United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6447
(Investment Company Act File Number)
Federated Hermes Fixed Income Securities, Inc.
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 09/30/22
Date of Reporting Period: Six months ended 03/31/22
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | R6 | FMULX |
Federated Hermes Municipal Ultrashort Fund
A Portfolio of Federated Hermes Fixed Income Securities, Inc.
Sector Composition | Percentage of Total Net Assets |
Industrial Development Bond/Pollution Control Revenue | 16.5% |
Hospital | 10.5% |
Electric & Gas | 10.4% |
General Obligation—Local | 10.4% |
Multi-Family Housing | 9.3% |
Prepaid Gas Utility | 8.0% |
Toll Road | 4.4% |
Water & Sewer | 3.6% |
Higher Education | 2.9% |
General Obligation—State | 2.6% |
Other2 | 20.9% |
Other Assets and Liabilities—Net3 | 0.5% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—54.8% | |||
Alabama—3.6% | |||
$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 | $1,430,586 | |
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 | 1,529,080 | |
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), 1.054% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,505,398 |
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 | 4,167,681 | |
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), 0.860% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026 | 24,860,598 |
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 | 3,613,219 | |
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 | 5,050,861 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 1.004% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 29,990,922 |
TOTAL | 93,148,345 | ||
Arizona—0.6% | |||
4,500,000 | 1 | Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 0.760% (SIFMA 7-day +0.250%), Mandatory Tender 11/4/2026 | 4,500,037 |
5,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 5,288,164 | |
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 | 3,998,738 | |
2,500,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), Pollution Control Revenue Refunding Bonds Palo Verde Project (Series 2003A) TOBs, 1.050%, Mandatory Tender 6/1/2022 | 2,497,498 | |
TOTAL | 16,284,437 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—2.4% | |||
$7,250,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 0.790% (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024 | $7,247,560 |
9,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 0.960% (SIFMA 7-day +0.450%), Mandatory Tender 4/1/2026 | 9,040,339 |
7,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) FRNs, 0.810% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027 | 6,941,222 |
7,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018D) FRNs, 0.860% (SIFMA 7-day +0.350%), Mandatory Tender 8/1/2024 | 6,976,810 |
6,750,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021B) FRNs, 1.210% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026 | 6,753,110 |
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 | 1,940,441 |
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 | 3,619,908 | |
3,000,000 | California State, UT GO Various Purpose Refunding Bonds, 5.000%, 3/1/2025 | 3,258,990 | |
1,670,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2024 | 1,798,994 | |
1,250,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2025 | 1,380,654 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2025 | 1,270,313 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2026 | 1,292,743 | |
5,000,000 | Southern California Public Power Authority (Power Projects), Windy Point/Windy Flats Project Revenue Refunding Bonds (Series 2020-1) Green Bonds, 5.000%, 4/1/2024 | 5,272,697 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 1,941,952 | |
2,730,000 | Western Placer, CA Unified School District, Community Facilities District No.2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,672,215 | |
TOTAL | 61,407,948 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—0.9% | |||
$5,600,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 0.654% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | $5,585,975 |
14,375,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 14,687,829 | |
4,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2021B) FRNs, 0.538% (SOFR x 0.67 +0.350%), Mandatory Tender 9/1/2024 | 3,977,505 |
TOTAL | 24,251,309 | ||
Connecticut—1.4% | |||
400,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2022 | 401,223 | |
675,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2023 | 698,839 | |
1,000,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2024 | 1,061,320 | |
850,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2025 | 922,472 | |
1,200,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026 | 1,332,402 | |
3,400,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2027 | 3,853,101 | |
4,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory Tender 2/9/2024 | 3,861,211 | |
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 4,981,449 | |
14,420,000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory Tender 11/15/2023 | 14,041,367 | |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.410% (SIFMA 7-day +0.900%), 3/1/2023 | 1,506,652 |
3,250,000 | West Haven, CT BANs, 2.000%, 9/29/2022 | 3,257,876 | |
200,000 | West Haven, CT, 4.000%, 9/15/2022 | 202,373 | |
TOTAL | 36,120,285 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—1.1% | |||
$775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | $767,191 | |
2,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2023 | 2,831,732 | |
1,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2025 | 1,866,349 | |
1,000,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2027 | 1,142,394 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2023 | 2,613,788 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | 2,672,232 | |
1,250,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | 1,366,345 | |
2,800,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2008), 0.400%, 8/1/2023 | 2,730,007 | |
11,500,000 | 1 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018B) FRNs, 0.865% (SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024 | 11,440,032 |
TOTAL | 27,430,070 | ||
Georgia—2.0% | |||
