United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

 

 

 

 

811-6447

 

(Investment Company Act File Number)

 

 

Federated Hermes Fixed Income Securities, Inc.

______________________________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 09/30/22

 

 

Date of Reporting Period: Six months ended 03/31/22

 

 

 

 

 

 

 

Item 1.Reports to Stockholders
Semi-Annual Shareholder Report
March 31, 2022
Share Class | Ticker
A | FMUUX
Institutional | FMUSX
R6 | FMULX
 

Federated Hermes Municipal Ultrashort Fund
Fund Established 2000

A Portfolio of Federated Hermes Fixed Income Securities, Inc.
Dear Valued Shareholder,
We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from October 1, 2021 through March 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
J. Christopher Donahue, President

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Portfolio of Investments Summary Table (unaudited)
At March 31, 2022, the Fund’s sector composition1 was as follows:
Sector Composition
Percentage of
Total Net Assets
Industrial Development Bond/Pollution Control Revenue
16.5%
Hospital
10.5%
Electric & Gas
10.4%
General ObligationLocal
10.4%
Multi-Family Housing
9.3%
Prepaid Gas Utility
8.0%
Toll Road
4.4%
Water & Sewer
3.6%
Higher Education
2.9%
General ObligationState
2.6%
Other2
20.9%
Other Assets and LiabilitiesNet3
0.5%
TOTAL
100%
1
Sector classifications, and the assignment of holdings to such sectors, are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund’s Adviser. For securities that have been enhanced by a third-party guarantor, such as bond insurers and banks, sector classifications are based upon the economic sector and/or revenue source of the underlying obligor, as determined by the Fund’s Adviser.
2
For purposes of this table, sector classifications constitute 78.6% of the Fund’s total net assets. Remaining sectors have been aggregated under the designation “Other.”
3
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Semi-Annual Shareholder Report
1

Portfolio of Investments
March 31, 2022 (unaudited)
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—54.8%
 
 
 
Alabama—3.6%
 
$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
$1,430,586
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
1,529,080
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), 1.054% (1-month USLIBOR x 0.67 +0.900%), Mandatory
Tender 12/1/2023
22,505,398
4,000,000
 
Black Belt Energy Gas District, AL, Gas Revenue Bonds Project
No.7 (Series 2021C-1) TOBs, (Goldman Sachs Group, Inc. GTD),
4.000%, Mandatory Tender 12/1/2026
4,167,681
25,500,000
1
Black Belt Energy Gas District, AL, Gas Revenue Bonds Project
No.7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. GTD),
0.860% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026
24,860,598
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
3,613,219
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
5,050,861
30,000,000
1
Southeast Alabama Gas Supply District, Gas Supply Revenue
Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley GTD),
1.004% (1-month USLIBOR x 0.67 +0.850%), Mandatory
Tender 6/1/2024
29,990,922
 
 
TOTAL
93,148,345
 
 
Arizona—0.6%
 
4,500,000
1
Arizona Health Facilities Authority (Banner Health), (Series 2015B)
FRNs, 0.760% (SIFMA 7-day +0.250%), Mandatory
Tender 11/4/2026
4,500,037
5,000,000
 
Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue
Bonds (Series 2019) TOBs, 5.000%, Mandatory Tender 6/3/2024
5,288,164
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
3,998,738
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
2,497,498
 
 
TOTAL
16,284,437
Semi-Annual Shareholder Report
2

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
California—2.4%
 
$7,250,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge
Revenue Bonds (Series 2021B) FRNs, 0.790% (SIFMA 7-day
+0.280%), Mandatory Tender 4/1/2024
$7,247,560
9,000,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge
Revenue Bonds (Series 2021C) FRNs, 0.960% (SIFMA 7-day
+0.450%), Mandatory Tender 4/1/2026
9,040,339
7,000,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge
Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) FRNs,
0.810% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027
6,941,222
7,000,000
1
California Infrastructure & Economic Development Bank
(California Academy of Sciences), Revenue Bonds (Series 2018D)
FRNs, 0.860% (SIFMA 7-day +0.350%), Mandatory
Tender 8/1/2024
6,976,810
6,750,000
1
California Infrastructure & Economic Development Bank (Los
Angeles County Museum of Art), Refunding Revenue Bonds
(Series 2021B) FRNs, 1.210% (SIFMA 7-day +0.700%), Mandatory
Tender 6/1/2026
6,753,110
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
1,940,441
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
3,619,908
3,000,000
 
