United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6447
(Investment Company Act File Number)
Federated Hermes Fixed Income Securities, Inc.
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 09/30/21
Date of Reporting Period: Six months ended 03/31/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FMUUX | Institutional | FMUSX | R6 | FMULX |
Federated Hermes Municipal Ultrashort Fund
A Portfolio of Federated Hermes Fixed Income Securities, Inc.
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 24.6% |
Industrial Development Bond/Pollution Control Revenue | 11.6% |
Electric & Gas | 10.4% |
Hospital | 8.0% |
Multi-Family Housing | 7.9% |
Prepaid Gas Utility | 6.3% |
General Obligation—State | 4.6% |
Toll Road | 4.4% |
Higher Education | 3.1% |
Other Transportation | 3.0% |
Other2 | 18.7% |
Other Assets and Liabilities—Net3 | (2.6)% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—77.7% | |||
Alabama—2.3% | |||
$1,250,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2021 | $1,257,050 | |
1,425,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2022 | 1,484,511 | |
1,500,000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), 4.000%, 6/1/2023 | 1,614,274 | |
22,500,000 | 1 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 3 (Series 2018B-1) FRNs, (Goldman Sachs Group, Inc. GTD), 0.977% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,669,492 |
2,000,000 | Lower Alabama Gas District, Gas Project Revenue Bonds Project No. 2 (Series 2020A) TOBs, (Goldman Sachs Group, Inc. GTD), 4.000%, Mandatory Tender 12/1/2025 | 2,278,701 | |
3,650,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 3,801,686 | |
5,250,000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 5,359,020 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 0.923% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 30,203,277 |
TOTAL | 68,668,011 | ||
Arizona—1.0% | |||
5,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 5,676,700 | |
4,000,000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017A) TOBs, 1.875%, Mandatory Tender 3/31/2023 | 4,104,804 | |
2,500,000 | Maricopa County, AZ Pollution Control Corp. (Public Service Co., NM), Pollution Control Revenue Refunding Bonds Palo Verde Project (Series 2003A) TOBs, 1.050%, Mandatory Tender 6/1/2022 | 2,513,301 | |
10,000,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 0.180%, Mandatory Tender 5/3/2021 | 10,000,155 | |
2,980,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.000%, 10/1/2023 | 2,980,887 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Arizona—continued | |||
$4,000,000 | 2 | Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | $4,014,774 |
TOTAL | 29,290,621 | ||
California—2.9% | |||
7,250,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 0.320% (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024 | 7,254,839 |
9,000,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 0.500% (SIFMA 7-day +0.450%), Mandatory Tender 4/1/2026 | 9,020,134 |
10,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018B) FRNs, 0.456% (1-month USLIBOR x 0.70 +0.380%), Mandatory Tender 8/1/2021 | 9,999,488 |
12,500,000 | California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.450%, Mandatory Tender 7/1/2021 | 12,501,179 | |
10,000,000 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021A) TOBs, 1.200%, Mandatory Tender 6/1/2028 | 9,858,063 | |
6,750,000 | 1 | California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds (Series 2021B) FRNs, 0.750% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026 | 6,806,986 |
5,750,000 | California PCFA (Republic Services, Inc.), (Series A-2) TOBs, 0.200%, Mandatory Tender 4/15/2021 | 5,750,111 | |
3,700,000 | California State Pollution Control Financing Authority (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.600%, Mandatory Tender 9/1/2023 | 3,695,911 | |
3,000,000 | California State, UT GO Various Purpose Refunding Bonds, 5.000%, 3/1/2025 | 3,536,241 | |
1,670,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2024 | 1,945,065 | |
1,250,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2025 | 1,506,935 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2025 | 1,385,876 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2026 | 1,425,864 | |
5,000,000 | Southern California Public Power Authority (Power Projects), Windy Point/Windy Flats Project Revenue Refunding Bonds (Series 2020-1) Green Bonds, 5.000%, 4/1/2024 | 5,643,638 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$2,000,000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | $2,060,201 | |
2,730,000 | Western Placer, CA Unified School District, Community Facilities District No. 2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,804,454 | |
TOTAL | 85,194,985 | ||
Colorado—1.2% | |||
5,735,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 0.577% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | 5,720,035 |
14,375,000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Refunding Bonds (Series 2019D) TOBs, 5.000%, Mandatory Tender 11/15/2022 | 15,455,175 | |
6,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2017B) FRNs, 1.123% (1-month USLIBOR x 0.67 +1.050%), Mandatory Tender 9/1/2021 | 6,001,834 |
8,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue Bonds (LIBOR Index Series 2019A) FRNs, 0.493% (1-month USLIBOR x 0.67 +0.420%), Mandatory Tender 9/1/2021 | 8,000,163 |
TOTAL | 35,177,207 | ||
Connecticut—1.6% | |||
4,200,000 | Bridgeport, CT GANs, 1.500%, 12/9/2021 | 4,224,777 | |
4,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory Tender 2/9/2024 | 3,962,537 | |
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 5,187,885 | |
15,000,000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory Tender 11/15/2023 | 15,000,939 | |
500,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2021 | 501,411 | |
400,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2022 | 420,954 | |
675,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2023 | 741,018 | |
1,000,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2024 | 1,137,923 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—continued | |||
$850,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2025 | $998,938 | |
1,200,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026 | 1,454,485 | |
3,400,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2027 | 4,222,796 | |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 0.900% (SIFMA 7-day +0.850%), 3/1/2022 | 3,077,100 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 0.950% (SIFMA 7-day +0.900%), 3/1/2023 | 1,511,340 |
4,850,000 | West Haven, CT, (Series B) BANs, 2.000%, 9/30/2021 | 4,878,098 | |
TOTAL | 47,320,201 | ||
Delaware—0.1% | |||
4,000,000 | Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Revenue Refunding Bonds (Series 2020A) TOBs, 1.050%, Mandatory Tender 7/1/2025 | 4,058,949 | |
Florida—0.8% | |||
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 807,207 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2023 | 2,787,368 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | 2,894,882 | |
1,250,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | 1,489,282 | |
14,000,000 | 1 | Pasco County, FL School Board, Variable Rate Refunding Certificates of Participation (Series 2020B) FRNs, 0.800% (SIFMA 7-day +0.750%), Mandatory Tender 8/2/2023 | 14,023,625 |
TOTAL | 22,002,364 | ||
Georgia—2.1% | |||
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2021 | 1,156,499 | |
4,100,000 | Bartow County, GA Development Authority (Georgia Power Co.), Bowen Project Pollution Control Revenue Bonds (First Series 1997) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 4,144,306 | |
6,700,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth Series 1994) TOBs, 2.150%, Mandatory Tender 6/13/2024 | 7,007,973 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Georgia—continued | |||
