0001145549-20-002472.txt : 20200127 0001145549-20-002472.hdr.sgml : 20200127 20200127142425 ACCESSION NUMBER: 0001145549-20-002472 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191130 FILED AS OF DATE: 20200127 PERIOD START: 20200831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES INCOME TRUST CENTRAL INDEX KEY: 0000866700 IRS NUMBER: 251695291 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06165 FILM NUMBER: 20548875 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL SECURITIES INCOME TRUST DATE OF NAME CHANGE: 19921023 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19920703 0000866700 S000009090 Federated Michigan Intermediate Municipal Trust C000024699 Class A Shares MMIFX NPORT-P 1 primary_doc.xml NPORT-P false 0000866700 XXXXXXXX S000009090 C000024699 Federated Municipal Securities Income Trust 811-06165 0000866700 254900RAQHES8ITD1U55 Federated Investors Funds 4000 Ericsson Drive Warrendale 15086-7561 8003417400 Federated Michigan Intermediate Municipal Trust S000009090 DOBDWPX3CALP91N02T10 2020-08-31 2019-11-30 N 77054458.370000007150 230713.089999999990 76823745.280000007160 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 25271.500000000000 USD N SAGINAW MI WTR SPLY SYS REVENU N/A CITY OF SAGINAW MI WATER SUPPLY SYSTEM REVENUE 786795BT0 1670000 PA USD 1768747.1 2.3023442733 Long DBT MUN US N 2 2025-07-01 Fixed 4.75 N N N N N N UNIV OF MICHIGAN MI N/A UNIVERSITY OF MICHIGAN 914455NE6 250000 PA USD 290465 0.3780927354 Long DBT MUN US N 2 2024-04-01 Fixed 5 N N N N N N GRAND RAPIDS MI PUBLIC SCHS N/A GRAND RAPIDS PUBLIC SCHOOLS 386280PY1 620000 PA USD 750745.6 0.9772311897 Long DBT MUN US N 2 2027-05-01 Fixed 5 N N N N N N GRAND RAPIDS MI SANTN SWR SYSR N/A CITY OF GRAND RAPIDS MI SANITARY SEWER SYSTEM REVENUE 386289JR4 500000 PA USD 539630 0.7024260507 Long DBT MUN US N 2 2022-01-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A Michigan Strategic Fund 594698DF6 500000 PA USD 500000 0.6508404377 Long DBT MUN US N 2 2042-12-01 Variable 1.15 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447P5K3 250000 PA USD 287742.5 0.3745489093 Long DBT MUN US N 2 2026-06-01 Fixed 5 N N N N N N MICHIGAN ST UNIV REVENUES N/A Michigan State University 594712UW9 1250000 PA USD 1563062.5 2.0346085632 Long DBT MUN US N 2 2034-02-15 Fixed 5 N N N N N N MICHIGAN ST COMPREHENSIVE TRAN N/A STATE OF MICHIGAN COMPREHENSIVE TRANSPORTATION REVENUE 594636UL4 1000000 PA USD 1175830 1.5305554236 Long DBT MUN US N 2 2026-11-15 Fixed 5 N N N N N N ROYAL OAK MI HOSP FIN AUTH N/A ROYAL OAK HOSPITAL FINANCE AUTHORITY 780486GN0 1000000 PA USD 1135620 1.4782148356 Long DBT MUN US N 2 2023-09-01 Fixed 5 N N N N N N BERKLEY MI SCH DIST N/A BERKLEY SCHOOL DISTRICT 084482BF4 1000000 PA USD 1167720 1.5199987917 Long DBT MUN US N 2 2030-05-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A Michigan Strategic Fund 594698QH8 2000000 PA USD 2482560 3.2315008738 Long DBT MUN US N 2 2030-06-30 Fixed 5 N N N N N N MICHIGAN ST BLDG AUTH REVENUE N/A MICHIGAN STATE BUILDING AUTHORITY 594615BF2 1000000 PA USD 1202460 1.5652191853 Long DBT MUN US N 2 2027-04-15 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A Michigan Strategic Fund 594698RN4 1000000 PA USD 1001050 1.3030476402 Long DBT MUN US N 2 2049-10-01 Variable 1.8 N N N N N N FENNVILLE MI PUBLIC SCHS N/A FENNVILLE PUBLIC SCHOOLS 314513FY3 1000000 PA USD 1221970 1.5906149792 Long DBT MUN US N 2 2035-05-01 Fixed 5 N N N N N N LANSING MICH BRD WTR & LT UTIL N/A LANSING BOARD OF WATER & LIGHT 516391AW9 1900000 PA USD 2009896 2.6162431845 Long DBT MUN US N 2 2024-07-01 Fixed 5 N N N N N N WAYNE CNTY MI ARPT AUTH REVENU N/A WAYNE COUNTY AIRPORT AUTHORITY 944514LB2 1000000 PA USD 1036840 1.3496347987 Long DBT MUN US N 2 2021-12-01 Fixed 5 N N N N N N WAYNE CNTY MI ARPT AUTH REVENU N/A WAYNE COUNTY AIRPORT AUTHORITY 944514ML9 2000000 PA USD 2141120 