California State, UT GO Various Purpose Refunding Bonds,
5.000%, 3/1/2025
3,258,990
1,670,000
 
California State, Various Purpose GO Bonds (Series 2020-1),
5.000%, 11/1/2024
1,798,994
1,250,000
 
California State, Various Purpose GO Bonds (Series 2020-1),
5.000%, 11/1/2025
1,380,654
1,180,000
 
Los Angeles, CA Department of Airports (Los Angeles
International Airport), Subordinate Revenue Refunding Bonds
(Series 2021A), 5.000%, 5/15/2025
1,270,313
1,180,000
 
Los Angeles, CA Department of Airports (Los Angeles
International Airport), Subordinate Revenue Refunding Bonds
(Series 2021A), 5.000%, 5/15/2026
1,292,743
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
5,272,697
2,000,000
 
Western Placer, CA Unified School District, Community Facilities
District No. 1 2020 Bond Anticipation Notes, 2.000%, 6/1/2025
1,941,952
2,730,000
 
Western Placer, CA Unified School District, Community Facilities
District No.2 2020 Bond Anticipation Notes, 2.000%, 6/1/2025
2,672,215
 
 
TOTAL
61,407,948
Semi-Annual Shareholder Report
3

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Colorado—0.9%
 
$5,600,000
1
Colorado School of Mines Board of Trustees (Colorado School of
Mines, CO), Institutional Enterprise Revenue Refunding Bonds
(Series 2018A) FRNs, 0.654% (1-month USLIBOR x 0.67
+0.500%), 2/1/2023
$5,585,975
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
14,687,829
4,000,000
1
E-470 Public Highway Authority, CO, Senior Revenue SOFR Index
Term Rate Bonds (Series 2021B) FRNs, 0.538% (SOFR x 0.67
+0.350%), Mandatory Tender 9/1/2024
3,977,505
 
 
TOTAL
24,251,309
 
 
Connecticut—1.4%
 
400,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2022
401,223
675,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2023
698,839
1,000,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2024
1,061,320
850,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2025
922,472
1,200,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2026
1,332,402
3,400,000
 
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 5.000%, 5/1/2027
3,853,101
4,000,000
 
Connecticut State Health & Educational Facilities (Yale
University), Revenue Bonds (Series X-2) TOBs, 0.250%,
Mandatory Tender 2/9/2024
3,861,211
5,000,000
 
Connecticut State Health & Educational Facilities (Yale-New
Haven Hospital), Revenue Bonds (Series 2019B) TOBs, 1.800%,
Mandatory Tender 7/1/2024
4,981,449
14,420,000
 
Connecticut State HFA, Housing Mortgage Finance Program
Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory
Tender 11/15/2023
14,041,367
1,500,000
1
Connecticut State, UT GO SIFMA Index Bonds (Series 2013A)
FRNs, 1.410% (SIFMA 7-day +0.900%), 3/1/2023
1,506,652
3,250,000
 
West Haven, CT BANs, 2.000%, 9/29/2022
3,257,876
200,000
 
West Haven, CT, 4.000%, 9/15/2022
202,373
 
 
TOTAL
36,120,285
Semi-Annual Shareholder Report
4

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Florida—1.1%
 
$775,000
 
Escambia County, FL (International Paper Co.), Environmental
Improvement Revenue Refunding Bonds (Series 2019B) TOBs,
2.000%, Mandatory Tender 10/1/2024
$767,191
2,700,000
 
Florida Development Finance Corp. (Lakeland Regional Health
System), Healthcare Facilities Revenue Refunding Bonds
(Series 2021), 5.000%, 11/15/2023
2,831,732
1,700,000
 
