0001145549-23-048893.txt : 20230823 0001145549-23-048893.hdr.sgml : 20230823 20230823130037 ACCESSION NUMBER: 0001145549-23-048893 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230823 DATE AS OF CHANGE: 20230823 PERIOD START: 20240331 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: 231196481 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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PUBLIC FIN AUTH SEN N/A California Public Finance Authority 13057GAD1 335000 PA USD 289483.42 0.1132788331 Long DBT MUN US Y 2 2056-11-15 Fixed 5 N N N N N N MECKLENBURG CNTY NC 5493006G3IC5PBHB7A65 County of Mecklenburg NC 584002YU7 1890000 PA USD 2225237.62 0.8707660047 Long DBT MUN US N 2 2035-09-01 Fixed 5 N N N N N N ILLINOIS ST 54930048FV8RWPR02D67 State of Illinois 452153FF1 1000000 PA USD 1087155.1 0.4254187033 Long DBT MUN US N 2 2039-05-01 Fixed 5.25 N N N N N N ILLINOIS ST FIN AUTH REVENUE 549300ZG6UBPNNNRN315 ILLINOIS FINANCE AUTHORITY 45204EA24 3000000 PA USD 3114603 1.2187868775 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 1164492.56 0.4556819123 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 2061196.8 0.8065745817 Long DBT MUN US N 2 2027-12-01 Fixed 5 N N N N N N SAN ANTONIO TX ELEC & 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2502255.75 0.9791669989 Long DBT MUN US N 2 2048-07-01 Fixed 5 N N N N N N CHICAGO IL O'HARE INTERNATIONA N/A Chicago O'Hare International Airport 167593Y22 2000000 PA USD 2100952.4 0.8221314933 Long DBT MUN US N 2 2053-01-01 Fixed 5.25 N N N N N N FLORIDA ST DEV FIN CORP SENIOR 549300HC854CNBLMWC48 Florida Development Finance Corp 34061WAY0 1000000 PA USD 790741.8 0.3094281131 Long DBT MUN US Y 2 2051-06-01 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 962545.2 0.3766571402 Long DBT MUN US N 2 2052-03-15 Fixed 4 N N N N N N KENTUCKY ST PUBLIC ENERGY AUTH N/A Kentucky Public Energy Authority 74440DDT8 2085000 PA USD 1987264.79 0.7776439720 Long DBT MUN US N 2 2052-08-01 Variable 4.59 N N N N N N PENNSYLVANIA ST N/A Commonwealth of Pennsylvania 70914PZ62 2000000 PA USD 2237087.2 0.8754029079 Long DBT MUN US N 2 2042-10-01 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 1071412 0.4192582124 Long DBT MUN US N 2 2038-01-01 Fixed 5 N N N N N N MISSISSIPPI ST GAMING TAX REVE 549300JRWW5RFQUB7P94 State of Mississippi 605638AK1 500000 PA USD 515589.35 0.2017571851 Long DBT MUN US N 2 2025-10-15 Fixed 5 N N N N N N PENNSYLVANIA ST ECON DEV FING N/A Pennsylvania Economic Development Financing Authority 70868YAY5 1000000 PA USD 1113989 0.4359191765 Long DBT MUN US N 2 2061-06-30 Fixed 6 N N N N N N TEXAS ST MUNI GAS ACQUISITION 6AZ7FRSNC3ZFPM0Z8L86 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP I 88256CAT6 2030000 PA USD 2098166.99 0.8210415241 Long DBT MUN US N 2 2026-12-15 Fixed 5.25 N N N N N N MINNEAPOLIS-SAINT PAUL MN MET N/A Minneapolis-St Paul Metropolitan Airports Commission 603827L53 1000000 PA USD 1064477.4 0.4165446083 Long DBT MUN US N 2 2047-01-01 Fixed 5.25 N N N N N N N TX TOLLWAY AUTH REVENUE PQGZGRE0F2WPMYQQ1B78 North Texas Tollway Authority 66285WJ56 500000 PA USD 553857.75 0.2167321349 Long DBT MUN US N 2 2038-01-01 Fixed 5.25 N N N N N N LOUDOUN CNTY VA N/A County of Loudoun VA 54589TMA7 2000000 PA USD 2097460 0.8207648693 Long DBT MUN US N 2 2036-12-01 Fixed 4 N N N N N N JACKSONVILLE FL HLTH CARE FACS 549300XQE0JVN9WV0J40 City of Jacksonville FL 469400EM3 1000000 PA USD 1013228.1 0.3964900542 Long DBT MUN US N 2 2050-11-01 Fixed 5 N N N N N N JP MORGAN CHASE PUTTERS/DRIVER ZBUT11V806EZRVTWT807 JPMorgan Chase Putters/Drivers Trust 46640KA46 1400000 PA USD 1400000 0.5478392041 Long DBT MUN US N 2 2023-09-01 Variable 4.6 N N N N N N TRANSBAY JT POWERS AUTH CA 549300WC0UP8WU8GYU95 Transbay Joint Powers Authority 89356CAT3 1000000 PA USD 