0001145549-22-008661.txt : 20220224 0001145549-22-008661.hdr.sgml : 20220224 20220224122716 ACCESSION NUMBER: 0001145549-22-008661 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220224 PERIOD START: 20220331 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: 22668696 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. 811-02677 0000201801 FKXPJ13H04EJB13HM305 Federated Hermes Funds 4000 Ericsson Drive Warrendale 15086-7561 8003417400 Federated Hermes Municipal Bond Fund, Inc. 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N 2 2041-06-01 Fixed 5 N N N N N N NEW YORK ST THRUWAY AUTH PERSO N/A New York State Thruway Authority 650028XN8 1000000 PA USD 1170026.7 0.3515916266 Long DBT MUN US N 2 2052-03-15 Fixed 4 N N N N N N TEXAS ST MUNI GAS ACQUISITION 6AZ7FRSNC3ZFPM0Z8L86 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP I 88256CAT6 2030000 PA USD 2450745.92 0.7364462234 Long DBT MUN US N 2 2026-12-15 Fixed 5.25 N N N N N N MIAMI-DADE CNTY FL EXPRESSWAYA 549300NSQPQSO55VM780 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY 593338AW6 2000000 PA USD 2357196.2 0.7083346442 Long DBT MUN US N 2 2032-07-01 Fixed 5 N N N N N N JACKSONVILLE FL HLTH CARE FACS 549300XQE0JVN9WV0J40 City of Jacksonville FL 469400EM3 1000000 PA USD 1227861.2 0.3689708248 Long DBT MUN US N 2 2050-11-01 Fixed 5 N N N N N N OXFORD MS N/A City of Oxford MS 691616RW8 575000 PA USD 613775.64 0.1844388471 Long DBT MUN US N 2 2033-08-01 Fixed 3.125 N N N N N N SALT LAKE CITY UT ARPT REVENUE N/A Salt Lake City Corp Airport Revenue 795576HL4 2000000 PA USD 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DBT MUN US N 2 2042-07-01 Fixed 5 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 2459432.8 0.7390566204 Long DBT MUN US N 2 2038-03-15 Fixed 5 N N N N N N OKLAHOMA ST DEV FIN AUTH HLTHS 549300PXGPHUWC32DJ91 Oklahoma Development Finance Authority 67884XCN5 2000000 PA USD 2466517.4 0.7411855343 Long DBT MUN US N 2 2057-08-15 Fixed 5.5 N N N N N N NORTH CAROLINA ST MED CARE COM 549300FH6KOXGCHQYG81 NORTH CAROLINA MEDICAL CARE COMMISSION 65820YPB6 1000000 PA USD 1110979.2 0.3338479234 Long DBT MUN US N 2 2047-10-01 Fixed 5 N N N N N N LOUISIANA ST CORRNL FACS CORP N/A Louisiana Correctional Facilities Corp 546458DM9 250000 PA USD 296814.33 0.0891923518 Long DBT MUN US N 2 2040-10-01 Fixed 4 N N N N N N MUNI ELEC AUTH OF GEORGIA JA0WNILDDF2KUPS83B16 Municipal Electric Authority of Georgia 6262077K4 1500000 PA USD 1816102.05 0.5457364980 Long DBT MUN US N 2 2063-01-01 Fixed 5 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 CITY OF NEW YORK NY 64966MBK4 300000 PA USD 356936.82 0.1072590883 Long DBT MUN US N 2 2032-08-01 Fixed 5 N N N N N N WEST VIRGINIA ST N/A State of West Virginia 956553H20 2000000 PA USD 2537844.2 0.7626191525 Long DBT MUN US N 2 2036-12-01 Fixed 5 N N N N N N DIST OF COLUMBIA REVENUE 549300HWFOZXPKGOX654 District of Columbia 25483VVP6 1200000 PA USD 1428568.8 0.4292832190 Long DBT MUN US N 2 2049-07-01 Fixed 5 N N N N N N OCEAN SPRINGS MS N/A City of Ocean Springs MS 675027DU7 250000 PA USD 301001.85 0.0904506966 Long DBT MUN US N 2 2029-12-01 Fixed 4 N N N N N N OKTIBBEHA CNTY MS N/A County of Oktibbeha MS 679298ER6 270000 PA USD 319005.97 0.0958609132 Long DBT MUN US N 2 2029-11-01 Fixed 4 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 CITY OF NEW YORK NY 64966L4R9 3255000 PA USD 3805580.32 1.1435723432 Long DBT MUN US N 2 2033-08-01 Fixed 5 N N N N N N MICHIGAN ST STRATEGIC FUND LTD N/A MICHIGAN ST STRATEGIC 594698QT2 2000000 PA USD 2395017.6 0.7196999297 Long DBT MUN US N 2 2043-12-31 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 1554058.5 0.4669927241 Long DBT MUN US N 2 2037-10-01 Fixed 5 N N N N N N SAN FRANCISCO CALIF CITY &CNTY 54930055TIDYHNDP4F84 San Francisco City & County Airport Comm-San Francisco International Airport 79766DTL3 1500000 PA USD 1971382.95 0.5923982231 Long DBT MUN US N 2 2031-05-01 Fixed 5 N N N N N N MET NASHVILLE TN