Federated Hermes Municipal Ultrashort Fund
Portfolio of Investments
June 30, 2022 (unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS—58.1% | |||
Alabama—4.1% | |||
$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 | $1,516,372 | |
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), 1.611% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,319,291 |
4,000,000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No. 7 (Series 2021C-1) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2026 | 4,048,423 | |
25,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No. 7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. GTD), 1.260% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026 | 24,295,525 |
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 | 3,560,958 | |
5,250,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 4,962,309 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 1.561% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 29,561,712 |
TOTAL | 90,264,590 | ||
Arizona—1.1% | |||
4,500,000 | 1 | Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 1.160% (SIFMA 7-day +0.250%), Mandatory Tender 11/4/2026 | 4,376,280 |
5,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 5,232,568 | |
4,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017A) TOBs, 1.875%, Mandatory Tender 3/31/2023 | 3,988,848 | |
10,000,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 2.000%, Mandatory Tender 8/1/2022 | 9,998,919 | |
TOTAL | 23,596,615 | ||
California—2.4% | |||
7,250,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 1.190% (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024 | 7,211,069 |
9,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 1.360% (SIFMA 7-day +0.450%), Mandatory Tender 4/1/2026 | 8,816,650 |
7,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) FRNs, 1.210% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027 | 6,767,330 |
7,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018D) FRNs, 1.260% (SIFMA 7-day +0.350%), Mandatory Tender 8/1/2024 | 6,916,062 |
6,750,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021B) FRNs, 1.610% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026 | 6,655,732 |
2,000,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 1,858,223 |
3,700,000 | California State Pollution Control Financing Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.600%, Mandatory Tender 9/1/2023 | 3,633,082 | |
1,670,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2024 | 1,782,715 | |
1,250,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2025 | 1,364,209 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2025 | 1,260,185 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2026 | 1,281,796 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 1,924,353 | |
2,730,000 | Western Placer, CA Unified School District, Community Facilities District No. 2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,640,810 | |
TOTAL | 52,112,216 |
1
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—0.4% | |||
$5,600,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 1.211% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | $5,580,943 |
4,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2021B) FRNs, 1.362% (SOFR x 0.67 +0.350%), Mandatory Tender 9/1/2024 | 3,944,666 |
TOTAL | 9,525,609 | ||
Connecticut—1.6% | |||
675,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2023 | 693,233 | |
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2024 | 1,053,343 | |
850,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2025 | 915,561 | |
1,200,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026 | 1,318,320 | |
3,400,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2027 | 3,799,582 | |
4,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory Tender 2/9/2024 | 3,873,420 | |
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 4,933,021 | |
5,160,000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory Tender 11/15/2023 | 5,006,001 | |
7,500,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2023 | 7,782,480 | |
2,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2024 | 2,124,468 | |
1,000,000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2025 | 1,085,504 | |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.810% (SIFMA 7-day +0.900%), 3/1/2023 | 1,501,866 |
200,000 | West Haven, CT, 4.000%, 9/15/2022 | 200,990 | |
TOTAL | 34,287,789 | ||
Florida—1.2% | |||
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 756,094 | |
2,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2023 | 2,806,726 | |
1,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2025 | 1,825,335 | |
1,000,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2027 | 1,093,644 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2023 | 2,590,951 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | 2,639,194 | |
1,250,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | 1,344,320 | |
2,800,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2008), 0.400%, 8/1/2023 | 2,742,891 | |
11,500,000 | 1 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018B) FRNs, 1.285% (SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024 | 11,081,026 |