2.7870549557 Long DBT MUN US N 2 2021-12-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447P7L9 1000000 PA USD 1212750 1.5786134815 Long DBT MUN US N 2 2026-12-01 Fixed 5.5 N N N N N N MICHIGAN ST TRUNK LINE N/A STATE OF MICHIGAN TRUNK LINE REVENUE 594695Q92 2600000 PA USD 2607462 3.3940834185 Long DBT MUN US N 2 2020-11-01 Fixed 5 N N N N N N SOUTHFIELD MI N/A SOUTHFIELD 844181LS4 1000000 PA USD 1143190 1.4880685598 Long DBT MUN US N 2 2029-05-01 Fixed 4 N N N N N N KENTWOOD MI PUBLIC SCHS N/A Kentwood Public Schools 491746SD6 1000000 PA USD 1259590 1.6395842137 Long DBT MUN US N 2 2032-05-01 Fixed 5 N N N N N N GRAND RAPIDS MI SANTN SWR SYSR N/A City of Grand Rapids MI Sanitary Sewer System Revenue 386289KY7 1000000 PA USD 1185910 1.5436763668 Long DBT MUN US N 2 2034-01-01 Fixed 5 N N N N N N SOUTHFIELD MI LIBRARY BLDG AUT N/A SOUTHFIELD LIBRARY BUILDING AUTHORITY 844211CV2 1085000 PA USD 1278802.7 1.6645930179 Long DBT MUN US N 2 2026-05-01 Fixed 5 N N N N N N CALHOUN CNTY MI REVENUE N/A COUNTY OF CALHOUN MI 129648AY7 1425000 PA USD 1577047.5 2.0528125702 Long DBT MUN US N 2 2030-11-01 Fixed 4 N N N N N N ORCHARD VIEW MI SCHS N/A ORCHARD VIEW SCHOOLS 685713CM9 1855000 PA USD 1927975.7 2.5096090967 Long DBT MUN US N 2 2022-05-01 Fixed 4 N N N N N N WEST BLOOMFIELD MI SCH DIST N/A WEST BLOOMFIELD SCHOOL DISTRICT 951452QY0 500000 PA USD 614510 0.7998959147 Long DBT MUN US N 2 2029-05-01 Fixed 5 N N N N N N GRAND RAPIDS MI PUBLIC SCHS N/A GRAND RAPIDS PUBLIC SCHOOLS 386280QT1 670000 PA USD 832106.5 1.0831371173 Long DBT MUN US N 2 2027-05-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447TMD2 500000 PA USD 607870 0.7912527537 Long DBT MUN US N 2 2028-11-15 Fixed 5 N N N N N N ANN ARBOR MI N/A City of Ann Arbor MI 035438JN1 1255000 PA USD 1466756.15 1.9092484292 Long DBT MUN US N 2 2033-05-01 Fixed 4 N N N N N N MICHIGAN ST TRUNK LINE N/A STATE OF MICHIGAN TRUNK LINE REVENUE 594695U97 500000 PA USD 537035 0.6990481889 Long DBT MUN US N 2 2023-11-15 Fixed 5 N N N N N N GREAT LAKES MI WTR AUTH SEWAGE N/A Great Lakes Water Authority Sewage Disposal System Revenue 39081HBZ4 2000000 PA USD 2581140 3.3598205745 Long DBT MUN US N 2 2029-07-01 Fixed 5 N N N N N N KENT MI HOSP FIN AUTH N/A KENT HOSPITAL FINANCE AUTHORITY 490580EA1 1500000 PA USD 1606890 2.0916579817 Long DBT MUN US N 2 2022-11-15 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447PD65 2000000 PA USD 2333400 3.0373421544 Long DBT MUN US N 2 2025-07-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A MICHIGAN STRATEGIC FUND 594698KJ0 1000000 PA USD 1073810 1.3977579407 Long DBT MUN US N 2 2022-10-15 Fixed 5.25 N N N N N N DEARBORN MI SCH DIST N/A DEARBORN SCHOOL DISTRICT 242595SD9 2000000 PA USD 2276820 2.9636930505 Long DBT MUN US N 2 2025-05-01 Fixed 5 N N N N N N DETROIT MI DOWNTOWN DEV AUTH T 549300WO3NSMP6FECO66 DETROIT MI DOWNTOW 5 7/35 251135GM5 500000 PA USD 558960 0.7275875421 Long DBT MUN US N 2 2035-07-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A Michigan Strategic Fund 594698RC8 500000 PA USD 586655 0.7636375939 Long DBT MUN US N 2 2034-11-15 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FND LTD N/A MICHIGAN STRATEGIC FUND 594692C78 1000000 PA USD 1076640 1.4014416976 Long DBT MUN US N 2 2021-05-01 Fixed 7 N N N N N N HOLLAND MI ELEC REVENUE N/A CITY OF HOLLAND MI ELECTRIC REVENUE 435182FH8 1500000 PA USD 1566480 2.0390570575 Long DBT MUN US N 2 2022-07-01 Fixed 4 N N N N N N MICHIGAN ST HOSP FIN AUTH 54930011MIBQ2P7ZNM19 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 59465HUX2 2000000 PA USD 2263240 2.9460162242 Long DBT MUN US N 2 2032-11-15 Fixed 4 N N N N N N LANSING MI CMNTY CLG N/A LANSING COMMUNITY COLLEGE 516408JC6 525000 PA USD 654990 0.8525879565 Long DBT MUN US N 2 2030-05-01 Fixed 5 N N N N N N GENESEE CNTY MI N/A COUNTY OF GENESEE MI 371608SS0 1000000 PA USD 1139870 1.4837469793 Long DBT