$10,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First Series 2012) TOBs, 1.550%, Mandatory Tender 8/19/2022 | $10,162,732 | |
6,000,000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Second Series 2012) TOBs, 1.700%, Mandatory Tender 8/22/2024 | 6,196,474 | |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.823% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 22,118,355 |
3,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2019B) TOBs, (Toronto Dominion Bank GTD), 4.000%, Mandatory Tender 12/2/2024 | 3,338,807 | |
2,500,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds (First Series 2009) TOBs, 2.050%, Mandatory Tender 11/19/2021 | 2,527,016 | |
5,000,000 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2025 | 5,965,544 | |
TOTAL | 62,617,706 | ||
Illinois—2.5% | |||
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 4,103,645 | |
1,705,000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), 5.000%, 5/15/2021 | 1,706,893 | |
3,625,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2024 | 4,111,240 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2021 | 5,126,339 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,527,776 | |
2,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2023 | 2,203,714 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,651,143 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020B), 5.375%, 5/1/2023 | 2,187,482 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2023 | 2,699,199 | |
3,000,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2024 | 3,345,791 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2022 | 8,758,680 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2023 | 9,016,982 | |
6,550,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2024 | 7,117,770 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 2,043,464 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,189,993 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$2,350,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2022 | $2,442,625 | |
TOTAL | 72,232,736 | ||
Indiana—1.8% | |||
1,450,000 | Beech Grove, IN CSD BANs, 2.000%, 7/15/2021 | 1,451,123 | |
12,530,000 | Greater Clark County, IN Community Schools Corp. TANs, 1.250%, 12/31/2021 | 12,601,179 | |
100,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, (United States Treasury PRF), 2.000%, Mandatory Tender 2/1/2023 | 102,809 | |
5,900,000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2001A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023 | 6,075,433 | |
25,000,000 | Indiana State EDA (Republic Services, Inc.), (Series A) TOBs, 0.200%, Mandatory Tender 6/1/2021 | 24,997,278 | |
2,000,000 | Indiana State Finance Authority Environmental (Indianapolis, IN Power & Light Co.), Environmental Facilities Refunding Revenue Bonds (Series 2020A) TOBs, 0.750%, Mandatory Tender 4/1/2026 | 1,971,569 | |
2,525,000 | Indiana State Finance Authority Environmental (Indianapolis, IN Power & Light Co.), Environmental Facilities Refunding Revenue Bonds (Series 2020B) TOBs, 0.950%, Mandatory Tender 4/1/2026 | 2,485,677 | |
2,000,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995A) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 2,013,658 | |
2,250,000 | Rockport, IN PCR (American Electric Power Co., Inc.), Pollution Control Revenue Refunding Bonds (Series 1995B) TOBs, 1.350%, Mandatory Tender 9/1/2022 | 2,265,491 | |
TOTAL | 53,964,217 | ||
Kansas—0.1% | |||
3,000,000 | Holton, KS (Holton Community Hospital), Hospital Loan Anticipation Revenue Bonds (Series 2019), 2.500%, 7/1/2021 | 3,002,983 | |
Kentucky—1.9% | |||
6,565,000 | Carroll County, KY (Kentucky Utilities Company), Environmental Facilities Revenue Refunding Bonds (Series 2006B) TOBs, 1.200%, Mandatory Tender 6/1/2021 | 6,573,866 | |
3,500,000 | Kentucky Housing Corp. (BTT Development III Portfolio), Multifamily Rental Housing Revenue Bonds (Series 2019) TOBs, (United States Treasury GTD), 1.400%, Mandatory Tender 6/1/2022 | 3,544,194 | |
9,600,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), Revenue Refunding Bonds Series 2013A (Remarketing 4/1/19) TOBs, 1.850%, Mandatory Tender 4/1/2021 | 9,600,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Kentucky—continued | |||
$13,000,000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 10/1/2023 | $14,437,870 | |
2,500,000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,494,270 | |
8,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 1/1/2025 | 8,851,347 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2019A-1) TOBs, (Morgan Stanley GTD), 4.000%, Mandatory Tender 6/1/2025 | 5,631,154 | |
5,000,000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2020A) TOBs, (BP PLC GTD), 4.000%, Mandatory Tender 6/1/2026 | 5,724,325 | |
TOTAL | 56,857,026 | ||
Louisiana—0.9% | |||
5,000,000 | Louisiana Local Government Environmental Facilities Community Development Authority (East Baton Rouge Sewerage Commission), Subordinate Lien Multi-Modal Revenue Refunding Bonds (Series 2020B) TOBs, 0.875%, Mandatory Tender 2/1/2025 | 4,969,397 | |
5,025,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory Tender 5/1/2023 | 5,021,961 | |
4,000,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-2) TOBs, 0.550%, Mandatory Tender 5/1/2022 | 4,000,286 | |
6,885,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-1) TOBs, 2.125%, Mandatory Tender 7/1/2024 | 7,080,016 | |
6,000,000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 2.000%, Mandatory Tender 4/1/2023 | 6,119,053 | |
TOTAL | 27,190,713 | ||
Massachusetts—1.9% | |||
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,789,549 | |
11,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 0.470% (SIFMA 7-day +0.420%), Mandatory Tender 1/27/2022 | 11,006,784 |
12,000,000 | 1 | Massachusetts Development Finance Agency (Mass General Brigham), Index Floating Rate Bonds (Series 2017S) FRNs, 0.550% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023 | 12,017,364 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—continued | |||
$5,700,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | $6,436,365 | |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,351,203 | |
4,000,000 | 1 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 196) FRNs, 0.431% (1-month USLIBOR x 0.70 +0.350%), Mandatory Tender 6/1/2021 | 4,000,436 |
2,225,000 | Massachusetts State HFA (Massachusetts State HFA SFH Revenue), Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,250,153 | |
9,190,000 | Orange, MA BANs, 1.250%, 8/27/2021 | 9,229,842 | |
TOTAL | 55,081,696 | ||
Michigan—1.7% | |||
5,500,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 5,813,764 | |
10,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Refunding and Project Revenue Bonds (Series 2010F-2) TOBs, 1.900%, Mandatory Tender 4/1/2021 | 10,000,000 | |
12,495,000 | 1 | Michigan State Hospital Finance Authority (McLaren Health Care Corp.), Hospital Revenue Refunding Floating Rate Bonds (Series 2015D-1) FRNs, 0.474% (1-month USLIBOR x 0.68 +0.400%), Mandatory Tender 10/15/2021 | 12,477,648 |
11,525,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 1.166% (3-month USLIBOR x 0.70 +1.000%), Mandatory Tender 10/1/2021 | 11,531,044 |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 3.000%, 6/1/2021 | 502,128 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2022 | 781,628 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2023 | 807,277 | |
760,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2024 | 864,776 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 587,684 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | $6,760,231 | |
TOTAL | 50,126,180 | ||
Minnesota—0.4% | |||