TOTAL | 26,880,181 | ||
Georgia—2.3% | |||
6,700,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (Fifth Series 1994) TOBs, 2.150%, Mandatory Tender 6/13/2024 | 6,568,704 | |
10,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (First Series 2012) TOBs, 1.550%, Mandatory Tender 8/19/2022 | 9,989,381 | |
6,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (Second Series 2012) TOBs, 1.700%, Mandatory Tender 8/22/2024 | 5,810,729 | |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.461% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 21,841,325 |
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 | 3,084,365 |
2
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$400,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2022 | $402,321 | |
725,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023 | 734,671 | |
700,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024 | 711,215 | |
1,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | 1,017,355 | |
1,100,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026 | 1,118,155 | |
TOTAL | 51,278,221 | ||
Illinois—2.6% | |||
1,300,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2022 | 1,318,277 | |
1,350,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2023 | 1,407,523 | |
3,600,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2022 | 3,632,935 | |
2,500,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2023 | 2,570,892 | |
3,100,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2025 | 3,245,867 | |
3,625,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2024 | 3,781,592 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,072,501 | |
2,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2023 | 2,060,684 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,231,736 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020B), 5.375%, 5/1/2023 | 2,046,788 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2023 | 2,541,978 | |
3,000,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2024 | 3,108,391 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2023 | 8,587,821 | |
6,550,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2024 | 6,681,401 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,020,554 | |
TOTAL | 57,308,940 | ||
Indiana—0.8% | |||
100,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, (United States Treasury PRF), 2.000%, Mandatory Tender 2/1/2023 | 100,125 | |
5,900,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023 | 5,902,368 | |
6,745,000 | 1 | Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 1.210% (SIFMA 7-day +0.300%), Mandatory Tender 3/1/2027 | 6,566,073 |
2,000,000 | Rockport, IN PCR (American Electric Power Co., Inc.), PCR Refunding Bonds (Series 1995A) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 1,999,405 | |
2,250,000 | Rockport, IN PCR (American Electric Power Co., Inc.), PCR Refunding Bonds (Series 1995B) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 2,249,331 | |
TOTAL | 16,817,302 | ||
Iowa—0.3% | |||
3,000,000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project (Series 2021) TOBs, (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024 | 2,981,757 | |
3,500,000 | 1 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 1.614% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | 3,314,774 |
TOTAL | 6,296,531 | ||
Kentucky—1.2% | |||
3,500,000 | Kentucky Housing Corp. (Cambridge Preservation LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, (United States Treasury GTD), 0.300%, Mandatory Tender 2/1/2024 | 3,365,586 | |
2,500,000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,457,621 | |
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 | 8,095,975 | |
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 | 5,066,657 |
3
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kentucky—continued | |||
$5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2020A) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 6/1/2026 | $5,060,283 | |
2,500,000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2021A), 0.400%, 5/1/2023 | 2,447,086 | |
TOTAL | 26,493,208 | ||
Louisiana—1.1% | |||
5,000,000 | Louisiana Local Government Environmental Facilities Community Development Authority (East Baton Rouge Sewerage Commission), Subordinate Lien Multi-Modal Revenue Refunding Bonds (Series 2020B) TOBs, 0.875%, Mandatory Tender 2/1/2025 | 4,555,935 | |
2,000,000 | Louisiana Stadium and Exposition District, BANs (Series 2021), 4.000%, 7/3/2023 | 2,025,841 | |
5,025,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory Tender 5/1/2023 | 4,899,740 | |
6,885,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-1) TOBs, 2.125%, Mandatory Tender 7/1/2024 | 6,660,910 | |
6,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 2.000%, Mandatory Tender 4/1/2023 | 5,928,764 | |
TOTAL | 24,071,190 | ||
Massachusetts—1.7% | |||
2,156,700 | Bondsville Fire and Water District, MA BANs, 1.000%, 9/9/2022 | 2,154,336 | |
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,552,371 | |