ARPT AUTH ARP 549300IC0HNF8TDXEE63 Metropolitan Nashville Airport Authority/The 592190PK2 2000000 PA USD 2275877 0.6838983217 Long DBT MUN US N 2 2054-07-01 Fixed 4 N N N N N N BIENVILLE PARISH LA SCH DIST # N/A Bienville Parish School District No 1 Arcadia 088851BL3 150000 PA USD 165039.93 0.0495943019 Long DBT MUN US N 2 2030-03-01 Fixed 3 N N N N N N RUTGERS NJ ST UNIV 549300BOYDHNW8J60112 RUTGERS THE STATE UNIVERSITY OF NEW JERSEY 783186QP7 2000000 PA USD 2126343 0.6389635332 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 3111282.16 0.9349365750 Long DBT MUN US N 2 2040-09-01 Fixed 5 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 3438128.4 1.0331534799 Long DBT MUN US N 2 2041-07-15 Fixed 5 N N N N N N DALLAS TX AREA RAPID TRANSIT S 75YWM81F2R6UQGJIEW47 Dallas Area Rapid Transit 235241WQ5 1000000 PA USD 1280043.6 0.3846515737 Long DBT MUN US N 2 2047-12-01 Fixed 5 N N N N N N WILSONVILLE AL INDL DEV BRD SO N/A Wilsonville Industrial Development Board 97247RAB5 750000 PA USD 750000 0.2253741047 Long DBT MUN US N 2 2030-12-01 Variable 0.11 N N N N N N SOUTH CAROLINA ST PUBLIC SVC A EMBXY64GWKA9MZGFUD26 South Carolina Public Service Authority 837151YX1 2450000 PA USD 2892661.59 0.8692413547 Long DBT MUN US N 2 2047-12-01 Fixed 4 N N N N N N MOBILE AL INDL DEV BRD REVENUE N/A Industrial Development Board of the City of Mobile Alabama 607166AB1 675000 PA USD 675000 0.2028366942 Long DBT MUN US N 2 2031-09-01 Variable 0.11 N N N N N N CHICAGO IL O'HARE INTERNATIONA N/A CHICAGO O'HARE INTERNATIONAL AIRPORT 167593JZ6 2000000 PA USD 2031152.4 0.6103588715 Long DBT MUN US N 2 2031-01-01 Fixed 5 N N N N N N PORT OF SEATTLE WA REVENUE 549300T9UCDUJ3GZL429 PORT OF SEATTLE WA 735389E20 2000000 PA USD 2345405.8 0.7047916431 Long DBT MUN US N 2 2043-05-01 Fixed 5 N N N N N N SM EDUCTNL BLDG CORP MS N/A University of Southern Mississippi/The 784532FP3 425000 PA USD 450647.99 0.1354191830 Long DBT MUN US N 2 2033-03-01 Fixed 3.25 N N N N N N WASHINGTON ST 549300X3TODFMUKLQ364 STATE OF WASHINGTON 93974DSX7 3000000 PA USD 3435024.9 1.0322208819 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 887242.48 0.2666153061 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 2621095.76 0.7876361469 Long DBT MUN US N 2 2046-08-01 Fixed 5 N N N N N N NORTH CAROLINA ST MED CARE COM 549300FH6KOXGCHQYG81 North Carolina Medical Care Commission 65820YNY8 1000000 PA USD 1110979.2 0.3338479234 Long DBT MUN US N 2 2037-10-01 Fixed 5 N N N N N N LAUDERDALE CNTY MS N/A County of Lauderdale MS 518516TP4 100000 PA USD 107182.55 0.0322082283 Long DBT MUN US N 2 2030-11-01 Fixed 3 N N N N N N CHICAGO IL SALES TAX REVENUE T5UYO5SYLC8K73MJQX30 CITY OF CHICAGO IL 16768TJL9 1500000 PA USD 1500000 0.4507482094 Long DBT MUN US N 2 2038-01-01 Fixed 5.25 N N N N N N OKLAHOMA ST TURNPIKE AUTH 549300J83EP2PBDYH615 OKLAHOMA TURNPIKE AUTHORITY 679111XZ2 2795000 PA USD 3339187.34 1.0034218095 Long DBT MUN US N 2 2047-01-01 Fixed 5 N N N N N N CONNECTICUT ST HLTH & EDUCTNL 549300ZOQJ5U8YBS5Q35 CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY 20774YYL5 3000000 PA USD 3513153.9 1.0556985531 Long DBT MUN US N 2 2045-12-01 Fixed 5 N N N N N N LONG ISLAND NY PWR AUTH ELEC S 1R46U5SYJ63KQXF39168 LONG ISLAND POWER AUTHORITY 5426903C4 2000000 PA USD 2210956.2 0.6643896988 Long DBT MUN US N 2 2044-09-01 Fixed 5 N N N N N N OHIO ST HGR EDUCTNL FAC COMMIS 5493007MQT6NGNN6BR81 OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 67756A4D1 2000000 PA USD 2000000 0.6009976125 Long DBT MUN US N 2 2038-01-01 Fixed 5 N N N N N N 2022-02-24 Federated Hermes Municipal Bond Fund, Inc. Stephen Van Meter Federated Hermes Municipal Bond Fund, Inc. Chief Compliance Officer XXXX NPORT-EX 2 poi_fhmunibondfundinc.htm POI - FEDERATED HERMES MUNICIPAL BOND FUND, INC. EDGAR HTML
Federated Hermes Municipal Bond Fund, Inc.
Portfolio of Investments
December 31, 2021 (unaudited) 
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—96.2%
 
