NPORT-EX 2 poi_fhstintermediatemunifund.htm POI - FEDERATED HERMES SHORT-INTERMEDIATE MUNICIPAL FUND EDGAR HTML
Federated Hermes Short-Intermediate Municipal Fund
(formerly, Federated Short-Intermediate Duration Municipal Trust)
Portfolio of Investments
September 30, 2020 (unaudited)  
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—90.7%
 
 
 
Alabama—2.3%
 
$6,500,000
 
Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1) TOBs, (Morgan Stanley
GTD), 4.000%, Mandatory Tender 12/1/2025
$7,452,510
1,000,000
 
Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 5 (Series 2020A-1) TOBs, (Morgan Stanley
GTD), 4.000%, Mandatory Tender 10/1/2026
1,162,960
8,000,000
 
Lower Alabama Gas District, Gas Project Revenue Bonds Project No.2 (Series 2020A) TOBs, (Goldman Sachs Group, Inc.
GTD), 4.000%, Mandatory Tender 12/1/2025
9,162,080
2,500,000
 
Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007A) TOBs, 1.000%, Mandatory Tender 6/26/2025
2,507,100
450,000
 
Prattville, AL IDB (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs,
2.000%, Mandatory Tender 10/1/2024
469,391
425,000
 
Prattville, AL IDB (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019C) TOBs,
2.000%, Mandatory Tender 10/1/2024
443,313
 
 
TOTAL
21,197,354
 
 
Alaska—0.5%
 
1,250,000
 
Alaska International Airports System, Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2024
1,455,863
1,010,000
 
Alaska State Housing Finance Corp., Revenue Bonds (Series 2013A), 5.000%, 12/1/2022
1,085,255
1,550,000
 
Anchorage, AK Electric Utility System, Senior Lien Revenue Refunding Bonds (Series 2014A), 5.000%, 12/1/2022
1,703,620
 
 
TOTAL
4,244,738
 
 
Arizona—1.3%
 
3,330,000
 
Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 4.918%, Mandatory
Tender 6/3/2024
3,843,120
1,750,000
 
Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B),
5.000%, 7/1/2023
1,942,220
1,000,000
 
Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B),
5.000%, 7/1/2024
1,146,330
1,500,000
 
Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Lien Airport Revenue Bonds (Series 2019B),
5.000%, 7/1/2025
1,769,130
3,000,000
 
Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), (Original Issue Yield: 4.750%), 4.700%, 10/1/2024
3,007,440
 
 
TOTAL
11,708,240
 
 
California—5.7%
 
5,000,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007B-1)
FRNs, 1.220% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024
5,059,000
10,000,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2007G-1)
FRNs, 1.220% (SIFMA 7-day +1.100%), Mandatory Tender 4/1/2024
10,118,000
2,045,000
 
California Health Facilities Financing Authority (Kaiser Permanente), Revenue Bonds (Series 2017C) TOBs, 5.000%,
Mandatory Tender 11/1/2022
2,245,390
1,000,000
 
California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A),
5.000%, 2/1/2022
1,056,430
2,000,000
 
California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A),
5.000%, 2/1/2023
2,196,020
2,000,000
 
California Municipal Finance Authority (Community Medical Centers), Revenue Refunding Bonds (Series 2017A),
5.000%, 2/1/2024
2,269,440
1,500,000
2
California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2009A)
TOBs, 1.300%, Mandatory Tender 2/3/2025
1,516,485
4,000,000
2
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.500%, Mandatory
Tender 11/2/2020
4,000,920
3,750,000
 
California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2029
4,974,900
2,500,000
 
California State, UT GO Various Purpose Bonds, 5.000%, 3/1/2030
3,367,150
1,000,000
 
California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2027
1,297,000
1,000,000
 
California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2026
1,267,900
2,000,000
 
California State, Various Purpose GO Refunding Bonds (Series 2020-2), 5.000%, 11/1/2028
2,652,100
1
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
California—continued
 
$2,000,000
 
Los Angeles County, CA Metropolitan Transportation Authority, Measure R Junior Subordinate Sales Tax Revenue
Refunding Bonds (Series 2020A) Green Bonds, 5.000%, 6/1/2030
$2,730,560
2,860,000
 
Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)),
Power System Revenue Bonds (Series 2020A), 5.000%, 7/1/2029
3,884,023
2,000,000
 
Southern California Public Power Authority (Power Projects), Windy Point/Windy Flats Project Revenue Refunding Bonds
(Series 2020-1) Green Bonds, 5.000%, 4/1/2024
2,311,200
2,000,000
 
Western Placer, CA Unified School District, Community Facilities District No.2 2020 Bond Anticipation Notes,
2.000%, 6/1/2025
2,059,740
 
 
TOTAL
53,006,258
 
 
Colorado—1.4%
 
350,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
4.000%, 1/1/2021
350,189
400,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
4.000%, 1/1/2022
400,800
640,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
5.000%, 1/1/2023
654,694
750,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
5.000%, 1/1/2024
773,040
600,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
5.000%, 1/1/2025
622,236
1,000,000
 
Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A),
5.000%, 12/1/2020
1,006,230
750,000
 
Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A),
5.000%, 12/1/2021
782,655
250,000
 
Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2015A),
5.000%, 12/1/2022
269,725
3,000,000
 
Denver, CO City & County Department of Aviation, Airport System Revenue Refunding Bonds (Series 2019D) TOBs,
5.000%, Mandatory Tender 11/15/2022
3,272,610
450,000
 
