NPORT-EX 2 tiaa_NFVA.htm
1
Portfolio of Investments August 31, 2025
Arizona
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.2%   
X
155,538,654
MUNICIPAL BONDS - 96.2%  
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 19.6%
$
1,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2016B
5
.000
%
07/01/47
$
992,118
1,500,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2023A
5
.500
07/01/48
1,572,674
1,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2024A
5
.000
07/01/54
1,009,938
1,620,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Refunding Series 2017B
5
.000
07/01/42
1,632,905
225,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2021C
4
.000
07/01/44
207,291
500,000
(a)
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2025A
5
.000
07/01/44
518,730
1,250,000
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Refunding Series 2016
5
.000
06/01/38
1,269,962
215,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A
5
.125
07/01/37
215,488
220,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C
5
.000
07/01/47
214,060
25,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D
5
.000
07/01/37
25,083
300,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5
.000
07/01/37
303,399
725,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5
.000
07/01/52
689,239
150,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G
5
.000
07/01/47
137,825
230,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Montessori Academy Projects, Refunding
Series 2017A
6
.000
11/01/37
213,084
565,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Somerset Academy of Las Vegas -
Aliante and Skye Canyon Campus Projects, Series 2021A
4
.000
12/15/51
414,667
775,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds,  Arizona Agribusiness and Equine Center, Inc.
Project, Series 2017A
5
.000
03/01/48
762,140
1,025,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2017A
5
.000
07/01/51
939,320
35,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2017B
4
.250
07/01/27
35,116
135,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2018A
5
.000
07/01/38
135,553
500,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Pinecrest Academy of Nevada's Horizon,
Inspirada and St. Rose Campus Projects, Series 2018A
5
.750
07/15/38
502,674
65,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds Pensar Academy Project, Series
2020
4
.000
07/01/30
63,180
2,950,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, University of Indianapolis - Health Pavilion
Project, Series 2019A
5
.000
10/01/45
2,656,050
1,160,000
Industrial Development Authority, Pima County, Arizona,
Education Revenue Bonds, Center for Academic Success Project,
Refunding Series 2019
5
.000
07/01/37
1,174,591
620,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Series 2020A
5
.000
07/01/40
593,134
735,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Social Series 2021A
4
.000
07/01/41
609,238
Portfolio of Investments August 31, 2025
(continued)
Arizona
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
145,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017A
5
.000
%
07/01/37
$
146,516
210,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017C
5
.000
07/01/48
201,562
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Highland Prep Project, Series 2019
5
.000
01/01/37
1,032,004
750,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2019A
5
.000
07/01/39
758,907
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2020
5
.250
07/01/45
1,002,003
570,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2021A
4
.000
07/01/41
486,093
380,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Paradise Schools Projects, Series
2016
5
.000
07/01/47
332,340
825,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Reid Traditional School Projects,
Series 2016
5
.000
07/01/36
817,538
2,500,000
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Creighton University
Projects, Series 2020
5
.000
07/01/47
2,459,258
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Creighton University
Projects, Series 2020
4
.000
07/01/50
814,428
1,000,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5
.000
07/01/38
1,005,925
25,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A
5
.000
07/01/46
23,061
400,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Great Hearts Academies Project, Series
2016A
5
.000
07/01/41
396,352
220,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2015
5
.000
07/01/35
220,045
350,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2016A
5
.000
07/01/41
335,420
1,000,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5
.000
09/01/45
833,467
750,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series
2015
5
.000
07/01/35
750,188
800,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Vista College Preparatory Project, Series
2018A
5
.000
07/01/43
792,685
1,000,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Eastern Kentucky University Project, Series 2016
5
.000
10/01/36
1,008,360
100,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6
.000
06/15/37
100,371
320,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6
.125
06/15/47
314,514
100,000
(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2016
5
.250
07/01/36
70,000
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
40,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, San Tan Montessori School
