# EDGAR Filing Document

**Accession Number:** 0000201801
**File Stem:** 0000201801-25-000008
**Filing Date:** 2025-8
**Character Count:** 117081
**Document Hash:** a5ceb243a74137a84e4fadf20b41f3f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000201801-25-000008.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000201801-25-000008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Municipal Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000201801

**ORGANIZATION NAME:**
- **EIN:** 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:** 251242881

**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           |
| 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

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—100.4% |  |
|  | **Alabama—1.3%** |  |
| $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> 2.570% (SIFMA 7-day +0.650%), Mandatory Tender 10/1/2027<br>| &nbsp;&nbsp; $2939081 |
|  | **Arizona—2.3%** |  |
| &nbsp;&nbsp; 1000000 | Arizona State IDA (Equitable School Revolving Fund), National Charter School Revolving Loan Fund Revenue Bonds <br> (Series 2019A), 5.000%, 11/1/2044<br>| &nbsp;&nbsp; 991016 |
| &nbsp;&nbsp; 2000000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory Tender 9/1/2027 | &nbsp;&nbsp; 2035553 |
| &nbsp;&nbsp; 2000000 | Salt River Project, AZ Agricultural Improvement & Power District, Electric System Revenue Bonds (Series 2023A), <br> 5.000%, 1/1/2050<br>| &nbsp;&nbsp; 2036369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5062938 |
|  | **California—5.8%** |  |
| &nbsp;&nbsp; 1500000 | Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2023F-1), 5.000%, 4/1/2054 | &nbsp;&nbsp; 1539706 |
| &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, 3.170% (SIFMA 7-day +1.250%), Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp; 1489220 |
| &nbsp;&nbsp; 335000<br><sup>2</sup> <br>| California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), <br> 5.000%, 11/15/2056<br>| &nbsp;&nbsp; 282217 |
| &nbsp;&nbsp; 935000 | California State, Various Purpose UT GO Bonds, 5.000%, 9/1/2052 | &nbsp;&nbsp; 961377 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports, Subordinate Refunding Revenue Bonds (Series 2021D), 5.000%, 5/15/2046 | &nbsp;&nbsp; 1000234 |
| &nbsp;&nbsp; 2000000 | Los Angeles, CA Unified School District, UT GO Bonds (Series QRR 2022), 5.250%, 7/1/2047 | &nbsp;&nbsp; 2099990 |
| &nbsp;&nbsp; 1600000 | San Diego County, CA Regional Airport Authority, Senoir Airport Revenue Bonds (Series 2025B), 5.250%, 7/1/2050 | &nbsp;&nbsp; 1634680 |
| &nbsp;&nbsp; 1085000 | San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Refunding Bonds (Series 2020B), <br> 5.000%, 7/1/2037<br>| &nbsp;&nbsp; 1108764 |
| &nbsp;&nbsp; 1500000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2023A), <br> 5.000%, 5/1/2038<br>| &nbsp;&nbsp; 1557830 |
| &nbsp;&nbsp; 1000000 | University of California (The Regents of), General Revenue Bonds (Series 2025CC), 5.000%, 5/15/2053 | &nbsp;&nbsp; 1026911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12700929 |
|  | **Colorado—3.5%** |  |
| &nbsp;&nbsp; 2000000 | Cherry Creek, CO School District No. 5, UT GO Bonds (Series 2024), 5.250%, 12/15/2044 | &nbsp;&nbsp; 2139420 |
| &nbsp;&nbsp; 2295000 | Colorado St COPs. COPs Series A, Rural Colorado Certificates of Participation (Series 2022), 6.000%, 12/15/2041 | &nbsp;&nbsp; 2567451 |
| &nbsp;&nbsp; 1000000 | Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022A), <br> 4.000%, 5/15/2052<br>| &nbsp;&nbsp; 863229 |
| &nbsp;&nbsp; 1000000 | Denver, CO City & County Department of Aviation, Airport System Senior Revenue Bonds (Series 2022A), (Original Issue <br> Yield: 4.390%), 4.125%, 11/15/2047<br>| &nbsp;&nbsp; 884102 |
| &nbsp;&nbsp; 1250000 | Denver, CO City & County School District #1, UT GO Bonds (Series 2025A), 5.500%, 12/1/2049 | &nbsp;&nbsp; 1338398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7792600 |
|  | **Connecticut—1.2%** |  |
| &nbsp;&nbsp; 1000000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure <br> Purpose (Series 2018B), 5.000%, 10/1/2036<br>| &nbsp;&nbsp; 1038928 |
| &nbsp;&nbsp; 1000000 | Connecticut State, UT GO Bonds (Series 2025A), 5.000%, 3/15/2043 | &nbsp;&nbsp; 1050853 |
| &nbsp;&nbsp; 600000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2031 | &nbsp;&nbsp; 671067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2760848 |
|  | **District of Columbia—3.7%** |  |
| &nbsp;&nbsp; 1200000 | District of Columbia (District of Columbia International School), Revenue Bonds (Series 2019), 5.000%, 7/1/2049 | &nbsp;&nbsp; 1145632 |
| &nbsp;&nbsp; 2085000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | &nbsp;&nbsp; 1984997 |
| &nbsp;&nbsp; 15000 | District of Columbia (Georgetown University), University Refunding Revenue Bonds (Series 2017), (United States Treasury PRF <br> 4/1/2027@100), 5.000%, 4/1/2036<br>| &nbsp;&nbsp; 15588 |
| &nbsp;&nbsp; 500000 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue and Refunding Bonds (Series 2025A), <br> 5.250%, 6/1/2050<br>| &nbsp;&nbsp; 522682 |
| &nbsp;&nbsp; 1545000 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue Bonds (Series 2019A), 5.000%, 3/1/2044 | &nbsp;&nbsp; 1563935 |
| &nbsp;&nbsp; 2000000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2024A), (Original Issue Yield: 4.530%), <br> 4.375%, 7/15/2059<br>| &nbsp;&nbsp; 1802478 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **District of Columbia—continued** |  |
