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, Pennsylvania 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: 09/30/21
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.
1 Year | 5 Years | 10 Years | |
Class A Shares | 0.33% | 0.89% | 0.55% |
Institutional Shares | 0.48% | 1.23% | 0.95% |
R6 Shares4 | 0.50% | 1.24% | 0.95% |
B1MBI | 0.44% | 1.40% | 1.05% |
LSMDFA | 0.62% | 1.28% | 1.08% |
Blended Index | 0.22% | 0.99% | 0.67% |
Sector Composition | Percentage of Total Net Assets |
General Obligation—Local | 21.8% |
Industrial Development Bond/Pollution Control Revenue | 16.3% |
Electric and Gas | 9.8% |
Multi-Family Housing | 7.1% |
Hospital | 6.9% |
Prepaid Gas Utility | 6.2% |
Toll Road | 3.9% |
Public Power | 3.9% |
General Obligation—State | 3.0% |
Higher Education | 2.9% |
Other2 | 17.3% |
Other Assets and Liabilities—Net3 | 0.9% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—68.3% | |||
Alabama—2.2% | |||
$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 | $1,459,914 | |
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 | 1,590,499 | |
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), 0.958% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023 | 22,634,248 |
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 | 2,252,539 | |
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 | 3,801,754 | |
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 | 5,385,337 | |
30,000,000 | 1 | Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD), 0.908% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024 | 30,189,297 |
TOTAL | 67,313,588 | ||
Arizona—0.7% | |||
5,000,000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024 | 5,584,482 | |
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 | 4,079,210 | |
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 | 2,508,837 | |
10,000,000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013) TOBs, 0.180%, Mandatory Tender 11/1/2021 | 9,999,391 | |
515,000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017B), 4.000%, 10/1/2023 | 515,180 | |
TOTAL | 22,687,100 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—3.4% | |||
$7,250,000 | 1 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 0.330% (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024 | $7,259,048 |
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 | 9,100,681 |
7,000,000 | 1 | California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018D) FRNs, 0.400% (SIFMA 7-day +0.350%), Mandatory Tender 8/1/2024 | 7,025,247 |
17,600,000 | California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.200%, Mandatory Tender 2/1/2022 | 17,597,728 | |
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 | 6,858,991 |
11,000,000 | California Municipal Finance Authority (Waste Management, Inc.) TOBs, 0.150%, Mandatory Tender 12/1/2021 | 10,999,095 | |
5,000,000 | California PCFA (Republic Services, Inc.), (Series A-1) TOBs, 0.200%, Mandatory Tender 10/15/2021 | 4,999,925 | |
7,000,000 | California PCFA (Republic Services, Inc.), (Series A-2) TOBs, 0.200%, Mandatory Tender 10/15/2021 | 6,999,895 | |
3,000,000 | 2 | California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.180%, Mandatory Tender 11/1/2021 | 2,999,840 |
2,000,000 | 2 | California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 2,017,287 |
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 | 3,697,232 | |
4,000,000 | California State University (The Trustees of), Statewide Revenue Refunding Bonds (Series 2016B-2) TOBs, 0.537%, Mandatory Tender 11/1/2026 | 3,971,700 | |
3,000,000 | California State, UT GO Various Purpose Refunding Bonds, 5.000%, 3/1/2025 | 3,473,016 | |
1,670,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2024 | 1,912,692 | |
1,250,000 | California State, Various Purpose GO Bonds (Series 2020-1), 5.000%, 11/1/2025 | 1,479,822 | |
1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2025 | 1,367,446 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$1,180,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds (Series 2021A), 5.000%, 5/15/2026 | $1,407,134 | |
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 | 5,533,532 | |
2,000,000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,052,147 | |
2,730,000 | Western Placer, CA Unified School District, Community Facilities District No. 2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025 | 2,796,148 | |
TOTAL | 103,548,606 | ||
Colorado—0.8% | |||
5,735,000 | 1 | Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding Bonds (Series 2018A) FRNs, 0.558% (1-month USLIBOR x 0.67 +0.500%), 2/1/2023 | 5,723,262 |
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 | 15,118,565 | |
4,000,000 | 1 | E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2021B) FRNs, 0.384% (SOFR x 0.67 +0.350%), Mandatory Tender 9/1/2024 | 4,004,234 |
TOTAL | 24,846,061 | ||
Connecticut—1.6% | |||
4,200,000 | Bridgeport, CT GANs, 1.500%, 12/9/2021 | 4,206,821 | |
4,000,000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory Tender 2/9/2024 | 3,988,376 | |
5,000,000 | Connecticut State Health & Educational Facilities (Yale-New Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%, Mandatory Tender 7/1/2024 | 5,157,752 | |
15,000,000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory Tender 11/15/2023 | 14,995,515 | |
400,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2022 | 411,195 | |
675,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2023 | 726,100 | |
1,000,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2024 | 1,120,636 |
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 | $986,741 | |
1,200,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026 | 1,437,789 | |
3,400,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2027 | 4,189,017 | |
3,065,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 0.900% (SIFMA 7-day +0.850%), 3/1/2022 | 3,071,726 |
1,500,000 | 1 | Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 0.950% (SIFMA 7-day +0.900%), 3/1/2023 | 1,510,275 |
2,500,000 | Thompson, CT BANs, 1.500%, 12/1/2021 | 2,504,462 | |
3,250,000 | West Haven, CT BANs, 2.000%, 9/29/2022 | 3,304,289 | |
200,000 | West Haven, CT, 4.000%, 9/15/2022 | 206,848 | |
TOTAL | 47,817,542 | ||
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 | 4,051,924 | |
Florida—0.9% | |||
775,000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024 | 807,222 | |
2,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2023 | 2,970,565 | |
1,700,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2025 | 2,005,915 | |
1,000,000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds (Series 2021), 5.000%, 11/15/2027 | 1,244,234 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2023 | 2,735,070 | |
2,500,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | 2,838,444 | |
1,250,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | 1,464,955 | |
2,800,000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2008), 0.400%, 8/1/2023 | 2,799,204 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$11,500,000 | 1 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018B) FRNs, 0.395% (SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024 | $11,537,988 |
TOTAL | 28,403,597 | ||
Georgia—2.2% | |||
1,125,000 | Atlanta, GA (Atlantic Station Project), Tax Allocation Refunding Bonds (Series 2017), 5.000%, 12/1/2021 | 1,133,137 | |
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 | 4,109,052 | |
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 | 6,994,422 | |
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 | 10,108,966 | |