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2024
528,961
280,000
 
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2025
339,696
1,480,000
 
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2026
1,846,182
2,000,000
 
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2027
2,560,080
 
 
TOTAL
13,407,098
 
 
Connecticut—1.5%
 
1,000,000
 
Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes
(Series 2020A), 5.000%, 5/1/2028
1,290,510
2,600,000
 
Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes
(Series 2020A), 5.000%, 5/1/2029
3,411,642
1,000,000
 
Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes
(Series 2020A), 5.000%, 5/1/2030
1,331,880
1,500,000
1
Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.020% (SIFMA 7-day +0.900%), 3/1/2023
1,512,885
2,255,000
1
Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.070% (SIFMA 7-day +0.950%), 3/1/2024
2,276,693
4,000,000
1
Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 1.110% (SIFMA 7-day +0.990%), 3/1/2025
4,037,840
 
 
TOTAL
13,861,450
 
 
Delaware—0.2%
 
2,000,000
 
Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Revenue Refunding Bonds
(Series 2020A) TOBs, 1.050%, Mandatory Tender 7/1/2025
2,014,000
 
 
Florida—1.5%
 
575,000
 
Broward County, FL Port Facilities, Revenue Refunding Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS),
5.000%, 9/1/2024
595,867
1,500,000
 
Citizens Property Insurance Corp. FL, Revenue Bonds (Series 2015A1), 5.000%, 6/1/2022
1,579,665
1,500,000
 
Citizens Property Insurance Corp. FL, Senior Secured Revenue Bonds (Series 2012 A-1), 5.000%, 6/1/2021
1,545,585
1,195,000
 
Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2021
1,228,723
1,000,000
 
Halifax Hospital Medical Center, FL, Revenue Refunding Bonds, 5.000%, 6/1/2022
1,070,310
2
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Florida—continued
 
$1,245,000
 
Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A),
5.000%, 10/1/2021
$1,297,726
1,300,000
 
Hillsborough County, FL IDA (Tampa General Hospital), Hospital Revenue Refunding Bonds (Series 2012A),
5.000%, 10/1/2022
1,402,843
3,265,000
 
Palm Beach County, FL Health Facilities Authority (ACTS Retirement Life Communities, Inc.), Retirement Communities
Revenue Bonds (Series 2016), 5.000%, 11/15/2021
3,404,742
1,345,000
 
Volusia County, FL Education Facility Authority (Stetson University, Inc.), Revenue Refunding Bonds (Series 2015),
5.000%, 6/1/2024
1,532,560
 
 
TOTAL
13,658,021
 
 
Georgia—3.9%
 
1,000,000
 
Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2022
1,090,240
1,000,000
 
Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2023
1,129,740
800,000
 
Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2024
933,848
3,000,000
 
Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth
Series 1995) TOBs, 2.050%, Mandatory Tender 11/19/2021
3,049,620
7,000,000
1
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.854%
(1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023
6,992,230
5,000,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018C) TOBs, (Royal Bank of Canada GTD), 4.000%,
Mandatory Tender 12/1/2023
5,504,950
5,300,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD),
4.000%, Mandatory Tender 12/2/2024
6,012,532
5,500,000
 
Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Plant Pollution Control
Revenue Bonds (First Series 1995), 2.250%, 7/1/2025
5,661,920
3,500,000
 
Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2030
4,805,360
850,000
 
Savannah, GA EDA (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019A) TOBs,
2.000%, Mandatory Tender 10/1/2024
886,626
 
 
TOTAL
36,067,066
 
 
Illinois—5.8%
 
1,000,000
 
Chicago, IL Midway Airport, Second Lien Revenue & Refunding Bonds (Series 2014B), 5.000%, 1/1/2022
1,051,490
1,500,000
 
Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2013C), 5.000%, 1/1/2022
1,577,235
2,000,000
 
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015B),
5.000%, 1/1/2021
2,021,380
500,000
 
Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B),
5.000%, 1/1/2024
572,580
500,000
 
Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B),
5.000%, 1/1/2026
609,405
500,000
 
Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B),
5.000%, 1/1/2028
633,790
1,000,000
 
Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B),
5.000%, 1/1/2029
1,284,730
1,000,000
 
Chicago, IL O'Hare International Airport, General AirportSenior Lien Revenue Refunding Bonds (Series 2020B),
5.000%, 1/1/2030
1,301,210
1,000,000
 
Chicago, IL O'Hare International Airport, Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2023
1,103,100
1,135,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2016A-1), 5.000%, 11/1/2023
1,274,185
1,000,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2020
1,003,520
1,000,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021
1,047,090
5,000,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2022
5,419,050
2,645,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2023
2,969,356
1,780,000
 
Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2022
1,785,393
1,845,000
 
Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2023
1,851,181
2,800,000
 
Illinois Finance Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%,
Mandatory Tender 9/1/2023
2,797,256
3,000,000
 
Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory
Tender 11/15/2026
3,646,740
1,200,000
 
Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2021
1,244,436
3
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Illinois—continued
 
$1,500,000
 
Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2022
$1,603,935
1,800,000
 
Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016A), 5.000%, 11/1/2023
1,979,802
3,000,000
1
Illinois Finance Authority (Presbyterian Homes Obligated Group), Revenue Bonds (Series 2016B) FRNs, 1.459% (1-month
USLIBOR x 0.70 +1.350%), Mandatory Tender 5/1/2021
3,000,420
3,000,000
 
Illinois Housing Development Authority (Century Woods), Multifamily Housing Revenue Bonds (Series 2019) TOBs, (GNMA
COL), 1.868%, Mandatory Tender 10/1/2021
3,046,860
1,750,000
 
