2020 | 5,069,450 | |
10,000,000 | Orlando, FL Utilities Commission, Utility System Revenue Refunding Bonds (Series 2017A) TOBs, 5.000%, Mandatory Tender 10/1/2020 | 10,286,700 | |
TOTAL | 53,678,429 | ||
Georgia—3.6% | |||
1,000,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2020 | 1,032,470 | |
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2021 | 1,201,095 | |
4,100,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project Pollution Control Revenue Bonds (First Series 1997) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 4,131,447 | |
10,000,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project Pollution Control Revenue Bonds (First Series 2013) TOBs, 1.550%, Mandatory Tender 8/19/2022 | 9,971,300 | |
6,700,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth Series 1994) TOBs, 2.150%, Mandatory Tender 6/13/2024 | 6,808,138 | |
10,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First Series 2012) TOBs, 1.550%, Mandatory Tender 8/19/2022 | 9,973,900 | |
22,500,000 | 1 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), Revenue Anticipation Certificates (Series 2014B) FRNs, 2.560% (SIFMA 7-day +0.950%), Mandatory Tender 2/18/2020 | 22,511,475 |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.895% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 22,050,160 |
3,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD), 4.000%, Mandatory Tender 12/2/2024 | 3,345,960 | |
2,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds (First Series 2009) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 2,519,175 | |
20,100,000 | 1 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2013B) FRNs, 2.030% (SIFMA 7-day +0.330%), Mandatory Tender 8/16/2022 | 20,135,376 |
TOTAL | 103,680,496 |
2
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Hawaii—0.8% | |||
$6,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.930% (SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | $6,500,390 |
8,000,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.930% (SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | 8,000,480 |
7,500,000 | 1 | Honolulu, HI City & County, Honolulu Rail Transit Project GO Bonds (Series 2017H) FRNs, 1.930% (SIFMA 7-day +0.320%), Mandatory Tender 9/1/2020 | 7,500,450 |
TOTAL | 22,001,320 | ||
Illinois—2.3% | |||
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020 | 4,117,680 | |
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 4,252,880 | |
1,375,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2020 | 1,382,906 | |
1,705,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2021 | 1,739,919 | |
19,000,000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019) TOBs, 1.600%, Mandatory Tender 11/2/2020 | 19,018,620 | |
10,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2020 | 10,274,900 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2021 | 5,278,850 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,635,360 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,581,900 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 2,106,540 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,241,470 | |
TOTAL | 65,631,025 | ||
Indiana—1.1% | |||
10,000,000 | Bartholomew Consolidated School Corp., IN TANs, 4.000%, 12/31/2020 | 10,239,800 | |
6,000,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023 | 6,125,520 | |
5,950,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-3) TOBs, 1.350%, Mandatory Tender 8/4/2020 | 5,953,808 | |
1,520,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Subordinate Credit Group), Revenue Bonds (Series 2005 A-5) TOBs, 1.350%, Mandatory Tender 8/4/2020 | 1,520,973 | |
4,500,000 | Indianapolis, IN Local Public Improvement Bond Bank, Fieldhouse Project Revenue Notes (Series 2019B), 1.450%, 6/1/2021 | 4,500,135 | |
2,000,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995A) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 1,993,040 | |
2,250,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995B) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 2,242,170 | |
TOTAL | 32,575,446 | ||
Iowa—0.2% | |||
2,530,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2019), 3.125%, 12/1/2022 | 2,566,685 | |
4,000,000 | 1 | Iowa Finance Authority, Single Family Mortgage Bonds (Series 2018B) FRNs, 1.910% (SIFMA 7-day +0.300%), Mandatory Tender 5/3/2021 | 3,994,880 |
TOTAL | 6,561,565 | ||
Kansas—0.1% | |||
3,000,000 | Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021 | 3,004,950 | |
Kentucky—1.4% | |||
3,500,000 | Kentucky Housing Corp. (BTT Development III Portfolio), Multifamily Rental Housing Revenue Bonds (Series 2019) TOBs, (United States Treasury GTD), 1.400%, Mandatory Tender 6/1/2022 | 3,505,635 | |