5,000,000 | Brooklyn Center, MN (Sonder House Apartments), Multifamily Housing Revenue Refunding Bonds (Series 2019) TOBs, 1.350%, Mandatory Tender 7/1/2022 | 5,003,973 | |
7,000,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.480% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 7,020,490 |
TOTAL | 12,024,463 | ||
Mississippi—0.3% | |||
7,750,000 | Mississippi Business Finance Corp. (Mississippi Power Co.), Revenue Bonds (First Series 2010) TOBs, 2.750%, Mandatory Tender 12/9/2021 | 7,859,741 | |
Missouri—0.9% | |||
10,000,000 | Missouri State Environmental Improvement & Energy Resources Authority (Union Electric Co.), Environmental Improvement Revenue Refunding Bonds (Series 1992), 1.600%, 12/1/2022 | 10,073,480 | |
17,000,000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2020), 0.500%, 3/1/2022 | 17,008,248 | |
TOTAL | 27,081,728 | ||
Montana—0.5% | |||
12,235,000 | 1 | Montana Facility Finance Authority (Billings Clinic Obligated Group), Variable Rate Revenue Bonds (Series 2018C) FRNs, 0.600% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023 | 12,255,416 |
3,000,000 | 1 | Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 0.500% (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023 | 3,010,529 |
TOTAL | 15,265,945 | ||
Multi State—0.2% | |||
205,000 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2016 Class D) FRNs, (Cooperatieve Rabobank UA LOC), 1.360% (SIFMA 7-day +1.250%), 12/31/2021 | 205,000 |
5,035,881 | 1 | BB&T Muni Trust, Tax-Exempt Pool Certificates (Series 2018 Class C) FRNs, (Cooperatieve Rabobank UA LOC), 1.020% (SIFMA 7-day +0.800%), 11/30/2021 | 5,035,881 |
TOTAL | 5,240,881 | ||
Nebraska—0.4% | |||
10,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | 10,031,758 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nevada—1.6% | |||
$27,000,000 | Clark County, NV Airport System, Airport System Junior Subordinate Lien Revenue Notes (Series 2017C), 5.000%, 7/1/2021 | $27,304,001 | |
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,364,025 | |
5,000,000 | Clark County, NV Pollution Control (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017) TOBs, 1.650%, Mandatory Tender 3/31/2023 | 5,125,840 | |
500,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2023 | 529,165 | |
1,450,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2025 | 1,590,985 | |
550,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2026 | 667,350 | |
2,500,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.500%, Mandatory Tender 7/1/2021 | 2,500,534 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 7,136,137 | |
TOTAL | 47,218,037 | ||
New Hampshire—1.0% | |||
12,000,000 | National Finance Authority, NH (Waste Management, Inc.), (Series A-2) TOBs, 0.200%, Mandatory Tender 6/1/2021 | 11,995,895 | |
10,000,000 | 1 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2018A) FRNs, 0.800% (SIFMA 7-day +0.750%), Mandatory Tender 10/1/2021 | 10,001,102 |
1,500,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-1) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 1,567,466 | |
4,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-3) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 4,179,908 | |
2,000,000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2019A-4) TOBs, 2.150%, Mandatory Tender 7/1/2024 | 2,089,954 | |
TOTAL | 29,834,325 | ||
New Jersey—5.8% | |||
9,242,500 | Asbury Park, NJ BANs, 1.500%, 1/20/2022 | 9,323,142 | |
6,000,000 | Avalon Boro, NJ BANs, 0.750%, 2/11/2022 | 6,026,305 | |
1,547,915 | Avon By The Sea, NJ BANs, 1.000%, 2/22/2022 | 1,557,140 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$9,578,827 | Bridgeton, NJ BANs, 1.250%, 5/25/2021 | $9,589,708 | |
1,817,950 | Clementon, NJ BANs, 2.000%, 10/5/2021 | 1,833,067 | |
3,524,000 | Essex Fells, NJ BANs, 1.500%, 12/13/2021 | 3,552,551 | |
2,372,925 | Greenwich Township, NJ BANs, 1.000%, 10/6/2021 | 2,381,081 | |
13,000,000 | Hamilton Township, NJ, (Series A) BANs, 1.250%, 2/16/2022 | 13,120,410 | |
18,000,000 | Kearny, NJ BANs, 1.000%, 4/23/2021 | 18,006,579 | |
3,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 2/4/2022 | 3,018,397 | |
7,000,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020B) TOBs, 1.200%, Mandatory Tender 6/1/2023 | 7,087,594 | |
3,100,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), 0.850%, 12/1/2025 | 3,067,618 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2023 | 5,387,653 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2024 | 5,699,339 | |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 0.561% (1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 7,009,766 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 0.831% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,094,096 |
3,250,000 | Newark, NJ BANs, 3.500%, 7/27/2021 | 3,283,353 | |
1,075,000 | Newark, NJ, (Series B) BANs, 1.750%, 2/22/2022 | 1,088,482 | |
1,170,000 | Newark, NJ, (Series B) BANs, 2.000%, 10/5/2021 | 1,180,150 | |
4,239,000 | Newark, NJ, (Series C) BANs, 2.000%, 10/5/2021 | 4,275,776 | |
630,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 696,940 | |
750,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 856,955 | |
100,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2021 | 102,055 | |
650,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2022 | 688,827 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 442,502 | |
200,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2021 | 204,190 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2022 | $423,893 | |
1,515,000 | Paulsboro, NJ, (Series A) BANs, 1.000%, 4/4/2022 | 1,524,794 | |
5,305,844 | Riverdale Borough, NJ BANs, 1.500%, 9/10/2021 | 5,330,862 | |
6,316,000 | Roseland, NJ BANs, 2.000%, 4/30/2021 | 6,321,451 | |
6,167,000 | Spring Lake Heights, NJ BANs, 1.000%, 10/7/2021 | 6,186,078 | |
2,596,655 | Sussex, NJ BANs, 2.000%, 10/22/2021 | 2,619,654 | |
3,500,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2021 | 3,525,649 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,107,842 | |
3,000,000 | Union Beach, NJ BANs, 1.000%, 2/18/2022 | 3,019,247 | |
8,585,257 | West Orange Township, NJ BANs, 2.000%, 5/6/2021 | 8,598,495 | |
2,310,000 | West Wildwood, NJ BANs, 2.000%, 1/21/2022 | 2,343,825 | |
TOTAL | 171,575,466 | ||
New Mexico—1.2% | |||
2,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%, Mandatory Tender 6/1/2022 | 2,035,659 | |
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.875%, Mandatory Tender 10/1/2021 | 5,036,796 | |
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010C) TOBs, 1.150%, Mandatory Tender 6/4/2024 | 5,052,463 | |
3,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, Mandatory Tender 6/1/2023 | 3,028,042 | |
3,300,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025 | 3,851,863 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2021 | 1,021,621 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2022 | 1,058,578 | |
1,150,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2023 | 1,255,914 | |
1,685,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2024 | 1,890,629 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—continued | |||
$1,200,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2021 | $1,203,283 | |
1,000,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2022 | 1,040,453 | |
1,100,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2023 | 1,183,203 | |
1,600,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2024 | 1,772,453 | |
3,725,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2025 | 4,219,663 | |
TOTAL | 33,650,620 | ||
New York—18.4% | |||
9,940,000 | Attica, NY Central School District BANs, 2.000%, 6/23/2021 | 9,977,856 | |
9,000,000 | Auburn City School District, NY BANs, 1.500%, 6/23/2021 | 9,013,640 | |
7,000,000 | Binghamton, NY City School District RANs, 1.000%, 1/21/2022 | 7,037,071 | |
