0001145549-20-047407.txt : 20200824 0001145549-20-047407.hdr.sgml : 20200824 20200824122601 ACCESSION NUMBER: 0001145549-20-047407 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200824 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Hermes Municipal Bond Fund, Inc. CENTRAL INDEX KEY: 0000201801 IRS NUMBER: 251304971 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02677 FILM NUMBER: 201126006 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 20170728 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES FUND INC DATE OF NAME CHANGE: 19960307 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY MUNICIPAL SECURITIES FUND INC DATE OF NAME CHANGE: 19930517 0000201801 S000009070 Federated Hermes Municipal Bond Fund, Inc. C000024642 Class A Shares LMSFX C000024643 Class B Shares LMSBX C000024644 Class C Shares LMSCX C000051334 Class F Shares LMFFX C000188105 Class T Shares C000191101 Institutional Shares LMBIX NPORT-P 1 primary_doc.xml NPORT-P false 0000201801 XXXXXXXX S000009070 C000024642 C000024643 C000024644 C000051334 C000188105 C000191101 Federated Hermes Municipal Bond Fund, Inc. f/k/a Federated Municipal Bond Fund Inc 811-02677 0000201801 FKXPJ13H04EJB13HM305 Federated Hermes Funds 4000 Ericsson Drive Warrendale 15086-7561 8003417400 Federated Hermes Municipal Bond Fund, Inc. f/k/a Federated Municipal Bond Fund Inc S000009070 FKXPJ13H04EJB13HM305 2021-03-31 2020-06-30 N 322181631.320000000000 801715.330000000000 321379915.990000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 4790.760000000000 USD N MET NASHVILLE TN ARPT AUTH ARP 549300IC0HNF8TDXEE63 Metropolitan Nashville Airport Authority/The 592190PK2 2000000 PA USD 2198460 0.6840688825 Long DBT MUN US N 2 2054-07-01 Fixed 4 N N N N N N NEW YORK ST LIBERTY DEV CORP L N/A NEW YORK LIBERTY DEVELOPMENT CORP 649519CL7 2470000 PA USD 2623979.8 0.8164728626 Long DBT MUN US N 2 2043-09-15 Fixed 5 N N N N N N MAIN STREET NATURAL GAS INC GA 549300NY5M0QVZ6X4U26 MAIN STREET NATURAL GAS INC 56035DAX0 3000000 PA USD 2978520 0.9267909573 Long DBT MUN US N 2 2048-08-01 Variable 0.946 N N N N N N RUTGERS NJ ST UNIV 549300BOYDHNW8J60112 RUTGERS THE STATE UNIVERSITY OF NEW JERSEY 783186QP7 2000000 PA USD 2263520 0.7043128358 Long DBT MUN US N 2 2030-05-01 Fixed 5 N N N N N N E-470 CO PUBLIC HIGHWAY AUTH 549300164ZV2301BC703 E-470 Public Highway Authority 26822LMU5 2800000 PA USD 3182144 0.9901502370 Long DBT MUN US N 2 2040-09-01 Fixed 5 N N N N N N DELAWARE ST ECON DEV AUTH REVE N/A DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY 246387PA6 2380000 PA USD 2386783 0.7426671305 Long DBT MUN US N 2 2031-02-01 Fixed 5.4 N N N N N N NEW JERSEY ST TRANSPRTN TRUST 549300YUVD5TEXR6L889 NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY 646136A76 3000000 PA USD 3148290 0.9796162869 Long DBT MUN US N 2 2041-06-15 Fixed 5.5 N N N N N N WILSONVILLE AL INDL DEV BRD SO N/A Wilsonville Industrial Development Board 97247RAB5 600000 PA USD 600000 0.1866949271 Long DBT MUN US N 2 2030-12-01 Variable 0.22 N N N N N N NEW YORK ST MTGE AGY REVENUE 549300ZQWNLLIG564027 State of New York Mortgage Agency 64988P4C7 150000 PA USD 150000 0.0466737318 Long DBT MUN US N 2 2037-04-01 Variable 0.17 N N N N N N NEW YORK CITY NY TRANSITIONAL N/A NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID REVENUE 64972HXW7 3000000 PA USD 3466740 1.0787046195 Long DBT MUN US N 2 2041-07-15 Fixed 5 N N N N N N STATE OF ILLINOIS 54930048FV8RWPR02D67 STATE OF ILLINOIS 452152SW2 1000000 PA USD 1047430 0.3259164459 Long DBT MUN US N 2 2028-07-01 Fixed 5.25 N N N N N N ILLINOIS ST 54930048FV8RWPR02D67 State of Illinois 452152Q20 890000 PA USD 967269.8 0.3009739414 Long DBT MUN US N 2 2028-11-01 Fixed 5 N N N N N N COLORADO ST HLTH FACS AUTH HOS 5493002JB6DRFRZPEQ21 Colorado Health Facilities Authority 19648FJX3 1000000 PA USD 1098530 0.3418166305 Long DBT MUN US N 2 2037-08-01 Fixed 4 N N N N N N MASSACHUSETTS ST SCH BLDG AUTH N/A MASSACHUSETTS SCHOOL BUILDING AUTHORITY 576000WE9 2000000 PA USD 2484200 0.7729792300 Long DBT MUN US N 2 2048-02-15 Fixed 5.25 N N N N N N CHICAGO IL O'HARE INTERNATIONA N/A CHICAGO O'HARE INTERNATIONAL AIRPORT 167593JZ6 2000000 PA USD 2101840 0.6540047761 Long DBT MUN US N 2 2031-01-01 Fixed 5 N N N N N N MONROE CNTY GA DEV AUTH N/A Development Authority of Monroe County/The 610532BZ5 300000 PA USD 300000 0.0933474636 Long DBT MUN US N 2 2049-10-01 Variable 0.22 N N N N N N PORT OF SEATTLE WA REVENUE 549300T9UCDUJ3GZL429 PORT OF SEATTLE WA 735389E20 2000000 PA USD 2307480 0.7179913508 Long DBT MUN US N 2 2043-05-01 Fixed 5 N N N N N N WASHINGTON ST 549300X3TODFMUKLQ364 STATE OF WASHINGTON 93974DSX7 3000000 PA USD 3524040 1.0965339851 Long DBT MUN US N 2 2040-08-01 Fixed 5 N N N N N N WISCONSIN ST HLTH & EDUCTNL FA 549300ISNGXS0VHGVD41 WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY 97712DKQ8 800000 PA USD 892344 0.2776601634 Long DBT MUN US N 2 2039-08-15 Fixed 5 N N N N N N NEW MEXICO ST HOSP EQUIPMENT L N/A NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL 647370HX6 2175000 PA USD 2528698.5 0.7868253037 Long DBT MUN US N 2 2046-08-01 Fixed 5 N N N N N N DENVER CITY & CNTY CO