12,500,000 | Kentucky State Rural Water Finance Corp., Public Project Construction Notes (Series E-2019-1), 1.450%, 6/1/2021 | 12,511,250 | |
9,600,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021 | 9,655,392 | |
8,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 8,833,920 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2019A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 6/1/2025 | 5,542,050 | |
TOTAL | 40,048,247 |
3
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—0.4% | |||
$12,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 2.000%, Mandatory Tender 4/1/2023 | $12,076,080 | |
Maryland—0.2% | |||
6,000,000 | Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-45 (Series 2017C-3), 2.500%, 11/1/2024 | 6,001,620 | |
Massachusetts—2.0% | |||
1,420,000 | Leicester, MA BANs, 2.350%, 2/14/2020 | 1,421,732 | |
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,885,490 | |
11,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 2.030% (SIFMA 7-day +0.420%), Mandatory Tender 1/27/2022 | 11,003,960 |
12,000,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Index Floating Rate Bonds (Series 2017S) FRNs, 2.110% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 12,020,640 |
7,650,000 | 1 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2015O-3) FRNs, 2.090% (SIFMA 7-day +0.480%), Mandatory Tender 1/29/2020 | 7,650,994 |
5,700,000 | Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 6,548,388 | |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,330,688 | |
4,000,000 | 1 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 196) FRNs, 1.546% (1-month USLIBOR x 0.70 +0.350%), Mandatory Tender 6/1/2021 | 4,002,040 |
2,225,000 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,225,423 | |
3,015,000 | Seekonk, MA BANs, 2.290%, 2/15/2020 | 3,019,492 | |
TOTAL | 58,108,847 | ||
Michigan—2.8% | |||
18,000,000 | Michigan Finance Authority Local Government Loan Program, State Aid Revenue Notes (Series 2019a-1) RANs, 4.000%, 8/20/2020 | 18,316,800 | |
10,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Refunding and Project Revenue Bonds (Series 2010F-2) TOBs, 1.900%, Mandatory Tender 4/1/2021 | 10,075,000 | |
13,030,000 | 1 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015D-1) FRNs, 1.619% (1-month USLIBOR x 0.68 +0.400%), Mandatory Tender 10/15/2021 | 13,066,224 |
20,000,000 | 1 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue Bonds, (Series 2015MI) FRNs, 1.741% (1-month USLIBOR x 0.67 +0.540%), Mandatory Tender 12/1/2020 | 20,039,600 |
11,990,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 2.469% (3-month USLIBOR x 0.70 +1.000%), Mandatory Tender 10/1/2021 | 12,072,491 |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,866,237 | |
TOTAL | 80,436,352 | ||
Minnesota—0.7% | |||
5,000,000 | Brooklyn Center, MN (Sonder House Apartments), Multifamily Housing Revenue Refunding Bonds (Series 2019) TOBs, 1.350%, Mandatory Tender 7/1/2022 | 4,999,000 | |
9,000,000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes (Series 2019), 2.000%, 8/1/2020 | 9,005,940 | |
7,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 2.040% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 7,004,340 |
TOTAL | 21,009,280 | ||
Mississippi—1.2% | |||
3,600,000 | Mississippi Business Finance Corp. (Coast Electric Power Association), (Series 2007C) TOBs, (National Rural Utilities Cooperative Finance Corp. GTD), 1.350%, Mandatory Tender 5/1/2020 | 3,600,684 | |
7,750,000 | Mississippi Business Finance Corp. (Mississippi Power Co.), Revenue Bonds (First Series 2010) TOBs, 2.750%, Mandatory Tender 12/9/2021 | 7,847,650 | |
22,500,000 | South Central Regional Medical Center, MS Hospital Revenue, Facilities Improvement and Refinancing Hospital Revenue Notes (Series 2017), 1.700%, 3/1/2020 | 22,500,225 | |
TOTAL | 33,948,559 | ||
Missouri—0.9% | |||
10,000,000 | Missouri State Environmental Improvement & Energy Resources Authority (Union Electric Co.), Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.600%, 12/1/2022 | 9,999,500 |
4
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—continued | |||
$15,000,000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2019), 1.500%, 3/1/2021 | $15,014,700 | |
TOTAL | 25,014,200 | ||
Montana—0.5% | |||
12,630,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 2.160% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 12,612,950 |
3,200,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 2.060% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 3,199,904 |
TOTAL | 15,812,854 | ||
Multi State—1.2% | |||
7,935,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class D) FRNs, (Cooperatieve Rabobank UA LOC), 2.860% (SIFMA 7-day +1.250%), 12/31/2021 | 7,935,000 |