 
 
Arizona—3.6%
 
$3,000,000
 
Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047
$3,529,776
500,000
 
Arizona State IDA (Phoenix Children's Hospital), Hospital Revenue Bonds (Series 2020A), 4.000%, 2/1/2050
576,335
2,000,000
 
Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Line Airport Revenue Bonds (Series 2019A),
4.000%, 7/1/2044
2,317,652
1,740,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044
1,868,440
2,000,000
 
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2019A),
5.000%, 1/1/2035
2,581,043
1,000,000
 
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds
(Series 2017A), 5.000%, 1/1/2038
1,224,968
 
 
TOTAL
12,098,214
 
 
California—7.1%
 
1,500,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A)
FRNs, 1.350% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027
1,565,567
2,000,000
 
California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B),
5.000%, 10/1/2044
2,225,140
1,000,000
 
California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054
1,141,785
335,000
2
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
382,594
1,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A),
5.000%, 5/15/2044
1,212,310
2,000,000
 
Los Angeles, CA 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
2,138,463
260,000
 
Riverside County, CA Transportation Commission (RCTC 91 Express Lanes), Toll Revenue Senior Lien Refunding Bonds
(Series 2021B-1), 4.000%, 6/1/2046
306,125
3,000,000
 
Roseville, CA Natural Gas Financing Authority, Gas Revenue Bonds (Series 2007), (Bank of America Corp. GTD),
5.000%, 2/15/2025
3,397,371
1,000,000
 
San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2034
1,297,722
1,500,000
 
San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2051
1,888,825
2,000,000
 
San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047
2,413,321
2,000,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2019A), 5.000%, 5/1/2035
2,490,827
1,500,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2021A),
5.000%, 5/1/2031
1,971,383
1,000,000
 
Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045
1,251,652
 
 
TOTAL
23,683,085
 
 
Colorado—4.6%
 
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 4.000%, 8/1/2037
1,171,700
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036
1,250,060
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
1,216,201
2,000,000
 
Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027
2,358,642
2,800,000
 
E-470 Public Highway Authority, CO, Senior Revenue Bonds (Series 2020A), 5.000%, 9/1/2040
3,111,282
2,500,000
 
Regional Transportation District, CO (Denver Transit Partners Eagle P3 Project), Private Activity Bonds (Series 2020A),
4.000%, 7/15/2035
2,988,973
3,250,000
 
University of Colorado Hospital Authority, Revenue Bonds (Series 2012A), 5.000%, 11/15/2036
3,379,890
 