12,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 1.410% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 11,949,472 |
5,700,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 5,922,294 | |
3,250,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 1.510% (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026 | 3,226,604 |
2,225,000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,223,590 | |
8,457,000 | Metrowest Regional Transit Authority, MA RANs, 1.000%, 9/16/2022 | 8,447,588 | |
TOTAL | 37,476,255 | ||
Michigan—0.7% | |||
2,000,000 | Michigan State Finance Authority Revenue (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022A), 5.000%, 4/15/2024 | 2,099,208 | |
1,000,000 | Michigan State Finance Authority Revenue (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022A), 5.000%, 4/15/2025 | 1,073,585 | |
3,125,000 | 1 | Michigan State Finance Authority Revenue (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds (Series 2022C) FRNs, 1.660% (SIFMA 7-day +0.750%), Mandatory Tender 4/15/2027 | 3,124,995 |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2023 | 760,050 | |
760,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2024 | 789,217 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 525,373 | |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,396,732 | |
TOTAL | 14,769,160 | ||
Minnesota—0.5% | |||
5,000,000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes (Series 2022), 2.625%, 12/1/2023 | 5,000,537 | |
6,895,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 1.340% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 6,887,138 |
TOTAL | 11,887,675 | ||
Missouri—0.5% | |||
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 | 9,989,266 |
4
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Montana—0.7% | |||
$11,825,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 1.460% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | $11,827,276 |
2,800,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 1.360% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 2,803,783 |
TOTAL | 14,631,059 | ||
Nebraska—0.7% | |||
5,000,000 | 1 | Douglas County, NE (Creighton University, NE), Educational Facilities Revenue Refunding Bonds (Series 2021B) FRNs, 1.440% (SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026 | 5,008,082 |
10,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | 9,842,313 | |
TOTAL | 14,850,395 | ||
Nevada—0.8% | |||
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,159,380 | |
5,000,000 | Clark County, NV Pollution Control (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017) TOBs, 1.650%, Mandatory Tender 3/31/2023 | 4,977,870 | |
500,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2023 | 505,850 | |
1,450,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2025 | 1,482,016 | |
550,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2026 | 603,857 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 6,805,711 | |
TOTAL | 16,534,684 | ||
New Hampshire—0.3% | |||
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 | 1,473,580 | |
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 | 3,929,515 | |
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 | 1,964,757 | |
TOTAL | 7,367,852 | ||
New Jersey—3.0% | |||
2,600,000 | Camden, NJ BANs, 1.000%, 8/10/2022 | 2,598,615 | |
5,004,000 | Garwood, NJ BANs, 1.250%, 11/4/2022 | 4,997,281 | |
2,044,783 | Netcong, NJ BANs, 1.500%, 7/8/2022 | 2,044,793 | |
7,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020B) TOBs, 1.200%, Mandatory Tender 6/1/2023 | 6,927,087 | |
3,100,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), 0.850%, 12/1/2025 | 2,866,568 | |
2,250,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2025 | 2,371,029 | |
2,500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2026 | 2,668,495 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2023 | 5,091,542 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2024 | 5,253,163 | |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 1.493% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,003,938 |
7,000,000 | Newark, NJ, (Series E) BANs, 1.250%, 10/3/2022 | 6,999,506 | |
630,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 651,425 | |
750,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 791,254 | |
650,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2022 | 655,026 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 413,603 |
5
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2022 | $403,093 | |
TOTAL | 64,736,418 | ||
New Mexico—1.0% | |||
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 | 1,006,827 | |
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 | 1,116,061 | |
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 | 1,173,388 | |
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 | 1,638,341 | |
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 | 1,730,892 | |
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 | 3,835,484 | |
3,300,000 | 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 | 3,477,337 | |
5,000,000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010C) TOBs, 1.150%, Mandatory Tender 6/4/2024 | 4,817,416 | |