Florida Development Finance Corp. (Lakeland Regional Health
System), Healthcare Facilities Revenue Refunding Bonds
(Series 2021), 5.000%, 11/15/2025
1,866,349
1,000,000
 
Florida Development Finance Corp. (Lakeland Regional Health
System), Healthcare Facilities Revenue Refunding Bonds
(Series 2021), 5.000%, 11/15/2027
1,142,394
2,500,000
 
Miami-Dade County, FL Aviation, Aviation Revenue Refunding
Bonds (Series 2020A), 5.000%, 10/1/2023
2,613,788
2,500,000
 
Miami-Dade County, FL Aviation, Aviation Revenue Refunding
Bonds (Series 2020A), 5.000%, 10/1/2024
2,672,232
1,250,000
 
Miami-Dade County, FL Aviation, Aviation Revenue Refunding
Bonds (Series 2020A), 5.000%, 10/1/2025
1,366,345
2,800,000
 
Miami-Dade County, FL IDA (Waste Management, Inc.), Solid
Waste Disposal Revenue Bonds (Series 2008), 0.400%, 8/1/2023
2,730,007
11,500,000
1
Miami-Dade County, FL IDA (Waste Management, Inc.), Solid
Waste Disposal Revenue Bonds (Series 2018B) FRNs, 0.865%
(SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024
11,440,032
 
 
TOTAL
27,430,070
 
 
Georgia—2.0%
 
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
6,618,255
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
9,985,623
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
5,855,739
22,000,000
1
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2018B) FRNs, (Royal Bank of Canada GTD), 0.904%
(1-month USLIBOR x 0.67 +0.750%), Mandatory Tender 9/1/2023
21,957,413
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
3,130,368
400,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2022
405,489
725,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023
744,025
Semi-Annual Shareholder Report
5

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Georgia—continued
 
$700,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024
$725,793
1,000,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2025
1,046,002
1,100,000
 
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026
1,157,936
 
 
TOTAL
51,626,643
 
 
Illinois—2.3%
 
1,300,000
 
Chicago, IL Metropolitan Water Reclamation District, LT GO
Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2022
1,331,496
1,350,000
 
Chicago, IL Metropolitan Water Reclamation District, LT GO
Capital Improvement Bonds (Series 2021C), 5.000%, 12/1/2023
1,421,027
3,600,000
 
Cook County, IL, UT GO Refunding Bonds (Series 2021B),
4.000%, 11/15/2022
3,655,315
2,500,000
 
Cook County, IL, UT GO Refunding Bonds (Series 2021B),
4.000%, 11/15/2023
2,581,228
3,100,000
 
Cook County, IL, UT GO Refunding Bonds (Series 2021B),
4.000%, 11/15/2025
3,292,831
3,625,000
 
Illinois Finance Authority (OSF Health Care Systems), Revenue
Bonds (Series 2020A) TOBs, 5.000%, Mandatory
Tender 11/15/2024
3,832,565
8,000,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2022
8,148,457
2,000,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2023
2,086,823
5,000,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024
5,322,647
2,000,000
 
Illinois State, UT GO Bonds (Series 2020B), 5.375%, 5/1/2023
2,069,880
2,500,000
 
Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2023
2,567,131
3,000,000
 
Illinois State, UT GO Bonds (Series 2021B), 5.000%, 3/1/2024
3,150,899
8,500,000
 
Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2023
8,652,900
6,550,000
 
Illinois State, UT GO Bonds (Series 2021C), 4.000%, 3/1/2024
6,757,866
3,000,000
 
Illinois State, UT GO Refunding Bonds (Series 2018A),
5.000%, 10/1/2022
3,048,761
 
 
TOTAL
57,919,826
 
 
Indiana—0.7%
 
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
100,206
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
5,909,747
6,745,000
1
Indiana State Finance Authority (Deaconess Health System),
Revenue Bonds (Series 2021B) FRNs, 0.810% (SIFMA 7-day
+0.300%), Mandatory Tender 3/1/2027
6,745,062
Semi-Annual Shareholder Report
6

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Indiana—continued
 
$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
$2,001,056
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
2,251,187
 