28,185,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2018 Class C) FRNs, (Cooperatieve Rabobank UA LOC), 2.410% (SIFMA 7-day +0.800%), 11/30/2021 | 28,185,000 |
TOTAL | 36,120,000 | ||
Nevada—1.3% | |||
27,000,000 | Clark County, NV Airport System, Airport System Junior Subordinate Lien Revenue Notes (Series 2017C), 5.000%, 7/1/2021 | 28,523,340 | |
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,386,060 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 6,936,790 | |
TOTAL | 37,846,190 | ||
New Hampshire—2.0% | |||
24,000,000 | National Finance Authority, NH (Emerald Renewable Diesel LLC), (Series 2019) TOBs, (United States Treasury GTD), 1.590%, Mandatory Tender 8/31/2020 | 24,067,440 | |
10,000,000 | 1 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2018A) FRNs, 2.360% (SIFMA 7-day +0.750%), Mandatory Tender 10/1/2021 | 9,996,600 |
1,500,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-1) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 1,514,370 | |
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-3) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 4,041,160 | |
2,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-4) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 2,021,080 | |
15,000,000 | Yonkers, NY RANs, 2.000%, 6/29/2020 | 15,046,200 | |
TOTAL | 56,686,850 | ||
New Jersey—6.5% | |||
14,119,074 | Asbury Park, NJ BANs, 3.250%, 1/24/2020 | 14,135,452 | |
23,979,922 | Belleville, NJ BANs, 2.500%, 5/15/2020 | 24,068,408 | |
3,404,050 | Bound Brook Borough, NJ BANs, 2.000%, 8/7/2020 | 3,414,500 | |
2,600,000 | Camden, NJ, (Series 2019) BANs, 2.250%, 8/14/2020 | 2,606,474 | |
3,050,000 | Dunellen, NJ BANs, 2.000%, 6/12/2020 | 3,058,205 | |
3,775,000 | Harmony Township, NJ BANs, 2.500%, 4/16/2020 | 3,786,740 | |
1,075,000 | Helmetta, NJ, (Series A) BANs, 2.500%, 5/7/2020 | 1,078,505 | |
6,000,000 | Keansburg, NJ BANs, 2.000%, 2/7/2020 | 6,004,860 | |
8,500,000 | Lyndhurst Township, NJ BANs, 1.875%, 9/10/2020 | 8,534,510 | |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 1.676% (1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 7,030,100 |
30,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-5) FRNs, 1.656% (1-month USLIBOR x 0.70 +0.460%), Mandatory Tender 1/1/2021 | 30,024,300 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 1.946% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,178,600 |
14,830,000 | North Wildwood, NJ BANs, 1.500%, 8/21/2020 | 14,846,758 | |
4,842,000 | Paulsboro, NJ, (Series B) BANs, 2.750%, 4/8/2020 | 4,861,610 | |
3,154,000 | Pleasantville, NJ, (Series C) BANs, 2.000%, 1/15/2020 | 3,154,694 | |
2,275,000 | Raritan Township, NJ BANs, 2.000%, 6/18/2020 | 2,283,554 | |
5,837,030 | Roselle, NJ BANs, 2.000%, 11/18/2020 | 5,872,052 |
5
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$3,077,200 | Roxbury Township, NJ BANs, 3.000%, 3/6/2020 | $3,086,247 | |
3,563,035 | South Toms River, NJ BANs, 2.750%, 5/22/2020 | 3,580,886 | |
3,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2020 | 3,042,570 | |
3,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2021 | 3,667,685 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,159,680 | |
6,610,850 | Union Beach, NJ BANs, 3.250%, 2/21/2020 | 6,629,955 | |
6,429,751 | Wallington, NJ BANs, 1.500%, 8/21/2020 | 6,437,017 | |
2,556,378 | Wenonah, NJ BANs, 1.750%, 6/10/2020 | 2,559,931 | |
2,714,222 | West Wildwood, NJ BANs, 3.000%, 3/20/2020 | 2,723,342 | |
TOTAL | 188,826,635 | ||
New Mexico—1.3% | |||
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.875%, Mandatory Tender 10/1/2021 | 5,016,550 | |
15,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 17,488,350 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2021 | 1,048,200 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2022 | 1,073,790 | |
1,150,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2023 | 1,261,274 | |
1,685,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2024 | 1,882,112 | |
1,475,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2020 | 1,488,157 | |
1,200,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2021 | 1,242,324 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2022 | 1,060,940 | |
1,100,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2023 | 1,192,994 | |
1,600,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2024 | 1,768,560 | |
3,725,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2025 | 4,192,003 | |
TOTAL | 38,715,254 | ||
New York—10.6% | |||
1,465,000 | Alden Village, NY, (Series 2019A) BANs, 1.750%, 9/10/2020 | 1,468,296 | |
3,022,529 | Argyle, NY Central School District, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,034,649 | |
4,838,035 | Belfast, NY Central School District, (Series 2019A) BANs, 2.000%, 12/4/2020 | 4,867,160 | |
