0001623632-18-000068.txt : 20180125 0001623632-18-000068.hdr.sgml : 20180125 20180125090550 ACCESSION NUMBER: 0001623632-18-000068 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171130 FILED AS OF DATE: 20180125 DATE AS OF CHANGE: 20180125 EFFECTIVENESS DATE: 20180125 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06165 FILM NUMBER: 18546735 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 0000866700 S000009091 Federated New York Municipal Income Fund C000024700 Class A Shares NYIFX C000024701 Class B Shares NYIBX 0000866700 S000009093 Federated Ohio Municipal Income Fund C000024703 Class F Shares OMIFX C000070760 Class A Shares OMIAX 0000866700 S000009094 Federated Pennsylvania Municipal Income Fund C000024704 Class A Shares PAMFX C000024705 Class B Shares FPABX 0000866700 S000012747 Federated Municipal High Yield Advantage Fund C000034361 Class A Shares FMOAX C000034362 Class B Shares FMOBX C000034363 Class C Shares FMNCX C000034364 Class F Shares FHTFX C000130166 Institutional Shares FMYIX N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-6165

 

(Investment Company Act File Number)

 

 

Federated Municipal Securities Income Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 08/31/18

 

 

Date of Reporting Period: Quarter ended 11/30/17

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

Federated Municipal High Yield Advantage Fund
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—99.1%  
    Alabama—1.1%  
$500,000   Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facilities Revenue Bonds (Series 2011A), 7.50%, (Original Issue Yield: 7.625%), 1/1/2047 $506,050
1,500,000   Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds (Series 2007), 5.50%, (Original Issue Yield: 5.60%), 1/1/2043 1,271,520
2,000,000   Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A), 5.50%, (AGM INS)/(Original Issue Yield: 5.65%), 10/1/2053 2,264,400
2,000,000   Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013A), 5.25%, (AGM INS), 10/1/2048 2,241,500
835,000   Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2010A), 5.80%, 5/1/2034 914,392
    TOTAL 7,197,862
    Alaska—0.3%  
1,000,000 1,2 Alaska Industrial Development and Export Authority (Boys & Girls Home & Family Services, Inc.), Community Provider Revenue Bonds (Series 2007C), 6.00%, 12/1/2036 67,500
1,900,000 3 Koyukuk, AK (Tanana Chiefs Conference Health Care), Revenue Bonds (Series 2011), 7.75%, (United States Treasury PRF 10/1/2019@100)/(Original Issue Yield: 8.125%), 10/1/2041 2,101,989
    TOTAL 2,169,489
    Arizona—2.7%  
650,000 3 Arizona State IDA Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.00%, 7/1/2051 669,422
1,500,000   Maricopa County, AZ Pollution Control Corp., (El Paso Electric Co.), PCR Refunding Bonds (Series 2009A), 7.25%, 2/1/2040 1,598,625
4,000,000   Maricopa County, AZ Pollution Control Corp., (Public Service Co., NM), PCR Refunding Bonds (Series 2003A), 6.25%, 1/1/2038 4,349,600
1,000,000 3 Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.00%, 7/1/2047 1,034,490
1,500,000   Phoenix, AZ IDA (Great Heart Academies), Education Facility Revenue Bonds (Series 2014A), 5.00%, 7/1/2044 1,611,945
1,000,000   Phoenix, AZ IDA (Great Heart Academies), Education Facility Revenue Bonds (Series 2016A), 5.00%, 7/1/2046 1,067,610
1,385,000   Pima County, AZ IDA (Tucson Electric Power Co.), PCRBs (Series 2009A), 4.95%, 10/1/2020 1,496,645
3,570,000   Salt River Project, AZ Agricultural Improvement & Power District, Revenue Refunding Bonds (Series 2015A), 5.00%, 12/1/2041 4,123,528
1,000,000   Salt River Project, AZ Agricultural Improvement & Power District, Revenue Refunding Bonds (Series 2017A), 5.00%, 1/1/2039 1,189,050
430,000 3 Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.00%, 7/15/2027 468,554
    TOTAL 17,609,469
    California—8.1%  
750,000 3 California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 842,063
565,000 3 California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.00%, 7/1/2045 638,563
500,000 3 California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.00%, 7/1/2047 559,695
1,000,000 3 California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.00%, 6/1/2053 1,106,630
2,500,000   California State, Various Purpose UT GO Bonds, 6.00%, (Original Issue Yield: 6.10%), 4/1/2038 2,645,625
2,250,000 3 California Statewide CDA (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.25%, 12/1/2056 2,448,607
1,015,000 3 California Statewide CDA MFH (Magnolia City Lights Project), Revenue Bonds (Series 1999X), 6.65%, 7/1/2039 1,016,137
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), 5.00%, 8/15/2046 1,728,522
500,000   Corona-Norco USDT Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, 5.00%, 9/1/2032 559,920
3,000,000   Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013A), 6.00%, (Original Issue Yield: 6.40%), 1/15/2053 3,556,260
2,000,000   Golden State Tobacco Securitization Corp., CA (California State), Enhanced Tobacco Settlement Asset-Backed Bonds (Series 2015A), 5.00%, 6/1/2045 2,279,540
6,245,000   Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.75%, 6/1/2047 6,291,775
95,000   Irvine, CA (Irvine, CA Reassessment District No. 13-1), LO Improvement Bonds, 5.00%, 9/2/2028 104,585
365,000   Irvine, CA (Irvine, CA Reassessment District No. 13-1), LO Improvement Bonds, 5.00%, 9/2/2029 400,817
180,000   Irvine, CA (Irvine, CA Reassessment District No. 13-1), LO Improvement Bonds, 5.00%, 9/2/2030 197,266
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    California—continued  
$1,300,000   Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 4), Special Tax Bonds (Series 2016), 4.00%, 9/1/2049 $1,292,980
1,000,000   Irvine, CA Community Facilities District No. 2013-3 (Great Park Improvement Area No.1), Special Tax Bonds (Series 2014), 5.00%, 9/1/2049 1,068,880
3,000,000   Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)), Revenue Refunding Bonds (Series 2017B), 5.00%, 7/1/2038 3,541,440
850,000   Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2017A), 5.00%, 5/15/2047 985,142
1,000,000   Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.00%, 8/1/2044 1,114,110
2,500,000   M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), 7.00%, (Citigroup, Inc. GTD), 11/1/2034 3,565,475
1,000,000   Palomar Health, CA Revenue, (Series 2016), 5.00%, 11/1/2039 1,103,290
495,000   Poway, CA USDT (Community Facilities District No. 6 (4S Ranch)), Special Tax Bonds (Series 2012), 5.00%, 9/1/2033 536,154
1,000,000   Roseville, CA Special Tax (Fiddyment Ranch CFD No. 1), Special Tax Refunding Revenue Bonds (Series 2017), 5.00%, 9/1/2034 1,121,990
312,000 1 San Bernardino County, CA Housing Authority (Glen Aire Park & Pacific Palms), Subordinated Revenue Bonds, 7.25%, 4/15/2042 217,202
1,250,000   San Buenaventura, CA (Community Memorial Health System), Revenue Bonds (Series 2011), 8.00%, 12/1/2031 1,493,875
1,000,000   San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2017B), 5.00%, 7/1/2047 1,159,940
2,000,000   San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2017A), 5.00%, 5/1/2047 2,313,300
1,000,000   San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay North Redevelopment), Tax Allocation Bonds (Series 2011C), 6.75%, (United States Treasury PRF 2/1/2021@100)/(Original Issue Yield: 6.86%), 8/1/2041 1,160,320
1,280,000   San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay North Redevelopment), Tax Allocation Refunding Bonds (Series 2016A), 5.00%, (National Public Finance Guarantee Corporation INS), 8/1/2041 1,467,571
500,000   San Francisco, CA City & County Redevelopment Financing Agency (Mission Bay South Redevelopment), Tax Allocation Refunding Bonds (Series 2016C), 5.00%, (National Public Finance Guarantee Corporation INS), 8/1/2041 570,005
2,000,000   San Jose, CA Airport, Airport Revenue Bonds (Series 2011A-1), 6.25%, 3/1/2034 2,276,260
1,250,000   Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013), 5.625%, (Original Issue Yield: 5.70%), 9/1/2043 1,373,363
990,000   Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A), 5.00%, 9/1/2044 1,107,275
    TOTAL 51,844,577
    Colorado—7.6%  
1,500,000   Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.75%, 12/1/2046 1,563,885
2,000,000   Castle Oaks, CO Metropolitan District No. 3, LT GO Bonds (Series 2015), 6.25%, 12/1/2044 2,123,880
825,000   Castle Oaks, CO Metropolitan District No. 3, LT GO Completion Bonds (Series 2016), 5.50%, 12/1/2045 831,691
3,000,000   Centerra Metropolitian District No. 1, CO, Special Revenue Refunding and Improvement Bonds (Series 2017), 5.00%, (Original Issue Yield: 5.10%), 12/1/2047 3,081,510
2,000,000   Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625%, (Original Issue Yield: 5.79%), 12/1/2038 2,256,720
1,250,000   Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.00%, 12/1/2038 1,447,575
1,000,000   Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2014), 5.00%, 12/1/2043 1,061,010
2,000,000   Colliers Hill, CO Metropolitan District No. 2, GO LT Bonds (Series 2017A), 6.50%, 12/1/2047 2,026,060
1,000,000 3 Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.00%, 7/1/2046 1,016,700
1,625,000   Colorado Educational & Cultural Facilities Authority (Skyview Academy), Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.50%, 7/1/2049 1,665,414
1,000,000 3 Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), 5.00%, (Original Issue Yield: 5.02%), 12/15/2045 1,048,480
1,500,000   Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), 5.00%, 1/1/2037 1,582,470
1,100,000   Colorado Health Facilities Authority (Total Longterm Care National Obligated Group), Revenue Bonds (Series 2010A), 6.25%, (United States Treasury PRF 11/15/2020@100), 11/15/2040 1,241,570
800,000   Colorado Health Facilities Authority (Volunteers of America Care Facilities), Health & Residential Care Facilities Revenue Bonds (Series 2007), 5.30%, 7/1/2037 800,008
2,000,000   Colorado High Performance Transprtnenterprise Revenue, C-470 Express Lanes Senior Revenue Bonds (Series 2017), 5.00%, 12/31/2056 2,174,760
2,000,000   Colorado State Health Facilities Authority Revenue (Frasier Meadows Manor, Inc.), (Series 2017A), 5.25%, 5/15/2047 2,141,380
1,500,000   Copperleaf Metropolitan District No. 2, CO, LT GO Refunding Bonds (Series 2015), 5.75%, 12/1/2045 1,579,020
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Colorado—continued  
$1,250,000   Denver Connection West Metropolitan District, LT GO Bonds (Series 2017A), 5.375%, 8/1/2047 $1,252,000
1,000,000   Denver, CO City & County Airport Authority (United Airlines, Inc.), Special Facilities Airport Revenue Refunding Bonds (Series 2017), 5.00%, 10/1/2032 1,083,460
500,000   Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.00%, 12/1/2040 560,290
1,000,000 3 Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.00%, 12/1/2034 1,118,400
750,000   Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.00%, 5/1/2027 831,735
1,250,000   Leyden Rock Metropolitan District No. 10, CO, LT GO Refunding & Improvement Bonds (Series 2016A), 5.00%, 12/1/2045 1,266,162
2,500,000   North Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds (Series 2017A), 5.75%, 12/1/2047 2,519,075
1,500,000   Park 70 Metropolitan District, CO, GO Refunding and Improvement Bonds (Series 2016), 5.00%, 12/1/2046 1,581,045
2,000,000   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), 6.25%, (Bank of America Corp. GTD)/(Original Issue Yield: 6.63%), 11/15/2028 2,548,940
1,500,000   Sierra Ridge Metropolitan District No. 2, LT GO Bonds (Series 2016A), 5.50%, 12/1/2046 1,537,560
2,000,000   STC Metropolitan District No. 2, CO, LT GO Senior Bonds (Series 2015A), 6.00%, (Original Issue Yield: 6.25%), 12/1/2038 2,066,000
1,500,000   Sterling Ranch Community Authority Board, CO (Sterling Ranch Metropolitan District No. 2, CO), Limited Tax Supported Revenue Senior Bonds (Series 2015A), 5.75%, (Original Issue Yield: 5.83%), 12/1/2045 1,499,925
1,030,000   Tallyn's Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013), 5.125%, 11/1/2038 1,088,380
2,000,000   Three Springs Metropolitan District No. 3, CO, Property Tax Supported Revenue Bonds (Series 2010), 7.75%, 12/1/2039 2,072,440
    TOTAL 48,667,545
    Connecticut—0.5%  
1,000,000   Connecticut Development Authority (Bombardier, Inc.), Airport Facility Revenue Bonds, 7.95%, 4/1/2026 968,040
1,835,000 3 Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), 6.25%, (Original Issue Yield: 6.375%), 2/1/2030 1,942,861
    TOTAL 2,910,901
    Delaware—0.5%  
1,350,000 3 Delaware EDA (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.00%, 6/1/2051 1,359,275
1,905,000   Delaware EDA (Delmarva Power and Light Co.), Gas Facilities Refunding Bonds, 5.40%, 2/1/2031 2,054,847
    TOTAL 3,414,122
    District of Columbia—1.0%  
1,030,000   District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), 6.00%, 7/1/2043 1,176,157
2,000,000   District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2012A), 5.00%, 6/1/2042 2,156,880
1,000,000   District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.00%, 6/1/2046 1,078,870
1,000,000   District of Columbia Revenue (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), 5.00%, (Original Issue Yield: 5.25%), 7/1/2052 1,043,260
1,000,000   Metropolitan Washington, DC Airports Authority, Revenue Refunding Bonds (Series 2017A), 5.00%, 10/1/2047 1,142,520
    TOTAL 6,597,687
    Florida—5.9%  
3,000,000   Alachua County, FL (North Florida Retirement Village, Inc,), IDRBs (Series 2007A), 5.875%, 11/15/2042 3,004,800
970,000   Arborwood, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005A-2), 5.35%, 5/1/2036 971,804
160,000   Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1), 6.90%, (Original Issue Yield: 6.90%), 5/1/2036 180,499
104,232 1 Capital Trust Agency, FL (Atlantic Housing Foundation Properties), Housing Revenue Notes, 5.95%, 1/15/2039 33,354
3,000,000 3 Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), 8.25%, (Original Issue Yield: 8.375%), 5/15/2049 3,351,270
1,000,000   Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.00%, 10/1/2040 1,109,800
1,000,000   Lakewood Ranch Stewardship District, FL (Lakewood Centre North), Special Assessment Revenue Bonds (Series 2015), 4.875%, (Original Issue Yield: 4.96%), 5/1/2045 1,007,070
1,000,000   Lakewood Ranch Stewardship District, FL (Lakewood National & Polo Run), Special Assessment Bonds, 5.375%, (Original Issue Yield: 5.40%), 5/1/2047 1,061,740
1,405,000   Lakewood Ranch Stewardship District, FL (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds (Series 2016), 5.125%, (Original Issue Yield: 5.16%), 5/1/2046 1,459,865
2,000,000   Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Refunding Bonds (Series 2012), 6.50%, 10/1/2047 2,217,280
3
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Florida—continued  
$2,000,000   Martin County, FL Health Facilities Authority (Martin Memorial Medical Center), Hospital Revenue Bonds (Series 2012), 5.50%, (Original Issue Yield: 5.53%), 11/15/2042 $2,191,020
2,000,000   Martin County, FL IDA (Indiantown Cogeneration, L.P.), Industrial Development Revenue Refunding Bonds (Series 2013), 4.20%, 12/15/2025 2,046,280
2,000,000 3 Miami, FL, SO Non-Ad Valorem Revenue Refunding Bonds (Series 2012), 5.00%, 3/1/2030 2,230,600
1,000,000   Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2014A), 5.00%, 10/1/2036 1,125,850
4,000,000   Miami-Dade County, FL Transit System Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2042 4,446,160
745,000   Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.00%, (Original Issue Yield: 5.25%), 5/1/2037 786,072
1,710,000 3 Palm Beach County, FL (G-Star School of the Arts for Motion Pictures and Broadcasting Charter School), Tax-Exempt Revenue Bonds (Series 2005A), 6.75%, 5/15/2035 1,710,000
1,000,000   Palm Beach County, FL Health Facilities Authority (Sinai Residences of Boca Raton), Revenue Bonds (Series 2014A), 7.50%, (Original Issue Yield: 7.625%), 6/1/2049 1,210,940
1,405,000   Pinellas County, FL Educational Facilities Authority (Pinellas Preparatory Academy), Revenue Bonds (Series 2011A), 7.125%, 9/15/2041 1,484,762
145,000 1,2 Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 1
155,000   Reunion East Community Development District, FL, Special Assessment Refunding Bonds (2015-1), 6.60%, 5/1/2033 158,904
1,000,000   South Lake County, FL Hospital District (South Lake Hospital, Inc.), Revenue Bonds (Series 2009A), 6.25%, (Original Issue Yield: 6.30%), 4/1/2039 1,049,600
10,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 1), 6.55%, 5/1/2027 10,011
