NPORT-EX 2 poi_fedmunibondfund.htm POI - FEDERATED MUNICIPAL BOND FUND INC
Federated Municipal Bond Fund, Inc.
Portfolio of Investments
December 31, 2019 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—98.0%  
    Alabama—1.5%  
$1,000,000   Birmingham, AL Waterworks Board, Senior Revenue Refunding Bonds (Series 2016-B), 5.000%, 1/1/2039 $1,205,470
2,000,000   Birmingham, AL Waterworks Board, Subordinate Revenue Refunding Bonds (Series 2016-B), 4.000%, 1/1/2043 2,167,820
1,250,000   Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2010A), 5.800%, 5/1/2034 1,267,788
395,000 1 Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 453,997
    TOTAL 5,095,075
    Arizona—3.9%  
3,000,000   Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047 3,518,970
3,000,000   Arizona Board of Regents (Arizona State University), System Revenue & Refunding Bonds (Series 2015A Green Bonds), 5.000%, 7/1/2041 3,487,500
1,740,000   Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 1,875,076
2,000,000   Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2019A), 5.000%, 1/1/2035 2,583,840
1,000,000   Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2038 1,229,750
    TOTAL 12,695,136
    California—6.5%  
1,500,000 2 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A) FRNs, 2.860% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027 1,563,825
2,000,000   California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B), 5.000%, 10/1/2044 2,257,680
1,000,000   California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054 1,134,800
2,000,000   California State University (The Trustees of), Systemwide Revenue Bonds (Series 2011A), 5.000%, 11/1/2037 2,140,300
2,000,000   Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Water Works/System)), Water System Revenue Bonds (Series 2013B), 5.000%, 7/1/2033 2,262,580
1,000,000   Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A), 5.000%, 5/15/2044 1,198,330
3,000,000   Roseville, CA Natural Gas Financing Authority, Gas Revenue Bonds (Series 2007), (Bank of America Corp. GTD), 5.000%, 2/15/2025 3,492,450
2,000,000   San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047 2,395,140
2,000,000   San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019A), 5.000%, 5/1/2035 2,473,740
2,000,000   San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2017 Sub-Series D), 5.000%, 11/1/2034 2,513,420
    TOTAL 21,432,265
    Colorado—3.3%  
1,000,000   Colorado State Health Facilities Authority Revenue (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036 1,203,380
1,000,000   Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Revenue Bonds (Series 2018A), 5.000%, 12/1/2048 1,182,930
2,000,000   Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027 2,373,440
2,500,000   University of Colorado (The Regents of), University Enterprise Revenue Bonds (Series 2011A), (United States Treasury PRF 6/1/2021@100), 5.250%, 6/1/2036 2,646,675
3,250,000   University of Colorado Hospital Authority, Revenue Bonds (Series 2012A), 5.000%, 11/15/2036 3,556,280
    TOTAL 10,962,705
    Connecticut—1.4%  
3,000,000   Connecticut State HEFA (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT), 5.000%, 12/1/2045 3,475,440
1,000,000   Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2036 1,219,390
    TOTAL 4,694,830
    Delaware—0.7%  
2,380,000   Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Refunding Bonds, 5.400%, 2/1/2031 2,433,598
    District of Columbia—3.9%  
2,500,000   District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048 2,892,925
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    District of Columbia—continued  
$1,200,000   District of Columbia Revenue (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049 $1,413,744
1,800,000   District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041 2,027,610
1,000,000   District of Columbia Revenue (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036 1,197,930
3,000,000   District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2039 3,541,050
1,500,000   Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Dulles Toll Road Subordinate Lien Revenue Refunding Bonds (Series 2019B), 4.000%, 10/1/2044 1,649,880
    TOTAL 12,723,139
    Florida—9.9%  
1,500,000   Broward County, FL Airport System, Airport System Revenue Bonds (Series 2012Q-1), (United States Treasury PRF 10/1/2022@100), 5.000%, 10/1/2037 1,655,550
1,000,000   Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038 1,201,100
1,000,000   Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035 1,141,220
2,000,000   Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036 2,384,940
3,500,000   Miami Beach, FL Resort Tax, Revenue Bonds (Series 2015), 5.000%, 9/1/2040 4,064,830
1,000,000   Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2030 1,147,550
1,000,000   Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2032 1,149,050
2,000,000   Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2015A), 5.000%, 10/1/2038 2,299,860
2,000,000   Miami-Dade County, FL Expressway Authority, Toll System Refunding Revenue Bonds (Series 2016A), 5.000%, 7/1/2032 2,355,940
1,250,000   Miami-Dade County, FL Expressway Authority, Toll System Revenue Bonds (Series 2010), (Original Issue Yield: 5.100%), 5.000%, 7/1/2040 1,271,862
1,500,000   Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017), 5.000%, 8/1/2042 1,764,690