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 | 6,618,255 | |
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 | 9,985,623 | |
6,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Second Series 2012) TOBs, 1.700%, Mandatory Tender 8/22/2024 | 5,855,739 | |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.904% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 21,957,413 |
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 | 3,130,368 | |
400,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2022 | 405,489 | |
725,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023 | 744,025 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$700,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024 | $725,793 | |
1,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | 1,046,002 | |
1,100,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026 | 1,157,936 | |
TOTAL | 51,626,643 | ||
Illinois—2.3% | |||
1,300,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2022 | 1,331,496 | |
1,350,000 | Chicago, IL Metropolitan Water Reclamation District, LT GO Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2023 | 1,421,027 | |
3,600,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2022 | 3,655,315 | |
2,500,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2023 | 2,581,228 | |
3,100,000 | Cook County, IL, UT GO Refunding Bonds (Series 2021B), 4.000%, 11/15/2025 | 3,292,831 | |
3,625,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2024 | 3,832,565 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,148,457 | |
2,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2023 | 2,086,823 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,322,647 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020B), 5.375%, 5/1/2023 | 2,069,880 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2023 | 2,567,131 | |
3,000,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2024 | 3,150,899 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2023 | 8,652,900 | |
6,550,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2024 | 6,757,866 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,048,761 | |
TOTAL | 57,919,826 | ||
Indiana—0.7% | |||
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 | 100,206 | |
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 | 5,909,747 | |
6,745,000 | 1 | Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 0.810% (SIFMA 7-day +0.300%), Mandatory Tender 3/1/2027 | 6,745,062 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$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 | $2,001,056 | |
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 | 2,251,187 | |
TOTAL | 17,007,258 | ||
Iowa—0.2% | |||
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 | 2,982,272 | |
3,500,000 | 1 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 0.746% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | 3,459,633 |
TOTAL | 6,441,905 | ||
Kentucky—1.7% | |||
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 | 3,501,531 | |
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 | 3,368,327 | |
13,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 10/1/2023 | 13,548,638 | |
2,500,000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,449,332 | |
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 | 8,299,637 | |
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 | 5,181,728 | |
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 | 5,263,488 | |
2,500,000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2021A), 0.400%, 5/1/2023 | 2,438,081 | |
TOTAL | 44,050,762 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—1.0% | |||
$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 | $4,797,855 | |
2,000,000 | Louisiana Stadium and Exposition District, BANS (Series 2021), 4.000%, 7/3/2023 | 2,036,176 | |
5,025,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory Tender 5/1/2023 | 4,986,496 | |
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 | 6,786,048 | |
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 | 5,968,462 | |
TOTAL | 24,575,037 | ||
Massachusetts—1.7% | |||
2,156,700 | Bondsville Fire and Water District, MA BANs, 1.000%, 9/9/2022 | 2,151,882 | |
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,583,098 | |
12,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 1.010% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 11,986,322 |
5,700,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 6,025,537 | |
3,250,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 1.110% (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026 | 3,244,478 |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,250,000 | |
2,225,000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,223,830 | |
8,457,000 | Metrowest Regional Transit Authority, MA RANs, 1.000%, 9/16/2022 | 8,438,860 | |
TOTAL | 43,904,007 | ||
Michigan—0.4% | |||
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2022 | 753,471 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2023 | 764,935 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$760,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2024 | $799,854 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 536,304 | |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,429,601 | |
TOTAL | 9,284,165 | ||
Minnesota—0.3% | |||
6,895,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.940% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 6,883,971 |
Missouri—0.4% | |||
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 | 10,000,826 | |
Montana—0.6% | |||
11,825,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 1.060% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 11,831,822 |
2,800,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 0.960% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 2,805,165 |
TOTAL | 14,636,987 | ||
Nebraska—0.6% | |||
5,000,000 | 1 | Douglas County, NE (Creighton University, NE), Educational Facilities Revenue Refunding Bonds (Series 2021B) FRNs, 1.040% (SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026 | 5,016,667 |
10,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | 9,828,579 | |
TOTAL | 14,845,246 | ||
Nevada—0.6% | |||
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,178,385 | |
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 | 4,993,773 | |