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 | 6,193,513 | |
22,000,000 | 1 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.805% (1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023 | 22,142,710 |
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 | 3,305,970 | |
400,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2022 | 417,171 | |
725,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023 | 781,556 | |
700,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024 | 775,854 | |
1,000,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | 1,133,513 | |
1,100,000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026 | 1,270,056 | |
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 | 2,505,519 | |
5,000,000 | Private Colleges & Universities Facilities of GA (Emory University), Revenue Bonds (Series 2020B), 5.000%, 9/1/2025 | 5,880,767 | |
TOTAL | 66,752,206 | ||
Illinois—2.3% | |||
4,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2004), 5.000%, 11/1/2021 | 4,014,293 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$3,625,000 | Illinois Finance Authority (OSF Health Care Systems), Revenue Bonds (Series 2020A) TOBs, 5.000%, Mandatory Tender 11/15/2024 | $4,050,356 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2021 | 5,017,866 | |
8,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022 | 8,397,889 | |
2,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2023 | 2,186,401 | |
5,000,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | 5,662,673 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020B), 5.375%, 5/1/2023 | 2,155,397 | |
2,500,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2023 | 2,661,333 | |
3,000,000 | Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2024 | 3,319,705 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2022 | 8,628,932 | |
8,500,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2023 | 8,929,285 | |
6,550,000 | Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2024 | 7,091,515 | |
2,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2021 | 2,000,000 | |
3,000,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2022 | 3,137,976 | |
2,350,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2022 | 2,395,228 | |
TOTAL | 69,648,849 | ||
Indiana—1.0% | |||
1,750,000 | Brownsburg, IN School Building Corp. BANs, 1.500%, 5/13/2022 | 1,751,119 | |
12,530,000 | Greater Clark County, IN Community Schools Corp. TANs, 1.250%, 12/31/2021 | 12,553,848 | |
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 | 101,975 | |
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 | 6,025,195 | |
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 | 1,980,594 | |
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 | 2,487,511 | |
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 | 2,018,971 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$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 | $2,271,343 | |
TOTAL | 29,190,556 | ||
Iowa—0.2% | |||
3,000,000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project (Series 2021) TOBs, (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024 | 3,020,159 | |
3,500,000 | 1 | Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 0.585% (SOFR x 0.70 +0.550%), Mandatory Tender 5/15/2026 | 3,500,000 |
TOTAL | 6,520,159 | ||
Kentucky—1.5% | |||
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 | 3,524,555 | |
3,500,000 | Kentucky Housing Corp. (Cambridge Preservation LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, (United States Treasury GTD), 0.292%, Mandatory Tender 2/1/2024 | 3,495,771 | |
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 | 14,204,735 | |
2,500,000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory Tender 9/1/2023 | 2,499,550 | |
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 | 8,810,976 | |
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 | 5,573,438 | |
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 | 5,716,757 | |
3,250,000 | Trimble County, KY (Louisville Gas & Electric Co.), PCR Bonds (Series 2001A), 0.625%, 9/1/2026 | 3,221,328 | |
TOTAL | 47,047,110 | ||
Louisiana—1.0% | |||
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 | 4,983,247 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Louisiana—continued | |||
$2,000,000 | Louisiana Stadium and Exposition District, BANS (Series 2021), 4.000%, 7/3/2023 | $2,100,150 | |
5,025,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory Tender 5/1/2023 | 5,027,907 | |
4,000,000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-2) TOBs, 0.550%, Mandatory Tender 5/1/2022 | 4,000,906 | |
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 | 7,107,169 | |
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 | 6,100,263 | |
TOTAL | 29,319,642 | ||
Massachusetts—2.3% | |||
2,156,700 | Bondsville Fire and Water District, MA BANs, 1.000%, 9/9/2022 | 2,169,701 | |
3,500,000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023 | 3,704,212 | |
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 | 11,000,774 |
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 | 12,020,213 |
5,700,000 | Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%, Mandatory Tender 1/25/2024 | 6,312,872 | |
6,250,000 | Massachusetts HEFA (University of Massachusetts), Revenue Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022 | 6,299,839 | |
2,225,000 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory Tender 12/1/2022 | 2,238,945 | |
8,457,000 | Metrowest Regional Transit Authority, MA RANs, 1.000%, 9/16/2022 | 8,513,098 | |
4,000,000 | Orange, MA BANs, 1.500%, 3/4/2022 | 4,020,432 | |
7,276,552 | Springfield, MA BANs, 1.500%, 6/24/2022 | 7,343,091 | |
5,100,000 | Worcester, MA Regional Transit Authority RANs, 1.250%, 6/24/2022 | 5,134,716 | |
TOTAL | 68,757,893 | ||
Michigan—0.9% | |||
5,500,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory Tender 7/1/2026 | 5,799,991 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$11,360,000 | 1 | Michigan State Housing Development Authority, Rental Housing Revenue Bonds (Series 2016E) FRNs, 1.101% (3-month USLIBOR x 0.70 +1.000%), Mandatory Tender 10/1/2021 | $11,360,000 |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2022 | 768,073 | |
750,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 4.000%, 6/1/2023 | 792,824 | |
760,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2024 | 847,569 | |
500,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds (Series 2020A Class 1), 5.000%, 6/1/2025 | 576,934 | |
6,225,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024 | 6,703,498 | |
TOTAL | 26,848,889 | ||
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 | 5,004,020 | |
6,895,000 | 1 | Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 0.480% (SIFMA 7-day +0.430%), Mandatory Tender 7/3/2023 | 6,909,499 |
TOTAL | 11,913,519 | ||
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 | 7,780,760 | |
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 | 10,028,072 | |
17,000,000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2020), 0.500%, 3/1/2022 | 17,002,776 | |
TOTAL | 27,030,848 | ||
Montana—0.5% | |||
11,825,000 | 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 | 11,838,524 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Montana—continued | |||
$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 | $3,007,829 |
TOTAL | 14,846,353 | ||
Multi State—0.0% | |||
941,512 | 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 | 941,512 |
Nebraska—0.5% | |||
5,000,000 | 1 | Douglas County, NE Hospital Authority No. 02 (Nebraska Medicine Obligated Group), Health Facilities Revenue Bonds (Series 2020A) FRNs, 0.550% (SIFMA 7-day +0.500%), Mandatory Tender 8/1/2023 | 5,000,446 |
