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, 2023 (unaudited)  
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—97.9%
 
 
 
Alabama—1.1%
 
$3,000,000
1
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds (Series 2022B-2) FRNs, (Goldman Sachs Group, Inc. GTD),
4.520% (SIFMA 7-day +0.650%), Mandatory Tender 10/1/2027
$  2,945,882
 
 
Arizona—4.1%
 
3,000,000
 
Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047
  3,096,778
  500,000
 
Arizona State IDA (Phoenix Children’s Hospital), Hospital Revenue Bonds (Series 2020A), 4.000%, 2/1/2050
    488,216
2,000,000
 
Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory Tender 9/1/2027
  2,080,110
1,740,000
 
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044
  1,740,142
2,000,000
 
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2023A),
5.000%, 1/1/2050
  2,223,746
1,000,000
 
Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds (Series 2017A),
5.000%, 1/1/2038
  1,075,977
 
 
TOTAL
10,704,969
 
 
California—8.9%
 
1,500,000
 
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2023F-1), 5.000%, 4/1/2054
  1,675,771
1,500,000
1
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A) FRNs,
5.120% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027
  1,505,878
2,000,000
 
California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B),
5.000%, 10/1/2044
  2,014,565
1,000,000
 
California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054
  1,017,119
  335,000
2
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A),
5.000%, 11/15/2056
    294,057
  935,000
 
California State, Various Purpose UT GO Bonds, 5.000%, 9/1/2052
  1,044,484
1,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Refunding Revenue Bonds
(Series 2021D), 5.000%, 5/15/2046
  1,066,673
1,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A),
5.000%, 5/15/2044
  1,039,584
1,200,000
 
Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds
(Series 2022C), 4.000%, 5/15/2041
  1,209,529
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
  1,602,604
2,000,000
 
Los Angeles, CA Unified School District, UT GO Bonds (Series QRR 2022), 5.250%, 7/1/2047
  2,302,810
1,000,000
 
San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2034
  1,117,655
1,085,000
 
San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Refunding Bonds (Series 2020B),
5.000%, 7/1/2037
  1,160,662
2,000,000
 
San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047
  2,105,843
1,500,000
 
San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2023A),
5.000%, 5/1/2038
  1,662,491
1,000,000
 
San Francisco, CA City and County, GO Refunding Bonds (Series 2022-R1), 5.000%, 6/15/2031
  1,196,579
1,000,000
 
Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045
  1,034,103
 
 
TOTAL
23,050,407
 
 
Colorado—3.4%
 
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 4.000%, 8/1/2037
  1,014,295
1,000,000
 
Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036
  1,078,325
2,295,000
 
Colorado St COPs. COPs Series A, Rural COPs (Series 2022), 6.000%, 12/15/2041
  2,814,200
1,000,000
 
Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022A),
4.000%, 5/15/2052
    981,126
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
    990,262
2,000,000
 
Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027
  2,071,866
 
 
TOTAL
8,950,074
1
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Connecticut—2.2%
 
$1,000,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purpose (Series 2018B), 5.000%, 10/1/2036
$  1,101,301
  750,000
 
Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purposes (Series 2020A), 4.000%, 5/1/2036
    793,225
3,000,000
 
Connecticut State Health & Educational Facilities (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT),
5.000%, 12/1/2045
  3,066,454
  600,000
 
Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2031
    709,710
 
 
TOTAL
5,670,690
 
 
District of Columbia—4.2%
 
1,200,000
 
District of Columbia (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049
  1,198,817
2,085,000
 
District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046
  2,056,448
   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
     16,157
  985,000
 
District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036
  1,031,797
2,500,000
 
District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048
  2,531,089
1,545,000
 
District of Columbia Income Tax Revenue, Income Tax Secured Revenue Bonds (Series 2019A), 5.000%, 3/1/2044
  1,677,046
2,250,000
 
District of Columbia, UT GO Bonds (Series 2021D), 5.000%, 2/1/2046
  2,475,657
 
 
TOTAL
10,987,011
 
 
Florida—4.8%
 
1,000,000
 
Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038
  1,061,785
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
    813,495
1,000,000
 
Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035
  1,018,790
2,000,000
 
Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036
  2,091,321
1,000,000
 
Jacksonville, FL (Brooks Rehabilitation), Health Care Facilities Revenue Bonds (Series 2020), 5.000%, 11/1/2050
  1,034,479
  750,000
 
Miami-Dade County, FL (Miami-Dade County, FL Seaport Department), Seaport Revenue Refunding Bonds (Series 2022A),
5.250%, 10/1/2052
    815,636
1,500,000
 