| $1000000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds (Series 2024A), 5.000%, 7/15/2054 | &nbsp;&nbsp; $1008726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 8044038 |
|  | **Florida—5.4%** |  |
| &nbsp;&nbsp; 1000000 | Central Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2024B), (Assured Guaranty Inc. INS), <br> 5.000%, 7/1/2035<br>| &nbsp;&nbsp; 1113660 |
| &nbsp;&nbsp; 1000000<br><sup>2</sup> <br>| Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), <br> 5.000%, 6/1/2051<br>| &nbsp;&nbsp; 876064 |
| &nbsp;&nbsp; 760000 | Lakes of Sarasota CDD 2, Capital Improvement Revenue Bonds (Series 2025A), 5.700%, 5/1/2055 | &nbsp;&nbsp; 722410 |
| &nbsp;&nbsp; 1000000 | Miami-Dade County, FL (Miami-Dade County, FL Water & Sewer), Water & Sewer System Revenue Bonds (Series 2024), <br> 5.250%, 10/1/2054<br>| &nbsp;&nbsp; 1028211 |
| &nbsp;&nbsp; 1000000 | Miami-Dade County, FL Aviation Department, Aviation Revenue Bonds (Series 2025A), 5.250%, 10/1/2050 | &nbsp;&nbsp; 1015172 |
| &nbsp;&nbsp; 1425000 | Miami-Dade County, FL Aviation Department, Aviation Revenue Refunding Bonds (Series 2024A), 5.000%, 10/1/2035 | &nbsp;&nbsp; 1519601 |
| &nbsp;&nbsp; 1210000 | Miami-Dade County, FL IDA (Doral Academy), Industrial Development Revenue Bonds (Series 2017), 5.000%, 1/15/2037 | &nbsp;&nbsp; 1214261 |
| &nbsp;&nbsp; 750000 | Miami-Dade County, FL Seaport Department, Seaport Revenue Refunding Bonds (Series 2022A), 5.250%, 10/1/2052 | &nbsp;&nbsp; 740125 |
| &nbsp;&nbsp; 1000000 | Orange County, FL, Health Facilities Authority (Orlando Health Obligated Group), Hospital Revenue Bonds (Series 2025A), <br> 5.250%, 10/1/2056<br>| &nbsp;&nbsp; 1015926 |
| &nbsp;&nbsp; 500000 | Orlando, FL Utilities Commission, Utility System Revenue Bonds (Series 2025A), 5.000%, 10/1/2045 | &nbsp;&nbsp; 517931 |
| &nbsp;&nbsp; 2000000 | Tampa Bay, FL Water Utility System, Revenue Bonds (Series 2024A), 5.250%, 10/1/2054 | &nbsp;&nbsp; 2080207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11843568 |
|  | **Georgia—1.4%** |  |
| &nbsp;&nbsp; 1500000 | Atlanta, GA Department of Aviation, Airport General Revenue Bonds (Series 2022B), 5.000%, 7/1/2047 | &nbsp;&nbsp; 1499848 |
| &nbsp;&nbsp; 500000 | Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue Bonds (Series 2025A), 5.250%, 7/1/2050 | &nbsp;&nbsp; 528309 |
| &nbsp;&nbsp; 1000000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056 | &nbsp;&nbsp; 986041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3014198 |
|  | **Hawaii—0.6%** |  |
| &nbsp;&nbsp; 750000 | Hawaii State Airports System, Airports System Revenue Bonds (Series 2025A), 5.250%, 7/1/2051 | &nbsp;&nbsp; 765312 |
| &nbsp;&nbsp; 500000 | Hawaii State Department of Budget & Finance (Queen's Health Systems), Special Purpose Revenue Bonds (Series 2025A), <br> 5.000%, 7/1/2043<br>| &nbsp;&nbsp; 519497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1284809 |
|  | **Illinois—5.7%** |  |
| &nbsp;&nbsp; 570000 | Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds (Series 2023), 5.750%, 4/1/2048 | &nbsp;&nbsp; 589478 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2041 | &nbsp;&nbsp; 965938 |
| &nbsp;&nbsp; 1810000 | Chicago, IL Metropolitan Water Reclamation District, UT GO Capital Improvement Bonds (Series 2024B), 5.000%, 12/1/2040 | &nbsp;&nbsp; 1940720 |
| &nbsp;&nbsp; 2000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.250%, 1/1/2053 | &nbsp;&nbsp; 1998084 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Transit Authority, Sales Tax Receipt Revenue Refunding Bonds (Series 2024A), 5.000%, 12/1/2049 | &nbsp;&nbsp; 1000106 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2023B), (Assured Guaranty Inc. INS), <br> 5.000%, 11/1/2035<br>| &nbsp;&nbsp; 1075514 |
| &nbsp;&nbsp; 2000000 | Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds (Series 2021A), 5.000%, 1/1/2046 | &nbsp;&nbsp; 2021647 |
| &nbsp;&nbsp; 890000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028 | &nbsp;&nbsp; 921773 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2023B), 5.250%, 5/1/2039 | &nbsp;&nbsp; 1047988 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2023C), 5.000%, 12/1/2042 | &nbsp;&nbsp; 1014083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12575331 |
|  | **Indiana—3.1%** |  |
| &nbsp;&nbsp; 1500000 | Indiana Finance Authority (Indiana University Health Obligated Group), Revenue Bonds (Series 2025C), 5.000%, 10/1/2043 | &nbsp;&nbsp; 1543397 |
| &nbsp;&nbsp; 1250000 | Indiana State Finance Authority (Marquette Project), Revenue Bonds (Series 2025A), 5.375%, 3/1/2055 | &nbsp;&nbsp; 1217609 |
| &nbsp;&nbsp; 3000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue Bonds <br> (Series 2023F-1), (Original Issue Yield: 5.400%), (Build America Mutual Assurance INS), 5.250%, 3/1/2067<br>| &nbsp;&nbsp; 3054679 |
| &nbsp;&nbsp; 1000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), Revenue Bonds (Series 2025B-1), <br> 5.250%, 1/1/2055<br>| &nbsp;&nbsp; 1031686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6847371 |
|  | **Iowa—1.0%** |  |
| &nbsp;&nbsp; 500000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), (United <br> States Treasury PRF 12/1/2032@100), 5.000%, 12/1/2050<br>| &nbsp;&nbsp; 566518 |