3,235,000 | Cortland, NY BANs, 1.750%, 11/25/2020 | 3,248,522 | |
5,720,000 | Cortland, NY Enlarged City School District BANs, 2.000%, 6/26/2020 | 5,738,132 | |
33,056,850 | East Ramapo, NY Central School District BANs, 2.750%, 3/31/2020 | 33,167,591 | |
13,584,000 | Elba, NY BANs, 1.750%, 11/24/2020 | 13,604,919 | |
1,896,000 | Elma, NY BANs, 2.000%, 8/6/2020 | 1,900,683 | |
10,540,000 | Genesee Valley, NY Central School District BANs, 2.000%, 6/23/2020 | 10,577,839 | |
2,950,000 | Hastings, NY BANs, 2.000%, 7/2/2020 | 2,958,496 | |
5,000,000 | Hempstead, NY Union Free School District TANs, 2.500%, 6/25/2020 | 5,026,500 | |
2,635,000 | Honeoye, NY Central School District, (Series 2019) BANs, 1.500%, 6/30/2020 | 2,637,082 | |
3,475,947 | Lakeland, NY Central School District of Shrub Oak BANs, 2.000%, 8/21/2020 | 3,491,936 | |
18,000,000 | Long Beach, NY, (2019 Series D) BANs, 1.750%, 2/7/2020 | 18,005,040 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 1.946% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 12,097,800 |
6
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$12,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | $12,099,600 | |
3,015,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 2.060% (SIFMA 7-day +0.450%), Mandatory Tender 6/1/2022 | 3,016,146 |
30,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2019E) BANs, 4.000%, 9/1/2020 | 30,547,200 | |
10,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-2A) FRNs, (Assured Guaranty Municipal Corp. INS), 1.749% (1-month USLIBOR x 0.69 +0.570%), Mandatory Tender 4/6/2020 | 10,006,500 |
9,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 1.859% (1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 9,025,920 |
10,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002G-3) FRNs, 1.845% (1-month USLIBOR x 0.67 +0.700%), Mandatory Tender 2/1/2020 | 10,003,000 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 1.695% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 27,926,080 |
10,000,000 | New York City, NY, (Series C-4) ARNs, (Assured Guaranty Corp. INS), 1.650%, 1/3/2020 | 10,000,000 | |
3,355,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2019F Group 2) TOBs, (New York State Mortgage Agency GTD), 1.800%, Mandatory Tender 5/1/2020 | 3,355,738 | |
3,500,000 | Norwich, NY City School District RANs, 2.000%, 6/30/2020 | 3,509,800 | |
4,360,599 | Oneida, NY Public Library District BANs, 2.250%, 7/10/2020 | 4,373,245 | |
4,930,779 | Ossining (Village of), NY BANs, 2.000%, 9/25/2020 | 4,955,039 | |
5,000,000 | Salmon River, NY CSD RANs, 2.000%, 6/26/2020 | 5,015,100 | |
5,731,700 | Scio, NY Central School District BANs, 1.500%, 6/26/2020 | 5,734,967 | |
28,000,000 | Suffolk County, NY, (Series II) TANs, 2.500%, 8/20/2020 | 28,204,680 | |
9,720,000 | 1 | Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Variable Rate Refunding Bonds (Series 2016 4A) FRNs, 1.845% (1-month USLIBOR x 0.67 +0.700%), Mandatory Tender 2/1/2021 | 9,744,008 |
4,655,000 | Wayland, NY BANs, 2.750%, 5/22/2020 | 4,677,437 | |
2,700,000 | Whitesville, NY CSD, (Series 2019) BANs, 2.000%, 6/17/2020 | 2,707,992 | |
1,780,000 | Windham, NY, (Series A) BANs, 2.000%, 5/20/2020 | 1,783,845 | |
TOTAL | 308,510,942 | ||
North Carolina—0.7% | |||
850,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 857,446 | |
20,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 1.544% (1-month USLIBOR x 0.67 +0.350%), Mandatory Tender 12/1/2021 | 20,032,200 |
TOTAL | 20,889,646 | ||
Ohio—2.3% | |||
6,205,000 | 1 | Allen County, OH (Mercy Health), Adjustable Rate Hospital Facilities Revenue Bonds (Series 2015B) FRNs, 2.360% (SIFMA 7-day +0.750%), Mandatory Tender 5/1/2020 | 6,208,351 |
5,300,000 | Bay Village, OH, (Series 2019) BANs, 2.500%, 6/5/2020 | 5,326,394 | |
1,000,000 | Coshocton, OH BANs, 3.000%, 2/20/2020 | 1,002,120 | |
2,500,000 | Harrison, OH BANs, 3.000%, 10/28/2020 | 2,531,125 | |
3,500,000 | Indian Valley Local School District (Tuscarawas County) OH BANs, 2.500%, 2/11/2020 | 3,504,830 | |
1,270,000 | Lake County, OH BANs, 3.000%, 4/2/2020 | 1,275,448 | |
8,000,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 9,261,520 | |
1,220,000 | Marysville, OH, (Series C) BANs, 2.250%, 8/20/2020 | 1,226,734 | |
2,255,000 | North Olmsted, OH BANs, 3.000%, 4/9/2020 | 2,265,057 | |
2,250,000 | Obetz Village, OH, (Series B) BANs, 2.000%, 11/20/2020 | 2,262,578 | |
13,000,000 | 1 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2019A) FRNs, 1.616% (1-month USLIBOR x 0.70 +0.420%), Mandatory Tender 4/1/2022 | 13,004,160 |
1,000,000 | Ohio Waste Development Authority Solid Waste (Waste Management, Inc.), Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,044,530 | |