Project, Series 2017
6
.125
%
02/01/28
$
40,832
250,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Revenue Bonds, Noah Webster Schools - Mesa
Project, Series 2015A
5
.000
12/15/34
242,540
145,000
Pinal County Community College District, Arizona, Revenue
Bonds, Central Arizona College, Series 2017 - BAM Insured
5
.000
07/01/34
147,177
460,000
(b)
Yavapai County Industrial Development Authority,  Arizona,
Education Revenue Bonds, Arizona Agribusiness and Equine
Center Inc Project, Refunding Series 2015A
5
.000
09/01/34
459,978
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
31,679,023
HEALTH CARE - 13.4%
405,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, Children's National Prince County Regional
Medical Center, Series 2020A
4
.000
09/01/39
388,798
110,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, Children's National Prince County Regional
Medical Center, Series 2020A
4
.000
09/01/40
102,804
225,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, Children's National Prince County Regional
Medical Center, Series 2020A
4
.000
09/01/46
196,328
1,100,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2020A
3
.000
02/01/39
921,736
1,560,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2021A
4
.000
02/01/39
1,477,289
1,000,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2021A
4
.000
02/01/40
932,964
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Honor Health, Series 2024D
5
.000
12/01/44
1,000,708
600,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
5
.000
09/01/36
617,572
870,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
4
.125
09/01/42
785,342
1,750,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2016A
5
.000
01/01/32
1,793,263
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2016A
5
.000
01/01/35
2,038,755
1,145,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2016A
5
.000
01/01/38
1,161,661
1,665,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019A
4
.000
01/01/44
1,474,018
2,000,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,
Series 2024A
5
.000
10/31/44
2,024,523
565,000
Pima County Industrial Development Authority, Arizona, Revenue
Bonds, Tucson Medical Center, Series 2021A
4
.000
04/01/39
526,861
295,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Refunding Series 2016
5
.000
08/01/36
297,319
2,450,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Series 2019
4
.000
08/01/43
2,150,917
875,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
4
.000
08/01/49
751,627
3,000,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
5
.250
08/01/49
3,042,913
TOTAL HEALTH CARE
21,685,398
Portfolio of Investments August 31, 2025
(continued)
Arizona
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY - 1.1%
$
1,250,000
Arizona Industrial Development Authority, Student Housing
Revenue Bonds, Provident Group - NCCU Properties LLC- North
Carolina Central University, Series 2019A - BAM Insured
4
.000
%
06/01/44
$
1,105,619
250,000
(d)
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2021A
0
.000
10/01/56
193,093
500,000
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2022A
7
.000
10/01/56
481,844
TOTAL HOUSING/MULTIFAMILY
1,780,556
HOUSING/SINGLE FAMILY - 2.1%
985,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024A
4
.600
09/01/49
934,231
1,920,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4
.750
09/01/49
1,874,280
575,000
Tucson and Pima County Industrial Development Authority,
Arizona, Joint Single Family Mortgage Revenue Bonds, Series
2024A
4
.750
07/01/49
561,649
TOTAL HOUSING/SINGLE FAMILY
3,370,160
INFORMATION TECHNOLOGY - 0.2%
275,000
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4
.100
12/01/37
277,490
TOTAL INFORMATION TECHNOLOGY
277,490
LONG-TERM CARE - 1.5%
120,000
Arizona Industrial Development Authority, Multifamily Housing
Revenue Bonds, Bridgewater Avondale Project, Series 2017
5
.375
01/01/38
94,044
885,000
Phoenix Industrial Development Authority, Arizona, Multi-Family
Housing Revenue Bonds, 3rd and Indian Road Assisted Living
Project, Series 2016
5
.400
10/01/36
690,640
1,495,000
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Friendship Village of Tempe Project, Refunding Series
2021A
4
.000
12/01/46
1,206,804
530,000
(b)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6
.000
10/01/37
392,316
TOTAL LONG-TERM CARE
2,383,804
TAX OBLIGATION/GENERAL - 11.9%
550,000
Buckeye Union High School District 201, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project,
Refunding Series 2017 - BAM Insured
5
.000
07/01/34
568,595
875,000
Buckeye, Arizona, General Obligation Bonds, Series 2025
5
.000
07/01/44
906,479
1,000,000
Glendale, Arizona, General Obligation Bonds, Series 2024
5
.000
07/01/43
1,050,641
1,500,000
Marana Unified School District No. 6 of Pima County, Arizona,
School Improvement Bonds, Project of 2014, Series 2018D -
AGM Insured
5
.000
07/01/38
1,524,979
370,000
Maricopa County School District 214 Tolleson Union High,
Arizona, General Obligation Bonds, School Improvement Project
2017, Series 2018A
5
.000
07/01/37
379,704
750,000
Maricopa County School District 3 Tempe Elementary, Arizona,
General Obligation Bonds, School Improvement, Project of 2022,
Series 2025B
5
.000
07/01/42
789,233
1,050,000
Maricopa County Special Health Care District, Arizona, General
Obligation Bonds, Series 2018C