3,000,000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, Mandatory Tender 6/1/2023 | 2,954,986 | |
TOTAL | 21,750,732 | ||
New York—6.6% | |||
16,500,000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds (Series 2020) TOBs, 1.300%, Mandatory Tender 4/3/2023 | 16,290,070 | |
2,000,000 | Clayton, NY, (Series A) BANs, 1.500%, 11/29/2022 | 1,998,399 | |
4,971,000 | Endicott, NY BANs, 1.000%, 8/25/2022 | 4,967,339 | |
2,140,000 | Greenbush North Castle, NY UFSD RANs, 1.000%, 9/16/2022 | 2,137,574 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (USLIBOR Floating Rate Tender Notes) FRNs, 1.493% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 11,997,136 |
17,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 16,692,468 | |
15,000,000 | Massena, NY CSD BANs, 4.000%, 6/29/2023 | 15,160,571 | |
7,125,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 1.342% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 6,936,980 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 1.261% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 27,902,529 |
250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2022 | 252,645 | |
2,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2024 | 2,609,776 | |
1,750,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2022 | 1,770,302 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2024 | 1,052,704 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,068,682 | |
12,000,000 | Orange and Ulster Counties BOCES, NY RANs, 1.000%, 7/22/2022 | 11,996,838 | |
15,000,000 | Owego-Apalachin, NY CSD BANs, 4.000%, 6/28/2023 | 15,163,562 | |
5,690,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 1.398% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024 | 5,563,943 |
TOTAL | 143,561,518 | ||
North Carolina—1.1% | |||
4,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate Health Care Revenue Bonds (Series 2018E) TOBs, 0.800%, Mandatory Tender 10/31/2025 | 3,783,806 |
6
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$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 | $829,264 | |
1,000,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 945,202 | |
2,220,000 | North Carolina State, Limited Obligation Bonds (Series 2022A), 4.000%, 5/1/2024 | 2,302,549 | |
2,000,000 | North Carolina State, Limited Obligation Bonds (Series 2022A), 5.000%, 5/1/2025 | 2,157,686 | |
13,635,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019B) FRNs, 1.662% (SOFR x 0.67 +0.650%), Mandatory Tender 6/1/2025 | 13,514,478 |
TOTAL | 23,532,985 | ||
North Dakota—0.6% | |||
10,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | 9,542,975 | |
4,000,000 | 1 | North Dakota State HFA, Housing Finance Program Bonds (Series 2019B) FRNs, 1.110% (SIFMA 7-day +0.200%), Mandatory Tender 7/1/2024 | 3,999,355 |
TOTAL | 13,542,330 | ||
Ohio—0.9% | |||
2,000,000 | Harrison, OH BANs, 2.000%, 10/25/2022 | 2,001,265 | |
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 | 8,390,555 | |
4,725,000 | Ohio HFA Multifamily Housing (Seton Square North, OH), Revenue Bonds (Series 2021A) TOBs, (United States Treasury COL), 0.400%, Mandatory Tender 4/1/2023 | 4,651,913 | |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 1/15/2025 | 4,255,875 | |
1,000,000 | Ohio Water Development Authority (Waste Management, Inc.), Solid Waste Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,004,109 | |
TOTAL | 20,303,717 | ||
Oklahoma—0.1% | |||
1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 1,583,154 | |
Oregon—0.4% | |||
530,000 | Clackamas County, OR Hospital Facilities Authority (Rose Villa, Inc.), Senior Living Revenue Bonds TEMPS-50 (Series 2020B-2), 2.750%, 11/15/2025 | 515,190 | |
1,780,000 | Clackamas County, OR Hospital Facilities Authority (Rose Villa, Inc.), Senior Living Revenue Bonds TEMPS-85 (Series 2020B-1), 3.250%, 11/15/2025 | 1,725,274 | |
3,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027 | 2,651,634 | |
1,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028 | 863,608 | |
3,500,000 | Oregon State Housing and Community Services Department (Westwind Apartments), Housing Development Revenue Bonds (Series 2021H) TOBs, (United States Treasury GTD), 0.250%, Mandatory Tender 3/1/2023 | 3,449,184 | |
TOTAL | 9,204,890 | ||
Pennsylvania—6.5% | |||
5,500,000 | 1 | Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) FRNs, 1.347% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027 | 5,308,315 |
2,495,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021A) FRNs, 1.368% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 2,396,308 |
3,500,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021B) FRNs, 1.368% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 3,361,554 |
15,000,000 | 1 | Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 1.502% (SOFR x 0.67 +0.490%), Mandatory Tender 3/1/2027 | 14,253,720 |
10,490,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 1.490% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 10,475,677 |
5,450,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), PCR Refunding Bonds (Series 2016B) TOBs, 1.800%, Mandatory Tender 8/15/2022 | 5,446,995 | |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 1.370% (SIFMA 7-day +0.460%), 11/1/2023 | 1,199,690 |