 
TOTAL
17,007,258
 
 
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
2,982,272
3,500,000
1
Iowa Finance Authority (Lifespace Communities, Inc.), Revenue
Bonds (Series 2021B) FRNs, 0.746% (SOFR x 0.70 +0.550%),
Mandatory Tender 5/15/2026
3,459,633
 
 
TOTAL
6,441,905
 
 
Kentucky—1.7%
 
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
3,501,531
3,500,000
 
Kentucky Housing Corp. (Cambridge Preservation LP), Multifamily
Housing Revenue Bonds (Series 2021) TOBs, (United States
Treasury GTD), 0.300%, Mandatory Tender 2/1/2024
3,368,327
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
13,548,638
2,500,000
 
Owen County, KY (American Water Capital Corp.), Revenue
Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory
Tender 9/1/2023
2,449,332
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
8,299,637
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
5,181,728
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
5,263,488
2,500,000
 
Rural Water Financing Agency, KY, Public Projects Construction
Notes (Series 2021A), 0.400%, 5/1/2023
2,438,081
 
 
TOTAL
44,050,762
Semi-Annual Shareholder Report
7

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
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
$4,797,855
2,000,000
 
Louisiana Stadium and Exposition District, BANS (Series 2021),
4.000%, 7/3/2023
2,036,176
5,025,000
 
Louisiana State Gas & Fuels Second Lien, Revenue Refunding
Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory
Tender 5/1/2023
4,986,496
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
6,786,048
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
5,968,462
 
 
TOTAL
24,575,037
 
 
Massachusetts—1.7%
 
2,156,700
 
Bondsville Fire and Water District, MA BANs, 1.000%, 9/9/2022
2,151,882
3,500,000
 
Massachusetts Department of Transportation, Subordinated
Metropolitan Highway System Revenue Refunding Bonds
(Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023
3,583,098
12,000,000
1
Massachusetts Development Finance Agency (Mass General
Brigham), Index Floating Rate Bonds (Series 2017S) FRNs,
1.010% (SIFMA 7-day +0.500%), Mandatory Tender 1/26/2023
11,986,322
5,700,000
 
Massachusetts Development Finance Agency (Mass General
Brigham), Revenue Bonds (Series 2017 S-4) TOBs, 5.000%,
Mandatory Tender 1/25/2024
6,025,537
3,250,000
1
Massachusetts Development Finance Agency (Mass General
Brigham), Revenue Bonds (Series 2019T-1) FRNs, 1.110% (SIFMA
7-day +0.600%), Mandatory Tender 1/29/2026
3,244,478
6,250,000
 
Massachusetts HEFA (University of Massachusetts), Revenue
Bonds (Series A) TOBs, 1.850%, Mandatory Tender 4/1/2022
6,250,000
2,225,000
 
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds (Series 212) TOBs, 1.450%, Mandatory
Tender 12/1/2022
2,223,830
8,457,000
 
Metrowest Regional Transit Authority, MA RANs,
1.000%, 9/16/2022
8,438,860
 
 
TOTAL
43,904,007
 
 
Michigan—0.4%
 
750,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco
Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 4.000%, 6/1/2022
753,471
750,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco
Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 4.000%, 6/1/2023
764,935
Semi-Annual Shareholder Report
8

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Michigan—continued
 
$760,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco
Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 5.000%, 6/1/2024
$799,854
500,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco
Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 5.000%, 6/1/2025
536,304
6,225,000
 
University of Michigan (The Regents of), General Revenue Bonds
(Series 2019C) TOBs, 4.000%, Mandatory Tender 4/1/2024
6,429,601
 
 
TOTAL
9,284,165
 
 
Minnesota—0.3%
 
6,895,000
1
Minnesota State HFA, Residential Housing Finance Bonds
(Series 2018D) FRNs, 0.940% (SIFMA 7-day +0.430%), Mandatory
Tender 7/3/2023
6,883,971
 