1027448 0.4020544961 Long DBT MUN US N 2 2045-10-01 Fixed 5 N N N N N N CHICAGO IL BRD OF EDU 54930099NR6T9V7LVB43 Chicago Board of Education 167505XS0 1000000 PA USD 1007955.8 0.3944269309 Long DBT MUN US N 2 2041-12-01 Fixed 5 N N N N N N NATIONAL FIN AUTH NH SENIOR LI N/A New Hampshire Business Finance Authority 63608SAM4 1500000 PA USD 1139562.45 0.4459264183 Long DBT MUN US N 2 2051-01-01 Fixed 4 N N N N N N COLORADO ST HLTH FACS AUTH REV 5493002JB6DRFRZPEQ21 Colorado Health Facilities Authority 19648FVJ0 1000000 PA USD 952818.2 0.3728508316 Long DBT MUN US N 2 2052-05-15 Fixed 4 N N N N N N PENNSYLVANIA ST ECON DEV FING N/A Pennsylvania Economic Development Financing Authority 70870JFM5 2000000 PA USD 1871910.6 0.7325042951 Long DBT MUN US N 2 2048-05-15 Fixed 4 N N N N N N COLORADO ST COPS N/A State of Colorado 196711UZ6 2295000 PA USD 2733819.38 1.0697810237 Long DBT MUN US N 2 2041-12-15 Fixed 6 N N N N N N PHILADELPHIA PA 549300IVFOPB4AG7UL47 City of Philadelphia PA 717813XM6 2000000 PA USD 2168311.4 0.8484899940 Long DBT MUN US N 2 2037-02-01 Fixed 5 N N N N N N CHICAGO IL WTRWKS REVENUE N/A City of Chicago IL Waterworks Revenue 167736W60 1000000 PA USD 1118433.3 0.4376582920 Long DBT MUN US N 2 2035-11-01 Fixed 5 N N N N N N NEW YORK ST THRUWAY AUTH PERSO N/A New York State Thruway Authority 650028ZQ9 2000000 PA USD 2171735 0.8498296956 Long DBT MUN US N 2 2055-03-15 Fixed 5 N N N N N N SAN ANTONIO TX INDEP SCH DIST N/A San Antonio Independent School District/TX 796269M88 1430000 PA USD 1569577.3 0.6141971277 Long DBT MUN US N 2 2052-08-15 Fixed 5 N N N N N N CHICAGO IL BRD OF EDU DEDICATE N/A Chicago Board of Education Dedicated Capital Improvement Tax 167510BJ4 570000 PA USD 622349.09 0.2435337358 Long DBT MUN US N 2 2048-04-01 Fixed 5.75 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 1261630 0.4936931250 Long DBT MUN US N 2 2043-07-01 Fixed 5 N N N N N N SEATTLE WA MUNI LIGHT & PWR RE N/A City of Seattle WA Municipal Light & Power Revenue 812643SA3 3360000 PA USD 3290497.39 1.2876167651 Long DBT MUN US N 2 2047-01-01 Fixed 4 N N N N N N NEW YORK CITY NY TRANSITIONAL N/A New York City Transitional Finance Authority Future Tax Secured Revenue 64971XX94 1000000 PA USD 980228.2 0.3835767406 Long DBT MUN US N 2 2048-08-01 Fixed 4 N N N N N N DENVER CITY & CNTY CO ARPT REV N/A City & County of Denver CO Airport System Revenue 249182QW9 1000000 PA USD 967240.1 0.3784943189 Long DBT MUN US N 2 2047-11-15 Fixed 4.125 N N N N N N PUERTO RICO SALES TAX FING COR N/A Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 74529JPX7 5000000 PA USD 4874344 1.9073976695 Long DBT MUN US N 2 2058-07-01 Fixed 5 N N N N N N IOWA ST FIN AUTH MIDWSTRN DISA 549300NQVL49BTHOW391 Iowa Finance Authority 46246SAV7 1500000 PA USD 1533826.5 0.6002073492 Long DBT MUN US N 2 2050-12-01 Variable 5 N N N N N N SAN FRANCISCO CALIF CITY &CNTY 54930055TIDYHNDP4F84 San Francisco City & County Airport Comm-San Francisco International Airport 79766DVF3 1500000 PA USD 1626322.95 0.6364024789 Long DBT MUN US N 2 2038-05-01 Fixed 5 N N N N N N LOS ANGELES CA DEPT OF ARPTS A N/A City of Los Angeles Department of Airports 544445YE3 1200000 PA USD 1182743.88 0.4628239042 Long DBT MUN US N 2 2041-05-15 Fixed 4 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 1987614.36 0.7777807635 Long DBT MUN US N 2 2041-10-15 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 1729499.45 0.6767768587 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 64990FX66 1500000 PA USD 1458446.1 0.5707099647 Long DBT MUN US N 2 2049-03-15 Fixed 4 N N N N N N S JERSEY NJ TRANSPRTN AUTH TRA 549300W8SZI2CAOKT956 South Jersey Transportation Authority 838536LM0 850000 PA USD 881485.19 0.3449372463 Long DBT MUN US N 2 2045-11-01 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 