1,000,000   Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2048 1,089,160
2,875,000   Miami-Dade County, FL Transit System, Sales Surtax Revenue Bonds (Series 2012), 5.000%, 7/1/2042 3,101,119
4,105,000   Orlando & Orange County Expressway Authority, FL, Revenue Bonds (Series 2010A), (United States Treasury PRF 7/1/2020@100), 5.000%, 7/1/2035 4,184,350
2,000,000   St. Johns County, FL IDA (Presbyterian Retirement Communities ), Revenue Bonds (Series 2010A), (Original Issue Yield: 5.980%), (United States Treasury PRF 8/1/2020@100), 5.875%, 8/1/2040 2,053,880
1,500,000   Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036 1,757,685
    TOTAL 32,622,786
    Georgia—3.8%  
2,190,000   Atlanta, GA Airport General Revenue, Airport General Revenue Bonds (Series 2010A), 5.000%, 1/1/2035 2,190,000
3,000,000   Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 3,490,770
3,000,000   Georgia State, GO Bonds (Series 2017A-2), 5.000%, 2/1/2033 3,679,110
3,000,000 2 Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018D) FRNs, (Royal Bank of Canada GTD), 1.970% (1-month USLIBOR x 0.67 +0.830%), Mandatory Tender 12/1/2023 3,014,880
    TOTAL 12,374,760
    Illinois—4.6%  
310,000   Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.000%, 1/1/2041 360,118
1,875,000   Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011C), (United States Treasury PRF 1/1/2021@100), 6.500%, 1/1/2041 1,974,487
2,000,000   Chicago, IL O'Hare International Airport, Passenger Facility Charge Revenue Refunding Bonds (Series 2012A), 5.000%, 1/1/2031 2,137,780
1,500,000   Chicago, IL Sales Tax, Revenue Bonds (Series 2011A), (United States Treasury PRF 1/1/2022@100), 5.250%, 1/1/2038 1,620,915
750,000   Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044 831,458
3,000,000   Illinois Finance Authority (Northwestern Memorial Healthcare), Revenue Bonds (Series 2017A), 5.000%, 7/15/2042 3,575,430
1,000,000   Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2019 A), 4.000%, 1/1/2039 1,140,150
2,000,000   Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 2,288,760
1,000,000   Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), 5.250%, 7/1/2028 1,095,150
    TOTAL 15,024,248
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Indiana—0.8%  
$1,155,000   Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.000%, 1/1/2028 $1,254,445
1,300,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 5.250%, 1/1/2030 1,486,381
    TOTAL 2,740,826
    Maryland—0.3%  
1,000,000   Rockville, MD Mayor & City Council Economic Development Revenue (Ingleside at King Farm), (Series 2017B), 5.000%, 11/1/2042 1,097,550
    Massachusetts—4.0%  
3,000,000   Commonwealth of Massachusetts, UT GO Bonds (Series 2018C), 5.250%, 9/1/2043 3,740,580
3,000,000   Massachusetts Port Authority, Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 3,461,790
1,000,000   Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds (Series 2011B), (United States Treasury PRF 10/15/2021@100), 5.250%, 10/15/2035 1,073,990
2,000,000   Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A), 5.250%, 2/15/2048 2,448,200
2,000,000   Massachusetts Water Resources Authority, General Revenue Refunding Bonds (Series 2017C), 5.000%, 8/1/2032 2,473,420
    TOTAL 13,197,980
    Michigan—1.8%  
1,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Bonds (Series 2014 C-3), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2033 1,138,660
1,000,000   Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Local Government Loan Program Revenue Refunding Bonds (Series 2015D-1), 5.000%, 7/1/2034 1,160,520
2,000,000   Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 12/31/2043 2,373,120
1,000,000   Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D), 5.000%, 9/1/2039 1,120,120
    TOTAL 5,792,420
    Minnesota—0.3%  
1,000,000   University of Minnesota (The Regents of), GO Bonds (Series 2011A), (United States Treasury PRF 12/1/2020@100), 5.250%, 12/1/2030 1,037,510
    Mississippi—0.3%  
940,000   Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A), 5.375%, 12/1/2035 1,007,558
    Nebraska—0.7%  
2,000,000   Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), (Original Issue Yield: 5.050%), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042 2,162,800
    Nevada—0.9%  
2,000,000   Clark County, NV, Limited Tax General Obligation Detention Center Bonds (Series 2019), 5.000%, 6/1/2032 2,554,820
305,000 1 Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 325,301
    TOTAL 2,880,121
    New Jersey—7.1%  
155,000   New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF 6/15/2025@100), 5.250%, 6/15/2040 187,474
2,725,000   New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 3,077,097
665,000   New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 756,052
1,250,000   New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds (Series 2014A), 5.000%, 7/1/2043 1,426,563
3,000,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2011A), (United States Treasury PRF 6/15/2021@100), 5.500%, 6/15/2041 3,187,110
1,500,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2035 1,753,830
2,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034 2,318,760
1,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029 1,227,090
2,000,000   Rutgers, The State University of New Jersey, GO Refunding Bonds (Series 2013J), (United States Treasury PRF 5/1/2023@100), 5.000%, 5/1/2030 2,256,960