 
Missouri—0.4%
 
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
10,000,826
 
 
Montana—0.6%
 
11,825,000
1
Montana Facility Finance Authority (Billings Clinic Obligated
Group), Variable Rate Revenue Bonds (Series 2018C) FRNs,
1.060% (SIFMA 7-day +0.550%), Mandatory Tender 8/15/2023
11,831,822
2,800,000
1
Montana State University (The Board of Regents of), Facilities
Refunding Revenue Bonds (Series 2018F) FRNs, 0.960% (SIFMA
7-day +0.450%), Mandatory Tender 9/1/2023
2,805,165
 
 
TOTAL
14,636,987
 
 
Nebraska—0.6%
 
5,000,000
1
Douglas County, NE (Creighton University, NE), Educational
Facilities Revenue Refunding Bonds (Series 2021B) FRNs, 1.040%
(SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026
5,016,667
10,000,000
 
Nebraska Public Power District, General Revenue Bonds
(Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023
9,828,579
 
 
TOTAL
14,845,246
 
 
Nevada—0.6%
 
2,000,000
 
Clark County, NV Airport System, Airport System Subordinate
Lien Revenue Refunding Bonds (Series 2019A), 5.000%, 7/1/2025
2,178,385
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
4,993,773
500,000
 
Clark County, NV School District, LT GO Building Bonds
(Series 2020A), (Assured Guaranty Municipal Corp. INS),
3.000%, 6/15/2023
508,241
1,450,000
 
Clark County, NV School District, LT GO Building Bonds
(Series 2020A), (Assured Guaranty Municipal Corp. INS),
3.000%, 6/15/2025
1,493,075
Semi-Annual Shareholder Report
9

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Nevada—continued
 
$550,000
 
Clark County, NV School District, LT GO Building Bonds
(Series 2020A), (Assured Guaranty Municipal Corp. INS),
5.000%, 6/15/2026
$614,379
7,000,000
 
Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds
(Series 2003), 1.450%, 12/1/2024
6,827,003
 
 
TOTAL
16,614,856
 
 
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
1,485,367
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
3,960,979
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
1,980,490
 
 
TOTAL
7,426,836
 
 
New Jersey—3.0%
 
2,600,000
 
Camden, NJ BANs, 1.000%, 8/10/2022
2,596,286
6,032,000
 
Dunellen, NJ BANs, 1.500%, 4/8/2022
6,032,382
1,602,917
 
Frelinghuysen Township, NJ BANs, 1.500%, 5/31/2022
1,603,676
5,004,000
 
Garwood, NJ BANs, 1.250%, 11/4/2022
4,992,996
2,044,783
 
Netcong, NJ BANs, 1.500%, 7/8/2022
2,045,863
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
6,932,801
3,100,000
 
New Jersey EDA (New Jersey-American Water Co., Inc.), Water
Facilities Refunding Revenue Bonds (Series 2020E),
0.850%, 12/1/2025
2,851,243
2,250,000
 
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation System Bonds (Series 2021A),
5.000%, 6/15/2025
2,426,795
2,500,000
 
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation System Bonds (Series 2021A),
5.000%, 6/15/2026
2,748,662
5,000,000
 
New Jersey State, Covid-19 GO Emergency Bonds
(Series 2020A), 4.000%, 6/1/2023
5,113,122
5,000,000
 
New Jersey State, Covid-19 GO Emergency Bonds
(Series 2020A), 5.000%, 6/1/2024
5,295,109
20,000,000
1
New Jersey Turnpike Authority, Revenue Refunding Bonds
(Series 2017 C-6) FRNs, 0.911% (1-month USLIBOR x 0.70
+0.750%), Mandatory Tender 1/1/2023
20,020,208
7,000,000
 
Newark, NJ, (Series E) BANs, 1.250%, 10/3/2022
6,994,159
Semi-Annual Shareholder Report
10

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New Jersey—continued
 
$630,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding
Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS),
5.000%, 10/1/2023
$656,872
750,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding
Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS),
5.000%, 10/1/2024
798,283
650,000
 
Newark, NJ, UT GO Qualified General Improvement Refunding
Bonds (Series 2020A), 5.000%, 10/1/2022
660,336
400,000
 
Newark, NJ, UT GO Qualified School Refunding Bonds
(Series 2020B), (Assured Guaranty Municipal Corp. INS),
5.000%, 10/1/2023
417,061
400,000
 