MUN US N 2 2025-11-01 Fixed 5 N N N N N N UNIV OF MICHIGAN MI N/A UNIVERSITY OF MICHIGAN 914455QN3 1000000 PA USD 1253970 1.6322687672 Long DBT MUN US N 2 2027-04-01 Fixed 5 N N N N N N UTICA MI CMNTY SCHS N/A UTICA COMMUNITY SCHOOLS/MI 917661N48 500000 PA USD 580515 0.7556452733 Long DBT MUN US N 2 2029-05-01 Fixed 5 N N N N N N MASON MI PUBLIC SCH DIST 549300DZ28OIZALU4N80 MASON PUBLIC SCHOOLS 575260JG0 1445000 PA USD 1651447.15 2.1496571717 Long DBT MUN US N 2 2032-05-01 Fixed 4 N N N N N N MICHIGAN ST BLDG AUTH REVENUE N/A MICHIGAN STATE BUILDING AUTHORITY 594615AJ5 500000 PA USD 553955 0.7210726293 Long DBT MUN US N 2 2022-10-15 Fixed 5 N N N N N N BIRMINGHAM MI PUBLIC SCHS N/A BIRMINGHAM CITY SCHOOL DISTRICT/MI 091212DL1 410000 PA USD 485809 0.6323682843 Long DBT MUN US N 2 2027-05-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 Michigan Finance Authority 59447TTC7 1000000 PA USD 1271000 1.6544363925 Long DBT MUN US N 2 2032-10-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A Michigan Strategic Fund 59469C4Y6 1300000 PA USD 1300000 1.6921851379 Long DBT MUN US N 2 2033-12-01 Variable 1.2 N N N N N N BISHOP MI INTERNATIONAL ARPT A N/A BISHOP INTERNATIONAL AIRPORT AUTHORITY 091457AV3 1690000 PA USD 1743319.5 2.2692456527 Long DBT MUN US N 2 2023-12-01 Fixed 4.5 N N N N N N LANSING MICH BRD WTR & LT UTIL N/A Lansing Board of Water & Light 516391CX5 2000000 PA USD 2512140 3.2700045941 Long DBT MUN US N 2 2035-07-01 Fixed 5 N N N N N N MICHIGAN ST HOSP FIN AUTH 54930011MIBQ2P7ZNM19 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 59465HUS3 250000 PA USD 307292.5 0.3999967704 Long DBT MUN US N 2 2031-12-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447PYE5 1500000 PA USD 1618500 2.1067704967 Long DBT MUN US N 2 2022-07-01 Fixed 5 N N N N N N MICHIGAN ST HSG DEV AUTH 549300NSWW1HVXE93T03 Michigan State Housing Development Authority 59465MSP1 100000 PA USD 100000 0.1301680875 Long DBT MUN US N 2 2037-10-01 Variable 1.31 N N N N N N ROSEVILLE MI SCH DIST N/A ROSEVILLE COMMUNITY SCHOOLS 778017PZ0 1000000 PA USD 1231560 1.6030980988 Long DBT MUN US N 2 2031-05-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 Michigan Finance Authority 59447TUV3 1000000 PA USD 1247460 1.6237948247 Long DBT MUN US N 2 2035-02-15 Fixed 5 N N N N N N DOWNRIVER UTILITY WSTWTR AUTH N/A DOWNRIVER UTILITY WASTEWATER AUTHORITY 26111PAL9 375000 PA USD 452823.75 0.5894320153 Long DBT MUN US N 2 2031-04-01 Fixed 5 N N N N N N MICHIGAN ST PUBLIC PWR AGY N/A MICHIGAN PUBLIC POWER AGENCY 594570JX2 1000000 PA USD 1037260 1.3501815047 Long DBT MUN US N 2 2022-01-01 Fixed 5 N N N N N N SALINE MI AREA SCHS 549300COVKKGR0VUE860 SALINE MI AREA SCH 5 5/30 795200JP0 1000000 PA USD 1247070 1.6232871692 Long DBT MUN US N 2 2030-05-01 Fixed 5 N N N N N N UNIV OF MICHIGAN MI N/A UNIVERSITY OF MICHIGAN 914455RS1 2000000 PA USD 2312100 3.0096163518 Long DBT MUN US N 2 2033-04-01 Fixed 4 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447TSF1 500000 PA USD 620220 0.8073285125 Long DBT MUN US N 2 2033-11-01 Fixed 5 N N N N N N MICHIGAN ST TRUNK LINE N/A STATE OF MICHIGAN TRUNK LINE REVENUE 594695T57 500000 PA USD 537335 0.6994386931 Long DBT MUN US N 2 2022-11-15 Fixed 5 N N N N N N 2020-01-27 Federated Municipal Securities Income Trust Stephen Van Meter Federated Municipal Securities Income Trust Chief Compliance Officer XXXX NPORT-EX 2 poi_fedmichiganintermunitr.htm POI - FEDERATED MICHIGAN INTERMEDIATE MUNICIPAL TRUST
Federated Michigan Intermediate Municipal Trust
Portfolio of Investments
November 30, 2019 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—96.8%  
    Michigan—96.8%  
$1,255,000   Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033 $1,466,756
1,000,000   Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 1,167,720
410,000   Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.000%, 5/1/2027 485,809