1,660,000   Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2046 1,885,328
3
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New Jersey—continued  
$4,700,000   Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 $5,231,429
    TOTAL 23,307,693
    New Mexico—0.8%  
2,175,000   New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds (Series 2017A), 5.000%, 8/1/2046 2,557,495
    New York—9.3%  
1,000,000   Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045 1,183,680
2,000,000   Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.000%, 9/1/2044 2,260,180
3,000,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Revenue Bonds (Series 2015A), 5.000%, 11/15/2045 3,397,950
3,000,000 1,2 Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Trust Receipts/Certificates (Series 2019-FG0227) MUNINVs, (Assured Guaranty Municipal Corp. INS), 4.732%, 11/15/2046 3,640,650
3,000,000   New York City, NY, Transitional Finance Authority, Building Aid Revenue Bonds (Series 2015S-2), 5.000%, 7/15/2041 3,513,180
3,255,000   New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033 3,864,694
300,000   New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.000%, 8/1/2032 361,938
2,470,000   New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 2), 5.000%, 9/15/2043 2,643,197
400,000   New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 3), 5.000%, 3/15/2044 427,756
2,000,000   New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), General Purpose Revenue Bonds (Series 2016A), 5.000%, 2/15/2043 2,353,780
2,000,000   New York State Dormitory Authority (New York State Sales Tax Revenue Bond Fund), Revenue Bonds (Series 2018C), 5.000%, 3/15/2038 2,445,340
2,000,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2019B), 4.000%, 1/1/2045 2,232,980
1,930,000   Port Authority of New York and New Jersey, Revenue Bonds (194th Series ), 5.000%, 10/15/2041 2,287,262
    TOTAL 30,612,587
    North Carolina—0.7%  
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2042 1,104,310
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 1,100,730
    TOTAL 2,205,040
    Ohio—4.4%  
1,000,000   Cincinnati, OH, UTGO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032 1,292,690
2,180,000   Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue Yield: 5.030%), 5.000%, 2/15/2057 2,454,004
1,500,000   Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 1,619,505
2,000,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), Revenue Bonds (Series 2012), (United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2038 2,153,460
3,000,000   Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 12/31/2039 3,377,820
1,000,000   Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 1,112,650
2,000,000   Ohio State, Common Schools UTGO Bonds (Series 2019A), 5.000%, 6/15/2036 2,531,240
    TOTAL 14,541,369
    Oklahoma—1.7%  
2,000,000   Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 2,367,380
2,795,000   Oklahoma State Turnpike Authority, Second Senior Revenue Bonds (Series 2017C), 5.000%, 1/1/2047 3,275,852
    TOTAL 5,643,232
    Pennsylvania—7.8%  
1,000,000   Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 1,153,710
450,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2032 521,883
500,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2042 565,290
1,500,000   Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 1,798,680
2,000,000   Delaware River Port Authority, Revenue Bonds (Series 2013), 5.000%, 1/1/2030 2,287,780
4
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$2,000,000   Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1), 5.000%, 2/15/2045 $2,340,060
1,000,000   Lancaster County, PA Hospital Authority (Brethren Village), Revenue Bonds (Series 2017), 5.125%, 7/1/2037 1,089,790
1,000,000   Lancaster County, PA Hospital Authority (Brethren Village), Revenue Bonds (Series 2017), 5.250%, 7/1/2041 1,094,480
2,000,000   Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Hospital Revenue Bonds (Series 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048 2,129,780
2,970,000   Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2034 3,422,776
3,000,000   Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012), 5.000%, 4/1/2042 3,192,270
2,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042 2,192,820
1,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A), 5.000%, 2/15/2048 1,209,750
2,000,000   Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037 2,471,680
    TOTAL 25,470,749
    South Carolina—1.4%  
2,000,000   Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2034 2,241,080
615,000   Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2039 682,841
1,500,000   South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048 1,741,095
    TOTAL 4,665,016
    Tennessee—0.5%  
1,335,000   Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Vanderbilt University Medical Center), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046 1,537,493
    Texas—7.1%  
1,500,000   Bexar County, TX, Limited Tax Refunding Bonds (Series 2017), 5.000%, 6/15/2031 1,804,785
2,225,000   Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), 5.000%, 12/1/2048 2,600,958
2,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds (Series 2014A), (United States Treasury PRF 12/1/2024@100), 5.000%, 12/1/2029 2,365,580
2,000,000   Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 4.000%, 11/15/2037 2,227,820