Illinois State, UT GO Bonds (Series 2020B), 5.500%, 5/1/2024
1,897,368
1,500,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021
1,543,005
2,000,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022
2,094,420
1,000,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2023
1,059,780
2,300,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2028
2,538,395
1,925,000
 
Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2017), 5.000%, 6/1/2026
2,357,952
 
 
TOTAL
54,315,064
 
 
Indiana—0.8%
 
725,000
 
Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2021
751,078
500,000
 
Ball State University, IN, Revenue Refunding Bonds (Series 2016), 5.000%, 7/1/2022
540,555
1,000,000
 
Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2016C), 5.000%, 1/1/2024
1,148,220
1,000,000
 
Indiana State Finance Authority Hospital Revenue (Beacon Health System Obligated Group), Hospital Revenue Bonds
(Series 2013A), 5.000%, 8/15/2021
1,039,610
4,000,000
 
Rockport, IN PCR (Indiana Michigan Power Co.), Revenue Refunding Bonds (Series 2008D) TOBs, 2.050%, Mandatory
Tender 6/1/2021
4,030,560
 
 
TOTAL
7,510,023
 
 
Iowa—0.1%
 
1,040,000
 
Ames, IA Hospital Revenue (Mary Greeley Medical Center), Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2023
1,160,744
 
 
Kansas—0.5%
 
2,000,000
 
Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021
2,006,280
1,000,000
 
Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A),
5.000%, 9/1/2021
1,042,950
1,000,000
 
Wyandotte County, KS Unified Government Utility System, Revenue Bonds (Series 2016A), 5.000%, 9/1/2024
1,175,470
 
 
TOTAL
4,224,700
 
 
Kentucky—4.0%
 
2,640,000
 
Kentucky Bond Development Corp. (St. Elizabeth Medical Center), Hospital Facilities Revenue Refunding Bonds
(Series 2016), 5.000%, 5/1/2024
3,035,604
5,000,000
 
Kentucky Economic Development Finance Authority (Catholic Health Initiatives), Revenue Bonds (Series 2009B) TOBs,
2.700%, Mandatory Tender 11/10/2021
5,099,850
3,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Pollution Control Revenue
Bonds (Series 2005A) TOBs, 1.750%, Mandatory Tender 7/1/2026
3,086,550
4,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds
Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021
4,022,400
5,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018A) TOBs, (Morgan Stanley GTD), 4.000%,
Mandatory Tender 4/1/2024
5,519,950
4,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory
Tender 1/1/2025
4,482,880
9,000,000
 
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2020A) TOBs, (BP PLC GTD), 4.000%, Mandatory
Tender 6/1/2026
10,410,570
2,250,000
 
Trimble County, KY (Louisville Gas & Electric Co.), PCR Refunding Bonds (Series 2016A) TOBs, 1.300%, Mandatory
Tender 9/1/2044
2,242,237
 
 
TOTAL
37,900,041
 
 
Louisiana—2.8%
 
1,450,000
 
East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2028
1,877,141
750,000
 
East Baton Rouge Sewerage Commission, Revenue Refunding Bonds (Series 2020A), 5.000%, 2/1/2030
1,010,100
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
4,961,300
4
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Louisiana—continued
 
$6,000,000
 
Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2010B-1A) TOBs, 2.000%,
Mandatory Tender 10/1/2022
$6,067,140
790,000
 
New Orleans, LA Aviation Board, Revenue Bonds (Series 2015A), 5.000%, 1/1/2024
895,299
3,765,000
 
St. Charles Parish, LA Gulf Opportunity Zone (Valero Energy Corp.), Revenue Bonds (Series 2010) TOBs, 4.000%,
Mandatory Tender 6/1/2022
3,923,657
7,000,000
 
St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-2) TOBs, 2.375%,
Mandatory Tender 7/1/2026
7,088,410
 
 
TOTAL
25,823,047
 
 
Maryland—0.2%
 
850,000
 
Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-70
(Series 2017C-2), 3.000%, 11/1/2025
850,000
620,000
 
Rockville, MD Mayor & City Council Econ Dev Revenue (Ingleside at King Farm), Paydown Securities TEMPS-85
(Series 2017C-1), 3.500%, 11/1/2026
607,005
 
 
TOTAL
1,457,005
 
 
Massachusetts—1.2%
 
2,000,000
 
Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A),
5.000%, 10/15/2029
2,739,820
1,000,000
 
Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2020A),
5.000%, 10/15/2030
1,399,270
6,000,000
 
Massachusetts State Development Finance Agency (Boston University), Revenue Bonds (Series 2019 DD-1) TOBs, 5.000%,
Mandatory Tender 4/1/2024
6,797,220
310,000
 
Massachusetts State Housing Finance Agency Housing Revenue, SFM Revenue Bonds (Series 172), 4.000%, 6/1/2045
326,002
 
 
TOTAL
11,262,312
 
 
Michigan—1.6%
 
5,000,000
 
Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue
Bonds (Series 2014 D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2022
5,415,600
2,500,000
 
Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue
Bonds (Series D-1), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2021
2,589,150
1,205,000
 
Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2023
1,383,822
1,000,000
 
Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020A), 5.000%, 11/15/2024
1,192,090
3,500,000
 
Michigan Strategic Fund (Detroit Edison Co.), Variable Rate Limited Obligation Revenue Refunding Bonds
(Series 2008ET-2) TOBs, 1.450%, Mandatory Tender 9/1/2021
3,516,205
1,170,000
 
Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.000%, 10/15/2020
1,171,813
 
 
TOTAL
15,268,680
 
 
Minnesota—0.3%
 
3,000,000
1
Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.550% (SIFMA 7-day +0.430%),
Mandatory Tender 7/3/2023
2,999,070
 