10,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | 10,032,331 | |
TOTAL | 15,032,777 | ||
Nevada—0.7% | |||
2,000,000 | Clark County, NV Airport System, Airport System Subordinate Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025 | 2,332,947 | |
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 | 5,092,084 | |
500,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2023 | 523,622 | |
1,450,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 3.000%, 6/15/2025 | 1,581,130 | |
550,000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 6/15/2026 | 659,665 | |
3,000,000 | 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), 0.250%, Mandatory Tender 2/1/2022 | 3,000,101 | |
7,000,000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | 7,131,663 | |
TOTAL | 20,321,212 | ||
New Hampshire—0.3% | |||
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 | 1,559,377 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Hampshire—continued | |||
$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 | $4,158,337 | |
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 | 2,079,169 | |
TOTAL | 7,796,883 | ||
New Jersey—4.1% | |||
9,242,500 | Asbury Park, NJ BANs, 1.500%, 1/20/2022 | 9,273,318 | |
1,547,915 | Avon By The Sea, NJ BANs, 1.000%, 2/22/2022 | 1,552,175 | |
2,600,000 | Camden, NJ BANs, 1.000%, 8/10/2022 | 2,610,531 | |
1,817,950 | Clementon, NJ BANs, 2.000%, 10/5/2021 | 1,818,294 | |
6,032,000 | Dunellen, NJ BANs, 1.500%, 4/8/2022 | 6,067,456 | |
3,524,000 | Essex Fells, NJ BANs, 1.500%, 12/13/2021 | 3,532,186 | |
1,602,917 | Frelinghuysen Township, NJ BANs, 1.500%, 5/31/2022 | 1,615,219 | |
2,372,925 | Greenwich Township, NJ BANs, 1.000%, 10/6/2021 | 2,373,153 | |
3,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 2/4/2022 | 3,007,510 | |
2,044,783 | Netcong, NJ BANs, 1.500%, 7/8/2022 | 2,062,892 | |
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 | 7,064,782 | |
3,100,000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), 0.850%, 12/1/2025 | 3,089,405 | |
2,250,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2025 | 2,608,477 | |
2,500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), 5.000%, 6/15/2026 | 2,984,908 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2023 | 5,305,100 | |
5,000,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 5.000%, 6/1/2024 | 5,607,402 | |
7,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-2) FRNs, 0.540% (1-month USLIBOR x 0.70 +0.480%), 1/1/2022 | 7,004,038 |
20,000,000 | 1 | New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 0.810% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 1/1/2023 | 20,063,764 |
1,075,000 | Newark, NJ, (Series B) BANs, 1.750%, 2/22/2022 | 1,081,408 | |
1,170,000 | Newark, NJ, (Series B) BANs, 2.000%, 10/5/2021 | 1,170,231 | |
4,239,000 | Newark, NJ, (Series C) BANs, 2.000%, 10/5/2021 | 4,239,835 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—continued | |||
$7,000,000 | Newark, NJ, (Series E) BANs, 1.250%, 10/3/2022 | $7,069,938 | |
630,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 683,835 | |
750,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2024 | 843,647 | |
100,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2021 | 100,000 | |
650,000 | Newark, NJ, UT GO Qualified General Improvement Refunding Bonds (Series 2020A), 5.000%, 10/1/2022 | 676,533 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), (Assured Guaranty Municipal Corp. INS), 5.000%, 10/1/2023 | 434,181 | |
200,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2021 | 200,000 | |
400,000 | Newark, NJ, UT GO Qualified School Refunding Bonds (Series 2020B), 5.000%, 10/1/2022 | 417,142 | |
1,515,000 | Paulsboro, NJ, (Series A) BANs, 1.000%, 4/4/2022 | 1,520,257 | |
6,167,000 | Spring Lake Heights, NJ BANs, 1.000%, 10/7/2021 | 6,167,618 | |
2,596,655 | Sussex, NJ BANs, 2.000%, 10/22/2021 | 2,599,044 | |
2,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022 | 2,059,740 | |
3,000,000 | Union Beach, NJ BANs, 1.000%, 2/18/2022 | 3,008,708 | |
2,310,000 | West Wildwood, NJ BANs, 2.000%, 1/21/2022 | 2,323,075 | |
1,843,750 | West Wildwood, NJ BANs, 2.000%, 3/18/2022 | 1,857,956 | |
TOTAL | 124,093,758 | ||
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 | 2,022,628 | |
5,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds (Series 2016B) TOBs, 1.875%, Mandatory Tender 10/1/2021 | 5,000,000 | |
4,000,000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010A) TOBs, 0.875%, Mandatory Tender 10/1/2026 | 3,959,319 | |
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 | 5,054,533 | |
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 | 3,022,481 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Mexico—continued | |||
$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 | $3,793,248 | |
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 | 1,002,816 | |
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 | 1,039,667 | |
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 | 1,021,479 | |
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 | 1,163,289 | |
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 | 1,236,441 | |
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 | 1,746,811 | |
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 | 1,866,231 | |
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 | 4,165,876 | |
TOTAL | 36,094,819 | ||
New York—16.1% | |||
4,000,000 | Alfred Almond, NY Central School District BANs, 1.000%, 6/14/2022 | 4,020,308 | |
2,166,000 | Arcade, NY BANs, 1.500%, 5/10/2022 | 2,181,568 | |
5,700,000 | Arkport, NY Central School District BANs, 1.000%, 6/23/2022 | 5,730,384 | |
7,000,000 | Binghamton, NY City School District RANs, 1.000%, 1/21/2022 | 7,017,173 | |
17,000,000 | Cairo-Durham, NY Central School District BANs, 1.500%, 6/29/2022 | 17,162,229 | |
15,855,000 | Carthage, NY Central School District BANs, 1.000%, 6/28/2022 | 15,941,128 | |
12,947,270 | Cassadaga Valley, NY Central School District, (Series A) BANs, 1.500%, 6/16/2022 | 13,062,989 | |
5,500,000 | Central Islip, NY Fire District BANs, 1.250%, 6/3/2022 | 5,533,711 | |
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 | 16,603,288 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$2,000,000 | Clayton, NY BANs, 1.250%, 11/30/2021 | $2,002,297 | |
1,500,000 | Cooperstown, NY Central School District BANs, 1.000%, 6/30/2022 | 1,508,209 | |
11,915,000 | Cuba-Rushford, NY Central School District BANs, 1.000%, 6/24/2022 | 11,983,123 | |
4,000,000 | Dansville, NY Central School District BANs, 1.000%, 6/28/2022 | 4,021,729 | |
5,000,000 | Ellicottville, NY Central School District, (Series A) BANs, 1.500%, 6/23/2022 | 5,044,816 | |
4,971,000 | Endicott, NY BANs, 1.000%, 8/25/2022 | 5,002,866 | |
7,600,000 | Erie, NY #2 Board of Cooperative Educational Services RANs, 1.250%, 6/30/2022 | 7,653,483 | |
2,460,000 | Fillmore, NY Central School District BANs, 1.250%, 6/23/2022 | 2,477,581 | |
3,400,000 | Genesee Valley, NY Board of Cooperative Educational Services RANs, 1.200%, 6/28/2022 | 3,421,984 | |
1,643,224 | Glen Cove, NY, (Series A) BANs, 1.500%, 6/8/2022 | 1,654,504 | |
40,000,000 | Greater Southern Tier Board of Cooperative Educational Services, NY RANs, 1.000%, 6/30/2022 | 40,215,916 | |
2,140,000 | Greenbush North Castle, NY Union Free School District RANs, 1.000%, 9/16/2022 | 2,153,784 | |
4,469,528 | Harpursville, NY Central School District BANs, 1.250%, 6/28/2022 | 4,503,079 | |
11,800,000 | Hempstead, NY Union Free School District, (Series A) RANs, 1.000%, 6/30/2022 | 11,856,622 | |
