NPORT-EX 2 poi_fhmunihighyieldadvfd.htm POI - FEDERATED HERMES MUNICIPAL HIGH YIELD ADVANTAGE FUND EDGAR HTML
Federated Hermes Municipal High Yield Advantage Fund
Portfolio of Investments
May 31, 2022 (unaudited) 
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—97.6%
 
 
 
Alabama—1.2%
 
$500,000
1,2
Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facilities Revenue Bonds
(Series 2011A), (Original Issue Yield: 7.625%), 7.500%, 1/1/2047
$292,598
1,500,000
1,2
Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds
(Series 2007), (Original Issue Yield: 5.600%), 5.500%, 1/1/2043
858,007
2,000,000
 
Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A),
(Original Issue Yield: 5.650%), (Assured Guaranty Municipal Corp. INS), 5.500%, 10/1/2053
2,115,935
2,000,000
 
Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013A),
(Original Issue Yield: 5.450%), (Assured Guaranty Municipal Corp. INS), 5.250%, 10/1/2048
2,110,823
790,000
3
Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044
800,008
 
 
TOTAL
6,177,371
 
 
Alaska—0.0%
 
1,000,000
1,2
Alaska Industrial Development and Export Authority (Boys & Girls Home & Family Services, Inc.), Community Provider
Revenue Bonds (Series 2007C), 6.000%, 12/1/2036
20,000
 
 
Arizona—2.4%
 
650,000
3
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051
657,233
500,000
3
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051
505,564
1,000,000
3
Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A), 5.000%, 7/15/2049
1,009,381
1,750,000
3
Arizona State IDA (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education Revenue Bonds
(Series 2018A), 5.750%, 7/15/2048
1,859,700
1,000,000
 
Maricopa County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022),
4.000%, 10/15/2047
916,274
1,000,000
3
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047
1,007,292
1,500,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044
1,522,812
1,000,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2016A), 5.000%, 7/1/2046
1,019,071
3,000,000
 
Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), (Original Issue Yield: 5.100%),
(Citigroup, Inc. GTD), 5.000%, 12/1/2037
3,385,661
430,000
3
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027
436,235
 
 
TOTAL
12,319,223
 
 
California—7.3%
 
4,445,000
 
California Health Facilities Financing Authority (Cedars-Sinai Medical Center), Revenue Refunding Bonds (Series 2021A),
5.000%, 8/15/2051
4,990,101
1,915,000
 
California Health Facilities Financing Authority (CommonSpirit Health), Revenue Refunding Bonds (Series 2020A),
4.000%, 4/1/2044
1,899,216
2,000,000
 
California Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 6/1/2048
2,076,984
500,000
3
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2046
500,734
750,000
3
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
768,542
565,000
3
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045
581,144
500,000
3
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
520,559
1,000,000
3
California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School
Revenue Bonds (Series 2017), 5.000%, 6/1/2037
1,028,460
500,000
3
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds
(Series 2017G), 5.000%, 6/1/2047
513,327
1,100,000
3
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group),
(Series 2017), 5.000%, 6/1/2053
1,127,495
1,430,000
 
California State, UT GO Various Purpose Bonds, 4.000%, 4/1/2049
1,487,987
1,925,000
 
California State, UT GO Various Purpose Refunding Bonds (Series 2021), 4.000%, 10/1/2041
2,053,091
2,250,000
3
California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds
(Series 2016A), 5.000%, 12/1/2046
2,276,725
1
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
California—continued
 
$1,555,000
 
Community Facilities District No. 2016 of the County of Orange (CFD 2016-1 (Village of Esencia)), Special Tax Revenue
Bonds (Series 2016A), 5.000%, 8/15/2046
$1,624,261
1,000,000
 
Community Facilities District No. 2017 of the County of Orange (CFD 2017-1 (Village of Esencia)), Improvement Area No.1
Special Tax Revenue Bonds (Series 2018A), 5.000%, 8/15/2047
1,062,058
500,000
 
Corona-Norco USD Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, (United States Treasury
PRF 9/1/2023@100), 5.000%, 9/1/2032
520,578
95,000
 
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028
98,315
365,000
 
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2029
377,611
180,000
 
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2030
186,097
1,000,000
 
Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1), Special Tax Bonds (Series 2014),
5.000%, 9/1/2049
1,030,165
850,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2017A),
5.000%, 5/15/2047
899,803
1,500,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds
(Series 2021A), 5.000%, 5/15/2051
1,640,989
1,000,000
 
Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.000%, 8/1/2044
1,038,641
2,500,000
 
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034
3,188,535
1,000,000
 
Palomar Health, CA Revenue (Series 2016), 5.000%, 11/1/2039
1,050,044
1,000,000
 
Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017),
5.000%, 9/1/2034
1,068,492
1,255,000
 
Roseville, CA Special Tax (Fiddyment Ranch CFD No. 5), Special Tax Revenue Bonds (Series 2021), 4.000%, 9/1/2050
1,160,577
340,000
3
San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services), Development Special Tax Bonds
(Series 2021A), 4.000%, 9/1/2051
308,688
500,000
 
San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay South Redevelopment), Tax Allocation
Refunding Bonds (Series 2016C), (National Public Finance Guarantee Corporation INS), 5.000%, 8/1/2041
538,825
1,200,000
 
Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013),
(Original Issue Yield: 5.700%), 5.625%, 9/1/2043
1,226,928
990,000
 
Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A),
5.000%, 9/1/2044
1,064,802
 
 
TOTAL
37,909,774
 
 
Colorado—6.2%
 
750,000
 
Arista, CO Metropolitan District, Special Revenue Refunding and Improvement Bonds (Series 2018A), 5.000%, 12/1/2038
761,575
1,000,000
 
Banning Lewis Ranch Metropolitan District No. 4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048
1,024,619
1,000,000
 
Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048
1,012,476
1,500,000
 
Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046
1,525,995
2,000,000
 
Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625%, 12/1/2038
2,056,667
1,250,000
 
Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.000%, 12/1/2038
1,290,710
500,000
 
Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021),
4.000%, 5/1/2061
418,578
1,000,000
3
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds
(Series 2016), 5.000%, 7/1/2036
1,008,398
1,625,000
 
Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement
Revenue Bonds (Series 2014), 5.500%, 7/1/2049
1,650,091
1,000,000
 
Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement
Revenue Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045
1,029,835
5,000,000
 
Colorado Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), Hospital Revenue Bonds
(Series 2021A), 4.000%, 11/15/2050
5,038,613
1,500,000
 
Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016),
5.000%, 1/1/2037
1,507,743
1,000,000
 
Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue
Bonds (Series 2018A), (Original Issue Yield: 4.070%), 4.000%, 12/1/2048
989,392
500,000
 
Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2040
518,299
1,000,000
3
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034
1,068,670
750,000
 
Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027
717,518
1,170,000
 
Hogback Metropolitan District, CO, LT GO Bonds (Series 2021A), 5.000%, 12/1/2051
1,023,637
2
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Colorado—continued
 
$1,500,000
 
Lakes at Centerra Metropolitan District No. 2, LT GO Refunding and Improvement Bonds (Series 2018A),
5.125%, 12/1/2037
$1,507,944
2,500,000
 
North Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds
(Series 2017A), 5.750%, 12/1/2047
2,552,122
2,000,000
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%),
(Bank of America Corp. GTD), 6.250%, 11/15/2028
2,265,441
2,510,000
 
St. Vrain Lakes, CO Metropolitan District No. 2, LT GO Senior Bonds (Series 2017A), 5.000%, 12/1/2037
2,556,694
1,030,000
 
Tallyn's Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013),
(United States Treasury PRF 12/1/2023@100), 5.125%, 11/1/2038
1,076,106
 
 
TOTAL
32,601,123
 
 
Connecticut—1.3%
 
1,000,000
 
Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.950%, 4/1/2026
999,705
1,500,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2038
1,666,911
1,000,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2039
1,024,662
1,835,000
3
Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds
(Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030
1,965,373
1,500,000
 
Steel Point Infrastructure Improvement District, Steelpoint Harbor Special Obligation Revenue Bonds (Series 2021),
4.000%, 4/1/2051
1,298,881
 
 
TOTAL
6,955,532
 
 
Delaware—1.5%
 
2,000,000
 
Delaware Economic Development Authority (Newark Charter School, Inc.), Charter School Revenue Bonds (Series 2021),
4.000%, 9/1/2051
1,818,813
3,000,000
 
Delaware Health Facilities Authority (Christiana Care Health Services), Revenue and Refunding Bonds (Series 2020A),
4.000%, 10/1/2049
3,013,464
3,000,000
3
Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds
(Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038
3,055,520
 
 
TOTAL
7,887,797
 
 
District of Columbia—2.2%
 
1,000,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046
1,025,429
1,000,000
 
District of Columbia (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%),
5.000%, 7/1/2052
953,643
1,030,000
 
District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100),
6.000%, 7/1/2043
1,077,712
1,000,000
 
District of Columbia (KIPP DC), Revenue Bonds (Series 2019), 4.000%, 7/1/2039
987,556
1,500,000
 
District of Columbia, UT GO Bonds (Series 2021D), 4.000%, 2/1/2046
1,552,087
1,000,000
 
Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047
1,062,609
3,000,000
 
Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2019A), 5.000%, 10/1/2039
3,286,939
500,000
 
Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2020A), 4.000%, 7/15/2045
515,922
1,070,000
 
Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2021A), 4.000%, 7/15/2046
1,101,243
 
 
TOTAL
11,563,140
 
 
Florida—7.7%
 
1,245,000
 
Alta Lakes, FL Community Development District, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049
1,200,918
130,000
 
Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1),
(Original Issue Yield: 6.900%), 6.900%, 5/1/2036
129,759
450,000
 
Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-1), 4.000%, 5/1/2051
393,442
550,000
 
Artisan Lakes East CDD, Capital Improvement Revenue Bonds (Series 2021-2), 4.000%, 5/1/2052
479,787
1,365,000
 
Boggy Branch CDD, FL, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2051
1,185,576
3,000,000
 
Broward County, FL (Broward County, FL Convention Center Hotel), First Tier Revenue Bonds (Series 2022),
(Broward County, FL GTD), 5.500%, 1/1/2055
3,472,350
3,000,000
1,2,3
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A),
(Original Issue Yield: 8.375%), 8.250%, 5/15/2049
2,040,000
1,000,000
3
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
874,465
3
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Florida—continued
 
$1,000,000
 
Florida Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A),
4.000%, 6/1/2055
$790,564
1,000,000
 
Florida Development Finance Corp. (Shands Jacksonville Medical Center, Inc.), UFHealth Revenue Refunding Bonds
(Series 2022A), 5.000%, 2/1/2052
1,052,655
1,000,000
 
Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2040
1,039,681
1,000,000
 
Harbor Bay, FL Community Development District, Special Assessment District Area One (Series 2019A-1),
(Original Issue Yield: 4.140%), 4.100%, 5/1/2048
908,935
265,000
 
Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051
232,070
750,000
 
Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%),
3.875%, 5/1/2031
669,130
555,000
 
Lakewood Ranch Stewardship District, FL (Indigo Expansion Area Project), Special Assessment Revenue Bonds
(Series 2019), 4.000%, 5/1/2049
488,585
1,000,000
 
Lakewood Ranch Stewardship District, FL (Lakewood Centre North), Special Assessment Revenue Bonds (Series 2015),
(Original Issue Yield: 4.960%), 4.875%, 5/1/2045
1,003,121
1,000,000
 
Lakewood Ranch Stewardship District, FL (Lakewood National & Polo Run), Special Assessment Bonds,
(Original Issue Yield: 5.400%), 5.375%, 5/1/2047
1,016,200
750,000
 
Lakewood Ranch Stewardship District, FL (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020),
4.000%, 5/1/2050
656,247
1,000,000
 
Lakewood Ranch Stewardship District, FL (Northeast Sector Project—Phase 1B), Special Assessment Revenue Bonds
(Series 2018), 5.450%, 5/1/2048
1,020,760
1,180,000
 
Lakewood Ranch Stewardship District, FL (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds
(Series 2016), (Original Issue Yield: 5.160%), 5.125%, 5/1/2046
1,189,691
1,000,000
 
Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds (Series 2022A), 5.250%, 10/1/2057
987,254
1,840,000
 
LT Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.000%, 5/1/2050
1,616,661
745,000
 
Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A),
(Original Issue Yield: 5.250%), 5.000%, 5/1/2037
748,757
2,000,000
3
Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds
(Series 2020), 5.875%, 1/1/2033
2,142,344
145,000
1,2
Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033
1
1,125,000
 
River Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051
1,028,119
900,000
 
Rivers Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051
780,441
1,250,000
 
Seminole County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054
1,195,223
940,000
 
Southern Grove, FL Community Development District #5, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2048
825,318
585,000
 
