# EDGAR Filing Document

**Accession Number:** 0000201801
**File Stem:** 0001145549-23-008155
**Filing Date:** 2023-2
**Character Count:** 125861
**Document Hash:** af639ff18df6af7733c75b41a88d56bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008155.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008155

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**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:** 23652454

**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

## Series and Classes Contracts Data

### Federated Hermes Municipal Bond Fund, Inc. (Series ID: S000009070)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| 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-Ex

Federated Hermes Municipal Bond Fund, Inc.

Portfolio of Investments

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—97.7% |  |
|  | **Alabama—1.1%** |  |
| $3000000<br><sup>1</sup> <br>| Black Belt Energy Gas District, AL, Gas Project Revenue Bonds (Series 2022B-2) FRNs, (Goldman Sachs Group, Inc. GTD), <br> 4.310% (SIFMA 7-day +0.650%), Mandatory Tender 10/1/2027<br>| $2851352 |
|  | **Arizona—3.3%** |  |
| &nbsp;&nbsp; 3000000 | Arizona Board of Regents (Arizona State University), (Series 2016B), 5.000%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Arizona State IDA (Phoenix Children's Hospital), Hospital Revenue Bonds (Series 2020A), 4.000%, 2/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438514 |
| &nbsp;&nbsp; 2000000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2) TOBs, 5.000%, Mandatory <br> Tender 9/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2087148 |
| &nbsp;&nbsp; 1740000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745009 |
| &nbsp;&nbsp; 1000000 | Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Refunding Bonds <br> (Series 2017A), 5.000%, 1/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8449817 |
|  | **California—9.3%** |  |
| &nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2001A) <br> FRNs, 4.910% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512399 |
| &nbsp;&nbsp; 2000000 | California Health Facilities Financing Authority (Providence St. Joseph Health), Revenue Bonds (Series 2014B), <br> 5.000%, 10/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019861 |
| &nbsp;&nbsp; 1000000 | California Health Facilities Financing Authority (Stanford Health Care), Revenue Bonds (Series 2015A), 5.000%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335000<br><sup>2</sup> <br>| California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds <br> (Series 2021A), 5.000%, 11/15/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270372 |
| &nbsp;&nbsp; 1070000 | California State, UT GO Various Purpose Bonds, 4.000%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 935000 | California State, Various Purpose UT GO Bonds, 5.000%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023033 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Refunding Revenue Bonds <br> (Series 2021D), 5.000%, 5/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025149 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Bonds (Series 2018A), <br> 5.000%, 5/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019369 |
| &nbsp;&nbsp; 1200000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), Subordinate Revenue Refunding Bonds <br> (Series 2022C), 4.000%, 5/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126696 |
| &nbsp;&nbsp; 1400000 | Los Angeles, CA Department of Water & Power (Los Angeles, CA Department of Water & Power (Electric/Power System)), <br> Power System Revenue Bonds (Series 2022C), 5.000%, 7/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547053 |
| &nbsp;&nbsp; 2000000 | Los Angeles, CA Department of Water & Power (Los Angeles, CA Department of Water & Power (Water Works/System)), <br> Water System Revenue Bonds (Series 2013B), 5.000%, 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018555 |
| &nbsp;&nbsp; 2000000 | Los Angeles, CA Department of Water & Power (Los Angeles, CA Department of Water & Power (Water Works/System)), <br> Water System Revenue Bonds (Series 2022C), 5.000%, 7/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253309 |
| &nbsp;&nbsp; 2000000 | Los Angeles, CA Unified School District, UT GO Bonds (Series QRR 2022), 5.250%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260000 | Riverside County, CA Transportation Commission (RCTC 91 Express Lanes), Toll Revenue Senior Lien Refunding Bonds <br> (Series 2021B-1), 4.000%, 6/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240594 |
| &nbsp;&nbsp; 1000000 | San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078171 |
| &nbsp;&nbsp; 2000000 | San Diego, CA Unified School District, UT GO Bonds (Election 2012 Series-I), 5.000%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2104641 |
| &nbsp;&nbsp; 1000000 | San Francisco, CA City and County, GO Refunding Bonds (Series 2022-R1), 5.000%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189510 |
| &nbsp;&nbsp; 1000000 | Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23724783 |
|  | **Colorado—3.3%** |  |
| &nbsp;&nbsp; 1000000 | Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 4.000%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931579 |
| &nbsp;&nbsp; 1000000 | Colorado Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019A-1), 5.000%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042499 |
| &nbsp;&nbsp; 2295000 | Colorado St COPS. COPS Series A, Rural Colorado Certificates of Participation (Series 2022), 6.000%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2692956 |
| &nbsp;&nbsp; 1000000 | Colorado State Health Facilities Authority (Intermountain Healthcare), Revenue Bonds (Series 2022A), 4.000%, 5/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927493 |
| &nbsp;&nbsp; 1000000 | Denver, CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Airport System Senior <br> Revenue Bonds (Series 2022A), (Original Issue Yield: 4.390%), 4.125%, 11/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897989 |
| &nbsp;&nbsp; 2000000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.000%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2059074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8551590 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Connecticut—2.6%** |  |
| $1000000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation <br> Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2036<br>| $1088530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation <br> Infrastructure Purposes (Series 2020A), 4.000%, 5/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763429 |
| &nbsp;&nbsp; 3000000 | Connecticut State Health & Educational Facilities (Trinity Healthcare Credit Group), Revenue Bonds (Series 2016CT), <br> 5.000%, 12/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044011 |
| &nbsp;&nbsp; 1000000 | Connecticut State, UT GO Bonds (Series 2022F), 5.000%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6705537 |
|  | **District of Columbia—3.5%** |  |
| &nbsp;&nbsp; 1200000 | District of Columbia (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172994 |
| &nbsp;&nbsp; 1800000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1809338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), (United States Treasury <br> PRF 4/1/2027@100), 5.000%, 4/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 985000 | District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), 5.000%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034121 |
| &nbsp;&nbsp; 2500000 | District of Columbia (KIPP DC), Refunding Revenue Bonds (Series 2017A), 5.000%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508493 |
| &nbsp;&nbsp; 2250000 | District of Columbia, UT GO Bonds (Series 2021D), 5.000%, 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2432959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8974312 |
|  | **Florida—4.4%** |  |
| &nbsp;&nbsp; 1000000 | Central Florida Expressway Authority, Senior Lien Revenue Refunding Bonds (Series 2017), 5.000%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055501 |
| &nbsp;&nbsp; 1000000<br><sup>2</sup> <br>| Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds <br> (Series 2021), 5.000%, 6/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797985 |
| &nbsp;&nbsp; 1000000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.000%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011646 |
| &nbsp;&nbsp; 2000000 | Greater Orlando, FL Aviation Authority, Subordinate Airport Facilities Revenue Bonds (Series 2017A), 5.000%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073752 |
| &nbsp;&nbsp; 1000000 | Jacksonville, FL (Brooks Rehabilitation), Health Care Facilities Revenue Bonds (Series 2020), 5.000%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007928 |
| &nbsp;&nbsp; 1500000 | Miami-Dade County, FL HFA (Nicklaus Children's Hospital), Hospital Revenue Refunding Bonds (Series 2017), <br> 5.000%, 8/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536824 |
| &nbsp;&nbsp; 1000000 | Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 470000 | St. Johns County, FL IDA (Vicar's Landing), Senior Living Revenue Bonds (Series 2021A), 4.000%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366670 |
| &nbsp;&nbsp; 1500000 | Tallahassee, FL Energy System, Revenue Refunding Bonds (Series 2017), 5.000%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575972 |
| &nbsp;&nbsp; 1000000 | Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 4.000%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11292025 |
|  | **Georgia—3.3%** |  |
| &nbsp;&nbsp; 1500000 | Atlanta, GA (Atlanta, GA Department of Aviation), General Revenue Bonds (Series 2022B), 5.000%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537119 |
| &nbsp;&nbsp; 3000000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.000%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097084 |
| &nbsp;&nbsp; 2000000 | DeKalb County, GA (DeKalb County, GA Water & Sewerage), Water and Sewage Revenue Bonds (Series 2022), <br> 5.000%, 10/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345379 |
| &nbsp;&nbsp; 1500000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project P Revenue Refunding Bonds (Series 2021A), <br> 5.000%, 1/1/2063<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8420948 |
|  | **Illinois—4.5%** |  |
| &nbsp;&nbsp; 1000000 | Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965492 |
| &nbsp;&nbsp; 2000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.250%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), <br> 5.000%, 1/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316190 |
| &nbsp;&nbsp; 3000000 | Illinois Finance Authority (Northwestern Memorial Healthcare), Revenue Bonds (Series 2017A), 5.000%, 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3114544 |
| &nbsp;&nbsp; 2000000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2114218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 890000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915271 |
| &nbsp;&nbsp; 1110000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144179 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.280%), 5.250%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11626788 |