ARPT REV N/A DENVER CITY & CO ARPT 249182LW4 1000000 PA USD 1182380 0.3679072466 Long DBT MUN US N 2 2048-12-01 Fixed 5 N N N N N N MIAMI-DADE CNTY FL INDL DEV AU 549300RM19LZY32DAU30 MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 59333EED1 1000000 PA USD 1073950 0.3341683617 Long DBT MUN US N 2 2048-01-15 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447TFX6 1000000 PA USD 1153150 0.3588120921 Long DBT MUN US N 2 2034-07-01 Fixed 5 N N N N N N HARRIS CNTY TX INDL DEV CORP N/A Harris County Industrial Development Corp 414191AC0 1000000 PA USD 1000000 0.3111582119 Long DBT MUN US Y 2 2032-04-01 Variable 0.16 N N N N N N NORTH CAROLINA ST MED CARE COM 549300FH6KOXGCHQYG81 North Carolina Medical Care Commission 65820YNY8 1000000 PA USD 1028000 0.3198706418 Long DBT MUN US N 2 2037-10-01 Fixed 5 N N N N N N CALIFORNIA ST HLTH FACS FING A 5493007RI8BUDOGHZ546 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY 13033L4N4 2000000 PA USD 2259600 0.7030930956 Long DBT MUN US N 2 2044-10-01 Fixed 5 N N N N N N CHICAGO IL SALES TAX REVENUE T5UYO5SYLC8K73MJQX30 CITY OF CHICAGO IL 16768TJL9 1500000 PA USD 1609425 0.5007858052 Long DBT MUN US N 2 2038-01-01 Fixed 5.25 N N N N N N NEW JERSEY ST TRANSPRTN TRUST 549300YUVD5TEXR6L889 New Jersey Transportation Trust Fund Authority 6461364G3 1500000 PA USD 1681155 0.5231051837 Long DBT MUN US N 2 2035-12-15 Fixed 5 N N N N N N SAN ANTONIO TX ELEC & GAS REVE 5493002G2FEH20Q4GQ04 CITY OF SAN ANTONIO TX ELECTRIC & GAS SYSTEMS REVENUE 7962535T5 2000000 PA USD 2255320 0.7017613385 Long DBT MUN US N 2 2034-02-01 Fixed 4 N N N N N N COLORADO ST HLTH FACS AUTH HOS 5493002JB6DRFRZPEQ21 Colorado Health Facilities Authority 19648FJW5 1000000 PA USD 1198140 0.3728111000 Long DBT MUN US N 2 2036-08-01 Fixed 5 N N N N N N NEW JERSEY ST ECON DEV AUTH RE 5493006JS6QWDVU4R678 New Jersey Economic Development Authority 64577XAC0 155000 PA USD 191742.75 0.0596623312 Long DBT MUN US N 2 2040-06-15 Fixed 5.25 N N N N N N DELAWARE RIVER PORT AUTH PA & 549300OBM31KJO8JR048 DELAWARE RIVER PORT AUTHORITY 246352GH5 2000000 PA USD 2248140 0.6995272225 Long DBT MUN US N 2 2030-01-01 Fixed 5 N N N N N N OKLAHOMA ST TURNPIKE AUTH 549300J83EP2PBDYH615 OKLAHOMA TURNPIKE AUTHORITY 679111XZ2 2795000 PA USD 3281889 1.0211867129 Long DBT MUN US N 2 2047-01-01 Fixed 5 N N N N N N DIST OF COLUMBIA WTR & SWR AUT 549300OT2FIJQJ5PSH71 DISTRICT OF COLUMBIA WATER & SEWER AUTHORITY 254845MR8 3000000 PA USD 3600300 1.1202629103 Long DBT MUN US N 2 2039-10-01 Fixed 5 N N N N N N SELMA AL INDL DEV BRD REVENUE N/A SELMA INDUSTRIAL DEVELOPMENT BOARD 81647PAC7 1250000 PA USD 1251525 0.3894222811 Long DBT MUN US N 2 2034-05-01 Fixed 5.8 N N N N N N CONNECTICUT ST HLTH & EDUCTNL 549300ZOQJ5U8YBS5Q35 CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY 20774YYL5 3000000 PA USD 3471570 1.0802075137 Long DBT MUN US N 2 2045-12-01 Fixed 5 N N N N N N TALLAHASSEE FL ENERGY SYS REVE N/A CITY OF TALLAHASSEE FL ENERGY SYSTEM REVENUE 874476JV7 1500000 PA USD 1797915 0.5594360165 Long DBT MUN US N 2 2036-10-01 Fixed 5 N N N N N N MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY 549300NSQPQSO55VM780 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY 59334KFW3 1250000 PA USD 1253187.5 0.3899395817 Long DBT MUN US N 2 2040-07-01 Fixed 5 N N N N N N MASSACHUSETTS ST 5493001N1YCXNI1O7K10 COMMONWEALTH OF MASSACHUSETTS 57582RUM6 3000000 PA USD 3820470 1.1887706138 Long DBT MUN US N 2 2043-09-01 Fixed 5.25 N N N N N N LONG ISLAND NY PWR AUTH ELEC S 1R46U5SYJ63KQXF39168 LONG ISLAND POWER AUTHORITY 5426903C4 2000000 PA USD 2290800 0.7128012318 Long DBT MUN US N 2 2044-09-01 Fixed 5 N N N N N N BERKS CNTY PA INDL DEV AUTH HL N/A BERKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 08452RAC0 500000 PA USD 511935 0.1592927792 Long DBT MUN US N 2 2042-05-15 Fixed 5 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 67756A4D1 2000000 PA USD 2140000 0.6658785735 Long DBT MUN US N 2 2038-01-01 Fixed 5 N N N N N N SALT RIVER AZ PROJ AGRIC IMPT& SHB8HO6GKXJ83RX5OV39 Salt River Project Agricultural Improvement & Power District 79574CDV2 2000000 PA USD 2664820 0.8291806262 Long DBT MUN US N 2 2035-01-01 Fixed 5 N N N N N N PENNSYLVANIA ST HGR EDUCTNL FA N/A PENNSYLVANIA ST HGR E 70917SS61 2000000 PA USD 2211720 0.6881948404 Long DBT MUN US N 2 2042-08-15 Fixed 4 N N N N N N UNIV OF COLORADO CO HOSP AUTH GQ60RLZ5ZEBY2J9KLI75 UNIVERSITY OF COLORADO HOSPITAL AUTHORITY 914183AR9 3250000 PA USD 3483447.5 1.0839032953 Long DBT MUN US N 2 2036-11-15 Fixed 5 N N N N N N PENNSYLVANIA ST HGR EDUCTNL FA N/A Pennsylvania Higher Educational Facilities Authority 70917S4A8 1000000 PA USD 1210160 0.3765512217 Long DBT MUN US N 2 2048-02-15 Fixed 5 N N N N N N HOUSTON TX UTILITY SYS REVENUE N/A CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE 44244CGY7 2000000 PA USD 2296160 0.7144690398 Long DBT MUN US N 2 2037-11-15 Fixed 4 N N N N N N NORTHAMPTON COUNTY GENERAL PURPOSE AUTHORITY N/A NORTHAMPTON CO AUTH 66353RCF9 2000000 PA USD 2141680 0.6664013193 Long DBT MUN US N 2 2048-08-15 Fixed 4 N N N N N N TRINITY RIVER TX AUTH REGL WST N/A TRINITY RIVER AUTHORITY CENTRAL REGIONAL