6,795,000 | Campbell-Savona, NY, Central School District BANs, 1.500%, 6/25/2021 | 6,814,001 | |
16,500,000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds (Series 2020) TOBs, 1.300%, Mandatory Tender 4/3/2023 | 16,599,082 | |
4,100,000 | Clarence, NY Central School District BANs, 1.000%, 7/28/2021 | 4,109,312 | |
2,000,000 | Clayton, NY BANs, 1.250%, 11/30/2021 | 2,009,128 | |
10,307,000 | Dalton-Nunda, NY Central School District BANs, 1.500%, 6/24/2021 | 10,325,197 | |
35,555,000 | Elmira, NY City School District BANs, 1.500%, 6/25/2021 | 35,618,530 | |
2,523,000 | Endicott, NY BANs, 1.000%, 8/26/2021 | 2,528,982 | |
4,500,000 | Fort Plain, NY CSD BANs, 1.500%, 6/30/2021 | 4,510,531 | |
28,000,000 | Greater Southern Tier Board of Cooperative Educational Services, NY RANs, 1.500%, 6/30/2021 | 28,067,614 | |
2,780,000 | Honeoye, NY Central School District BANs, 1.500%, 6/30/2021 | 2,785,194 | |
10,000,000 | Little Falls, NY City School District BANs, 1.500%, 2/4/2022 | 10,102,479 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 0.831% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 12,011,479 |
12,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory Tender 9/1/2024 | 12,401,167 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$10,385,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory Tender 9/1/2025 | $10,364,159 | |
2,960,000 | 1 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), Dedicated Tax Fund Variable Rate Bonds (Series 2008A-2A) FRNs, 0.500% (SIFMA 7-day +0.450%), Mandatory Tender 6/1/2022 | 2,959,166 |
10,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Bond Anticipation Notes (Series 2019D-1), 5.000%, 9/1/2022 | 10,597,176 | |
9,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2002D-A2) FRNs, (Assured Guaranty Municipal Corp. INS), 0.755% (1-month USLIBOR x 0.69 +0.680%), Mandatory Tender 4/6/2021 | 8,999,993 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.623% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 27,889,434 |
6,380,000 | Montgomery County, NY BANs, 2.000%, 10/8/2021 | 6,435,584 | |
7,990,000 | New York City Housing Development Corp., Sustainable Development Bonds (Series 2016C-2) TOBs, 0.850%, Mandatory Tender 4/29/2021 | 7,991,665 | |
6,000,000 | New York State Board of Cooperative Educational Services (Jefferson Lewis Hamilton Counties, NY) RANs, 1.250%, 6/17/2021 | 6,012,394 | |
13,000,000 | New York State Board of Cooperative Educational Services (Nassau County, NY) BANs, 1.500%, 7/30/2021 | 13,041,984 | |
17,000,000 | New York State Board of Cooperative Educational Services (Orange and Ulster Counties, NY CSD) RANs, 1.000%, 7/22/2021 | 17,025,068 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020J), 0.750%, 5/1/2025 | 4,003,225 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020K), 0.700%, 11/1/2024 | 4,017,177 | |
250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2022 | 267,585 | |
2,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2024 | 2,840,873 | |
1,100,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2021 | 1,133,112 | |
1,750,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2022 | 1,881,547 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2024 | $1,143,690 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,202,046 | |
12,900,000 | Newark Valley, NY Central School District BANs, 1.000%, 6/25/2021 | 12,921,636 | |
4,200,000 | North Tonawanda, NY TANs, 1.000%, 5/11/2021 | 4,203,026 | |
3,732,000 | North West Fire District, NY, (Series A) BANs, 1.500%, 4/27/2021 | 3,733,357 | |
4,350,213 | Oneida, NY Public Library District BANs, 1.500%, 7/9/2021 | 4,351,988 | |
16,790,000 | Oneonta, NY City School District BANs, 1.500%, 6/25/2021 | 16,808,207 | |
8,000,000 | Portville, NY Central School District BANs, 1.500%, 7/30/2021 | 8,028,492 | |
8,000,000 | Rome, NY City School District BANs, 0.750%, 2/2/2022 | 8,002,985 | |
7,500,000 | Rome, NY City School District BANs, 1.000%, 7/28/2021 | 7,516,544 | |
7,350,000 | Romulus, NY Central School District BANs, 1.500%, 6/25/2021 | 7,364,855 | |
4,000,000 | Roosevelt, NY Union Free School District TANs, 1.000%, 6/25/2021 | 4,005,023 | |
2,660,000 | Rose, NY BANs, 1.250%, 9/16/2021 | 2,669,364 | |
5,242,406 | Sackets Harbor, NY CSD BANs, 2.000%, 6/18/2021 | 5,258,836 | |
7,000,000 | Schenectady, NY TANs, 1.000%, 9/30/2021 | 7,022,584 | |
5,559,271 | Scio, NY Central School District BANs, 1.250%, 6/25/2021 | 5,568,185 | |
19,065,000 | Southwestern, NY Central School District BANs, 1.500%, 6/24/2021 | 19,112,794 | |
5,340,000 | Stillwater, NY BANs, 1.500%, 6/4/2021 | 5,349,502 | |
32,000,000 | Suffolk County, NY, (Series I) TANs, 2.000%, 7/22/2021 | 32,172,438 | |
10,000,000 | Suffolk County, NY, (Series I) TANs, 2.000%, 9/24/2021 | 10,080,603 | |
8,000,000 | Suffolk County, NY, (Series II) TANs, 2.000%, 8/19/2021 | 8,052,052 | |
25,000,000 | Syracuse, NY BANs, 2.000%, 7/30/2021 | 25,139,430 | |
5,750,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 0.387% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024 | 5,747,387 |
17,095,000 | Utica, NY BANs, 1.000%, 1/27/2022 | 17,186,135 | |
5,845,000 | Warrensburg, NY CSD BANs, 1.500%, 6/25/2021 | 5,848,236 | |
2,544,000 | Watson, NY BANs, 1.500%, 4/23/2021 | 2,544,626 | |
11,529,686 | Wayne, NY Central School District BANs, 1.500%, 6/30/2021 | 11,558,960 | |
TOTAL | 541,964,386 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
North Carolina—2.1% | |||
$850,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | $885,324 | |
1,000,000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery Zone Facility Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025 | 1,020,766 | |
12,500,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series 2013) TOBs, 0.190%, Mandatory Tender 6/15/2021 | 12,498,056 | |
25,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Bonds (Series 2020), 5.000%, 2/1/2024 | 28,149,230 | |
20,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 0.427% (1-month USLIBOR x 0.67 +0.350%), Mandatory Tender 12/1/2021 | 20,007,800 |
TOTAL | 62,561,176 | ||
Ohio—1.2% | |||
1,000,000 | Chillicothe, OH BANs, 1.000%, 9/29/2021 | 1,002,911 | |
2,300,000 | Harrison, OH BANs, 2.000%, 10/26/2021 | 2,321,040 | |
8,000,000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 2/1/2025 | 9,273,817 | |
4,725,000 | Ohio HFA Multifamily Housing (Seton Square North, OH), Revenue Bonds (Series 2021A) TOBs, (United States Treasury COL), 0.400%, Mandatory Tender 4/1/2023 | 4,724,964 | |
13,000,000 | 1 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2019A) FRNs, 0.501% (1-month USLIBOR x 0.70 +0.420%), Mandatory Tender 4/1/2022 | 13,012,376 |
4,000,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2020B) TOBs, 5.000%, Mandatory Tender 1/15/2025 | 4,639,159 | |
1,000,000 | Ohio Waste Development Authority Solid Waste (Waste Management, Inc.), Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,043,815 | |
TOTAL | 36,018,082 | ||
Oklahoma—0.2% | |||
2,850,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2022 | 2,996,208 | |
2,080,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2021 | 2,094,488 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | $1,690,659 | |
TOTAL | 6,781,355 | ||
Oregon—0.1% | |||
530,000 | Clackamas County, OR Hospital Facilities Authority (Rose Villa, Inc.), Senior Living Revenue Bonds TEMPS-50 (Series 2020B-2), 2.750%, 11/15/2025 | 533,460 | |
1,780,000 | Clackamas County, OR Hospital Facilities Authority (Rose Villa, Inc.), Senior Living Revenue Bonds TEMPS-85 (Series 2020B-1), 3.250%, 11/15/2025 | 1,791,473 | |
TOTAL | 2,324,933 | ||
Pennsylvania—6.7% | |||
8,135,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 0.556% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 8,134,386 |