1,690,000   Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS), 4.500%, 12/1/2023 1,743,319
1,425,000   Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030 1,577,047
2,000,000   Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2025 2,276,820
500,000   Detroit, MI Downtown Development Authority, Tax Increment Revenue Refunding Bonds (Catalyst Development Series 2018A), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2035 558,960
375,000   Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (Assured Guaranty Municipal Corp. INS), 5.000%, 4/1/2031 452,824
1,000,000   Fennville, MI Public Schools, UT GO School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2035 1,221,970
1,000,000   Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/1/2025 1,139,870
620,000   Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 750,746
670,000   Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 832,106
1,000,000   Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034 1,185,910
500,000   Grand Rapids, MI Sanitary Sewer System, Sanitary Sewer System Revenue Improvement and Refunding Bonds (Series 2014), 5.000%, 1/1/2022 539,630
2,000,000   Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 7/1/2029 2,581,140
1,500,000   Holland, MI Electric Utility System, Revenue Bonds (Series 2014A), 4.000%, 7/1/2022 1,566,480
1,500,000   Kent Hospital Finance Authority, MI (Spectrum Health), Revenue Refunding Bonds (Series 2011A), 5.000%, 11/15/2022 1,606,890
1,000,000   Kentwood, MI Public Schools, UT GO School Building and Site Bonds (Series 2019 II), 5.000%, 5/1/2032 1,259,590
1,900,000   Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.000%, 7/1/2024 2,009,896
2,000,000   Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2019A), 5.000%, 7/1/2035 2,512,140
525,000   Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030 654,990
1,445,000   Mason, MI Public School District, UT GO School Building and Site Bonds (Series 2018I), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2032 1,651,447
1,000,000   Michigan Finance Authority Local Government Loan Program (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B), 5.000%, 10/1/2032 1,271,000
1,000,000   Michigan Finance Authority Local Government Loan Program (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 5.000%, 2/15/2035 1,247,460
1,000,000   Michigan Public Power Agency, Combustion Turbine No. 1 Project Refunding Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2022 1,037,260
500,000   Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.000%, 10/15/2022 553,955
1,000,000   Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027 1,202,460
1,000,000   Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026 1,175,830
500,000   Michigan State Finance Authority Revenue (Charter County of Wayne Criminal Justice Center Project), Senior Lien State Aid Revenue Bonds (Series 2018), 5.000%, 11/1/2033 620,220
2,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-2), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2025 2,333,400
250,000   Michigan State Finance Authority Revenue (MidMichigan Obligated Group), Hospital Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2026 287,743
1,500,000   Michigan State Finance Authority Revenue (Public Lighting Authority ), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2022 1,618,500
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Michigan—continued  
$2,000,000   Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 1999B-3), 4.000%, 11/15/2032 $2,263,240
500,000   Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2028 607,870
1,000,000   Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.500%, 12/1/2026 1,212,750
250,000   Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C), 5.000%, 12/1/2031 307,293