Southern Grove, FL Community Development District #5, Special Assessment District Revenue Refunding Bonds
(Series 2019), 4.000%, 5/1/2043
528,658
500,000
 
St. Johns County, FL IDA (Vicar's Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2050
391,420
495,000
 
Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040
475,899
770,000
 
Talavera, FL Community Development District, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050
724,881
900,000
 
Tolomato Community Development District, FL, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040
883,551
1,000,000
 
Tolomato Community Development District, FL, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2),
4.250%, 5/1/2037
978,336
175,000
 
Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-2),
(Original Issue Yield: 6.752%), (Step Coupon 11/1/2024@6.610%), 0.000%, 5/1/2040
137,954
190,000
1,2
Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040
2
1,400,000
 
Tradition CDD No. 9, Special Assessment Community Infrastructure Bonds (Series 2021), 4.000%, 5/1/2052
1,217,080
980,000
 
Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013),
(Original Issue Yield: 5.125%), 5.000%, 5/1/2033
982,934
1,500,000
 
Viera Stewardship District (Viera Stewardship District Village 2), Special Assessment Revenue Bonds (Series 2021),
4.000%, 5/1/2053
1,307,337
2,000,000
 
Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045
2,033,148
1,355,000
 
Windward at Lakewood Ranch, FL Community Development District, Capital Improvement Revenue Bonds (Series 2022),
4.250%, 5/1/2052
1,215,537
 
 
TOTAL
40,044,791
 
 
Georgia—0.5%
 
1,000,000
 
Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040
1,063,130
4
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Georgia—continued
 
$1,010,000
 
Geo. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel Second Tier Revenue Bonds
(Series 2021B), 5.000%, 1/1/2054
$968,704
500,000
 
Rockdale County, GA Development Authority (Pratt Paper, LLC), Revenue Refunding Bonds (Series 2018),
4.000%, 1/1/2038
483,080
 
 
TOTAL
2,514,914
 
 
Guam—0.1%
 
500,000
 
Guam Government, Hotel Occupancy Tax Revenue Refunding Bonds (Series 2021A), 5.000%, 11/1/2040
520,762
 
 
Hawaii—0.2%
 
1,000,000
 
Hawaii State Airports System Revenue, Airports Systems Revenue Bonds (Series 2018A), 5.000%, 7/1/2048
1,066,489
 
 
Idaho—0.5%
 
3,000,000
 
Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A),
4.550%, 10/1/2056
2,348,588
490,000
 
Idaho Health Facilities Authority (Terraces of Boise), Taxable Exchange Revenue Refunding Bonds (Series 2021B),
8.000%, 10/1/2028
461,864
 
 
TOTAL
2,810,452
 
 
Illinois—10.0%
 
1,000,000
 
Chicago, IL (Chicago, IL Sales Tax), Revenue Refunding Bonds (Series 2002), (United States Treasury PRF 1/1/2025@100),
5.000%, 1/1/2032
1,072,101
3,300,000
 
Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), (Original Issue Yield: 7.650%),
7.000%, 12/1/2046
3,733,816
1,000,000
 
Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2030
1,059,262
1,000,000
 
Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2018A), 5.000%, 12/1/2031
1,056,744
1,125,000
 
Chicago, IL O'Hare International Airport (TRIPs Obligated Group), Senior Special Facilities Revenue Bonds (Series 2018),
5.000%, 7/1/2048
1,175,533
385,000
 
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B),
5.000%, 1/1/2041
406,907
4,000,000
 
Chicago, IL Transit Authority, Second Lien Sales Tax Receipts Revenue Bonds (Series 2022A), 5.000%, 12/1/2057
4,377,420
1,250,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044
1,277,669
2,683,000
 
Chicago, IL, UT GO Exchanged Bonds (Series 2021B), 4.000%, 1/1/2038
2,605,410
1,333,000
 
Chicago, IL, UT GO Exchanged Bonds (Series 2021B), 4.000%, 1/1/2044
1,263,834
314,000
 
DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036
314,078
2,000,000
 
Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.350%),
5.250%, 5/15/2042
1,786,210
800,000
 
Illinois Finance Authority (Dekalb Supportive Living Facility), Multi-Family Housing Revenue Bonds (Series 2007),
6.100%, 12/1/2041
649,817
1,100,000
 
Illinois Finance Authority (Lutheran Life Communities), Revenue Bonds (Series 2019A), 5.000%, 11/1/2040
1,083,044
1,250,000
 
Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.000%, 9/1/2032
1,290,751
1,100,000
 
Illinois Finance Authority (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A),
6.125%, 2/1/2045
1,126,139
3,000,000
 
Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2020A), 5.000%, 1/1/2045
3,351,058
8,000,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
8,687,282
2,000,000
 
Illinois State, UT GO Bonds (Series 2013A), 5.000%, 4/1/2035
2,025,118
1,000,000
 
Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041
940,159
1,000,000
 
Illinois State, UT GO Bonds (Series 2022B), 5.500%, 3/1/2047
1,090,000
2,025,000
 
Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038
2,072,077
1,000,000
 
Illinois State, UT GO Bonds (Series of February 2014), (Original Issue Yield: 5.040%), 5.000%, 2/1/2039
1,011,711
3,000,000
 
Illinois State, UT GO Refunding Bonds (Series 2018B), 5.000%, 10/1/2030
3,226,496
600,000
 
Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2046
624,870
410,000
 
Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025
412,556
1,000,000
 
Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A),
(Original Issue Yield: 5.060%), 5.000%, 6/15/2053
1,040,279
2,000,000
 
Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A),
5.500%, 6/15/2053
2,113,370
5
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Illinois—continued
 
$2,000,000
4
Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A),
(Original Issue Yield: 5.250%), 12/15/2056
$401,096
1,000,000
 
Sales Tax Securitization Corp., IL, Sales Tax Revenue Bonds (Series 2017A), 5.000%, 1/1/2030
1,100,835
 
 
TOTAL
52,375,642
 
 
Indiana—1.0%
 
915,000
 
Indiana State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055
931,758
4,000,000
 
Indiana State Finance Authority (Ohio River Bridges East End Crossing), Tax-Exempt Private Activity Bonds (Series 2013),
(United States Treasury PRF 7/1/2023@100), 5.250%, 1/1/2051
4,147,599
 
 
TOTAL
5,079,357
 
 
Iowa—0.9%
 
916,872
 
Iowa Finance Authority (Deerfield Retirement Community, Inc.), Lifespace GTD Senior Living Facility Revenue Refunding
Bonds (Series 2014A), (United States Treasury PRF 11/15/2024@100), 5.400%, 11/15/2046
984,124
1,430,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, 12/1/2050
1,511,371
5,000,000
4
Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Capital Appreciation Bonds
(Series 2021B-2 Class 2), (Original Issue Yield: 4.050%), 6/1/2065
690,454
500,000
 