4,100,000 | Hempstead, NY Union Free School District, (Series B) BANs, 1.000%, 7/13/2022 | 4,120,623 | |
4,395,000 | Herkimer County, NY Central School District BANs, 1.000%, 6/29/2022 | 4,419,620 | |
3,041,856 | Island Park Village, NY, (Series D) BANs, 1.250%, 6/15/2022 | 3,061,208 | |
6,000,000 | Jefferson County, NY Board of Cooperative Education District BANs, 1.000%, 6/29/2022 | 6,034,508 | |
2,000,000 | Lima, NY BANs, 1.750%, 5/27/2022 | 2,018,761 | |
10,000,000 | Little Falls, NY City School District BANs, 1.500%, 2/4/2022 | 10,042,780 | |
12,000,000 | 1 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender Notes) FRNs, 0.810% (1-month USLIBOR x 0.70 +0.750%), Mandatory Tender 10/1/2023 | 12,039,126 |
17,000,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.640%, Mandatory Tender 9/1/2024 | 17,484,180 | |
10,385,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020B) TOBs, 0.850%, Mandatory Tender 9/1/2025 | 10,418,895 | |
8,499,279 | Marlboro, NY Central School District BANs, 1.500%, 6/29/2022 | 8,579,113 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$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 | $2,964,401 |
10,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Bond Anticipation Notes (Series 2019D-1), 5.000%, 9/1/2022 | 10,421,632 | |
7,500,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2005D-1) FRNs, 0.364% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024 | 7,471,054 |
28,000,000 | 1 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate Refunding Bonds (Series 2011B) FRNs, 0.608% (1-month USLIBOR x 0.67 +0.550%), Mandatory Tender 11/1/2022 | 28,073,858 |
6,380,000 | Montgomery County, NY BANs, 2.000%, 10/8/2021 | 6,382,222 | |
7,500,000 | New York City Housing Development Corp., Multi-Family Housing Revenue Sustainable Development Bonds (Series 2021F-2) TOBs, 0.600%, Mandatory Tender 7/1/2025 | 7,493,615 | |
9,500,000 | New York State Board of Cooperative Educational Services (Onondaga, Cortland and Madison Counties, NY) RANs, 1.000%, 6/17/2022 | 9,552,193 | |
5,500,000 | New York State Board of Cooperative Educational Services (St. Lawrence & Lewis Counties, NY) RANs, 1.000%, 6/17/2022 | 5,530,217 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020J), 0.750%, 5/1/2025 | 4,008,933 | |
4,000,000 | New York State HFA, Affordable Housing Revenue Bonds (Series 2020K), 0.700%, 11/1/2024 | 4,012,748 | |
250,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2022 | 262,632 | |
2,500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020A), 5.000%, 12/1/2024 | 2,822,185 | |
1,100,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2021 | 1,107,849 | |
1,750,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2022 | 1,839,679 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2024 | 1,132,560 | |
1,000,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 5.000%, 12/1/2026 | 1,193,160 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$12,000,000 | Orange and Ulster Counties BOCES, NY RANs, 1.000%, 7/22/2022 | $12,064,230 | |
3,005,000 | Prattsburgh, NY Central School District BANs, 1.000%, 6/24/2022 | 3,021,079 | |
5,000,000 | Rensselaer County, NY Board of Cooperative Educational Services RANs, 1.000%, 3/2/2022 | 5,016,419 | |
3,000,000 | Salmon River, NY City School District RANs, 1.000%, 6/24/2022 | 3,015,393 | |
23,340,000 | Sherrill, NY City School District BANs, 1.000%, 6/24/2022 | 23,470,022 | |
14,320,000 | Sodus Central School District, NY BANs, 1.000%, 6/29/2022 | 14,401,289 | |
8,255,000 | South Jefferson, NY Central School District BANs, 1.000%, 6/29/2022 | 8,301,244 | |
3,900,000 | Southern Cayuga, NY Central School District, (Series A) BANs, 2.000%, 6/30/2022 | 3,951,023 | |
5,750,000 | 1 | Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 0.414% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024 | 5,752,752 |
17,095,000 | Utica, NY BANs, 1.000%, 1/27/2022 | 17,137,014 | |
5,290,000 | Wayne, NY Central School District BANs, 1.000%, 6/29/2022 | 5,318,449 | |
8,950,000 | Westhill, NY Central School District BANs, 1.000%, 6/29/2022 | 9,000,806 | |
13,640,097 | Whitehall, NY Central School District BANs, 1.000%, 6/28/2022 | 13,717,237 | |
TOTAL | 487,407,480 | ||
North Carolina—1.7% | |||
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 | 885,340 | |
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 | 1,025,779 | |
12,500,000 | North Carolina Capital Facilities Finance Agency (Republic Services, Inc.), (Series 2013) TOBs, 0.180%, Mandatory Tender 12/15/2021 | 12,498,925 | |
25,000,000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Bonds (Series 2020), 5.000%, 2/1/2024 | 27,546,647 | |
10,000,000 | 1 | University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019A) FRNs, 0.189% (1-month USLIBOR x 0.67 +0.125%), Mandatory Tender 11/9/2022 | 10,001,292 |
TOTAL | 51,957,983 | ||
North Dakota—0.3% | |||
10,000,000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), 0.480%, 5/1/2024 | 10,013,524 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—1.1% | |||
$2,300,000 | Harrison, OH BANs, 2.000%, 10/26/2021 | $2,302,504 | |
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 | 9,117,784 | |
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 | 4,727,344 | |
13,000,000 | 1 | Ohio State Higher Educational Facility Commission (Case Western Reserve University, OH), Revenue Refunding Bonds (Series 2019A) FRNs, 0.480% (1-month USLIBOR x 0.70 +0.420%), Mandatory Tender 4/1/2022 | 13,002,017 |
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 | 4,568,916 | |
1,000,000 | Ohio Water Development Authority (Waste Management, Inc.), Solid Waste Revenue Bonds (Series 2002), 3.250%, 11/1/2022 | 1,031,307 | |
TOTAL | 34,749,872 | ||
Oklahoma—0.1% | |||
2,850,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Education Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2022 | 2,939,715 | |
1,500,000 | Cleveland County, OK Educational Facilities Authority (Norman Public Schools), Educational Facilities Lease Revenue Bonds (Series 2019), 5.000%, 6/1/2024 | 1,682,221 | |
TOTAL | 4,621,936 | ||
Oregon—0.3% | |||
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 | 530,890 | |
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 | 1,782,847 | |
3,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027 | 2,970,473 | |
1,000,000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028 | 988,582 | |
3,500,000 | Oregon State Housing and Community Services Department (Westwind Apartments), Housing Development Revenue Bonds (Series 2021H) TOBs, (United States Treasury GTD), 0.250%, Mandatory Tender 3/1/2023 | 3,497,571 | |
TOTAL | 9,770,363 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—6.0% | |||
$8,130,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018) FRNs, 0.539% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | $8,129,949 |
9,985,000 | 1 | Bethlehem, PA Area School District Authority, Revenue Refunding Bonds (Series 2018A) FRNs, 0.539% (1-month USLIBOR x 0.70 +0.480%), Mandatory Tender 11/1/2021 | 9,984,937 |
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 | 10,985,023 |
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 | 5,516,130 | |
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 | 5,000,176 |
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 | 1,099,922 |
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 | 1,202,349 |
4,000,000 | 1 | Northampton County, PA General Purpose Authority (St. Luke’s University Health Network), Variable Rate Hospital Revenue Bonds (Series 2018B) FRNs, 1.100% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024 | 4,020,124 |