WASTEWATER SYSTEM REVENUE 89658HUE8 3000000 PA USD 3735120 1.1622132604 Long DBT MUN US N 2 2026-08-01 Fixed 5 N N N N N N SAN FRANCISCO CALIF CITY &CNTY 54930055TIDYHNDP4F84 San Francisco City & County Airport Comm-San Francisco International Airport 79766DLV9 2000000 PA USD 2473840 0.7697556309 Long DBT MUN US N 2 2035-05-01 Fixed 5 N N N N N N BUCKEYE OH TOBACCO SETTLEMENT N/A Buckeye Tobacco Settlement Financing Authority 118217CZ9 2000000 PA USD 2105980 0.6552929711 Long DBT MUN US N 2 2055-06-01 Fixed 5 N N N N N N ILLINOIS ST TOLL HIGHWAY AUTH 549300ISBFGI8MJJKM98 Illinois State Toll Highway Authority 452252NL9 1000000 PA USD 1128790 0.3512322780 Long DBT MUN US N 2 2039-01-01 Fixed 4 N N N N N N CHICAGO IL O'HARE INTERNATIONA N/A CHICAGO O'HARE INTERNATIONAL AIRPORT 167593GF3 1875000 PA USD 1933012.5 0.6014727131 Long DBT MUN US N 2 2041-01-01 Fixed 6.5 N N N N N N TAMPA FL HOSP REVENUE N/A City of Tampa FL 875161DC2 1000000 PA USD 1104120 0.3435560049 Long DBT MUN US N 2 2045-07-01 Fixed 4 N N N N N N NEVADA DEPT OF BUSINESS & INDU N/A NEVADA DEPARTMENT OF BUSINESS & INDUSTRY 641454AD5 305000 PA USD 308239.1 0.0959111272 Long DBT MUN US Y 2 2047-07-15 Fixed 5 N N N N N N MASSACHUSETTS ST PORT AUTH 254900JRR8IDSSKWCL90 MASSACHUSETTS PORT AUTHORITY 575896PX7 3000000 PA USD 3403260 1.0589522962 Long DBT MUN US N 2 2045-07-01 Fixed 5 N N N N N N NEW JERSEY ST TURNPIKE AUTH 5493005YN67D71KSMI84 NEW JERSEY TURNPIKE AUTHORITY 6461395V3 2000000 PA USD 2279460 0.7092726977 Long DBT MUN US N 2 2034-01-01 Fixed 5 N N N N N N HARRIS CNTY TX CULTURAL EDU FA N/A HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP 414009JB7 2000000 PA USD 2397260 0.7459271351 Long DBT MUN US N 2 2029-12-01 Fixed 5 N N N N N N MASSACHUSETTS ST SCH BLDG AUTH N/A MASSACHUSETTS SCHOOL BUILDING AUTHORITY 576000LN1 1000000 PA USD 1064020 0.3310785606 Long DBT MUN US N 2 2035-10-15 Fixed 5.25 N N N N N N OHIO ST AIR QUALITY DEV AUTH E 549300DZUU80AYOR6M80 OHIO AIR QUALITY DEVELOPMENT AUTHORITY 67754AAE4 1500000 PA USD 1550550 0.4824663655 Long DBT MUN US N 2 2048-01-15 Fixed 4.5 N N N N N N LOS ANGELES CA DEPT OF ARPTS A N/A CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS 544445ER6 1000000 PA USD 1192540 0.3710686140 Long DBT MUN US N 2 2044-05-15 Fixed 5 N N N N N N FLORIDA ST MID-BAY BRIDGE AUTH N/A MID-BAY BRIDGE AUTHORITY 342814DF4 1000000 PA USD 1107840 0.3447135135 Long DBT MUN US N 2 2035-10-01 Fixed 5 N N N N N N MICHIGAN ST FIN AUTH REVENUE 54930022O46HOX5J1D14 MICHIGAN FINANCE AUTHORITY 59447PZQ7 1000000 PA USD 1131260 0.3520008388 Long DBT MUN US N 2 2033-07-01 Fixed 5 N N N N N N PHOENIX AZ CIVIC IMPT CORP ARP N/A City of Phoenix Civic Improvement Corp 71883MNY6 2000000 PA USD 2234520 0.6952892477 Long DBT MUN US N 2 2044-07-01 Fixed 4 N N N N N N DIST OF COLUMBIA UNIV REVENUE 549300HWFOZXPKGOX654 District of Columbia 25484JDG2 15000 PA USD 19311.9 0.0060090563 Long DBT MUN US N 2 2036-04-01 Fixed 5 N N N N N N GTR ORLANDO FL AVIATION AUTH A 549300CP6PUG5S184F61 GREATER ORLANDO AVIATION AUTHORITY 392274W93 2000000 PA USD 2370300 0.7375383097 Long DBT MUN US N 2 2036-10-01 Fixed 5 N N N N N N DIST OF COLUMBIA UNIV REVENUE 549300HWFOZXPKGOX654 District of Columbia 25484JDH0 985000 PA USD 1126150.5 0.3504109759 Long DBT MUN US N 2 2036-04-01 Fixed 5 N N N N N N MET GOVT NASHVILLE & DAVIDSONC N/A METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY HEALTH & EDUCATIONAL FACS BD 592041WH6 1335000 PA USD 1502983.05 0.4676655184 Long DBT MUN US N 2 2046-07-01 Fixed 5 N N N N N N NEW YORK ST LIBERTY DEV CORP L N/A NEW YORK LIBERTY DEVELOPMENT CORP 649519CM5 400000 PA USD 419984 0.1306814705 Long DBT MUN US N 2 2044-03-15 Fixed 5 N N N N N N BIRMINGHAM AL WTRWKS BRD WTR R N/A WATER WORKS BOARD OF THE CITY OF BIRMINGHAM/THE 091096LR6 2000000 PA USD 2207280 0.6868132980 Long DBT MUN US N 2 2043-01-01 Fixed 4 N N N N N N WASHINGTON ST HLTH CARE FACS A 549300ZVPWQIL3N5TL85 WASHINGTON HEALTH CARE FACILITIES AUTHORITY 93978HKK0 1250000 PA USD 1390575 0.4326888305 Long DBT MUN US N 2 2044-10-01 Fixed 5 N N N N N N CALIFORNIA ST HLTH FACS FING A 5493007RI8BUDOGHZ546 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY 13033L8P5 1000000 PA USD 1140910 0.3550035155 Long DBT MUN US N 2 2054-08-15 Fixed 5 N N N N N N CUYAHOGA CNTY OH HOSP REVENUE 549300GHDK9DGLUNJU89 County of Cuyahoga OH 2322655W4 2180000 PA USD 2382129.6 0.7412191868 Long DBT MUN US N 2 2057-02-15 Fixed 5 N N N N N N SOUTH CAROLINA ST JOBS-ECON DE 5493006X47I9VG3DL112 South Carolina Jobs-Economic Development Authority 83703FLP5 1500000 PA USD 1706280 0.5309230338 Long DBT MUN US N 2 2048-05-01 Fixed 5 N N N N N N NEW YORK ST PWR AUTH REVENUE I5P1GEYFGGMMDOFX2L30 New York Power Authority 64989KLE4 3000000 PA USD 3524370 1.0966366673 Long DBT MUN US N 2 2050-11-15 Fixed 4 N N N N N N ROSEVILLE CA NATURAL GAS FIN A 549300UJZ7YWGGGM4856 ROSEVILLE NATURAL GAS FINANCING AUTHORITY 777863AS0 3000000 PA USD 3448440 1.0730104242 Long DBT MUN US N 2 2025-02-15 Fixed 5 N N N N N N HUDSON YARDS INFRASTRUCTURE CO 549300EE2HJ67TPURL87 HUDSON YARDS INFRASTRUCTURE CORP 44420RBG4 1000000 PA USD 1162240 0.3616405202 Long DBT