1,165,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2006), 5.40%, 5/1/2037 1,166,165
290,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), 0.00%, (Step Coupon 11/1/2021@6.61%)/(Original Issue Yield: 6.93%), 5/1/2040 232,638
175,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-2), 0.00%, (Step Coupon 11/1/2024@6.61%)/(Original Issue Yield: 6.752%), 5/1/2040 115,622
190,000 1,2 Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.61%, 5/1/2040 2
155,000 1,2 Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.55%, 5/1/2027 2
55,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-2), 6.61%, 5/1/2039 54,995
135,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-3), 0.00%, (Step Coupon 5/1/2019@6.61%), 5/1/2040 125,001
70,000   Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4), 0.00%, (Step Coupon 5/1/2022@6.61%), 5/1/2040 54,428
190,000   Tolomato Community Development District, FL, Special Assessment Revenue Refunding Bonds (Series A-1), 6.55%, (Original Issue Yield: 6.60%), 5/1/2027 190,114
945,000   Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013), 5.00%, (Original Issue Yield: 5.125%), 5/1/2033 959,714
2,000,000   Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 2,086,240
    TOTAL 37,832,603
    Georgia—1.1%  
1,645,000   Atlanta, GA Development Authority Senior Health Care Facilities (Georgia Proton Treatment Center), Revenue Bonds (Series 2017A-1), 7.00%, (Original Issue Yield: 7.25%), 1/1/2040 1,712,807
4,000,000   Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.00%, 11/1/2040 4,616,800
1,000,000   Medical Center Hospital Authority, GA (Spring Harbor at Green Island), Revenue Refunding Bonds (Series 2007), 5.25%, 7/1/2037 1,000,860
    TOTAL 7,330,467
    Guam—0.5%  
645,000   Guam Government Business Privilege Tax, Business Privilege Tax Bonds (Series 2012B), 5.00%, 1/1/2037 677,314
1,000,000   Guam Government LO (Section 30), Revenue Refunding Bonds (Series 2016A), 5.00%, 12/1/2046 1,087,380
1,000,000   Guam International Airport Authority, General Revenue Bonds (Series 2013C), 6.125%, (AGM INS)/(Original Issue Yield: 6.23%), 10/1/2043 1,169,160
500,000   Guam Power Authority, Revenue Bonds (Series 2012A), 5.00%, 10/1/2034 527,530
    TOTAL 3,461,384
    Hawaii—0.8%  
1,000,000   Hawaii State Department of Budget & Finance (15 Craigside), Special Purpose Senior Living Revenue Bonds (Series A), 9.00%, (United States Treasury PRF 11/15/2019@100)/(Original Issue Yield: 9.15%), 11/15/2044 1,138,180
4
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Hawaii—continued  
$3,660,000   Hawaii State Department of Budget & Finance (Hawaiian Electric Co., Inc.), Special Purpose Revenue Bonds (Series 2009), 6.50%, 7/1/2039 $3,931,206
    TOTAL 5,069,386
    Idaho—0.5%  
3,000,000   Idaho Health Facilities Authority (Terraces of Boise), Revenue Bonds (Series 2013A), 8.125%, (Original Issue Yield: 8.25%), 10/1/2049 3,400,800
    Illinois—9.8%  
3,300,000   Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), 7.00%, (Original Issue Yield: 7.65%), 12/1/2046 3,969,867
1,200,000   Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017H), 5.00%, 12/1/2046 1,222,680
500,000   Chicago, IL Motor Fuel Tax, Motor Fuel Tax Revenue Refunding Bonds (Series 2013), 5.00%, (AGM INS), 1/1/2033 538,240
385,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.00%, 1/1/2041 435,716
3,000,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016D), 5.00%, 1/1/2052 3,387,030
1,510,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2017D), 5.00%, 1/1/2052 1,676,085
275,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011A), 5.75%, 1/1/2039 304,733
1,475,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011A), 5.75%, (United States Treasury PRF 1/1/2021@100), 1/1/2039 1,653,209
2,500,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011C), 6.50%, (United States Treasury PRF 1/1/2021@100), 1/1/2041 2,858,000
1,000,000   Chicago, IL Sales Tax, Revenue Refunding Bonds (Series 2002), 5.00%, 1/1/2032 1,096,540
1,250,000   Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.00%, 11/1/2044 1,357,750
2,000,000   Chicago, IL, Refunding UT GO Bonds (Series 2015C), 5.00%, 1/1/2038 2,102,960
3,000,000   Chicago, IL, UT GO Bonds (Series 2009C), 5.00%, (Original Issue Yield: 5.16%), 1/1/2034 3,052,410
3,000,000   Chicago, IL, UT GO Bonds (Series 2015A), 5.50%, 1/1/2033 3,251,730
3,000,000   Chicago, IL, UT GO Refunding Bonds (Series 2014A), 5.00%, 1/1/2035 3,133,950
1,500,000   Chicago, IL, UT GO Refunding Bonds (Series 2017A), 6.00%, 1/1/2038 1,719,000
415,000   DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 415,477
1,710,000   Illinois Finance Authority (Admiral at the Lake), Revenue Bonds (Series 2010A), 8.00%, 5/15/2046 1,902,529
900,000   Illinois Finance Authority (Dekalb Supportive Living Facility), MFH Revenue Bonds (Series 2007), 6.10%, 12/1/2041 873,549
1,000,000   Illinois Finance Authority (Friendship Village of Schaumburg), Revenue Bonds (Series 2005A), 5.625%, (Original Issue Yield: 5.70%), 2/15/2037 1,000,410
1,000,000   Illinois Finance Authority (Friendship Village of Schaumburg), Revenue Bonds (Series 2010), 7.25%, (Original Issue Yield: 7.375%), 2/15/2045 1,043,630
1,250,000   Illinois Finance Authority (Noble Network of Charter Schools), Education Revenue Bonds (Series 2015), 5.00%, 9/1/2032 1,353,863
1,500,000   Illinois Finance Authority (Uno Charter School Network, Inc.), Charter School Refunding & Improvement Revenue Bonds (Series 2011A), 7.125%, 10/1/2041 1,582,140
1,100,000   Illinois Finance Authority Educational Facility Revenue (Rogers Park Montessori School Project), Senior Revenue Bonds (Series 2014A), 6.125%, 2/1/2045 1,134,254
5,000,000   Illinois State, GO Bonds (Series 2017D), 5.00%, 11/1/2028 5,392,800
2,000,000   Illinois State, UT GO Bonds (Series 2013A), 5.00%, 4/1/2035 2,069,740
1,000,000   Illinois State, UT GO Bonds (Series February 2014), 5.00%, (Original Issue Yield: 5.04%), 2/1/2039 1,032,550
2,025,000   Illinois State, UT GO Bonds (Series June 2013), 5.50%, (Original Issue Yield: 5.65%), 7/1/2038 2,176,429
1,485,000   Illinois State, UT GO Bonds (Series May 2014), 5.00%, 5/1/2023 1,583,292
410,000   Illinois State, UT GO Refunding Bonds (Series May 2012), 5.00%, 8/1/2025 431,341
2,000,000   Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), 5.50%, 6/15/2053 2,207,180
2,000,000 4 Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), 0.00%, (Original Issue Yield: 5.25%), 12/15/2056 288,960
1,000,000   Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), 5.00%, 6/15/2057 1,072,510
1,600,000   Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 6.00%, (Original Issue Yield: 6.10%), 6/1/2028 1,798,672
2,000,000   Southwestern, IL Development Authority (Memorial Group, Inc.), Health Facility Revenue Bonds (Series 2013), 7.625%, (United States Treasury PRF 11/1/2023@100)/(Original Issue Yield: 7.95%), 11/1/2048 2,630,460
1,400,000   Will-Kankakee, IL Regional Development Authority (Senior Estates Supportive Living), MFH Revenue Bonds (Series 2007), 7.00%, 12/1/2042 1,416,758
    TOTAL 63,166,444
5
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Indiana—1.6%  
$1,250,000   Carmel, IN (Barrington of Carmel), Revenue Bonds (Series 2012A), 7.125%, (Original Issue Yield: 7.20%), 11/15/2042 $1,353,162
1,000,000   Carmel, IN (Barrington of Carmel), Revenue Bonds (Series 2012A), 7.125%, (Original Issue Yield: 7.30%), 11/15/2047 1,080,270
4,000,000   Indiana State Finance Authority (Ohio River Bridges East End Crossing), Tax-Exempt Private Activity Bonds (Series 2013), 5.25%, 1/1/2051 4,332,680
2,000,000   Rockport, IN (AK Steel Corp.), Revenue Refunding Bonds (Series 2012-A), 7.00%, 6/1/2028 2,049,560
1,000,000   Whiting, IN Environmental Facilities (BP PLC), Revenue Bonds (Series 2016A), 5.00% TOBs, Mandatory Tender 3/1/2023 1,135,750
    TOTAL 9,951,422
    Iowa—1.6%  
994,700   Iowa Finance Authority (Deerfield Retirement Community, Inc.), Senior Living Facility Revenue Refunding Bonds (Series 2014A), 2.70%, 11/15/2046 1,041,540
186,592 1 Iowa Finance Authority (Deerfield Retirement Community, Inc.), Senior Living Facility Revenue Refunding Bonds (Series 2014B), 2.00%, 5/15/2056 1,969
3,000,000   Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), 5.25%, (Original Issue Yield: 5.30%), 12/1/2025 3,188,190
1,000,000   Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), 5.50%, 12/1/2022 1,021,290
3,750,000   Tobacco Settlement Authority, IA, Tobacco Settlement Asset-Backed Bonds (Series 2005C), 5.50%, (Original Issue Yield: 5.78%), 6/1/2042 3,763,613
1,060,000   Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.00%, 12/1/2041 1,156,958
    TOTAL 10,173,560
    Kansas—0.8%  
2,000,000   Kansas State Development Finance Authority (Adventist Health System/Sunbelt Obligated Group), Revenue Bonds, 5.75%, (Original Issue Yield: 5.95%), 11/15/2038 2,165,200
1,000,000   Manhattan, KS IDRBs (Farrar Corp. Project), Industrial Revenue Bonds (Series 2007), 5.50%, (Original Issue Yield: 5.55%), 8/1/2021 914,570
2,015,000   Norwich, KS (Farrar Corp. Project), Industrial Revenue Bonds (Series 2006), 5.90%, 8/1/2021 1,842,617
10,000   Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95%, (GNMA Home Mortgage Program COL), 6/1/2029 10,134
    TOTAL 4,932,521
    Kentucky—0.7%  
1,250,000   Kentucky EDFA (Miralea), Revenue Bonds (Series 2011A), 7.375%, (United States Treasury PRF 5/15/2021@100)/(Original Issue Yield: 7.40%), 5/15/2046 1,482,825
3,000,000   Kentucky EDFA (Miralea), Revenue Bonds (Series 2016A), 5.00%, 5/15/2046 3,138,720
    TOTAL 4,621,545
    Louisiana—1.8%  
1,500,000   Jefferson Parish, LA Hospital Service District No. 1 (West Jefferson Medical Center), Hospital Revenue Refunding Bonds (Series 2011A), 6.00%, (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.05%), 1/1/2039 1,692,420
5,770,000   Louisiana Local Government Environmental Facilities CDA (Westlake Chemical Corp.), Revenue Refunding Bonds (Series 2017), 3.50%, 11/1/2032 5,769,884
1,000,000   Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Revenue Bonds (Series 2011), 6.50%, (United States Treasury PRF 5/15/2021@100)/(Original Issue Yield: 6.65%), 5/15/2037 1,160,770
970,000   Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Revenue Refunding Bonds (Series 2016), 5.00%, 5/15/2047 1,077,088
30,000   Louisiana Public Facilities Authority (Ochsner Clinic Foundation), Revenue Refunding Bonds (Series 2016), 5.00%, (United States Treasury PRF 5/15/2026@100), 5/15/2047 36,676
1,500,000   Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.25%, 5/15/2035 1,628,355
    TOTAL 11,365,193
    Maine—0.7%  
1,000,000   Maine Health & Higher Educational Facilities Authority (Eastern Maine Healthcare Systems Obligated Group), Revenue Bonds (Series 2016A), 5.00%, 7/1/2046 1,053,390
1,335,000   Maine Health & Higher Educational Facilities Authority (MaineGeneral Medical Center), Revenue Bonds (Series 2011), 7.50%, 7/1/2032 1,509,084
2,000,000 3 Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.25%, 1/1/2025 2,143,760
    TOTAL 4,706,234
    Maryland—2.1%  
500,000   Baltimore, MD (Harbor Point), SO Refunding Bonds (Series 2016), 5.125%, (Original Issue Yield: 5.16%), 6/1/2043 520,060
6
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Maryland—continued  
$1,500,000   Baltimore, MD Convention Center Hotel Revenue (Baltimore Hotel Corp.), Convention Center Hotel Revenue Refunding Bonds (Series 2017), 5.00%, 9/1/2046 $1,671,180
955,000   Baltimore, MD SO (East Baltimore Research Park), SO Revenue Refunding Bonds (Series 2017A), 5.00%, 9/1/2038 1,026,577
1,995,000   Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax B LO Bonds (Series 2013B), 7.125%, (Original Issue Yield: 7.30%), 7/1/2043 2,165,653
1,060,000   Maryland State EDC, (CONSOL Energy, Inc.), Port Facilities Revenue Refunding Bonds (Series 2010), 5.75%, 9/1/2025 1,116,943
2,385,000   Maryland State EDC, (Ports America Chesapeake, Inc.), Revenue Bonds (Series B), 5.75%, (Original Issue Yield: 5.875%), 6/1/2035 2,537,187
1,000,000   Maryland State EDC, (Purple Line Transit Partners LLC), Private Activity Revenue Bonds (Series 2016D Green Bonds), 5.00%, 3/31/2051 1,109,760
1,000,000   Prince Georges County, MD Revenue Authority (Suitland-Naylor Road Project), SO Bonds (Series 2016), 5.00%, 7/1/2046 992,440
1,000,000   Rockville, MD Mayor & City Council Econ Dev Revenue (King Farm Presbyterian Retirement Community, Inc.), (Series 2017B), 5.00%, 11/1/2047 1,089,630
1,000,000   Westminster, MD (Lutheran Village at Miller's Grant, Inc.), Revenue Bonds (Series 2014A), 6.25%, (Original Issue Yield: 6.30%), 7/1/2044 1,077,970
    TOTAL 13,307,400
    Massachusetts—1.2%  
2,500,000   Commonwealth of Massachusetts, UT GO Bonds (Consolidated Loan of 2016 Series A), 5.00%, 3/1/2046 2,820,500
2,000,000   Massachusetts Development Finance Agency (Partners Healthcare Systems), Revenue Refunding Bonds (Series 2016Q), 5.00%, 7/1/2047 2,269,660
800,000   Massachusetts Development Finance Agency (Tufts Medical Center), Revenue Bonds (Series 2011I), 7.25%, 1/1/2032 923,080
1,200,000   Massachusetts Development Finance Agency (Tufts Medical Center), Revenue Bonds (Series 2011I), 7.25% (United States Treasury PRF 1/1/2021@100), 1/1/2032 1,398,684
    TOTAL 7,411,924
    Michigan—4.2%  
1,000,000   Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00%, (Q-SBLF GTD), 5/1/2028 1,106,800
1,000,000   Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00%, (Q-SBLF GTD), 5/1/2031 1,100,210
1,500,000   Detroit, MI Sewage Disposal System (Great Lakes, MI Sewage Disposal System), Revenue Refunding Senior Lien Bonds (Series 2012A), 5.25%, (Original Issue Yield: 5.30%), 7/1/2039 1,637,880
2,000,000   Great Lakes, MI Water Authority, Water Supply System Revenue Second Lien Bonds (Series 2016B), 5.00%, 7/1/2046 2,233,080
500,000   Michigan State Building Authority, Facilities Program Revenue Refunding Bonds (Series 2016I), 5.00%, 10/15/2051 563,615
1,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Sewage Disposal System), Senior Lien Revenue Bonds (Series 2014 C-7), 5.00%, (National Public Finance Guarantee Corporation INS), 7/1/2032 1,116,200
1,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority), Senior Lien Revenue Bonds (Series 2014 D-6), 5.00%, (National Public Finance Guarantee Corporation INS), 7/1/2036 1,101,770
2,000,000   Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.00%, 7/1/2044 2,160,160
4,000,000   Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.00%, 11/15/2041 4,461,320
5,000,000   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds (Series 2007A), 6.00%, (Original Issue Yield: 6.25%), 6/1/2048 5,013,450
1,500,000   Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 1,042,365
1,000,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2015), 5.00%, 4/1/2040 1,163,940
2,500,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.00%, 4/1/2042 2,950,800
1,000,000   Warren, MI Consolidated School District, 2016 School Building & Site UT GO Bonds, 5.00%, (Michigan School Bond Qualification and Loan Program GTD), 5/1/2036 1,124,690
    TOTAL 26,776,280
    Minnesota—1.6%  
750,000   Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.00%, 8/1/2041 685,492
1,100,000   Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.25%, 8/1/2046 1,012,693
2,000,000   Duluth, MN EDA (St. Luke's Hospital of Duluth Obligated Group), Health Care Facilities Revenue Bonds (Series 2012), 6.00%, 6/15/2039 2,218,380
7
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Minnesota—continued  
$1,700,000   Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), 5.75%, 8/1/2044 $1,840,607
2,000,000   St. Cloud, MN Charter School (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.00%, 4/1/2046 1,373,960
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 2,078,660
325,000   Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.50%, 6/1/2036 326,089
750,000   Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.75%, 6/1/2046 752,490
    TOTAL 10,288,371
    Mississippi—0.2%  
945,000   Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A), 5.375%, 12/1/2035 1,055,225
    Missouri—1.0%  
1,000,000   Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2010A), 8.25%, (United States Treasury PRF 5/15/2020@100)/(Original Issue Yield: 8.40%), 5/15/2039 1,155,820
3,000,000   Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2010A), 8.25%, (United States Treasury PRF 5/15/2020@100)/(Original Issue Yield: 8.50%), 5/15/2045 3,467,460
1,000,000   Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.25%, 5/15/2050 1,045,420