10,000,000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), Pollution Control Revenue Refunding Bonds (Series 2008), 0.400%, 10/1/2023 | 10,003,288 | |
3,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2010B) TOBs, 0.200%, Mandatory Tender 1/3/2022 | 3,000,000 | |
20,000,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2014) TOBs, 0.220%, Mandatory Tender 1/3/2022 | 20,000,000 | |
2,500,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series A) TOBs, 0.200%, Mandatory Tender 10/15/2021 | 2,499,963 | |
2,500,000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series B-1) TOBs, 0.200%, Mandatory Tender 10/15/2021 | 2,499,963 | |
6,750,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), (Series 2013) TOBs, 0.200%, Mandatory Tender 11/1/2021 | 6,749,640 | |
4,900,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A) TOBs, 0.580%, Mandatory Tender 8/1/2024 | 4,876,753 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$9,000,000 | 1 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2021A) FRNs, 0.450% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024 | $9,031,546 |
6,000,000 | 1 | Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 0.629% (1-month USLIBOR x 0.70 +0.570%), Mandatory Tender 10/1/2023 | 6,021,812 |
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 | 5,023,403 |
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 | 10,070,409 |
2,750,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2022 | 2,846,378 | |
4,460,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2023 | 4,820,436 | |
2,245,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 | 2,518,535 | |
2,000,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2025 | 2,320,819 | |
2,000,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2021), 5.000%, 7/1/2026 | 2,386,406 | |
2,285,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023 | 2,430,603 | |
750,000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024 | 830,455 | |
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 | 17,638,899 |
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 | 6,790,075 |
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 | 13,054,535 |
TOTAL | 181,352,528 | ||
South Carolina—1.7% | |||
25,000,000 | 1 | Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.918% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024 | 25,246,272 |
1,250,000 | Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2021A), 4.000%, 1/1/2024 | 1,352,221 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—continued | |||
$24,395,000 | 1 | South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B) FRNs, (United States Treasury PRF 10/1/2021@100), 0.508% (1-month USLIBOR x 0.67 +0.450%), 10/1/2031 | $24,395,000 |
370,000 | 1 | South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds (Series 2003B) FRNs, 0.514% (1-month USLIBOR x 0.67 +0.450%), Mandatory Tender 10/1/2022 | 370,000 |
TOTAL | 51,363,493 | ||
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 | 2,355,296 | |
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 | 18,258,748 | |
TOTAL | 20,614,044 | ||
Texas—6.7% | |||
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 | 3,007,939 | |
2,695,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2021 | 2,709,589 | |
2,500,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2022 | 2,631,047 | |
2,135,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2023 | 2,342,267 | |
3,400,000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | 3,868,861 | |
5,000,000 | Central Texas Regional Mobility Authority, Subordinate Lien Revenue Bond Anticipation Notes (Series 2020F), 5.000%, 1/1/2025 | 5,587,463 | |
4,000,000 | Clear Creek, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.280%, Mandatory Tender 8/15/2024 | 3,985,333 | |
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 | 4,034,442 | |
5,000,000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.250%, Mandatory Tender 8/1/2023 | 4,987,678 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $15,688,432 | |
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 | 4,593,944 | |
3,600,000 | El Paso, TX Independent School District, Variable Rate Maintenance Tax Notes (Series 2020) TOBs, 2.000%, Mandatory Tender 8/1/2023 | 3,707,583 | |
5,710,000 | 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 | 5,786,151 | |
3,975,000 | 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 | 4,016,936 | |
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 | 4,595,302 | |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage Revenue Refunding Bonds (Series 2019A) FRNs, 0.710% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024 | 5,018,299 |
3,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 12/1/2022 | 3,155,567 | |
5,000,000 | 1 | Harris County, TX Cultural 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 | 4,998,310 |
5,000,000 | 1 | Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2019C-2) FRNs, 0.590% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024 | 5,020,663 |
3,500,000 | Harris County, TX Cultural 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 | 3,691,133 | |
2,750,000 | Harris County, TX Cultural 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 | 3,140,777 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$6,300,000 | Harris County, TX Cultural 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 | $7,626,609 | |
4,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, 0.900%, Mandatory Tender 5/15/2025 | 4,002,128 | |
6,000,000 | Houston, TX Independent School District, Variable Rate Limited Tax Schoolhouse Bonds (Series 2013B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 3.000%, Mandatory Tender 6/1/2024 | 6,418,510 | |
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 | 3,940,121 | |
9,415,000 | Katy, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2021C) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.500%, Mandatory Tender 8/15/2024 | 9,712,626 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2022 | 1,029,681 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2023 | 1,077,200 | |
1,040,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2024 | 1,165,216 | |
1,020,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 5.000%, 5/15/2025 | 1,184,419 | |
1,000,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2020), 5.000%, 5/15/2022 | 1,029,681 | |
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 | 3,008,038 | |
11,345,000 | 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 | 11,679,832 | |
1,120,000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2052 | 1,152,433 | |
1,000,000 | Mission, TX Economic Development Corp. (Republic Services, Inc.) TOBs, 0.200%, Mandatory Tender 11/1/2021 | 999,947 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$5,000,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series A) TOBs, 0.150%, Mandatory Tender 12/1/2021 | $4,999,588 | |
3,000,000 | New Caney, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2018) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 1.250%, Mandatory Tender 8/15/2024 | 3,066,578 | |
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 | 12,531,370 | |
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 | 3,740,586 | |
14,985,000 | Ponder, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2021) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.735%, Mandatory Tender 8/15/2024 | 15,134,655 | |
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 | 4,243,277 | |
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 | 1,766,149 | |