9,985,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 0.556% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 9,984,246 |
11,005,000 | 1 | Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 0.630% (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024 | 10,981,759 |
5,450,000 | Lehigh County, PA IDA (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.800%, Mandatory Tender 8/15/2022 | 5,555,705 | |
1,500,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 0.398% (1-month USLIBOR x 0.68 +0.320%), 5/3/2021 | 1,500,078 |
1,850,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 0.498% (1-month USLIBOR x 0.68 +0.420%), 11/1/2021 | 1,851,252 |
3,400,000 | 1 | Manheim Township, PA School District, GO LIBOR Notes (Series 2017A) FRNs, 0.548% (1-month USLIBOR x 0.68 +0.470%), Mandatory Tender 11/1/2021 | 3,400,424 |
5,000,000 | 1 | Montgomery County, PA Higher Education & Health Authority Hospital (Thomas Jefferson University), Revenue Bonds (Series 2018C) FRNs, 0.770% (SIFMA 7-day +0.720%), Mandatory Tender 9/1/2023 | 5,000,168 |
1,100,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 0.310% (SIFMA 7-day +0.260%), 11/1/2021 | 1,099,177 |
1,200,000 | 1 | North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 0.510% (SIFMA 7-day +0.460%), 11/1/2023 | 1,199,560 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.121% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | $4,028,099 |
10,000,000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2008), 0.400%, 10/1/2023 | 9,993,344 | |
50,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 0.250%, Mandatory Tender 4/1/2021 | 50,000,000 | |
4,500,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 0.200%, Mandatory Tender 4/15/2021 | 4,500,087 | |
5,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.700%, Mandatory Tender 8/2/2021 | 5,004,536 | |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.646% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,009,652 |
4,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 0.550% (SIFMA 7-day +0.500%), 12/1/2021 | 4,000,582 |
5,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 0.750% (SIFMA 7-day +0.700%), 12/1/2023 | 5,021,766 |
10,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs, 0.650% (SIFMA 7-day +0.600%), 12/1/2023 | 10,048,480 |
2,750,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2022 | 2,904,746 | |
4,460,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2023 | 4,907,809 | |
2,245,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 | 2,556,934 | |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,470,399 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 844,477 | |
17,500,000 | 1 | Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty Municipal Corp. INS), 0.700% (SIFMA 7-day +0.650%), Mandatory Tender 12/1/2023 | 17,538,012 |
6,750,000 | 1 | Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 0.650% (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024 | 6,801,784 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$13,000,000 | 1 | University of Pittsburgh, Pitt Asset Notes—Higher Education Registered Series of 2019 FRNs, 0.410% (SIFMA 7-day +0.360%), 2/15/2024 | $13,068,740 |
TOTAL | 198,406,202 | ||
South Carolina—1.8% | |||
2,500,000 | 1 | Charleston, SC Waterworks and Sewer System, Capital Improvement Revenue Bonds (Series 2006B) FRNs, 0.447% (3-month USLIBOR x 0.70 +0.370%), Mandatory Tender 1/1/2022 | 2,500,277 |
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.937% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 25,228,232 |
24,765,000 | 1 | South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B) FRNs, 0.527% (1-month USLIBOR x 0.67 +0.450%), Mandatory Tender 10/1/2022 | 24,780,008 |
TOTAL | 52,508,517 | ||
Tennessee—0.7% | |||
2,350,000 | Memphis, TN Health, Educational and Housing Facility Board (Chickasaw Place Apartments), Collateralized Multifamily Housing Bonds (Series 2020) TOBs, 0.625%, Mandatory Tender 6/1/2022 | 2,360,041 | |
16,200,000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 10/1/2024 | 18,571,059 | |
TOTAL | 20,931,100 | ||
Texas—7.7% | |||
3,000,000 | Alvin, TX Independent School District, Variable Rate Unlimited Tax Schoolhouse Bonds (Series 2014B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023 | 2,995,014 | |
2,695,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2021 | 2,771,424 | |
2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | 2,684,908 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,385,524 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,925,449 | |
5,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 5,668,329 | |
4,000,000 | Cypress-Fairbanks, TX Independent School District, Variable Rate UT School Building Bonds (Series 2017A-2) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.250%, Mandatory Tender 8/15/2022 | 4,059,254 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,000,000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.350%, Mandatory Tender 8/2/2021 | $5,019,812 | |
15,000,000 | Eagle Mountain-Saginaw, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2011) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2024 | 15,781,510 | |
4,465,000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025 | 4,608,373 | |
5,810,000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2019A) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.950%, Mandatory Tender 8/1/2022 | 5,947,304 | |
5,000,000 | Fort Bend, TX Independent School District, Variable Rate Unlimited Tax School Building and Refunding Bonds (Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025 | 5,005,602 | |
4,500,000 | Georgetown, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2019B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.750%, Mandatory Tender 8/1/2022 | 4,653,875 | |
3,710,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Refunding Bonds (Series 2013B) FRNs, 0.880% (SIFMA 7-day +0.830%), 6/1/2021 | 3,712,038 |
3,000,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | 3,227,123 | |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-1) FRNs, 0.470% (SIFMA 7-day +0.420%), Mandatory Tender 12/1/2022 | 4,984,328 |
5,000,000 | 1 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 0.620% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 4,977,550 |
3,500,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | 3,774,605 | |
2,750,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-2) TOBs, 5.000%, Mandatory Tender 12/1/2024 | 3,192,905 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$6,300,000 | Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Variable Rate Hospital Revenue Refunding Bonds (Series 2020C-3) TOBs, 5.000%, Mandatory Tender 12/1/2026 | $7,742,229 | |
4,000,000 | Harris County, TX Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, 0.900%, Mandatory Tender 5/15/2025 | 4,001,871 | |
5,000,000 | 1 | Houston, TX Combined Utility System, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, 0.436% (1-month USLIBOR x 0.70 +0.360%), Mandatory Tender 8/1/2021 | 5,002,061 |
3,750,000 | Hutto, TX Independent School District, Unlimited Tax School Building Bonds (Series 2017) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025 | 3,957,428 | |
6,100,000 | 1 | Katy, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2015C) FRNs, (Texas Permanent School Fund Guarantee Program GTD), 0.351% (1-month USLIBOR x 0.67 +0.280%), Mandatory Tender 8/16/2021 | 6,100,066 |
1,340,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2021 | 1,347,307 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2022 | 1,054,284 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,099,520 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,185,383 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,198,868 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2021 | 1,005,453 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2022 | 1,054,284 | |