3,375,000 | Rocky River, OH BANs, 2.000%, 9/24/2020 | 3,393,259 | |
6,000,000 | Sycamore, OH School District BANs, 2.250%, 4/15/2020 | 6,016,980 |
7
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,035,000 | Tiffin, OH BANs, 2.500%, 6/19/2020 | $1,040,289 | |
1,225,000 | Trenton, OH BANs, 2.125%, 11/12/2020 | 1,232,460 | |
2,550,000 | Twinsburg, OH BANs, 3.000%, 2/27/2020 | 2,556,681 | |
4,200,000 | Youngstown, OH BANs, 3.000%, 7/9/2020 | 4,225,704 | |
TOTAL | 67,378,220 | ||
Oklahoma—0.2% | |||
2,850,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Education Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2022 | 3,103,621 | |
2,080,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2021 | 2,189,949 | |
1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 1,732,995 | |
TOTAL | 7,026,565 | ||
Pennsylvania—8.7% | |||
8,140,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 1.734% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 8,142,523 |
9,990,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 1.734% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 9,993,097 |
11,505,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 2.190% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 11,503,389 |
5,450,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.800%, Mandatory Tender 8/15/2022 | 5,509,786 | |
1,320,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.430% (1-month USLIBOR x 0.68 +0.270%), 5/1/2020 | 1,320,383 |
1,500,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.482% (1-month USLIBOR x 0.68 +0.320%), 5/3/2021 | 1,501,965 |
1,850,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.582% (1-month USLIBOR x 0.68 +0.420%), 11/1/2021 | 1,854,829 |
3,400,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 1.632% (1-month USLIBOR x 0.68 +0.470%), Mandatory Tender 11/1/2021 | 3,408,670 |
5,000,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 2.330% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 5,000,000 |
4,000,000 | Montgomery County, PA IDA (Exelon Generation Co. LLC), PCR Refunding Bonds (Series 2002A) TOBs, 2.550%, Mandatory Tender 6/1/2020 | 4,021,400 | |
1,100,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 1.870% (SIFMA 7-day +0.260%), 11/1/2021 | 1,100,033 |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 2.070% (SIFMA 7-day +0.460%), 11/1/2023 | 1,199,760 |
8,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2013B) FRNs, 3.010% (SIFMA 7-day +1.400%), Mandatory Tender 8/15/2020 | 8,008,240 |
4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 2.240% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 4,035,280 |
50,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 1.500%, Mandatory Tender 1/2/2020 | 50,000,000 | |
20,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), (Series 2013) TOBs, 1.450%, Mandatory Tender 2/3/2020 | 19,999,800 | |
10,150,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 1.700%, Mandatory Tender 8/3/2020 | 10,162,890 | |
10,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2019A) TOBs, 1.750%, Mandatory Tender 8/1/2024 | 9,938,700 | |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 1.824% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,029,100 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 2.110% (SIFMA 7-day +0.500%), 12/1/2021 | 4,008,440 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 2.310% (SIFMA 7-day +0.700%), 12/1/2023 | 5,033,150 |
8
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs, 2.490% (SIFMA 7-day +0.880%), 12/1/2020 | $4,012,000 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 2.210% (SIFMA 7-day +0.600%), 12/1/2023 | 10,049,500 |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,542,611 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 860,445 | |
40,000,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 1.890% (1-month USLIBOR x 0.70 +0.640%), Mandatory Tender 12/1/2020 | 40,012,400 |
4,220,000 | 1 | Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School District Intercept Program GTD), 2.012% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021 | 4,223,292 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 2.210% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,748,110 |
13,000,000 | 1 | University of Pittsburgh, Pitt Asset Notes—Higher Education Registered Series of 2019 FRNs, 1.970% (SIFMA 7-day +0.360%), 2/15/2024 | 13,025,740 |
TOTAL | 253,245,533 | ||
South Carolina—2.0% | |||
2,500,000 | 1 | Charleston, SC Waterworks and Sewer System, Capital Improvement Revenue Bonds (Series 2006B) FRNs, 1.633% (3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 1/1/2022 | 2,503,400 |
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 2.000% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 25,151,500 |