945,000   St. Joseph, MO IDA (Living Community St. Joseph Project), Healthcare Revenue Bonds, 7.00%, 8/15/2032 945,312
    TOTAL 6,614,012
    Montana—0.4%  
900,000   Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.25%, 5/15/2047 942,282
1,250,000   Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.25%, 5/15/2052 1,303,863
    TOTAL 2,246,145
    Nebraska—0.4%  
2,500,000   Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), 5.25%, (Goldman Sachs Group, Inc. GTD), 9/1/2037 2,793,650
    Nevada—0.6%  
905,000 3 Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada), Charter School Revenue Bonds (Series 2017A), 5.00%, 7/15/2047 924,485
1,000,000   Las Vegas, NV (Summerlin Village 24 SID No. 812), Local Improvement Bonds (Series 2015), 5.00%, 12/1/2035 1,025,150
1,500,000   Las Vegas, NV Redevelopment Agency, Tax Increment Revenue Refunding Bonds (Series 2016), 5.00%, 6/15/2045 1,662,345
    TOTAL 3,611,980
    New Hampshire—0.2%  
1,500,000 3 New Hampshire HEFA (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, (Original Issue Yield: 6.375%), 7/1/2052 1,587,300
    New Jersey—3.5%  
1,000,000   Essex County, NJ Improvement Authority (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2015), 5.25%, 7/1/2045 1,005,210
335,000   New Jersey EDA (New Jersey Metromall Urban Renewal, Inc.), Kapkowski Road Landfill Revenue Bonds, 6.50%, (Original Issue Yield: 6.55%), 4/1/2018 338,450
3,000,000   New Jersey EDA (New Jersey State), School Facilites Construction Revenue Refunding Bonds (Series 2013NN), 5.00%, 3/1/2030 3,212,160
3,255,000   New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.25%, 6/15/2040 3,530,471
580,000   New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2017 DDD), 5.00%, 6/15/2042 625,582
1,000,000   New Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A), 5.125%, (Original Issue Yield: 5.19%), 6/15/2043 1,043,240
1,500,000   New Jersey EDA (United Airlines, Inc.), Special Facilities Revenue Ronds (Series 2003), 5.50%, 6/1/2033 1,674,405
2,500,000   New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 1999), 5.25%, 9/15/2029 2,732,400
1,125,000   New Jersey EDA (United Airlines, Inc.), Special Facility Revenue Bonds (Series 2000B), 5.625%, 11/15/2030 1,276,695
1,280,000   New Jersey EDA Motor Vehicle Surcharge Revenue, Subordinate Revenue Refunding Bonds (Series 2017A), 5.00%, 7/1/2033 1,399,066
1,200,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2011A), 6.00%, 6/15/2035 1,342,800
500,000   South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.00%, 1/1/2048 535,960
4,000,000   Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Bonds (Series 2007-1), 5.00%, (Original Issue Yield: 5.015%), 6/1/2041 3,850,200
    TOTAL 22,566,639
8
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New Mexico—0.5%  
$1,000,000   New Mexico State Hospital Equipment Loan Council (Gerald Champion Regional Medical Center), Hospital Improvement and Revenue Refunding Bonds (Series 2012A), 5.50%, (Original Issue Yield: 5.70%), 7/1/2042 $1,081,600
2,000,000 3 Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), 6.00%, (Original Issue Yield: 6.12%), 5/1/2040 2,033,040
    TOTAL 3,114,640
    New York—7.3%  
1,000,000   Brooklyn Arena Local Development Corp., NY, PILOTs Revenue Refunding Bonds (Series 2016A), 5.00%, 7/15/2042 1,108,740
1,000,000 3 Build NYC Resource Corp., (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.50%, 9/1/2045 1,095,190
5,000,000 4 Glen Cove, NY Local Economic Assistance Corp., (Garvies Point Public Improvement Project), Capital Appreciation Revenue Bonds (Series 2016B), 0.00%, (Original Issue Yield: 6.00%), 1/1/2045 1,330,050
1,550,000   Glen Cove, NY Local Economic Assistance Corp., (Garvies Point Public Improvement Project), Revenue Bonds (Series 2016A), 5.00%, (Original Issue Yield: 5.08%), 1/1/2056 1,614,201
490,000   Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 549,697
2,000,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2014D-1), 5.00%, 11/15/2039 2,281,420
5,405,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2015A), 5.00%, 11/15/2045 6,148,620
1,500,000   Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014A), 6.70%, 1/1/2049 1,517,580
570,446   Nassau County, NY IDA (Amsterdam at Harborside), Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014C), 2.00%, 1/1/2049 96,976
2,500,000   New York City, NY TFA, Building Aid Revenue Bonds (Fiscal 2015 Series S-1), 5.00%, 7/15/2043 2,871,575
2,000,000   New York City, NY TFA, Future Tax Secured Subordinate Bonds (Fiscal 1999A Subseries E-1), 5.00%, 2/1/2043 2,319,900
1,400,000   New York City, NY TFA, Future Tax Secured Subordinate Bonds (Fiscal 2017 Subseries A-1), 4.00%, 5/1/2042 1,486,212
5,000,000   New York City, NY, LT GO Bonds (Series 2017 A-1), 4.00%, 8/1/2039 5,327,500
1,000,000   New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.00%, 6/1/2051 1,026,570
2,000,000 3 New York Liberty Development Corp., (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.00%, 11/15/2044 2,147,820
1,000,000 3 New York Liberty Development Corp., (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 1,100,480
2,900,000   New York Transportation Development Corp., (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.00%, 8/1/2031 3,084,933
1,120,000   Newburgh, NY, UT GO Bonds (Series 2012A), 5.25%, (Original Issue Yield: 5.40%), 6/15/2029 1,234,475
1,185,000   Newburgh, NY, UT GO Bonds (Series 2012A), 5.50%, 6/15/2030 1,314,378
1,000,000   Niagara Area Development Corp., NY (Covanta Energy Corp.), Solid Waste Disposal Facility Revenue Refunding Bonds (Series 2012A), 5.25%, 11/1/2042 1,000,640
2,500,000   Port Authority of New York and New Jersey (JFK International Air Terminal LLC), Special Project Bonds (Series 8), 6.00%, (Original Issue Yield: 6.15%), 12/1/2042 2,774,375
1,000,000   TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.00%, 6/1/2041 1,114,270
3,500,000   Utility Debt Securitization Authority, NY (Long Island Power Authority, NY), Restructuring Bonds (Series 2017), 5.00%, 12/15/2041 4,189,605
    TOTAL 46,735,207
    North Carolina—0.9%  
2,250,000   North Carolina Department of Transportation (I-77 HOT Lanes), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00%, 6/30/2054 2,406,285
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.00%, 10/1/2037 1,107,320
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.00%, 10/1/2047 1,098,350
1,000,000   North Carolina Medical Care Commission (Whitestone Project), Retirement Facilities First Mortgage Revenue Bonds (Series 2011A), 7.75%, (United States Treasury PRF 3/1/2021@100)/(Original Issue Yield: 8.00%), 3/1/2041 1,182,680
    TOTAL 5,794,635
    Ohio—3.8%  
1,000,000   American Municipal Power-Ohio, Inc., (American Municipal Power, Prairie State Energy Campus Project), Revenue Refunding Bonds (Series 2015A), 5.00%, 2/15/2039 1,135,290
2,000,000   Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.875%, (Original Issue Yield: 5.95%), 6/1/2030 1,899,660
4,020,000   Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.875% (Original Issue Yield: 6.07%), 6/1/2047 3,813,533
3,655,000   Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.50%, 6/1/2047 3,622,580
9
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Ohio—continued  
$1,000,000   Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.50%, 2/15/2057 $1,103,080
1,500,000   Hamilton County, OH (Life Enriching Communities), Healthcare Revenue Bonds (Series 2011A), 6.625%, (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.75%), 1/1/2046 1,717,965
2,000,000   Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), 5.00%, (Original Issue Yield: 5.08%), 2/15/2044 2,111,160
4,000,000   Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.00%, 11/15/2044 4,576,440
1,000,000   Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.50%, 1/15/2048 1,037,730
1,125,000   Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.00%, 1/15/2041 1,254,195
1,000,000   Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.00%, 6/30/2053 1,100,390
750,000   Southeastern Ohio Port Authority, OH (Memorial Health System, OH), Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00%, (Original Issue Yield: 6.02%), 12/1/2042 823,560
    TOTAL 24,195,583
    Oklahoma—1.7%  
1,000,000   Oklahoma County, OK Finance Authority (Concordia Life Care Community), Retirement Facility Revenue Bonds (Series 2005), 6.00%, (Original Issue Yield: 6.15%), 11/15/2038 964,200
840,000   Oklahoma County, OK Finance Authority (Concordia Life Care Community), Retirement Facility Revenue Bonds (Series 2005), 6.125%, 11/15/2025 839,706
2,000,000   Tulsa, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Bonds (Series 2010A), 7.25%, (United States Treasury PRF 5/1/2020@100)/(Original Issue Yield: 7.50%), 11/1/2045 2,257,240
1,750,000   Tulsa, OK Industrial Authority (Montereau, Inc.), Senior LivingCommunity Revenue Refunding Bonds (Series 2017), 5.25%, 11/15/2045 1,938,370
3,000,000   Tulsa, OK Municipal Airport Trust (American Airlines, Inc.), Revenue Refunding Bonds (Series 2000B), 5.50%, 6/1/2035 3,249,090
1,500,000   Tulsa, OK Municipal Airport Trust (American Airlines, Inc.), Revenue Refunding Bonds (Series 2015), 5.00% TOBs, Mandatory Tender 6/1/2025 1,630,665
    TOTAL 10,879,271
    Oregon—0.1%  
250,000   Yamhill County, OR Hospital Authority (Friendsview Retirement Community), Revenue Refunding Bonds (Series 2016A), 5.00%, 11/15/2036 267,865
550,000   Yamhill County, OR Hospital Authority (Friendsview Retirement Community), Revenue Refunding Bonds (Series 2016A), 5.00%, 11/15/2051 578,749
    TOTAL 846,614
    Pennsylvania—4.3%  
1,000,000 3 Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Refunding Project Tax Revenue Bonds (Series 2017), 5.00%, 5/1/2042 1,068,830
3,715,000   Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2042 3,874,336
2,000,000   Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 2,106,260
500,000   Butler County, PA Hospital Authority (Butler Health System), Hospital Revenue Bonds (Series 2015A), 5.00%, 7/1/2035 554,830
1,200,000   Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.00%, 12/15/2047 1,242,108
800,000   Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.00%, 12/15/2051 820,296
2,000,000   Chester County, PA IDA (Collegium Charter School), Revenue Refunding Bonds (Series 2012A), 5.375%, (Original Issue Yield: 5.50%), 10/15/2042 2,117,360
1,000,000   Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00%, (Original Issue Yield: 5.05%), 12/1/2042 1,071,940
3,000,000   Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25%, (Original Issue Yield: 5.35%), 7/15/2031 3,060,990
2,000,000   Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Revenue Refunding Bonds (Series 2014), 5.50%, 11/1/2044 2,119,980
1,250,000   Pennsylvania EDFA (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00%, 12/31/2038 1,402,550
1,000,000   Philadelphia, PA Authority for Industrial Development (Global Leadership Academy Charter School), Revenue Bonds (Series 2010), 6.375%, 11/15/2040 1,041,380
1,205,000   Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), 6.625%, 12/15/2041 1,352,034
885,000   Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 886,009
1,665,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Temple University Health System Obligated Group), Hospital Revenue Bonds (Series 2012A), 5.625%, (Original Issue Yield: 5.875%), 7/1/2042 1,831,367
1,000,000   Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2017A), 5.00%, 10/1/2052 1,135,330
10
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$1,500,000   Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25%, (Original Issue Yield: 5.27%), 12/1/2036 $1,666,635
555,000   Washington County, PA Redevelopment Authority (Victory Centre Project-Tanger Outlet Development), Redevelopment Bonds (Series 2006A), 5.45%, 7/1/2035 555,339
    TOTAL 27,907,574
    Puerto Rico—0.4%  
995,000 1,2 Puerto Rico Electric Power Authority, 5.05%, (Original Issue Yield: 5.08%), 7/1/2042 333,325
195,000 1,2 Puerto Rico Electric Power Authority, 7.00%, (Original Issue Yield: 7.07%), 7/1/2040 65,325
4,000,000 1,2 Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010XX), 5.25%, (Original Issue Yield: 5.40%), 7/1/2040 1,340,000
310,000 1,2 Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, 7/1/2033 103,850
2,500,000 1,2 Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, (Original Issue Yield: 7.12%), 7/1/2043 837,500
    TOTAL 2,680,000
    Rhode Island—0.8%  
1,375,000   Rhode Island State Health and Educational Building Corp., (Care New England) Hospital Financing Revenue Refunding Bonds (Series 2016B), 5.00%, 9/1/2036 1,460,910
500,000   Rhode Island State Health and Educational Building Corp., (Lifespan Obligated Group) Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00%, 5/15/2039 549,440
2,730,000   Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.00%, 6/1/2050 2,833,576
    TOTAL 4,843,926
    South Carolina—0.6%  
2,000,000   South Carolina Jobs-EDA (Palmetto Health Alliance), Refunding & Improvement Revenue Bonds (Series 2009), 5.75%, (Original Issue Yield: 5.90%), 8/1/2039 2,086,260
1,000,000   South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.00%, 4/1/2047 1,038,450
1,000,000   South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue Bonds (Series 2017), 5.00%, 4/1/2052 1,033,060
    TOTAL 4,157,770
    South Dakota—0.5%  
800,000   Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2025 885,152
1,000,000   Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), 5.00%, (Original Issue Yield: 5.05%), 11/1/2042 1,024,520
1,000,000   Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), 5.125%, (Original Issue Yield: 5.20%), 11/1/2047 1,029,130
    TOTAL 2,938,802
    Tennessee—1.1%  
1,200,000   Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds (Series 2016A), 5.00%, 1/1/2047 1,248,792
1,000,000   Johnson City, TN Health & Education Facilities Board (Mountain States Health Alliance), Hospital Refunding Bonds (Series 2010A), 5.625%, (Original Issue Yield: 5.90%), 7/1/2030 1,063,280
1,500,000   Johnson City, TN Health & Education Facilities Board (Mountain States Health Alliance), Hospital Revenue Bonds (Series 2010), 6.50%, 7/1/2038 1,637,700
2,725,000   Tennessee Energy Acquisition Corp., Gas Revenue Bonds (Series 2006A), 5.25%, (Goldman Sachs Group, Inc. GTD), 9/1/2023 3,170,892
    TOTAL 7,120,664
    Texas—9.7%  
1,100,000   Arlington, TX Higher Education Finance Corp., (Uplift Education), Revenue Bonds (Series 2016A), 5.00%, 12/1/2046 1,190,156
500,000   Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.00%, 11/15/2044 553,030
250,000   Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel First Tier Revenue Refunding Bonds (Series 2017A), 5.00%, 1/1/2034 284,140
250,000   Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2017B), 5.00%, 1/1/2034 282,253
755,000   Bexar County, HFDC, (Army Retirement Residence Foundation), Revenue Bonds (Series 2010), 6.20%, (United States Treasury PRF 7/1/2020@100), 7/1/2045 840,436
1,000,000   Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement Bonds (Series 2015), 5.00%, (Original Issue Yield: 5.08%), 12/1/2045 1,029,170
2,000,000   Cass County, TX IDC (International Paper Co.), Environmental Improvement Revenue Bonds (Series 2009A), 9.50%, 3/1/2033 2,187,260
1,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.00%, (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.13%), 1/1/2041 1,129,890
11
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Texas—continued  
$1,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.25%, (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.30%), 1/1/2046 $1,137,350
1,000,000   Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2016), 5.00%, 1/1/2046 1,116,620
2,000,000   Clifton Higher Education Finance Corp., TX (Idea Public Schools), 6.00%, 8/15/2043 2,318,220
750,000   Clifton Higher Education Finance Corp., TX (Idea Public Schools), Education Revenue Bonds (Series 2011), 5.75%, (United States Treasury PRF 8/15/2021@100)/(Original Issue Yield: 6.00%), 8/15/2041 856,642
500,000   Clifton Higher Education Finance Corp., TX (Idea Public Schools), Education Revenue Bonds (Series 2012), 5.00%, 8/15/2042 527,325
1,000,000   Clifton Higher Education Finance Corp., TX (Idea Public Schools), Revenue Bonds (Series 2014), 5.00%, (PSFG GTD), 8/15/2039 1,128,250
2,000,000   Clifton Higher Education Finance Corp., TX (Uplift Education), Revenue Bonds (Series 2015A), 5.00%, 12/1/2050 2,123,640
1,500,000   Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2014A), 5.25%, (Original Issue Yield: 5.30%), 9/1/2044 1,620,780