5,500,000 | Mansfield, TX Independent School District, UT GO School Building Bonds (Series 2012) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.500%, Mandatory Tender 8/1/2021 | 5,539,107 | |
3,000,000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Central Power and Light Company Project) (Series 1996) TOBs, 0.900%, Mandatory Tender 9/1/2023 | 3,004,389 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$12,465,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2023 | $12,941,488 | |
10,000,000 | 1 | Mission, TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018) FRNs, 0.850% (SIFMA 7-day +0.800%), Mandatory Tender 11/1/2021 | 10,003,218 |
12,500,000 | Northside, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2020) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.700%, Mandatory Tender 6/1/2025 | 12,508,964 | |
3,675,000 | Pflugerville, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 2.250%, Mandatory Tender 8/15/2022 | 3,779,385 | |
4,000,000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, Mandatory Tender 5/1/2024 | 4,272,423 | |
1,750,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2021 | 1,806,924 | |
2,250,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2023 | 2,520,426 | |
2,500,000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group Ltd. GTD), 5.000%, 12/15/2025 | 2,964,454 | |
40,000,000 | Texas State TRANs, 4.000%, 8/26/2021 | 40,629,660 | |
2,675,000 | Tomball, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014B-1) TOBs, 0.450%, Mandatory Tender 8/15/2023 | 2,673,688 | |
TOTAL | 226,767,807 | ||
Utah—0.3% | |||
5,000,000 | Utah County, UT Hospital Revenue (IHC Health Services, Inc.), Revenue Bonds (Series 2020 B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 5,749,523 | |
1,500,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2023 | 1,661,998 | |
1,250,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2024 | 1,439,790 | |
TOTAL | 8,851,311 | ||
Virginia—1.9% | |||
13,000,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 14,476,377 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Virginia—continued | |||
$3,000,000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | $3,072,226 | |
4,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.800%, Mandatory Tender 4/1/2022 | 4,560,321 | |
5,000,000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003) TOBs, 1.700%, Mandatory Tender 10/1/2022 | 5,054,261 | |
4,000,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2022 | 4,257,809 | |
8,650,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2023 | 9,612,351 | |
5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024 | 5,087,515 | |
5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2009A) TOBs, 0.750%, Mandatory Tender 9/2/2025 | 4,981,529 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,635,954 | |
TOTAL | 56,738,343 | ||
Washington—0.9% | |||
5,000,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds—SIFMA Index (Series 2018C) FRNs, 0.540% (SIFMA 7-day +0.490%), Mandatory Tender 11/1/2023 | 5,016,374 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,797,711 | |
10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.173% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 10,040,172 |
7,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index Revenue Bonds (Series 2017C) FRNs, 1.100% (SIFMA 7-day +1.050%), Mandatory Tender 7/3/2023 | 7,057,849 |
TOTAL | 24,912,106 | ||
West Virginia—0.3% | |||
2,500,000 | Roane County, WV Building Commission (Roane General Hospital), Lease Revenue Bond Anticipation Notes (Series 2019), 2.550%, 11/1/2021 | 2,503,106 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
West Virginia—continued | |||
$5,500,000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Bonds (Series 2011A) TOBs, 1.000%, Mandatory Tender 9/1/2025 | $5,510,574 | |
TOTAL | 8,013,680 | ||
Wisconsin—0.3% | |||
10,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, 0.180%, Mandatory Tender 5/3/2021 | 9,999,611 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $2,273,465,591) | 2,289,347,168 | ||
1 | SHORT-TERM MUNICIPALS—24.9% | ||
Alabama—1.8% | |||
75,000 | Bessemer, AL IDB (Hardwick Co., Inc.), (Series 2002) Weekly VRDNs, (Compass Bank, Birmingham LOC), 2.000%, 4/1/2021 | 75,000 | |
16,430,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 0.120%, 4/1/2021 | 16,430,000 | |
5,100,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.110%, 4/1/2021 | 5,100,000 | |
12,605,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.120%, 4/1/2021 | 12,605,000 | |
19,900,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.120%, 4/1/2021 | 19,900,000 | |
TOTAL | 54,110,000 | ||
California—3.7% | |||
5,000,000 | Los Angeles, CA Multi-Family Housing Revenue Bonds (CORE Related/GALA Rentals, LP), SPEAR’s 3a7 (Series DBE-8081) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 5,000,000 | |
12,400,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 0.410%, 4/1/2021 | 12,400,000 | |
41,700,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 4/1/2021 | 41,700,000 | |
42,490,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), SPEARs 3a7 (Series DBE-8059) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 42,490,000 | |
3,730,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Certificates (Series 2017-XF2462) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.350%, 4/1/2021 | 3,730,000 | |
4,000,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (2018-XF0704) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.440%, 4/1/2021 | 4,000,000 | |
TOTAL | 109,320,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Florida—0.7% | |||
$16,110,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 0.100%, 4/1/2021 | $16,110,000 | |
5,395,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 5,395,000 | |
TOTAL | 21,505,000 | ||
Georgia—2.6% | |||
9,900,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.110%, 4/1/2021 | 9,900,000 | |
13,480,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.110%, 4/1/2021 | 13,480,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.150%, 4/1/2021 | 9,750,000 | |
9,325,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.100%, 4/1/2021 | 9,325,000 | |
7,500,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.120%, 4/1/2021 | 7,500,000 | |
9,115,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.150%, 4/1/2021 | 9,115,000 | |
4,680,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.110%, 4/1/2021 | 4,680,000 | |
4,330,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 0.120%, 4/1/2021 | 4,330,000 | |
2,300,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.110%, 4/1/2021 | 2,300,000 | |
700,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.110%, 4/1/2021 | 700,000 | |
4,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.200%, 4/7/2021 | 4,250,000 | |
TOTAL | 75,330,000 | ||
Iowa—0.4% | |||
10,000,000 | Iowa Finance Authority (Cargill, Inc.), (Series 2021) Weekly VRDNs, 0.110%, 4/1/2021 | 10,000,000 | |
Kentucky—0.8% | |||
9,200,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.140%, 4/1/2021 | 9,200,000 | |
14,000,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 0.140%, 4/1/2021 | 14,000,000 | |
TOTAL | 23,200,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Louisiana—0.5% | |||
$10,000,000 | Calcasieu Parish, LA Public Trust Authority (Le Jolliet LP), SPEARs 3a7 (Series DBE-8060) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | $10,000,000 | |
5,885,000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 0.120%, 4/7/2021 | 5,885,000 | |
TOTAL | 15,885,000 | ||
Multi State—2.7% | |||