---

**2**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Iowa—continued** |  |
| $1500000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), (United <br> States Treasury PRF 12/1/2032@100), 5.000%, Mandatory Tender 12/1/2042<br>| &nbsp;&nbsp; $1699553 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2266071 |
|  | **Kansas—0.5%** |  |
| &nbsp;&nbsp; 1000000 | Kansas State Department of Transportation, Highway Revenue and Refunding Bonds (Series 2025A), 5.000%, 9/1/2040 | &nbsp;&nbsp; 1086674 |
|  | **Kentucky—1.4%** |  |
| &nbsp;&nbsp; 1000000 | Kentucky Bond Development Corp. (Baptist Healthcare System), Revenue Bonds (Series 2025A), 5.000%, Mandatory <br> Tender 8/15/2035<br>| &nbsp;&nbsp; 1087031 |
| &nbsp;&nbsp; 2085000<br><sup>1</sup> <br>| Kentucky Public Energy Authority, Gas Supply Revenue Bonds (Series 2022A-2) FRNs, (Morgan Stanley GTD), 4.141% (SOFR x <br> 0.67 +1.200%), Mandatory Tender 8/1/2030<br>| &nbsp;&nbsp; 2077496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3164527 |
|  | **Louisiana—3.1%** |  |
| &nbsp;&nbsp; 1500000 | Louisiana Public Facilities Authority (Tulane University, LA), University Revenue and Refunding Bonds (Series 2023A), <br> 5.000%, 10/15/2052<br>| &nbsp;&nbsp; 1503396 |
| &nbsp;&nbsp; 3000000 | Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048 | &nbsp;&nbsp; 3009163 |
| &nbsp;&nbsp; 1745000 | New Orleans, LA Aviation Board, General Airport Revenue Refunding Bonds (Series 2024B), 5.250%, 1/1/2045 | &nbsp;&nbsp; 1785660 |
| &nbsp;&nbsp; 500000 | Port of New Orleans, LA Board of Commissioners, Port Facility Revenue Bonds (Series 2025B), (Assured Guaranty Inc. INS), <br> 5.500%, 4/1/2051<br>| &nbsp;&nbsp; 516406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6814625 |
|  | **Massachusetts—4.3%** |  |
| &nbsp;&nbsp; 2500000 | Boston, MA, UT GO Bonds (Series 2025A), 5.000%, 2/1/2040 | &nbsp;&nbsp; 2715258 |
| &nbsp;&nbsp; 2000000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Subordinate Sales Tax Bonds (Series 2021A-1), <br> 4.000%, 7/1/2051<br>| &nbsp;&nbsp; 1772415 |
| &nbsp;&nbsp; 1000000 | Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group), Revenue Bonds <br> (Series 2025N-1), 5.250%, 7/1/2050<br>| &nbsp;&nbsp; 1009761 |
| &nbsp;&nbsp; 3000000 | Massachusetts State Transportation Fund Revenue, Rail Enhancement Program (Series 2022B), 5.000%, 6/1/2052 | &nbsp;&nbsp; 3046568 |
| &nbsp;&nbsp; 1000000 | Watertown, MA, UT GO Bonds (Series 2024), 4.000%, 6/15/2054 | &nbsp;&nbsp; 878478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9422480 |
|  | **Michigan—5.0%** |  |
| &nbsp;&nbsp; 1000000 | Ann Arbor, MI Public School District, UT GO School Building and Site and Refunding Bonds (Series 2025), 5.000%, 5/1/2039 | &nbsp;&nbsp; 1079159 |
| &nbsp;&nbsp; 1000000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045 | &nbsp;&nbsp; 1016709 |
| &nbsp;&nbsp; 1500000 | Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Water Supply System Revenue), Water Supply System <br> Revenue Refunding Bonds (Series 2024A), 5.000%, 7/1/2034<br>| &nbsp;&nbsp; 1694838 |
| &nbsp;&nbsp; 1580000 | Michigan State Building Authority, Revenue and Revenue Refunding Bonds Facilities Program (Series 2025-I), <br> 5.000%, 4/15/2039<br>| &nbsp;&nbsp; 1719184 |
| &nbsp;&nbsp; 1500000 | Michigan State Finance Authority (Great Lakes, MI Water Authority Sewage Disposal System), Revenue Refunding Senior Lien <br> Bonds (Series 2024A), 5.000%, 7/1/2033<br>| &nbsp;&nbsp; 1690590 |
| &nbsp;&nbsp; 570000 | Michigan State Finance Authority (Provident Group - HFH Energy LLC), Act 38 Facilities Senior Revenue Bonds (Series 2024), <br> 5.500%, 2/28/2049<br>| &nbsp;&nbsp; 591421 |
| &nbsp;&nbsp; 1000000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2023), 5.500%, 11/15/2049 | &nbsp;&nbsp; 1057814 |
| &nbsp;&nbsp; 2000000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2018D), 5.000%, 12/1/2031 | &nbsp;&nbsp; 2073916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10923631 |
|  | **Minnesota—2.5%** |  |
| &nbsp;&nbsp; 500000 | Minneapolis-St. Paul, MN Metropolitan Airports Commission, Subordinate Airport Revenue Bonds (Series 2024B), <br> 5.250%, 1/1/2049<br>| &nbsp;&nbsp; 507982 |
| &nbsp;&nbsp; 4450000 | Minnesota State, UT GO Bonds (Series 2024A), 5.000%, 8/1/2036 | &nbsp;&nbsp; 5001375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5509357 |
|  | **Nebraska—1.0%** |  |
| &nbsp;&nbsp; 2000000 | Omaha, NE Public Power District, Electric System Revenue Bonds (Series 2024A), 5.500%, 2/1/2049 | &nbsp;&nbsp; 2109572 |
|  | **Nevada—0.8%** |  |
| &nbsp;&nbsp; 1625000 | Nevada State, LT GO Bonds (Series 2023A), 5.000%, 5/1/2042 | &nbsp;&nbsp; 1701894 |
|  | **New Hampshire—1.5%** |  |
| &nbsp;&nbsp; 100000 | National Finance Authority, NH (Reworld Holding Corp.), Resource Recovery Revenue Refunding Bonds (Series 2020B), <br> 3.750%, Mandatory Tender 7/2/2040<br>| &nbsp;&nbsp; 80218 |