 
Mississippi—0.7%
 
1,250,000
 
Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs,
2.200%, Mandatory Tender 6/3/2024
1,306,213
1,000,000
 
Mississippi Business Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004) TOBs,
0.550%, Mandatory Tender 9/1/2021
1,000,180
4,000,000
 
Warren County, MS Gulf Opportunity Zone (International Paper Co.), Revenue Refunding Bonds (Series 2020A) TOBs,
1.375%, Mandatory Tender 6/16/2025
4,076,160
 
 
TOTAL
6,382,553
 
 
Missouri—0.9%
 
1,570,000
 
Cape Girardeau County, MO IDA (St. Francis Medical Center, MO), Revenue Bonds (Series 2013A), 5.000%, 6/1/2022
1,685,819
565,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2014A), 5.000%, 2/1/2021
571,690
500,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016A), 5.000%, 2/1/2023
539,685
800,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2021
809,472
650,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2022
680,199
1,200,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2023
1,295,244
750,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2024
832,372
850,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2025
966,994
5
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Missouri—continued
 
$750,000
 
Missouri State HEFA (Lutheran Senior Services), Senior Living Facilities Revenue Bonds (Series 2016B), 5.000%, 2/1/2026
$868,140
 
 
TOTAL
8,249,615
 
 
Montana—0.5%
 
4,710,000
1
Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs,
0.670% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023
4,707,645
 
 
Nevada—2.1%
 
6,665,000
 
Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A),
5.000%, 7/1/2026
8,109,972
3,000,000
 
Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS),
5.000%, 6/15/2028
3,842,460
875,000
 
Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS),
5.000%, 6/15/2030
1,158,491
6,500,000
 
Washoe County, NV Gas & Water Facilities Revenue (Sierra Pacific Power Co.), Refunding Revenue Bonds (Series 2016B)
TOBs, 3.000%, Mandatory Tender 6/1/2022
6,766,110
 
 
TOTAL
19,877,033
 
 
New Hampshire—0.7%
 
2,750,000
 
National Finance Authority, NH (Waste Management, Inc.), (Series A-1) TOBs, 0.400%, Mandatory Tender 12/1/2020
2,750,083
4,000,000
 
National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds
(Series 2019A-2) TOBs, 2.150%, Mandatory Tender 7/1/2024
4,150,800
 
 
TOTAL
6,900,883
 
 
New Jersey—4.6%
 
2,600,000
 
Camden, NJ BANs, 1.500%, 8/12/2021
2,610,920
5,000,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2015 XX), 5.000%, 6/15/2022
5,336,750
10,000,000
1
New Jersey EDA (New Jersey State), School Facilities Construction Refunding SIFMA Index Bonds (Series 2013 I) FRNs,
1.370% (SIFMA 7-day +1.250%), 9/1/2025
9,806,400
1,000,000
 
New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020A),
1.000%, 6/1/2023
1,002,680
2,000,000
 
New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020C),
1.150%, 6/1/2023
2,029,680
1,000,000
 
New Jersey Turnpike Authority, Revenue Bonds (Series 2017A), 5.000%, 1/1/2027
1,246,740
5,000,000
1
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-3) FRNs, 0.709% (1-month USLIBOR x 0.70
+0.600%), 1/1/2023
4,987,550
5,000,000
1
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017D-4) FRNs, 0.809% (1-month USLIBOR x 0.70
+0.700%), 1/1/2024
4,992,150
600,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp.
INS), 5.000%, 10/1/2025
721,326
500,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp.
INS), 5.000%, 10/1/2026
615,485
625,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp.
INS), 5.000%, 10/1/2027
784,262
1,300,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp.
INS), 5.000%, 10/1/2028
1,652,495
500,000
 
Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS),
5.000%, 10/1/2024
582,990
500,000
 
Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS),
5.000%, 10/1/2025
601,105
1,000,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A),
5.000%, 6/1/2022
1,069,820
2,500,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A),
5.000%, 6/1/2023
2,775,475
2,000,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A),
5.000%, 6/1/2024
2,295,900
 
 
TOTAL
43,111,728
 
 
New Mexico—1.1%
 
3,500,000
 
Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%,
Mandatory Tender 6/1/2022
3,575,460
6
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New Mexico—continued
 
$4,000,000
 
Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010D)
TOBs, 1.100%, Mandatory Tender 6/1/2023
$4,018,960
2,200,000
 
New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A)
TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025
2,617,758
 
 
TOTAL
10,212,178
 
 
New York—3.9%
 
5,500,000
 
Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds
(Series 2020) TOBs, 1.278%, Mandatory Tender 4/3/2023
5,462,710
4,000,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory
Tender 9/1/2024
4,125,120
900,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2028
1,181,817
1,200,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2029
1,604,016
875,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 5.000%, 9/1/2030
1,191,496
4,040,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory
Tender 9/1/2025
4,060,119
3,000,000
1
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate
Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 0.787% (1-month USLIBOR x 0.69
+0.680%), Mandatory Tender 4/6/2021
2,971,620
5,000,000
1
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate
Refunding Bonds (Series 2011B) FRNs, 0.654% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022
4,729,900
3,000,000
 
New York City Housing Development Corp., Sustainable Neighborhood Bonds (Series 2019B-2) TOBs, 2.100%, Mandatory
Tender 7/3/2023
3,054,720
1,000,000
 
New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty
Municipal Corp. INS), 5.000%, 3/1/2028
1,255,690
1,500,000
 
New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty
Municipal Corp. INS), 5.000%, 3/1/2029
1,916,925
1,600,000
 