 
TOTAL
15,476,748
 
 
Connecticut—1.7%
 
1,000,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2036
1,250,084
750,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2036
899,730
1
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Connecticut—continued
 
$3,000,000
 
Connecticut State Health & Educational Facilities (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT),
5.000%, 12/1/2045
$3,513,154
 
 
TOTAL
5,662,968
 
 
District of Columbia—3.1%
 
1,200,000
 
District of Columbia (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049
1,428,569
1,800,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041
2,025,403
15,000
 
District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), (United States
Treasury PRF 4/1/2027@100), 5.000%, 4/1/2036
18,247
985,000
 
District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036
1,165,459
2,500,000
 
District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048
2,905,743
2,250,000
 
District of Columbia, UT GO Bonds (Series 2021D), 5.000%, 2/1/2046
2,905,003
 
 
TOTAL
10,448,424
 
 
Florida—7.9%
 
1,500,000
 
Broward County, FL Airport System, Airport System Revenue Bonds (Series 2012Q-1), (United States
Treasury PRF 10/1/2022@100), 5.000%, 10/1/2037
1,554,059
1,000,000
 
Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038
1,207,352
1,000,000
2
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
1,137,414
1,000,000
 
Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035
1,128,333
2,000,000
 
Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036
2,412,297
1,000,000
 
Jacksonville, FL (Brooks Rehabilitation), Health Care Facilities Revenue Bonds (Series 2020), 5.000%, 11/1/2050
1,227,861
1,000,000
 
Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), (United States
Treasury PRF 10/1/2023@100), 5.750%, 10/1/2030
1,095,084
1,000,000
 
Miami-Dade County, FL (Miami-Dade County, FL Seaport), Seaport Revenue Bonds (Series 2013A), (United States
Treasury PRF 10/1/2023@100), 5.750%, 10/1/2032
1,095,084
2,875,000
 
Miami-Dade County, FL (Miami-Dade County, FL Transit System), Sales Surtax Revenue Bonds (Series 2012), (United States
Treasury PRF 7/1/2022@100), 5.000%, 7/1/2042
2,943,583
2,000,000
 
Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2015A), 5.000%, 10/1/2038
2,286,777
380,000
 
Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 4.000%, 10/1/2041
448,123
2,000,000
 
Miami-Dade County, FL Expressway Authority, Toll System Refunding Revenue Bonds (Series 2016A), 5.000%, 7/1/2032
2,357,196
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
1,256,350
1,500,000
 
Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017),
5.000%, 8/1/2042
1,790,486
1,000,000
 
Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2048
1,124,664
470,000
 
St. Johns County, FL IDA (Vicar's Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2041
515,104
1,500,000
 
Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036
1,730,609
1,000,000
 
Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045
1,151,044
 
 
TOTAL
26,461,420
 
 
Georgia—2.5%
 
3,000,000
 
Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040
3,421,422
3,000,000
1
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2018D) FRNs, (Royal Bank of Canada GTD), 0.896%
(1-month USLIBOR x 0.67 +0.830%), Mandatory Tender 12/1/2023
3,023,418
1,500,000
 
Municipal Electric Authority of Georgia, Plant Vogtlle Units 3&4 Project P Revenue Refunding Bonds (Series 2021A),
5.000%, 1/1/2063
1,816,102
 
 
TOTAL
8,260,942
 
 
Illinois—4.7%
 
1,500,000
 
Chicago, IL (Chicago, IL Sales Tax), Revenue Bonds (Series 2011A), (United States Treasury PRF 1/1/2022@100),
5.250%, 1/1/2038
1,500,000
1,000,000
 
Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2040
1,240,454
310,000
 
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B),
5.000%, 1/1/2041
357,003
2,000,000
 
Chicago, IL O'Hare International Airport, Passenger Facility Charge Revenue Refunding Bonds (Series 2012A),
5.000%, 1/1/2031
2,031,152
2
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Illinois—continued
 
$750,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.000%, 11/1/2044
$832,672
3,000,000
 
Illinois Finance Authority (Northwestern Memorial Healthcare), Revenue Bonds (Series 2017A), 5.000%, 7/15/2042
3,643,956
2,000,000
 
Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046
2,572,546
890,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
1,071,366
1,110,000
 
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026
1,317,136
1,000,000
 
Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), 5.250%, 7/1/2028
1,071,591
 
 
TOTAL
15,637,876
 
 
Indiana—0.8%
 
1,155,000
 
Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2012A), 5.000%, 1/1/2028
1,181,159
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
1,396,050
 
