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.
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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.
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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
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