MUN US N 2 2045-02-15 Fixed 5 N N N N N N MIAMI-DADE CNTY FL SEAPORT REV N/A COUNTY OF MIAMI-DADE SEAPORT DEPARTMENT 59335KAR8 1000000 PA USD 1131980 0.3522248727 Long DBT MUN US N 2 2032-10-01 Fixed 5.75 N N N N N N HAMPTON ROADS VA SANTN DIST WS N/A HAMPTON ROADS SANITATION DISTRICT 409327HR7 1500000 PA USD 1906845 0.5933304806 Long DBT MUN US N 2 2043-08-01 Fixed 5 N N N N N N SAINT JOHNS CNTY FL INDL DEV A N/A ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 790417AM1 2000000 PA USD 2008880 0.6250795087 Long DBT MUN US N 2 2040-08-01 Fixed 5.875 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 Ohio Higher Educational Facility Commission 67756AH96 400000 PA USD 400000 0.1244632848 Long DBT MUN US N 2 2043-01-01 Variable 0.12 N N N N N N CONNECTICUT ST SPL TAX OBLIG R N/A State of Connecticut Special Tax Revenue 207758ZZ9 750000 PA USD 863055 0.2685466506 Long DBT MUN US N 2 2036-05-01 Fixed 4 N N N N N N NEW YORK ST THRUWAY AUTH GEN R N/A New York State Thruway Authority 650010CJ8 2000000 PA USD 2260080 0.7032424516 Long DBT MUN US N 2 2045-01-01 Fixed 4 N N N N N N ROYAL OAK MI HOSP FIN AUTH N/A ROYAL OAK HOSPITAL FINANCE AUTHORITY 780486HD1 1000000 PA USD 1103080 0.3432324004 Long DBT MUN US N 2 2039-09-01 Fixed 5 N N N N N N CHESAPEAKE BAY VA BRIDGE & TUN 549300JGWE66ZSSOYN09 CHESAPEAKE BAY BRIDGE & TUNNEL DISTRICT 16514PAE9 1200000 PA USD 1296468 0.4034066647 Long DBT MUN US N 2 2051-07-01 Fixed 5 N N N N N N TOBACCO SETTLEMENT FING CORP N N/A Tobacco Settlement Financing Corp/NJ 888808HT2 4700000 PA USD 5156276 1.6044176202 Long DBT MUN US N 2 2046-06-01 Fixed 5 N N N N N N GEISINGER PA AUTH HLTH SYS REV N/A GEISINGER AUTHORITY 368497HP1 2000000 PA USD 2345900 0.7299460493 Long DBT MUN US N 2 2045-02-15 Fixed 5 N N N N N N CHICAGO IL O'HARE INTERNATIONA N/A CHICAGO O'HARE INTERNATIONAL AIRPORT 167593UT7 310000 PA USD 352268.5 0.1096112366 Long DBT MUN US N 2 2041-01-01 Fixed 5 N N N N N N ARIZONA BRD OF RGTS ST UNIV SY 254900BLZ1MCZ5JLK411 ARIZONA STATE UNIVERSITY 04048RQM1 3000000 PA USD 3556560 1.1066528501 Long DBT MUN US N 2 2047-07-01 Fixed 5 N N N N N N WISCONSIN ST 549300VTAT608CNZ5827 State of Wisconsin 97705MLQ6 2000000 PA USD 2312280 0.7194849102 Long DBT MUN US N 2 2034-05-01 Fixed 4 N N N N N N SAN DIEGO CA UNIF SCH DIST N/A SAN DIEGO UNIFIED SCHOOL DISTRICT/CA 7973555Y6 2000000 PA USD 2424860 0.7545151017 Long DBT MUN US N 2 2047-07-01 Fixed 5 N N N N N N NEW JERSEY ST ECON DEV AUTH SP 5493006JS6QWDVU4R678 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 64578CCF6 665000 PA USD 718599 0.2235979799 Long DBT MUN US N 2 2047-10-01 Fixed 5 N N N N N N CENTRL FL EXPRESSWAY AUTH SR L N/A CENTRAL FLORIDA EXPRESSWAY AUTHORITY 153476CZ7 1000000 PA USD 1181970 0.3677796717 Long DBT MUN US N 2 2038-07-01 Fixed 5 N N N N N N ILLINOIS ST FIN AUTH REVENUE 549300ZG6UBPNNNRN315 ILLINOIS FINANCE AUTHORITY 45204EA24 3000000 PA USD 3628440 1.1290189024 Long DBT MUN US N 2 2042-07-15 Fixed 5 N N N N N N ILLINOIS ST 54930048FV8RWPR02D67 STATE OF ILLINOIS 452152Q61 1110000 PA USD 1209289.5 0.3762803585 Long DBT MUN US N 2 2026-11-01 Fixed 5 N N N N N N DENVER CO CONVENTION CENTER HO N/A DENVER CONVENTION CENTER HOTEL AUTHORITY 249189DF5 2000000 PA USD 2135440 0.6644596920 Long DBT MUN US N 2 2027-12-01 Fixed 5 N N N N N N SAN ANTONIO TX ELEC & GAS REVE 5493002G2FEH20Q4GQ04 CITY OF SAN ANTONIO TX ELECTRIC & GAS SYSTEMS REVENUE 7962534F6 1500000 PA USD 1824525 0.5677159366 Long DBT MUN US N 2 2032-02-01 Fixed 5 N N N N N N PHILADELPHIA PA HOSPS & HGR ED N/A Hospitals & Higher Education Facilities Authority of Philadelphia/The 717825NH2 400000 PA USD 400000 0.1244632848 Long DBT MUN US N 2 2025-07-01 Variable 0.13 N N N N N N ATLANTA GA WTR & WSTWTR REVENU N/A CITY OF ATLANTA GA WATER & WASTEWATER REVENUE 047870NE6 3000000 PA USD 3501900 1.0896449423 Long DBT MUN US N 2 2040-11-01 Fixed 5 N N N N N N OHIO ST PRIVATE ACTIVITY REVEN 5493005LEB5E170OMX59 STATE OF OHIO 67759YAX5 3000000 PA USD 3384240 1.0530340670 Long DBT MUN US N 2 2039-12-31 Fixed 5 N N N N N N LOS ANGELES CA DEPT OF WTR & P 549300S8NXV6YU61GG95 Los Angeles Department of Water & Power 544532AW4 1140000 PA USD 1559178 0.4851510385 Long DBT MUN US N 2 2029-07-01 Fixed 5 N N N N N N PENNSYLVANIA ST UNIV 549300QDK4O4XCJ47X56 PENNSYLVANIA ST UN 5 9/45 709235M85 2000000 PA USD 2563060 0.7975171666 Long DBT MUN US N 2 2045-09-01 Fixed 5 N N N N N N DIST OF COLUMBIA REVENUE 549300HWFOZXPKGOX654 DISTRICT OF COLUMBIA 25483VTE4 2500000 PA USD 2800050 0.8712585512 Long DBT MUN US N 2 2048-07-01 Fixed 5 N N N N N N PENNSYLVANIA ST ECON DEV FINGA N/A PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY 70869PHV2 2970000 PA USD 3260703.6 1.0145947017 Long DBT MUN US N 2 2034-12-31 Fixed 5 N N N N N N DIST OF COLUMBIA REVENUE 549300HWFOZXPKGOX654 DISTRICT OF COLUMBIA 25483VQX5 1800000 PA USD 1960200 0.6099323270 Long DBT MUN US N 2 2041-06-01 Fixed 5 N N N N N N SALT RIVER AZ PROJ AGRIC IMPT& SHB8HO6GKXJ83RX5OV39 Salt River Project Agricultural Improvement & Power District 79574CCX9 1000000 PA USD 1252790 0.3898158963 Long DBT MUN US N 2 2038-01-01 Fixed 5 N N N N N N CHICAGO IL WTRWKS REVENUE