 
TOTAL
2,577,209
 
 
Louisiana—0.6%
 
150,000
 
Bienville Parish, LA School District #1, UT GO Bonds (Series 2018), (Original Issue Yield: 3.140%), (Build America Mutual
Assurance INS), 3.000%, 3/1/2030
165,040
150,000
 
Central, LA Community School System, UT GO School Bonds (Series 2014), (United States Treasury PRF 3/1/2024@100),
4.000%, 3/1/2030
161,625
275,000
 
Iberia Parish, LA Parishwide School District, UT GO Bonds (Series 2014), (Original Issue Yield: 3.990%), (United States
Treasury PRF 3/1/2024@100), 3.750%, 3/1/2033
295,096
150,000
 
Louisiana Local Government Environmental Facilities Community Development Authority (Bossier City, LA), Revenue
Refunding Bonds (Series 2015), 5.000%, 11/1/2032
174,267
250,000
 
Louisiana Local Government Environmental Facilities Community Development Authority (Louisiana Community and
Technical College System), Act 360 Revenue Bonds (Series 2014), (United States Treasury PRF 10/1/2024@100),
5.000%, 10/1/2034
281,195
150,000
 
Louisiana Local Government Environmental Facilities Community Development Authority (Sulphur, LA), Project Revenue
Bonds (Series 2018), (Build America Mutual Assurance INS), 5.000%, 2/1/2030
185,634
250,000
 
Louisiana State Correctional Facilities Corp., Office of Juvenile Justice Revenue Bonds (Series 2021), 4.000%, 10/1/2040
296,814
110,000
 
St. John the Baptist Parish, LA, UT GO Refunding Bonds (Series 2011), (Original Issue Yield: 3.620%), 3.500%, 3/1/2030
118,705
175,000
 
St. Tammany Parish, LA Recreation District No. 14, UT GO Bonds (Series 2014), 3.750%, 4/1/2034
186,451
 
 
TOTAL
1,864,827
 
 
Massachusetts—3.0%
 
3,000,000
 
Commonwealth of Massachusetts, UT GO Bonds (Series 2018C), 5.250%, 9/1/2043
3,798,728
250,000
 
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group), Revenue Bonds
(Series 2021G), 4.000%, 7/1/2046
294,475
3,000,000
 
Massachusetts Port Authority, Revenue Bonds (Series 2015A), 5.000%, 7/1/2045
3,451,757
2,000,000
 
Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A),
5.250%, 2/15/2048
2,485,049
 
 
TOTAL
10,030,009
 
 
Michigan—1.4%
 
1,000,000
 
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
1,242,129
2,000,000
 
Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018),
5.000%, 12/31/2043
2,395,018
1,000,000
 
Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D),
5.000%, 9/1/2039
1,091,754
 
 
TOTAL
4,728,901
 
 
Mississippi—2.0%
 
100,000
 
Lauderdale County, MS, UT GO Bonds (Series 2015), (Original Issue Yield: 3.300%), 3.000%, 11/1/2030
107,182
250,000
 
Lauderdale County, MS, UT GO Bonds (Series 2015B), (Original Issue Yield: 3.360%), 3.250%, 11/1/2031
270,410
150,000
 
Lauderdale County, MS, UT GO Refunding Bond (Series 2011), 3.000%, 4/1/2026
163,647
100,000
 
Mississippi State Development Bank (Clinton, MS Public School Dist—OLD), Special Obligation Bonds (Series 2019),
4.000%, 4/1/2037
117,277
400,000
 
Mississippi State Development Bank (Harrison County, MS), Refunding Bonds (Series 2010A), 5.250%, 1/1/2034
539,399
75,000
 
Mississippi State Development Bank (Hinds County, MS), Special Obligation Bonds (Series 2017), 5.000%, 11/1/2026
89,575
3
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Mississippi—continued
 
$200,000
 
Mississippi State Development Bank (Jones County, MS Junior College District), Special Obligation Capital Improvement
Refunding Bonds (Series 2016), (Original Issue Yield: 3.580%), (Build America Mutual Assurance INS), 3.500%, 5/1/2035
$217,692
360,000
 
Mississippi State Development Bank (Meridian, MS), Special Obligation Bonds Mississippi Arts and Entertainment Center
(Series 2017), 5.000%, 3/1/2025
404,095
750,000
 
Mississippi State Development Bank (Pearl River Community College District), Special Obligation Bonds (Series 2012),
(Original Issue Yield: 3.500%), (Assured Guaranty Municipal Corp. GTD), 3.375%, 9/1/2036
760,826
170,000
 