500,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2023 | 508,241 | |
1,450,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2025 | 1,493,075 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—continued | |||
$550,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2026 | $614,379 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 6,827,003 | |
TOTAL | 16,614,856 | ||
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 | 1,485,367 | |
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 | 3,960,979 | |
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 | 1,980,490 | |
TOTAL | 7,426,836 | ||
New Jersey—3.0% | |||
2,600,000 | Camden, NJ BANs, 1.000%, 8/10/2022 | 2,596,286 | |
6,032,000 | Dunellen, NJ BANs, 1.500%, 4/8/2022 | 6,032,382 | |
1,602,917 | Frelinghuysen Township, NJ BANs, 1.500%, 5/31/2022 | 1,603,676 | |
5,004,000 | Garwood, NJ BANs, 1.250%, 11/4/2022 | 4,992,996 | |
2,044,783 | Netcong, NJ BANs, 1.500%, 7/8/2022 | 2,045,863 | |
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 | 6,932,801 | |
3,100,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), 0.850%, 12/1/2025 | 2,851,243 | |
2,250,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2025 | 2,426,795 | |
2,500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2026 | 2,748,662 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2023 | 5,113,122 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2024 | 5,295,109 | |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 0.911% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,020,208 |
7,000,000 | Newark, NJ, (Series E) BANs, 1.250%, 10/3/2022 | 6,994,159 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$630,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | $656,872 | |
750,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 798,283 | |
650,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2022 | 660,336 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 417,061 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2022 | 406,361 | |
1,515,000 | Paulsboro, NJ, (Series A) BANs, 1.000%, 4/4/2022 | 1,514,978 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,010,142 | |
TOTAL | 76,117,335 | ||
New Mexico—1.0% | |||
2,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%, Mandatory Tender 6/1/2022 | 2,001,374 | |
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010C) TOBs, 1.150%, Mandatory Tender 6/4/2024 | 4,856,515 | |
3,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, Mandatory Tender 6/1/2023 | 2,960,675 | |
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 | 1,002,089 | |
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 | 1,013,562 | |
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 | 1,123,268 | |
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 | 1,182,703 | |
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 | 1,655,154 | |
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 | 1,754,437 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—continued | |||
$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 | $3,901,654 | |
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 | 3,548,200 | |
TOTAL | 24,999,631 | ||
New York—6.6% | |||
2,166,000 | Arcade, NY BANs, 1.500%, 5/10/2022 | 2,166,780 | |
5,500,000 | Central Islip, NY Fire District BANs, 1.250%, 6/3/2022 | 5,500,466 | |
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 | 16,299,758 | |
2,000,000 | Clayton, NY, (Series A) BANs, 1.500%, 11/29/2022 | 1,997,880 | |
1,500,000 | Cooperstown, NY Central School District BANs, 1.000%, 6/30/2022 | 1,499,050 | |
4,971,000 | Endicott, NY BANs, 1.000%, 8/25/2022 | 4,962,861 | |
7,600,000 | Erie, NY #2 Board of Cooperative Educational Services RANs, 1.250%, 6/30/2022 | 7,599,855 | |
2,460,000 | Fillmore, NY Central School District BANs, 1.250%, 6/23/2022 | 2,460,039 | |
3,400,000 | Genesee Valley, NY Board of Cooperative Educational Services RANs, 1.200%, 6/28/2022 | 3,399,563 | |
1,643,224 | Glen Cove, NY, (Series A) BANs, 1.500%, 6/8/2022 | 1,644,102 | |
2,140,000 | Greenbush North Castle, NY UFSD RANs, 1.000%, 9/16/2022 | 2,135,313 | |
3,041,856 | Island Park Village, NY, (Series D) BANs, 1.250%, 6/15/2022 | 3,042,130 | |
6,000,000 | Jefferson County, NY Board of Cooperative Education District BANs, 1.000%, 6/29/2022 | 5,996,714 | |
2,000,000 | Lima, NY BANs, 1.750%, 5/27/2022 | 2,001,736 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 0.911% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 11,996,513 |
17,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 16,848,707 | |
2,510,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 0.960% (SIFMA 7-day +0.450%), Mandatory Tender 6/1/2022 | 2,510,110 |
7,125,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 0.518% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 7,079,719 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.704% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | $27,935,023 |
9,500,000 | New York State Board of Cooperative Educational Services (Onondaga, Cortland and Madison Counties, NY) RANs, 1.000%, 6/17/2022 | 9,495,612 | |
5,500,000 | New York State Board of Cooperative Educational Services (St. Lawrence & Lewis Counties, NY) RANs, 1.000%, 6/17/2022 | 5,497,460 | |
250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2022 | 254,560 | |
2,500,000 | New York Transportation Development (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2024 | 2,640,761 | |
1,750,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2022 | 1,783,427 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2024 | 1,061,323 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,091,952 | |
12,000,000 | Orange and Ulster Counties BOCES, NY RANs, 1.000%, 7/22/2022 | 11,988,014 | |
3,900,000 | Southern Cayuga, NY Central School District, (Series A) BANs, 2.000%, 6/30/2022 | 3,907,208 | |
5,750,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 0.568% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024 | 5,746,282 |
TOTAL | 170,542,918 | ||
North Carolina—1.6% | |||
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 | 3,807,405 | |
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 | 841,435 | |