---

**3**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New Hampshire—continued** |  |
| $1500000 | National Finance Authority, NH (Springpoint Senior Living), Senior Living Revenue Refunding Bonds (Series 2021), <br> 4.000%, 1/1/2051<br>| &nbsp;&nbsp; $1109066 |
| &nbsp;&nbsp; 1000000 | National Finance Authority, NH (Winston-Salem Sustainable Energy Partners LLC), Revenue Bonds (Sereis 2025A), <br> 5.000%, 12/1/2035<br>| &nbsp;&nbsp; 1080942 |
| &nbsp;&nbsp; 1000000 | New Hampshire Health and Education Facilities Authority (Dartmouth Health Obligated Group), Revenue Bonds (Series 2025), <br> 5.250%, 8/1/2055<br>| &nbsp;&nbsp; 1016384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3286610 |
|  | **New Jersey—1.2%** |  |
| &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; 639173 |
| &nbsp;&nbsp; 2205000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), <br> 5.000%, 6/1/2046<br>| &nbsp;&nbsp; 2124304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2763477 |
|  | **New Mexico—1.0%** |  |
| &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; 2128988 |
|  | **New York—6.8%** |  |
| &nbsp;&nbsp; 1000000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds <br> (Series 2022CC-1), 5.000%, 6/15/2052<br>| &nbsp;&nbsp; 1011358 |
| &nbsp;&nbsp; 2000000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds <br> (Series 2023AA-1), 5.250%, 6/15/2052<br>| &nbsp;&nbsp; 2059220 |
| &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; 884677 |
| &nbsp;&nbsp; 2000000 | New York City, NY, UT GO Bonds (Series 2023A-1), 5.000%, 9/1/2037 | &nbsp;&nbsp; 2142785 |
| &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; 1315887 |
| &nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities <br> Revenue Bonds (Series 2023), 6.000%, 4/1/2035<br>| &nbsp;&nbsp; 1087754 |
| &nbsp;&nbsp; 1500000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities <br> Revenue Bonds (Series 2024), 5.500%, 6/30/2060<br>| &nbsp;&nbsp; 1499793 |
| &nbsp;&nbsp; 750000 | Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 5.865%), 5.750%, 12/1/2044 | &nbsp;&nbsp; 766689 |
| &nbsp;&nbsp; 1000000 | Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 6.100%), 6.000%, 12/1/2053 | &nbsp;&nbsp; 1021169 |
| &nbsp;&nbsp; 500000 | Triborough Bridge & Tunnel Authority, NY (Triborough Bridge & Tunnel Authority Payroll Mobility Tax), MTA Bridges and <br> Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds (Series 2023A), 4.000%, 11/15/2033<br>| &nbsp;&nbsp; 526145 |
| &nbsp;&nbsp; 1000000 | Triborough Bridge & Tunnel Authority, NY (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax), TBTA Lockbox <br> Fund Revenue Bonds (Series 2025A), 5.250%, 12/1/2054<br>| &nbsp;&nbsp; 1031981 |
| &nbsp;&nbsp; 1500000 | Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2022TE-1), 5.000%, 12/15/2038 | &nbsp;&nbsp; 1638766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14986224 |
|  | **North Carolina—3.2%** |  |
| &nbsp;&nbsp; 2000000 | Charlotte, NC (Charlotte, NC Water & Sewer System), Water and Sewer System Revenue Bonds (Series 2022A), <br> 5.000%, 7/1/2045<br>| &nbsp;&nbsp; 2074018 |
| &nbsp;&nbsp; 2270000 | Charlotte, NC Aviation Department, Airport Revenue Bonds (Series 2023B), 5.000%, 7/1/2032 | &nbsp;&nbsp; 2461949 |
| &nbsp;&nbsp; 1000000 | North Carolina Medical Care Commission (Duke University Health Systems), Health Care Facilities Revenue Bonds <br> (Series 2025A), 5.000%, 6/1/2040<br>| &nbsp;&nbsp; 1059756 |
| &nbsp;&nbsp; 1500000 | North Carolina State Turnpike Authority, Triangle Expressway System Senior Lien Turnpike Revenue Refunding Bonds <br> (Series 2024), (Assured Guaranty Inc. INS), 5.000%, 1/1/2058<br>| &nbsp;&nbsp; 1501995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7097718 |
|  | **Ohio—2.0%** |  |
| &nbsp;&nbsp; 650000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2025A), 5.000%, 11/1/2039 | &nbsp;&nbsp; 685479 |
| &nbsp;&nbsp; 1500000 | Columbus, OH Regional Airport Authority, Airport Revenue Bonds (Series 2025A), 5.500%, 1/1/2055 | &nbsp;&nbsp; 1548135 |
| &nbsp;&nbsp; 1500000 | Ohio Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), <br> 4.500%, 1/15/2048<br>| &nbsp;&nbsp; 1353312 |
| &nbsp;&nbsp; 750000 | Port of Greater Cincinnati, OH Development Authority (Duke Energy Convention Center), First Subordinate Development <br> Revenue and Refunding Bonds (Series 2024B), 5.000%, 12/1/2053<br>| &nbsp;&nbsp; 734652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4321578 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Oklahoma—0.8%** |  |
| $1500000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | &nbsp;&nbsp; $1468143 |
| &nbsp;&nbsp; 250000 | Trustees of the Tulsa Municipal Airport Trust (American Airlines, Inc.), Revenue Bonds (Series 2025), 6.250%, 12/1/2040 | &nbsp;&nbsp; 271292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1739435 |
|  | **Oregon—1.4%** |  |
| &nbsp;&nbsp; 1500000 | Port of Portland, OR International Airport, Airport Revenue Bonds (Series Thirty A), 5.250%, 7/1/2054 | &nbsp;&nbsp; 1527005 |
| &nbsp;&nbsp; 1500000 | Portland, OR Sewer System, Second Lien Revenue Refunding Bonds (Series 2025A), 5.000%, 10/1/2054 | &nbsp;&nbsp; 1528984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3055989 |
|  | **Pennsylvania—8.0%** |  |
| &nbsp;&nbsp; 2000000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022), 5.000%, 10/1/2042 | &nbsp;&nbsp; 2083075 |
| &nbsp;&nbsp; 1000000 | Moon Area, PA School District, GO Bonds (Series 2024B), (Original Issue Yield: 4.100%), (Pennsylvania School District <br> Intercept Program GTD), 4.000%, 11/15/2049<br>| &nbsp;&nbsp; 866156 |
| &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; 1683579 |
| &nbsp;&nbsp; 1000000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds <br> (Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061<br>| &nbsp;&nbsp; 1047229 |
| &nbsp;&nbsp; 1250000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue Bonds <br> (Series 2022), 5.750%, 12/31/2062<br>| &nbsp;&nbsp; 1296913 |
| &nbsp;&nbsp; 2000000 | Pennsylvania State Economic Development Financing Authority (UPMC Health System), Revenue Bonds (Series 2023A-2), <br> 4.000%, 5/15/2048<br>| &nbsp;&nbsp; 1712227 |
| &nbsp;&nbsp; 2000000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University Obligated Group), Revenue Bonds <br> (Series 2024B-1), (Assured Guaranty Inc. INS), 5.000%, 11/1/2051<br>| &nbsp;&nbsp; 1991159 |
| &nbsp;&nbsp; 2000000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), 4.000%, 8/15/2042 | &nbsp;&nbsp; 1849580 |
| &nbsp;&nbsp; 1250000 | Philadelphia, PA Gas Works Co., Gas Works Revenue Bonds (Seventeenth Series A), (Assured Guaranty Inc. INS), <br> 5.250%, 8/1/2054<br>| &nbsp;&nbsp; 1276265 |
| &nbsp;&nbsp; 1595000 | Philadelphia, PA School District, LT GO Bonds (Series 2023B), (Pennsylvania School District Intercept Program GTD), <br> 5.000%, 9/1/2033<br>| &nbsp;&nbsp; 1756985 |