Mississippi State Development Bank, Special Obligation Refunding Bonds (Series A), 5.000%, 4/1/2028
178,779
425,000
 
Mississippi State Institutions of Higher Learning, Revenue Refunding Bonds (Series 2015A), (Original Issue Yield: 3.480%),
3.250%, 3/1/2033
450,648
500,000
 
Mississippi State University, Revenue Refunding Bonds (Series 2017A), 4.000%, 8/1/2043
573,444
500,000
 
Mississippi State, Gaming Tax Revenue Bonds (Series 2015E), 5.000%, 10/15/2025
579,190
500,000
 
Mississippi State, UT GO (Series 2017D), (Original Issue Yield: 3.080%), 3.000%, 12/1/2037
543,272
250,000
 
Ocean Springs, MS, UT GO Refunding Bonds (Series 2019), 4.000%, 12/1/2029
301,002
270,000
 
Oktibbeha County, MS, UT GO Refunding Bonds (Series 2018A), (Assured Guaranty Municipal Corp. INS),
4.000%, 11/1/2029
319,006
575,000
 
Oxford, MS, UT GO Capital Improvement Bonds (Series 2018B), (Original Issue Yield: 3.250%), 3.125%, 8/1/2033
613,776
400,000
 
Starkville, MS, UT GO Refunding Bonds (Series 2018), 4.000%, 6/1/2027
464,171
 
 
TOTAL
6,693,391
 
 
Nebraska—1.2%
 
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
2,061,402
1,620,000
 
Nebraska Public Power District, General Revenue Bonds (Series 2021D), 4.000%, 1/1/2044
1,927,913
 
 
TOTAL
3,989,315
 
 
Nevada—0.9%
 
2,000,000
 
Clark County, NV, Limited Tax General Obligation Detention Center Bonds (Series 2019), 5.000%, 6/1/2032
2,542,981
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
334,945
 
 
TOTAL
2,877,926
 
 
New Hampshire—0.5%
 
100,000
 
National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B)
TOBs, 3.750%, Mandatory Tender 7/2/2040
105,251
1,500,000
 
National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021),
4.000%, 1/1/2051
1,619,722
 
 
TOTAL
1,724,973
 
 
New Jersey—5.1%
 
155,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States
Treasury PRF 6/15/2025@100), 5.250%, 6/15/2040
180,459
2,725,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040
3,114,612
665,000
 
New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017),
5.000%, 10/1/2047
772,294
1,250,000
 
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds
(Series 2014A), 5.000%, 7/1/2043
1,387,250
1,500,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2035
1,839,028
2,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034
2,248,527
1,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029
1,203,079
2,000,000
 
Rutgers, The State University of New Jersey, General Obligation Refunding Bonds (Series 2013J), (United States
Treasury PRF 5/1/2023@100), 5.000%, 5/1/2030
2,126,343
850,000
 
South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
1,048,168
2,700,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B),
5.000%, 6/1/2046
3,144,252
 
 
TOTAL
17,064,012
 
 
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
2,621,096
4
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New York—8.2%
 
$1,000,000
 
Hudson Yards Infrastructure Corp. NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045
$1,179,630
2,000,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.000%, 9/1/2044
2,210,956
480,000
 
Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2020A), 4.000%, 9/1/2039
574,296
2,000,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds
(Series 2020C-1), 5.250%, 11/15/2055
2,467,072
1,000,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds
(Series 2017B), 5.000%, 11/15/2024
1,123,157
3,000,000
 
New York City, NY Transitional Finance Authority, Building Aid Revenue Bonds (Series 2015S-2), 5.000%, 7/15/2041
3,438,128
3,255,000
 
New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033
3,805,580
300,000
 
New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.000%, 8/1/2032
356,937
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
2,492,670
400,000
 
New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 3),
5.000%, 3/15/2044
403,591
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
2,356,418
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
2,459,433
1,000,000
 
New York State Thruway Authority—Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond
Fund), Revenue Bonds (Series 2021-1), 4.000%, 3/15/2052
1,170,027
825,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 4.000%, 12/1/2039
949,216
1,930,000
 
Port Authority of New York and New Jersey, Revenue Bonds (194th Series ), 5.000%, 10/15/2041
2,220,848
 
 
TOTAL
27,207,959
 
 
North Carolina—0.7%
 
1,000,000
 
North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds
(Series 2017A), (United States Treasury PRF 10/1/2023@103), 5.000%, 10/1/2037
1,110,979
1,000,000
 