Tobacco Settlement Financing Corp., IA, Tobacco Settlement Asset-Backed Senior Current Interest Bonds
(Series 2021B-1 Class 2), 4.000%, 6/1/2049
495,918
1,060,000
 
Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.000%, 12/1/2041
1,127,847
 
 
TOTAL
4,809,714
 
 
Kentucky—0.6%
 
375,000
 
Henderson, KY (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2022), 4.700%, 1/1/2052
376,423
1,000,000
 
Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2046
927,577
2,000,000
 
Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051
1,828,959
 
 
TOTAL
3,132,959
 
 
Louisiana—0.9%
 
1,000,000
 
Calcasieu Parish, LA Memorial Hospital Service District (Lake Charles Memorial Hospital), Hospital Revenue Refunding
Bonds (Series 2019), 5.000%, 12/1/2039
1,062,349
30,000
 
Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016),
(United States Treasury PRF 5/15/2026@100), 5.000%, 5/15/2047
33,029
970,000
 
Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Refunding Revenue Bonds (Series 2016),
5.000%, 5/15/2047
1,008,567
1,000,000
 
St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008) TOBs, 6.100%, Mandatory Tender 6/1/2030
1,141,787
1,500,000
 
Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A),
5.250%, 5/15/2035
1,549,378
 
 
TOTAL
4,795,110
 
 
Maine—0.6%
 
1,000,000
 
Maine Health & Higher Educational Facilities Authority (Eastern Maine Healthcare Systems Obligated Group),
Revenue Bonds (Series 2016A), 5.000%, 7/1/2046
1,039,536
2,000,000
3
Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3),
5.250%, 1/1/2025
2,058,672
 
 
TOTAL
3,098,208
 
 
Maryland—1.9%
 
955,000
 
Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A),
5.000%, 9/1/2038
983,780
500,000
 
Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%),
5.125%, 6/1/2043
508,208
1,865,000
 
Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds
(Series 2020B), 4.625%, 7/1/2043
1,900,509
1,060,000
 
Maryland State Economic Development Corp. (CONSOL Energy, Inc.), Port Facilities Refunding Revenue Bonds
(Series 2010), 5.750%, 9/1/2025
1,063,077
1,000,000
 
Maryland State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020),
4.000%, 9/1/2050
858,960
200,000
 
Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue
Refunding Bonds (Series 2017A), 5.000%, 6/1/2032
216,454
6
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Maryland—continued
 
$450,000
 
Maryland State Economic Development Corp. (Ports America Chesapeake, Inc.), Transportation Facilities Revenue
Refunding Bonds (Series 2017A), 5.000%, 6/1/2035
$484,676
1,000,000
3
Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018),
(Original Issue Yield: 5.330%), 5.250%, 7/1/2048
1,016,226
1,000,000
 
Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), Special Obligation Bonds (Series 2016),
5.000%, 7/1/2046
1,028,313
1,000,000
 
Rockville, MD Mayor & City Council Economic Development Revenue (Ingleside at King Farm), (Series 2017B),
5.000%, 11/1/2047
990,017
1,000,000
 
Westminster, MD (Lutheran Village at Miller's Grant, Inc.), Revenue Bonds (Series 2014A), (Original Issue Yield: 6.300%),
6.250%, 7/1/2044
1,036,354
 
 
TOTAL
10,086,574
 
 
Massachusetts—1.0%
 
1,000,000
 
Commonwealth of Massachusetts, GO Consolidated Loan Bonds (Series 2020E), 5.000%, 11/1/2050
1,141,228
2,000,000
 
Massachusetts Development Finance Agency (Mass General Brigham), Revenue Refunding Bonds (Series 2016Q),
5.000%, 7/1/2047
2,089,546
1,000,000
3
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds (Series 2017),
5.000%, 10/1/2057
1,055,484
1,000,000
 
Massachusetts Port Authority, Revenue Bonds (Series 2021-E), 5.000%, 7/1/2051
1,095,109
 
 
TOTAL
5,381,367
 
 
Michigan—1.9%
 
1,000,000
 
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050
1,092,111
1,000,000
 
Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien
Revenue Bonds (Series 2014 C-7), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2032
1,050,625
1,000,000
 
Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue
Bonds (Series 2014 D-6), (National Public Finance Guarantee Corporation INS), 5.000%, 7/1/2036
1,047,096
2,000,000
 
Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds
(Series 2014B), 5.000%, 7/1/2044
2,036,002
2,930,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 4.000%, 6/1/2049
2,840,505
1,500,000
 
Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005,
5.625%, 11/1/2035
915,000
1,000,000
 
University of Michigan (The Regents of), General Revenue Bonds (Series 2015), (United States Treasury PRF
4/1/2026@100), 5.000%, 4/1/2040
1,107,816
 
 
TOTAL
10,089,155
 
 
Minnesota—2.7%
 
750,000
 
Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A),
4.000%, 8/1/2041
673,885
1,100,000
 
Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A),
4.250%, 8/1/2046
992,494
45,000
 
Duluth, MN EDA (St. Luke's Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012),
(United States Treasury PRF 6/15/2022@100), 6.000%, 6/15/2039
45,076
1,955,000
 
Duluth, MN EDA (St. Luke's Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012),
6.000%, 6/15/2039
1,958,311
1,700,000
 
Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A),
5.750%, 8/1/2044
1,737,947
1,000,000
 
Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A),
5.375%, 8/1/2050
1,038,124
3,000,000
3
Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A),
(Original Issue Yield: 5.150%), 5.000%, 12/1/2047
3,030,129
2,000,000
 
St. Cloud, MN Charter School (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046
1,524,176
2,000,000
 
St. Paul and Ramsey County, MN Housing and Redevelopment Authority (Twin Cities Academy), Charter School Lease
Revenue Bonds (Series 2015A), 5.375%, 7/1/2050
2,046,273
325,000
 
Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036
294,741
750,000
 
Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046
662,802
 
 
TOTAL
14,003,958
7
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Missouri—0.6%
 
$400,000
 
Cape Girardeau County, MO IDA (SoutheastHEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021),
4.000%, 3/1/2046
$377,071
2,000,000
3
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds
(Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050
1,670,204
1,000,000
 
Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050
970,041
 
 
TOTAL
3,017,316
 
 
Montana—0.5%
 
900,000
 
Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A),
5.250%, 5/15/2047
903,475
1,425,000
 
Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A),
5.250%, 5/15/2052
1,422,822
 
 
TOTAL
2,326,297
 
 
Nebraska—0.6%
 
2,500,000
 
Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2017A), (Goldman Sachs Group, Inc.
GTD), 5.000%, 9/1/2042
2,841,342
 
 
Nevada—1.4%
 
905,000
3
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School
Revenue Bonds (Series 2017A), 5.000%, 7/15/2047
910,919
1,000,000
3
Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School
Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048
1,022,390
940,000
 
Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.000%, 12/1/2035
965,948
500,000
 
Las Vegas, NV (Summerlin Village 25 SID No. 815), Local Improvement Bonds (Series 2020), 5.000%, 12/1/2049
511,816
1,500,000
 
Las Vegas, NV Redevelopment Agency, Tax Increment Revenue Refunding Bonds (Series 2016), 5.000%, 6/15/2045
1,572,193
775,000
 
Las Vegas, NV Special Improvement District #611 (Sunstone Phase I and II), Local Improvement Bonds (Series 2020),
(Original Issue Yield: 4.170%), 4.125%, 6/1/2050
708,074
1,240,000
 
Las Vegas, NV Special Improvement District No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds
(Series 2019), 4.000%, 6/1/2049
1,138,507
665,000
 
North Las Vegas, NV Special Improvement District No. 64 (Valley Vista), Local Improvement Bonds (Series 2019),
4.625%, 6/1/2049
668,581
 
 
TOTAL
7,498,428
 
 
New Hampshire—0.1%
 
100,000
 
National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B)
TOBs, 3.750%, Mandatory Tender 7/2/2040
88,175
1,500,000
1,2,3
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A),
(Original Issue Yield: 6.375%), 6.125%, 7/1/2052
600,000
 
 
TOTAL
688,175
 
 
New Jersey—3.6%
 
1,500,000
 
New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 4.000%, 6/15/2046
1,483,804
180,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF
6/15/2025@100), 5.250%, 6/15/2040
196,811
3,075,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040
3,214,033
500,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), 5.000%, 6/15/2043
536,164
1,280,000
 
New Jersey EDA (New Jersey State), Subordinate Revenue Refunding Bonds (Series 2017A), 5.000%, 7/1/2033
1,368,010
1,335,000
 
New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017),
5.000%, 10/1/2047
1,397,793
1,000,000
 
New Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A),
(Original Issue Yield: 5.190%), 5.125%, 6/15/2043
1,001,195
2,500,000
 
New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 1999), 5.250%, 9/15/2029
2,516,305
1,000,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2034
1,084,062
750,000
 
New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2032
807,061
500,000
 
South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048
517,179
4,610,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B),
5.000%, 6/1/2046
4,739,731
 
 
TOTAL
18,862,148
8
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New Mexico—0.2%
 
$1,000,000
 
New Mexico State Hospital Equipment Loan Council (Gerald Champion Regional Medical Center), Hospital Improvement
and Refunding Revenue Bonds (Series 2012A), (Original Issue Yield: 5.700%), 5.500%, 7/1/2042
$1,002,584
 
 
New York—4.5%
 
1,000,000
3
Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015),
5.500%, 9/1/2045
1,043,020
5,000,000
4
Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation
Revenue Bonds (Series 2016B), (Original Issue Yield: 6.000%), 1/1/2045
1,442,964
1,250,000
 
Hudson Yards Infrastructure Corp. NY, Hudson Yards Revenue Bonds (Series 2022A), 4.000%, 2/15/2044
1,281,621
1,000,000
3
Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds
(Series 2020A), 5.000%, 6/1/2059
1,023,557
1,365,028
 
Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Revenue Bonds
(Series 2021B), 5.000%, 1/1/2058
990,430
500,000
 
New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1),
4.000%, 5/1/2045
516,054
1,000,000
 
New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.000%, 6/1/2051
1,013,032
1,000,000
3
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2),
5.375%, 11/15/2040
1,017,061
1,500,000
 
New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Revenue Refunding Bonds
(Series 2022A), 4.000%, 3/15/2049
1,539,297
1,000,000
 
New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2060
1,005,624
665,000
 
New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds
(Series 2021), 3.000%, 8/1/2031
620,699
2,445,000
 
New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds
(Series 2016), 5.000%, 8/1/2026
2,445,133
455,000
 
New York Transportation Development Corporation (American Airlines, Inc.), Special Facility Revenue Refunding Bonds
(Series 2016), 5.000%, 8/1/2031
455,025
1,000,000
 
New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities
Revenue Bonds (Series 2018), 5.000%, 1/1/2033
1,036,927
1,500,000
 
New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities
Revenue Bonds (Series 2020), (Original Issue Yield: 4.550%), 4.375%, 10/1/2045
1,441,560
1,000,000
 
New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds
(Series 2021), 4.000%, 4/30/2053
922,142
865,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 4.000%, 12/1/2042
831,189
1,800,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 4.000%, 12/1/2042
1,770,653
1,000,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2022), 5.000%, 12/1/2041
1,071,632
1,000,000
 
Niagara Area Development Corporation, NY (Covanta Energy Corp.), Solid Waste Disposal Facility Revenue Refunding
Bonds (Series 2018A), 4.750%, 11/1/2042
994,787
1,000,000
 
TSASC, Inc. NY, Tobacco Settlement Asset-Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041
1,055,944
 
 
TOTAL
23,518,351
 
 
Ohio—4.8%
 
1,000,000
 
American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Refunding
Revenue Bonds (Series 2015A), 5.000%, 2/15/2039
1,032,033
10,900,000
 
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds
(Series 2020B-2 Class 2), 5.000%, 6/1/2055
11,064,981
1,000,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017),
5.500%, 2/15/2057
1,091,559
2,000,000
 
Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013),
(Original Issue Yield: 5.080%), 5.000%, 2/15/2044
2,005,238
1,800,000
3
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019),
5.000%, 7/1/2049
1,826,698
1,000,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017),
4.500%, 1/15/2048
1,001,924
1,125,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A),
5.000%, 1/15/2041
1,172,090
9
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Ohio—continued
 
$1,000,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Revenue Bonds (Series 2020A), 4.000%, 1/15/2050
$1,003,140
1,000,000
 
Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2053
1,038,780
3,225,000
 
Ohio State, Infrastructure Improvement GO Bonds (Series 2021A), 5.000%, 3/1/2040
3,802,151
 