---

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Iowa—0.6%** |  |
| $1500000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022) TOBs, <br> 5.000%, Mandatory Tender 12/1/2042<br>| $1443205 |
|  | **Kentucky—0.8%** |  |
| &nbsp;&nbsp; 2085000<br><sup>1</sup> <br>| Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2022A-2) FRNs, (Morgan Stanley GTD), 4.081% <br> (SOFR x 0.67 +1.200%), Mandatory Tender 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965185 |
|  | **Louisiana—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Bienville Parish, LA School District #1, UT GO Bonds (Series 2018), (Original Issue Yield: 3.140%), (Build America Mutual <br> Assurance INS), 3.000%, 3/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148424 |
|  | **Massachusetts—2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | Massachusetts Development Finance Agency (Southcoast Health System Obligated Group), Revenue Bonds <br> (Series 2021G), 4.000%, 7/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221659 |
| &nbsp;&nbsp; 2000000 | Massachusetts School Building Authority, Subordinated Dedicated Sales Tax Revenue Bonds (Series 2018A), <br> 5.250%, 2/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124732 |
| &nbsp;&nbsp; 3000000 | Massachusetts State Transportation Fund Revenue, Rail Enhancement Program (Series 2022B), 5.000%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3241932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5588323 |
|  | **Michigan—0.8%** |  |
| &nbsp;&nbsp; 1000000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012450 |
| &nbsp;&nbsp; 1000000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D), <br> (United States Treasury PRF 3/1/2024@100), 5.000%, 9/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036724 |
|  | **Minnesota—1.8%** |  |
| &nbsp;&nbsp; 1000000 | Minneapolis-St. Paul, MN Metropolitan Airports Commission (Minneapolis-St. Paul International Airport), Subordinate <br> Airport Revenue Bonds (Series 2022B), 5.250%, 1/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038158 |
| &nbsp;&nbsp; 3000000 | Minnesota State, UT GO Bonds (Series 2022B), 5.000%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3514526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4552684 |
|  | **Mississippi—0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Mississippi State Development Bank (Harrison County, MS), Refunding Bonds (Series 2010A), 5.250%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Mississippi State Development Bank (Hinds County, MS), Special Obligation Bonds (Series 2017), 5.000%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Mississippi State, Gaming Tax Revenue Bonds (Series 2015E), 5.000%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Mississippi State, UT GO (Series 2017D), (Original Issue Yield: 3.080%), 3.000%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 575000 | Oxford, MS, UT GO Capital Improvement Bonds (Series 2018B), (Original Issue Yield: 3.250%), (United States Treasury PRF <br> 8/1/2025@100), 3.125%, 8/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581742 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090109 |
|  | **Nebraska—0.6%** |  |
| &nbsp;&nbsp; 1620000 | Nebraska Public Power District, General Revenue Bonds (Series 2021D), 4.000%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557513 |
|  | **Nevada—1.0%** |  |
| &nbsp;&nbsp; 2000000 | Clark County, NV, Limited Tax GO Detention Center Bonds (Series 2019), 5.000%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2252085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305000<br><sup>2</sup> <br>| Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School <br> Revenue Bonds (Series 2017A), 5.000%, 7/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2529807 |
|  | **New Hampshire—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | National Finance Authority, NH (Covanta Energy Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B) <br> TOBs, 3.750%, Mandatory Tender 7/2/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79535 |
| &nbsp;&nbsp; 1500000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), <br> 4.000%, 1/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245802 |
|  | **New Jersey—5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 155000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), (United States Treasury PRF <br> 6/15/2025@100), 5.250%, 6/15/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164552 |
| &nbsp;&nbsp; 2725000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2015 WW), 5.250%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 665000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), <br> 5.000%, 10/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646552 |
| &nbsp;&nbsp; 1250000 | New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Revenue Bonds <br> (Series 2014A), 5.000%, 7/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264345 |