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 | 2,472,456 | |
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 | 2,938,222 | |
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 | 2,673,636 | |
TOTAL | 204,160,674 | ||
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 | 5,645,336 | |
1,500,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2023 | 1,625,340 | |
1,250,000 | Utah State, UT GO Bonds (Series 2020B), 5.000%, 7/1/2024 | 1,411,454 | |
TOTAL | 8,682,130 | ||
Virginia—1.8% | |||
13,000,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds Anticipation Notes (Series 2019), 5.000%, 11/1/2023 | 14,222,903 |
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 | $3,077,928 | |
4,500,000 | Louisa, VA IDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.800%, Mandatory Tender 4/1/2022 | 4,533,443 | |
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 | 5,061,672 | |
4,000,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2022 | 4,160,234 | |
8,650,000 | Virginia State Public Building Authority Public Facilities, Public Facilities Revenue Refunding Bonds (Series 2020B), 5.000%, 8/1/2023 | 9,406,684 | |
5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.200%, Mandatory Tender 5/31/2024 | 5,083,664 | |
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 | 5,010,615 | |
5,500,000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory Tender 6/1/2023 | 5,642,867 | |
TOTAL | 56,200,010 | ||
Washington—1.1% | |||
9,250,000 | 1 | Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2021B) FRNs, 0.300% (SIFMA 7-day +0.250%), Mandatory Tender 11/1/2026 | 9,250,029 |
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 | 5,013,602 |
2,500,000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, Mandatory Tender 8/1/2024 | 2,753,985 | |
10,000,000 | 1 | Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate LIBOR Index Revenue Bonds (Series 2017B) FRNs, 1.156% (1-month USLIBOR x 0.67 +1.100%), Mandatory Tender 7/1/2022 | 10,014,115 |
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 | 7,041,609 |
TOTAL | 34,073,340 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
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 | $2,503,225 | |
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 | 5,501,938 | |
TOTAL | 8,005,163 | ||
Wisconsin—0.1% | |||
1,750,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, 0.200%, Mandatory Tender 11/1/2021 | 1,749,907 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $2,058,862,918) | 2,073,328,610 | ||
1 | SHORT-TERM MUNICIPALS—30.8% | ||
Alabama—1.0% | |||
28,830,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 0.110%, 10/1/2021 | 28,830,000 | |
1,650,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-B) Daily VRDNs, 0.110%, 10/1/2021 | 1,650,000 | |
TOTAL | 30,480,000 | ||
California—3.9% | |||
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), 0.450%, 10/7/2021 | 5,000,000 | |
12,400,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, 0.250%, 10/1/2021 | 12,400,000 | |
51,800,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 10/1/2021 | 51,800,000 | |
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), 0.460%, 10/7/2021 | 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), 0.300%, 10/7/2021 | 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), 0.250%, 10/7/2021 | 4,000,000 | |
TOTAL | 119,420,000 | ||
Florida—0.6% | |||
6,310,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 0.070%, 10/1/2021 | 6,310,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Florida—continued | |||
$3,970,000 | Hillsborough County, FL HFA (Hillsborough FL TC, LP), SPEARs 3a-7 (Series DBE-8083) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.450%, 10/7/2021 | $3,970,000 | |
5,395,000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.460%, 10/7/2021 | 5,395,000 | |
3,530,000 | Lee County, FL IDA (Florida Power & Light Co.), (Series 2016B) Daily VRDNs, 0.090%, 10/1/2021 | 3,530,000 | |
TOTAL | 19,205,000 | ||
Georgia—3.5% | |||
9,430,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.110%, 10/1/2021 | 9,430,000 | |
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%, 10/7/2021 | 9,750,000 | |
10,000,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.110%, 10/1/2021 | 10,000,000 | |
12,500,000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 0.110%, 10/1/2021 | 12,500,000 | |
9,015,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.150%, 10/7/2021 | 9,015,000 | |
5,720,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 0.120%, 10/1/2021 | 5,720,000 | |
7,580,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.110%, 10/1/2021 | 7,580,000 | |
1,400,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 2010) Daily VRDNs, 0.110%, 10/1/2021 | 1,400,000 | |
2,100,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 0.120%, 10/1/2021 | 2,100,000 | |
1,250,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 0.100%, 10/1/2021 | 1,250,000 | |
7,300,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.110%, 10/1/2021 | 7,300,000 | |
24,480,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.110%, 10/1/2021 | 24,480,000 | |
4,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.170%, 10/6/2021 | 4,250,000 | |
TOTAL | 104,775,000 | ||
Indiana—1.7% | |||
39,550,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003A) Weekly VRDNs, 0.100%, 10/6/2021 | 39,550,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Indiana—continued | |||
$13,000,000 | Indiana State Finance Authority Environmental (Mittal Steel USA, Inc.), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya Argentaria SA LOC), 0.080%, 10/6/2021 | $13,000,000 | |
TOTAL | 52,550,000 | ||
Kansas—0.2% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.120%, 10/6/2021 | 5,000,000 | |
Kentucky—2.1% | |||
1,750,000 | Louisville, KY Regional Airport Authority (BT-OH LLC), (Series 2006A) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.110%, 10/1/2021 | 1,750,000 | |
9,200,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.120%, 10/1/2021 | 9,200,000 | |
3,500,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 0.120%, 10/1/2021 | 3,500,000 | |
50,000,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 0.080%, 10/1/2021 | 50,000,000 | |
TOTAL | 64,450,000 | ||
Louisiana—1.5% | |||
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), 0.460%, 10/7/2021 | 10,000,000 | |
35,000,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 0.090%, 10/6/2021 | 35,000,000 | |
TOTAL | 45,000,000 | ||
Multi State—2.9% | |||
1,300,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 10/1/2021 | 1,300,000 | |
50,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, Series B Weekly VRDPs, 0.250%, 10/1/2021 | 50,000,000 | |
28,775,000 | Nuveen AMT-Free Quality Municipal Income Fund, Series D Weekly VRDPs, 0.220%, 10/1/2021 | 28,775,000 | |
6,305,000 | Nuveen Muni High Income Opportunity Fund, SPEARs 3a7 (Series DBE-8084) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 10/7/2021 | 6,305,000 | |
1,300,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 10/1/2021 | 1,300,000 | |
TOTAL | 87,680,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—1.2% | |||
$4,685,000 | Metropolitan Transportation Authority, NY, (Series 2021-XM0935) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.210%, 10/7/2021 | $4,685,000 | |
2,500,000 | New York City, NY, (Series 2021-2) Weekly VRENs, 0.130%, 10/1/2021 | 2,500,000 | |
7,500,000 | New York City, NY, (Series 2021-3) Weekly VRENs, 0.130%, 10/1/2021 | 7,500,000 | |
2,300,000 | New York City, NY, (Series B-3) Weekly VRENs, 0.130%, 10/1/2021 | 2,300,000 | |