Miami-Dade County, FL HFA (Nicklaus Children’s Hospital), Hospital Revenue Refunding Bonds (Series 2017),
5.000%, 8/1/2042
  1,552,187
1,210,000
 
Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2037
  1,236,239
  470,000
 
St. Johns County, FL IDA (Vicar’s Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2041
    371,930
1,500,000
 
Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036
  1,535,783
1,000,000
 
Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045
    993,498
 
 
TOTAL
12,525,143
 
 
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
  1,602,707
2,000,000
 
DeKalb County, GA Water & Sewerage, Water and Sewage Revenue Bonds (Series 2022), 5.000%, 10/1/2033
  2,407,908
1,000,000
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056
  1,028,957
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
  1,532,351
 
 
TOTAL
6,571,923
 
 
Illinois—4.5%
 
  570,000
 
Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds (Series 2023), 5.750%, 4/1/2048
    623,356
1,000,000
 
Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2041
  1,014,288
2,000,000
 
Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.250%, 1/1/2053
  2,104,546
  310,000
 
Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B),
5.000%, 1/1/2041
    317,096
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
  1,172,973
2,000,000
 
Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046
  2,210,683
  890,000
 
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
    955,384
1,110,000
 
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026
  1,170,474
1,000,000
 
Illinois State, UT GO Bonds (Series 2023B), 5.250%, 5/1/2039
  1,118,464
2
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Illinois—continued
 
$1,000,000
 
Illinois State, UT GO Bonds (Series 2023C), 5.000%, 12/1/2042
$  1,093,977
 
 
TOTAL
11,781,241
 
 
Indiana—1.2%
 
3,000,000
 
Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue Bonds
(Series 2023F-1), (Original Issue Yield: 5.400%), (Build America Mutual Assurance INS), 5.250%, 3/1/2067
  3,222,127
 
 
Iowa—0.8%
 
  500,000
 
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, 12/1/2050
    522,650
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
  1,562,328
 
 
TOTAL
2,084,978
 
 
Kentucky—0.8%
 
2,085,000
1
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2022A-2) FRNs, (Morgan Stanley GTD), 4.811% (SOFR
x 0.67 +1.200%), Mandatory Tender 8/1/2030
  2,022,889
 
 
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
    147,871
1,500,000
 
Louisiana Public Facilities Authority (Tulane University, LA), University Revenue and Refunding Bonds (Series 2023A),
5.000%, 10/15/2052
  1,629,603
3,000,000
 
Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048
  3,275,286
 
 
TOTAL
5,052,760
 
 
Massachusetts—2.2%
 
  250,000
 
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group), Revenue Bonds (Series 2021G),
4.000%, 7/1/2046
    238,115
2,000,000
 
Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A),
5.250%, 2/15/2048
  2,118,448
3,000,000
 
Massachusetts State Transportation Fund Revenue, Rail Enhancement Program (Series 2022B), 5.000%, 6/1/2052
  3,287,437
 
 
TOTAL
5,644,000
 
 
Michigan—1.7%
 
1,000,000
 
Detroit, MI, UTGO Bonds (Series 2020), 5.500%, 4/1/2045
  1,060,044
1,000,000
 
Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2023), 5.500%, 11/15/2049
  1,171,361
2,000,000
 
Wayne County, MI Airport Authority, Airport Revenue Bonds (Series 2018D), 5.000%, 12/1/2031
  2,150,196
 
 
TOTAL
4,381,601
 
 
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
  1,071,402
3,000,000
 
Minnesota State, UT GO Bonds (Series 2022B), 5.000%, 8/1/2035
  3,596,802
 
 
TOTAL
4,668,204
 
 
Mississippi—0.4%
 
   75,000
 
Mississippi State Development Bank (Hinds County, MS), Special Obligation Bonds (Series 2017), 5.000%, 11/1/2026
     76,968
  500,000
 
Mississippi State, Gaming Tax Revenue Bonds (Series 2015E), 5.000%, 10/15/2025
    515,865
  500,000
 
Mississippi State, UT GO (Series 2017D), (Original Issue Yield: 3.080%), 3.000%, 12/1/2037
    472,013
 
 
TOTAL
1,064,846
 
 
Nebraska—0.6%
 
1,620,000
 
Nebraska Public Power District, General Revenue Bonds (Series 2021D), 4.000%, 1/1/2044
  1,637,779
 
 
Nevada—0.8%
 
  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
    300,856
1,625,000
 
Nevada State, LT GO Bonds (Series 2023A), 5.000%, 5/1/2042
  1,869,277
 
 
TOTAL
2,170,133
 
 
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
     78,148
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
$  1,132,275
 