| &nbsp;&nbsp; 2000000 | Philadelphia, PA, GO Bonds (Series 2019B), 5.000%, 2/1/2039 | &nbsp;&nbsp; 2076648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 17639816 |
|  | **Puerto Rico—2.5%** |  |
| &nbsp;&nbsp; 1000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037 | &nbsp;&nbsp; 952753 |
| &nbsp;&nbsp; 2000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046 | &nbsp;&nbsp; 1708831 |
| &nbsp;&nbsp; 1500000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), <br> 5.000%, 7/1/2058<br>| &nbsp;&nbsp; 1410192 |
| &nbsp;&nbsp; 1500000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | &nbsp;&nbsp; 1379051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5450827 |
|  | **Tennessee—2.1%** |  |
| &nbsp;&nbsp; 1000000 | Metropolitan Government Nashville & Davidson County, TN (Vanderbilt University), Educational Facilities Revenue Refunding <br> and Improvement Bonds (Series 2024), 5.000%, 10/1/2054<br>| &nbsp;&nbsp; 1019279 |
| &nbsp;&nbsp; 2000000 | Metropolitan Government Nashville & Davidson County, TN, UT GO Improvement Bonds (Series 2022A), 5.000%, 1/1/2034 | &nbsp;&nbsp; 2215756 |
| &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; 1309206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4544241 |
|  | **Texas—10.5%** |  |
| &nbsp;&nbsp; 1000000 | Dallas, TX, UT GO Refunding and Improvement Bonds (Series 2024C), 5.000%, 2/15/2032 | &nbsp;&nbsp; 1110779 |
| &nbsp;&nbsp; 1800000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2022B), 4.000%, 11/1/2045 | &nbsp;&nbsp; 1644584 |
| &nbsp;&nbsp; 1000000 | Harris County, TX Hospital Distict, LT GO Bonds (Series 2025), 5.250%, 2/15/2050 | &nbsp;&nbsp; 1029584 |
| &nbsp;&nbsp; 3000000 | Hutto, TX Independent School District, UT GO School Building Bonds (Series 2023), (Texas Permanent School Fund Guarantee <br> Program GTD), 5.000%, 8/1/2048<br>| &nbsp;&nbsp; 3048289 |
| &nbsp;&nbsp; 1000000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds <br> (Series 2025), 5.000%, 5/15/2045<br>| &nbsp;&nbsp; 1021333 |
| &nbsp;&nbsp; 575000 | Lower Colorado River Authority, TX, Refunding Revenue Bonds (Series 2025A), 5.000%, 5/15/2040 | &nbsp;&nbsp; 607065 |
| &nbsp;&nbsp; 1200000 | New Hope Cultural Education Facilities Finance Corporation (Westminster Manor), Revenue Bonds (Series 2025), <br> 5.000%, 11/1/2055<br>| &nbsp;&nbsp; 1113979 |
| &nbsp;&nbsp; 500000 | North Texas Tollway Authority (North Texas Tollway System), First Tier Revenue Refunding Bonds (Series 2022), <br> 5.250%, 1/1/2038<br>| &nbsp;&nbsp; 538047 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Texas—continued** |  |
| $2500000 | San Antonio, TX Electric & Gas System, Revenue Refunding Bonds (New Series 2024E), 5.250%, 2/1/2049 | &nbsp;&nbsp; $2611290 |
| &nbsp;&nbsp; 2000000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Christus Health System), Revenue Bonds (Series 2024A), <br> 5.000%, 7/1/2032<br>| &nbsp;&nbsp; 2161195 |
| &nbsp;&nbsp; 2030000 | Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Senior Lien Revenue Bonds (Series 2006A), (Bank of America <br> Corp. GTD), 5.250%, 12/15/2026<br>| &nbsp;&nbsp; 2077326 |
| &nbsp;&nbsp; 1000000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien <br> Revenue Refunding Bonds (Series 2023), 5.375%, 6/30/2039<br>| &nbsp;&nbsp; 1037800 |
| &nbsp;&nbsp; 1000000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners, LLC), Senior Lien Revenue Bonds <br> (Series 2023), 5.500%, 12/31/2058<br>| &nbsp;&nbsp; 1025190 |
| &nbsp;&nbsp; 1000000 | Texas State Transportation Commission (Central Texas Turnpike System), Second Tier Revenue Refunding Bonds <br> (Series 2024-C), 5.000%, 8/15/2034<br>| &nbsp;&nbsp; 1114960 |
| &nbsp;&nbsp; 1000000 | Texas State University System, Revenue Financing System Revenue and Refunding Bonds (Series 2024), 5.250%, 3/15/2054 | &nbsp;&nbsp; 1027463 |
| &nbsp;&nbsp; 2000000 | Texas Water Development Board (Texas State Water Implementation Revenue Fund), Revenue Bonds (Series 2024A), <br> 4.375%, 10/15/2059<br>| &nbsp;&nbsp; 1844951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 23013835 |
|  | **Utah—0.9%** |  |
| &nbsp;&nbsp; 1000000 | Downtown Revitalization Public Infrastructure District, UT, SEG Redevelopment Project First Lien Sales Tax Revenue Bonds <br> (Series 2025A), (Assured Guaranty Inc. INS), 5.500%, 6/1/2050<br>| &nbsp;&nbsp; 1053897 |
| &nbsp;&nbsp; 1000000 | Salt Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2023A), 5.250%, 7/1/2048 | &nbsp;&nbsp; 1008823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2062720 |
|  | **Virginia—0.9%** |  |
| &nbsp;&nbsp; 2000000 | Loudoun County, VA, UT GO Public Improvement Bonds (Series 2022A), 4.000%, 12/1/2036 | &nbsp;&nbsp; 2041432 |
|  | **Washington—2.4%** |  |
| &nbsp;&nbsp; 1200000 | Seattle, WA (Seattle, WA Municipal Light & Power), Refunding Revenue Bonds (Series 2025), 5.250%, 2/1/2055 | &nbsp;&nbsp; 1250355 |
| &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; 1963007 |
| &nbsp;&nbsp; 2000000 | Washington State, UT GO Bonds (Series 2025A), 5.000%, 8/1/2049 | &nbsp;&nbsp; 2048771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5262133 |
|  | **West Virginia—0.2%** |  |
| &nbsp;&nbsp; 500000 | West Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds <br> (Series 2023B), 6.000%, 9/1/2053<br>| &nbsp;&nbsp; 531716 |
|  | **Wisconsin—1.4%** |  |
| &nbsp;&nbsp; 1000000 | Public Finance Authority, WI Revenue (Kahala Senior Living Community, Inc.), Kahala Nui Revenue Bonds (Series 2025), <br> 5.250%, 11/15/2055<br>| &nbsp;&nbsp; 1002338 |
| &nbsp;&nbsp; 1000000 | Public Finance Authority, WI Revenue (Puerto Rico Toll Roads Monetization Project), Senior Lien Revenue Bonds (Series 2024), <br> 5.750%, 7/1/2049<br>| &nbsp;&nbsp; 1020115 |
| &nbsp;&nbsp; 1000000 | Wisconsin Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Revenue Bonds (Series 2025), <br> 5.250%, 8/15/2050<br>| &nbsp;&nbsp; 1030943 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3053396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $227,277,497)<br>| &nbsp;&nbsp; 220844677 |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—0.5% |  |
|  | **Alabama—0.3%** |  |
| &nbsp;&nbsp; 700000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.050%, 7/1/2025 | &nbsp;&nbsp; 700000 |
|  | **Kentucky—0.1%** |  |
| &nbsp;&nbsp; 200000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, <br> (United Parcel Service, Inc. GTD), 3.700%, 7/1/2025<br>| &nbsp;&nbsp; 200000 |
|  | **Pennsylvania—0.1%** |  |
| &nbsp;&nbsp; 100000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), <br> 4.050%, 7/1/2025<br>| &nbsp;&nbsp; 100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>(IDENTIFIED COST $1,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.9% <br>(IDENTIFIED COST $228,277,497)<br>| &nbsp;&nbsp; 221844677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.9%)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1894114) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $219950563 |