17,990,000 | New York Liberty Development Corporation (4 World Trade Center LLC), Tender Option Bond Trust Receipts (Series 2021-XF1242) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 10/7/2021 | 17,990,000 | |
TOTAL | 34,975,000 | ||
Ohio—1.0% | |||
735,000 | Mark Milford Hicksville, OH Joint Hospital District (Community Memorial Hospital of Hicksville), (Series 2005) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 10/1/2021 | 735,000 | |
2,425,000 | Metropolitan Nashville, TN Airport Authority (Embraer Aircraft Holding, Inc.), (Series 2005) Weekly VRDNs, (Regions Bank LOC), 0.140%, 10/1/2021 | 2,425,000 | |
3,990,000 | Ohio HFA Multifamily Housing (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.300%, 10/7/2021 | 3,990,000 | |
23,885,000 | Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 0.120%, 10/7/2021 | 23,885,000 | |
500,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) Weekly VRENs, 0.120%, 10/7/2021 | 500,000 | |
TOTAL | 31,535,000 | ||
Oklahoma—1.1% | |||
10,675,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRDNs, 0.140%, 10/1/2021 | 10,675,000 | |
21,400,000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRDNs, 0.140%, 10/1/2021 | 21,400,000 | |
TOTAL | 32,075,000 | ||
Pennsylvania—1.2% | |||
2,000,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 10/7/2021 | 2,000,000 | |
25,150,000 | Delaware Valley, PA Regional Finance Authority, (Series C) R-Float Weekly VRDNs, 0.120%, 10/7/2021 | 25,150,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$455,000 | Northampton County, PA IDA (Binney & Smith Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 10/6/2021 | $455,000 | |
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), 0.450%, 10/7/2021 | 10,000,000 | |
TOTAL | 37,605,000 | ||
Texas—8.2% | |||
3,000,000 | Austin, TX Affordable Public Finance Authority (LDG Belmont LP), (Series 2021-XF1102) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.270%, 10/7/2021 | 3,000,000 | |
4,000,000 | Austin, TX Affordable Public Finance Authority (LDG The Henderson on Reinli LP), Tender Option Bond Certificates (Series 2021-XF1119) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 10/7/2021 | 4,000,000 | |
5,500,000 | Dallas, TX Housing Finance Corp. (LDG Ridge at Lancaster LP), (Series 2021-XF1109) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.300%, 10/7/2021 | 5,500,000 | |
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), 0.450%, 10/7/2021 | 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), 0.270%, 10/7/2021 | 6,090,000 | |
6,000,000 | Port Arthur Navigation District, TX IDC (Air Products & Chemicals, Inc.), (Series 2001) Weekly VRDNs, 0.060%, 10/6/2021 | 6,000,000 | |
72,075,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.100%, 10/6/2021 | 72,075,000 | |
23,500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, 0.160%, 10/6/2021 | 23,500,000 | |
34,255,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 0.130%, 10/1/2021 | 34,255,000 | |
59,475,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.090%, 10/6/2021 | 59,475,000 | |
5,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 0.110%, 10/6/2021 | 5,000,000 | |
7,245,000 | Travis County, TX Housing Finance Corp., SPEARs (Series DBE-8054) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.450%, 10/7/2021 | 7,245,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$10,000,000 | Trinity River, TX Public Facilities Authority (FW Stallion Ridge LP), SPEARs 3a7 (Series DBE-8064) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 0.450%, 10/7/2021 | $10,000,000 | |
TOTAL | 249,155,000 | ||
Utah—0.3% | |||
9,800,000 | 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), 0.300%, 10/7/2021 | 9,800,000 | |
Virginia—0.1% | |||
1,910,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 0.110%, 10/7/2021 | 1,910,000 | |
Wisconsin—0.3% | |||
250,000 | La Crosse, WI IDA (GGP Inc.), (Series A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.190%, 10/7/2021 | 250,000 | |
9,000,000 | Wisconsin HEFA (Marshfield Clinic), (Series 2020C) Weekly VRENs, 0.150%, 10/7/2021 | 9,000,000 | |
TOTAL | 9,250,000 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $934,865,000) | 934,865,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $2,993,727,918)3 | 3,008,193,610 | ||
OTHER ASSETS AND LIABILITIES - NET—0.9%4 | 26,731,284 | ||
TOTAL NET ASSETS—100% | $3,034,924,894 |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
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 |
IDC | —Industrial Development Corporation |
INS | —Insured |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCFA | —Pollution Control Finance Authority |
PCRB | —Pollution Control Revenue Board |
PCR | —Pollution Control Revenue |
PRF | —Pre-refunded |
PUTTERs | —Puttable Tax-Exempt Receipts |
RANs | —Revenue Anticipation Notes |
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 |
Year Ended September 30 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Income From Investment Operations: | |||||
Net investment income | 0.02 | 0.09 | 0.13 | 0.10 | 0.05 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.11 | 0.16 | 0.07 | 0.07 |
Less Distributions: | |||||
Distributions from net investment income | (0.02) | (0.09) | (0.13) | (0.10) | (0.05) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Total Return1 | 0.33% | 1.14% | 1.59% | 0.65% | 0.74% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.51% | 0.57%3 | 0.81%3 | 0.81%3 | 0.81%3 |
Net investment income | 0.23% | 0.94% | 1.28% | 0.94% | 0.54% |
Expense waiver/reimbursement4 | 0.08% | 0.09% | 0.13% | 0.17% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $692,467 | $584,371 | $626,570 | $661,860 | $799,292 |
Portfolio turnover | 61% | 100% | 83% | 87% | 88% |
Year Ended September 30 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net Asset Value, Beginning of Period | $10.03 | $10.01 | $9.98 | $10.01 | $9.99 |
Income From Investment Operations: | |||||
Net investment income | 0.04 | 0.11 | 0.17 | 0.14 | 0.10 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.03 | (0.03) | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | 0.05 | 0.13 | 0.20 | 0.11 | 0.12 |
Less Distributions: | |||||
Distributions from net investment income | (0.04) | (0.11) | (0.17) | (0.14) | (0.10) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 | $9.98 | $10.01 |
Total Return1 | 0.48% | 1.35% | 2.04% | 1.11% | 1.19% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.36% | 0.36%3 | 0.36%3 | 0.36%3 | 0.36%3 |
Net investment income | 0.39% | 1.14% | 1.72% | 1.39% | 0.99% |
Expense waiver/reimbursement4 | 0.08% | 0.08% | 0.08% | 0.12% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,133,831 | $2,162,027 | $2,158,811 | $1,711,181 | $1,864,456 |
Portfolio turnover | 61% | 100% | 83% | 87% | 88% |
Year Ended September 30 | 2021 | 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 | 0.04 | 0.12 | 0.05 |
Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.05 | 0.14 | 0.06 |
Less Distributions: | |||
Distributions from net investment income | (0.04) | (0.12) | (0.05) |
Net Asset Value, End of Period | $10.04 | $10.03 | $10.01 |
Total Return2 | 0.50% | 1.37% | 0.66% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.34% | 0.34%4 | 0.34%4,5 |
Net investment income | 0.38% | 0.99% | 1.52%5 |
Expense waiver/reimbursement6 | 0.06% | 0.06% | 0.07%5 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $208,627 | $60,784 | $12,263 |
Portfolio turnover | 61% | 100% | 83%7 |
September 30, 2021
Assets: | ||
Investment in securities, at value (identified cost $2,993,727,918) | $3,008,193,610 | |
Cash | 426,932 | |