 
TOTAL
25,038,594
 
 
Oklahoma—0.9%
 
3,000,000
 
Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057
3,060,198
1,750,000
 
Tulsa County, OK Industrial Authority (Montereau, Inc.), Senior LivingCommunity Revenue Refunding Bonds (Series 2017),
5.250%, 11/15/2045
1,827,413
 
 
TOTAL
4,887,611
 
 
Oregon—0.4%
 
440,000
 
Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds
(Series 2018A), 5.000%, 5/15/2038
426,815
635,000
 
Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds
(Series 2018A), 5.000%, 5/15/2043
604,877
400,000
 
Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds
(Series 2018A), 5.000%, 5/15/2048
375,142
500,000
 
Clackamas County, OR Hospital Facilities Authority (Mary's Woods at Marylhurst, Inc.), Senior Living Revenue Bonds
(Series 2018A), 5.000%, 5/15/2052
464,171
 
 
TOTAL
1,871,005
 
 
Pennsylvania—3.6%
 
2,000,000
 
Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046
2,078,384
500,000
 
Butler County, PA Hospital Authority (Butler Health System), Hospital Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
519,884
1,200,000
 
Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047
1,230,027
800,000
 
Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051
818,063
1,000,000
 
Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), (Original Issue Yield: 5.050%), 5.000%, 12/1/2042
1,008,914
1,000,000
 
Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A),
4.000%, 4/1/2050
1,002,539
3,000,000
 
Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A),
5.000%, 4/1/2050
3,254,113
3,000,000
 
Lehigh County, PA General Purpose Authority (Lehigh Valley Academy Regional Charter School), Charter School Revenue
Bonds (Series 2022), 4.000%, 6/1/2057
2,689,908
2,000,000
 
Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue
Bonds (Series 2014), 5.500%, 11/1/2044
2,029,186
1,250,000
 
Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private
Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2038
1,295,951
1,205,000
 
Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012),
(United States Treasury PRF 12/15/2022@100), 6.625%, 12/15/2041
1,238,285
740,000
 
Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue
Bonds (Series 2005A), 5.625%, 7/1/2035
755,642
1,000,000
 
Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.000%, 10/1/2052
1,094,363
 
 
TOTAL
19,015,259
 
 
Puerto Rico—5.1%
 
4,000,000
1,2
Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010 XX-RSA-1), 5.250%, 7/1/2040
3,730,000
995,000
1,2
Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2012A-RSA-1), 5.050%, 7/1/2042
922,863
310,000
1,2
Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2033
299,925
195,000
1,2
Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2040
188,662
2,500,000
1,2
Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A-RSA-1), 7.000%, 7/1/2043
2,418,749
5,000,000
4
Puerto Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1),
(Original Issue Yield: 5.375%), 7/1/2046
1,515,108
7,340,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
7,462,692
4,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
4,014,407
6,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
6,032,312
 
 
TOTAL
26,584,718
10
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Rhode Island—0.6%
 
$500,000
 
Rhode Island State Health and Educational Building Corp. (Lifespan Obligated Group), Hospital Financing Revenue
Refunding Bonds (Series 2016), 5.000%, 5/15/2039
$523,537
2,730,000
 
Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050
2,814,170
 
 
TOTAL
3,337,707
 
 
South Carolina—0.7%
 
1,000,000
 
Berkeley County, SC (Nexton Improvement District), Assessment Revenue Bonds (Series 2019),
(Original Issue Yield: 4.280%), 4.250%, 11/1/2040
1,006,572
1,020,000
3
South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A),
4.000%, 6/1/2056
804,047
1,000,000
 
South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds
(Series 2017), 5.000%, 4/1/2047
981,793
1,000,000
 
South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds
(Series 2017), 5.000%, 4/1/2052
972,737
 
 
TOTAL
3,765,149
 
 
South Dakota—0.4%
 
1,000,000
 
Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.050%),
5.000%, 11/1/2042
982,383
1,000,000
 
Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%),
5.125%, 11/1/2047
978,404
 
 
TOTAL
1,960,787
 
 
Tennessee—0.2%
 
1,200,000
 
Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds
(Series 2016A), 5.000%, 1/1/2047
800,283
 
 
Texas—7.7%
 
1,100,000
 
Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046
1,141,163
500,000
 
Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.000%, 11/15/2044
520,617
250,000
 
Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds
(Series 2017A), 5.000%, 1/1/2034
260,588
250,000
 
Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds
(Series 2017B), 5.000%, 1/1/2034
251,323
1,000,000
 
Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement
Bonds (Series 2015), (Original Issue Yield: 5.080%), 5.000%, 12/1/2045
1,016,181
2,000,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2043
2,063,745
500,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012),
5.000%, 8/15/2042
501,490
1,000,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2022A),
(Texas Permanent School Fund Guarantee Program GTD), 4.000%, 8/15/2047
1,043,931
1,000,000
 
Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Revenue Bonds (Series 2014), (Texas Permanent
School Fund Guarantee Program GTD), 5.000%, 8/15/2039
1,053,196
2,000,000
 
Clifton Higher Education Finance Corporation, TX (Uplift Education), Revenue Bonds (Series 2015A), 5.000%, 12/1/2050
2,050,206
1,527,000
 
Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2044
1,509,843
515,000
 
Decatur, TX Hospital Authority (Wise Regional Health System), Revenue Bonds, (United States Treasury PRF
9/1/2023@100), 6.375%, 9/1/2042
543,843
1,110,000
 
Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported),
(United States Treasury PRF 10/1/2023@100), 5.250%, 10/1/2051
1,161,327
1,500,000
 
Houston, TX Airport System (United Airlines, Inc.), Airport System Special Facilities Revenue Bonds (Series 2021 B-1),
4.000%, 7/15/2041
1,335,325
1,500,000
 
Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue & Refunding Bonds (Series 2011),
(Original Issue Yield: 6.875%), 6.625%, 7/15/2038
1,502,351
1,000,000
 
Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014),
(Original Issue Yield: 5.150%), 5.000%, 7/1/2029
1,010,440
1,500,000
 
Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017A),
5.000%, 10/15/2044
1,565,230
2,000,000
 
Lavernia, TX Higher Education Finance Corporation (Meridian World School), Education Revenue Bonds (Series 2015A),
(United States Treasury PRF 8/15/2024@100), 5.500%, 8/15/2045
2,131,884
11
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Texas—continued
 
$1,500,000
3
Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018),
(Original Issue Yield: 4.716%), 4.625%, 10/1/2031
$1,554,980
1,500,000
 