1566184.5 0.6128694785 Long DBT MUN US N 2 2042-07-01 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 74529JRL1 2065000 PA USD 1957067.82 0.7658274834 Long DBT MUN US N 2 2058-07-01 Fixed 4.784 N N N N N N CALIFORNIA ST N/A State of California 13063DS82 935000 PA USD 1035038.83 0.4050248920 Long DBT MUN US N 2 2052-09-01 Fixed 5 N N N N N N NEW YORK CITY NY MUNI WTR FIN 549300Q2EHQ6RJPQKP05 New York City Municipal Water Finance Authority 64972GZS6 1000000 PA USD 1082498.1 0.4235963554 Long DBT MUN US N 2 2052-06-15 Fixed 5 N N N N N N NATIONAL FIN AUTH NH REVENUE N/A New Hampshire Business Finance Authority 63607YAJ9 100000 PA USD 77668.92 0.0303929138 Long DBT MUN US N 2 2045-07-01 Variable 3.75 N N N N N N MET NASHVILLE TN ARPT AUTH ARP 549300IC0HNF8TDXEE63 Metropolitan Nashville Airport Authority/The 592190NN8 1000000 PA USD 1057322.4 0.4137447586 Long DBT MUN US N 2 2054-07-01 Fixed 5 N N N N N N LOWER COLORADO RIVER TX AUTH T 549300QJFPW2NNBYR215 Lower Colorado River Authority 54811BXV8 2000000 PA USD 2118287.8 0.8289150731 Long DBT MUN US N 2 2051-05-15 Fixed 5 N N N N N N BAY AREA CA TOLL AUTH TOLL BRI 5493001FUZGUQMIP5D78 BAY AREA TOLL AUTHORITY 072024ST0 1500000 PA USD 1508667.3 0.5903622092 Long DBT MUN US N 2 2036-04-01 Variable 5.26 N N N N N N OKLAHOMA ST DEV FIN AUTH HLTHS 549300PXGPHUWC32DJ91 Oklahoma Development Finance Authority 67884XCN5 1500000 PA USD 1418498.1 0.5550777643 Long DBT MUN US N 2 2057-08-15 Fixed 5.5 N N N N N N MUNI ELEC AUTH OF GEORGIA JA0WNILDDF2KUPS83B16 Municipal Electric Authority of Georgia 6262077K4 1500000 PA USD 1494868.2 0.5849624320 Long DBT MUN US N 2 2063-01-01 Fixed 5 N N N N N N TRIBOROUGH NY BRIDGE & TUNNEL 54930020ZN4LQF7K3456 Triborough Bridge & Tunnel Authority 89602HFM4 500000 PA USD 547158.6 0.2141106657 Long DBT MUN US N 2 2033-11-15 Fixed 4 N N N N N N CINCINNATI OH N/A CINCINNATI -REF 5 12/32 172217H20 1000000 PA USD 1129035.8 0.4418071957 Long DBT MUN US N 2 2032-12-01 Fixed 5 N N N N N N MINNESOTA ST N/A State of Minnesota 60412AZB2 3000000 PA USD 3507116.4 1.3723827551 Long DBT MUN US N 2 2035-08-01 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 1080674.6 0.4228827948 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 1538941.65 0.6022089776 Long DBT MUN US N 2 2042-08-01 Fixed 5 N N N N N N MASSACHUSETTS ST DEV FIN AGY R 549300UZSVMFXJK08K70 Massachusetts Development Finance Agency 57584YG94 250000 PA USD 232579.25 0.0910114509 Long DBT MUN US N 2 2046-07-01 Fixed 4 N N N N N N DIST OF COLUMBIA REVENUE 549300HWFOZXPKGOX654 District of Columbia 25483VVP6 1200000 PA USD 1183409.16 0.4630842374 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 1027243.7 0.4019745507 Long DBT MUN US N 2 2040-12-01 Fixed 5 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 City of New York NY 64966QF62 2000000 PA USD 2267318.4 0.8872327911 Long DBT MUN US N 2 2037-09-01 Fixed 5 N N N N N N NEW YORK NY 549300ABYZD2SFD5JB29 CITY OF NEW YORK NY 64966L4R9 3255000 PA USD 3397735.66 1.3295805711 Long DBT MUN US N 2 2033-08-01 Fixed 5 N N N N N N IOWA ST FIN AUTH MIDWSTRN DISA 549300NQVL49BTHOW391 Iowa Finance Authority 46246SAU9 500000 PA USD 506711.8 0.1982832780 Long DBT MUN US N 2 2050-12-01 Fixed 5 N N N N N N NEW JERSEY ST TURNPIKE AUTH TU 5493005YN67D71KSMI84 NEW JERSEY TURNPIKE AUTHORITY 6461396M2 1000000 PA USD 1067787 0.4178397001 Long DBT MUN US N 2 2029-01-01 Fixed 5 N N N N N N 2023-08-23 Federated Hermes Municipal Bond Fund, Inc. Stephen Van Meter Federated Hermes Municipal Bond Fund, Inc. Chief Compliance Officer XXXX NPORT-EX 2 poi_fhmunicipalbondfd.htm POI - FEDERATED HERMES MUNICIPAL BOND FUND, INC. EDGAR HTML
Federated Hermes Municipal Bond Fund, Inc.
Portfolio of Investments
June 30, 2023 (unaudited) 
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—98.3%
 