Receivable for shares sold | 106,886,434 | |
Income receivable | 10,132,708 | |
Receivable for investments sold | 365,000 | |
TOTAL ASSETS | 3,126,004,684 | |
Liabilities: | ||
Payable for investments purchased | $84,073,080 | |
Payable for shares redeemed | 6,498,259 | |
Income distribution payable | 115,984 | |
Payable for other service fees (Notes 2 and 5) | 86,389 | |
Payable for investment adviser fee (Note 5) | 25,145 | |
Payable for administrative fee (Note 5) | 5,787 | |
Accrued expenses (Note 5) | 275,146 | |
TOTAL LIABILITIES | 91,079,790 | |
Net assets for 302,347,556 shares outstanding | $3,034,924,894 | |
Net Assets Consists of: | ||
Paid-in capital | $3,028,120,998 | |
Total distributable earnings (loss) | 6,803,896 | |
TOTAL NET ASSETS | $3,034,924,894 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($692,467,035 ÷ 68,993,578 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 ($2,133,831,231 ÷ 212,564,573 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 ($208,626,628 ÷ 20,789,405 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 |
Year Ended September 30, 2021
Investment Income: | |||
Interest | $21,844,784 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $8,759,463 | ||
Administrative fee (Note 5) | 2,285,851 | ||
Custodian fees | 101,550 | ||
Transfer agent fees (Notes 2 and 5) | 1,363,822 | ||
Directors’/Trustees’ fees (Note 5) | 17,520 | ||
Auditing fees | 30,630 | ||
Legal fees | 13,924 | ||
Other service fees (Notes 2 and 5) | 976,305 | ||
Portfolio accounting fees | 241,702 | ||
Share registration costs | 152,323 | ||
Printing and postage | 32,023 | ||
Miscellaneous (Note 5) | 41,326 | ||
TOTAL EXPENSES | 14,016,439 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(1,804,103) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (598,178) | ||
TOTAL WAIVER AND REIMBURSEMENT | (2,402,281) | ||
Net expenses | 11,614,158 | ||
Net investment income | 10,230,626 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 168,147 | ||
Net change in unrealized appreciation of investments | 1,748,384 | ||
Net realized and unrealized gain (loss) on investments | 1,916,531 | ||
Change in net assets resulting from operations | $12,147,157 |
Year Ended September 30 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $10,230,626 | $28,412,990 |
Net realized gain (loss) | 168,147 | (6,601,326) |
Net change in unrealized appreciation/depreciation | 1,748,384 | 7,666,390 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,147,157 | 29,478,054 |
Distributions to Shareholders: | ||
Class A Shares | (1,482,243) | (5,428,040) |
Institutional Shares | (8,400,447) | (22,694,604) |
Class R6 Shares | (314,264) | (252,413) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (10,196,954) | (28,375,057) |
Share Transactions: | ||
Proceeds from sale of shares | 2,383,445,202 | 2,356,103,817 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,763,150 | 22,240,324 |
Cost of shares redeemed | (2,165,415,877) | (2,369,909,496) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 225,792,475 | 8,434,645 |
Change in net assets | 227,742,678 | 9,537,642 |
Net Assets: | ||
Beginning of period | 2,807,182,216 | 2,797,644,574 |
End of period | $3,034,924,894 | $2,807,182,216 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $311,254 | $(136,256) |
Institutional Shares | 1,046,906 | (461,922) |
Class R6 Shares | 5,662 | — |
TOTAL | $1,363,822 | $(598,178) |
Other Service Fees Incurred | |
Class A Shares | $976,305 |
Security | Acquisition Date | Acquisition Cost | Value |
California PCFA (Republic Services, Inc.), Solid Waste Refunding Revenue Bonds (Series 2010A) TOBs, 0.180%, Mandatory Tender 11/1/2021 | 7/30/2021 | $3,000,000 | $2,999,840 |
California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds (Series B-3), 2.125%, 11/15/2027 | 5/27/2021 | $2,000,000 | $2,017,287 |
Year Ended September 30 | 2021 | 2020 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 44,457,556 | $446,675,950 | 27,997,956 | $280,018,819 |
Shares issued to shareholders in payment of distributions declared | 143,447 | 1,440,980 | 523,910 | 5,238,666 |
Shares redeemed | (33,870,689) | (340,305,527) | (32,829,359) | (328,123,313) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 10,730,314 | $107,811,403 | (4,307,493) | $(42,865,828) |
Year Ended September 30 | 2021 | 2020 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 171,901,921 | $1,726,924,629 | 200,812,977 | $2,008,863,541 |
Shares issued to shareholders in payment of distributions declared | 625,472 | 6,283,621 | 1,694,318 | 16,949,278 |
Shares redeemed | (175,505,129) | (1,763,187,566) | (202,538,338) | (2,022,928,238) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,977,736) | $(29,979,316) | (31,043) | $2,884,581 |
Year Ended September 30 | 2021 | 2020 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 20,887,735 | $209,844,623 | 6,711,460 | $67,221,457 |
Shares issued to shareholders in payment of distributions declared | 3,839 | 38,549 | 5,237 | 52,380 |
Shares redeemed | (6,163,722) | (61,922,784) | (1,880,120) | (18,857,945) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 14,727,852 | $147,960,388 | 4,836,577 | $48,415,892 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 22,480,430 | $225,792,475 | 498,041 | $8,434,645 |
2021 | 2020 | |
Tax-exempt income | $10,196,954 | $ 28,315,505 |
Ordinary income | $— | $ 59,552 |
Undistributed tax-exempt income | $10,719 |
Net unrealized appreciation | $14,501,217 |
Capital loss carryforwards | $(7,708,040) |
Short-Term | Long-Term | Total |
$6,925,215 | $782,825 | $7,708,040 |
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 | $1,197,439,022 |
Sales | $1,328,360,741 |
November 22, 2021
Beginning Account Value 4/1/2021 | Ending Account Value 9/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,000.90 | $2.56 |
Institutional Shares | $1,000.00 | $1,001.60 | $1.81 |
Class R6 Shares | $1,000.00 | $1,001.70 | $1.71 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.51 | $2.59 |
Institutional Shares | $1,000.00 | $1,023.26 | $1.83 |
Class R6 Shares | $1,000.00 | $1,023.36 | $1.72 |
Class A Shares | 0.51% |
Institutional Shares | 0.36% |
Class R6 Shares | 0.34% |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Director Indefinite Term Began serving: January 2000 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Director Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Director Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Director Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Director Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Director Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Director Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Director Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Director Indefinite Term Began serving: November 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: June 2012 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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 |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $67,230
Fiscal year ended 2020 - $65,830
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $42,488 and $41,103 respectively. Fiscal year ended 2021- Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2020- Service fees for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
(h) |
Fiscal year ended 2021 - $79,020
Fiscal year ended 2020 - $128,365
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 November 22, 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 November 22, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date November 22, 2021