---

**6**

------

Securities that are subject to the federal alternative minimum tax (AMT) represent 16.7% of the Fund's portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are* <br> *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* <br> *not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At June 30, 2025, these restricted securities amounted to $3,121,288, which* <br> *represented 1.4% of net assets.*<br>|

---

Additional information on restricted securities held at June 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| 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; 05/27/2021 | &nbsp;&nbsp; $346846 | &nbsp;&nbsp; $282217 |
| 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; 05/13/2021 | &nbsp;&nbsp; $1070780 | &nbsp;&nbsp; $876064 |
| 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; 01/14/2021 | &nbsp;&nbsp; $2138523 | &nbsp;&nbsp; $1963007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3 *Assets, other than investments in securities, less liabilities.*

Note: The categories of investments are shown as a percentage of total net assets at June 30, 2025.

**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").

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors (the "Directors") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors' oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Directors periodically review the fair valuations made by the Valuation Committee. The Directors have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between

**7**

------

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 June 30, 2025, 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: | The following acronym(s) are used throughout this portfolio: |
| CDD | —Community Development District |
| COPs | —Certificates of Participation |
| EDA | —Economic Development Authority |
| FRNs | —Floating Rate Notes |
| GO | —General Obligation |
| GTD | —Guaranteed |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| INS | —Insured |
| LT | —Limited Tax |
| PRF | —Pre-refunded |
| SEG | —Smith Entertainment Group |
| SIFMA | —Securities Industry and Financial Markets Association |
| SOFR | —Secured Overnight Financing Rate |
| 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $226845845.92

**Total Liabilities:** $6895283.39

**Net Assets:** $219950562.53

**Delayed Delivery Securities:** $6113635.20

**Cash Not Reported:** $56542.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -200.646818400000 | **1-Year:** -6062.294660600000 | **5-Year:** -34257.340087900000 | **10-Year:** -102193.061073300000 | **30-Year:** -40441.719530400000