1,200,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 4/1/2021 | 1,200,000 | |
50,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 0.410%, 4/1/2021 | 50,000,000 | |
25,700,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D Weekly VRDPs, 0.410%, 4/1/2021 | 25,700,000 | |
1,300,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 4/1/2021 | 1,300,000 | |
TOTAL | 78,200,000 | ||
Nevada—1.0% | |||
30,495,000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), SPEARs (Series DBE-8058) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 30,495,000 | |
New York—0.6% | |||
4,685,000 | Metropolitan Transportation Authority, NY, (Series 2021-XM0935) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.300%, 4/1/2021 | 4,685,000 | |
2,500,000 | New York City, NY, (Series 2021-2) Weekly VRENs, 0.200%, 4/1/2021 | 2,500,000 | |
7,500,000 | New York City, NY, (Series 2021-3) Weekly VRENs, 0.210%, 4/1/2021 | 7,500,000 | |
2,300,000 | New York City, NY, (Series B-3) Weekly VRENs, 0.210%, 4/1/2021 | 2,300,000 | |
TOTAL | 16,985,000 | ||
Ohio—1.1% | |||
735,000 | Mark Milford Hicksville, OH Joint Hospital District (Community Memorial Hospital of Hicksville), (Series 2005) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.150%, 4/2/2021 | 735,000 | |
2,425,000 | Metropolitan Nashville, TN Airport Authority (Embraer Aircraft Holding, Inc.), (Series 2005) Weekly VRDNs, (Regions Bank LOC), 0.220%, 4/2/2021 | 2,425,000 | |
3,990,000 | Ohio HFA Multifamily Housing (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC)/(Mizuho Securities USA LLC LIQ)/(Mizuho Securities USA LLC LOC), 0.350%, 4/1/2021 | 3,990,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Ohio—continued | |||
$23,885,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 0.150%, 4/1/2021 | $23,885,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, 0.180%, 4/1/2021 | 500,000 | |
TOTAL | 31,535,000 | ||
Oklahoma—1.2% | |||
11,500,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRDNs, 0.170%, 4/1/2021 | 11,500,000 | |
23,000,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRDNs, 0.160%, 4/1/2021 | 23,000,000 | |
TOTAL | 34,500,000 | ||
Pennsylvania—0.8% | |||
2,000,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 4/1/2021 | 2,000,000 | |
9,700,000 | Delaware Valley, PA Regional Finance Authority, (Series C) R-Float Weekly VRDNs, 0.140%, 4/1/2021 | 9,700,000 | |
1,000,000 | Lancaster, PA IDA (John F. Martin & Sons, Inc.), (Series A of 2007) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.450%, 4/1/2021 | 1,000,000 | |
845,000 | Northampton County, PA IDA (Binney & Smith Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 4/7/2021 | 845,000 | |
10,000,000 | Pennsylvania Housing Finance Agency (Hershey Plaza, PA TC LP), SPEARs 3a7 (Series DBE-8057) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 10,000,000 | |
TOTAL | 23,545,000 | ||
Texas—6.0% | |||
13,015,000 | Las Varas Public Fac Corporation, TX (Mira Vista SA Apartments, LP), SPEARs 3a7 (Series DBE-8056) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 13,015,000 | |
6,090,000 | North Central Texas HFDC (Gala at Waxahachie, LP), Tender Option Bond Trust Certificates (Series 2021-XF1099) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.350%, 4/1/2021 | 6,090,000 | |
36,875,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.150%, 4/7/2021 | 36,875,000 | |
23,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 0.250%, 4/7/2021 | 23,500,000 | |
20,480,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.100%, 4/1/2021 | 20,480,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$50,475,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.140%, 4/7/2021 | $50,475,000 | |
5,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 0.160%, 4/7/2021 | 5,000,000 | |
4,925,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.060%, 4/1/2021 | 4,925,000 | |
7,245,000 | Travis County, TX Housing Finance Corp., SPEARs (Series DBE-8054) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 7,245,000 | |
10,000,000 | Trinity River, TX Public Facilities Authority (FW Stallion Ridge LP), SPEARs 3a7 (Series DBE-8064) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.580%, 4/1/2021 | 10,000,000 | |
TOTAL | 177,605,000 | ||
Utah—0.3% | |||
10,000,000 | Utah State Housing Corporation (Triview Apartment Associates II, LLC), Tender Option Bond Trust Certificates (Series 2019-XF1081) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.350%, 4/1/2021 | 10,000,000 | |
Virginia—0.1% | |||
1,910,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 0.140%, 4/1/2021 | 1,910,000 | |
Wisconsin—0.6% | |||
9,200,000 | Appleton, WI Redevelopment Authority (Fox Cities Performing Arts Center), (Series 2001B) Weekly VRDNs, (Associated Bank, N.A. LOC), 0.160%, 4/7/2021 | 9,200,000 | |
250,000 | La Crosse, WI IDA (GGP Inc.), (Series A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.250%, 4/1/2021 | 250,000 | |
9,000,000 | Wisconsin State HEFA (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.180%, 4/1/2021 | 9,000,000 | |
TOTAL | 18,450,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $732,575,000) | 732,575,000 | ||
TOTAL INVESTMENT IN SECURITIES—102.6% (IDENTIFIED COST $3,006,040,591)3 | 3,021,922,168 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.6)%4 | (77,805,162) | ||
TOTAL NET ASSETS—100% | $2,944,117,006 |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
CSD | —Central School District |
EDA | —Economic Development Authority |
FRNs | —Floating Rate Notes |
GANs | —Grant Anticipation Notes |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PRF | —Pre-refunded |
PUTTERs | —Puttable Tax-Exempt Receipts |
RANs | —Revenue Anticipation Notes |
SFH | —Single Family Housing |
SFM | —Single Family Mortgage |
SIFMA | —Securities Industry and Financial Markets Association |
SOFR | —Secured Overnight Financing Rate |
SPEARs | —Short Puttable Exempt Adjustable Receipts |
TANs | —Tax Anticipation Notes |
TEMPS | —Tax Exempt Mandatory Paydown Securities |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VMTP | —Variable Rate Municipal Term Preferred |
VRDNs | —Variable Rate Demand Notes |
VRDP(s) | —Variable Rate Demand Preferred(s) |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 3/31/2021 | Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.01 | 0.09 | 0.13 | 0.10 | 0.05 | 0.03 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 | (0.01) |
TOTAL FROM INVESTMENT OPERATIONS | 0.02 | 0.11 | 0.16 | 0.07 | 0.07 | 0.02 |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | (0.09) | (0.13) | (0.10) | (0.05) | (0.03) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Total Return1 | 0.24% | 1.14% | 1.59% | 0.65% | 0.74% | 0.21% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.51%3 | 0.57%4 | 0.81%4 | 0.81%4 | 0.81%4 | 0.81% |
Net investment income | 0.29%3 | 0.94% | 1.28% | 0.94% | 0.54% | 0.30% |
Expense waiver/reimbursement5 | 0.07%3 | 0.09% | 0.13% | 0.17% | 0.17% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $657,337 | $584,371 | $626,570 | $661,860 | $799,292 | $785,216 |
Portfolio turnover | 22% | 100% | 83% | 87% | 88% | 29% |
Six Months Ended (unaudited) 3/31/2021 | Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 | $10.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.02 | 0.11 | 0.17 | 0.14 | 0.10 | 0.08 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 | (0.01) |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.13 | 0.20 | 0.11 | 0.12 | 0.07 |
Less Distributions: | ||||||
Distributions from net investment income | (0.02) | (0.11) | (0.17) | (0.14) | (0.10) | (0.08) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Total Return1 | 0.32% | 1.35% | 2.04% | 1.11% | 1.19% | 0.66% |
Ratios to Average Net Assets: | ||||||
Net expenses2 | 0.36%3 | 0.36%4 | 0.36%4 | 0.36%4 | 0.36%4 | 0.35% |