New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty
Municipal Corp. INS), 5.000%, 3/1/2030
2,069,984
2,500,000
 
New York State HFA, Affordable Housing Revenue Bonds (Series 2019F Group 3) TOBs, (New York State Mortgage Agency
GTD), 1.875%, Mandatory Tender 11/1/2021
2,501,825
 
 
TOTAL
36,125,942
 
 
North Carolina—1.5%
 
825,000
 
Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Environmental
Improvement Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024
860,549
1,030,000
 
North Carolina HFA, Revenue Bonds (Series 2017 38-B), 4.000%, 7/1/2047
1,118,642
1,875,000
 
North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019),
5.000%, 3/1/2025
2,256,075
1,600,000
 
North Carolina State Grant Anticipation Revenue, Grant Anticipation Revenue Vehicle Bonds (Series 2019),
5.000%, 3/1/2026
1,983,824
1,750,000
 
North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds
(Series 2018), 5.000%, 1/1/2027
2,115,575
1,000,000
 
North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds
(Series 2018), 5.000%, 1/1/2028
1,232,080
2,000,000
 
Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2027
2,578,860
1,000,000
 
Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2028
1,322,220
500,000
 
Wake County, NC, UT GO Refunding Bonds (Series 2020A), 5.000%, 4/1/2029
676,640
 
 
TOTAL
14,144,465
 
 
North Dakota—0.2%
 
2,200,000
 
Burleigh Co., ND Health Care Revenue (Missouri Slope North Campus), Healthcare BAN (Series 2020), 3.000%, 11/1/2021
2,157,606
 
 
Ohio—2.8%
 
3,500,000
 
Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2017B) TOBs, 2.150%, Mandatory
Tender 5/5/2022
3,729,705
1,350,000
 
American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A),
5.000%, 2/15/2026
1,664,388
1,600,000
 
American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A),
5.000%, 2/15/2027
2,021,136
7
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Ohio—continued
 
$1,750,000
 
American Municipal Power-Ohio, Inc. (Combined Hydroelectric Projects), Revenue Refunding Bonds (Series 2020A),
5.000%, 2/15/2028
$2,258,690
1,500,000
 
American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2017A), 5.000%, 2/15/2025
1,792,635
650,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2026
804,694
950,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2027
1,208,875
600,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2028
783,684
1,100,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2029
1,466,322
800,000
 
Cleveland, OH (Cleveland, OH Water), Water Revenue Bonds (Series 2020FF), 5.000%, 1/1/2030
1,089,968
500,000
 
Hamilton County, OH Hospital Facilities Authority (UC Health ), Revenue Bonds (Series 2014), 5.000%, 2/1/2023
550,350
3,500,000
 
Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD),
5.000%, Mandatory Tender 2/1/2025
4,129,545
790,000
 
Lorain County, OH, (Series B) BANs, 1.300%, 2/6/2021
790,395
1,500,000
 
Ohio State Air Quality Development Authority (American Electric Power Co., Inc.), Air Quality Revenue Refunding Bonds
(Series 2014A) TOBs, 2.400%, Mandatory Tender 10/1/2029
1,552,185
455,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A),
5.000%, 1/15/2026
550,145
345,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020A),
5.000%, 1/15/2027
426,975
1,000,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020B) TOBs,
5.000%, Mandatory Tender 1/15/2025
1,170,340
 
 
TOTAL
25,990,032
 
 
Oklahoma—1.9%
 
2,285,000
 
Canadian County Educational Facilities Authority, OK (Mustang Public Schools), Educational Facilities Lease Revenue
Bonds (Series 2012), 4.500%, 9/1/2021
2,373,384
3,500,000
 
Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue
Bonds (Series 2019), 5.000%, 6/1/2024
4,028,955
3,200,000
 
Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue
Bonds (Series 2019), 5.000%, 6/1/2025
3,802,176
5,000,000
 
Oklahoma Development Finance Authority (Gilcrease Developers, LLC), Limited Obligation Revenue Bonds (Series 2020),
1.625%, 7/6/2023
4,992,550
1,850,000
 
Oklahoma Development Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series 2004A), 2.375%, 12/1/2021
1,886,278
1,000,000
 
Tulsa County, OK Industrial Authority (Broken Arrow Public Schools), Educational Facilities Lease Revenue Bonds
(Series 2016), 5.000%, 9/1/2022
1,088,420
 
 
TOTAL
18,171,763
 
 
Oregon—1.3%
 
1,450,000
 
Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2026
1,770,696
1,700,000
 
Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2027
2,117,792
1,600,000
 
Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2028
2,023,984
2,635,000
 
Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2029
3,373,143
2,400,000
 
Port of Portland, OR Airport, Portland International Airport Revenue Bonds (Series Twenty-Seven A), 5.000%, 7/1/2030
3,106,560
 
 
TOTAL
12,392,175
 
 
Pennsylvania—6.4%
 
850,000
 
Allegheny County, PA Sanitation Authority, Sewer Revenue Refunding Bonds (Series 2016), (Assured Guaranty Municipal
Corp. INS), 5.000%, 12/1/2025
1,049,163
2,000,000
 
Berks County, PA Municipal Authority (Tower Health), Revenue Bonds (Series 2020B-1) TOBs, 5.000%, Mandatory
Tender 2/1/2025
2,169,140
2,000,000
 
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2021
2,013,180
1,115,000
 
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016),
5.000%, 1/1/2022
1,150,925
1,155,000
 
Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series of 2016),
5.000%, 1/1/2024
1,244,478
500,000
 
East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds
(Series 2016), 4.000%, 12/1/2020
502,225
8
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Pennsylvania—continued
 