7
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.783% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | $4,016,790 |
10,000,000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), PCR Refunding Bonds (Series 2008), 0.400%, 10/1/2023 | 9,714,328 | |
10,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 1.900%, Mandatory Tender 7/1/2022 | 10,000,000 | |
4,900,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.580%, Mandatory Tender 8/1/2024 | 4,568,030 | |
9,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 1.310% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | 8,690,342 |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 1.736% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,019,716 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 1.610% (SIFMA 7-day +0.700%), 12/1/2023 | 5,002,826 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 1.510% (SIFMA 7-day +0.600%), 12/1/2023 | 10,002,833 |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,329,868 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 785,786 | |
17,500,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 1.560% (SIFMA 7-day +0.650%), Mandatory Tender 12/1/2023 | 17,508,745 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 1.510% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,727,488 |
13,000,000 | 1 | University of Pittsburgh, Pitt Asset Notes—Higher Education Registered Series of 2019 FRNs, 1.270% (SIFMA 7-day +0.360%), 2/15/2024 | 13,036,123 |
TOTAL | 140,845,134 | ||
South Carolina—1.2% | |||
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.571% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 24,765,303 |
1,250,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 1/1/2024 | 1,283,927 | |
TOTAL | 26,049,230 | ||
Tennessee—0.8% | |||
16,200,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 16,897,543 | |
Texas—7.8% | |||
3,000,000 | Alvin, TX Independent School District, Variable Rate Unlimited Tax Schoolhouse Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023 | 2,956,946 | |
19,000,000 | Arlington, TX Higher Education Finance Corp. (Basis Schools, Inc. Obligated Group), (Series 2021-MS0002) TOBs, (Morgan Stanley LIQ)/(Morgan Stanley LOC), 1.110%, Optional Tender 8/4/2022 | 19,000,000 | |
2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | 2,527,538 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,210,330 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,589,999 | |
5,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 5,214,124 | |
4,000,000 | Clear Creek, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.280%, Mandatory Tender 8/15/2024 | 3,769,542 | |
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 | 3,999,654 | |
5,000,000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.250%, Mandatory Tender 8/1/2023 | 4,920,300 | |
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 | 4,373,251 | |
3,600,000 | El Paso, TX Independent School District, Variable Rate Maintenance Tax Notes (Series 2020) TOBs, 2.000%, Mandatory Tender 8/1/2023 | 3,583,418 | |
5,710,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 5,710,348 | |
3,975,000 | Fort Bend, TX Independent School District, Variable Rate Unlimited Tax School Building and Refunding Bonds (Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025 | 3,785,317 |
8
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$3,495,000 | 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 | $3,498,567 | |
1,005,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (United States Treasury PRF 8/1/2022@100), 2.750%, Mandatory Tender 8/1/2022 | 1,006,055 | |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage Revenue Refunding Bonds (Series 2019A) FRNs, 1.393% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 5,014,524 |
3,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, (United States Treasury PRF 9/1/2022@100.884), 5.000%, Mandatory Tender 12/1/2022 | 3,017,296 | |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 1.480% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 4,985,082 |
3,500,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-1) TOBs, (United States Treasury PRF 9/1/2022@101.16), 5.000%, Mandatory Tender 12/1/2022 | 3,520,179 | |
6,300,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-3) TOBs, 5.000%, Mandatory Tender 12/1/2026 | 6,873,016 | |
4,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, 0.900%, Mandatory Tender 5/15/2025 | 3,932,784 | |
2,750,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2022C) FRNs, 1.760% (SIFMA 7-day +0.850%), Mandatory Tender 12/1/2026 | 2,749,994 |
7,500,000 | Houston, TX Independent School District, Variable Rate Limited Tax Schoolhouse Bonds (Series 2022) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.500%, Mandatory Tender 6/1/2025 | 7,637,416 | |
3,750,000 | Hutto, TX Independent School District, Unlimited Tax School Building Bonds (Series 2017) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025 | 3,703,810 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,026,577 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,093,660 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,093,694 | |