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 | 962,069 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—continued | |||
$25,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Bonds (Series 2020), 5.000%, 2/1/2024 | $26,272,482 | |
10,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 0.279% (1-month USLIBOR x 0.67 +0.125%), Mandatory Tender 11/9/2022 | 9,988,348 |
TOTAL | 41,871,739 | ||
North Dakota—0.5% | |||
10,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | 9,562,641 | |
4,000,000 | 1 | North Dakota State HFA, Housing Finance Program Bonds (Series 2019B) FRNs, 0.710% (SIFMA 7-day +0.200%), Mandatory Tender 7/1/2024 | 3,999,048 |
TOTAL | 13,561,689 | ||
Ohio—0.8% | |||
2,000,000 | Harrison, OH BANs, 2.000%, 10/25/2022 | 2,002,567 | |
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 | 8,556,805 | |
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 | 4,650,315 | |
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 | 4,306,605 | |
1,000,000 | Ohio Water Development Authority (Waste Management, Inc.), Solid Waste Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,007,679 | |
TOTAL | 20,523,971 | ||
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 | 2,868,093 | |
1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 1,597,046 | |
TOTAL | 4,465,139 | ||
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 | 530,042 | |
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 | 1,780,079 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oregon—continued | |||
$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 | $2,708,086 | |
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 | 886,407 | |
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 | 3,440,769 | |
TOTAL | 9,345,383 | ||
Pennsylvania—6.0% | |||
5,500,000 | 1 | Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) FRNs, 0.486% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027 | 5,437,161 |
2,495,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021A) FRNs, 0.538% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 2,476,633 |
3,500,000 | 1 | Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021B) FRNs, 0.538% (SOFR x 0.67 +0.350%), Mandatory Tender 11/1/2025 | 3,474,258 |
15,000,000 | 1 | Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 0.678% (SOFR x 0.67 +0.490%), Mandatory Tender 3/1/2027 | 14,870,557 |
10,490,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 1.090% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 10,474,141 |
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 | 5,452,211 | |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 0.970% (SIFMA 7-day +0.460%), 11/1/2023 | 1,198,809 |
4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.201% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 4,011,437 |
10,000,000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2008), 0.400%, 10/1/2023 | 9,663,918 | |
3,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2010B) TOBs, 0.170%, Mandatory Tender 4/1/2022 | 2,999,995 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$20,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 0.230%, Mandatory Tender 4/1/2022 | $20,000,000 | |
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 | 4,678,064 | |
9,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 0.910% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | 8,958,789 |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.888% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,005,098 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 1.210% (SIFMA 7-day +0.700%), 12/1/2023 | 5,009,975 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 1.110% (SIFMA 7-day +0.600%), 12/1/2023 | 10,023,541 |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,350,164 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 792,051 | |
17,500,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 1.160% (SIFMA 7-day +0.650%), Mandatory Tender 12/1/2023 | 17,548,594 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 1.110% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,778,133 |
13,000,000 | 1 | University of Pittsburgh, Pitt Asset Notes—Higher Education Registered Series of 2019 FRNs, 0.870% (SIFMA 7-day +0.360%), 2/15/2024 | 13,042,687 |
TOTAL | 155,246,216 | ||
South Carolina—1.0% | |||
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.014% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 25,034,947 |
1,250,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 1/1/2024 | 1,291,520 | |
TOTAL | 26,326,467 | ||
Tennessee—0.8% | |||
2,350,000 | Memphis, TN Health, Educational and Housing Facility Board (Chickasaw Place Apartments), Collateralized Multifamily Housing Bonds (Series 2020) TOBs, 0.625%, Mandatory Tender 6/1/2022 | 2,348,161 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Tennessee—continued | |||
$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 | $17,234,000 | |
TOTAL | 19,582,161 | ||
Texas—6.6% | |||
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 | 2,948,163 | |
19,000,000 | Arlington, TX Higher Education Finance Corp. (Basis Schools, Inc. Obligated Group), (Series 2021-MS0002) TOBs, (Morgan Stanley LIQ)/(Morgan Stanley LOC), 0.710%, Optional Tender 5/5/2022 | 19,000,000 | |
2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | 2,551,763 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,233,942 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,632,074 | |
5,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 5,262,633 | |
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 | 3,797,612 | |
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 | 4,000,787 | |
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 | 4,903,047 | |
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 | 4,393,906 | |
3,600,000 | El Paso, TX Independent School District, Variable Rate Maintenance Tax Notes (Series 2020) TOBs, 2.000%, Mandatory Tender 8/1/2023 | 3,609,509 | |
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 | 5,722,098 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $3,794,736 | |
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 | 3,512,690 | |
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 | 1,010,218 | |
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, 0.811% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 5,003,336 |