N/A CITY OF CHICAGO IL WATERWORKS REVENUE 167736C70 750000 PA USD 807855 0.2513707173 Long DBT MUN US N 2 2044-11-01 Fixed 5 N N N N N N MIAMI-DADE CNTY FL AVIATION RE N/A COUNTY OF MIAMI-DADE FL AVIATION REVENUE 59333PR75 2000000 PA USD 2243900 0.6982079117 Long DBT MUN US N 2 2038-10-01 Fixed 5 N N N N N N OHIO ST UNIV JFC10ZULKO4X2E3HBY86 OHIO STATE UNIVERSITY/THE 677632A92 1000000 PA USD 1101820 0.3428403410 Long DBT MUN US N 2 2038-06-01 Fixed 5 N N N N N N GREENVILLE SC HOSP SYS BRD HOS 549300CT091FFAL47464 GREENVILLE HEALTH SYSTEM 396080KG7 615000 PA USD 669587.4 0.2083476181 Long DBT MUN US N 2 2039-05-01 Fixed 5 N N N N N N TEXAS ST MUNI GAS ACQUISITION 6AZ7FRSNC3ZFPM0Z8L86 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP I 88256CAT6 2030000 PA USD 2450027.3 0.7623461138 Long DBT MUN US N 2 2026-12-15 Fixed 5.25 N N N N N N MIAMI-DADE CNTY FL SEAPORT REV N/A COUNTY OF MIAMI-DADE SEAPORT DEPARTMENT 59335KAP2 1000000 PA USD 1138120 0.3541353841 Long DBT MUN US N 2 2030-10-01 Fixed 5.75 N N N N N N MIAMI-DADE CNTY FL EXPRESSWAYA 549300NSQPQSO55VM780 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY 593338AW6 2000000 PA USD 2293800 0.7137347065 Long DBT MUN US N 2 2032-07-01 Fixed 5 N N N N N N TRANSBAY JT POWERS AUTH CA 549300WC0UP8WU8GYU95 Transbay Joint Powers Authority 89356CAT3 1000000 PA USD 1221610 0.3801139832 Long DBT MUN US N 2 2045-10-01 Fixed 5 N N N N N N WARREN CNTY MS GULF OPPORTUNIT N/A COUNTY OF WARREN MS 935031AC8 940000 PA USD 984396.2 0.3063029614 Long DBT MUN US N 2 2035-12-01 Fixed 5.375 N N N N N N TENDER OPTION BOND TRUST RECEI N/A Tender Option Bond Trust Receipts/Certificates 88034RAC9 1680000 PA USD 2112314.4 0.6572639717 Long DBT MUN US Y 2 2047-01-01 Variable 6.3680017 N N N N N N PHILADELPHIA PA 549300IVFOPB4AG7UL47 City of Philadelphia PA 717813XM6 2000000 PA USD 2504600 0.7793268575 Long DBT MUN US N 2 2037-02-01 Fixed 5 N N N N N N PORT HOUSTON TX AUTH N/A Port Authority of Houston of Harris County Texas 7342605J7 1180000 PA USD 1529905.4 0.4760426286 Long DBT MUN US N 2 2031-10-01 Fixed 5 N N N N N N INDIANA ST MUNI PWR AGY AX0ZCCVOQ71Z4RXBL233 INDIANA MUNICIPAL POWER AGENCY 454898WB9 1155000 PA USD 1257125.1 0.3911647983 Long DBT MUN US N 2 2028-01-01 Fixed 5 N N N N N N SALT LAKE CITY UT ARPT REVENUE N/A Salt Lake City Corp Airport Revenue 795576HL4 2000000 PA USD 2359200 0.7340844535 Long DBT MUN US N 2 2048-07-01 Fixed 5 N N N N N N TENDER OPTION BOND TRUST RECEI N/A Tender Option Bond Trust Receipts/Certificates 88034RAB1 1875000 PA USD 2360418.75 0.7344636776 Long DBT MUN US Y 2 2046-01-01 Variable 6.3680017 N N N N N N INDIANA ST MUNI PWR AGY AX0ZCCVOQ71Z4RXBL233 INDIANA MUNICIPAL POWER AGENCY 454898ST5 1300000 PA USD 1488916 0.4632884402 Long DBT MUN US N 2 2030-01-01 Fixed 5.25 N N N N N N NEW JERSEY ST HLTH CARE FACS F N/A NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY 64579F6N8 1250000 PA USD 1383800 0.4305807336 Long DBT MUN US N 2 2043-07-01 Fixed 5 N N N N N N LOS ANGELES CA DEPT OF WTR & P N/A LOS ANGELES DEPARTMENT OF WATER 544525SJ8 2000000 PA USD 2252480 0.7008776491 Long DBT MUN US N 2 2033-07-01 Fixed 5 N N N N N N WASHINGTON ST CONVENTION CENTE N/A Washington State Convention Center Public Facilities District 93976ABJ0 2000000 PA USD 2189860 0.6813929219 Long DBT MUN US N 2 2058-07-01 Fixed 5 N N N N N N PENNSYLVANIA ST HGR EDUCTNL FA N/A PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY 70917SAW3 3000000 PA USD 3244410 1.0095248143 Long DBT MUN US N 2 2042-04-01 Fixed 5 N N N N N N GREENVILLE SC HOSP SYS BRD HOS 549300CT091FFAL47464 GREENVILLE HEALTH SYSTEM 396080KF9 2000000 PA USD 2195520 0.6831540774 Long DBT MUN US N 2 2034-05-01 Fixed 5 N N N N N N NEW JERSEY ST ECON DEV AUTH RE 5493006JS6QWDVU4R678 New Jersey Economic Development Authority 64577XAF3 2725000 PA USD 2933544.25 0.9127963834 Long DBT MUN US N 2 2040-06-15 Fixed 5.25 N N N N N N CENTRL PLAINS ENERGY PROJ NE G SVQOT7V5CPLIGNP5BE29 CENTRAL PLAINS ENERGY PROJECT 154871BY2 2000000 PA USD 2139600 0.6657541102 Long DBT MUN US N 2 2042-09-01 Fixed 5 N N N N N N N TX TOLLWAY -REF PQGZGRE0F2WPMYQQ1B78 NORTH TEXAS TOLLWAY AUTHORITY 66285WJX5 2500000 PA USD 2541175 0.7907074691 Long DBT MUN US N 2 2038-01-01 Fixed 5 N N N N N N PUERTO RICO SALES TAX FING COR N/A Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 74529JPX7 2000000 PA USD 2091100 0.6506629369 Long DBT MUN US N 2 2058-07-01 Fixed 5 N N N N N N MURRAY CITY UT HOSP REVENUE N/A City of Murray UT 626853CH6 3800000 PA USD 3800000 1.1824012052 Long DBT MUN US N 2 2037-05-15 Variable 0.03 N N N N N N PORT AUTH OF NEW YORK & NEW JE 54930006MR4KZ4W74Z83 Port Authority of New York & New Jersey 73358WZH0 1930000 PA USD 2241135.3 0.6973476526 Long DBT MUN US N 2 2041-10-15 Fixed 5 N N N N N N DALLAS TX AREA RAPID TRANSIT S 75YWM81F2R6UQGJIEW47 DALLAS AREA RAPID TRANSIT 235241RV0 2225000 PA USD 2576305.25 0.8016385349 Long DBT MUN US N 2 2048-12-01 Fixed 5 N N N N N N PHOENIX AZ INDL DEV AUTH EDU R 549300A62PWFBDWB8332 INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX/THE 71885FDK0 1740000 PA USD 1841616 0.5730339416 Long DBT MUN US N 2 2044-07-01 Fixed 