5
.000
07/01/35
1,087,299
1,000,000
Maricopa County Unified School District 11, Peoria, Arizona,
General Obligation Bonds, School Improvement, Series 2018 -
BAM Insured
5
.000
07/01/34
1,032,005
275,000
Maricopa County Unified School District 69 Paradise Valley,
Arizona, General Obligation Bonds, School Improvement Project
of 2015, Series 2021E
3
.000
07/01/40
227,400
1,350,000
Maricopa County Unified School District 80, Chandler, Arizona,
School Improvement Bonds, 2019 Project, Series 2021B
3
.000
07/01/40
1,127,664
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,000,000
Maricopa County Unified School District 95 Queen Creek,
Arizona, General Obligation Bonds, School Improvement Series
2020
4
.000
%
07/01/38
$
992,114
860,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement &
Project of 2011 Series 2017E
5
.000
07/01/35
886,285
2,000,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement Project
2011 and 2017, Series 2018
5
.000
07/01/37
2,046,086
775,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement, Project
of 2023, Series 2024A
5
.000
07/01/42
807,581
125,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement,
Projects of 2023 and 2024, Series 2025
5
.000
07/01/44
129,694
750,000
Mohave County Union High School District 2 Colorado River,
Arizona, General Obligation Bonds, School Improvement Series
2017
5
.000
07/01/35
774,680
690,000
Northwest Fire District of Pima County, Arizona, General
Obligation Bonds, Series 2017
5
.000
07/01/36
707,994
750,000
Pima County Unified School District 20 Vail, Arizona, General
Obligation Bonds, Refunding School Improvement Series 2015 -
AGM Insured
5
.000
07/01/33
751,035
1,800,000
Pima County Unified School District 30 Sahuarita, Arizona, School
Improvement Bonds, Series 2024 - BAM Insured
5
.000
07/01/42
1,874,655
750,000
Pima County Unified School District 6 Marana, Arizona, General
Obligation Bonds, School Improvement, Project of 2014, Series
2019E - AGM Insured
4
.000
07/01/39
734,529
800,000
Pinal County School District 4 Casa Grande Elementary, Arizona,
General Obligation Bonds, School improvement Project 2016,
Series 2017A - BAM Insured
5
.000
07/01/36
823,301
55,000
Western Maricopa Education Center District 402, Maricopa
County, Arizona, General Obligation Bonds, School Improvement
Project 2012, Series2014B
4
.500
07/01/33
55,050
TOTAL TAX OBLIGATION/GENERAL
19,277,003
TAX OBLIGATION/LIMITED - 23.1%
100,000
(b)
Arizona Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Linder Village Project in Meridian,
Ada County, Idaho, Series 2020
5
.000
06/01/31
100,692
120,000
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding
Series 2016
4
.000
07/01/36
119,831
475,000
Cadence Community Facilities District, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2019
4
.500
07/01/43
408,231
675,000
Cadence Community Facilities District, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 3, Series 2020
4
.000
07/01/45
538,993
94,502
(b),(c)
Cahava Springs Revitalization District, Cave Creek, Arizona,
Special Assessment Bonds, Series 2017A
7
.000
07/01/41
66,151
500,000
Cottonwood, Arizona, Pledged Revenue Bonds, Series 2015 -
RAAI Insured
5
.000
07/01/30
500,763
450,000
(b)
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2015
5
.000
07/15/39
426,681
500,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2017 - AGM Insured
5
.000
07/15/42
505,092
1,000,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2018 - BAM Insured
5
.000
07/15/38
1,022,810
1,300,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2019 - BAM Insured
4
.000
07/15/39
1,228,614
1,100,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2021 - BAM Insured
4
.000
07/15/45
965,621
143,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2013
5
.250
07/01/38
137,345
299,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2019
5
.200
07/01/43
265,149
499,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 12, Series 2021
3
.250
07/01/35
420,618
Portfolio of Investments August 31, 2025
(continued)
Arizona
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
210,000
Eastmark Community Facilities District 2, Mesa, Arizona, General
Obligation Bonds, Series 2020
4
.000
%
07/15/30
$
212,427
480,000
Eastmark Community Facilities District 2, Mesa, Arizona, General
Obligation Bonds, Series 2020
4
.000
07/15/35
449,963
45,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017 -
AGM Insured
5
.000
07/15/32
46,662
750,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, Special Assessment Revenue Bonds, Lucero Assessment
District 2, Series 2023
5
.750
07/01/46
716,934
750,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2016 - BAM Insured
4
.000
07/15/36
738,750
260,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2018 - BAM Insured
5
.000
07/15/38
262,466
1,500,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2020 - BAM Insured
4
.000
07/15/40
1,389,018
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2022 - AGM Insured
5
.000
07/15/42
997,156
207,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
Special Assessment Revenue Bonds,  Assessment District 11,
Series 2017
5
.200
07/01/37
193,523
1,129,000
Floreo at Teravalis Community Facilities District, Arizona, Special
Assessment Revenue Bonds, District 1 Series 2025
5
.150
07/01/35
1,137,570
500,000
Maricopa, Arizona, Pledged Revenue Obligations, Series 2023