515,000   Decatur, TX Hospital Authority (Wise Regional Health System), Revenue Bonds, 6.375%, 9/1/2042 585,071
2,775,000   Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported), 5.25%, 10/1/2051 3,133,197
1,500,000   Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue & Refunding Bonds (Series 2011), 6.625%, (Original Issue Yield: 6.875%), 7/15/2038 1,652,400
2,000,000   Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Bonds (Series 2015B-1), 5.00%, 7/15/2035 2,155,940
500,000   Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014), 4.75%, (Original Issue Yield: 4.90%), 7/1/2024 545,330
1,000,000   Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2014), 5.00%, (Original Issue Yield: 5.15%), 7/1/2029 1,097,860
1,000,000   Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2032 1,101,060
535,000   Houston, TX Higher Education Finance Corp., (Cosmos Foundation, Inc.), Education Revenue Bonds (Series 2011A), 6.875%, (United States Treasury PRF 5/15/2021@100), 5/15/2041 625,741
1,500,000   Irving, TX Hospital Authority (Baylor Scott & White Medical Center, Irving), Hospital Revenue Bonds (Series 2017A), 5.00%, 10/15/2044 1,644,390
2,000,000   Lavernia, TX Higher Education Finance Corp., (Meridian World School), Education Revenue Bonds (Series 2015A), 5.50%, 8/15/2045 2,054,080
1,000,000   Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Series 2001A), 6.30%, 11/1/2029 1,084,390
700,000   New Hope Cultural Education Facilities Finance Corp., (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), 5.00%, 11/15/2046 721,882
1,000,000   New Hope Cultural Education Facilities Finance Corp., (MRC Langford), Retirement Facilities Revenue Bonds (Series 2016A), 5.50%, (Original Issue Yield: 5.53%), 11/15/2052 1,002,770
1,500,000   North Texas Tollway Authority (North Texas Toll Authority Special Projects System), Special Projects System Revenue Bonds (Series 2011), 6.00%, (United States Treasury PRF 9/1/2021@100), 9/1/2041 1,728,690
1,500,000   North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.00%, 1/1/2026 1,747,800
600,000   North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.00%, 1/1/2039 684,090
2,000,000   Red River, TX HFDC (MRC The Crossings), Retirement Facilities Revenue Bonds (Series 2014A), 8.00%, 11/15/2049 2,340,740
2,500,000   San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2017), 5.00%, 2/1/2042 2,915,125
1,000,000   San Juan Higher Education Finance Authority, TX (Idea Public Schools), Education Revenue Bonds (Series 2010A), 6.70%, (United States Treasury PRF 8/15/2020@100), 8/15/2040 1,130,100
1,500,000   Tarrant County, TX Cultural Education Facilities Finance Corp., (Buckingham Senior Living Community), Retirement Facilities Revenue Bonds (Series 2015A Fixed Rate Bonds), 5.50%, 11/15/2045 1,526,985
2,655,000   Tarrant County, TX Cultural Education Facilities Finance Corp., (Buckner Senior Living-Ventana Project), Retirement Facilities Revenue Bonds (Series 2017A), 6.75%, (Original Issue Yield: 6.77%), 11/15/2052 2,948,537
2,000,000   Texas Private Activity Bonds Surface Transportation Corp., (Blueridge Transportation Group, LLC SH 288 Toll Lanes), Senior Lien Revenue Bonds (Series 2016), 5.00%, 12/31/2055 2,190,240
2,000,000   Texas State Transportation Commission (Texas State), Highway Improvement UT GO Bonds (Series 2016), 5.00%, 4/1/2046 2,316,600
2,680,000   Texas State Transportation Commission—Central Texas Turnpike System, Second Tier Revenue Refunding Bonds (Series 2015-C), 5.00%, 8/15/2042 2,973,728
3,690,000   Travis County, TX HFDC (Longhorn Village), First Mortgage Revenue Refunding Bonds (Series 2012A), 7.125%, (Original Issue Yield: 7.40%), 1/1/2046 4,126,896
    TOTAL 62,358,804
    Utah—0.3%  
2,000,000 3 Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), 5.375%, (Original Issue Yield: 5.50%), 6/15/2048 2,000,700
12
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Virginia—1.7%  
$1,800,000   Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.00%, 7/1/2051 $2,005,524
1,500,000   Chesterfield County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A), 5.00%, 5/1/2023 1,572,015
1,500,000 3 Embrey Mill CDA, VA, Special Assessment Revenue Bonds (Series 2015), 5.60%, 3/1/2045 1,532,970
1,380,000   Mosaic District CDA, VA, Revenue Bonds (Series 2011A), 6.875%, (Original Issue Yield: 6.93%), 3/1/2036 1,505,097
4,250,000   Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), 5.00%, (Original Issue Yield: 5.12%), 6/1/2047 4,095,087
    TOTAL 10,710,693
    Washington—1.3%  
1,000,000   Port of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012), 5.00%, (Original Issue Yield: 5.31%), 4/1/2030 1,099,250
925,000   Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.25%, 6/1/2031 991,637
1,000,000   Washington State Health Care Facilities Authority (Virginia Mason Medical Center), Revenue Bonds (Series 2017), 5.00%, 8/15/2037 1,115,430
1,000,000 3 Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.00%, 7/1/2045 1,072,030
1,000,000 3 Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.00%, (Original Issue Yield: 7.05%), 7/1/2050 1,068,870
2,500,000 3 Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Revenue Refunding Bonds (Series 2014A), 7.50%, 1/1/2049 2,925,075
    TOTAL 8,272,292
    Wisconsin—1.1%  
3,000,000 3 Public Finance Authority, WI (American Dream at Meadowlands), LO PILOTs Revenue Bonds (Series 2017), 7.00%, (Original Issue Yield: 6.625%), 12/1/2050 3,500,790
750,000   Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.00%, 7/1/2047 787,215
1,000,000   Public Finance Authority, WI (Mountain Island Charter School), Education Revenue Refunding Bonds (Series 2017), 5.00%, 7/1/2052 1,042,000
1,000,000   Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Revenue Refunding Bonds (Series 2016), 4.00%, 8/1/2035 971,550
800,000   Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.00%, 8/15/2039 884,272
    TOTAL 7,185,827
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $608,629,893) 		636,425,139
  5 SHORT-TERM MUNICIPALS—0.1%  
    Michigan—0.0%  
200,000   Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 0.97%, 12/1/2017 200,000
    New York—0.1%  
100,000   New York City, NY Municipal Water Finance Authority, (Series A-1) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.95%, 12/1/2017 100,000
200,000   New York State HFA (Midtown West B LLC), (Series 2008A: 505 West 37th Street) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.00%, 12/1/2017 200,000
    TOTAL 300,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $500,000) 		500,000
    TOTAL INVESTMENT IN SECURITIES—99.2%
(IDENTIFIED COST $609,129,893) 		636,925,139
    OTHER ASSETS AND LIABILITIES - NET—0.8%6 5,276,068
    TOTAL NET ASSETS—100% $642,201,207
Securities that are subject to the federal alternative minimum tax (AMT) represent 10.6% of the Fund's portfolio as calculated based upon total market value.
1 Non-income-producing security.
2 Security in default.
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 November 30, 2017, these restricted securities amounted to $48,865,076, which represented 7.6% of total net assets.
13
Additional information on restricted securities held at November 30, 2017, is as follows:
Security Acquisition Date Cost Market Value
Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Refunding Project Tax Revenue Bonds (Series 2017), 5.00%, 5/1/2042 6/29/2017 $1,018,791 $1,068,830
Arizona State IDA Education Revenue (Basis Schools, Inc. Obligated Group), (Series 2017D), 5.00%, 7/1/2051 10/12/2017 $666,879 $669,422
Build NYC Resource Corp., (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.50%, 9/1/2045 1/14/2016 $1,000,000 $1,095,190
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 6/13/2014 $750,000 $842,063
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.00%, 7/1/2045 8/27/2015 $586,627 $638,563
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2017A), 5.00%, 7/1/2047 8/4/2017 $560,598 $559,695
California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), 5.00%, 6/1/2053 10/5/2017 $1,089,067 $1,106,630
California Statewide CDA (Loma Linda University Medical Center), Revenue Bonds (Series 2016A), 5.25%, 12/1/2056 4/28/2016 $2,335,820 $2,448,607
California Statewide CDA MFH (Magnolia City Lights Project), Revenue Bonds (Series 1999X), 6.65%, 7/1/2039 6/7/1999 $1,015,000 $1,016,137
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), 8.25%, (Original Issue Yield: 8.375%), 5/15/2049 12/16/2013 $2,958,099 $3,351,270
Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds (Series 2016), 5.00%, 7/1/2046 8/11/2016 $1,033,787 $1,016,700
Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), 5.00%, (Original Issue Yield: 5.02%), 12/15/2045 3/13/2015 $996,927 $1,048,480
Delaware EDA (ASPIRA of Delaware Charter Operations, Inc.), Charter School Revenue Bonds (Series 2016A), 5.00%, 6/1/2051 7/15/2016 $1,446,380 $1,359,275
Denver, CO Health & Hospital Authority, Revenue Refunding Bonds (Series 2017A), 5.00%, 12/1/2034 8/23/2017 $1,106,003 $1,118,400
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada), Charter School Revenue Bonds (Series 2017A), 5.00%, 7/15/2047 8/31/2017 $926,529 $924,485
Embrey Mill CDA, VA, Special Assessment Revenue Bonds (Series 2015), 5.60%, 3/1/2045 10/22/2015 $1,500,000 $1,532,970
Koyukuk, AK (Tanana Chiefs Conference Health Care), Revenue Bonds (Series 2011), 7.75%, (United States Treasury PRF 10/1/2019@100)/(Original Issue Yield: 8.125%), 10/1/2041 6/6/2011 $1,825,097 $2,101,989
Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2005R-3), 5.25%, 1/1/2025 1/27/2017 $2,000,000 $2,143,760
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.00%, 7/1/2047 10/6/2016 $1,051,202 $1,034,490
Miami, FL, SO Non-Ad Valorem Revenue Refunding Bonds (Series 2012), 5.00%, 3/1/2030 12/7/2012 $2,133,757 $2,230,600
Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), 6.25%,(Original Issue Yield: 6.375%), 2/1/2030 11/25/2015 $1,815,667 $1,942,861
New Hampshire HEFA (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, (Original Issue Yield: 6.375%), 7/1/2052 6/8/2017 $1,447,837 $1,587,300
New York Liberty Development Corp., (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.00%, 11/15/2044 10/29/2014 $2,000,000 $2,147,820
New York Liberty Development Corp., (3 World Trade Center), Revenue Bonds (Series 2014 Class 2), 5.375%, 11/15/2040 10/29/2014 $1,000,000 $1,100,480
Palm Beach County, FL (G-Star School of the Arts for Motion Pictures and Broadcasting Charter School), Tax-Exempt Revenue Bonds (Series 2005A), 6.75%, 5/15/2035 12/5/2005 $1,710,000 $1,710,000
Public Finance Authority, WI (American Dream at Meadowlands), LO PILOTs Revenue Bonds (Series 2017), 7.00%, (Original Issue Yield: 6.625%), 12/1/2050 6/22/2017 $3,081,088 $3,500,790
Utah State Charter School Finance Authority (Freedom Academy Foundation), Charter School Revenue Refunding Bonds (Series 2017), 5.375%, (Original Issue Yield: 5.50%), 6/15/2048 8/31/2017 - 10/11/2017 $1,971,813 $2,000,700
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.00%, 7/15/2027 7/3/2013 $441,319 $468,554
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.00%, 7/1/2045 7/22/2015 $1,008,678 $1,072,030
Washington State Housing Finance Commission (Heron's Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 7.00%, (Original Issue Yield: 7.05%), 7/1/2050 7/22/2015 $993,552 $1,068,870
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Revenue Refunding Bonds (Series 2014A), 7.50%, 1/1/2049 1/31/2014 $2,500,000 $2,925,075
Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), 6.00%, (Original Issue Yield: 6.12%), 5/1/2040 6/30/2015 $1,969,532 $2,033,040
4 Zero coupon bond.
14
5 Current rate and current maturity or next reset date shown for floating/variable rate 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.
Note: The categories of investments are shown as a percentage of total net assets at November 30, 2017.
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 (“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, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
15
The following acronyms are used throughout this portfolio:
AGM —Assured Guaranty Municipal Corp.
CDA —Community Development Authority
COL —Collateralized
EDA —Economic Development Authority
EDC —Economic Development Corporation
EDFA —Economic Development Finance Authority
GNMA —Government National Mortgage Association
GO —General Obligation
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
HFDC —Health Facility Development Corporation
IDA —Industrial Development Authority
IDB —Industrial Development Bond
IDC —Industrial Development Corporation
IDRBs —Industrial Development Revenue Bonds
INS —Insured
LO —Limited Obligation
LOC —Letter of Credit
LT —Limited Tax
MFH —Multi-Family Housing
PCR —Pollution Control Revenue
PCRBs —Pollution Control Revenue Bonds
PILOTs —Payment in Lieu of Taxes
PRF —Pre-refunded
PSFG —Public School Fund Guarantee
Q-SBLF —Qualified School Bond Loan Fund
SFM —Single Family Mortgage
SID —Special Improvement District
SO —Special Obligation
TELA —Toll Equity Loan Agreement
TFA —Transitional Finance Authority
TOBs —Tender Option Bonds
USDT —Unified School District
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
16
Federated Michigan Intermediate Municipal Trust
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—100.4%  
    Michigan—100.4%  
$850,000   Ann Arbor, MI Public School District, School Building & Site UT GO Bonds (Series 2015), 5.00%, 5/1/2025 $1,007,395
500,000   Bay City, MI School District, Refunding UT GO Bonds (Series 2014), 5.00%, (Q-SBLF GTD) 11/1/2023 579,865
1,000,000   Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), 5.00%, (Q-SBLF GTD) 5/1/2030 1,157,840
410,000   Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.00%, 5/1/2027 488,076
1,690,000   Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), 4.50%, (AGM INS) 12/1/2023 1,811,579
710,000   Caledonia, MI Community Schools, School Building & Site UT GO Bonds (Series 2014), 5.00%, (Q-SBLF GTD) 5/1/2023 817,089
1,425,000   Calhoun County, MI Transportation Fund, Revenue Bonds, 4.00%, 11/1/2030 1,522,584
1,000,000   Chippewa Valley, MI Schools, Refunding UT GO Bonds (Series 2013), 5.00%, (Q-SBLF GTD) 5/1/2024 1,150,270
2,000,000   Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), 5.00%, (Q-SBLF GTD) 5/1/2025 2,313,440
1,000,000   Detroit/Wayne County, MI Stadium Authority (Wayne County, MI), Building Authority Stadium LT GO Refunding Bonds (Series 2012), 5.00%, (AGM INS) 10/1/2021 1,085,290
2,000,000   Dexter, MI Community Schools, UT GO School Building and Site Refunding Bonds, 4.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2030 2,186,860
500,000   East Lansing, MI School District, UT GO School Building and Site Bonds (Series 2017I), 5.00%, (Q-SBLF GTD) 5/1/2030 592,235
1,000,000   Eastern Michigan University Board of Regents, General Revenue Bonds (Series 2009C), 5.00%, (United States Treasury PRF 2/15/19@100), (Assured Guaranty Corp. INS) 2/15/2023 1,040,380
1,000,000   Eastern Michigan University Board of Regents, General Revenue Bonds (Series 2017A), 4.00%, (Build America Mutual Assurance INS) 3/1/2034 1,058,600
1,000,000   Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), 5.00%, (Build America Mutual Assurance INS) 11/1/2025 1,141,440
620,000   Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), 5.00%, (AGM INS) 5/1/2027 743,113
670,000   Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), 5.00%, (AGM INS) 5/1/2027 808,395
500,000   Grand Rapids, MI Sanitary Sewer System, Sanitary Sewer System Revenue Improvement and Refunding Bonds (Series 2014), 5.00%, 1/1/2022 563,010
1,500,000   Holland, MI Electric Utility System, Revenue Bonds (Series 2014A), 4.00%, 7/1/2022 1,613,205
2,000,000   Holland, MI School District, UT GO Bonds, 5.00%, (AGM INS) 5/1/2025 2,327,780
1,030,000   Holly Area School District, MI, UT GO Refunding Bonds (Series 2014), 5.00%, (Q-SBLF GTD) 5/1/2024 1,204,163
2,000,000   Jackson County, MI Hospital Finance Authority (Allegiance Health), Hospital Revenue Refunding Bonds (Series 2006C), 5.00%, (United States Treasury PRF 6/1/2020@100) 6/1/2020 2,161,360
1,000,000   Kalamazoo County, MI, UT GO Juvenile Home Facilities Refunding Bonds, 5.00%, 4/1/2028 1,207,690
2,130,000   Kalamazoo, MI Hospital Finance Authority (Bronson Methodist Hospital), Hospital Revenue Bonds (Series 2006), 5.00%, (AGM INS) 5/15/2019 2,219,119
1,750,000   Kent County, MI, LT GO Bonds (Series 2009), 5.00%, 1/1/2025 1,813,525
335,000   Kent County, MI, LT GO Capital Improvement Bonds (Series 2016), 5.00%, 6/1/2027 407,002