---

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New Jersey—continued** |  |
| $1500000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), <br> 5.000%, 12/15/2035<br>| $1577564 |
| &nbsp;&nbsp; 2000000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2015E), 5.000%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2076349 |
| &nbsp;&nbsp; 1000000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2017A), 5.000%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 850000 | South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 5.000%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856548 |
| &nbsp;&nbsp; 2700000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), <br> 5.000%, 6/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2578024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13014597 |
|  | **New Mexico—0.9%** |  |
| &nbsp;&nbsp; 2175000 | New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds <br> (Series 2017A), 5.000%, 8/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2256912 |
|  | **New York—10.8%** |  |
| &nbsp;&nbsp; 1000000 | Hudson Yards Infrastructure Corp. NY, Second Indenture Revenue Bonds (Series 2017A), 5.000%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044128 |
| &nbsp;&nbsp; 1000000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds <br> (Series 2017B), 5.000%, 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026297 |
| &nbsp;&nbsp; 1000000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue <br> Bonds (Series 2022CC-1), 5.000%, 6/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062640 |
| &nbsp;&nbsp; 1000000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue <br> Bonds (Series 2023AA-1), 5.250%, 6/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095347 |
| &nbsp;&nbsp; 3000000 | New York City, NY Transitional Finance Authority, Building Aid Revenue Bonds (Series 2015S-2), 5.000%, 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3089434 |
| &nbsp;&nbsp; 1000000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2023A-1), (Original Issue <br> Yield: 4.360%), 4.000%, 8/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918435 |
| &nbsp;&nbsp; 3255000 | New York City, NY, UT GO Bonds (Fiscal 2016 Series C), 5.000%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3441781 |
| &nbsp;&nbsp; 2000000 | New York City, NY, UT GO Bonds (Series 2023A-1), 5.000%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2216061 |
| &nbsp;&nbsp; 2000000 | New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), General Purpose Revenue <br> Bonds (Series 2016A), 5.000%, 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073146 |
| &nbsp;&nbsp; 1500000 | New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Revenue Refunding Bonds <br> (Series 2022A), 4.000%, 3/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390275 |
| &nbsp;&nbsp; 1000000 | New York State Thruway Authority—Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond <br> Fund), Revenue Bonds (Series 2021A-1), 4.000%, 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926145 |
| &nbsp;&nbsp; 2000000 | New York State Thruway Authority—Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond <br> Fund), Revenue Bonds (Series 2022C), 5.000%, 3/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2114122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 825000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds <br> (Series 2020A), 4.000%, 12/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754859 |
| &nbsp;&nbsp; 1930000 | Port Authority of New York and New Jersey, Revenue Bonds (194th Series), 5.000%, 10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006734 |
| &nbsp;&nbsp; 3000000 | Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels Sales Tax Revenue Bonds (Series 2022A), (Original <br> Issue Yield: 4.280%), 4.000%, 5/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796183 |
| &nbsp;&nbsp; 1500000 | Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-1), 5.000%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27673164 |
|  | **North Carolina—1.7%** |  |
| &nbsp;&nbsp; 2000000 | Charlotte, NC Water & Sewer System, Water and Sewer System Revenue Bonds (Series 2022A), 5.000%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2238908 |
| &nbsp;&nbsp; 1890000 | Mecklenburg County, NC, UT GO School Bonds (Series 2022), 5.000%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4459086 |
|  | **Ohio—5.6%** |  |
| &nbsp;&nbsp; 2000000 | American Municipal Power-Ohio, Inc. (AMP Fremont Energy), Revenue Refunding Bonds (Series 2021A), <br> 5.000%, 2/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2233898 |
| &nbsp;&nbsp; 1000000 | Cincinnati, OH, UT GO Various Purpose Improvement Bonds (Series 2019), 5.000%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132327 |
| &nbsp;&nbsp; 1680000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue <br> Yield: 5.030%), 5.000%, 2/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617622 |
| &nbsp;&nbsp; 1500000 | Ohio Air Quality Development Authority (Pratt Paper, LLC), Exempt Facilities Revenue Bonds (Series 2017), <br> 4.500%, 1/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312124 |
| &nbsp;&nbsp; 1000000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.000%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004524 |
| &nbsp;&nbsp; 2020000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Series 2021), 5.000%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320243 |
| &nbsp;&nbsp; 2000000 | Ohio State, Common Schools UT GO Bonds (Series 2019A), 5.000%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205448 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Ohio—continued** |  |
| $2125000 | Ohio State, Highway Capital Improvement GO Bonds (Series 2022), 5.000%, 5/1/2036 | $2428785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14254971 |
|  | **Oklahoma—1.7%** |  |
| &nbsp;&nbsp; 1500000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353791 |
| &nbsp;&nbsp; 2795000 | Oklahoma State Turnpike Authority, Second Senior Revenue Bonds (Series 2017C), 5.000%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2914539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4268330 |
|  | **Pennsylvania—5.9%** |  |
| &nbsp;&nbsp; 1000000 | Allegheny County, PA Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.000%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042623 |
| &nbsp;&nbsp; 2000000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022), 5.000%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205616 |
| &nbsp;&nbsp; 1500000 | Delaware River Joint Toll Bridge Commission, Revenue Bonds (Series 2017), 5.000%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562305 |
| &nbsp;&nbsp; 2000000 | Geisinger Authority, PA Health System (Geisinger Health System), Revenue Refunding Bonds (Series 2017A-1), <br> 5.000%, 2/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037882 |
| &nbsp;&nbsp; 2000000 | Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Hospital Revenue Bonds <br> (Series 2018A), (Original Issue Yield: 4.090%), 4.000%, 8/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1826572 |
| &nbsp;&nbsp; 1250000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue <br> Bonds (Series 2022), (Assured Guaranty Municipal Corp. GTD), 5.750%, 12/31/2062<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307993 |
| &nbsp;&nbsp; 2000000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1883257 |
| &nbsp;&nbsp; 1000000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania), Revenue Bonds (Series 2018A), <br> 5.000%, 2/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053246 |