Newark, NJ, UT GO Qualified School Refunding Bonds
(Series 2020B), 5.000%, 10/1/2022
406,361
1,515,000
 
Paulsboro, NJ, (Series A) BANs, 1.000%, 4/4/2022
1,514,978
2,000,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement
Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2022
2,010,142
 
 
TOTAL
76,117,335
 
 
New Mexico—1.0%
 
2,000,000
 
Farmington, NM (Public Service Co., NM), Pollution Control
Revenue Refunding Bonds (Series 2010B) TOBs, 2.125%,
Mandatory Tender 6/1/2022
2,001,374
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
4,856,515
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
2,960,675
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
1,002,089
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
1,013,562
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
1,123,268
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
1,182,703
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
1,655,154
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
1,754,437
Semi-Annual Shareholder Report
11

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New Mexico—continued
 
$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
$3,901,654
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
3,548,200
 
 
TOTAL
24,999,631
 
 
New York—6.6%
 
2,166,000
 
Arcade, NY BANs, 1.500%, 5/10/2022
2,166,780
5,500,000
 
Central Islip, NY Fire District BANs, 1.250%, 6/3/2022
5,500,466
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
16,299,758
2,000,000
 
Clayton, NY, (Series A) BANs, 1.500%, 11/29/2022
1,997,880
1,500,000
 
Cooperstown, NY Central School District BANs,
1.000%, 6/30/2022
1,499,050
4,971,000
 
Endicott, NY BANs, 1.000%, 8/25/2022
4,962,861
7,600,000
 
Erie, NY #2 Board of Cooperative Educational Services RANs,
1.250%, 6/30/2022
7,599,855
2,460,000
 
Fillmore, NY Central School District BANs, 1.250%, 6/23/2022
2,460,039
3,400,000
 
Genesee Valley, NY Board of Cooperative Educational Services
RANs, 1.200%, 6/28/2022
3,399,563
1,643,224
 
Glen Cove, NY, (Series A) BANs, 1.500%, 6/8/2022
1,644,102
2,140,000
 
Greenbush North Castle, NY UFSD RANs, 1.000%, 9/16/2022
2,135,313
3,041,856
 
Island Park Village, NY, (Series D) BANs, 1.250%, 6/15/2022
3,042,130
6,000,000
 
Jefferson County, NY Board of Cooperative Education District
BANs, 1.000%, 6/29/2022
5,996,714
2,000,000
 
Lima, NY BANs, 1.750%, 5/27/2022
2,001,736
12,000,000
1
Long Island Power Authority, NY, Electric System General
Revenue Bonds (Series 2014C) (LIBOR Floating Rate Tender
Notes) FRNs, 0.911% (1-month USLIBOR x 0.70 +0.750%),
Mandatory Tender 10/1/2023
11,996,513
17,000,000
 
Long Island Power Authority, NY, Electric System General
Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory
Tender 9/1/2024
16,848,707
2,510,000
1
Metropolitan Transportation Authority, NY (MTA Dedicated
Tax Fund), Dedicated Tax Fund Variable Rate Bonds
(Series 2008A-2A) FRNs, 0.960% (SIFMA 7-day +0.450%),
Mandatory Tender 6/1/2022
2,510,110
7,125,000
1
Metropolitan Transportation Authority, NY (MTA Transportation
Revenue), Transportation Revenue Variable Rate Refunding Bonds
(Series 2005D-1) FRNs, 0.518% (SOFR x 0.67 +0.330%),
Mandatory Tender 4/1/2024
7,079,719
Semi-Annual Shareholder Report
12

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New York—continued
 
$28,000,000
1
Metropolitan Transportation Authority, NY (MTA Transportation
Revenue), Transportation Revenue Variable Rate Refunding Bonds
(Series 2011B) FRNs, 0.704% (1-month USLIBOR x 0.67 +0.550%),
Mandatory Tender 11/1/2022
$27,935,023
9,500,000
 
New York State Board of Cooperative Educational Services
(Onondaga, Cortland and Madison Counties, NY) RANs,
1.000%, 6/17/2022
9,495,612
5,500,000
 