$500,000
 
East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds
(Series 2016), 5.000%, 12/1/2022
$538,445
750,000
 
East Hempfield Township, PA IDA (Willow Valley Retirement Communities), Revenue & Revenue Refunding Bonds
(Series 2016), 5.000%, 12/1/2023
832,275
12,500,000
1
Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2014B) FRNs,
1.167% (1-month USLIBOR x 0.67 +1.070%), Mandatory Tender 6/1/2024
12,464,125
5,000,000
 
Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016A) TOBs,
1.800%, Mandatory Tender 9/1/2022
5,060,750
2,250,000
1
Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds
(Series 2018C) FRNs, 0.840% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023
2,248,627
1,000,000
1
Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital
Revenue Bonds (Series 2018B) FRNs, 1.149% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024
996,400
6,500,000
 
Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series 2011) TOBs, 2.150%, Mandatory Tender 7/1/2024
6,786,455
2,000,000
 
Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series 2017A) TOBs, 0.700%, Mandatory Tender 8/2/2021
2,001,660
2,000,000
 
Pennsylvania EDFA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2004A), 1.850%, 11/1/2021
2,025,140
2,000,000
1
Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.676% (1-month USLIBOR x 0.70 +0.570%), Mandatory
Tender 10/1/2023
1,998,020
1,500,000
 
Pennsylvania State Higher Education Facilities Authority (University of the Sciences in Philadelphia), Revenue Refunding
Bonds (Series 2015A), 5.000%, 11/1/2023
1,601,745
250,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2026
316,713
400,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2027
517,968
500,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2028
658,045
750,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2029
997,185
525,000
 
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2020B), 5.000%, 12/1/2030
710,777
5,000,000
1
Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2014B) FRNs,
1.100% (SIFMA 7-day +0.980%), 12/1/2021
5,020,950
1,700,000
 
Philadelphia, PA Gas Works, 1998 General Ordinance Revenue Refunding Bonds (14th Series 2016), 5.000%, 10/1/2021
1,775,820
1,000,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2025
1,182,200
1,000,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2026
1,217,470
1,250,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2027
1,560,800
1,470,000
1
Scranton, PA School District, GO Notes (Series 2014) (LIBOR Floating Rate Tender Notes) FRNs, (Pennsylvania School
District Intercept Program GTD), 0.955% (1-month USLIBOR x 0.68 +0.850%), Mandatory Tender 4/1/2021
1,468,045
 
 
TOTAL
60,108,726
 
 
Rhode Island—1.1%
 
2,250,000
 
Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue
Refunding Bonds (Series 2016), 5.000%, 5/15/2021
2,301,727
2,250,000
 
Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue
Refunding Bonds (Series 2016), 5.000%, 5/15/2022
2,384,820
2,000,000
 
Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue
Refunding Bonds (Series 2016), 5.000%, 5/15/2023
2,186,320
3,285,000
 
Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue
Refunding Bonds (Series 2016), 5.000%, 5/15/2024
3,686,953
 
 
TOTAL
10,559,820
 
 
South Carolina—0.9%
 
1,000,000
 
Charleston County, SC Special Source, Revenue Bonds (Series 2013), 5.000%, 12/1/2020
1,007,990
7,200,000
 
Laurens County, SC Water and Sewer Commission, Waterworks Distribution System Bond Anticipation Notes (Series 2020),
1.375%, 2/1/2022
7,249,608
 
 
TOTAL
8,257,598
 
 
South Dakota—0.1%
 
750,000
 
Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.000%, 6/1/2023
836,063
 
 
Tennessee—1.4%
 
11,300,000
 
Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%,
Mandatory Tender 10/1/2024
13,178,851
9
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Tennessee—continued
 
$330,000
 
Tennessee Housing Development Agency, Revenue Refunding Bonds (Series 220142C), 4.000%, 1/1/2045
$350,038
 
 
TOTAL
13,528,889
 
 
Texas—16.1%
 
1,500,000
 
Alvin, TX Independent School District, Variable Rate Unlimited Tax Schoolhouse Bonds (Series 2014B) TOBs, (Texas
Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023
1,498,590
600,000
 
Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2024
701,010
650,000
 
Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2025
780,721
1,000,000
 
Austin, TX Airport System, Revenue Bonds (Series 2019B), 5.000%, 11/15/2026
1,227,330
5,000,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue & Refunding Bonds (Series 2015B) TOBs, 5.000%,
Mandatory Tender 1/7/2021
5,014,000
1,400,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2013A), 5.000%, 1/1/2021
1,415,778
1,500,000
 
Dallas, TX Area Rapid Transit, Revenue Refunding Bonds (Series 2016B), 5.000%, 12/1/2022
1,655,535
9,000,000
 
Denton, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2014-B) TOBs, (Texas
Permanent School Fund Guarantee Program INS), 2.000%, Mandatory Tender 8/1/2024
9,513,270
6,580,000
 
Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011)
TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024
6,934,662
3,000,000
 
Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent
School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025
3,124,050
5,920,000
 
Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund
Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022
6,100,382
2,500,000
 
Fort Bend, TX Independent School District, Variable Rate Unlimited Tax School Building and Refunding Bonds
(Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025
2,520,100
2,500,000
 
Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs,
(Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022
2,612,675
2,900,000
 