| &nbsp;&nbsp; 2000000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15051755 |
|  | **Puerto Rico—1.7%** |  |
| &nbsp;&nbsp; 3000000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651841 |
| &nbsp;&nbsp; 2065000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4443415 |
|  | **South Carolina—0.6%** |  |
| &nbsp;&nbsp; 1500000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505995 |
|  | **Tennessee—2.5%** |  |
| &nbsp;&nbsp; 2000000 | Metropolitan Government Nashville & Davidson County, TN, UT GO Improvement Bonds (Series 2022A), <br> 5.000%, 1/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2337107 |
| &nbsp;&nbsp; 1335000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Vanderbilt University <br> Medical Center), Revenue Bonds (Series 2016A), 5.000%, 7/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355489 |
| &nbsp;&nbsp; 1000000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025470 |
| &nbsp;&nbsp; 2000000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 4.000%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6418142 |
|  | **Texas—9.3%** |  |
| &nbsp;&nbsp; 1130000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2021B), 5.000%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251472 |
| &nbsp;&nbsp; 2000000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B), <br> 4.000%, 12/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876794 |
| &nbsp;&nbsp; 1000000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Improvement and Refunding Bonds (Series 2021B), <br> 5.000%, 12/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068998 |
| &nbsp;&nbsp; 2225000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016A), (United States Treasury PRF <br> 12/1/2025@100), 5.000%, 12/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Refunding Bonds (Series 2022B), <br> 4.000%, 11/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746584 |
| &nbsp;&nbsp; 1000000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds <br> (Series 2020A), 5.000%, 5/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030403 |
| &nbsp;&nbsp; 2000000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds <br> (Series 2021A), 5.000%, 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2053868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2022), 5.250%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555626 |
| &nbsp;&nbsp; 1500000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2015), 5.000%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592363 |
| &nbsp;&nbsp; 2000000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (Series 2016), 4.000%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2059301 |
| &nbsp;&nbsp; 1430000 | San Antonio, TX Independent School District, UT GO School Building Bonds (Series 2022), (Texas Permanent School Fund <br> Guarantee Program GTD), 5.000%, 8/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546199 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Texas—continued** |  |
| $2030000 | Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Senior Lien Revenue Bonds (Series 2006A), <br> (Bank of America Corp. GTD), 5.250%, 12/15/2026<br>| $2132670 |
| &nbsp;&nbsp; 3000000 | Texas Private Activity Bonds Surface Transportation Corporation (LBJ Infrastructure Group LLC), Senior Lien Revenue <br> Refunding Bonds I-635 Managed Lanes Project (Series 2020A), 4.000%, 12/31/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773972 |
| &nbsp;&nbsp; 3000000 | University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2022A), 4.000%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2867273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23926155 |
|  | **Virginia—1.5%** |  |
| &nbsp;&nbsp; 1500000 | Hampton Roads, VA Sanitation District, Subordinate Wastewater Revenue Bonds (Series 2016A), (United States Treasury <br> PRF 8/1/2026@100), 5.000%, 8/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622455 |
| &nbsp;&nbsp; 2000000 | Loudoun County, VA, UT GO Public Improvement Bonds (Series 2022A), 4.000%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088927 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3711382 |
|  | **Washington—4.0%** |  |
| &nbsp;&nbsp; 2000000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2018A), 5.000%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038134 |
| &nbsp;&nbsp; 3360000 | Seattle, WA Municipal Light & Power, Improvement and Refunding Revenue Bonds (Series 2018A), 4.000%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), Health Care Facilities Revenue Bonds <br> (Series 2014C), (United States Treasury PRF 10/1/2024@100), 5.000%, 10/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222218 |
| &nbsp;&nbsp; 2070000<br><sup>2</sup> <br>| Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & <br> Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630456 |
| &nbsp;&nbsp; 3000000 | Washington State, UT GO Bonds (Series 2015A-1), 5.000%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3106783 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10171828 |
|  | **West Virginia—0.8%** |  |
| &nbsp;&nbsp; 2000000 | West Virginia State, GO State Road Bonds (Series 2019A), 5.000%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172432 |
|  | **Wisconsin—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), Revenue Refunding Bonds (Series 2015), <br> 5.000%, 8/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807783 |
| &nbsp;&nbsp; 2000000 | Wisconsin State, UT GO Bonds (Series 2018A), 4.000%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2855275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS<br> (IDENTIFIED COST $264,244,759)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 249938367 |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—1.1% |  |
|  | **Alabama—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.740%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
|  | **Florida—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 3.430%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
|  | **Kentucky—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) <br> Daily VRDNs, (United Parcel Service, Inc. GTD), 3.640%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
|  | **Michigan—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.560%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
|  | **New York—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Subseries 2012G-1) Daily VRDNs, <br> (Barclays Bank plc LOC), 3.400%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
|  | **Ohio—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Harris Bank, N.A. LOC), <br> 3.280%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank plc <br> LIQ), 3.370%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
|  | **Pennsylvania—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 950000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), <br> 3.410%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—0.1%** |  |
| $200000 | Gulf Coast, TX Waste Disposal Authority (Exxon Capital Ventures, Inc.), (Series 2002) Daily VRDNs, (Exxon Mobil Corp. <br> GTD), 3.580%, 1/3/2023<br>| $200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS<br> (IDENTIFIED COST $2,800,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—98.8%<br> (IDENTIFIED COST $267,044,759)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 252738367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—1.2%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3193456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $255931823 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 8.5% of the Fund's portfolio as calculated based upon total market value.