 
 
Alabama—1.2%
 
$3,000,000
1
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds (Series 2022B-2) FRNs, (Goldman Sachs Group, Inc. GTD),
4.660% (SIFMA 7-day +0.650%), Mandatory Tender 10/1/2027
$2,931,288
 
 
Arizona—3.3%
 
3,000,000
 
Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047
3,081,083
500,000
 
Arizona State IDA (Phoenix Children's Hospital), Hospital Revenue Bonds (Series 2020A), 4.000%, 2/1/2050
460,630
2,000,000
 
Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory
Tender 9/1/2027
2,046,685
1,740,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044
1,729,499
1,000,000
 
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds
(Series 2017A), 5.000%, 1/1/2038
1,071,412
 
 
TOTAL
8,389,309
 
 
California—9.9%
 
1,500,000
 
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2023F-1), 5.000%, 4/1/2054
1,658,166
1,500,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A)
FRNs, 5.260% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027
1,508,667
2,000,000
 
California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B),
5.000%, 10/1/2044
2,009,700
1,000,000
 
California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054
1,020,417
335,000
2
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
289,483
1,070,000
 
California State, UT GO Various Purpose Bonds, 4.000%, 4/1/2049
1,075,647
935,000
 
California State, Various Purpose UT GO Bonds, 5.000%, 9/1/2052
1,035,039
1,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Refunding Revenue Bonds
(Series 2021D), 5.000%, 5/15/2046
1,050,896
1,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A),
5.000%, 5/15/2044
1,034,489
1,200,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds
(Series 2022C), 4.000%, 5/15/2041
1,182,744
1,400,000
 