3,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | 3,072,288 | |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-1) FRNs, 0.930% (SIFMA 7-day +0.420%), Mandatory Tender 12/1/2022 | 4,999,559 |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 1.060% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 5,016,918 |
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, 5.000%, Mandatory Tender 12/1/2022 | 3,581,290 | |
2,750,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-2) TOBs, 5.000%, Mandatory Tender 12/1/2024 | 2,946,479 | |
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 | 7,010,057 | |
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 | 3,958,324 | |
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 | 3,724,920 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2022 | $1,004,571 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,036,119 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,105,548 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,109,588 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2022 | 1,004,571 | |
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 | 2,950,339 | |
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 | 8,716,831 | |
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 | 2,656,654 | |
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 | 1,122,227 | |
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 | 3,689,016 | |
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 | 14,568,955 | |
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 | 4,056,349 | |
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 | 2,335,350 | |
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 | 2,673,430 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $10,477,964 | |
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 | 2,628,778 | |
TOTAL | 170,822,639 | ||
Utah—0.3% | |||
5,000,000 | Utah County, UT Hospital Revenue (IHC Health Services, Inc.), Revenue Bonds (Series 2020 B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 5,339,575 | |
1,500,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2023 | 1,562,143 | |
1,250,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2024 | 1,338,047 | |
TOTAL | 8,239,765 | ||
Virginia—1.9% | |||
13,000,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 13,580,212 | |
3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 2,995,449 | |
4,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.800%, Mandatory Tender 4/1/2022 | 4,500,000 | |
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 | 4,999,083 | |
4,000,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2022 | 4,050,515 | |
8,650,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2023 | 9,019,129 | |
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 | 4,716,773 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,491,657 | |
TOTAL | 49,352,818 | ||
Washington—1.1% | |||
5,000,000 | 1 | King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 0.740% (SIFMA 7-day +0.230%), Mandatory Tender 1/1/2027 | 4,987,691 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$9,250,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2021B) FRNs, 0.760% (SIFMA 7-day +0.250%), Mandatory Tender 11/1/2026 | $9,159,274 |
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 1.000% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 5,005,668 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,623,571 | |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.560% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 7,024,967 |
TOTAL | 28,801,171 | ||
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 | 5,250,775 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,424,009,725) | 1,408,910,536 | ||
1 | SHORT-TERM MUNICIPALS—44.7% | ||
Arizona—0.9% | |||
23,000,000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.760%, 4/7/2022 | 23,000,000 | |
California—4.8% | |||
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), 0.710%, 4/7/2022 | 4,000,000 | |
5,000,000 | 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), 0.890%, 4/7/2022 | 5,000,000 | |
12,400,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 0.710%, 4/1/2022 | 12,400,000 | |
51,800,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.640%, 4/1/2022 | 51,800,000 | |
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), 0.910%, 4/7/2022 | 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), 0.710%, 4/7/2022 | 3,730,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$4,000,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (2018-XF0704) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.710%, 4/7/2022 | $4,000,000 | |
TOTAL | 123,420,000 | ||
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), 0.890%, 4/7/2022 | 3,970,000 | |
5,395,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.910%, 4/7/2022 | 5,395,000 | |
TOTAL | 9,365,000 | ||
Georgia—3.7% | |||
6,300,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.560%, 4/1/2022 | 6,300,000 | |
10,830,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.560%, 4/1/2022 | 10,830,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.650%, 4/7/2022 | 9,750,000 | |
23,900,000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 0.560%, 4/1/2022 | 23,900,000 | |
4,000,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.650%, 4/7/2022 | 4,000,000 | |
5,720,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 0.570%, 4/1/2022 | 5,720,000 | |
7,280,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.560%, 4/1/2022 | 7,280,000 | |
7,300,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.560%, 4/1/2022 | 7,300,000 | |
17,050,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.560%, 4/1/2022 | 17,050,000 | |
4,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.630%, 4/6/2022 | 4,250,000 | |
TOTAL | 96,380,000 | ||
Idaho—0.6% | |||
15,885,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 0.650%, 4/6/2022 | 15,885,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Indiana—1.6% | |||
$27,500,000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 0.630%, 4/6/2022 | $27,500,000 | |
12,900,000 | Indianapolis, IN Multifamily Housing (Pedcor Investments-2006- LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.580%, 4/7/2022 | 12,900,000 | |