Harlandale, TX Independent School District, Fixed and Variable Rate Unlimited Tax Refunding Bonds (Series 2020) TOBs,
(Texas Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2025
2,900,638
5,635,000
1
Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue
Refunding Bonds (Series 2013B) FRNs, 1.020% (SIFMA 7-day +0.900%), 6/1/2022
5,656,807
4,500,000
1
Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue
Refunding Bonds (Series 2013B) FRNs, 1.070% (SIFMA 7-day +0.950%), 6/1/2023
4,529,655
5,685,000
1
Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue
Refunding Bonds (Series 2013B) FRNs, 1.170% (SIFMA 7-day +1.050%), 6/1/2024
5,756,802
5,000,000
 
Harris County, TX Education Facilities Finance Corp. (Texas Children's Hospital), Hospital Revenue Bonds (Series 2019B)
TOBs, 4.918%, Mandatory Tender 10/1/2024
5,875,250
2,000,000
 
Hutto, TX Independent School District, Unlimited Tax School Building Bonds (Series 2017) TOBs, (Texas Permanent School
Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025
2,129,620
1,905,000
1
Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017B) FRNs,
1.220% (SIFMA 7-day +1.100%), Mandatory Tender 10/15/2023
1,954,700
1,500,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2019), 5.000%, 5/15/2024
1,742,820
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2019), 5.000%, 5/15/2025
1,200,660
750,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2019), 5.000%, 5/15/2026
925,995
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2019), 5.000%, 5/15/2027
1,266,980
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2019), 5.000%, 5/15/2028
1,295,740
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020), 5.000%, 5/15/2025
1,200,660
1,250,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020), 5.000%, 5/15/2026
1,543,325
2,300,000
 
Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), Pollution Control Revenue Refunding Bonds
(Series 2001A), 2.600%, 11/1/2029
2,437,494
7,535,000
 
Midlothian, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013C) TOBs, (Texas
Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024
7,955,905
10
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Texas—continued
 
$3,000,000
 
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
$3,131,340
3,000,000
 
Mission, TX Economic Development Corp. (Republic Services, Inc.), (Series 2020 A) TOBs, 0.500%, Mandatory
Tender 11/2/2020
3,000,690
5,400,000
 
Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series A) TOBs, 0.400%, Mandatory
Tender 12/1/2020
5,400,162
855,000
 
New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds
(Series 2017), 5.000%, 1/1/2022
880,308
945,000
 
New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds
(Series 2017), 5.000%, 1/1/2024
1,013,012
980,000
 
New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds
(Series 2017), 5.000%, 1/1/2025
1,068,602
735,000
 
New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016),
4.000%, 11/1/2021
751,817
500,000
 
New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016),
5.000%, 11/1/2023
545,375
625,000
 
New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016),
5.000%, 11/1/2024
699,413
1,105,000
 
New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2016),
5.000%, 11/1/2025
1,255,225
1,500,000
 
North East, TX Independent School District, Variable Rate UT GO Refunding Bonds (Series 2019) TOBs, (Texas Permanent
School Fund Guarantee Program GTD), 2.200%, Mandatory Tender 8/1/2024
1,586,925
1,400,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2025
1,541,344
2,000,000
 
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2025
2,359,880
2,500,000
 
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2026
3,029,775
2,500,000
 
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2019B), 5.000%, 1/1/2027
3,106,550
7,945,000
 
Northside, TX Independent School District, Variable Rate UT GO School Building and Refunding Bonds (Series 2019)
TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.600%, Mandatory Tender 8/1/2024
8,256,126
6,000,000
 
Pflugerville, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas
Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/15/2023
6,328,560
2,500,000
 
Prosper, TX Independent School District, Adjustable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas
Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/15/2023
2,599,200
550,000
 
Sam Rayburn, TX Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series 2012),
5.000%, 10/1/2021
574,365
7,500,000
 
San Antonio, TX Electric & Gas System, Variable Rate Junior Lien Revenue Refunding Bonds (Series 2020) TOBs, 1.750%,
Mandatory Tender 12/1/2025
7,832,700
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
4,271,720
 
 
TOTAL
150,704,243
 
 
Utah—0.5%
 
4,000,000
 
Utah County, UT Hospital Revenue (IHC Health Services, Inc.), Revenue Bonds (Series 2020 B-2) TOBs, 5.000%, Mandatory
Tender 8/1/2026
4,995,160
 
 
Virginia—2.3%
 
4,500,000
 
Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes
(Series 2019), 5.000%, 11/1/2023
5,047,425
7,500,000
 
Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory
Tender 6/1/2023
7,752,750
2,500,000
 
Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B),
5.000%, 8/1/2025
3,065,050
1,500,000
 
Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B),
5.000%, 8/1/2030
2,069,670
3,750,000
 
Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024
3,815,475
 
 
TOTAL
21,750,370
 
 
Washington—3.3%
 
1,000,000
 
Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2030
1,374,150
2,000,000
 
Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2017-A), 5.000%, 7/1/2026
2,160,440
11
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Washington—continued
 
$1,250,000
 
Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2027
$1,616,263
1,000,000
 
Energy Northwest, WA, Project 1 Electric Revenue Refunding Bonds (Series 2020A), 5.000%, 7/1/2028
1,320,940
1,750,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2022
1,871,135
2,000,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2023
2,212,340
1,500,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024
1,718,220
1,825,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2025
2,153,062
2,000,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2026
2,413,340
2,000,000
1
Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 0.610% (SIFMA 7-
day +0.490%), Mandatory Tender 11/1/2023
2,006,700
1,500,000
 
Seattle, WA Municipal Light & Power, Revenue Refunding Bonds (Series 2016C), 5.000%, 10/1/2023
1,715,235
3,760,000
1
Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index
Revenue Bonds (Series 2017B) FRNs, 1.201% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022
3,782,823
3,000,000
1
Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index
Revenue Bonds (Series 2017C) FRNs, 1.170% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023
3,029,460
3,000,000
 