1,000,000   Kent County, MI, LT GO Refunding Bonds (Series 2017B), 5.00%, 6/1/2027 1,191,660
1,500,000   Kent Hospital Finance Authority, MI (Spectrum Health), Revenue Refunding Bonds (Series 2011A), 5.00%, 11/15/2022 1,672,800
1,010,000   Lake Superior State University, MI, General Revenue Refunding Bonds (Series 2012), 4.00%, (AGM INS) 11/15/2020 1,057,470
1,900,000   Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.00%, 7/1/2024 2,103,319
525,000   Lansing, MI Community College, College Building and Site and Refunding Bonds (Series 2017), 5.00%, 5/1/2030 622,881
500,000   Macomb Interceptor Drain Drainage District, Drain and Refunding Bonds (Series 2017A), 5.00%, 5/1/2028 608,890
1,000,000   Michigan Public Power Agency, Combustion Turbine No. 1 Project Refunding Revenue Bonds (Series 2011A), 5.00%, (AGM INS) 1/1/2022 1,076,920
500,000   Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.00%, 10/15/2022 569,930
1,000,000   Michigan State Building Authority, Facilities Program Revenue Bonds (2009 Series II), 5.00%, (Assured Guaranty Corp. INS) 10/15/2022 1,063,120
1,000,000   Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.00%, 4/15/2027 1,184,500
2,000,000   Michigan State Comprehensive Transportation Fund, Refunding Bonds (Series 2009), 5.25%, 5/15/2019 2,104,600
1,000,000   Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.00%, 11/15/2026 1,182,290
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Michigan—continued  
$1,000,000   Michigan State Finance Authority Revenue (Clean Water Revolving Fund), State Revolving Fund Revenue Bonds (Series 2012), 5.00%, 10/1/2025 $1,145,730
1,000,000   Michigan State Finance Authority Revenue (Detroit, MI Regional Convention Facility Authority), Local Government Loan Program Revenue Bonds (Series 2014H-1), 5.00%, 10/1/2020 1,052,550
2,500,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority), Senior Lien Revenue Bonds (Series 2014 D-2), 5.00%, (AGM INS) 7/1/2024 2,888,200
2,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority), Senior Lien Revenue Bonds (Series 2014 D-2), 5.00%, (AGM INS) 7/1/2025 2,302,700
1,500,000   Michigan State Finance Authority Revenue (Michigan Finance Authority Unemployment Obligation Assessment), Revenue Bonds (Series 2012B), 5.00%, 1/1/2021 1,578,750
250,000   Michigan State Finance Authority Revenue (MidMichigan Obligated Group), Hospital Revenue Refunding Bonds (Series 2014), 5.00%, 6/1/2026 291,368
1,500,000   Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.00%, 7/1/2022 1,658,400
1,200,000   Michigan State Finance Authority Revenue (Sparrow Obligated Group, MI), Hospital Revenue & Refunding Bonds (Series 2015), 5.00%, 11/15/2022 1,369,644
1,000,000   Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.50%, 12/1/2026 1,220,600
2,000,000   Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2010B), 5.00%, 11/15/2024 2,126,160
500,000   Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.00%, 11/15/2028 585,730
1,000,000   Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Bonds, 5.00%, 5/15/2023 1,148,530
2,600,000   Michigan State Trunk Line, Refunding Revenue Bonds (Series 2009), 5.00%, 11/1/2020 2,762,422
500,000   Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.00%, 11/15/2022 558,065
500,000   Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.00%, 11/15/2023 556,855
1,000,000   Michigan State University Board of Trustees (Michigan State University), General Revenue Bonds (Series 2015A), 5.00%, 8/15/2028 1,182,470
1,000,000   Michigan State, UT GO Environmental Program Bonds (Series 2016A), 5.00%, 12/1/2023 1,171,070
1,000,000   Michigan State, UT GO Environmental Program Refunding Bonds (Series 2016B), 5.00%, 11/1/2024 1,189,100
1,000,000   Michigan Strategic Fund (Detroit Edison Co.), LO Refunding Revenue Bonds, 7.00%, (AMBAC Financial Group, Inc. INS) 5/1/2021 1,159,980
1,000,000   Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.25%, 10/15/2022 1,124,610
1,000,000   Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2015), 5.00%, 3/1/2023 1,132,050
1,855,000   Orchard View, MI Schools, UT GO Bonds, 4.00%, (Q-SBLF GTD)/(AGM INS) 5/1/2022 1,978,524
1,000,000   Plymouth-Canton, MI Community School District, UT GO School Building and Site Bonds (Series 2013A), 5.00%, 5/1/2027 1,145,310
1,000,000   Portage, MI Public Schools, UT GO School Building & Site & Refunding Bonds (Series 2016), 5.00%, 11/1/2027 1,195,200
1,425,000   Rockford, MI Public Schools, School Building & Site UT GO Bonds (Series 2014), 5.00%, (Q-SBLF GTD) 5/1/2025 1,665,953
2,000,000   Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.00%, 9/1/2023 2,306,260
1,670,000   Saginaw, MI Water Supply System, Revenue Bonds (Series 2011A), 4.75%, (AGM INS) 7/1/2025 1,839,271
1,085,000   Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.00%, 5/1/2026 1,278,618
1,000,000   Southfield, MI Public Schools, UT GO Refunding Bonds, 5.00%, (Q-SBLF GTD) 5/1/2026 1,193,520
1,000,000   Sterling Heights, MI, LT GO Bonds, 4.00%, (AGM INS) 4/1/2028 1,117,000
1,000,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2010C), 4.00%, 4/1/2022 1,050,560
2,000,000 1 University of Michigan (The Regents of), General Revenue Bonds (Series 2012E) FRNs, 1.40% (SIFMA 7-day +0.43%), 4/2/2018 1,999,960
250,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.00%, 4/1/2024 295,975
1,000,000   University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.00%, 4/1/2027 1,238,670
500,000   Utica, MI Community Schools, School Building & Site & Refunding UT GO Bonds (Series 2015), 5.00%, (Q-SBLF GTD) 5/1/2029 581,475
1,000,000   Wayland, MI Union School District, UT GO Refunding Bonds (Series 2016A), 5.00%, (Q-SBLF GTD) 5/1/2028 1,189,340
2,000,000   Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.00%, 12/1/2021 2,181,920
2,000,000   Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.00%, 12/1/2021 2,220,960
1,400,000   Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2017C), 5.00%, 12/1/2028 1,684,424
1,400,000   Wayne County, MI Airport Authority, Junior Lien Revenue Bonds, 5.00%, (National Re Holdings Corp. INS) 12/1/2017 1,400,000
500,000   West Bloomfield, MI School District, UT GO Public Improvement Bonds, 5.00%, (AGM INS) 5/1/2029 591,325
500,000   West Bloomfield, MI School District, UT GO Public Improvement Bonds, 5.00%, (AGM INS) 5/1/2030 588,605
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Michigan—continued  
$500,000   Western Townships MI, Utilities Authority, Sewage Disposal System Refunding LT GO Bonds (Series 2012), 5.00%, 1/1/2023 $566,870
1,000,000   Ypsilanti, MI School District, UT GO Bonds (Series 2016A), 5.00%, (Q-SBLF GTD) 5/1/2026 1,176,890
    TOTAL 106,151,299
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $102,790,499) 		106,151,299
  1 SHORT-TERM MUNICIPALS—0.9%  
    Michigan—0.9%  
500,000   Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs (Comerica Bank LOC), 0.95%, 12/1/2017 500,000
500,000   Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 0.97%, 12/1/2017 500,000
    TOTAL 1,000,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $1,000,000) 		1,000,000
    TOTAL INVESTMENT IN SECURITIES—101.3%
(IDENTIFIED COST $103,790,499) 		107,151,299
    OTHER ASSETS AND LIABILITIES - NET—(1.3)%2 (1,408,980)
    TOTAL NET ASSETS—100% $105,742,319
Securities that are subject to the federal alternative minimum tax (AMT) represent 3.4% of the Fund's portfolio as calculated based upon total market value.
1 Current rate and current maturity or next reset date shown for floating/variable rate 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, 2017.
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 (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities 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.
3
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, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
AGM —Assured Guaranty Municipal Corp.
AMBAC —American Municipal Bond Assurance Corporation
FRNs —Floating Rate Notes
GO —General Obligation
GTD —Guaranteed
INS —Insured
LO —Limited Obligation
LOC —Letter of Credit
LT —Limited Tax
PRF —Pre-refunded
Q-SBLF —Qualified School Bond Loan Fund
SIFMA — Securities Industry and Financial Markets Association
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
See Notes which are an integral part of the Financial Statements
4
Federated New York Municipal Income Fund
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—94.6%  
    New York—94.6%  
$480,000   Brooklyn Arena Local Development Corp., NY, PILOT Revenue Bonds (Series 2009), 6.375%, (United States Treasury PRF 1/15/2020@100)/(Original Issue Yield: 6.476%), 7/15/2043 $528,288
500,000   Brooklyn Arena Local Development Corp., NY, PILOT Revenue Refunding Bonds (Series 2016A), 5.00%, 7/15/2042 554,370
200,000   Build NYC Resource Corp., (New York Methodist Hospital), Revenue Refunding Bonds (Series 2014), 5.00%, 7/1/2028 227,012
200,000   Chautauqua, NY Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds (Series 2014), 5.00%, 6/1/2034 210,518
300,000   Dutchess County, NY Local Development Corp., (Health Quest Systems, Inc. Obligated Group), Revenue Bonds (Series 2014A), 5.00%, 7/1/2034 336,888
200,000   Dutchess County, NY Local Development Corp., (Health Quest Systems, Inc. Obligated Group), Revenue Bonds (Series 2016B), 5.00%, 7/1/2046 226,006
300,000   Dutchess County, NY Local Development Corp., (Marist College), Revenue Bonds (Series 2015A), 5.00%, 7/1/2040 339,729
150,000   Dutchess County, NY Local Development Corp., (Vassar College), Revenue Refunding Bonds (Series 2017), 5.00%, 7/1/2042 174,939
300,000   Erie County, NY IDA (Buffalo, NY City School District), School Facility Revenue Refunding Bonds, 5.00%, 5/1/2031 357,180
200,000   Hempstead, NY Local Development Corp., (Adelphi University), Revenue Refunding Bonds (Series 2014), 5.00%, 10/1/2034 227,822
60,000   Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 67,310
155,000   Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, (United States Treasury PRF 2/15/2021@100), 2/15/2047 174,553
500,000   Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.00%, 9/1/2044 557,050
300,000   Madison County, NY Capital Resource Corp., (Colgate University), Tax-Exempt Revenue Bonds (Series 2015B), 5.00%, 7/1/2040 342,342
500,000   Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Bonds (Series 2009B), 5.00%, (United States Treasury PRF 11/15/2019@100)/(Original Issue Yield: 5.10%), 11/15/2034 532,760
300,000 1 Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Refunding Bonds (Series 2008B-3a) (Floating Rate Tender Notes) FRNs, 1.34%, (SIFMA 7-day +0.37%), 11/1/2018 299,961
500,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2012E), 5.00%, (United States Treasury PRF 11/15/2022@100), 11/15/2025 575,915
200,000   Monroe County, NY IDC (Highland Hospital of Rochester), Tax-Exempt Revenue Bonds (Series 2015), 5.00%, 7/1/2033 226,962
370,000   Monroe County, NY IDC (University of Rochester, NY), Revenue Bonds (Series 2011A), 5.00%, 7/1/2041 405,960
105,000   Monroe County, NY IDC (University of Rochester, NY), Revenue Bonds (Series 2011A), 5.00%, (United States Treasury PRF 7/1/2021@100), 7/1/2041 116,890
200,000   MTA Dedicated Tax Fund, Certified Green Revenue Bonds (Series 2017 B-1), 5.00%, 11/15/2035 236,444
200,000   Nassau County, NY Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds (Series 2006A-3), 5.125%, (Original Issue Yield: 5.31%), 6/1/2046 194,882
500,000   New York City Liberty Development Corp., (Goldman Sachs Group, Inc.), Revenue Bonds (Series 2005), 5.25%, 10/1/2035 631,350
500,000   New York City Trust For Cultural Resources (Museum of Modern Art), Revenue Refunding Bonds (Series 2008A), 5.00%, (United States Treasury PRF 10/1/2018@100), 4/1/2028 515,335
300,000   New York City, NY Municipal Water Finance Authority, Water & Sewer System Second General Resolution Revenue Bonds (Fiscal 2016 Subseries CC-1), 4.00%, 6/15/2038 320,391
200,000   New York City, NY Municipal Water Finance Authority, Water and Sewer System Revenue Bonds (Series 2014AA), 5.00%, 6/15/2044 225,710
100,000   New York City, NY TFA, Future Tax Secured Subordinate Bonds (Fiscal 2017 Subseries A-1), 4.00%, 5/1/2042 106,158
250,000   New York City, NY TFA, Future Tax Secured Subordinate Bonds (Series 2011C), 5.50%, 11/1/2035 276,993
205,000   New York City, NY TFA, Future Tax Secured Subordinate Bonds (Series 2011C), 5.50%, (United States Treasury PRF 11/1/2020@100), 11/1/2035 227,195
200,000 1 New York City, NY, UT GO Bonds (Fiscal 1995 Series F Subseries F-4) FRNs, 1.67%, (SIFMA 7-day +0.70%), 2/15/2020 200,832
300,000   New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.00%, 8/1/2032 352,947
55,000   New York City, NY, UT GO Bonds (Series 2008 E-1), 6.25%, (Original Issue Yield: 6.40%), 10/15/2028 57,379
400,000   New York City, NY, UT GO Bonds (Series 2012B), 5.00%, 8/1/2027 453,112
180,000   New York Convention Center Development Corp., Revenue Refunding Bonds (Hotel Unit Fee Secured) (Series 2015), 5.00%, 11/15/2040 204,739
400,000   New York Liberty Development Corp., (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 3), 5.00%, 3/15/2044 430,560
300,000   New York State Dormitory Authority (Barnard College), Revenue Bonds (Series 2015A), 5.00%, 7/1/2035 347,424
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New York—continued  
$200,000   New York State Dormitory Authority (Columbia University), Revenue Bonds (Series 2017A), 5.00%, 10/1/2047 $273,118
500,000   New York State Dormitory Authority (Cornell University), Revenue Bonds (Series 2010A), 5.00%, 7/1/2035 541,525
400,000   New York State Dormitory Authority (Fordham University), Revenue Bonds (Series 2014), 5.00%, 7/1/2030 457,668
500,000   New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center), Revenue Bonds (Series 1998), 5.50%, (National Public Finance Guarantee Corp. INS), 7/1/2023 587,800
500,000   New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), General Purpose Revenue Bonds (Series 2011C), 5.00%, 3/15/2026 551,070
520,000   New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Revenue Bonds (Series 2008C), 5.00%, (United States Treasury PRF 3/15/2018@100), 3/15/2026 525,522
200,000   New York State Dormitory Authority (New York University), Revenue Bonds (Series 2013A), 5.00%, 7/1/2037 225,644
300,000   New York State Dormitory Authority (North Shore-Long Island Jewish Obligated Group), Revenue Bonds (Series 2015A), 5.00%, 5/1/2036 341,145
400,000   New York State Dormitory Authority (Rochester, NY Institute of Technology), Revenue Bonds (Series 2012), 5.00%, 7/1/2038 441,332
300,000   New York State Dormitory Authority (State University of New York Educational Facilities), Revenue Bonds (Series 2015B), 5.00%, 7/1/2040 339,945
300,000   New York State Dormitory Authority (The New School), Revenue Bonds (Series 2015A), 5.00%, 7/1/2040 339,729
300,000   New York State Environmental Facilities Corp., Clean Water & Drinking Water Revolving Funds Revenue Bonds (Series 2008A), 5.00%, 6/15/2029 306,027
500,000   New York State Local Government Assistance Corp., Senior Lien Revenue Refunding Bonds (Series 2008 A-5/6), 5.00%, 4/1/2020 523,675
500,000   New York State Local Government Assistance Corp., Subordinate Lien Revenue Refunding Bonds (Series 2010A), 5.00%, 4/1/2023 537,685
220,000   New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Bonds (Series 2012I), 5.00%, 1/1/2028 245,703
500,000   New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Bonds (Series 2014J), 5.00%, 1/1/2027 577,660
200,000   New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Junior Indebtedness Obligations (Series 20116A), 5.25%, 1/1/2056 231,898
185,000   New York State Urban Development Corp., (New York State), Revenue Refunding Bonds (Series 1995), 5.70%, (Original Issue Yield: 5.94%), 4/1/2020 194,648
500,000   New York State, UT GO Bonds (Series 2009A), 5.00%, (Original Issue Yield: 5.24%), 2/15/2039 519,035
500,000   New York State, UT GO Bonds (Series 2011A), 5.00%, 2/15/2020 537,110
100,000   New York Transportation Development Corp., (American Airlines, Inc.), Special Facility Revenue Refunding Bonds (Series 2016), 5.00%, 8/1/2031 106,377
300,000   New York Transportation Development Corp., (Laguardia Airport Terminal B Redevelopment), Special Facilities Bonds (Series 2016A), 4.00%, 7/1/2046 307,140
200,000   Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds (Series 2014), 5.25%, 5/15/2040 223,588