Los Angeles, CA Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)),
Power System Revenue Bonds (Series 2022C), 5.000%, 7/1/2042
1,560,973
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 2022C), 5.000%, 7/1/2040
2,268,042
2,000,000
 
Los Angeles, CA Unified School District, UT GO Bonds (Series QRR 2022), 5.250%, 7/1/2047
2,259,146
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
246,191
1,000,000
 
San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2034
1,097,655
2,000,000
 
San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047
2,110,475
1,500,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2023A),
5.000%, 5/1/2038
1,626,323
1,000,000
 
San Francisco, CA City and County, GO Refunding Bonds (Series 2022-R1), 5.000%, 6/15/2031
1,182,102
1,000,000
 
Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045
1,027,448
 
 
TOTAL
25,243,603
 
 
Colorado—3.4%
 
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 4.000%, 8/1/2037
983,029
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036
1,056,843
2,295,000
 
Colorado St COPs. COPs Series A, Rural Colorado COPs (Series 2022), 6.000%, 12/15/2041
2,733,820
1,000,000
 
Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022A),
4.000%, 5/15/2052
952,818
1,000,000
 
Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Senior
Revenue Bonds (Series 2022A), (Original Issue Yield: 4.390%), 4.125%, 11/15/2047
967,240
1
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Colorado—continued
 
$2,000,000
 
Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027
$2,061,197
 
 
TOTAL
8,754,947
 
 
Connecticut—2.6%
 
1,000,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2036
1,080,675
750,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation
Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2036
779,212
3,000,000
 
Connecticut State Health & Educational Facilities (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT),
5.000%, 12/1/2045
3,058,166
1,000,000
 
Connecticut State, UT GO Bonds (Series 2022F), 5.000%, 11/15/2037
1,136,658
600,000
 
Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2031
698,633
 
 
TOTAL
6,753,344
 
 
District of Columbia—3.6%
 
1,200,000
 
District of Columbia (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049
1,183,409
2,085,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046
2,086,071
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
16,155
985,000
 
District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036
1,037,535
2,500,000
 
District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048
2,502,256
2,250,000
 
District of Columbia, UT GO Bonds (Series 2021D), 5.000%, 2/1/2046
2,451,024
 
 
TOTAL
9,276,450
 
 
Florida—4.8%
 
1,000,000
 
Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038
1,055,534
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
790,742
1,000,000
 
Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035
1,013,841
2,000,000
 
Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036
2,084,358
1,000,000
 
Jacksonville, FL (Brooks Rehabilitation), Health Care Facilities Revenue Bonds (Series 2020), 5.000%, 11/1/2050
1,013,228
750,000
 
Miami-Dade County, FL (Miami-Dade County, FL Seaport Department), Seaport Revenue Refunding Bonds (Series 2022A),
5.250%, 10/1/2052
787,673
1,500,000
 
Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017),
5.000%, 8/1/2042
1,538,942
1,210,000
 
Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2037
1,214,551
470,000
 
St. Johns County, FL IDA (Vicar's Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2041
372,668
1,500,000
 
Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036
1,547,120
1,000,000
 
Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045
926,097
 
 
TOTAL
12,344,754
 
 
Georgia—2.5%
 
1,500,000
 
Atlanta, GA Airport General Revenue (Atlanta, GA Department of Aviation), General Revenue Bonds (Series 2022B),
5.000%, 7/1/2047
1,581,714
2,000,000
 
DeKalb County, GA Water & Sewerage, Water and Sewage Revenue Bonds (Series 2022), 5.000%, 10/1/2033
2,368,892
1,000,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056
1,019,970
1,500,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project P Revenue Refunding Bonds (Series 2021A),
5.000%, 1/1/2063
1,494,868
 
 
TOTAL
6,465,444
 
 
Illinois—5.7%
 
570,000
 
Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds (Series 2023), 5.750%, 4/1/2048
622,349
1,000,000
 
Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2041
1,007,956
2,000,000
 
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.250%, 1/1/2053
2,100,952
310,000
 
Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B),
5.000%, 1/1/2041
316,579
1,000,000
 
Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2023B), (Assured Guaranty Municipal
Corp. INS), 5.000%, 11/1/2035
1,118,433
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
$3,114,603
2,000,000
 
Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046
2,151,842
890,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
947,354
1,110,000
 
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026
1,164,493
1,000,000
 
Illinois State, UT GO Bonds (Series 2023B), 5.250%, 5/1/2039
1,087,155
1,000,000
 
Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), (United States Treasury
PRF 7/1/2023@100), 5.250%, 7/1/2028
1,000,262
 
 
TOTAL
14,631,978
 
 
Iowa—0.8%
 
1,500,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, Mandatory Tender 12/1/2042
1,533,826
500,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, 12/1/2050
506,712
 
 
TOTAL
2,040,538
 
 
Kentucky—0.8%
 
2,085,000
1
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2022A-2) FRNs, (Morgan Stanley GTD), 4.590%
(SOFR x 0.67 +1.200%), Mandatory Tender 8/1/2030
1,987,265
 
 
Louisiana—1.9%
 
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
147,753
1,500,000
 
Louisiana Public Facilities Authority (Tulane University, LA), University Revenue and Refunding Bonds (Series 2023A),
5.000%, 10/15/2052
1,604,869
3,000,000
 
Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048
3,207,498
 
 
TOTAL
4,960,120
 
 
Massachusetts—2.2%
 
250,000
 
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group), Revenue Bonds
(Series 2021G), 4.000%, 7/1/2046
232,579
2,000,000
 
Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A),
5.250%, 2/15/2048
2,126,119
3,000,000
 
Massachusetts State Transportation Fund Revenue, Rail Enhancement Program (Series 2022B), 5.000%, 6/1/2052
3,265,898
 
 
TOTAL
5,624,596
 
 
Michigan—0.4%
 
1,000,000
 
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
1,020,672
 
 
Minnesota—1.8%
 
1,000,000
 
Minneapolis-St. Paul, MN Metropolitan Airports Commission (Minneapolis-St. Paul International Airport), Subordinate
Airport Revenue Bonds (Series 2022B), 5.250%, 1/1/2047
1,064,477
3,000,000
 
Minnesota State, UT GO Bonds (Series 2022B), 5.000%, 8/1/2035
3,507,117
 
 
TOTAL
4,571,594
 
 
Mississippi—0.4%
 
75,000
 
Mississippi State Development Bank (Hinds County, MS), Special Obligation Bonds (Series 2017), 5.000%, 11/1/2026
76,400
500,000
 
Mississippi State, Gaming Tax Revenue Bonds (Series 2015E), 5.000%, 10/15/2025
515,589
500,000
 
Mississippi State, UT GO (Series 2017D), (Original Issue Yield: 3.080%), 3.000%, 12/1/2037
438,785
 
 
TOTAL
1,030,774
 
 
Nebraska—0.6%
 
1,620,000
 
Nebraska Public Power District, General Revenue Bonds (Series 2021D), 4.000%, 1/1/2044
1,578,940
 
 
Nevada—0.1%
 
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
284,259
 
 
New Hampshire—0.5%
 
100,000
 
National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B),
3.750%, Mandatory Tender 7/2/2040
77,669
3
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
New Hampshire—continued
 
$1,500,000
 
National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021),
4.000%, 1/1/2051
$1,139,562
 
 
TOTAL
1,217,231
 
 
New Jersey—4.0%
 
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
161,817
665,000
 
New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017),
5.000%, 10/1/2047
665,200
1,250,000
 
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds
(Series 2014A), 5.000%, 7/1/2043
1,261,630
1,500,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2035
1,598,540
2,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034
2,049,894
1,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029
1,067,787
850,000
 
South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
881,485
2,515,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B),
5.000%, 6/1/2046
2,524,646
 
 
TOTAL
10,210,999
 
 
New Mexico—0.9%
 
2,175,000
 
New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds
(Series 2017A), 5.000%, 8/1/2046
2,250,905
 
 
New York—9.2%
 
1,000,000
 
Hudson Yards Infrastructure Corp. NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045
1,046,914
1,000,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds
(Series 2017B), 5.000%, 11/15/2024
1,018,700
1,000,000
 
New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue
Bonds (Series 2022CC-1), 5.000%, 6/15/2052
1,082,498
1,000,000
 
New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue
Bonds (Series 2023AA-1), 5.250%, 6/15/2052
1,120,360
1,000,000
 