5 N N N N N N NEW YORK ST DORM AUTH ST PERSO 549300C8XO7EXTX2XU71 New York State Dormitory Authority 64990FUQ5 2000000 PA USD 2378300 0.7400275754 Long DBT MUN US N 2 2043-02-15 Fixed 5 N N N N N N DELAWARE RIVER PA JT TOLL BRID 549300N6IGAQMI0JLE23 DELAWARE RIVER JOINT TOLL BRIDGE COMMISSION 246343LJ4 1500000 PA USD 1826205 0.5682386824 Long DBT MUN US N 2 2042-07-01 Fixed 5 N N N N N N SAN FRANCISCO CITY & CNTY CA P N/A CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE 79765R2R9 2000000 PA USD 2516860 0.7831416572 Long DBT MUN US N 2 2034-11-01 Fixed 5 N N N N N N MASSACHUSETTS ST WTR RESOURCES 549300GBS2G3YGHOYO19 MASSACHUSETTS WATER RESOURCES AUTHORITY 576051SG2 2000000 PA USD 2528120 0.7866452987 Long DBT MUN US N 2 2032-08-01 Fixed 5 N N N N N N MIAMI-DADE CNTY FL TRANSIT SAL N/A COUNTY OF MIAMI-DADE FL TRANSIT SYSTEM 59334PEL7 2875000 PA USD 3088008.75 0.9608592810 Long DBT MUN US N 2 2042-07-01 Fixed 5 N N N N N N MIAMI-DADE CNTY FL 549300QG0NBD9HULR263 County of Miami-Dade FL 59333FXK1 2000000 PA USD 2410660 0.7500966551 Long DBT MUN US N 2 2037-07-01 Fixed 4 N N N N N N NEW YORK ST DORM AUTH SALES TA 549300C8XO7EXTX2XU71 NY DORM AUTH-C-REF 5 3/38 64990AKC8 2000000 PA USD 2471300 0.7689652891 Long DBT MUN US N 2 2038-03-15 Fixed 5 N N N N N N BAY AREA CA TOLL AUTH TOLL BRI 5493001FUZGUQMIP5D78 BAY AREA TOLL AUTHORITY 072024ST0 1500000 PA USD 1470195 0.4574632473 Long DBT MUN US N 2 2036-04-01 Variable 1.38 N N N N N N OKLAHOMA ST DEV FIN AUTH HLTHS 549300PXGPHUWC32DJ91 Oklahoma Development Finance Authority 67884XCN5 2000000 PA USD 2309220 0.7185327661 Long DBT MUN US N 2 2057-08-15 Fixed 5.5 N N N N N N SOUTH CAROLINA ST JOBS-ECON DE 5493006X47I9VG3DL112 South Carolina Jobs-Economic Development Authority 83703EMQ5 2000000 PA USD 2253620 0.7012323695 Long DBT MUN US N 2 2044-12-01 Fixed 4 N N N N N N NORTH CAROLINA ST MED CARE COM 549300FH6KOXGCHQYG81 NORTH CAROLINA MEDICAL CARE COMMISSION 65820YPB6 1000000 PA USD 1011690 0.3147956514 Long DBT MUN US N 2 2047-10-01 Fixed 5 N N N N N N CINCINNATI OH N/A CINCINNATI -REF 5 12/32 172217H20 1000000 PA USD 1335320 0.4154957835 Long DBT MUN US N 2 2032-12-01 Fixed 5 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 CITY OF NEW YORK NY 64966MBK4 300000 PA USD 361854 0.1125938436 Long DBT MUN US N 2 2032-08-01 Fixed 5 N N N N N N BIRMINGHAM AL WTRWKS BRD WTR R N/A Water Works Board of the City of Birmingham/The 091096MX2 1000000 PA USD 1236130 0.3846320005 Long DBT MUN US N 2 2039-01-01 Fixed 5 N N N N N N MIAMI BEACH FL RESORT TAX REVE N/A CITY OF MIAMI BEACH FL 593238CF3 3500000 PA USD 3825675 1.1903901923 Long DBT MUN US N 2 2040-09-01 Fixed 5 N N N N N N CONNECTICUT ST SPL TAX OBLIG R N/A State of Connecticut Special Tax Revenue 207758YL1 1000000 PA USD 1229610 0.3826032489 Long DBT MUN US N 2 2036-10-01 Fixed 5 N N N N N N MIAMI-DADE CNTY FL HLTH FACS A N/A MIAMI-DADE COUNTY HEALTH FACILITIES AUTHORITY 59334NDX7 1500000 PA USD 1729980 0.5382974834 Long DBT MUN US N 2 2042-08-01 Fixed 5 N N N N N N WEST VIRGINIA ST N/A State of West Virginia 956553H20 2000000 PA USD 2596160 0.8078165034 Long DBT MUN US N 2 2036-12-01 Fixed 5 N N N N N N OHIO ST 5493005LEB5E170OMX59 State of Ohio 677522J70 2000000 PA USD 2602580 0.8098141391 Long DBT MUN US N 2 2036-06-15 Fixed 5 N N N N N N DIST OF COLUMBIA REVENUE 549300HWFOZXPKGOX654 District of Columbia 25483VVP6 1200000 PA USD 1312188 0.4082980718 Long DBT MUN US N 2 2049-07-01 Fixed 5 N N N N N N ALLEGHENY CNTY PA SAN AUTH N/A ALLEGHENY COUNTY SANITARY AUTHORITY 017357A79 1000000 PA USD 1160120 0.3609808648 Long DBT MUN US N 2 2040-12-01 Fixed 5 N N N N N N BEXAR CNTY TX N/A COUNTY OF BEXAR TX 088281A34 1500000 PA USD 1851405 0.5760798693 Long DBT MUN US N 2 2031-06-15 Fixed 5 N N N N N N CLARK CNTY NV N/A County of Clark NV 180848F24 2000000 PA USD 2563460 0.7976416299 Long DBT MUN US N 2 2032-06-01 Fixed 5 N N N N N N BERKS CNTY PA INDL DEV AUTH HL N/A BERKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 08452RAA4 450000 PA USD 470173.5 0.1462983455 Long DBT MUN US N 2 2032-05-15 Fixed 5 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 CITY OF NEW YORK NY 64966L4R9 3255000 PA USD 3857565.6 1.2003132144 Long DBT MUN US N 2 2033-08-01 Fixed 5 N N N N N N BROWARD CNTY FL ARPT SYS REVEN N/A COUNTY OF BROWARD FL AIRPORT SYSTEM REVENUE 114894RE0 1500000 PA USD 1657770 0.5158287489 Long DBT MUN US N 2 2037-10-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A MICHIGAN ST STRATEGIC 594698QT2 2000000 PA USD 2185580 0.6800611648 Long DBT MUN US N 2 2043-12-31 Fixed 5 N N N N N N NEW JERSEY ST TURNPIKE AUTH 5493005YN67D71KSMI84 NEW JERSEY TURNPIKE AUTHORITY 6461396M2 1000000 PA USD 1222800 0.3804842615 Long DBT MUN US N 2 2029-01-01 Fixed 5 N N N N N N 2020-08-24 Federated Hermes Municipal Bond Fund, Inc. f/k/a Federated Municipal Bond Fund Inc Stephen Van Meter Federated Hermes Municipal Bond Fund, Inc. f/k/a Federated Municipal Bond Fund Inc Chief Compliance Officer XXXX NPORT-EX 2 poi_fhmunibondfundinc.htm POI - FEDERATED HERMES MUNICIPAL BOND FUND INC
Federated Hermes Municipal Bond Fund, Inc.
(formerly, Federated Municipal Bond Fund, Inc.)