3,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Central Power and Light Company Project) (Series 1996) TOBs, 0.900%, Mandatory Tender 9/1/2023 | 2,949,895 | |
8,695,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2023 | 8,710,839 | |
2,650,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2023 | 2,654,827 | |
1,120,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2052 | 1,121,566 | |
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 | 3,678,533 | |
14,985,000 | Ponder, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2021) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2024 | 14,575,039 | |
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 | 3,995,138 | |
2,250,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2023 | 2,315,219 | |
2,500,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2025 | 2,628,184 | |
11,000,000 | Texas State Department of Housing & Community Affairs (THF Park at Kirkstall Apartments, LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, 0.650%, Mandatory Tender 12/1/2024 | 10,404,182 | |
2,675,000 | Tomball, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014B-1) TOBs, 0.450%, Mandatory Tender 8/15/2023 | 2,636,611 | |
TOTAL | 170,463,454 | ||
Utah—0.1% | |||
1,500,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2023 | 1,549,821 | |
Virginia—1.0% | |||
3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 2,977,613 |
9
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$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 | $4,996,601 | |
4,000,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2022 | 4,011,486 | |
5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2009A) TOBs, 0.750%, Mandatory Tender 9/2/2025 | 4,606,631 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,458,958 | |
TOTAL | 22,051,289 | ||
Washington—1.3% | |||
5,000,000 | 1 | King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 1.140% (SIFMA 7-day +0.230%), Mandatory Tender 1/1/2027 | 4,896,977 |
9,250,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2021B) FRNs, 1.160% (SIFMA 7-day +0.250%), Mandatory Tender 11/1/2026 | 9,141,842 |
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 1.400% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 5,003,976 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,587,326 | |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.960% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 7,017,205 |
TOTAL | 28,647,326 | ||
West Virginia—0.2% | |||
5,500,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Bonds (Series 2011A) TOBs, 1.000%, Mandatory Tender 9/1/2025 | 4,986,764 | |
Wisconsin—0.5% | |||
10,375,000 | 1 | Wisconsin State, UT GO Bonds (Series 2022A) FRNs, 1.400% (SIFMA 7-day +0.420%), 5/1/2025 | 10,375,002 |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,288,365,211) | 1,266,520,045 | ||
1 | SHORT-TERM MUNICIPALS—41.9% | ||
Arizona—1.1% | |||
23,000,000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.160%, 7/7/2022 | 23,000,000 | |
Arkansas—0.3% | |||
5,800,000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 1.070%, 7/6/2022 | 5,800,000 | |
California—3.7% | |||
4,000,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Weekly VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 1.110%, 7/7/2022 | 4,000,000 | |
8,000,000 | Los Angeles, CA Multi-Family Housing Revenue Bonds (CORE Related/GALA Rentals, LP), SPEARs 3a7 (Series DBE-8081) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.380%, 7/7/2022 | 8,000,000 | |
12,400,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 1.480%, 7/1/2022 | 12,400,000 | |
7,000,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.070%, 7/1/2022 | 7,000,000 | |
42,490,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), SPEARs 3a7 (Series DBE-8059) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.310%, 7/7/2022 | 42,490,000 | |
3,730,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Certificates (Series 2017-XF2462) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.110%, 7/7/2022 | 3,730,000 | |
4,000,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (2018-XF0704) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.110%, 7/7/2022 | 4,000,000 | |
TOTAL | 81,620,000 | ||
Florida—0.4% | |||
3,970,000 | Hillsborough County, FL HFA (Hillsborough FL TC, LP), SPEARs 3a-7 (Series DBE-8083) VRDNs, (Deutsche Bank AG LIQ)/ (Deutsche Bank AG LOC), 1.310%, 7/7/2022 | 3,970,000 | |
5,385,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.310%, 7/7/2022 | 5,385,000 | |
TOTAL | 9,355,000 |
10
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—1.1% | |||
$9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.050%, 7/7/2022 | $9,750,000 | |
8,915,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.050%, 7/7/2022 | 8,915,000 | |
4,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.060%, 7/6/2022 | 4,250,000 | |
TOTAL | 22,915,000 | ||
Idaho—0.7% | |||
15,885,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 1.120%, 7/6/2022 | 15,885,000 | |
Indiana—1.3% | |||