TOTAL | 40,400,000 | ||
Kansas—0.2% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.760%, 4/6/2022 | 5,000,000 | |
Kentucky—3.9% | |||
31,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 0.460%, 4/1/2022 | 31,000,000 | |
1,400,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.500%, 4/1/2022 | 1,400,000 | |
28,475,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 0.500%, 4/1/2022 | 28,475,000 | |
40,000,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 0.520%, 4/1/2022 | 40,000,000 | |
TOTAL | 100,875,000 | ||
Louisiana—2.4% | |||
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), 0.910%, 4/7/2022 | 10,000,000 | |
8,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 0.650%, 4/6/2022 | 8,200,000 | |
43,600,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 0.680%, 4/6/2022 | 43,600,000 | |
TOTAL | 61,800,000 | ||
Mississippi—0.1% | |||
4,000,000 | Mississippi Home Corp. (Shady Lane Group LP), (Series 2022-XF1134) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.760%, 4/7/2022 | 4,000,000 | |
Multi State—6.7% | |||
25,500,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.660%, 4/1/2022 | 25,500,000 | |
16,300,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.660%, 4/1/2022 | 16,300,000 | |
25,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) Weekly VRDPs, 0.710%, 4/1/2022 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Multi State—continued | |||
$50,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 0.710%, 4/1/2022 | $50,000,000 | |
46,975,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D MuniFund Preferred Shares Weekly VRDPs, 0.710%, 4/1/2022 | 46,975,000 | |
6,305,000 | Nuveen Muni High Income Opportunity Fund, SPEARs 3a7 (Series DBE-8084) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.740%, 4/7/2022 | 6,305,000 | |
1,300,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.660%, 4/1/2022 | 1,300,000 | |
TOTAL | 171,380,000 | ||
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), 0.760%, 4/7/2022 | 6,500,000 | |
3,100,000 | Nevada Housing Division (Lake Mead West AHP LP), (Series 2021-XF1120) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.740%, 4/7/2022 | 3,100,000 | |
TOTAL | 9,600,000 | ||
New Jersey—0.0% | |||
1,055,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 1997) Weekly VRDNs, (Valley National Bank LOC), 0.560%, 4/6/2022 | 1,055,000 | |
New York—2.6% | |||
4,685,000 | Metropolitan Transportation Authority, NY, (Series 2021-XM0935) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.690%, 4/7/2022 | 4,685,000 | |
26,550,000 | New York City, NY Municipal Water Finance Authority, (Series 2022D) Weekly VRENs, 0.700%, 4/1/2022 | 26,550,000 | |
7,500,000 | New York City, NY, (Series 2021-2) Weekly VRENs, 0.710%, 4/1/2022 | 7,500,000 | |
4,650,000 | New York City, NY, (Series B-3) Weekly VRENs, 0.700%, 4/1/2022 | 4,650,000 | |
17,990,000 | 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), 0.610%, 4/7/2022 | 17,990,000 | |
6,200,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets plc LOC), 0.650%, 4/6/2022 | 6,200,000 | |
TOTAL | 67,575,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
North Carolina—0.1% | |||
$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), 0.760%, 4/7/2022 | $4,000,000 | |
Ohio—1.6% | |||
735,000 | Mark Milford Hicksville, OH Joint Hospital District (Community Memorial Hospital of Hicksville), (Series 2005) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 0.590%, 4/1/2022 | 735,000 | |
2,425,000 | Metropolitan Nashville, TN Airport Authority (Embraer Aircraft Holding, Inc.), (Series 2005) Weekly VRDNs, (Regions Bank LOC), 0.620%, 4/1/2022 | 2,425,000 | |
23,885,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 0.700%, 4/7/2022 | 23,885,000 | |
8,500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 0.700%, 4/1/2022 | 8,500,000 | |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 0.700%, 4/1/2022 | 4,000,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 0.680%, 4/7/2022 | 500,000 | |
TOTAL | 40,045,000 | ||
Oklahoma—1.3% | |||
1,050,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 0.640%, 4/6/2022 | 1,050,000 | |
10,675,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRENs, 0.760%, 4/1/2022 | 10,675,000 | |
21,400,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRENs, 0.720%, 4/1/2022 | 21,400,000 | |
TOTAL | 33,125,000 | ||
Oregon—0.1% | |||
3,000,000 | Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) Weekly VRDNs, 0.650%, 4/6/2022 | 3,000,000 | |
Pennsylvania—2.2% | |||
2,000,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.600%, 4/7/2022 | 2,000,000 | |
7,065,000 | Central Bradford Progress Authority, PA (Guthrie Healthcare System, PA), (Series 2021D) Weekly VRENs, 0.760%, 4/7/2022 | 7,065,000 | |
37,650,000 | Delaware Valley, PA Regional Finance Authority, (Series C) R-Float Weekly VRDNs, 0.730%, 4/7/2022 | 37,650,000 | |
455,000 | Northampton County, PA IDA (Binney & Smith Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.650%, 4/6/2022 | 455,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$10,000,000 | Pennsylvania Housing Finance Agency (Hershey Plaza, PA TC LP), SPEARs 3a7 (Series DBE-8057) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.890%, 4/7/2022 | $10,000,000 | |
TOTAL | 57,170,000 | ||
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), 0.620%, | 2,670,000 | |
Texas—8.1% | |||
3,000,000 | Austin, TX Affordable Public Finance Authority (LDG Belmont LP), (Series 2021-XF1102) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.740%, 4/7/2022 | 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), 0.760%, 4/7/2022 | 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), 0.760%, 4/7/2022 | 5,500,000 | |
13,015,000 | Las Varas Public Fac Corporation, TX (Mira Vista SA Apartments, LP), SPEARs 3a7 (Series DBE-8056) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.890%, 4/7/2022 | 13,015,000 | |
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), 0.740%, 4/7/2022 | 6,090,000 | |
59,175,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.570%, 4/6/2022 | 59,175,000 | |
4,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.620%, 4/6/2022 | 4,000,000 | |
23,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 0.640%, 4/6/2022 | 23,500,000 | |