250,000   Onondaga, NY Civic Development Corp., (St. Joseph's Hospital Health Center), Tax Exempt Revenue Bonds (Series 2014A), 5.125%, (United States Treasury PRF 7/1/2019@100)/(Original Issue Yield: 5.375%), 7/1/2031 263,810
200,000   Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014A), 5.00%, 1/15/2019 206,864
500,000   Port Authority of New York and New Jersey, Revenue Bonds (194th Series), 5.00%, 10/15/2041 582,130
350,000   Suffolk County, NY Water Authority, Revenue Bonds (Series 2015A), 5.00%, 6/1/2037 406,070
450,000   Syracuse, NY IDA (Syracuse CSD, NY), School Facility Revenue Bonds (Series 2008A), 5.00%, (United States Treasury PRF 5/1/2018@100), 5/1/2028 456,827
200,000   Tompkins County, NY Development Corp., (Ithaca College), Tax-Exempt Revenue Refunding Bonds (Series 2015), 5.00%, 7/1/2038 225,620
500,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2008A), 5.00%, (United States Treasury PRF 5/15/2018@100)/(Original Issue Yield: 5.10%), 11/15/2037 508,420
290,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2009A-2), 5.00%, 11/15/2023 300,124
200,000   Triborough Bridge & Tunnel Authority, NY, Revenue Bonds (Series 2015B), 5.00%, 11/15/2040 230,690
300,000   Troy, NY Capital Resource Corp., (Rensselaer Polytechnic Institute), Revenue Bonds (Series 2015), 5.00%, 8/1/2032 342,657
300,000   TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.00%, 6/1/2035 339,441
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New York—continued  
$200,000   Utility Debt Securitization Authority, NY (Long Island Power Authority, NY), Restructuring Bonds (Series 2016A), 5.00%, 12/15/2034 $237,688
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $23,309,745) 		24,299,291
    TOTAL MUNICIPAL INVESTMENT IN SECURITIES—94.6%
(IDENTIFIED COST $23,309,745) 		24,299,291
    OTHER ASSETS AND LIABILITIES - NET—5.4%2 1,397,339
    TOTAL NET ASSETS—100% $25,696,630
Securities that are subject to the federal alternative minimum tax (AMT) represent 1.7% of the Fund's portfolio as calculated based upon total market value.
1 Floating/variable note with current rate and current maturity or next reset date shown.
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, 2017.
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”).
■ 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.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ 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 (“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.
3
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, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
CSD —Central School District
FRNs —Floating Rate Notes
GO —General Obligation
IDA —Industrial Development Authority
IDC —Industrial Development Corporation
INS —Insured
PILOT —Payment in Lieu of Taxes
PRF —Pre-refunded
SIFMA —Securities Industry and Financial Markets Association
TFA —Transitional Finance Authority
UT —Unlimited Tax
4
Federated Ohio Municipal Income Fund
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—96.6%  
    Guam—1.1%  
$1,000,000   Guam Government Business Privilege Tax, Business Privilege Tax Bonds (Series 2012B), 5.00%, 1/1/2037 $1,050,100
560,000   Guam Government LO (Section 30), Bonds (Series 2009A), 5.625%, (United States Treasury PRF 12/1/2019@100)/(Original Issue Yield: 5.875%), 12/1/2029 603,781
    TOTAL 1,653,881
    Ohio—95.5%  
2,000,000   Akron, Bath & Copley, OH Joint Township Hospital District (Akron General Health System), Hospital Facilities Revenue Bonds (Series 2012), 5.00%, (United States Treasury PRF 1/1/2022@100), 1/1/2031 2,239,480
2,000,000   Akron, Bath & Copley, OH Joint Township Hospital District (Children's Hospital Medical Center, Akron), Hospital Improvement & Revenue Refunding Bonds (Series 2012), 5.00%, 11/15/2032 2,180,660
1,000,000   Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), Hospital Facilities Revenue Bonds (Series 2016), 5.25%, 11/15/2041 1,124,420
1,000,000   Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.00%, 12/1/2031 1,129,640
2,000,000   Akron, OH (Akron, OH Community Learning Centers), Income Tax Revenue Refunding Bonds (Series 2012A), 5.00%, 12/1/2033 2,243,720
500,000   Akron, OH (Akron, OH Community Learning Centers), Revenue Refunding Bonds (Series A), 5.00%, 12/1/2023 566,200
2,000,000   Allen County, OH (Mercy Health), Hospital Facilities Revenue Bonds (Series 2010B), 5.25%, 9/1/2027 2,186,540
1,000,000   Allen County, OH (Mercy Health), Hospital Facilities Revenue Refunding Bonds, 5.00%, 11/1/2043 1,103,090
115,000   American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds (Series 2008A), 5.25%, 2/15/2028 115,898
1,885,000   American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds (Series 2008A), 5.25%, (United States Treasury PRF 2/15/2018@100), 2/15/2028 1,899,722
2,250,000   American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Bonds (Series 2015A), 5.00%, 2/15/2029 2,589,120
1,000,000   American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie State Energy Campus Project), Revenue Refunding Bonds (Series 2015A), 5.00%, 2/15/2042 1,132,840
2,000,000   Bowling Green State University, OH, General Receipts Bonds (Series 2016A), 5.00%, 6/1/2044 2,276,260
2,000,000   Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.50%, 6/1/2047 1,982,260
2,000,000   Butler County, OH Hospital Facilities Authority (UC Health), Revenue Bonds (Series 2016), 5.00%, 11/15/2045 2,243,400
1,000,000   Cincinnati City School District, OH, UT GO Bonds, 5.00%, (National Public Finance Guarantee Corp. INS), 12/1/2017 1,000,000
3,000,000   Cincinnati, OH Water System, Revenue Bonds (Series 2015A), 5.00%, 12/1/2040 3,478,980
2,000,000   Cincinnati, OH, UT Various Purpose GO Improvement & Refunding Bonds (Series 2014A), 5.00%, 12/1/2032 2,244,620
2,105,000   Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), 5.00%, 12/1/2051 2,326,804
1,500,000   Cleveland State University, OH, General Receipts Bonds (Series 2012), 5.00%, 6/1/2037 1,642,815
1,980,000   Cleveland, OH Airport System, Revenue Bonds (Series 2006A), 5.25%, (Assured Guaranty Corp. INS), 1/1/2018 1,985,504
365,000   Cleveland, OH Airport System, Revenue Bonds (Series 2009C), 5.00%, (Assured Guaranty Corp. INS), 1/1/2023 377,574
1,000,000   Cleveland, OH Municipal School District, School Improvement UT GO Bonds (Series 2015A), 5.00%, (Ohio School District Credit Enhancement GTD), 12/1/2033 1,126,990
1,550,000   Cleveland, OH Public Power System, Revenue Bonds (Series 2008B-1), 5.00%, 11/15/2038 1,573,436
1,000,000   Cleveland, OH Water, Senior Lien Revenue Bonds (Series 2012X), 5.00%, 1/1/2042 1,098,300
245,000   Cleveland, OH Water, Water Revenue Bonds (Series 2007P), 5.00%, 1/1/2026 245,654
2,000,000   Cleveland, OH, LT GO Bonds, 5.50%, (AGM INS), 10/1/2019 2,137,080
3,000,000   Cleveland-Cuyahoga County, OH Port Authority (Euclid Avenue Development Corp.), Revenue Bonds (Series 2014), 5.00%, 8/1/2039 3,351,900
1,000,000   Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2009), 5.00%, (United States Treasury PRF 6/1/2019@100), 12/1/2027 1,048,700
2,000,000   Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2017), 5.00%, 12/1/2047 2,313,200
1,000,000   Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.00%, 6/1/2031 1,178,410
1,500,000   Columbus, OH, Various Purpose LT GO Bonds (Series 2013B), 5.00%, (United States Treasury PRF 8/15/2023@100), 8/15/2028 1,756,995
1,270,000   Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), 5.50%, 2/15/2057 1,400,912
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Ohio—continued  
$1,340,000   Cuyahoga County, OH Sales Tax, Various Purpose Sales Tax Revenue Bonds (Series 2014), 5.00%, 12/1/2034 $1,567,720
1,000,000   Cuyahoga County, OH, LT GO Convention Hotel Project, 5.00%, 12/1/2036 1,117,800
220,000   Cuyahoga, OH CCD, General Receipts Revenue Bonds (Series 2012D), 5.00%, 8/1/2026 248,479
1,335,000   Dayton, OH Airport (James M. Cox Dayton International Airport), Airport Revenue Refunding Bonds (Series 2014A), 5.00%, (AGM INS), 12/1/2026 1,446,419
2,000,000   Fairfield County, OH, LT GO Bonds (Series 2015), 4.00%, 12/1/2040 2,072,840
2,000,000   Franklin County, OH Convention Facilities Authority, Tax & Lease Revenue Anticipation & Refunding Bonds (Series 2014), 5.00%, 12/1/2035 2,332,860
1,000,000   Franklin County, OH Health Care Facilities (Friendship Village of Dublin, OH, Inc.), Refunding & Improvement Bonds (Series 2014), 5.00%, 11/15/2044 1,061,360
2,400,000   Franklin County, OH Health Care Facilities (Ohio Presbyterian Retirement Services), Improvement Revenue Bonds (Series 2010A), 5.625%, (Original Issue Yield: 5.75%), 7/1/2026 2,553,720
1,535,000   Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), Hospital Improvement Revenue Bonds (Series 2009), 5.00%, (United States Treasury PRF 11/1/2019@100)/(Original Issue Yield: 5.11%), 11/1/2034 1,631,183
1,000,000   Franklin County, OH Hospital Facility Authority (OhioHealth Corp.), Hospital Facilities Revenue Bonds (Series 2015), 5.00%, 5/15/2040 1,136,860
2,165,000   Franklin County, OH, Various Purpose LT GO Bonds, 5.00%, 12/1/2017 2,165,000
500,000   Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Revenue Refunding Bonds (Series 2016), 5.00%, 1/1/2051 536,335
2,000,000   Hamilton County, OH Convention Facilities Authority, Convention Facilities Authority Revenue & Refunding Bonds (Series 2014), 5.00%, 12/1/2032 2,232,980
2,850,000   Hamilton County, OH Sales Tax, Revenue Refunding Bonds (Series 2011A), 5.00%, 12/1/2032 3,144,177
280,000   Hamilton, OH, LT GO Various Purpose Bonds, 5.00%, (Assured Guaranty Corp. INS), 11/1/2021 297,111
1,555,000   JobsOhio Beverage System, OH, Statewide Senior Lien Liquor Profits Tax-Exempt Revenue Bonds (Series 2013A), 5.00%, 1/1/2038 1,711,900
165,000   Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00%, (Assured Guaranty Corp. INS), 5/1/2028 172,425
70,000   Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00%, (Assured Guaranty Corp. LOC), 5/1/2023 73,270
1,000,000   Lorain County, OH (Mercy Health), Hospital Revenue Bonds (Series 2006H), 5.00%, (Assured Guaranty Corp. INS), 2/1/2024 1,017,310
2,000,000   Lucas County, OH (ProMedica Healthcare Obligated Group), Hospital Revenue Bonds (Series 2011A), 6.50%, 11/15/2037 2,370,860
2,000,000   Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.00%, 9/1/2031 2,218,260
500,000   Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.00%, 9/1/2036 549,815
500,000   Middletown, OH, LT GO Refunding and Improvement Bonds, 5.00%, (United States Treasury PRF 6/1/2018@100), 12/1/2021 509,035
1,000,000   Montgomery County, OH (Catholic Health Initiatives), Revenue Bonds (Series 2008D), 6.125%, (Original Issue Yield: 6.30%), 10/1/2028 1,035,730
1,000,000   Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.00%, 11/15/2049 1,128,580
2,000,000   Northeast OH Regional Sewer District, Wastewater Improvement Revenue Bonds (Series 2013), 5.00%, (United States Treasury PRF 5/15/2023@100), 11/15/2038 2,326,120
500,000   Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.25%, 1/15/2038 511,515
125,000   Ohio HFA SFM, Revenue Bond (Series 1), 3.25%, 5/1/2020 125,769
1,150,000   Ohio State Air Quality Development Authority (Buckeye Power, Inc.), Environmental Improvement Revenue Bonds (Series 2010), 5.00%, 12/1/2021 1,254,604
2,000,000   Ohio State Air Quality Development Authority (Columbus Southern Power Company), Air Quality Revenue Refunding Bonds (Series 2009B), 5.80%, 12/1/2038 2,131,080
2,000,000   Ohio State Capital Facilities (Ohio State), Parks and Recreation Improvement Fund Projects (Series 2016C), 5.00%, 12/1/2031 2,387,960
1,000,000   Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2016), 5.00%, 12/1/2040 1,141,360
1,500,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Bonds (Series 2012), 5.00%, 1/1/2031 1,680,855
1,200,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), Hospital Revenue Refunding Bonds (Series 2008A), 5.25%, (United States Treasury PRF 1/1/2018@100)/(Original Issue Yield: 5.37%), 1/1/2033 1,203,576
2,000,000   Ohio State Higher Educational Facility Commission (Kenyon College, OH), Higher Educational Facility Revenue Bonds (Series 2015), 5.00%, 7/1/2041 2,247,580
1,000,000   Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2011A), 5.375%, (Original Issue Yield: 5.48%), 12/1/2030 1,102,440
1,830,000   Ohio State Higher Educational Facility Commission (University of Dayton), Revenue Bonds (Series 2013), 5.00%, 12/1/2031 2,058,073
2,000,000   Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2016A), 5.00%, 1/15/2046 2,222,180
3,325,000   Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.00%, 12/31/2039 3,700,924
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Ohio—continued  
$250,000   Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2017A), 5.00%, 2/15/2028 $305,428
1,000,000   Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.00%, (Original Issue Yield: 5.05%), 2/15/2048 1,095,040
1,000,000   Ohio State Turnpike & Infrastructure Commission, Turnpike Revenue Refunding Bonds (Series 1998A), 5.50%, (National Re Holdings Corp. INS), 2/15/2024 1,166,020
1,810,000   Ohio State University, General Receipts Bonds (Series 2008A), 5.00%, 12/1/2027 1,876,680
190,000   Ohio State University, General Receipts Bonds (Series 2008A), 5.00%, (United States Treasury PRF 12/1/2018@100), 12/1/2027 196,848
1,000,000   Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.00%, 6/1/2038 1,125,900
2,000,000   Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), Loan Fund Revenue Bonds (Series A), 5.00%, 12/1/2030 2,429,580
1,000,000   Ohio State Water Development Authority, Drinking Water Assistance Fund Revenue Refunding Bonds (Series 2008), 5.00%, (United States Treasury PRF 6/1/2018@100), 12/1/2021 1,018,320
1,000,000   Ohio State Water Development Authority, Revenue Refunding Bonds (Series 2008), 5.00%, (United States Treasury PRF 6/1/2018@100), 6/1/2028 1,018,320
1,000,000   Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2016B), 5.00%, 6/1/2037 1,177,290
3,000,000   Ohio State, Capital Facilities Lease-Appropriation Bonds (Series 2016A), 5.00%, 2/1/2030 3,550,320
1,500,000   Ohio State, Common Schools UT GO Bonds (Series 2011B), 5.00%, 9/15/2024 1,660,290
3,000,000   Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.00%, 11/1/2033 3,571,290
1,000,000   Ohio State, Major New State Infrastructure Project Revenue Bonds (Series 2008-1), 5.75%, (United States Treasury PRF 6/15/2018@100), 6/15/2019 1,023,450
2,000,000   Ohio University, General Receipts Bonds (Series 2013), 5.00%, 12/1/2043 2,192,900
470,000   River Valley, OH Local School District, UT GO School Facilities Bonds, 5.25%, (School District Credit Program GTD), 11/1/2023 550,144
700,000   South Euclid, OH, LT GO Real Estate Acquisition and Urban Development Bonds, 5.00%, 6/1/2032 788,501
1,250,000   Southeastern Ohio Port Authority, OH (Memorial Health System, OH), Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00%, (Original Issue Yield: 6.02%), 12/1/2042 1,372,600
500,000   Switzerland, OH Local School District, UT GO School Improvement Refunding Bonds, 5.00%, (School District Credit Program GTD), 12/1/2027 563,225
1,000,000   Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.00%, 11/15/2032 1,133,650
1,500,000   Toledo-Lucas County, OH Port Authority (CSX Corp.), Revenue Bonds, 6.45%, 12/15/2021 1,742,070
2,000,000   University of Akron, OH, General Receipts Bonds (Series 2008B), 5.25%, (United States Treasury PRF 1/1/2018@100), 1/1/2027 2,006,020
1,020,000   University of Akron, OH, General Receipts Bonds (Series 2015A), 5.00%, 1/1/2030 1,179,385
1,000,000   University of Akron, OH, General Receipts Bonds (Series 2016A), 5.00%, 1/1/2036 1,140,470
1,000,000   University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.00%, 6/1/2041 1,150,460
1,000,000 1 University of Cincinnati, OH, General Receipts Floating Rate Notes (Series 2015A), 1.37%, (1-month USLIBOR x 0.67 + 0.45%), 6/1/2018 1,000,020
    TOTAL 149,761,410
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $146,008,997) 		151,415,291
  1 SHORT-TERM MUNICIPALS—2.1%  
    Ohio—2.1%  
1,500,000   Allen County, OH (Mercy Health), (Series 2010C) Daily VRDNs (MUFG Union Bank, N.A. LOC), 0.96%, 12/1/2017 1,500,000
200,000   Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008B) Weekly VRDNs, 1.00%, 12/7/2017 200,000
1,550,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs (Barclays Bank PLC LIQ), 0.94%, 12/1/2017 1,550,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $3,250,000) 		3,250,000
    TOTAL INVESTMENT IN SECURITIES—98.7%
(IDENTIFIED COST $149,258,997) 		154,665,291
    OTHER ASSETS AND LIABILITIES - NET—1.3%2 2,095,359