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

- **3-Month:** -18.206852400000 | **1-Year:** -809.465136900000 | **5-Year:** -2922.445321100000 | **10-Year:** -7281.425331100000 | **30-Year:** -3278.488758100000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024642 | -1.11%               | -0.68%               | 0.72%                |
| Class ID C000024644 | -1.06%               | -0.74%               | 0.65%                |
| Class ID C000051334 | -1.00%               | -0.68%               | 0.72%                |
| Class ID C000191101 | -0.98%               | -0.66%               | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-493848.22              | $-2595064.69                               |
| Month 2  | $-1096855.84             | $-984166.30                                |
| Month 3  | $-519026.49              | $1383704.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIST OF COLUMBIA UNIV REVENUE                 | District of Columbia                                                             | CUSIP: 25484JDG2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15587.95     | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                 | Omaha Public Power District                                                      | CUSIP: 682001LP5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109572.20   | 0.96%             | 2049-02-01      | Fixed         | 5.50%                 | 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      | $1638765.75   | 0.75%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOON PA AREA SCH DIST                         | Moon Area School District                                                        | CUSIP: 615401QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866156.10    | 0.39%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING                | Suffolk Regional Off-Track Betting Co                                            | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766688.70    | 0.35%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271292.40    | 0.12%             | 2040-12-01      | Fixed         | 6.25%                 | 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      | $2035553.00   | 0.93%             | 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      | $1309205.40   | 0.60%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU                | San Diego County Regional Airport Authority                                      | CUSIP: 79739GLZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1108764.21   | 0.50%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING                | Suffolk Regional Off-Track Betting Co                                            | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021169.50   | 0.46%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                | Louisiana Public Facilities Authority                                            | CUSIP: 546399QQ2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503396.45   | 0.68%             | 2052-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                 | Central Texas Turnpike System                                                    | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114960.00   | 0.51%             | 2034-08-15      | 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      | $1000234.10   | 0.45%             | 2046-05-15      | 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      | $1016708.50   | 0.46%             | 2045-04-01      | Fixed         | 5.50%                 | 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        |    100000 | PA      | $100000.00    | 0.05%             | 2045-09-01      | Variable      | 3.70%                 | 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      | $1963007.29   | 0.89%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T                | Lower Colorado River Authority                                                   | CUSIP: 54811BR52<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021332.60   | 0.46%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE                | Great Lakes Water Authority Sewage Disposal System Revenue                       | CUSIP: 39081HFR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1690589.85   | 0.77%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                            | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952752.90    | 0.43%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                | Central Florida Expressway Authority                                             | CUSIP: 153476JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113660.10   | 0.51%             | 2035-07-01      | 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        |   1800000 | PA      | $1644584.58   | 0.75%             | 2045-11-01      | Fixed         | 4.00%                 | 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        |   2205000 | PA      | $2124304.28   | 0.97%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                | State of Connecticut                                                             | CUSIP: 20772KB32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050853.20   | 0.48%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                | MICHIGAN FIN AUTH-RE 5.5                                                         | CUSIP: 59447NBC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    570000 | PA      | $591421.23    | 0.27%             | 2049-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                 | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000105.80   | 0.45%             | 2049-12-01      | Fixed         | 5.00%                 | 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      | $1489220.25   | 0.68%             | 2036-04-01      | Variable      | 3.17%                 | 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      | $1468142.40   | 0.67%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                   | Indiana Finance Authority                                                        | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1217608.50   | 0.55%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HOSP DIST CTFS                 | Harris County Hospital District                                                  | CUSIP: 41415UCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029584.10   | 0.47%             | 2050-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                 | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HFM4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526144.70    | 0.24%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST UNIV SYS FING REVENUE                | Texas State University System                                                    | CUSIP: 88278PJ96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027463.00   | 0.47%             | 2054-03-15      | Fixed         | 5.25%                 | 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      | $1038927.30   | 0.47%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST                | Denver City & County School District No 1                                        | CUSIP: 249174ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1338398.00   | 0.61%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEVADA ST                                     | State of Nevada                                                                  | CUSIP: 641462SL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1701894.51   | 0.77%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638THF3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161194.80   | 0.98%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC                | Downtown Revitalization Public Infrastructure District                           | CUSIP: 26118TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053897.00   | 0.48%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                      | District of Columbia                                                             | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1145632.20   | 0.52%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDEP SCH DIST                       | Hutto Independent School District                                                | CUSIP: 4484924U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3048288.60   | 1.39%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1379050.80   | 0.63%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                   | City of New York NY                                                              | CUSIP: 64966QF62<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142785.40   | 0.97%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P7M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1519600.76   | 0.69%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5                   | Arapahoe County School District No 5 Cherry Creek                                | CUSIP: 164555ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139419.40   | 0.97%             | 2044-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA                | Iowa Finance Authority                                                           | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $566517.75    | 0.26%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                 | ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                        | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015926.10   | 0.46%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD                   | New Orleans Aviation Board                                                       | CUSIP: 64763HMS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1785659.72   | 0.81%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                 | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1113978.60   | 0.51%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE                | District of Columbia Income Tax Revenue                                          | CUSIP: 25477GYP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522682.15    | 0.24%             | 2050-06-01      | Fixed         | 5.25%                 | 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        |   2000000 | PA      | $2059220.60   | 0.94%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT&                | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CFM0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036369.20   | 0.93%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU                | Wayne County Airport Authority                                                   | CUSIP: 944514ZY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073915.80   | 0.94%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA                | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917TRX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991159.00   | 0.91%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                 | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507981.70    | 0.23%             | 2049-01-01      | Fixed         | 5.25%                 | 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      | $1296913.25   | 0.59%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                | Arizona Industrial Development Authority                                         | CUSIP: 04052FAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991015.50    | 0.45%             | 2044-11-01      | Fixed         | 5.00%                 | 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      | $639173.06    | 0.29%             | 2047-10-01      | 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      | $282216.63    | 0.13%             | 2056-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                   | State of Illinois                                                                | CUSIP: 452153FF1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047987.70   | 0.48%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                     | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036VX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2461948.93   | 1.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH | Louisville Regional Airport Authority                                            | CUSIP: 546598AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2029-01-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                | West Virginia Hospital Finance Authority                                         | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531716.15    | 0.24%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                            | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1708831.40   | 0.78%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION                | Louisiana Stadium & Exposition District                                          | CUSIP: 546410CX7<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009162.90   | 1.37%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                  | New Hampshire Business Finance Authority                                         | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080942.30   | 0.49%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  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      | $1998084.20   | 0.91%             | 2053-01-01      | Fixed         | 5.25%                 | 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      | $876064.40    | 0.40%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MET ATLANTA RAPID TRANSIT AUTH                | Metropolitan Atlanta Rapid Transit Authority                                     | CUSIP: 591746BZ4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528309.10    | 0.24%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                | Massachusetts Development Finance Agency                                         | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009760.80   | 0.46%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                | Kentucky Public Energy Authority                                                 | CUSIP: 74440DDT8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2077496.09   | 0.94%             | 2052-08-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT                | Washington Metropolitan Area Transit Authority Dedicated Revenue                 | CUSIP: 93878YDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008726.40   | 0.46%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU                | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LHF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $685478.56    | 0.31%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP HOSP RE                | Kentucky Bond Development Corp                                                   | CUSIP: 49121DAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087030.90   | 0.49%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                | North Carolina Turnpike Authority                                                | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501995.00   | 0.68%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT OF TRANSPRTN HI                | State of Kansas Department of Transportation                                     | CUSIP: 485424UA1<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086673.90   | 0.49%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195ED8<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    750000 | PA      | $734651.63    | 0.33%             | 2053-12-01      | 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      | $3046567.80   | 1.39%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JHA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1694838.45   | 0.77%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT                | Washington Metropolitan Area Transit Authority Dedicated Revenue                 | CUSIP: 93878YDY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1802478.00   | 0.82%             | 2059-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                   | State of