10,155,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.540%, 4/1/2022 | 10,155,000 | |
67,975,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.650%, 4/6/2022 | 67,975,000 | |
5,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 0.780%, 4/6/2022 | 5,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$7,245,000 | Travis County, TX Housing Finance Corp., SPEARs (Series DBE-8054) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.890%, 4/7/2022 | $7,245,000 | |
TOTAL | 208,655,000 | ||
Utah—0.4% | |||
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), 0.760%, 4/7/2022 | 9,800,000 | |
Virginia—0.1% | |||
1,760,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 0.590%, 4/7/2022 | 1,760,000 | |
Wisconsin—2.4% | |||
8,000,000 | Appleton, WI Redevelopment Authority (Fox Cities Performing Arts Center), (Series 2001B) Weekly VRDNs, (Associated Bank, N.A. LOC), 0.600%, 4/6/2022 | 8,000,000 | |
90,000 | La Crosse, WI IDA (GGP Inc.), (Series A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.690%, 4/7/2022 | 90,000 | |
27,800,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.760%, 4/7/2022 | 27,800,000 | |
25,000,000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2022A) Weekly VRENs, 0.760%, 4/7/2022 | 25,000,000 | |
TOTAL | 60,890,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $1,150,850,000) | 1,150,850,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $2,574,859,725)3 | 2,559,760,536 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%4 | 12,734,947 | ||
TOTAL NET ASSETS—100% | $2,572,495,483 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
Short Futures: | ||||
5U.S. Treasury 2-Year Note, Short Futures | 175 | $37,086,329 | June 2022 | $522,895 |
5U.S. Treasury 5-Year Note, Short Futures | 170 | $19,496,875 | June 2022 | $513,681 |
UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $1,036,576 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $1,408,910,536 | $— | $1,408,910,536 |
Short-Term Municipals | — | 1,150,850,000 | — | 1,150,850,000 |
TOTAL SECURITIES | $— | $2,559,760,536 | $— | $2,559,760,536 |
Other Financial Instruments:1 | ||||
Assets | $1,036,576 | $— | $— | $1,036,576 |
TOTAL OTHER FINANCIAL INSTRUMENTS | $1,036,576 | $— | $— | $1,036,576 |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
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 |
VRDP(s) | —Variable Rate Demand Preferred(s) |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 3/31/2022 | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Income From Investment Operations: | ||||||
Net investment income | 0.011 | 0.02 | 0.09 | 0.13 | 0.10 | 0.05 |
Net realized and unrealized gain (loss) | (0.11) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | (0.10) | 0.03 | 0.11 | 0.16 | 0.07 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.02) | (0.09) | (0.13) | (0.10) | (0.05) |
Net Asset Value, End of Period | $9.93 | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Total Return2 | (1.03)% | 0.33% | 1.14% | 1.59% | 0.65% | 0.74% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.51%4 | 0.51% | 0.57%5 | 0.81%5 | 0.81%5 | 0.81%5 |
Net investment income | 0.13%4 | 0.23% | 0.94% | 1.28% | 0.94% | 0.54% |
Expense waiver/reimbursement6 | 0.09%4 | 0.08% | 0.09% | 0.13% | 0.17% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $554,268 | $692,467 | $584,371 | $626,570 | $661,860 | $799,292 |
Portfolio turnover7 | 13% | 61% | 100% | 83% | 87% | 88% |
Six Months Ended (unaudited) 3/31/2022 | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Income From Investment Operations: | ||||||
Net investment income | 0.011 | 0.04 | 0.11 | 0.17 | 0.14 | 0.10 |
Net realized and unrealized gain (loss) | (0.11) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | (0.10) | 0.05 | 0.13 | 0.20 | 0.11 | 0.12 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.04) | (0.11) | (0.17) | (0.14) | (0.10) |
Net Asset Value, End of Period | $9.93 | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Total Return2 | (0.96)% | 0.48% | 1.35% | 2.04% | 1.11% | 1.19% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.36%4 | 0.36% | 0.36%5 | 0.36%5 | 0.36%5 | 0.36%5 |
Net investment income | 0.28%4 | 0.39% | 1.14% | 1.72% | 1.39% | 0.99% |
Expense waiver/reimbursement6 | 0.08%4 | 0.08% | 0.08% | 0.08% | 0.12% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,826,521 | $2,133,831 | $2,162,027 | $2,158,811 | $1,711,181 | $1,864,456 |
Portfolio turnover7 | 13% | 61% | 100% | 83% | 87% | 88% |
Six Months Ended (unaudited) 3/31/2022 | Year Ended September 30, | Period Ended 9/30/20191 | ||
2021 | 2020 | |||
Net Asset Value, Beginning of Period | $10.04 | $10.03 | $10.01 | $10.00 |
Income From Investment Operations: | ||||
Net investment income | 0.012 | 0.04 | 0.12 | 0.05 |
Net realized and unrealized gain (loss) | (0.12) | 0.01 | 0.02 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | (0.11) | 0.05 | 0.14 | 0.06 |
Less Distributions: | ||||
Distributions from net investment income | (0.01) | (0.04) | (0.12) | (0.05) |
Net Asset Value, End of Period | $9.92 | $10.04 | $10.03 | $10.01 |
Total Return3 | (1.05)% | 0.50% | 1.37% | 0.66% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.34%5 | 0.34% | 0.34%6 | 0.34%5,6 |
Net investment income | 0.30%5 | 0.38% | 0.99% | 1.52%5 |
Expense waiver/reimbursement7 | 0.06%5 | 0.06% | 0.06% | 0.07%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $191,706 | $208,627 | $60,784 | $12,263 |
Portfolio turnover8 | 13% | 61% | 100% | 83%9 |
March 31, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $2,574,859,725) | $2,559,760,536 | |
Due from broker (Note 2) | 325,500 | |
Cash | 261,594 | |
Receivable for investments sold | 20,008,889 | |
Income receivable | 8,452,568 | |
Receivable for shares sold | 2,503,159 | |
TOTAL ASSETS | 2,591,312,246 | |
Liabilities: | ||
Payable for investments purchased | $12,000,000 | |
Payable for shares redeemed | 6,069,569 | |
Income distribution payable | 225,611 | |
Payable for other service fees (Notes 2 and 5) | 73,077 | |
Payable for variation margin on futures contracts | 40,366 | |
Payable for investment adviser fee (Note 5) | 22,342 | |
Payable for administrative fee (Note 5) | 6,379 | |
Accrued expenses (Note 5) | 379,419 | |
TOTAL LIABILITIES | 18,816,763 | |