The average notional value of long futures contracts held by the Fund throughout the period was $3,922,359. This is based on amounts held as of each month-end throughout the nine-month fiscal period.

*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.*

*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, 2022, these restricted securities amounted to $2,976,535, which represented 1.2% of total net assets.*

Additional information on restricted securities held at December 31, 2022 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>| **Value** |
| California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds <br> (Series 2021A), 5.000%, 11/15/2056<br>| 5/27/2021 | $349837 | $270372 |
| Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter <br> School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047<br>| 8/31/2017 | $307701 | $277722 |
| Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds <br> (Series 2021), 5.000%, 6/1/2051<br>| 5/13/2021 | $1102625 | $797985 |
| Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue <br> & Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041<br>| 1/14/2021 | $2168690 | $1630456 |

---

*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, 2022.

**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 nonexchange-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.

**7**

------

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, the Fund's Board of Directors (the "Directors") have 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.

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, 2022, 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 |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| PRF | —Pre-refunded |
| SIFMA | —Securities Industry and Financial Markets Association |
| SOFR | —Secured Overnight Financing Rate |
| TOBs | —Tender Option Bonds |
| UT | —Unlimited Tax |
| VRDNs | —Variable Rate Demand Notes |

---

**8**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Municipal Bond Fund, Inc.

- **b. Investment Company Act file number:** 811-02677

- **c. CIK number of Registrant:** 0000201801

- **d. LEI of Registrant:** FKXPJ13H04EJB13HM305

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Municipal Bond Fund, Inc.