New Hope Cultural Education Facilities Finance Corporation (Buckingham Senior Living Community), Retirement Facilities
Revenue Exchange Bonds (Series 2021B), 2.000%, 11/15/2061
840,097
2,000,000
3
New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding
Bonds (Series 2021), 4.000%, 8/15/2056
1,695,234
2,000,000
 
New Hope Cultural Education Facilities Finance Corporation (Longhorn Village), Retirement Facilities Revenue Bonds
(Series 2017), 5.000%, 1/1/2042
2,027,681
700,000
 
New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds
(Series 2016), (United States Treasury PRF 11/15/2024@102), 5.000%, 11/15/2046
760,962
1,000,000
 
New Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facilities Revenue Bonds
(Series 2016A), (Original Issue Yield: 5.530%), 5.500%, 11/15/2052
939,686
600,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2016A), 5.000%, 1/1/2039
641,318
335,000
 
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041
341,552
2,000,000
 
Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), (United States Treasury PRF
11/15/2024@100), 8.000%, 11/15/2049
2,276,256
2,655,000
 
Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Retirement Facility
Revenue Bonds (Series 2017A), (Original Issue Yield: 6.770%), 6.750%, 11/15/2052
2,812,399
1,500,000
 
Tarrant County, TX Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks Project), Retirement Facilities
Revenue Bonds (Series 2020A), 6.875%, 11/15/2055
1,603,398
2,000,000
 
Texas Private Activity Bonds Surface Transportation Corporation (Blueridge Transportation Group, LLC SH 288 Toll Lanes),
Senior Lien Revenue Bonds (Series 2016), 5.000%, 12/31/2050
2,050,514
545,000
 
Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A),
5.000%, 8/1/2057
570,188
1,500,000
 
Texas Water Development Board, State Revolving Fund Revenue Bonds (Series 2018), 4.000%, 8/1/2036
1,571,827
 
 
TOTAL
40,348,775
 
 
Utah—0.6%
 
1,000,000
 
Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048
1,060,908
2,000,000
3
Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds
(Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037
2,065,067
 
 
TOTAL
3,125,975
 
 
Vermont—0.2%
 
1,000,000
3
Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%,
Mandatory Tender 4/3/2028
1,004,258
 
 
Virginia—1.8%
 
1,800,000
 
Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016),
5.000%, 7/1/2051
1,881,999
1,500,000
3
Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015),
(United States Treasury PRF 3/1/2025@100), 5.600%, 3/1/2045
1,631,725
1,000,000
 
Norfolk, VA Redevelopment and Housing Authority (Harbor's Edge), Fort Norfolk Retirement Community Revenue Bond
(Series 2019B), 5.250%, 1/1/2054
1,009,577
4,250,000
 
Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), (Original Issue Yield:
5.120%), 5.000%, 6/1/2047
4,256,744
370,000
 
Virginia Small Business Financing Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2018)
TOBs, 5.000%, Mandatory Tender 7/1/2038
371,684
 
 
TOTAL
9,151,729
 
 
Washington—3.6%
 
2,000,000
 
Energy Northwest, WA, Columbia Generating Station Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 7/1/2042
2,056,989
1,000,000
 
Port of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012),
(Original Issue Yield: 5.310%), 5.000%, 4/1/2030
1,005,588
10,000,000
 
Seattle, WA Municipal Light & Power, Improvement and Refunding Revenue Bonds (Series 2018A), 4.000%, 1/1/2047
10,198,241
1,000,000
 
Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017),
5.000%, 8/15/2037
1,063,012
1,000,000
3
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050
1,048,254
12
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Washington—continued
 
$1,000,000
3
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), 7.000%, 7/1/2045
$1,049,702
2,500,000
3
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049
2,604,905
 
 
TOTAL
19,026,691
 
 
Wisconsin—2.5%
 
3,000,000
3
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017),
7.000%, 12/1/2050
2,882,290
1,375,000
3
Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054
1,375,873
750,000
 
Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017),
5.000%, 7/1/2047
757,576
1,000,000
 
Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017),
5.000%, 7/1/2052
1,008,863
1,000,000
 
Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016),
4.000%, 8/1/2035
912,479
3,000,000
3
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018),
5.000%, 10/1/2048
2,876,911
1,500,000
 
Public Finance Authority, WI Revenue (Fargo-Moorhead Metropolitan Area Flood Risk Management Project),
Senior Revenue Bonds (Series 2021) Green Bonds, 4.000%, 3/31/2056
1,384,453
2,000,000
 
Public Finance Authority, WI (Grand Hyatt San Antonio Hotel), Grand Hyatt San Antonio Hotel Aquistion Project
(Senior Lien Series 2022A), 5.000%, 2/1/2062
2,076,475
800,000
 
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015),
5.000%, 8/15/2039
821,623
1,000,000
 
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System, Inc.), Revenue Bonds (Series 2019A),
5.000%, 11/1/2046
995,765
 
 
TOTAL
15,092,308
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $519,348,235)
510,008,902
 
5
SHORT-TERM MUNICIPALS—1.2%
 
 
 
Alabama—0.6%
 
100,000
 
West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.720%, 6/1/2022
100,000
3,150,000
 
Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.720%, 6/1/2022
3,150,000
 
 
TOTAL
3,250,000
 
 
Arizona—0.3%
 
1,500,000
 
Arizona State IDA (Phoenix Children's Hospital), (Series 2019A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC),
0.620%, 6/1/2022
1,500,000
 
 
Kentucky—0.3%
 
1,400,000
 
Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A)
Daily VRDNs, (United Parcel Service, Inc. GTD), 0.700%, 6/1/2022
1,400,000
 