Net assets for 259,168,362 shares outstanding | $2,572,495,483 | |
Net Assets Consists of: | ||
Paid-in capital | $2,596,817,959 | |
Total distributable earnings (loss) | (24,322,476) | |
TOTAL NET ASSETS | $2,572,495,483 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($554,268,414 ÷ 55,845,270 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.93 | |
Offering price per share | $9.93 | |
Redemption proceeds per share | $9.93 | |
Institutional Shares: | ||
Net asset value per share ($1,826,521,071 ÷ 184,004,674 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.93 | |
Offering price per share | $9.93 | |
Redemption proceeds per share | $9.93 | |
Class R6 Shares: | ||
Net asset value per share ($191,705,998 ÷ 19,318,418 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $9.92 | |
Offering price per share | $9.92 | |
Redemption proceeds per share | $9.92 |
Six Months Ended March 31, 2022 (unaudited)
Investment Income: | |||
Interest | $9,195,500 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,300,674 | ||
Administrative fee (Note 5) | 1,124,358 | ||
Custodian fees | 45,538 | ||
Transfer agent fees (Note 2) | 661,287 | ||
Directors’/Trustees’ fees (Note 5) | 9,203 | ||
Auditing fees | 17,816 | ||
Legal fees | 6,147 | ||
Other service fees (Notes 2 and 5) | 466,722 | ||
Portfolio accounting fees | 125,465 | ||
Share registration costs | 55,589 | ||
Printing and postage | 14,870 | ||
Miscellaneous (Note 5) | 16,541 | ||
TOTAL EXPENSES | 6,844,210 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(867,049) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (300,298) | ||
TOTAL WAIVER AND REIMBURSEMENT | (1,167,347) | ||
Net expenses | 5,676,863 | ||
Net investment income | 3,518,637 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized loss on investments | (3,439,576) | ||
Net realized gain on futures contracts | 818,267 | ||
Net change in unrealized appreciation of investments | (29,564,881) | ||
Net change in unrealized appreciation of futures contracts | 1,036,576 | ||
Net realized and unrealized gain (loss) on investments and futures contracts | (31,149,614) | ||
Change in net assets resulting from operations | $(27,630,977) |
Six Months Ended (unaudited) 3/31/2022 | Year Ended 9/30/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,518,637 | $10,230,626 |
Net realized gain (loss) | (2,621,309) | 168,147 |
Net change in unrealized appreciation/depreciation | (28,528,305) | 1,748,384 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (27,630,977) | 12,147,157 |
Distributions to Shareholders: | ||
Class A Shares | (387,802) | (1,482,243) |
Institutional Shares | (2,806,945) | (8,400,447) |
Class R6 Shares | (300,648) | (314,264) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,495,395) | (10,196,954) |
Share Transactions: | ||
Proceeds from sale of shares | 960,323,635 | 2,384,027,202 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,566,424 | 7,763,150 |
Cost of shares redeemed | (1,394,193,098) | (2,165,997,877) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (431,303,039) | 225,792,475 |
Change in net assets | (462,429,411) | 227,742,678 |
Net Assets: | ||
Beginning of period | 3,034,924,894 | 2,807,182,216 |
End of period | $2,572,495,483 | $3,034,924,894 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $158,973 | $(76,989) |
Institutional Shares | 495,567 | (223,309) |
Class R6 Shares | 6,747 | — |
TOTAL | $661,287 | $(300,298) |
Other Service Fees Incurred | |
Class A Shares | $466,722 |
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 | 5/27/2021 | $2,000,000 | $1,940,441 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for variation margin on futures contracts | $(1,036,576)* |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $818,267 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $1,036,576 |
Six Months Ended 3/31/2022 | Year Ended 9/30/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,936,483 | $79,396,159 | 44,457,556 | $446,675,950 |
Shares issued to shareholders in payment of distributions declared | 38,048 | 379,758 | 143,447 | 1,440,980 |
Shares redeemed | (21,122,839) | (211,301,430) | (33,870,689) | (340,305,527) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (13,148,308) | $(131,525,513) | 10,730,314 | $107,811,403 |
Six Months Ended 3/31/2022 | Year Ended 9/30/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 83,142,671 | $832,771,582 | 171,901,921 | $1,726,924,629 |
Shares issued to shareholders in payment of distributions declared | 216,647 | 2,164,248 | 625,472 | 6,283,621 |
Shares redeemed | (111,919,217) | (1,120,033,324) | (175,505,129) | (1,763,187,566) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (28,559,899) | $(285,097,494) | (2,977,736) | $(29,979,316) |
Six Months Ended 3/31/2022 | Year Ended 9/30/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,810,467 | $48,155,894 | 20,887,735 | $209,844,623 |
Shares issued to shareholders in payment of distributions declared | 2,248 | 22,418 | 3,839 | 38,549 |
Shares redeemed | (6,283,702) | (62,858,344) | (6,163,722) | (61,922,784) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (1,470,987) | $(14,680,032) | 14,727,852 | $147,960,388 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (43,179,194) | $(431,303,039) | 22,480,430 | $225,792,475 |
Short-Term | Long-Term | Total |
$6,925,215 | $782,825 | $7,708,040 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $226,965,024 |
Sales | $792,955,241 |
Beginning Account Value 10/1/2021 | Ending Account Value 3/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $989.70 | $2.53 |
Institutional Shares | $1,000.00 | $990.40 | $1.79 |
Class R6 Shares | $1,000.00 | $989.50 | $1.69 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.39 | $2.57 |
Institutional Shares | $1,000.00 | $1,023.14 | $1.82 |
Class R6 Shares | $1,000.00 | $1,023.24 | $1.72 |
Class A Shares | 0.51% |
Institutional Shares | 0.36% |
Class R6 Shares | 0.34% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
CUSIP 31417P817
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Fixed Income Securities, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 23, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date May 23, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 23, 2022