Portfolio of Investments
June 30, 2020 (unaudited)
Principal
Amount 		    Value
    MUNICIPAL BONDS—96.8%  
    Alabama—1.5%  
$1,000,000   Birmingham, AL Waterworks Board, Senior Revenue Refunding Bonds (Series 2016-B), 5.000%, 1/1/2039 $1,236,130
2,000,000   Birmingham, AL Waterworks Board, Subordinate Revenue Refunding Bonds (Series 2016-B), 4.000%, 1/1/2043 2,207,280
1,250,000   Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2010A), 5.800%, 5/1/2034 1,251,525
    TOTAL 4,694,935
    Arizona—3.6%  
3,000,000   Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047 3,556,560
2,000,000   Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Line Airport Revenue Bonds (Series 2019A), 4.000%, 7/1/2044 2,234,520
1,740,000   Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 1,841,616
2,000,000   Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2019A), 5.000%, 1/1/2035 2,664,820
1,000,000   Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2038 1,252,790
    TOTAL 11,550,306
    California—6.8%  
1,500,000 1 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A) FRNs, 1.380% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027 1,470,195
2,000,000   California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B), 5.000%, 10/1/2044 2,259,600
1,000,000   California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054 1,140,910
1,140,000   Los Angeles Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)), Power System Revenue Bonds (Series 2020A), 5.000%, 7/1/2029 1,559,178
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 2,252,480
1,000,000   Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A), 5.000%, 5/15/2044 1,192,540
3,000,000   Roseville, CA Natural Gas Financing Authority, Gas Revenue Bonds (Series 2007), (Bank of America Corp. GTD), 5.000%, 2/15/2025 3,448,440
2,000,000   San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047 2,424,860
2,000,000   San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019A), 5.000%, 5/1/2035 2,473,840
2,000,000   San Francisco, CA Public Utilities Commission (Water Enterprise), Water Revenue Bonds (Series 2017 Sub-Series D), 5.000%, 11/1/2034 2,516,860
1,000,000   Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045 1,221,610
    TOTAL 21,960,513
    Colorado—3.8%  
1,000,000   Colorado State Health Facilities Authority Revenue (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 4.000%, 8/1/2037 1,098,530
1,000,000   Colorado State Health Facilities Authority Revenue (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036 1,198,140
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 1,182,380
2,000,000   Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027 2,135,440
2,800,000   E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2040 3,182,144
3,250,000   University of Colorado Hospital Authority, Revenue Bonds (Series 2012A), 5.000%, 11/15/2036 3,483,448
    TOTAL 12,280,082
    Connecticut—1.7%  
3,000,000   Connecticut State HEFA (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT), 5.000%, 12/1/2045 3,471,570
1,000,000   Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2036 1,229,610
1
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Connecticut—continued  
$750,000   Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2036 $863,055
    TOTAL 5,564,235
    Delaware—0.7%  
2,380,000   Delaware Economic Development Authority (Delmarva Power and Light Co.), Gas Facilities Refunding Bonds, 5.400%, 2/1/2031 2,386,783
    District of Columbia—3.4%  
2,500,000   District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048 2,800,050
1,200,000   District of Columbia Revenue (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049 1,312,188
1,800,000   District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041 1,960,200
15,000   District of Columbia Revenue (Georgetown University), University Refunding Revenue Bonds (Series 2017), (United States Treasury PRF 4/1/2027@100), 5.000%, 4/1/2036 19,312
985,000   District of Columbia Revenue (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036 1,126,150
3,000,000   District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.000%, 10/1/2039 3,600,300
    TOTAL 10,818,200
    Florida—9.8%  
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 1,657,770
1,000,000   Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038 1,181,970
1,000,000   Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035 1,107,840
2,000,000   Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036 2,370,300
3,500,000   Miami Beach, FL Resort Tax, Revenue Bonds (Series 2015), 5.000%, 9/1/2040 3,825,675
1,000,000   Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2030 1,138,120
1,000,000   Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), 5.750%, 10/1/2032 1,131,980
2,000,000   Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2015A), 5.000%, 10/1/2038 2,243,900
2,000,000   Miami-Dade County, FL Expressway Authority, Toll System Refunding Revenue Bonds (Series 2016A), 5.000%, 7/1/2032 2,293,800
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 1,253,187
1,500,000   Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017), 5.000%, 8/1/2042 1,729,980
1,000,000   Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2048 1,073,950
2,875,000   Miami-Dade County, FL Transit System, Sales Surtax Revenue Bonds (Series 2012), 5.000%, 7/1/2042 3,088,009
2,000,000   Miami-Dade County, FL, UT GO Bonds, 4.000%, 7/1/2037 2,410,660
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 2,008,880
1,500,000   Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036 1,797,915
1,000,000   Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045 1,104,120
    TOTAL 31,418,056
    Georgia—2.0%  
3,000,000   Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 3,501,900
3,000,000 1 Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018D) FRNs, (Royal Bank of Canada GTD), 0.946% (1-month USLIBOR x 0.67 +0.830%), Mandatory Tender 12/1/2023 2,978,520
    TOTAL 6,480,420
    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 352,269
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 1,933,012
2,000,000   Chicago, IL O'Hare International Airport, Passenger Facility Charge Revenue Refunding Bonds (Series 2012A), 5.000%, 1/1/2031 2,101,840
1,500,000   Chicago, IL Sales Tax, Revenue Bonds (Series 2011A), (United States Treasury PRF 1/1/2022@100), 5.250%, 1/1/2038 1,609,425
750,000   Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044 807,855
2
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Illinois—continued  
$3,000,000   Illinois Finance Authority (Northwestern Memorial Healthcare), Revenue Bonds (Series 2017A), 5.000%, 7/15/2042 $3,628,440
1,000,000   Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2019 A), 4.000%, 1/1/2039 1,128,790
890,000   Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 967,270
1,110,000   Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 1,209,289
1,000,000   Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), 5.250%, 7/1/2028 1,047,430
    TOTAL 14,785,620
    Indiana—0.9%  
1,155,000   Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.000%, 1/1/2028 1,257,125
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 1,488,916
    TOTAL 2,746,041
    Massachusetts—4.1%  
3,000,000   Commonwealth of Massachusetts, UT GO Bonds (Series 2018C), 5.250%, 9/1/2043 3,820,470
3,000,000   Massachusetts Port Authority, Revenue Bonds (Series 2015A), 5.000%, 7/1/2045 3,403,260
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 1,064,020
2,000,000   Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A), 5.250%, 2/15/2048 2,484,200
2,000,000   Massachusetts Water Resources Authority, General Revenue Refunding Bonds (Series 2017C), 5.000%, 8/1/2032 2,528,120
    TOTAL 13,300,070
    Michigan—1.7%  
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 1,131,260
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 1,153,150
2,000,000   Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 12/31/2043 2,185,580
1,000,000   Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D), 5.000%, 9/1/2039 1,103,080
    TOTAL 5,573,070
    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 984,396
    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 2,139,600
    Nevada—0.9%  
2,000,000   Clark County, NV, Limited Tax GO Detention Center Bonds (Series 2019), 5.000%, 6/1/2032 2,563,460
305,000 2 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 308,239
    TOTAL 2,871,699
    New Jersey—6.5%  
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 191,743
2,725,000   New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 2,933,544
665,000   New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), 5.000%, 10/1/2047 718,599
1,250,000   New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds (Series 2014A), 5.000%, 7/1/2043 1,383,800
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 3,148,290
1,500,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2035 1,681,155
2,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034 2,279,460
3
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    New Jersey—continued  
$1,000,000   New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029 $1,222,800
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 2,263,520
4,700,000   Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 5,156,276
    TOTAL 20,979,187