    TOTAL NET ASSETS—100% $156,760,650
Securities that are subject to the federal alternative minimum tax (AMT) represent 3.3% of the Fund's portfolio as calculated based upon total market value.
3
1 Current rate and current maturity or next reset date shown for floating/variable rate 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, 2017.
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”).
■ 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.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ 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 (“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, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
4
The following acronyms are used throughout this portfolio:
AGM —Assured Guaranty Municipal Corp.
CCD —Community College District
GO —General Obligation
GTD —Guaranteed
HFA —Housing Finance Authority
INS —Insured
LIQ —Liquidity Agreement
LO —Limited Obligation
LOC —Letter of Credit
LT —Limited Tax
PRF —Pre-refunded
SFM —Single Family Mortgage
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
5
Federated Pennsylvania Municipal Income Fund
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—97.4%  
    Pennsylvania—97.4%  
$1,450,000   Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2012A-1), 5.00%, 1/1/2023 $1,591,361
1,550,000   Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2012A-1), 5.00%, 1/1/2024 1,697,948
370,000   Allegheny County, PA IDA (Residential Resources Inc. Project), Lease Revenue Bonds (Series 2006), 5.125%, 9/1/2031 370,340
2,000,000   Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00%, (Original Issue Yield: 5.20%), 3/1/2026 2,182,760
1,715,000   Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 1,925,019
1,000,000   Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 12/1/2040 1,131,310
2,000,000   Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 12/1/2045 2,253,580
2,000,000   Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.00%, 11/1/2041 2,295,440
2,250,000   Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2035 2,364,165
375,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.00%, 5/15/2037 416,089
600,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.00%, 5/15/2047 657,186
3,000,000   Berks County, PA Municipal Authority (Tower Health), Revenue Bonds (Series 2012A), 5.00%, 11/1/2044 3,233,760
2,000,000   Bethlehem, PA Authority (Bethlehem, PA), GTD Water Revenue Bonds (Series 2014), 5.00%, (Build America Mutual Assurance INS), 11/15/2030 2,231,300
1,360,000   Bethlehem, PA Authority (Bethlehem, PA), GTD Water Revenue Bonds (Series 2014), 5.00%, (Build America Mutual Assurance INS), 11/15/2031 1,514,591
1,000,000   Canonsburg-Houston Joint Authority, PA, Sewer Revenue Bonds (Series 2015A), 5.00%, 12/1/2040 1,119,310
500,000   Centre County, PA Hospital Authority (Mount Nittany Medical Center), Hospital Revenue Bonds (Series 2016A), 5.00%, 11/15/2046 555,365
1,000,000   Chartiers Valley, PA School District, UT GO Bonds (Series 2015B), 5.00%, (State Aid Withholding GTD), 10/15/2040 1,137,600
2,530,000   Cheltenham Twp, PA School District, LT GO Bonds (Series 2014), 5.00%, (State Aid Withholding GTD), 2/15/2040 2,784,518
1,000,000   Chester County, PA HEFA (Main Line Health Systems), Revenue Bonds (Series 2017A), 5.00%, 10/1/2052 1,132,780
1,250,000   Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 4.75%, (Original Issue Yield: 4.82%), 12/15/2037 1,282,088
2,000,000   Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00%, 12/1/2037 2,156,240
1,500,000   Clarion County, PA IDA (Pennsylvania American Water Co.), Water Facility Revenue Refunding Bonds (Series 2009), 5.50%, 12/1/2039 1,602,615
2,000,000   Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Revenue Bonds (Series 2013B), 5.00%, 6/1/2036 2,187,140
2,000,000   Commonwealth of Pennsylvania, UT GO Bonds (2nd Series 2016), 5.00%, 9/15/2026 2,376,300
2,000,000   Commonwealth of Pennsylvania, UT GO Bonds (First Series 2011), 5.00%, (United States Treasury PRF 11/15/2021@100), 11/15/2030 2,239,540
1,000,000   Cumberland County, PA Municipal Authority (Asbury Pennsylvania Obligated Group), Refunding Revenue Bonds (Series 2012), 5.25%, 1/1/2041 1,032,490
905,000   Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.00%, 1/1/2038 979,961
1,000,000   Cumberland County, PA Municipal Authority (Dickinson College), Revenue Bonds (Series 2016), 5.00%, 5/1/2030 1,159,720
2,500,000   Dauphin County, PA General Authority (Pinnacle Health System), Health System Revenue Bonds (Series 2012A), 5.00%, 6/1/2042 2,769,575
1,000,000   Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.00%, 8/1/2045 1,137,370
1,000,000   Delaware County, PA IDA (Covanta Energy Corp.), Solid Waste Disposal Revenue Bonds (Series 2015), 5.00%, 7/1/2043 1,006,920
1,250,000   Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 5/1/2040 1,422,938
1,750,000   Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.00%, 7/1/2042 2,022,038
2,350,000   Delaware River Port Authority, Revenue Bonds (Series 2010D), 5.00%, 1/1/2028 2,501,457
1,105,000   Erie, PA Water Authority, Revenue Refunding Bonds (Series 2014), 5.00%, (AGM INS), 12/1/2034 1,274,308
1,000,000   Erie, PA Water Authority, Water Revenue Bonds (Series 2016), 5.00%, 12/1/2043 1,131,330
1,000,000   Fulton County, PA IDA (Fulton County Medical Center), Hospital Revenue Bonds (Series 2016), 5.00%, 7/1/2040 1,018,110
2,000,000   Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2009A), 5.25%, (United States Treasury PRF 6/1/2019@100), 6/1/2039 2,107,780
2,260,000   Geisinger Authority, PA Health System (Geisinger Health System), Revenue Bonds (Series 2014A), 5.00%, 6/1/2041 2,506,995
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$2,000,000   Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25%, (Original Issue Yield: 5.35%), 7/15/2031 $2,040,660
1,215,000   Lancaster County, PA Hospital Authority (Lancaster General Hospital), Health System Revenue Bonds (Series 2012B), 5.00%, (United States Treasury PRF 1/1/2022@100), 7/1/2042 1,368,114
1,000,000   Lancaster County, PA Hospital Authority (Landis Homes Retirement Community), Health Center Revenue Refunding Bonds (Series 2015A), 5.00%, (Original Issue Yield: 5.03%), 7/1/2045 1,067,460
785,000   Lancaster County, PA Hospital Authority (Masonic Villages), Health Center Revenue Bonds (Series 2015), 5.00%, 11/1/2035 873,140
1,000,000   Lancaster County, PA Solid Waste Management Authority, GTD Authority Bonds (Series 2013B), 5.00%, (Dauphin County, PA GTD), 12/15/2033 1,137,940
500,000   Luzerne County, PA IDA (Luzerne County, PA), GTD Lease Revenue Bonds (Series 2017), 5.00% (AGM INS), 12/15/2022 553,750
2,250,000   Lycoming County PA Authority (Pennsylvania College of Technology), College Revenue Bonds (Series 2008), 5.50%, (United States Treasury PRF 4/1/2018@100), 10/1/2032 2,280,645
2,200,000   Lycoming County PA Authority (Susquehanna Health System), Revenue Bonds (Series A), 5.75%, (Original Issue Yield: 5.90%), 7/1/2039 2,347,246
1,000,000   Montgomery County, PA Higher Education & Health Authority Hospital (Philadelphia Presbytery Homes, Inc.), Revenue Refunding Bonds (Series 2017), 5.00%, 12/1/2047 1,098,080
1,100,000   Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00%, 11/15/2028 1,204,368
400,000   Montgomery County, PA IDA (ACTS Retirement Life Communities, Inc.), Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00%, 11/15/2029 436,552
1,000,000   Montgomery County, PA IDA (Foulkeways at Gwynedd), Revenue Bonds (Series 2016), 5.00%, 12/1/2046 1,069,170
750,000   Northampton County, PA General Purpose Authority (Lafayette College), College Refunding and Revenue Bonds (Series 2017), 5.00%, 11/1/2047 863,835
1,000,000   Pennsylvania EDFA (Amtrak), Exempt Facilities Revenue Bonds (Series 2012A), 5.00%, 11/1/2041 1,061,520
2,000,000   Pennsylvania EDFA (Aqua Pennsylvania, Inc.), Water Facilities Revenue Bonds (Series 2009B), 5.00%, 11/15/2040 2,110,080
1,000,000   Pennsylvania EDFA (National Gypsum Co.), Exempt Facilities Revenue Refunding Bonds (Series 2014), 5.50%, 11/1/2044 1,059,990
2,000,000   Pennsylvania EDFA (Pennsylvania American Water Co.), Water Facilities Revenue Bonds (Series 2009), 6.20%, 4/1/2039 2,110,580
1,000,000   Pennsylvania EDFA (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00%, 12/31/2038 1,122,040
2,000,000   Pennsylvania EDFA (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00%, 6/30/2042 2,237,760
1,500,000   Pennsylvania EDFA (UPMC Health System), Revenue Bonds (Series 2014A), 5.00%, 2/1/2045 1,672,425
2,000,000   Pennsylvania EDFA, Junior GTD Parking Revenue Bonds (Series 2013B-1), 6.00%, (Dauphin County, PA GTD), 7/1/2053 2,351,540
1,500,000   Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2009), 5.00%, 6/15/2022 1,576,560
1,000,000   Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2018 1,019,820
1,500,000   Pennsylvania State Higher Education Facilities Authority (Carnegie Mellon University), Revenue Bonds (Series 2009), 5.00%, 8/1/2021 1,559,325
2,000,000   Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012), 5.00%, 4/1/2035 2,190,800
1,000,000   Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Fixed Rate Revenue Bonds (Series 2015A), 5.25%, 9/1/2050 1,128,770
1,100,000   Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University), Revenue Bonds (Series 2010), 5.00%, United States Treasury PRF 3/1/2020@100), 3/1/2040 1,180,740
1,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 2009A), 5.25%, (United States Treasury PRF 8/15/2019@100), 8/15/2022 1,061,020
2,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 200B), 5.50%, (United States Treasury COL)/(Original Issue Yield: 5.65%), 8/15/2018 2,057,500
1,500,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), Revenue Bonds (Series 2012A), 5.00%, 8/15/2042 1,630,815
1,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Refunding Revenue Bonds (Series 2015A), 5.00%, 10/1/2036 1,155,120
1,630,000   Pennsylvania State Higher Education Facilities Authority (University of the Sciences in Philadelphia), Revenue Bonds (Series 2015), 5.00%, 11/1/2036 1,797,580
1,000,000   Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), 5.00%, (United States Treasury PRF 12/1/2021@100), 12/1/2030 1,125,190
1,000,000   Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.00%, 12/1/2045 1,134,340
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$4,500,000   Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Refunding Bonds (Second Series of 2016), 5.00%, 6/1/2039 $5,041,260
2,000,000 1 Pennsylvania State Turnpike Commission, Variable Rate Subordinate Lien Revenue Bonds (SIFMA Index Bonds) (Series 2015A-2) FRNs, 1.77%, (SIFMA 7-day +0.80%), 12/1/2018 2,005,100
1,430,000 1 Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B) FRNs, 2.24%, (SIFMA 7-day +1.27%), 12/1/2020 1,460,974
2,440,000   Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 5.50%, (United States Treasury PRF 12/1/2020@100)/(Original Issue Yield: 5.55%), 12/1/2041 2,705,570
2,000,000   Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 6.00%, (United States Treasury PRF 12/1/2020@100), 12/1/2036 2,246,700
1,970,000   Pennsylvania State University, Revenue Bonds (Series 2017A), 5.00%, 9/1/2037 2,327,988
2,000,000   Philadelphia, PA Airport System, Airport Revenue Refunding Bonds (Series 2010D), 5.25%, 6/15/2028 2,125,440
1,210,000   Philadelphia, PA Authority for Industrial Development (New Foundations Charter School), Revenue Bonds (Series 2012), 6.625%, 12/15/2041 1,357,644
1,560,000   Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds (Series 2005A), 5.625%, 7/1/2035 1,561,778
1,000,000   Philadelphia, PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group), Senior Living Facilities Revenue Bonds (Series 2017A), 5.00%, 7/1/2049 1,048,830
2,000,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), Hospital Revenue Bonds (Series 2011D), 5.00%, 7/1/2028 2,237,000
1,040,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), Hospital Revenue Bonds (Series 2014A), 5.00%, 7/1/2042 1,190,218
1,670,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Temple University Health System Obligated Group), Hospital Revenue Bonds (Series 2012A), 5.625%, (Original Issue Yield: 5.875%), 7/1/2042 1,836,866
2,000,000   Philadelphia, PA Water & Wastewater System, Revenue Refunding Bonds (Series 2012), 5.00%, 11/1/2028 2,252,220
1,000,000   Philadelphia, PA, UT GO Bonds (Series 2017A), 5.00%, 8/1/2033 1,164,760
655,000   Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, Parking System Revenue Bonds (Series 2017), 5.00%, 12/15/2037 748,822
1,000,000   Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.00%, 12/1/2025 1,164,640
2,000,000   Pittsburgh, PA Water & Sewer Authority, Water and Sewer System Revenue Bonds (Series 2008 D-1), 5.00%, (United States Treasury PRF 9/1/2018@100), 9/1/2025 2,053,960
3,000,000   Pittsburgh, PA, UT GO Bonds (Series 2012B), 5.00%, 9/1/2026 3,390,600
1,075,000   Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.00%, (Original Issue Yield: 5.08%), 12/1/2031 1,182,941
1,500,000   Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25%, (Original Issue Yield: 5.27%), 12/1/2036 1,666,635
1,000,000   Scranton, PA School District, GO Bonds (Series 2017E), 5.00% (Build America Mutual Assurance GTD), 12/1/2035 1,142,780
1,000,000   South Fork Municipal Authority, PA (Conemaugh Valley Memorial Hospital), Hospital Revenue Bonds (Series 2010), 5.50%, (United States Treasury PRF 7/1/2020@100)/(Original Issue Yield: 5.72%), 7/1/2029 1,095,590
1,140,000   Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2014A), 5.00%, 6/1/2026 1,320,416
1,000,000   Southeastern, PA Transportation Authority, Capital Grant Receipts Bonds (Series 2011), 5.00%, (United States Treasury PRF 6/1/2021@100), 6/1/2028 1,109,970
1,000,000   Southeastern, PA Transportation Authority, Revenue Refunding Bonds (Series 2010), 5.00%, 3/1/2018 1,008,770
2,000,000   St. Mary Hospital Authority, PA (Trinity Healthcare Credit Group), Health System Revenue Bonds (Series 2012A), 5.00%, 11/15/2026 2,151,040
1,000,000   Union County, PA Higher Educational Facilities Financing Authority (Bucknell University), University Revenue Bonds (Series 2015B), 5.00%, 4/1/2032 1,159,100
2,000,000   West View, PA Municipal Authority Water Revenue, Revenue Bonds (Series 2014), 5.00%, 11/15/2039 2,303,260
1,685,000   Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.00%, 11/1/2033 1,894,142
825,000   Wilkes-Barre, PA Finance Authority (University of Scranton), Revenue Bonds (Series 2015A), 5.00%, 11/1/2034 924,338
2,895,000   York County, PA, UT GO Bonds (Series 2013), 5.00%, 6/1/2037 3,254,733
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $165,221,823) 		171,327,897
  1 SHORT-TERM MUNICIPALS—1.3%  
    Pennsylvania—1.3%  
1,100,000   Lower Merion, PA School District, (Series B of 2009) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.96%, 12/7/2017 1,100,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Pennsylvania—continued  
$1,100,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-A) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 0.92%, 12/1/2017 $1,100,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $2,200,000) 		2,200,000
    TOTAL MUNICIPAL INVESTMENT IN SECURITIES—98.7%
(IDENTIFIED COST $167,421,823) 		173,527,897
    OTHER ASSETS AND LIABILITIES - NET—1.3%2 2,361,750
    TOTAL NET ASSETS—100% $175,889,647
Securities that are subject to the federal alternative minimum tax (AMT) represent 6.7% 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/variable rate 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, 2017.
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 Board of Trustees (the “Trustees”).
■ 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.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ 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 price 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 (“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.
4
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, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
AGM —Assured Guaranty Municipal Corp.
COL —Collateralized
EDFA —Economic Development Finance Authority
FRN —Floating Rate Notes
GO —General Obligation
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
IDA —Industrial Development Authority
INS —Insured
LIQ —Liquidity Agreement
LOC —Letter of Credit
LT —Limited Tax
PRF —Pre-refunded
SIFMA —Securities Industry and Financial Markets Association
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
5