Illinois                                                                | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    890000 | PA      | $921772.73    | 0.42%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025190.10   | 0.47%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                   | State of Illinois                                                                | CUSIP: 452153HN2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014082.80   | 0.46%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030942.80   | 0.47%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                     | City of Dallas TX                                                                | CUSIP: 235219YQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110778.70   | 0.51%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019279.40   | 0.46%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                               | City of Philadelphia PA                                                          | CUSIP: 717813XP9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076648.40   | 0.94%             | 2039-02-01      | 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      | $2128987.66   | 0.97%             | 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      | $2099990.40   | 0.95%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $1499847.75   | 0.68%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                | North Carolina Medical Care Commission                                           | CUSIP: 65821DZS3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059755.90   | 0.48%             | 2040-06-01      | Fixed         | 5.00%                 | 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      | $2939080.80   | 1.34%             | 2053-04-01      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU                | Philadelphia Gas Works Co                                                        | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276265.50   | 0.58%             | 2054-08-01      | Fixed         | 5.25%                 | 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      | $2074018.40   | 0.94%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST TRUNK LINE                        | State of Michigan Trunk Line Revenue                                             | CUSIP: 5946954R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057814.20   | 0.48%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037799.70   | 0.47%             | 2039-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO                | Orlando Utilities Commission                                                     | CUSIP: 686507NC4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517931.00    | 0.24%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008823.10   | 0.46%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                 | State of Washington                                                              | CUSIP: 93974E3E4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048770.80   | 0.93%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                | Port of Portland OR Airport Revenue                                              | CUSIP: 7352404H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527004.50   | 0.69%             | 2054-07-01      | Fixed         | 5.25%                 | 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      | $2215756.00   | 1.01%             | 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      | $1849579.60   | 0.84%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE                | District of Columbia                                                             | CUSIP: 25477GPP4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1563934.44   | 0.71%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEC3<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1214261.38   | 0.55%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                | Bay Area Toll Authority                                                          | CUSIP: 072024YU0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539705.60   | 0.70%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                | County of Miami-Dade Seaport Department                                          | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740125.05    | 0.34%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                | Indiana Finance Authority                                                        | CUSIP: 45470YFY2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543396.95   | 0.70%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                  | State of Minnesota                                                               | CUSIP: 60412AM59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $5001375.47   | 2.27%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                   | CITY OF PORTLAND OR SEWER SYSTEM REVENUE                                         | CUSIP: 736742K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528984.05   | 0.70%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                | New York Transportation Development Corp                                         | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087753.70   | 0.49%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                      | DISTRICT OF COLUMBIA                                                             | CUSIP: 25483VQY3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1984996.73   | 0.90%             | 2046-06-01      | 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      | $1683578.80   | 0.77%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                | Massachusetts Bay Transportation Authority Sales Tax Revenue                     | CUSIP: 575579L70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1772415.20   | 0.81%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE                | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643F33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1250355.12   | 0.57%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560XK2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1940720.37   | 0.88%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                | State of Connecticut                                                             | CUSIP: 20772KRV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $671067.12    | 0.31%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E                | OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1353312.30   | 0.62%             | 2048-01-15      | Fixed         | 4.50%                 | 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      | $2021647.20   | 0.92%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                          | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HAX0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986041.40    | 0.45%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT NEW ORLEANS LA BRD OF COM                | Port New Orleans Board of Commissioners                                          | CUSIP: 734782EB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516405.80    | 0.23%             | 2051-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                      | School District of Philadelphia/The                                              | CUSIP: 717883B92<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1756984.85   | 0.80%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                | New York Transportation Development Corp                                         | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499793.15   | 0.68%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                               | Commonwealth of Pennsylvania                                                     | CUSIP: 70914PZ62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083075.60   | 0.95%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                 | Michigan State Building Authority                                                | CUSIP: 594615NP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1719184.41   | 0.78%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA                | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XMF9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016383.90   | 0.46%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                 | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047228.60   | 0.48%             | 2061-06-30      | Fixed         | 6.00%                 | 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      | $2077326.41   | 0.94%             | 2026-12-15      | 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      | $2041431.80   | 0.93%             | 2036-12-01      | Fixed         | 4.00%                 | 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      | $538047.45    | 0.24%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GMF7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2611289.75   | 1.19%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WATERTOWN MA                                  | Town of Watertown MA                                                             | CUSIP: 942044A73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878477.90    | 0.40%             | 2054-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                    | Public Finance Authority                                                         | CUSIP: 74442PL29<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002338.10   | 0.46%             | 2055-11-15      | Fixed         | 5.25%                 | 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      | $965938.30    | 0.44%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFS3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031685.80   | 0.47%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R                | County of Miami-Dade FL Water & Sewer System Revenue                             | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028211.10   | 0.47%             | 2054-10-01      | Fixed         | 5.25%                 | 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      | $863229.40    | 0.39%             | 2052-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 593340AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015171.40   | 0.46%             | 2050-10-01      | Fixed         | 5.25%                 | 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      | $1109066.10   | 0.50%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                 | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1712226.60   | 0.78%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R                | Lower Colorado River Authority                                                   | CUSIP: 54811GR85<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    575000 | PA      | $607065.45    | 0.28%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                              | State of Colorado                                                                | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2567451.15   | 1.17%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                     | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736W60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075513.80   | 0.49%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                    | Public Finance Authority                                                         | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020115.50   | 0.46%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| W JEFFERSON AL INDL DEV BRD SO                | West Jefferson Industrial Development Board                                      | CUSIP: 95345PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.32%             | 2038-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $589477.70    | 0.27%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU                | San Diego County Regional Airport Authority                                      | CUSIP: 79739GTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1634680.00   | 0.74%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOSTON MA                                     | City of Boston MA                                                                | CUSIP: 100853M98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2715258.25   | 1.23%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD 2 CAPITA                | Lakes of Sarasota Community Development District 2                               | CUSIP: 51207BAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $722409.41    | 0.33%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV                | Columbus Regional Airport Authority                                              | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548135.45   | 0.70%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                | University of California                                                         | CUSIP: 91412HVY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026911.10   | 0.47%             | 2053-05-15      | Fixed         | 5.00%                 | 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      | $884676.70    | 0.40%             | 2048-08-01      | Fixed         | 4.00%                 | 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      | $884102.10    | 0.40%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1410192.45   | 0.64%             | 2058-07-01      | Fixed         | 5.00%                 | 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      | $1699553.25   | 0.77%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DVF3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557829.95   | 0.71%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN                | State of Hawaii Department of Budget & Finance                                   | CUSIP: 419800QR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519496.70    | 0.24%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY                | Tampa Bay Water                                                                  | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080207.00   | 0.95%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528U7K1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3054679.50   | 1.39%             | 2067-03-01      | Fixed         | 5.25%                 | 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      | $1315887.15   | 0.60%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                 | State of California                                                              | CUSIP: 13063DS82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $961377.10    | 0.44%             | 2052-09-01      | 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      | $1011357.80   | 0.46%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                 | TRIBOROUGH BRIDGE & TUNNEL AUTHORITY                                             | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031980.90   | 0.47%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE                   | State of Hawaii Airports System Revenue                                          | CUSIP: 419794J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765312.45    | 0.35%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                     | Texas Water Development Board                                                    | CUSIP: 88285AGC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1844951.20   | 0.84%             | 2059-10-15      | Fixed         | 4.38%                 | 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      | $80217.67     | 0.04%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ANN ARBOR MI SCH DIST                         | Ann Arbor School District                                                        | CUSIP: 035519ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079158.70   | 0.49%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**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