North Carolina Medical Care Commission (United Methodist Retirement Homes), Revenue Refunding Bonds
(Series 2017A), (United States Treasury PRF 10/1/2023@103), 5.000%, 10/1/2047
1,110,979
 
 
TOTAL
2,221,958
 
 
Ohio—5.7%
 
2,000,000
 
American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A),
5.000%, 2/15/2035
2,597,732
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
2,322,625
1,000,000
 
Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032
1,292,188
1,680,000
 
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue
Yield: 5.030%), 5.000%, 2/15/2057
1,954,931
1,500,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017),
4.500%, 1/15/2048
1,732,314
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
2,000,000
3,000,000
 
Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2039
3,329,410
1,000,000
 
Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038
1,059,820
2,000,000
 
Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2036
2,552,004
 
 
TOTAL
18,841,024
 
 
Oklahoma—1.7%
 
2,000,000
 
Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057
2,466,518
2,795,000
 
Oklahoma State Turnpike Authority, Second Senior Revenue Bonds (Series 2017C), 5.000%, 1/1/2047
3,339,187
 
 
TOTAL
5,805,705
 
 
Oregon—0.4%
 
1,000,000
 
Medford, OR Hospital Facilities Authority (Asante Health System), Revenue and Refunding Bonds (Series 2020A),
5.000%, 8/15/2050
1,254,493
 
 
Pennsylvania—6.6%
 
1,000,000
 
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
1,152,645
5
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Pennsylvania—continued
 
$1,500,000
 
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
$1,803,919
2,000,000
 
Delaware River Port Authority, Revenue Bonds (Series 2013), 5.000%, 1/1/2030
2,181,728
2,000,000
 
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1),
5.000%, 2/15/2045
2,385,426
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
2,260,801
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
3,484,526
2,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042
2,268,334
1,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A),
5.000%, 2/15/2048
1,218,552
2,500,000
 
Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2050
2,893,412
2,000,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037
2,498,569
 
 
TOTAL
22,147,912
 
 
Puerto Rico—2.4%
 
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
2,315,114
3,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053
3,427,728
2,065,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
2,363,627
 
 
TOTAL
8,106,469
 
 
South Carolina—2.3%
 
2,000,000
 
Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2034
2,192,485
615,000
 
Greenville, SC Health System, Hospital Revenue Bonds (Series 2014B), 5.000%, 5/1/2039
672,694
1,500,000
 
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
1,790,373
2,450,000
 
South Carolina State Public Service Authority (Santee Cooper), Revenue Improvement Bonds (Series 2021B),
4.000%, 12/1/2047
2,892,662
 
 
TOTAL
7,548,214
 
 
Tennessee—1.5%
 
1,335,000
 
Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Vanderbilt University
Medical Center), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046
1,563,915
1,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054
1,243,861
2,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054
2,275,877
 
 
TOTAL
5,083,653
 
 
Texas—7.6%
 
1,130,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2021B), 5.000%, 1/1/2031
1,474,818
1,000,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B),
5.000%, 12/1/2047
1,280,044
2,225,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), (United States
Treasury PRF 12/1/2025@100), 5.000%, 12/1/2048
2,607,602
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
2,263,764
2,000,000
 
Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 4.000%, 11/15/2037
2,252,482
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020A), 5.000%, 5/15/2045
1,255,130
2,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2021A), 5.000%, 5/15/2051
2,545,342
1,330,000
 
North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2021B), 4.000%, 1/1/2041
1,591,840
1,500,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032
1,748,467
2,000,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034
2,255,218
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
2,450,746
3,000,000
 
Texas Private Activity Bonds Surface Transportation Corporation (LBJ Infrastructure Group LLC), Senior Lien Revenue
Refunding Bonds I-635 Managed Lanes Project (Series 2020A), 4.000%, 12/31/2039
3,495,591
 
 
TOTAL
25,221,044
6
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Utah—0.7%
 
$2,000,000
 
Salt Lake City, UT Airport Revenue, Airport Revenue Bonds (Series 2018A), 5.000%, 7/1/2048
$2,413,199
 
 
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
1,409,189
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
1,795,897
 
 
TOTAL
3,205,086
 
 
Washington—4.2%
 
2,000,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043
2,345,406
1,875,000
1,2
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs, 6.351%, 1/1/2046
2,381,186
1,680,000
1,2
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs, 6.351%, 1/1/2047
2,130,785
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
1,390,712
2,070,000
2
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
2,221,847
3,000,000
 
Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040
3,435,025
 
 
TOTAL
13,904,961
 
 
West Virginia—0.8%
 
2,000,000
 
West Virginia State, GO State Road Bonds (Series 2019A), 5.000%, 12/1/2036
2,537,844
 
 
Wisconsin—0.9%
 
800,000
 
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015),
5.000%, 8/15/2039
887,242
2,000,000
 
Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034
2,260,498
 
 
TOTAL
3,147,740
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $299,558,772)
320,548,597
 
1
SHORT-TERM MUNICIPALS—2.7%
 
 
 
Alabama—0.6%
 
675,000
 
Mobile, AL IDB (Alabama Power Co.), (Series 2001-B) Daily VRDNs, 0.120%, 1/3/2022
675,000
600,000
 
West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.120%, 1/3/2022
600,000
750,000
 
Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.120%, 1/3/2022
750,000
 
 
TOTAL
2,025,000
 
 
Georgia—0.1%
 
300,000
 
Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.120%, 1/3/2022
300,000
 
 
Kentucky—1.1%
 
3,800,000
 
Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), Revenue Bonds (Series C)
Daily VRDNs, (United Parcel Service, Inc. GTD), 0.120%, 1/3/2022
3,800,000
 
 
Louisiana—0.2%
 
600,000
 
Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (Exxon Mobil Corp.
GTD), 0.090%, 1/3/2022
600,000
 
 
Michigan—0.1%
 
300,000
 
Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC),
0.120%, 1/3/2022
300,000
 
 
New York—0.1%
 
250,000
 
New York City, NY Municipal Water Finance Authority, (Series 2015 BB-4) Daily VRDNs, (Barclays Bank plc LIQ),
0.060%, 1/3/2022
250,000
 
 
Pennsylvania—0.4%
 
1,150,000
 
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
0.110%, 1/3/2022
1,150,000
7
Principal
Amount
 
 
Value
 
1
SHORT-TERM MUNICIPALS—continued
 
 
 
Texas—0.1%
 
$400,000
 
Gulf Coast, TX Waste Disposal Authority (Exxon Capital Ventures, Inc.), (Series 2002) Daily VRDNs,
(Exxon Mobil Corp. GTD), 0.110%, 1/3/2022
$400,000
 
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $8,825,000)
8,825,000
 
 
TOTAL INVESTMENT IN SECURITIES—98.9%
(IDENTIFIED COST $308,383,772)
329,373,597
 
 
OTHER ASSETS AND LIABILITIES - NET—1.1%3
3,696,674
 
 
TOTAL NET ASSETS—100%
$333,070,271
Securities that are subject to the federal alternative minimum tax (AMT) represent 12.0% of the Fund's portfolio as calculated based upon total market value.
The average notional value of short futures contracts held by the Fund throughout the period was $2,151,188. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
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 December 31, 2021, these restricted securities amounted to $8,588,771, which represented 2.6% of total net assets.
Additional information on restricted securities held at December 31, 2021, is as follows: 
Security
Acquisition
Date
Acquisition
Cost
Value
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
5/27/2021
$350,296
$382,594
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
5/13/2021
$1,114,646
$1,137,414
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
$308,683
$334,945
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226A) MUNINVs,
6.351%, 1/1/2046
2/1/2019
$1,950,635
$2,381,186
Seattle, WA Municipal Light & Power, Trust Receipts/Certificates (Series 2019-FG0226B) MUNINVs,
6.351%, 1/1/2047
2/1/2019
$1,746,056
$2,130,785
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing
Revenue & Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
1/14/2021
$2,179,898
$2,221,847
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at December 31, 2021.
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, or NAV per share practical expedient, as applicable.
■ 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.
8
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.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of December 31, 2021, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronym(s) are used throughout this portfolio: 
EDA
—Economic Development Authority
FRNs
—Floating Rate Notes
GO
—General Obligation
GTD
—Guaranteed
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
INS
—Insured
LIBOR
—London Interbank Offered Rate
LIQ
—Liquidity Agreement
LOC
—Letter of Credit
MUNINVs
—Municipal Inverse Floater
PCRBs
—Pollution Control Revenue Bonds
PRF
—Pre-refunded
SIFMA
—Securities Industry and Financial Markets Association
TOBs
—Tender Option Bonds
UT
—Unlimited Tax
VRDNs
—Variable Rate Demand Notes
9