2,500,000   North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2011B), (Original Issue Yield: 5.120%), 5.000%, 1/1/2038 2,589,575
1,180,000   Port of Houston Authority, TX, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2031 1,469,560
1,500,000   San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032 1,785,690
2,000,000   San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034 2,246,120
2,030,000   Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Senior Lien Revenue Bonds (Series 2006A), (Bank of America Corp. GTD), 5.250%, 12/15/2026 2,478,082
3,000,000   Trinity River Authority Texas Regional Wastewater System, Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2026 3,681,780
    TOTAL 23,249,950
    Utah—0.7%  
2,000,000   Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 2,353,280
    Virginia—1.0%  
1,200,000   Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.000%, 7/1/2051 1,379,820
1,500,000   Hampton Roads, VA Sanitation District, Subordinate Wastewater Revenue Bonds (Series 2016A), (United States Treasury PRF 8/1/2026@100), 5.000%, 8/1/2043 1,850,925
    TOTAL 3,230,745
    Washington—5.1%  
2,570,000   Energy Northwest, WA, Project 3 Electric Revenue Refunding Bonds (Series 2014-C), 5.000%, 7/1/2028 2,975,880
2,000,000   Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043 2,320,340
1,875,000 1,2 Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 4.762%, 1/1/2046 2,263,406
1,680,000 1,2 Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 4.762%, 1/1/2047 2,021,779
2,000,000   Washington State Convention Center Public Facilities District, Revenue Bonds (Series 2018), 5.000%, 7/1/2058 2,352,560
1,250,000   Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Bonds (Series 2014C), 5.000%, 10/1/2044 1,405,650
3,000,000   Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040 3,481,380
    TOTAL 16,820,995
5
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    West Virginia—0.8%  
$2,000,000   West Virginia State, GO State Road Bonds (Series 2019A), 5.000%, 12/1/2036 $2,508,240
    Wisconsin—1.0%  
800,000   Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039 887,912
2,000,000   Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034 2,251,420
    TOTAL 3,139,332
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $303,483,173) 		321,818,523
  2 SHORT-TERM MUNICIPALS—0.8%  
    Alabama—0.6%  
2,050,000   West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.740%, 1/2/2020 2,050,000
    Michigan—0.1%  
300,000   Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.770%, 1/2/2020 300,000
    Texas—0.1%  
300,000   Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 1.700%, 1/2/2020 300,000
    Wyoming—0.0%  
150,000   Sublette County, WY (Exxon Capital Ventures, Inc.), (Series 2014) Daily VRDNs, (Exxon Mobil Corp. GTD), 1.640%, 1/2/2020 150,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $2,800,000) 		2,800,000
    TOTAL INVESTMENT IN SECURITIES—98.8%
(IDENTIFIED COST $306,283,173) 		324,618,523
    OTHER ASSETS AND LIABILITIES - NET—1.2%3 3,808,975
    TOTAL NET ASSETS—100% $328,427,498
Securities that are subject to the federal alternative minimum tax (AMT) represent 8.7% of the Fund's portfolio as calculated based upon total market value.
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2019, these restricted securities amounted to $8,705,133 which represented 2.7% of total net assets.
2 Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
Additional information on restricted securities held at December 31, 2019 is as follows:
Security Acquisition
Date 		Acquisition
Cost 		Market
Value
Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047 8/31/2017 $310,516 $325,301
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Trust Receipts/Certificates (Series 2019-FG0227) MUNINVs, (Assured Guaranty Municipal Corp. INS), 4.732%, 11/15/2046 2/12/2019 $3,127,309 $3,640,650
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 4.762%, 1/1/2046 2/1/2019 $1,976,518 $2,263,406
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 4.762%, 1/1/2047 2/1/2019 $1,768,647 $2,021,779
Tuscaloosa County, AL IDA (Hunt Refining Co.), Gulf Opportunity Zone Refunding Bonds (Series 2019A), 5.250%, 5/1/2044 4/17/2019 $395,000 $453,997
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at December 31, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Directors (the “Directors”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
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■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Directors have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Directors. The Directors periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Directors.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of December 31, 2019, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
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The following acronyms are used throughout this portfolio:
EDA —Economic Development Authority
FRNs —Floating Rate Notes
GO —General Obligation
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
IDA —Industrial Development Authority
IDB —Industrial Development Bond
INS —Insured
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
MUNINVs —Municipal Inverse Floater
PRF —Pre-refunded
SIFMA —Securities Industry and Financial Markets Association
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
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