    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 2,528,699
    New York—8.4%  
1,000,000   Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045 1,162,240
2,000,000   Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.000%, 9/1/2044 2,290,800
3,000,000   New York City, NY, Transitional Finance Authority, Building Aid Revenue Bonds (Series 2015S-2), 5.000%, 7/15/2041 3,466,740
3,255,000   New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033 3,857,566
300,000   New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.000%, 8/1/2032 361,854
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 2,623,980
400,000   New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 3), 5.000%, 3/15/2044 419,984
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 2,378,300
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 2,471,300
3,000,000   New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2050 3,524,370
2,000,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2019B), 4.000%, 1/1/2045 2,260,080
1,930,000   Port Authority of New York and New Jersey, Revenue Bonds (194th Series ), 5.000%, 10/15/2041 2,241,135
    TOTAL 27,058,349
    North Carolina—0.6%  
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2037 1,028,000
1,000,000   North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds (Series 2017A), 5.000%, 10/1/2047 1,011,690
    TOTAL 2,039,690
    Ohio—5.2%  
2,000,000   Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020B-2 Class 2), 5.000%, 6/1/2055 2,105,980
1,000,000   Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032 1,335,320
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 2,382,130
1,500,000   Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048 1,550,550
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 2,140,000
3,000,000   Ohio State Treasurer Private Activity (Portsmouth Gateway Group LLC), Revenue Bonds (Series 2015), 5.000%, 12/31/2039 3,384,240
1,000,000   Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 1,101,820
2,000,000   Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2036 2,602,580
    TOTAL 16,602,620
    Oklahoma—1.7%  
2,000,000   Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 2,309,220
2,795,000   Oklahoma State Turnpike Authority, Second Senior Revenue Bonds (Series 2017C), 5.000%, 1/1/2047 3,281,889
    TOTAL 5,591,109
    Pennsylvania—8.0%  
1,000,000   Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 1,160,120
450,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2032 470,173
4
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Pennsylvania—continued  
$500,000   Berks County, PA IDA (Highlands at Wyomissing), Healthcare Facilities Revenue Bonds (Series 2017A), 5.000%, 5/15/2042 $511,935
1,500,000   Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 1,826,205
2,000,000   Delaware River Port Authority, Revenue Bonds (Series 2013), 5.000%, 1/1/2030 2,248,140
2,000,000   Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1), 5.000%, 2/15/2045 2,345,900
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 2,141,680
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 3,260,704
3,000,000   Pennsylvania State Higher Education Facilities Authority (Temple University), Revenue Bonds (First Series of 2012), (United States Treasury PRF 4/1/2022@100), 5.000%, 4/1/2042 3,244,410
2,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042 2,211,720
1,000,000   Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A), 5.000%, 2/15/2048 1,210,160
2,000,000   Pennsylvania State University, Revenue Bonds (Series 2020A), 5.000%, 9/1/2045 2,563,060
2,000,000   Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037 2,504,600
    TOTAL 25,698,807
    Puerto Rico—0.7%  
2,000,000   Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 2,091,100
    South Carolina—2.1%  
2,000,000   Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2034 2,195,520
615,000   Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2039 669,587
2,000,000   South Carolina Jobs-EDA (Bon Secours Mercy Health), Hospital Facilities Revenue Refunding Bonds (Series 2020A), 4.000%, 12/1/2044 2,253,620
1,500,000   South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048 1,706,280
    TOTAL 6,825,007
    Tennessee—1.2%  
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 1,502,983
2,000,000   Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054 2,198,460
    TOTAL 3,701,443
    Texas—7.3%  
1,500,000   Bexar County, TX, Limited Tax Refunding Bonds (Series 2017), 5.000%, 6/15/2031 1,851,405
2,225,000   Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), 5.000%, 12/1/2048 2,576,305
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 2,397,260
2,000,000   Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 4.000%, 11/15/2037 2,296,160
2,500,000   North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2011B), (Original Issue Yield: 5.120%), 5.000%, 1/1/2038 2,541,175
1,180,000   Port of Houston Authority, TX, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2031 1,529,906
1,500,000   San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032 1,824,525
2,000,000   San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034 2,255,320
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 2,450,027
3,000,000   Trinity River Authority Texas Regional Wastewater System, Revenue Refunding Bonds (Series 2016), 5.000%, 8/1/2026 3,735,120
    TOTAL 23,457,203
    Utah—0.7%  
2,000,000   Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048 2,359,200
    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 1,296,468
5
Principal
Amount 		    Value
    MUNICIPAL BONDS—continued  
    Virginia—continued  
$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 $1,906,845
    TOTAL 3,203,313
    Washington—4.3%  
2,000,000   Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043 2,307,480
1,875,000 1,2 Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 7.429%, 1/1/2046 2,360,419
1,680,000 1,2 Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 7.429%, 1/1/2047 2,112,314
2,000,000   Washington State Convention Center Public Facilities District, Revenue Bonds (Series 2018), 5.000%, 7/1/2058 2,189,860
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 1,390,575
3,000,000   Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040 3,524,040
    TOTAL 13,884,688
    West Virginia—0.8%  
2,000,000   West Virginia State, GO State Road Bonds (Series 2019A), 5.000%, 12/1/2036 2,596,160
    Wisconsin—1.0%  
800,000   Wisconsin State HEFA (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), 5.000%, 8/15/2039 892,344
2,000,000   Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034 2,312,280
    TOTAL 3,204,624
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $294,857,718) 		311,375,225
  1 SHORT-TERM MUNICIPALS—2.1%  
    Alabama—0.2%  
600,000   Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.220%, 7/1/2020 600,000
    Georgia—0.1%  
300,000   Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.200%, 7/1/2020 300,000
    New York—0.1%  
150,000   New York State Mortgage Agency, (Series 135) Daily VRDNs, (Barclays Bank plc LIQ), 0.160%, 7/1/2020 150,000
    Ohio—0.1%  
400,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank plc LIQ), 0.120%, 7/1/2020 400,000
    Pennsylvania—0.1%  
400,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-B) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.110%, 7/1/2020 400,000
    Texas—0.3%  
1,000,000   Harris County, TX IDC (Exxon Mobil Corp.), (Series 1997) Daily VRDNs, 0.130%, 7/1/2020 1,000,000
    Utah—1.2%  
3,800,000   Murray City, Utah Hospital Revenue (IHC Health Services, Inc.), (Series 2005C) Daily VRDNs, (Barclays Bank plc LIQ), 0.120%, 7/1/2020 3,800,000
    TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $6,650,000) 		6,650,000
    TOTAL INVESTMENT IN SECURITIES—98.9%
(IDENTIFIED COST $301,507,718) 		318,025,225
    OTHER ASSETS AND LIABILITIES - NET—1.1%3 3,697,222
    TOTAL NET ASSETS—100% $321,722,447
Securities that are subject to the federal alternative minimum tax (AMT) represent 9.3% of the Fund's portfolio as calculated based upon total market value.
1 Current rate and current maturity or next reset date shown for floating 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.
2 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 June 30, 2020, these restricted securities amounted to $4,780,972, which represented 1.5% of total net assets.
6
Additional information on restricted securities held at June 30, 2020 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 $310,074 $308,239
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 7.429%, 1/1/2046 2/1/2019 $1,970,016 $2,360,419
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 7.429%, 1/1/2047 2/1/2019 $1,762,972 $2,112,314
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at June 30, 2020.
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.
■ 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, and the actual value obtained could be materially different.
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.
7
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 June 30, 2020, all investments of the Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.
The following acronyms are used throughout this portfolio:
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
IDC —Industrial Development Corporation
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
8