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $8,240,292)
6,150,000
 
 
TOTAL INVESTMENT IN SECURITIES—98.8%
(IDENTIFIED COST $527,588,527)
516,158,902
 
 
OTHER ASSETS AND LIABILITIES - NET—1.2%6
6,360,548
 
 
TOTAL NET ASSETS—100%
$522,519,450
Securities that are subject to the federal alternative minimum tax (AMT) represent 12.8% of the Fund's portfolio as calculated based upon total market value.
1
Security in default.
2
Non-income-producing security.
3
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 May 31, 2022, these restricted securities amounted to $62,923,463, which represented 12.0% of total net assets.
4
Zero coupon bond.
13
5
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.
6
Assets, other than investments in securities, less liabilities.
Additional information on restricted securities held at May 31, 2022, is as follows: 
Security
Acquisition
Date
Acquisition
Cost
Value
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D),
5.000%, 7/1/2051
10/12/2017
$659,872
$657,233
Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G),
5.000%, 7/1/2051
12/15/2017
$512,378
$505,564
Arizona State IDA (Doral Academy of Nevada FMMR), Education Revenue Bonds (Series 2019A),
5.000%, 7/15/2049
4/3/2019
$1,034,010
$1,009,381
Arizona State IDA (Pinecrest Academy of Nevada), Horizon, Inspirada and St. Rose Campus Education
Revenue Bonds (Series 2018A), 5.750%, 7/15/2048
12/14/2018
$1,788,490
$1,859,700
Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015),
5.500%, 9/1/2045
1/14/2016
$1,000,000
$1,043,020
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2046
5/27/2021
$527,278
$500,734
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
6/13/2014
$750,000
$768,542
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2045
8/27/2015
$574,660
$581,144
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
8/4/2017
$534,633
$520,559
California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group),
Charter School Revenue Bonds (Series 2017), 5.000%, 6/1/2037
4/20/2020
$1,007,430
$1,028,460
California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds
(Series 2017G), 5.000%, 6/1/2047
12/4/2017
$511,300
$513,327
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group),
(Series 2017), 5.000%, 6/1/2053
10/5/2017
$1,153,786
$1,127,495
California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds
(Series 2016A), 5.000%, 12/1/2046
5/19/2020
$2,257,823
$2,276,725
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A),
(Original Issue Yield: 8.375%), 8.250%, 5/15/2049
12/16/2013
$2,959,632
$2,040,000
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue
Bonds (Series 2016), 5.000%, 7/1/2036
4/17/2020
$946,760
$1,008,398
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.000%, 12/1/2034
8/23/2017
$1,063,094
$1,068,670
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS),
Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047
8/31/2017
$914,732
$910,919
Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas),
Charter School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2048
4/6/2018
$1,001,570
$1,022,390
Embrey Mill Community Development Authority, VA, Special Assessment Revenue Bonds (Series 2015),
(United States Treasury PRF 3/1/2025@100), 5.600%, 3/1/2045
10/22/2015
$1,500,000
$1,631,725
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
5/13/2021
$1,109,796
$874,465
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID),
Revenue Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050
1/10/2018
$1,976,536
$1,670,204
Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds
(Series 2005R-3), 5.250%, 1/1/2025
1/27/2017
$2,000,000
$2,058,672
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2047
10/6/2016
$1,026,675
$1,007,292
Massachusetts Development Finance Agency (Newbridge on the Charles), Revenue Refunding Bonds
(Series 2017), 5.000%, 10/1/2057
12/7/2017
$1,051,514
$1,055,484
Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding
Bonds (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038
5/22/2020
$2,862,387
$3,055,520
Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A),
(Original Issue Yield: 5.150%), 5.000%, 12/1/2047
12/8/2017
$2,936,416
$3,030,129
Mission, TX Economic Development Corporation (Natgasoline), Senior Lien Revenue Bonds (Series 2018),
(Original Issue Yield: 4.716%), 4.625%, 10/1/2031
10/30/2018
$1,489,742
$1,554,980
Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds
(Series 2015C), (Original Issue Yield: 6.375%), 6.250%, 2/1/2030
11/25/2015
$1,821,171
$1,965,373
14
Security
Acquisition
Date
Acquisition
Cost
Value
Monroe County, NY IDC (True North Rochester Preparatory Charter School), Charter School Revenue Bonds
(Series 2020A), 5.000%, 6/1/2059
7/9/2020
$1,111,336
$1,023,557
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 20017A),
(Original Issue Yield: 6.375%), 6.125%, 7/1/2052
6/8/2017
$1,450,030
$600,000
New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue
Refunding Bonds (Series 2021), 4.000%, 8/15/2056
12/10/2021
$2,181,612
$1,695,234
New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 2),
5.375%, 11/15/2040
10/29/2014
$1,000,000
$1,017,061
Ohio Air Quality Development Authority (AMG Vanadium LLC), Exempt Facilities Revenue Bonds (Series 2019),
5.000%, 7/1/2049
6/27/2019
$1,878,442
$1,826,698
Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds
(Series 2020), 5.875%, 1/1/2033
10/23/2020
$2,000,000
$2,142,344
Prince Georges County, MD (Westphalia Town Center), Special Obligation Revenue Bonds (Series 2018),
(Original Issue Yield: 5.330%), 5.250%, 7/1/2048
11/16/2018
$988,744
$1,016,226
Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds
(Series 2017), 7.000%, 12/1/2050
6/22/2017
$3,051,013
$2,882,290
Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A),
5.000%, 6/15/2054
6/12/2020
$1,405,095
$1,375,873
Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018),
5.000%, 10/1/2048
4/6/2020
$2,733,300
$2,876,911
San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services), Development Special Tax
Bonds (Series 2021A), 4.000%, 9/1/2051
5/7/2021
$374,496
$308,688
South Carolina Jobs-EDA (Green Charter Schools), Educational Facilities Revenue Refunding Bonds (Series 2021A),
4.000%, 6/1/2056
7/30/2021
$1,063,053
$804,047
Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A),
5.250%, 5/1/2044
4/17/2019
$790,000
$800,008
Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding
Bonds (Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037
4/27/2020
$1,865,883
$2,065,067
Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013) TOBs, 4.625%,
Mandatory Tender 4/3/2028
3/28/2018
$1,000,000
$1,004,258
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027
7/3/2013
$432,539
$436,235
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), (Original Issue Yield: 7.050%), 7.000%, 7/1/2050
7/22/2015
$993,827
$1,048,254
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), 7.000%, 7/1/2045
7/22/2015
$1,004,068
$1,049,702
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2014A), 7.500%, 1/1/2049
1/31/2014
$2,500,000
$2,604,905
Note: The categories of investments are shown as a percentage of total net assets at May 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the 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.
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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 May 31, 2022, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronym(s) are used throughout this portfolio: 
CDD
—Community Development District
EDA
—Economic Development Authority
GO
—General Obligation
GTD
—Guaranteed
HFDC
—Health Facility Development Corporation
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
IDC
—Industrial Development Corporation
INS
—Insured
LOC
—Letter of Credit
LT
—Limited Tax
PILOT
—Payment in Lieu of Taxes
PRF
—Pre-refunded
SID
—Special Improvement District
TELA
—Toll Equity Loan Agreement
TOBs
—Tender Option Bonds
USD
—Unified School District
UT
—Unlimited Tax
VRDNs
—Variable Rate Demand Notes
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