- **b. EDGAR series identifier (if any):** S000009070

- **c. LEI of Series:** FKXPJ13H04EJB13HM305

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $256373384.98

**Total Liabilities:** $895860.07

**Net Assets:** $255477524.91

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -338.021288500000 | **1-Year:** -11229.360000000000 | **5-Year:** -43796.370000000000 | **10-Year:** -88429.300000000000 | **30-Year:** -25910.890000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -14.121866100000 | **1-Year:** -385.298800200000 | **5-Year:** -2410.210000000000 | **10-Year:** -5946.470000000000 | **30-Year:** -2965.250000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024642 | -1.21%               | 5.24%                | -0.12%               |
| Class ID C000024643 | -1.27%               | 5.17%                | -0.29%               |
| Class ID C000024644 | -1.27%               | 5.17%                | -0.19%               |
| Class ID C000051334 | -1.21%               | 5.24%                | -0.23%               |
| Class ID C000191101 | -1.20%               | 5.29%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-460331.92              | $-3214573.47                               |
| Month 2  | $-475575.55              | $12975718.94                               |
| Month 3  | $-212224.31              | $-663993.85                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OHIO ST AIR QUALITY DEV AUTH E | OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1312124.10   | 0.51%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                       | CUSIP: 544445ER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019368.50   | 0.40%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH | MID-BAY BRIDGE AUTHORITY                                                         | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011645.60   | 0.40%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                            | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114218.40   | 0.83%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO | Riverside County Transportation Commission                                       | CUSIP: 76912DAZ1<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    260000 | PA      | $240593.91    | 0.09%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA UNIV REVENUE  | District of Columbia                                                             | CUSIP: 25484JDG2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16406.30     | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                            | CUSIP: 91802RFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1717577.25   | 0.67%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX WST DISP AUTH    | Gulf Coast Authority                                                             | CUSIP: 40222PAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2025-12-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | GREATER ORLANDO AVIATION AUTHORITY                                               | CUSIP: 392274W93<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073751.80   | 0.81%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA UNIV REVENUE  | District of Columbia                                                             | CUSIP: 25484JDH0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1034120.67   | 0.40%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087148.40   | 0.82%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY HEALTH & EDUCATIONAL FACS BD | CUSIP: 592041WH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1355488.91   | 0.53%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                                 | CUSIP: 13033L8P5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022442.00   | 0.40%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE  | County of Cuyahoga OH                                                            | CUSIP: 2322655W4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1617621.60   | 0.63%             | 2057-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703FLP5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505995.35   | 0.59%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445S67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025148.70   | 0.40%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                        | CUSIP: 155498LK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1251472.18   | 0.49%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | HUDSON YARDS INFRASTRUCTURE CORP                                                 | CUSIP: 44420RBG4<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044127.80   | 0.41%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                     | City of Detroit MI                                                               | CUSIP: 2510934P2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012449.80   | 0.40%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                 | State of Mississippi                                                             | CUSIP: 605581KJ5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437038.95    | 0.17%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA INDL DEV AUTH | Delaware County Industrial Development Authority/PA                              | CUSIP: 245903AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $950000.00    | 0.37%             | 2045-09-01      | Variable      | 3.41%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV | Arizona Industrial Development Authority                                         | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $438513.95    | 0.17%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1630455.79   | 0.64%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | Dallas Area Rapid Transit                                                        | CUSIP: 235241WS1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1876793.60   | 0.73%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMPTON ROADS VA SANTN DIST WS | HAMPTON ROADS SANITATION DISTRICT                                                | CUSIP: 409327HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1622454.75   | 0.64%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA WTR & SWR REVE | County of DeKalb GA Water & Sewerage Revenue                                     | CUSIP: 240523ZL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2345379.40   | 0.92%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2773972.50   | 1.09%             | 2039-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756AH96<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2043-01-01      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763429.28    | 0.30%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772KSQ3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115210.90   | 0.44%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE   | Ohio Water Development Authority                                                 | CUSIP: 67765QLC8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2320242.70   | 0.91%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261ANE3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026296.60   | 0.40%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $366670.12    | 0.14%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL OAK MI HOSP FIN AUTH     | ROYAL OAK HOSPITAL FINANCE AUTHORITY                                             | CUSIP: 780486HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024273.70   | 0.40%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD | Michigan Strategic Fund                                                          | CUSIP: 594698DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.23%             | 2042-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp/NJ                                             | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2578024.26   | 1.01%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV | GEISINGER AUTHORITY                                                              | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037881.60   | 0.80%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $746583.92    | 0.29%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | CHICAGO O'HARE INTERNATIONAL AIRPORT                                             | CUSIP: 167593UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $316189.80    | 0.12%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST DEV BANK        | Mississippi Development Bank                                                     | CUSIP: 605341AS5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    400000 | PA      | $466362.48    | 0.18%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL INDL DEV REVEN | County of Broward FL                                                             | CUSIP: 115034BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2045-06-01      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY | ARIZONA STATE UNIVERSITY                                                         | CUSIP: 04048RQM1<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3100497.60   | 1.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                   | State of Wisconsin                                                               | CUSIP: 97705MLQ6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047492.40   | 0.80%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | SAN DIEGO UNIFIED SCHOOL DISTRICT/CA                                             | CUSIP: 7973555Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104641.20   | 0.82%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307992.75   | 0.51%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    665000 | PA      | $646551.70    | 0.25%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L | CENTRAL FLORIDA EXPRESSWAY AUTHORITY                                             | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055501.00   | 0.41%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST DEV BANK SPL OB | Mississippi Development Bank                                                     | CUSIP: 60534WQZ4<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77752.64     | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                              | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $270372.24    | 0.11%             | 2056-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC            | County of Mecklenburg NC                                                         | CUSIP: 584002YU7<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2220177.52   | 0.87%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | ILLINOIS FINANCE AUTHORITY                                                       | CUSIP: 45204EA24<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3114544.20   | 1.22%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville Regional Airport Authority                                            | CUSIP: 546598AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.20%             | 2029-01-01      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | STATE OF ILLINOIS                                                                | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1144178.57   | 0.45%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | DENVER CONVENTION CENTER HOTEL AUTHORITY                                         | CUSIP: 249189DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059074.40   | 0.81%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | CITY OF SAN ANTONIO TX ELECTRIC & GAS SYSTEMS REVENUE                            | CUSIP: 7962534F6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1592363.10   | 0.62%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU | CITY OF ATLANTA GA WATER & WASTEWATER REVENUE                                    | CUSIP: 047870NE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3097083.90   | 1.21%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                                   | CUSIP: 54811BVY4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030403.00   | 0.40%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                                     | CUSIP: 02765URE6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2233898.20   | 0.87%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | DISTRICT OF COLUMBIA                                                             | CUSIP: 25483VTE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508493.00   | 0.98%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR | Florida Development Finance Corp                                                 | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797984.90    | 0.31%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593Y22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051905.60   | 0.80%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                 | CUSIP: 650028XN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926145.00    | 0.36%             | 2052-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1965184.43   | 0.77%             | 2052-08-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | DISTRICT OF COLUMBIA                                                             | CUSIP: 25483VQX5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1809338.04   | 0.71%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CCX9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078648.10   | 0.42%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                | Commonwealth of Pennsylvania                                                     | CUSIP: 70914PZ62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205616.40   | 0.86%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST GAMING TAX REVE | State of Mississippi                                                             | CUSIP: 605638AK1<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527213.40    | 0.21%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP I                                  | CUSIP: 88256CAT6<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2132670.09   | 0.83%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                   | OHIO STATE UNIVERSITY/THE                                                        | CUSIP: 677632A92<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004523.90   | 0.39%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038158.30   | 0.41%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WJ56<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555626.20    | 0.22%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA                | County of Loudoun VA                                                             | CUSIP: 54589TMA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088927.40   | 0.82%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2034-06-01      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL HLTH CARE FACS | City of Jacksonville FL                                                          | CUSIP: 469400EM3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007928.50   | 0.39%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT POWERS AUTH CA     | Transbay Joint Powers Authority                                                  | CUSIP: 89356CAT3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024990.90   | 0.40%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OXFORD MS                      | City of Oxford MS                                                                | CUSIP: 691616RW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $581741.93    | 0.23%             | 2033-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505XS0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965492.00    | 0.38%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SENIOR LI | New Hampshire Business Finance Authority                                         | CUSIP: 63608SAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1166266.95   | 0.46%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FVJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927493.40    | 0.36%             | 2052-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS               | State of Colorado                                                                | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2692955.98   | 1.05%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                | City of Philadelphia PA                                                          | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132261.00   | 0.83%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST  | San Antonio Independent School District/TX                                       | CUSIP: 796269M88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1546198.65   | 0.61%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                 | CUSIP: 650028ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114122.40   | 0.83%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY                            | CUSIP: 64579F6N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264345.00   | 0.49%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | LOS ANGELES DEPARTMENT OF WATER                                                  | CUSIP: 544525SJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018555.20   | 0.79%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577XAF3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2766386.48   | 1.08%             | 2040-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643SA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3174237.36   | 1.24%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XX94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918435.00    | 0.36%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AB22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.02%             | 2032-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897988.70    | 0.35%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1443205.05   | 0.56%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2006734.10   | 0.79%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445YE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1126695.72   | 0.44%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX/THE                      | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1745009.29   | 0.68%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | DALLAS AREA RAPID TRANSIT                                                        | CUSIP: 235241RV0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2370631.59   | 0.93%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                               | CUSIP: 64990FUQ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073145.80   | 0.81%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                               | CUSIP: 64990FX66<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1390275.00   | 0.54%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA | South Jersey Transportation Authority                                            | CUSIP: 838536LM0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    850000 | PA      | $856548.23    | 0.34%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1791573.76   | 0.70%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER PA JT TOLL BRID | DELAWARE RIVER JOINT TOLL BRIDGE COMMISSION                                      | CUSIP: 246343LJ4<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562305.05   | 0.61%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZS6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062640.50   | 0.42%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063DS82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $1023033.24   | 0.40%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $79534.66     | 0.03%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NN8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025469.70   | 0.40%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                                   | CUSIP: 54811BXV8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053867.80   | 0.80%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1353790.95   | 0.53%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | BAY AREA TOLL AUTHORITY                                                          | CUSIP: 072024ST0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512398.55   | 0.59%             | 2036-04-01      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA      | Municipal Electric Authority of Georgia                                          | CUSIP: 6262077K4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1441365.45   | 0.56%             | 2063-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CINCINNATI OH                  | CINCINNATI -REF 5 12/32                                                          | CUSIP: 172217H20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132327.30   | 0.44%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                               | CUSIP: 60412AZB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3514526.10   | 1.38%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758YL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088529.60   | 0.43%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A | MIAMI-DADE COUNTY HEALTH FACILITIES AUTHORITY                                    | CUSIP: 59334NDX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536823.95   | 0.60%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST               | State of West Virginia                                                           | CUSIP: 956553H20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2172432.40   | 0.85%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YG94<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $221658.80    | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2651841.60   | 1.04%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST                        | State of Ohio                                                                    | CUSIP: 677522J70<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205448.00   | 0.86%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1172994.24   | 0.46%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH     | ALLEGHENY COUNTY SANITARY AUTHORITY                                              | CUSIP: 017357A79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042622.80   | 0.41%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QF62<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2216061.00   | 0.87%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                  | County of Clark NV                                                               | CUSIP: 180848F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252084.60   | 0.88%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | CITY OF NEW YORK NY                                                              | CUSIP: 64966L4R9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3255000 | PA      | $3441781.01   | 1.35%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU | NEW JERSEY TURNPIKE AUTHORITY                                                    | CUSIP: 6461396M2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084275.70   | 0.42%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190PK2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1700076.00   | 0.67%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BIENVILLE PARISH LA SCH DIST # | Bienville Parish School District No 1 Arcadia                                    | CUSIP: 088851BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148424.10    | 0.06%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY   | City & County of San Francisco CA                                                | CUSIP: 79773KJG0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1189509.80   | 0.47%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD SO | Wilsonville Industrial Development Board                                         | CUSIP: 97247RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2030-12-01      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| OHIO ST                        | State of Ohio                                                                    | CUSIP: 677523DB5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2428785.33   | 0.95%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095347.20   | 0.43%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063DP51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1029456.84   | 0.40%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID REVENUE                | CUSIP: 64972HXW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3089433.90   | 1.21%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSPRTN FUN | Commonwealth of Massachusetts Transportation Fund Revenue                        | CUSIP: 57604TKD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3241932.00   | 1.27%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                          | CUSIP: 544532FT6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1547053.48   | 0.61%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | Dallas Area Rapid Transit                                                        | CUSIP: 235241WQ5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068997.60   | 0.42%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | STATE OF ILLINOIS                                                                | CUSIP: 452152SW2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004988.30   | 0.39%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    890000 | PA      | $915270.93    | 0.36%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH | MASSACHUSETTS SCHOOL BUILDING AUTHORITY                                          | CUSIP: 576000WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124732.40   | 0.83%             | 2048-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931579.00    | 0.36%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | STATE OF WASHINGTON                                                              | CUSIP: 93974DSX7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3106782.60   | 1.22%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | PORT OF SEATTLE WA                                                               | CUSIP: 735389E20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038133.80   | 0.80%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | WISCONSIN HEALTH & EDUCATIONAL FACILITIES AUTHORITY                              | CUSIP: 97712DKQ8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    800000 | PA      | $807782.88    | 0.32%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L | NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL                                       | CUSIP: 647370HX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2256912.02   | 0.88%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST   | Los Angeles Unified School District/CA                                           | CUSIP: 544647GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2219181.20   | 0.87%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                               | CUSIP: 59333EED1<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961030.70    | 0.38%             | 2048-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE        | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780MF61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537119.00   | 0.60%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116DU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $754858.91    | 0.30%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TBD8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2851351.80   | 1.12%             | 2053-04-01      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC WTR & SWR SYS REV | City of Charlotte NC Water & Sewer System Revenue                                | CUSIP: 161045RU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2238908.20   | 0.88%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                                 | CUSIP: 13033L4N4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019861.40   | 0.79%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                               | CUSIP: 91514ALC7<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2867273.10   | 1.12%             | 2052-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | CITY OF SAN ANTONIO TX ELECTRIC & GAS SYSTEMS REVENUE                            | CUSIP: 7962535T5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059301.20   | 0.81%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577564.40   | 0.62%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FJW5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042498.60   | 0.41%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE | Nebraska Public Power District                                                   | CUSIP: 63968A6Z3<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1557513.36   | 0.61%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577XAC0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    155000 | PA      | $164552.11    | 0.06%             | 2040-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | OKLAHOMA TURNPIKE AUTHORITY                                                      | CUSIP: 679111XZ2<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2914538.80   | 1.14%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA               | District of Columbia                                                             | CUSIP: 25476FYU6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2432959.20   | 0.95%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY                      | CUSIP: 20774YYL5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3044010.60   | 1.19%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALLAHASSEE FL ENERGY SYS REVE | CITY OF TALLAHASSEE FL ENERGY SYSTEM REVENUE                                     | CUSIP: 874476JV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575972.30   | 0.62%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government of Nashville & Davidson County TN                        | CUSIP: 592112VU7<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2337107.40   | 0.91%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA | PENNSYLVANIA ST HGR E                                                            | CUSIP: 70917SS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1883257.20   | 0.74%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power Water System Revenue                     | CUSIP: 544525L89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2253309.00   | 0.88%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917S4A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053246.40   | 0.41%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS | NORTHAMPTON CO AUTH                                                              | CUSIP: 66353RCF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1826572.20   | 0.71%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | CUSIP: 896035BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2796182.70   | 1.09%             | 2057-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE          | City of Tampa FL                                                                 | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904716.20    | 0.35%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU | NEVADA DEPARTMENT OF BUSINESS & INDUSTRY                                         | CUSIP: 641454AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $277721.99    | 0.11%             | 2047-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU | NEW JERSEY TURNPIKE AUTHORITY                                                    | CUSIP: 6461395V3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076349.40   | 0.81%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772KRV3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    600000 | PA      | $694356.42    | 0.27%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                      | CUSIP: 79739GNL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078170.90   | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | Washington Health Care Facilities Authority                                      | CUSIP: 93978HYH2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    215000 | PA      | $222218.09    | 0.09%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Federated Hermes Municipal Bond Fund, Inc.

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Municipal Bond Fund, Inc.

**Title:** Chief Compliance Officer