 

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Municipal Securities Income Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 23, 2018

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date January 23, 2018

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 23, 2018

 EX-99.CERT 2 cert.htm

N-Q Item 3- Exhibits: Certifications

 

 

I, J. Christopher Donahue, certify that:

 

  1. I have reviewed this report on Form N-Q of Federated Municipal Securities Income Trust on behalf of: Federated Michigan Intermediate Municipal Trust, Federated Municipal High Yield Advantage Fund, Federated New York Municipal Income Fund, Federated Ohio Municipal Income Fund, Federated Pennsylvania Municipal Income Fund ("registrant");

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  1. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

    1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

    1. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

    1. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

    1. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

    1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

    1. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: January 23, 2018

/S/ J. Christopher Donahue

J. Christopher Donahue

President - Principal Executive Officer

 

 

 

 

 

N-Q Item 3- Exhibits: Certifications

 

 

I, Lori A. Hensler, certify that:

 

  1. I have reviewed this report on Form N-Q of Federated Municipal Securities Income Trust on behalf of: Federated Michigan Intermediate Municipal Trust, Federated Municipal High Yield Advantage Fund, Federated New York Municipal Income Fund, Federated Ohio Municipal Income Fund, Federated Pennsylvania Municipal Income Fund ("registrant");

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  1. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

    1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

    1. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

    1. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

    1. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

    1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

    1. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: January 23, 2018

/S/ Lori A. Hensler

Lori A. Hensler

Treasurer - Principal Financial Officer