Washington State Health Care Facilities Authority (Providence St. Joseph Health), Revenue Bonds (Series 2012B) TOBs,
5.000%, Mandatory Tender 10/1/2021
3,134,730
 
 
TOTAL
30,508,838
 
 
West Virginia—0.4%
 
4,000,000
 
West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Refunding Bonds Amos Project
(Series 2015A) TOBs, 2.550%, Mandatory Tender 4/1/2024
4,206,960
 
 
Wisconsin—0.1%
 
1,310,000
 
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran), Revenue Bonds (Series 2011A),
5.000%, 10/15/2020
1,312,109
 
 
Wyoming—0.3%
 
3,000,000
 
Sweetwater County, WY PCRB (Idaho Power Co.), PCR Refunding Bonds (Series 2006), 1.700%, 7/15/2026
3,117,360
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $830,930,933)
849,394,665
 
1
SHORT-TERM MUNICIPALS—9.8%
 
 
 
Alabama—0.3%
 
2,400,000
 
Wilsonville, AL IDB (Alabama Power Co.), (Series D) (Gaston Plant) Daily VRDNs, 0.150%, 10/1/2020
2,400,000
 
 
California—2.6%
 
17,600,000
 
Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDNs, 0.680%, 10/1/2020
17,600,000
6,700,000
 
Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan
Chase Bank, N.A. LIQ), 0.290%, 10/1/2020
6,700,000
 
 
TOTAL
24,300,000
 
 
Georgia—1.0%
 
1,300,000
 
Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.170%, 10/1/2020
1,300,000
2,000,000
 
Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.160%, 10/1/2020
2,000,000
5,250,000
 
Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.160%, 10/1/2020
5,250,000
800,000
 
Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs,
0.170%, 10/1/2020
800,000
 
 
TOTAL
9,350,000
 
 
New York—0.3%
 
1,850,000
 
New York City, NY, (Series B-3) Weekly VRENs, 0.360%, 10/1/2020
1,850,000
1,400,000
 
New York State Mortgage Agency, (Series 135) Daily VRDNs, (Barclays Bank plc LIQ), 0.160%, 10/1/2020
1,400,000
 
 
TOTAL
3,250,000
 
 
Texas—4.6%
 
1,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs,
0.300%, 10/7/2020
1,500,000
3,000,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 1998) Weekly VRDNs, (BASF SE GTD),
0.300%, 10/7/2020
3,000,000
2,700,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs,
0.170%, 10/1/2020
2,700,000
12
Principal
Amount
 
 
Value
 
1
SHORT-TERM MUNICIPALS—continued
 
 
 
Texas—continued
 
$15,995,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs,
0.170%, 10/1/2020
$15,995,000
15,675,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs,
0.190%, 10/1/2020
15,675,000
4,600,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs,
0.400%, 10/7/2020
4,600,000
 
 
TOTAL
43,470,000
 
 
Utah—0.1%
 
1,450,000
 
Weber County, UT (IHC Health Services, Inc.), (Series 2000B) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.080%, 10/7/2020
1,450,000
 
 
Wisconsin—0.5%
 
4,500,000
 
Wisconsin State HEFA (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.370%, 10/1/2020
4,500,000
 
 
Wyoming—0.4%
 
3,500,000
 
Sublette County, WY (Exxon Capital Ventures, Inc.), (Series 2014) Daily VRDNs, (Exxon Mobil Corp. GTD),
0.160%, 10/1/2020
3,500,000
 
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $92,220,000)
92,220,000
 
 
TOTAL INVESTMENT IN SECURITIES—100.5%
(IDENTIFIED COST $923,150,933)
941,614,665
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.5)%3
(5,016,506)
 
 
TOTAL NET ASSETS—100%
$936,598,159
Securities that are subject to the federal alternative minimum tax (AMT) represent 9.4% of the Fund's portfolio as calculated based upon total market value.
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 September 30, 2020, these restricted securities amounted to $5,517,405, which represented 0.6% of total net assets.
Additional information on restricted securities held at September 30, 2020, is as follows:  
Security
Acquisition
Date
Acquisition
Cost
Value
California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series 2009A) TOBs, 1.300%, Mandatory Tender 2/3/2025
1/30/2020
$1,500,000
$1,516,485
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.500%,
Mandatory Tender 11/2/2020
7/31/2020
$4,000,000
$4,000,920
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2020.
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 Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
13
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 Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees 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 Trustees 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 Trustees. The Trustees 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 Trustees.
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 September 30, 2020, 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:  
BANs
—Bond Anticipation Notes
COL
—Collateralized
EDA
—Economic Development Authority
EDFA
—Economic Development Finance Authority
FRNs
—Floating Rate Notes
GNMA
—Government National Mortgage Association
GO
—General Obligation
GTD
—Guaranteed
HEFA
—Health and Education Facilities Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
INS
—Insured
LIBOR
—London Interbank Offered Rate
LIQ
—Liquidity Agreement
LT
—Limited Tax
PCFA
—Pollution Control Finance Authority
PCR
—Pollution Control Revenue
PILOT
—Payment in Lieu of Taxes
PUTTERs
—Puttable Tax-Exempt Receipts
SFM
—Single Family Mortgage
SIFMA
—Securities Industry and Financial Markets Association
TEMPS
—Tax Exempt Mandatory Paydown Securities
TOBs
—Tender Option Bonds
UT
—Unlimited Tax
VRDNs
—Variable Rate Demand Notes
VRDPs
—Variable Rate Demand Purchases
VRENs
—Variable Rate Extendible Notes
15