New York State Board of Cooperative Educational Services
(St. Lawrence & Lewis Counties, NY) RANs, 1.000%, 6/17/2022
5,497,460
250,000
 
New York Transportation Development Corporation (JFK
International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 5.000%, 12/1/2022
254,560
2,500,000
 
New York Transportation Development (JFK International Air
Terminal LLC), Special Facilities Revenue Bonds (Series 2020A),
5.000%, 12/1/2024
2,640,761
1,750,000
 
New York Transportation Development Corporation (JFK
International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 5.000%, 12/1/2022
1,783,427
1,000,000
 
New York Transportation Development Corporation (JFK
International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 5.000%, 12/1/2024
1,061,323
1,000,000
 
New York Transportation Development Corporation (JFK
International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020C), 5.000%, 12/1/2026
1,091,952
12,000,000
 
Orange and Ulster Counties BOCES, NY RANs,
1.000%, 7/22/2022
11,988,014
3,900,000
 
Southern Cayuga, NY Central School District, (Series A) BANs,
2.000%, 6/30/2022
3,907,208
5,750,000
1
Triborough Bridge & Tunnel Authority, NY, General Revenue
Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, 0.568%
(SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024
5,746,282
 
 
TOTAL
170,542,918
 
 
North Carolina—1.6%
 
4,000,000
 
Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health
(previously Carolinas HealthCare) System), Variable Rate Health
Care Revenue Bonds (Series 2018E) TOBs, 0.800%,
Mandatory Tender 10/31/2025
3,807,405
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
841,435
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
962,069
Semi-Annual Shareholder Report
13

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
North Carolina—continued
 
$25,000,000
 
North Carolina State Turnpike Authority, Triangle Expressway
System Senior Lien Turnpike Revenue Bonds (Series 2020),
5.000%, 2/1/2024
$26,272,482
10,000,000
1
University of North Carolina at Chapel Hill, General Revenue
Refunding Bonds (Series 2019A) FRNs, 0.279% (1-month
USLIBOR x 0.67 +0.125%), Mandatory Tender 11/9/2022
9,988,348
 
 
TOTAL
41,871,739
 
 
North Dakota—0.5%
 
10,000,000
 
Cass County Joint Water Resource District, ND, UT GO
Temporary Refunding Improvement Bonds (Series 2021A),
0.480%, 5/1/2024
9,562,641
4,000,000
1
North Dakota State HFA, Housing Finance Program Bonds
(Series 2019B) FRNs, 0.710% (SIFMA 7-day +0.200%),
Mandatory Tender 7/1/2024
3,999,048
 
 
TOTAL
13,561,689
 
 
Ohio—0.8%
 
2,000,000
 
Harrison, OH BANs, 2.000%, 10/25/2022
2,002,567
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
8,556,805
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
4,650,315
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
4,306,605
1,000,000
 
Ohio Water Development Authority (Waste Management, Inc.),
Solid Waste Revenue Bonds (Series 2002), 3.250%, 11/1/2022
1,007,679
 
 
TOTAL
20,523,971
 
 
Oklahoma—0.2%
 
2,850,000
 
Cleveland County, OK Educational Facilities Authority (Norman
Public Schools), Education Facilities Lease Revenue Bonds
(Series 2019), 5.000%, 6/1/2022
2,868,093
1,500,000
 
Cleveland County, OK Educational Facilities Authority (Norman
Public Schools), Educational Facilities Lease Revenue Bonds
(Series 2019), 5.000%, 6/1/2024
1,597,046
 
 
TOTAL
4,465,139
 
 
Oregon—0.4%
 
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
530,042
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
1,780,079
Semi-Annual Shareholder Report
14

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Oregon—continued
 
$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
$2,708,086
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
886,407
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
3,440,769
 