4,500,000 | 2 | South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 4,502,745 |
24,885,000 | 1 | South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B) FRNs, 1.595% (1-month USLIBOR x 0.67 +0.450%), Mandatory Tender 10/1/2022 | 24,911,876 |
TOTAL | 57,069,521 | ||
Tennessee—0.2% | |||
4,500,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 5,173,965 | |
Texas—10.6% | |||
5,000,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2020 | 5,163,250 | |
2,695,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2021 | 2,883,434 | |
2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | 2,758,550 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,425,339 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,966,712 | |
5,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%, Mandatory Tender 1/7/2021 | 5,086,400 | |
4,000,000 | Cypress-Fairbanks, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017A-2) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.250%, Mandatory Tender 8/15/2022 | 3,993,640 | |
5,000,000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.350%, Mandatory Tender 8/2/2021 | 5,005,450 | |
15,000,000 | Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 15,421,950 | |
4,465,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 4,523,358 | |
6,875,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 6,978,813 | |
4,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022 | 4,660,020 | |
13,625,000 | Goose Creek, TX ISD, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.000%, Mandatory Tender 10/1/2020 | 13,796,947 | |
2,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.360% (SIFMA 7-day +0.750%), 6/1/2020 | 2,003,420 |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 2.440% (SIFMA 7-day +0.830%), 6/1/2021 | 3,735,562 |
20,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2015B) FRNs, 1.985% (SIFMA 7-day +0.375%), Mandatory Tender 4/1/2021 | 20,000,800 |
9
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$10,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2015-3) FRNs, 2.077% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 6/1/2020 | $10,003,500 |
3,000,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | 3,312,330 | |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-1) FRNs, 2.030% (SIFMA 7-day +0.420%), Mandatory Tender 12/1/2022 | 4,999,950 |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 1.840% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 5,000,000 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2012A) FRNs, 2.510% (SIFMA 7-day +0.900%), Mandatory Tender 5/1/2020 | 5,001,550 |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, 1.614% (1-month USLIBOR x 0.70 +0.360%), Mandatory Tender 8/1/2021 | 5,005,050 |
7,000,000 | Houston, TX Independent School District, Variable Rate Limited Tax Schoolhouse Bonds (Series 2014A-2) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.250%, Mandatory Tender 6/1/2022 | 7,178,920 | |
6,400,000 | 1 | Katy, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2015C) FRNs, (Texas Permanent School Fund Guarantee Program GTD), 1.463% (1-month USLIBOR x 0.67 +0.280%), Mandatory Tender 8/16/2021 | 6,399,168 |
1,340,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2021 | 1,410,296 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2022 | 1,087,370 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,123,510 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,203,842 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,211,729 | |
5,500,000 | Mansfield, TX Independent School District, UT GO School Building Bonds (Series 2012) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/1/2021 | 5,600,100 | |
7,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), Pollution Control Revenue Refunding Bonds (Series 1996) TOBs, 1.750%, Mandatory Tender 9/1/2020 | 7,012,810 | |
19,500,000 | Mission, TX Economic Development Corp. (Republic Services, Inc.) TOBs, 1.450%, Mandatory Tender 2/3/2020 | 19,499,805 | |
10,000,000 | 1 | Mission, TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018) FRNs, 2.410% (SIFMA 7-day +0.800%), Mandatory Tender 11/1/2021 | 10,014,400 |
3,675,000 | Pflugerville, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.250%, Mandatory Tender 8/15/2022 | 3,765,295 | |
4,000,000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, Mandatory Tender 5/1/2024 | 4,208,880 | |
5,000,000 | Spring Branch, TX Independent School District, Unlimited Tax Schoolhouse Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.550%, Mandatory Tender 6/15/2021 | 5,013,850 | |
5,000,000 | Texas State Transportation Commission (Central Texas Turnpike System), First Tier Revenue Refunding Put Bonds (Series 2015-A) TOBs, 5.000%, Mandatory Tender 4/1/2020 | 5,044,400 | |