Net investment income | 0.44%3 | 1.14% | 1.72% | 1.39% | 0.99% | 0.75% |
Expense waiver/reimbursement5 | 0.08%3 | 0.08% | 0.08% | 0.12% | 0.12% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,222,566 | $2,162,027 | $2,158,811 | $1,711,181 | $1,864,456 | $1,518,382 |
Portfolio turnover | 22% | 100% | 83% | 87% | 88% | 29% |
Six Months Ended (unaudited) 3/31/2021 | Year Ended 9/30/2020 | Period Ended 9/30/20191 | |
Net Asset Value, Beginning of Period | $10.03 | $10.01 | $10.00 |
Income From Investment Operations: | |||
Net investment income | 0.02 | 0.12 | 0.05 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.14 | 0.06 |
Less Distributions: | |||
Distributions from net investment income | (0.02) | (0.12) | (0.05) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 |
Total Return2 | 0.33% | 1.37% | 0.66% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.34%4 | 0.34%5 | 0.34%4,5 |
Net investment income | 0.46%4 | 0.99% | 1.52%4 |
Expense waiver/reimbursement6 | 0.06%4 | 0.06% | 0.07%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $64,214 | $60,784 | $12,263 |
Portfolio turnover | 22% | 100% | 83%7 |
Assets: | ||
Investment in securities, at value (identified cost $3,006,040,591) | $3,021,922,168 | |
Cash | 29,834 | |
Income receivable | 13,769,028 | |
Receivable for shares sold | 2,194,090 | |
Receivable for investments sold | 1,610,031 | |
TOTAL ASSETS | 3,039,525,151 | |
Liabilities: | ||
Payable for shares redeemed | $62,399,836 | |
Payable for investments purchased | 32,410,243 | |
Income distribution payable | 229,275 | |
Payable for other service fees (Notes 2 and 5) | 86,062 | |
Payable for investment adviser fee (Note 5) | 23,703 | |
Payable for administrative fee (Note 5) | 5,214 | |
Accrued expenses (Note 5) | 253,812 | |
TOTAL LIABILITIES | 95,408,145 | |
Net assets for 293,158,876 shares outstanding | $2,944,117,006 | |
Net Assets Consists of: | ||
Paid-in capital | $2,935,852,928 | |
Total distributable earnings (loss) | 8,264,078 | |
TOTAL NET ASSETS | $2,944,117,006 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($657,337,443 ÷ 65,456,919 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.04 | |
Offering price per share | $10.04 | |
Redemption proceeds per share | $10.04 | |
Institutional Shares: | ||
Net asset value per share ($2,222,565,611 ÷ 221,306,059 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.04 | |
Offering price per share | $10.04 | |
Redemption proceeds per share | $10.04 | |
Class R6 Shares: | ||
Net asset value per share ($64,213,952 ÷ 6,395,898 shares outstanding) $0.001 par value, 500,000,000 shares authorized | $10.04 | |
Offering price per share | $10.04 | |
Redemption proceeds per share | $10.04 |
Investment Income: | |||
Interest | $11,777,183 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $4,386,567 | ||
Administrative fee (Note 5) | 1,142,993 | ||
Custodian fees | 56,438 | ||
Transfer agent fees (Note 2) | 631,248 | ||
Directors’/Trustees’ fees (Note 5) | 7,666 | ||
Auditing fees | 15,560 | ||
Legal fees | 6,138 | ||
Other service fees (Notes 2 and 5) | 465,047 | ||
Portfolio accounting fees | 115,060 | ||
Share registration costs | 80,252 | ||
Printing and postage | 18,210 | ||
Miscellaneous (Note 5) | 21,080 | ||
TOTAL EXPENSES | 6,946,259 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(900,377) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (252,443) | ||
TOTAL WAIVER AND REIMBURSEMENT | (1,152,820) | ||
Net expenses | 5,793,439 | ||
Net investment income | 5,983,744 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 232,929 | ||
Net change in unrealized appreciation of investments | 3,164,270 | ||
Net realized and unrealized gain (loss) on investments | 3,397,199 | ||
Change in net assets resulting from operations | $9,380,943 |
Six Months Ended (unaudited) 3/31/2021 | Year Ended 9/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,983,744 | $28,412,990 |
Net realized gain (loss) | 232,929 | (6,601,326) |
Net change in unrealized appreciation/depreciation | 3,164,270 | 7,666,390 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,380,943 | 29,478,054 |
Distributions to Shareholders: | ||
Class A Shares | (897,078) | (5,428,040) |
Institutional Shares | (4,907,767) | (22,694,604) |
Class R6 Shares | (165,713) | (252,413) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,970,558) | (28,375,057) |
Share Transactions: | ||
Proceeds from sale of shares | 1,199,084,197 | 2,356,103,817 |
Net asset value of shares issued to shareholders in payment of distributions declared | 4,501,737 | 22,240,324 |
Cost of shares redeemed | (1,070,061,529) | (2,369,909,496) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 133,524,405 | 8,434,645 |
Change in net assets | 136,934,790 | 9,537,642 |
Net Assets: | ||
Beginning of period | 2,807,182,216 | 2,797,644,574 |
End of period | $2,944,117,006 | $2,807,182,216 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $123,487 | $(41,441) |
Institutional Shares | 505,472 | (211,002) |
Class R6 Shares | 2,289 | — |
TOTAL | $631,248 | $(252,443) |
Other Service Fees Incurred | |
Class A Shares | $465,047 |
Security | Acquisition Date | Acquisition Cost | Value |
Yavapai County, AZ IDA Solid Waste Disposal (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2002) TOBs, 2.800%, Mandatory Tender 6/1/2021 | 6/1/2018 | $4,000,000 | $4,014,774 |
Six Months Ended 3/31/2021 | Year Ended 9/30/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19,697,307 | $197,841,853 | 27,997,956 | $280,018,819 |
Shares issued to shareholders in payment of distributions declared | 86,924 | 872,978 | 523,910 | 5,238,666 |
Shares redeemed | (12,590,576) | (126,445,207) | (32,829,359) | (328,123,313) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 7,193,655 | $72,269,624 | (4,307,493) | $(42,865,828) |
Six Months Ended 3/31/2021 | Year Ended 9/30/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 96,088,091 | $965,034,203 | 200,812,977 | $2,008,863,541 |
Shares issued to shareholders in payment of distributions declared | 358,815 | 3,603,641 | 1,694,318 | 16,949,278 |
Shares redeemed | (90,683,156) | (910,687,343) | (202,538,338) | (2,022,928,238) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 5,763,750 | $57,950,501 | (31,043) | $2,884,581 |
Six Months Ended 3/31/2021 | Year Ended 9/30/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,610,300 | $36,208,141 | 6,711,460 | $67,221,457 |
Shares issued to shareholders in payment of distributions declared | 2,502 | 25,118 | 5,237 | 52,380 |
Shares redeemed | (3,278,457) | (32,928,979) | (1,880,120) | (18,857,945) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 334,345 | $3,304,280 | 4,836,577 | $48,415,892 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 13,291,750 | $133,524,405 | 498,041 | $8,434,645 |
Short-Term | Long-Term | Total |
$7,094,408 | $782,132 | $7,876,540 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $495,962,052 |
Sales | $493,286,131 |
Beginning Account Value 10/1/2020 | Ending Account Value 3/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,002.40 | $2.55 |
Institutional Shares | $1,000.00 | $1,003.20 | $1.80 |
Class R6 Shares | $1,000.00 | $1,003.40 | $1.70 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.39 | $2.57 |
Institutional Shares | $1,000.00 | $1,023.14 | $1.82 |
Class R6 Shares | $1,000.00 | $1,023.24 | $1.72 |
Class A Shares | 0.51% |
Institutional Shares | 0.36% |
Class R6 Shares | 0.34% |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31417P858
CUSIP 31417P817
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Fixed Income Securities, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 24, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date May 24, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date May 24, 2021