1,000,000   Michigan State Strategic Fund (Detroit Edison Co.), Ltd Obligation Refunding Revenue Bonds, (AMBAC Financial Group, Inc. INS), 7.000%, 5/1/2021 1,076,640
2,600,000   Michigan State Trunk Line, Refunding Revenue Bonds (Series 2009), 5.000%, 11/1/2020 2,607,462
500,000   Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2022 537,335
500,000   Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2023 537,035
1,250,000   Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034 1,563,062
1,000,000   Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue Bonds (Series 2019) TOBs, 1.800%, Mandatory Tender 10/1/2024 1,001,050
2,000,000   Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 6/30/2030 2,482,560
1,000,000   Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.250%, 10/15/2022 1,073,810
500,000   Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2034 586,655
1,855,000   Orchard View, MI Schools, UT GO Bonds, (United States Treasury PRF 5/1/2021@100), 4.000%, 5/1/2022 1,927,976
1,000,000   Roseville, MI Community Schools, UT GO 2018 School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2031 1,231,560
1,000,000   Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.000%, 9/1/2023 1,135,620
1,670,000   Saginaw, MI Water Supply System, Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 4.750%, 7/1/2025 1,768,747
1,000,000   Saline, MI Area Schools, UT GO Refunding Bonds (Series 2018), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 1,247,070
1,085,000   Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026 1,278,803
1,000,000   Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029 1,143,190
250,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.000%, 4/1/2024 290,465
1,000,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027 1,253,970
2,000,000   University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033 2,312,100
500,000   Utica, MI Community Schools, School Building & Site & Refunding UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2029 580,515
1,000,000   Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.000%, 12/1/2021 1,036,840
2,000,000   Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021 2,141,120
500,000   West Bloomfield, MI School District, UT GO Public Improvement Bonds, (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2029 614,510
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $70,079,203) 		74,409,136
  1 SHORT-TERM MUNICIPALS—2.4%  
    Michigan—2.4%  
100,000   Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.300%, 12/2/2019 100,000
1,300,000   Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 1.200%, 12/2/2019 1,300,000
500,000   Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 1.140%, 12/2/2019 500,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $1,900,000) 		1,900,000
    TOTAL INVESTMENT IN SECURITIES—99.2%
(IDENTIFIED COST $71,979,203) 		76,309,136
    OTHER ASSETS AND LIABILITIES - NET—0.8%2 581,087
    TOTAL NET ASSETS—100% $76,890,223
2
Securities that are subject to the federal alternative minimum tax (AMT) represent 7.5% 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 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at November 30, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of 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.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The 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 November 30, 2019, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
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The following acronyms are used throughout this portfolio:
AMBAC —American Municipal Bond Assurance Corporation
GO —General Obligation
GTD —Guaranteed
INS —Insured
LIQ —Liquidity Agreement
LOC —Letter of Credit
LT —Limited Tax
PRF —Pre-refunded
TOBs —Tender Option Bonds
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
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