90,000,000 | Texas State, (Series 2019) TRANs, 4.000%, 8/27/2020 | 91,680,300 | |
TOTAL | 307,180,700 | ||
Vermont—0.6% | |||
16,000,000 | Vermont EDA (B.C. Campus Holdings LLC), Bennington College Real Estate Project (Series 2017) BANs, 2.000%, 7/1/2020 | 15,989,600 | |
Virginia—1.4% | |||
6,705,000 | Amelia County, VA IDA (Waste Management, Inc.), (Series 2002) TOBs, 2.125%, Mandatory Tender 4/1/2020 | 6,715,393 | |
13,000,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 14,735,500 | |
3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 3,040,830 | |
4,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.800%, Mandatory Tender 4/1/2022 | 4,523,715 | |
5,000,000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003) TOBs, 1.700%, Mandatory Tender 10/1/2022 | 4,994,100 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,570,785 | |
TOTAL | 39,580,323 |
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Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—1.0% | |||
$5,000,000 | Grant County, WA Public Utilities District NO. 2: Electric System, Electric System Revenue Refunding Bonds (Series 2017N) TOBs, 2.000%, Mandatory Tender 12/2/2020 | $5,017,000 | |
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 2.100% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 5,019,250 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,834,550 | |
10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 2.301% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 10,116,000 |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 2.660% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 7,121,380 |
TOTAL | 30,108,180 | ||
West Virginia—0.1% | |||
2,500,000 | Roane County, WV Building Commission (Roane General Hospital), Lease Revenue Bond Anticipation Notes (Series 2019), 2.550%, 11/1/2021 | 2,513,425 | |
Wisconsin—0.2% | |||
4,500,000 | Wisconsin State HEFA (Tomah Memorial Hospital, Inc.), Revenue and Bond Anticipation Notes (Series 2017A), 2.650%, 11/1/2020 | 4,501,710 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $2,487,852,169) | 2,496,110,494 | ||
1 | SHORT-TERM MUNICIPALS—15.8% | ||
Alabama—0.2% | |||
150,000 | Bessemer, AL IDB (Hardwick Co., Inc.), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 1.750%, 1/2/2020 | 150,000 | |
4,200,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 1.720%, 1/1/2020 | 4,200,000 | |
TOTAL | 4,350,000 | ||
California—3.5% | |||
25,000,000 | California Statewide Communities Development Authority, SPEARS 3a7 (Series DBE-8014) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.960%, 1/2/2020 | 25,000,000 | |
75,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDNs, 1.910%, 1/1/2020 | 75,000,000 | |
TOTAL | 100,000,000 | ||
Florida—0.3% | |||
8,100,000 | Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 1.770%, 1/1/2020 | 8,100,000 | |
Georgia—0.6% | |||
5,440,000 | Bartow County, GA Development Authority (Somerset Cove Apartments, LP), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 2.040%, 1/2/2020 | 5,440,000 | |
2,675,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.730%, 1/1/2020 | 2,675,000 | |
10,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.770%, 1/1/2020 | 10,000,000 | |
TOTAL | 18,115,000 | ||
Kansas—0.4% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 1.750%, 1/1/2020 | 5,000,000 | |
6,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 1.750%, 1/1/2020 | 6,000,000 | |
TOTAL | 11,000,000 | ||
Michigan—0.3% | |||
7,575,000 | Detroit, MI City School District, Tender Option Bond Trust Receipts (2015-XF0241) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(TD Bank, N.A. LIQ), 1.860%, 1/2/2020 | 7,575,000 | |
Multi State—2.2% | |||
10,000,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.910%, 1/2/2020 | 10,000,000 | |
22,500,000 | Invesco Trust for Investment Grade Municipals, Putters 3a-7 (VMTP 5028) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.910%, 1/2/2020 | 22,500,000 | |
16,100,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 1.960%, 1/1/2020 | 16,100,000 | |
15,000,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D Weekly VRDPs, 1.960%, 1/1/2020 | 15,000,000 | |
TOTAL | 63,600,000 |
11
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New Jersey—0.4% | |||
$11,515,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 1.570%, 1/3/2020 | $11,515,000 | |
New York—1.5% | |||
1,300,000 | New York City, NY Transitional Finance Authority, (Fiscal 2015 Subseries E-3) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.670%, 1/1/2020 | 1,300,000 | |
8,000,000 | New York City, NY Transitional Finance Authority, Future Tax Secured subseries C-4) Daily VRDNs, (Barclays Bank PLC LIQ), 1.650%, 1/1/2020 | 8,000,000 | |