New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2023A-1), (Original Issue
Yield: 4.360%), 4.000%, 8/1/2048
980,228
3,255,000
 
New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033
3,397,736
2,000,000
 
New York City, NY, UT GO Bonds (Series 2023A-1), 5.000%, 9/1/2037
2,267,318
1,500,000
 
New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Revenue Refunding Bonds
(Series 2022A), 4.000%, 3/15/2049
1,458,446
1,000,000
 
New York State Thruway Authority—Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond
Fund), Revenue Bonds (Series 2021A-1), 4.000%, 3/15/2052
962,545
2,000,000
 
New York State Thruway Authority—Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond
Fund), Revenue Bonds (Series 2022C), 5.000%, 3/15/2055
2,171,735
825,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 4.000%, 12/1/2039
790,777
1,930,000
 
Port Authority of New York and New Jersey, Revenue Bonds (194th Series), 5.000%, 10/15/2041
1,987,614
500,000
 
Triborough Bridge & Tunnel Authority, NY (MTA Payroll Mobility Tax), MTA Bridges and Tunnels Payroll Mobility Tax Senior
Lien Refunding Bonds (Series 2023A), 4.000%, 11/15/2033
547,159
3,000,000
 
Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels Sales Tax Revenue Bonds (Series 2022A), (Original
Issue Yield: 4.280%), 4.000%, 5/15/2057
2,902,548
1,500,000
 
Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-1), 5.000%, 12/15/2038
1,733,605
 
 
TOTAL
23,468,183
 
 
North Carolina—1.7%
 
2,000,000
 
Charlotte, NC Water & Sewer System, Water and Sewer System Revenue Bonds (Series 2022A), 5.000%, 7/1/2045
2,239,192
1,890,000
 
Mecklenburg County, NC, UT GO School Bonds (Series 2022), 5.000%, 9/1/2035
2,225,237
 
 
TOTAL
4,464,429
 
 
Ohio—4.4%
 
2,000,000
 
American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A),
5.000%, 2/15/2035
2,243,918
4
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Ohio—continued
 
$1,000,000
 
Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032
$1,129,036
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
1,647,745
1,500,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017),
4.500%, 1/15/2048
1,421,027
2,020,000
 
Ohio State Water Development Authority, Water Development Revenue Bonds (Series 2021), 5.000%, 12/1/2035
2,330,673
2,125,000
 
Ohio State, Highway Capital Improvement GO Bonds (Series 2022), 5.000%, 5/1/2036
2,454,711
 
 
TOTAL
11,227,110
 
 
Oklahoma—0.6%
 
1,500,000
 
Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057
1,418,498
 
 
Pennsylvania—7.9%
 
2,095,000
 
Allegheny County, PA Airport Authority (Pittsburgh International Airport), Airport Revenue Bonds (Series 2021A),
4.000%, 1/1/2039
2,029,931
1,000,000
 
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
1,027,244
2,000,000
 
Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022), 5.000%, 10/1/2042
2,237,087
1,500,000
 
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
1,566,184
2,000,000
 
Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1),
5.000%, 2/15/2045
2,047,503
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
1,798,573
1,250,000
 
Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue
Bonds (Series 2022), (Assured Guaranty Municipal Corp. GTD), 5.750%, 12/31/2062
1,383,745
1,000,000
 
Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue
Bonds (Series 2022), (Original Issue Yield: 5.080%), (Assured Guaranty Municipal Corp. INS), 6.000%, 6/30/2061
1,113,989
2,000,000
 
Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2),
4.000%, 5/15/2048
1,871,911
2,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042
1,950,969
1,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A),
5.000%, 2/15/2048
1,052,997
2,000,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037
2,168,311
 
 
TOTAL
20,248,444
 
 
Puerto Rico—3.3%
 
2,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046
1,689,756
5,000,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
4,874,344
2,065,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
1,957,068
 
 
TOTAL
8,521,168
 
 
South Carolina—0.6%
 
1,500,000
 
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
1,516,076
 
 
Tennessee—2.6%
 
2,000,000
 
Metropolitan Government Nashville & Davidson County, TN, UT GO Improvement Bonds (Series 2022A),
5.000%, 1/1/2034
2,342,025
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
1,358,356
1,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054
1,057,322
2,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054
1,818,212
 