27,500,000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 1.250%, 7/6/2022 | 27,500,000 | |
Kansas—0.2% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 1.050%, 7/6/2022 | 5,000,000 | |
Kentucky—1.2% | |||
5,000,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 1.120%, 7/1/2022 | 5,000,000 | |
20,350,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 0.950%, 7/1/2022 | 20,350,000 | |
TOTAL | 25,350,000 | ||
Louisiana—3.3% | |||
10,000,000 | Calcasieu Parish, LA Public Trust Authority (Le Jolliet LP), SPEARs 3a7 (Series DBE-8060) VRDNs, (Deutsche Bank AG LIQ)/ (Deutsche Bank AG LOC), 1.310%, 7/7/2022 | 10,000,000 | |
8,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 1.150%, 7/6/2022 | 8,200,000 | |
53,900,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 1.100%, 7/6/2022 | 53,900,000 | |
TOTAL | 72,100,000 | ||
Mississippi—0.8% | |||
13,190,000 | Mississippi Home Corp. (Mississippi Portfolio Partners), (Series 2022-XF-1135) Weekly VRDNs, (Deutsche Bank AG LIQ)/ (Deutsche Bank AG LOC), 1.160%, 7/7/2022 | 13,190,000 | |
4,000,000 | Mississippi Home Corp. (Shady Lane Group LP), Tender Option Bond Trust Floater Certificates (Series 2022-XF1134) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.230%, 7/7/2022 | 4,000,000 | |
TOTAL | 17,190,000 | ||
Multi State—7.4% | |||
9,300,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.090%, 7/1/2022 | 9,300,000 | |
9,300,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.090%, 7/1/2022 | 9,300,000 | |
25,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) Weekly VRDPs, 1.410%, 7/1/2022 | 25,000,000 | |
57,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 1.410%, 7/1/2022 | 57,000,000 | |
46,975,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D MuniFund Preferred Shares Weekly VRDPs, 1.410%, 7/1/2022 | 46,975,000 | |
12,355,000 | Nuveen Muni High Income Opportunity Fund, SPEARs 3a7 (Series DBE-8084) Weekly VRDNs, (Deutsche Bank AG LIQ)/ (Deutsche Bank AG LOC), 1.140%, 7/7/2022 | 12,355,000 | |
1,300,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.090%, 7/1/2022 | 1,300,000 | |
TOTAL | 161,230,000 | ||
Nevada—0.4% | |||
6,500,000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (2021-MIZ9091) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.160%, 7/7/2022 | 6,500,000 | |
3,100,000 | Nevada Housing Division (Lake Mead West AHP LP), Tender Option Bond Trust Floater Certificates (Series 2021-XF1120) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.230%, 7/7/2022 | 3,100,000 | |
TOTAL | 9,600,000 | ||
New York—3.0% | |||
4,685,000 | Metropolitan Transportation Authority, NY, (Series 2021-XM0935) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.090%, 7/7/2022 | 4,685,000 | |
17,500,000 | New York City, NY Municipal Water Finance Authority, (Series 2022D) Weekly VRENs, 1.230%, 7/1/2022 | 17,500,000 | |
21,265,000 | New York City, NY, (Series 2021-2) Weekly VRENs, 1.250%, 7/1/2022 | 21,265,000 | |
9,000,000 | New York City, NY, (Series 2021-3) Weekly VRENs, 1.190%, 7/1/2022 | 9,000,000 |
11
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$4,650,000 | New York City, NY, (Series B-3) Weekly VRENs, 1.230%, 7/1/2022 | $4,650,000 | |
2,905,000 | New York Liberty Development Corporation (4 World Trade Center LLC), Tender Option Bond Trust Receipts (Series 2021-XF1242) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.030%, 7/7/2022 | 2,905,000 | |
6,200,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 1.150%, 7/6/2022 | 6,200,000 | |
TOTAL | 66,205,000 | ||
North Carolina—1.0% | |||
17,500,000 | Hertford County, NC Industrial Facilities & Pollution Control Financing Authority (Nucor Corp.), (Series 2000B) Weekly VRDNs, 1.150%, 7/6/2022 | 17,500,000 | |
4,000,000 | Selma, NC Housing Authority Multi Family Revenue (GREH Lizzie Mill, NC TC LLC), Tender Option Bond Certificates (Series 2022-XF1133) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.230%, 7/7/2022 | 4,000,000 | |
TOTAL | 21,500,000 | ||
Ohio—1.1% | |||
735,000 | Mark Milford Hicksville, OH Joint Hospital District (Community Memorial Hospital of Hicksville), (Series 2005) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.050%, 7/1/2022 | 735,000 | |
2,190,000 | Metropolitan Nashville, TN Airport Authority (Embraer Aircraft Holding, Inc.), (Series 2005) Weekly VRDNs, (Regions Bank LOC), 1.090%, 7/1/2022 | 2,190,000 | |
8,885,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 1.180%, 7/7/2022 | 8,885,000 | |
8,500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 1.150%, 7/1/2022 | 8,500,000 | |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 1.120%, 7/1/2022 | 4,000,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 1.180%, 7/7/2022 | 500,000 | |
TOTAL | 24,810,000 | ||
Oklahoma—1.5% | |||
10,675,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRENs, 1.240%, 7/1/2022 | 10,675,000 | |
21,400,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRENs, 1.200%, 7/1/2022 | 21,400,000 | |
TOTAL | 32,075,000 | ||
Oregon—0.1% | |||
3,000,000 | Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) Weekly VRDNs, 1.100%, 7/6/2022 | 3,000,000 | |
Pennsylvania—2.6% | |||