3,200,000 | New York City, NY, (Series B-3) Weekly VRENs, 1.750%, 1/1/2020 | 3,200,000 | |
31,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) Munifund Preferred Shares Weekly VRDNs, 1.910%, 1/1/2020 | 31,500,000 | |
TOTAL | 44,000,000 | ||
Ohio—0.2% | |||
5,000,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 1.770%, 1/2/2020 | 5,000,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 1.820%, 1/2/2020 | 500,000 | |
TOTAL | 5,500,000 | ||
Pennsylvania—1.2% | |||
34,795,000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Variable Rate Remarketed Obligations (Series 2015B) Weekly VRENs, 1.780%, 1/2/2020 | 34,795,000 | |
Texas—3.1% | |||
3,100,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) Daily VRDNs, 1.680%, 1/1/2020 | 3,100,000 | |
44,200,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 1.890%, 1/1/2020 | 44,200,000 | |
8,200,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.700%, 1/1/2020 | 8,200,000 | |
11,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.700%, 1/1/2020 | 11,500,000 | |
1,175,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.700%, 1/1/2020 | 1,175,000 | |
7,350,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 1.830%, 1/1/2020 | 7,350,000 | |
5,600,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 1.700%, 1/1/2020 | 5,600,000 | |
10,000,000 | Trinity River, TX Public Facilities Authority (Patriot Pointe LP), Tender Option Bond Trust Certificates (Series 2019-XF1083) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.960%, 1/2/2020 | 10,000,000 | |
TOTAL | 91,125,000 | ||
Utah—0.3% | |||
10,000,000 | Utah State Housing Corporation (Triview Apartment Associates II, LLC), Tender Option Bond Trust Certificates (Series 2019-XF1081) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.960%, 1/2/2020 | 10,000,000 | |
Virginia—0.3% | |||
10,000,000 | Farmville, VA IDA (Longwood University Real Estate Foundation, Inc.), SPEARS (Series DBE-8039) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.960%, 1/2/2020 | 10,000,000 | |
Wisconsin—1.3% | |||
38,030,000 | Public Finance Authority, WI Special Facilities (Austin FBO LLC), Golden Blue 3a7 (Series 2018-015) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.110%, 1/2/2020 | 38,030,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $457,705,000) | 457,705,000 | ||
TOTAL INVESTMENT IN SECURITIES—101.8% (IDENTIFIED COST $2,945,680,376) | 2,953,815,494 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.8)%3 | (51,435,665) | ||
TOTAL NET ASSETS—100% | $2,902,379,829 |
Securities that are subject to the federal alternative minimum tax (AMT) represent 18.3% of the Fund's portfolio as calculated based upon total market value.
12
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2019, these restricted securities amounted to $48,574,105, which represented 1.7% of total net assets. |
Additional information on restricted securities held at December 31, 2019, is as follows:
Security | Acquisition Date | Acquisition Cost | Market Value |
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 2.300%, Mandatory Tender 2/3/2020 | 11/1/2019 | $40,000,000 | $39,999,600 |
South Carolina Jobs-EDA (Royal Live Oaks Academy), Economic Development Revenue Notes (Series 2018A), 3.000%, 8/1/2020 | 5/30/2018 | $4,500,000 | $4,502,745 |
Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | 6/1/2018 | $4,000,000 | $4,071,760 |
3 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at December 31, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Directors (the “Directors”). |
■ | 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 Directors. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Directors have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Directors. The Directors periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
13
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Directors.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of December 31, 2019, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
AMT | —Alternative Minimum Tax |
ARNs | —Auction Rate Notes |
BANs | —Bond Anticipation Notes |
CSD | —Central School District |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
ISD | —Independent School District |
LIBOR | —London Interbank Offered Rates |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PUTTERs | —Puttable Tax-Exempt Receipts |
RANs | —Revenue Anticipation Notes |
SFH | —Single Family Housing |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TANs | —Tax Anticipation Notes |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VMTP | —Variable Rate Municipal Term Preferred |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
14