 
TOTAL
9,345,383
 
 
Pennsylvania—6.0%
 
5,500,000
1
Allegheny County, PA Higher Education Building Authority
(Carnegie Mellon University), Revenue Bonds (Series 2022A)
FRNs, 0.486% (SOFR x 0.70 +0.290%), Mandatory
Tender 8/1/2027
5,437,161
2,495,000
1
Bethlehem, PA Area School District Authority, School Revenue
Bonds (Series 2021A) FRNs, 0.538% (SOFR x 0.67 +0.350%),
Mandatory Tender 11/1/2025
2,476,633
3,500,000
1
Bethlehem, PA Area School District Authority, School Revenue
Bonds (Series 2021B) FRNs, 0.538% (SOFR x 0.67 +0.350%),
Mandatory Tender 11/1/2025
3,474,258
15,000,000
1
Delaware Valley, PA Regional Finance Authority, Local
Government Revenue Bonds (Series 2022C) FRNs, 0.678%
(SOFR x 0.67 +0.490%), Mandatory Tender 3/1/2027
14,870,557
10,490,000
1
Lehigh County, PA General Purpose Authority (Muhlenberg
College), College Revenue Bonds (Series 2019) FRNs, 1.090%
(SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024
10,474,141
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
5,452,211
1,200,000
1
North Penn, PA Water Authority, SIFMA Index Rate Water
Revenue Refunding Bonds (Series 2019) FRNs, 0.970%
(SIFMA 7-day +0.460%), 11/1/2023
1,198,809
4,000,000
1
Northampton County, PA General Purpose Authority (St. Luke’s
University Health Network), Variable Rate Hospital Revenue
Bonds (Series 2018B) FRNs, 1.201% (1-month USLIBOR x 0.70
+1.040%), Mandatory Tender 8/15/2024
4,011,437
10,000,000
 
Pennsylvania Economic Development Financing Authority (PPL
Electric Utilities Corp.), Pollution Control Revenue Refunding
Bonds (Series 2008), 0.400%, 10/1/2023
9,663,918
3,000,000
 
Pennsylvania Economic Development Financing Authority
(Republic Services, Inc.), (Series 2010B) TOBs, 0.170%,
Mandatory Tender 4/1/2022
2,999,995
Semi-Annual Shareholder Report
15

Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Pennsylvania—continued
 
$20,000,000
 
Pennsylvania Economic Development Financing Authority
(Republic Services, Inc.), (Series 2014) TOBs, 0.230%, Mandatory
Tender 4/1/2022
$20,000,000
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
4,678,064
9,000,000
1
Pennsylvania Economic Development Financing Authority (Waste
Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series 2021A) FRNs, 0.910% (SIFMA 7-day +0.400%), Mandatory
Tender 6/3/2024
8,958,789
6,000,000
1
Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C)
FRNs, 0.888% (1-month USLIBOR x 0.70 +0.570%), Mandatory
Tender 10/1/2023
6,005,098
5,000,000
1
Pennsylvania State Turnpike Commission, Variable Rate Turnpike
Revenue Bonds (Series 2018B) FRNs, 1.210% (SIFMA 7-day
+0.700%), 12/1/2023
5,009,975
10,000,000
1
Pennsylvania State Turnpike Commission, Variable Rate Turnpike
Revenue Bonds (SIFMA Index Bonds)(Series 2018A-1) FRNs,
1.110% (SIFMA 7-day +0.600%), 12/1/2023
10,023,541
2,285,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2023
2,350,164
750,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2024
792,051
17,500,000
1
Pittsburgh, PA Water & Sewer Authority, First Lien Revenue
Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty
Municipal Corp. INS), 1.160% (SIFMA 7-day +0.650%), Mandatory
Tender 12/1/2023
17,548,594
6,750,000
1
Southcentral PA, General Authority (Wellspan Health Obligated
Group), Revenue Bonds (Series 2019A) FRNs, 1.110% (SIFMA
7-day +0.600%), Mandatory Tender 6/1/2024
6,778,133
13,000,000
1
University of Pittsburgh, Pitt Asset NotesHigher Education
Registered Series of 2019 FRNs, 0.870% (SIFMA 7-day
+0.360%), 2/15/2024
13,042,687
 
 
TOTAL
155,246,216
 
 
South Carolina—1.0%
 
25,000,000
1
Patriots Energy Group Financing Agency, Gas Supply Revenue
Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), 1.014%
(1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024
25,034,947
1,250,000