7,065,000 | Central Bradford Progress Authority, PA (Guthrie Healthcare System, PA), (Series 2021D) Weekly VRENs, 1.260%, 7/7/2022 | 7,065,000 | |
38,850,000 | Delaware Valley, PA Regional Finance Authority, (Series C) R-Float Weekly VRDNs, 1.230%, 7/7/2022 | 38,850,000 | |
455,000 | Northampton County, PA IDA (Binney & Smith Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.120%, 7/6/2022 | 455,000 | |
9,885,000 | Pennsylvania Housing Finance Agency (Hershey Plaza, PA TC LP), SPEARs 3a7 (Series DBE-8057) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.310%, 7/7/2022 | 9,885,000 | |
TOTAL | 56,255,000 | ||
Tennessee—0.1% | |||
2,670,000 | Memphis, TN Health, Educational and Housing Facility Board (Alco Pershing Partners LP), (Series 2022-XF1136) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.160%, 7/7/2022 | 2,670,000 | |
Texas—7.4% | |||
3,000,000 | Austin, TX Affordable Public Finance Authority (LDG Belmont LP), Tender Option Bond Trust Floater Certificates (Series 2021-XF1102) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.230%, 7/7/2022 | 3,000,000 | |
4,000,000 | Austin, TX Affordable Public Finance Authority (LDG The Henderson on Reinli LP), Tender Option Bond Certificates (Series 2021-XF1119) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.160%, 7/7/2022 | 4,000,000 | |
5,500,000 | Dallas, TX Housing Finance Corp. (LDG Ridge at Lancaster LP), (Series 2021-XF1109) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.160%, 7/7/2022 | 5,500,000 | |
6,090,000 | North Central Texas HFDC (Gala at Waxahachie, LP), Tender Option Bond Trust Certificates (Series 2021-XF1099) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 1.230%, 7/7/2022 | 6,090,000 | |
14,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Fina Oil and Chemical Company), (Series 1998) Weekly VRDNs, (TotalEnergies SE GTD), 1.000%, 7/6/2022 | 14,000,000 | |
23,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 1.070%, 7/6/2022 | 23,500,000 |
12
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$5,750,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 0.950%, 7/1/2022 | $5,750,000 | |
16,815,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 0.950%, 7/1/2022 | 16,815,000 | |
8,255,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.970%, 7/1/2022 | 8,255,000 | |
67,775,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 1.150%, 7/6/2022 | 67,775,000 | |
5,475,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 1.180%, 7/6/2022 | 5,475,000 | |
TOTAL | 160,160,000 | ||
Utah—0.5% | |||
9,800,000 | 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), 1.160%, 7/7/2022 | 9,800,000 | |
Wisconsin—2.7% | |||
90,000 | La Crosse, WI IDA (GGP Inc.), (Series A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.120%, 7/7/2022 | 90,000 | |
30,625,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2020C) Weekly VRENs, 1.290%, 7/7/2022 | 30,625,000 | |
29,000,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2022A) Weekly VRENs, 1.290%, 7/7/2022 | 29,000,000 | |
TOTAL | 59,715,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $912,735,000) | 912,735,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $2,201,100,211) | 2,179,255,045 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 309,197 | ||
TOTAL NET ASSETS—100% | $2,179,564,242 |
Securities that are subject to the federal alternative minimum tax (AMT) represent 12.4% of the Fund's portfolio as calculated based upon total market value.
The average notional value of short futures contracts held by the Fund throughout the period was $27,037,012. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
1
Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At June 30, 2022, these restricted securities amounted to $1,858,223, which represented 0.1% of total net assets.
Additional information on restricted securities held at June 30, 2022 is as follows:
Security | Acquisition Date | Acquisition Cost | Value |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 05/27/2021 | $2,000,000 | $1,858,223 |
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at June 30, 2022.
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, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors.
13
◾ 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, and the actual value obtained could be materially different.
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.
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 June 30, 2022, all investments of the Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.
14
The following acronym(s) are used throughout this portfolio:
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
CSD | —Central School District |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCR | —Pollution Control Revenue |
PRF | —Pre-refunded |
PUTTERs | —Puttable Tax-Exempt Receipts |
RANs | —Revenue Anticipation Notes |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SOFR | —Secured Overnight Financing Rate |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VMTP | —Variable Rate Municipal Term Preferred |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferred(s) |
VRENs | —Variable Rate Extendible Notes |
15