 
TOTAL
1,210,423
 
 
New Jersey—3.5%
 
  155,000
 
New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF
6/15/2025@100), 5.250%, 6/15/2040
    160,433
  665,000
 
New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017),
5.000%, 10/1/2047
    667,425
1,500,000
 
New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2035
  1,634,698
2,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034
  2,037,253
1,000,000
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029
  1,072,028
  850,000
 
South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
    894,136
2,515,000
 
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B),
5.000%, 6/1/2046
  2,552,753
 
 
TOTAL
9,018,726
 
 
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
  2,257,111
 
 
New York—8.0%
 
1,000,000
 
Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds
(Series 2017B), 5.000%, 11/15/2024
  1,017,547
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
  1,086,982
2,000,000
 
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
  2,248,023
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
    999,886
3,255,000
 
New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033
  3,390,455
2,000,000
 
New York City, NY, UT GO Bonds (Series 2023A-1), 5.000%, 9/1/2037
  2,340,756
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
  1,490,053
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
    986,657
1,000,000
 
New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities
Revenue Bonds (Series 2023), 6.000%, 4/1/2035
  1,113,996
  825,000
 
New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds
(Series 2020A), 4.000%, 12/1/2039
    805,249
  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
    558,765
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
  2,906,141
1,500,000
 
Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-1), 5.000%, 12/15/2038
  1,763,458
 
 
TOTAL
20,707,968
 
 
North Carolina—2.7%
 
2,270,000
 
Charlotte, NC (Charlotte, NC Douglas International Airport), Airport Revenue Bonds (Series 2023B), 5.000%, 7/1/2032
  2,599,950
2,000,000
 
Charlotte, NC Water & Sewer System, Water and Sewer System Revenue Bonds (Series 2022A), 5.000%, 7/1/2045
  2,256,579
1,890,000
 
Mecklenburg County, NC, UT GO School Bonds (Series 2022), 5.000%, 9/1/2035
  2,269,713
 
 
TOTAL
7,126,242
 
 
Ohio—4.4%
 
2,000,000
 
American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A), 5.000%, 2/15/2035
  2,281,682
1,000,000
 
Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032
  1,141,437
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
  1,673,335
1,500,000
 
Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), 4.500%, 1/15/2048
  1,403,714
2,020,000
 
Ohio State Water Development Authority, Water Development Revenue Bonds (Series 2021), 5.000%, 12/1/2035
  2,376,217
4
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Ohio—continued
 
$2,125,000
 
Ohio State, Highway Capital Improvement GO Bonds (Series 2022), 5.000%, 5/1/2036
$  2,500,619
 
 
TOTAL
11,377,004
 
 
Oklahoma—0.6%
 
1,500,000
 
Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057
  1,503,267
 
 
Pennsylvania—7.8%
 
1,000,000
 
Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040
  1,019,728
2,000,000
 
Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022), 5.000%, 10/1/2042
  2,278,655
1,500,000
 
Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042
  1,576,870
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
  1,859,894
2,000,000
 
Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private
Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2034
  2,050,423
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
  1,380,791
1,000,000
 
Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds
(Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061
  1,108,943
2,000,000
 
Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2),
4.000%, 5/15/2048
  1,941,316
2,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042
  1,981,244
1,000,000
 
Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A),
5.000%, 2/15/2048
  1,056,050
1,595,000
 
Philadelphia, PA School District, LT GO Bonds (Series 2023B), (Pennsylvania School District Intercept Program GTD),
5.000%, 9/1/2033
  1,865,317
2,000,000
 
Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037
  2,192,740
 
 
TOTAL
20,311,971
 
 
Puerto Rico—3.4%
 
2,000,000
 
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046
  1,781,343
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
  5,017,447
2,065,000
 
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058
  2,035,449
 
 
TOTAL
8,834,239
 
 
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
  1,545,652
 
 
Tennessee—2.6%
 
2,000,000
 
Metropolitan Government Nashville & Davidson County, TN, UT GO Improvement Bonds (Series 2022A), 5.000%, 1/1/2034
  2,375,668
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
  1,347,566
1,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054
  1,051,769
2,000,000
 
Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054
  1,858,673
 
 
TOTAL
6,633,676
 
 
Texas—11.2%
 
3,000,000
 
Austin, TX Electric Utility System, Electric Utility System Revenue Refunding and Improvement Bonds (Series 2023),
5.000%, 11/15/2039
  3,459,819
1,130,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2021B), 5.000%, 1/1/2031
  1,286,534
2,000,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B),
4.000%, 12/1/2051
  1,968,822
1,000,000
 
Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B),
5.000%, 12/1/2047
  1,090,909
1,800,000
 
Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Refunding Bonds (Series 2022B),
4.000%, 11/1/2045
  1,820,125
3,000,000
 
Hutto, TX Independent School District, UT GO School Building Bonds (Series 2023), (Texas Permanent School Fund Guarantee
Program GTD), 5.000%, 8/1/2048
  3,326,035
1,000,000
 
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2020A), 5.000%, 5/15/2045
  1,075,470
5
Principal
Amount
 
 
Value
         
 
MUNICIPAL BONDS—continued
 
 
 
Texas—continued
 
$  500,000
 
North Texas Tollway Authority (North Texas Tollway System), First Tier Revenue Refunding Bonds (Series 2022),
5.250%, 1/1/2038
$    576,030
1,000,000
 
Plano, TX Independent School District, UT GO School Building Bonds (Series 2023), 5.000%, 2/15/2038
  1,153,250
1,500,000
 
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032
  1,566,009
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
  1,569,566
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
  2,116,233
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
  3,049,891
1,000,000
 
Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien Revenue
Refunding Bonds (Series 2023), 5.375%, 6/30/2039
  1,071,249
1,000,000
 
Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners, LLC), Senior Lien Revenue Bonds
(Series 2023), 5.500%, 12/31/2058
  1,084,443
3,000,000
 
University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2022A), 4.000%, 8/15/2052
  2,995,782
 
 
TOTAL
29,210,167
 
 
Utah—0.4%
 
1,000,000
 
Salt Lake City, UT (Salt Lake City, UT International Airport), Airport Revenue Bonds (Series 2023A), 5.250%, 7/1/2048
  1,077,849
 
 
Virginia—0.8%
 
2,000,000
 
Loudoun County, VA, UT GO Public Improvement Bonds (Series 2022A), 4.000%, 12/1/2036
  2,150,236
 
 
Washington—2.1%
 
3,360,000
 
Seattle, WA (Seattle, WA Municipal Light & Power), Improvement and Refunding Revenue Bonds (Series 2018A),
4.000%, 1/1/2047
  3,375,631
  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
    217,668
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
  1,760,955
 
 
TOTAL
5,354,254
 
 
West Virginia—0.2%
 
  500,000
 
West Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds
(Series 2023B), 6.000%, 9/1/2053
    566,403
 
 
Wisconsin—0.3%
 
  800,000
 
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015),
5.000%, 8/15/2039
    800,302
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $256,103,987)
254,822,147
 
1
SHORT-TERM MUNICIPALS—1.8%
 
 
 
Alabama—0.6%
 
1,100,000
 
Walker County, AL Economic and Industrial Development Authority (Alabama Power Co.), (First Series 2023) Daily VRDNs,
4.350%, 1/1/2024
  1,100,000
  400,000
 
West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.480%, 1/1/2024
    400,000
 
 
TOTAL
1,500,000
 
 
Multi State—1.2%
 
1,600,000
 
Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.850%, 1/1/2024
  1,600,000
1,500,000
 
Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.850%, 1/1/2024
  1,500,000
 
 
TOTAL
3,100,000
 
 
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $4,600,000)
4,600,000
 
 
TOTAL INVESTMENT IN SECURITIES—99.7%
(IDENTIFIED COST $260,703,987)
259,422,147
 
 
OTHER ASSETS AND LIABILITIES - NET—0.3%3
842,149
 
 
TOTAL NET ASSETS—100%
$260,264,296
6
Securities that are subject to the federal alternative minimum tax (AMT) represent 15.3% of the Fund’s portfolio as calculated based upon total market value.  
1
Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are
not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do
not indicate a reference rate and spread in their description above.
2
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2023, these restricted securities amounted to $3,169,363,
which represented 1.2% of total net assets.
Additional information on restricted securities held at December 31, 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
5/17/2021
$348,390
$294,057
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
$306,674
$300,856
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds
(Series 2021), 5.000%, 6/1/2051
5/13/2021
$1,090,198
$813,495
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue
& Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
1/14/2021
$2,157,001
$1,760,955
 
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, 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.
7
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.
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, 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:
 
AMT
—Alternative Minimum Tax
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
IDB
—Industrial Development Bond
INS
—Insured
LIQ
—Liquidity Agreement
LT
—Limited Tax
PRF
—Pre-refunded
PUTTERs
—Puttable Tax-Exempt Receipts
SIFMA
—Securities Industry and Financial Markets Association
SOFR
—Secured Overnight Financing Rate
UT
—Unlimited Tax
VMTP
—Variable Municipal Term Preferred
VRDNs
—Variable Rate Demand Notes
8