 
TOTAL
6,575,915
 
 
Texas—10.7%
 
3,000,000
 
Austin, TX (Austin, TX Electric Utility System), Electric Utility System Revenue Refunding and Improvement Bonds
(Series 2023), 5.000%, 11/15/2039
3,403,134
1,130,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2021B), 5.000%, 1/1/2031
1,261,767
2,000,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B),
4.000%, 12/1/2051
1,930,362
5
Principal
Amount
 
 
Value
 
 
MUNICIPAL BONDS—continued
 
 
 
Texas—continued
 
$1,000,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B),
5.000%, 12/1/2047
$1,076,525
1,800,000
 
Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Refunding Bonds (Series 2022B),
4.000%, 11/1/2045
1,742,582
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020A), 5.000%, 5/15/2045
1,061,179
2,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2021A), 5.000%, 5/15/2051
2,118,288
500,000
 
North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2022), 5.250%, 1/1/2038
553,858
1,000,000
 
Plano, TX Independent School District, UT GO School Building Bonds (Series 2023), 5.000%, 2/15/2038
1,133,119
1,500,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032
1,565,669
2,000,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034
2,024,439
1,430,000
 
San Antonio, TX Independent School District, UT GO School Building Bonds (Series 2022), (Texas Permanent School Fund
Guarantee Program GTD), 5.000%, 8/15/2052
1,569,577
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
2,098,167
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
2,807,985
3,000,000
 
University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2022A), 4.000%, 8/15/2052
2,901,489
 
 
TOTAL
27,248,140
 
 
Virginia—0.8%
 
2,000,000
 
Loudoun County, VA, UT GO Public Improvement Bonds (Series 2022A), 4.000%, 12/1/2036
2,097,460
 
 
Washington—4.0%
 
2,000,000
 
Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043
2,038,604
3,360,000
 
Seattle, WA Municipal Light & Power, Improvement and Refunding Revenue Bonds (Series 2018A), 4.000%, 1/1/2047
3,290,497
215,000
 
Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Bonds
(Series 2014C), (United States Treasury PRF 10/1/2024@100), 5.000%, 10/1/2044
218,869
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
1,627,982
3,000,000
 
Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040
3,080,088
 
 
TOTAL
10,256,040
 
 
Wisconsin—1.1%
 
800,000
 
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015),
5.000%, 8/15/2039
805,750
2,000,000
 
Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034
2,045,208
 
 
TOTAL
2,850,958
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $260,532,180)
251,461,431
 
1
SHORT-TERM MUNICIPALS—0.5%
 
 
 
Multi State—0.5%
 
1,400,000
 
Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank,
N.A. LIQ), 4.350%, 7/3/2023
(IDENTIFIED COST $1,400,000)
1,400,000
 
 
TOTAL INVESTMENT IN SECURITIES—98.8%
(IDENTIFIED COST $261,932,180)
252,861,431
 
 
OTHER ASSETS AND LIABILITIES - NET—1.2%3
3,035,147
 
 
TOTAL NET ASSETS—100%
$255,896,578
Securities that are subject to the federal alternative minimum tax (AMT) represent 11.1% 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, 2023, these restricted securities amounted to $2,992,466, which represented 1.2% of total net assets.
6
Additional information on restricted securities held at June 30, 2023 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
$348,884
$289,483
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
$307,195
$284,259
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
5/13/2021
$1,096,501
$790,742
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
1/14/2021
$2,162,907
$1,627,982
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, 2023.
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 Federated Investment Management Company (the “Adviser”).
◾ 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 ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, 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 Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s 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
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors (the “Directors”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors’ oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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 Adviser. The Directors periodically review the fair valuations made by the Valuation Committee. The Directors have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review 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 ask 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 Adviser.
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, 2023, 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: 
COPs
—Certificates of Participation
EDA
—Economic Development Authority
FRNs
—Floating Rate Notes
GO
—General Obligation
GTD
—Guaranteed
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
INS
—Insured
LIQ
—Liquidity Agreement
PRF
—Pre-refunded
PUTTERs
—Puttable Tax-Exempt Receipts
SIFMA
—Securities Industry and Financial Markets Association
SOFR
—Secured Overnight Financing Rate
UT
—Unlimited Tax
VMFP
—Variable MuniFund Preferred
VRDNs
—Variable Rate Demand Notes
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