5
.250
07/15/43
526,376
470,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
468,293
165,000
Merrill Ranch Community Facilities District 2, Florence, Arizona,
General Obligation Bonds, Series 2017 - BAM Insured
5
.000
07/15/42
165,535
1,500,000
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019
4
.000
08/01/39
1,455,250
1,750,000
Pinal County, Arizona, Pledged Revenue Obligations, Series 2025
- BAM Insured
5
.000
08/01/44
1,806,365
1,250,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.550
07/01/40
1,192,967
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/46
316,058
1,200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
1,035,005
1,420,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
1,254,465
375,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4
.000
08/01/33
377,476
405,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4
.000
08/01/35
406,080
4,900,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Series 2020
4
.000
08/01/50
4,201,516
2,000,000
Queen Creek, Arizona, Excise Tax and State Shared Revenue
Obligation Bonds, Series 2024
5
.000
08/01/54
2,015,737
275,000
Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM
Insured
5
.000
07/01/43
281,171
510,000
Superstition Vistas Community Facilities District 1, Apache
Junction, Arizona, Special Assessment Revenue Bonds, Series
2023
6
.000
07/01/47
508,650
210,000
Superstition Vistas Community Facilities District 2, Arizona,
Special Assessment Bonds, Assessment Area 2, Series 2025
5
.200
07/01/35
211,530
805,000
Surprise, Arizona, Pledged Revenue Bonds, Refunding Series
2015
5
.000
07/01/30
806,228
1,150,000
Tartesso West Community Facility District, Buckeye, Arizona,
Limited Tax General Obligation Bonds, Series 2021 - AGM
Insured
4
.000
07/15/41
1,065,987
600,000
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series
2016
5
.000
07/01/31
609,701
750,000
Verrado District 1 Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2023 - BAM Insured
5
.000
07/15/43
757,833
885,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5
.000
10/01/32
887,328
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
275,000
Vistancia North Community Facilities District, Peoria, Arizona,
General Obligation Bonds, Series 2024 - AGM Insured
4
.375
%
07/15/49
$
247,256
1,090,000
(b)
Vistancia West Community Facilities District, Peoria, Arizona,
General Obligation Bonds, Series 2016
5
.000
07/15/29
1,091,533
2,260,000
Yavapai County Jail District, Arizona, Pledged Revenue
Obligation Bonds, Series 2020 - BAM Insured
4
.000
07/01/40
2,105,193
840,000
Yuma County, Arizona, Pledge Revenue Obligations, Series 2022
- BAM Insured
4
.250
07/15/42
802,314
TOTAL TAX OBLIGATION/LIMITED
37,446,907
TRANSPORTATION - 3.6%
1,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5
.000
07/01/49
1,475,271
725,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Refunding Junior Lien Series 2025
5
.000
07/01/44
747,021
2,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5
.000
07/01/47
1,974,243
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5
.000
07/01/32
1,065,992
500,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5
.000
07/01/38
513,913
TOTAL TRANSPORTATION
5,776,440
U.S. GUARANTEED - 0.9% (e)
250,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-
refunded 7/15/27) - AGM Insured
5
.000
07/15/32
262,235
145,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4
.000
08/01/33
146,678
155,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4
.000
08/01/35
156,793
880,000
Scottsdale Municipal Property Corporation, Arizona, Excise Tax
Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)
5
.000
07/01/36
922,995
TOTAL U.S. GUARANTEED
1,488,701
UTILITIES - 18.8%
1,000,000
Carefree Utilities Community Facilities District, Arizona, Water
System Revenue Bonds, Series 2021
4
.000
07/01/51
831,742
1,285,000
Central Arizona Water Conservation District, Arizona, Water
Delivery O&M Revenue Bonds, Series 2016
5
.000
01/01/35
1,292,327
1,500,000
City of Mesa, Arizona, Utility System Revenue Bonds, Series
2022C
5
.000
07/01/36
1,681,330
1,200,000
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding
Senior Lien Series 2025
5
.000
07/01/44
1,242,208
1,805,000
Glendale, Arizona, Water and Sewer Revenue Bonds, Senior Lien
Series 2022A
5
.000
07/01/41
1,890,740
790,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Refunding Subordinate Lien Series 2016 - AGM Insured
5
.000
07/01/45
791,543
1,500,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2020 - AGM Insured
4
.000
07/01/45
1,345,687
1,215,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2025
5
.000
07/01/44
1,253,844
500,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5
.000
07/01/40
501,887
735,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2016
5
.000
07/01/36
739,853
150,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5
.000
10/01/42
151,427
500,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2018
5
.000
07/01/42
505,225
1,000,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2020
3
.000
07/01/44
736,897
1,830,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -
BAM Insured
5
.000
07/01/46
1,851,505
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Junior Lien Series 2023
5
.250
07/01/47
1,044,870
585,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Refunding Junior Lien Series 2014
5
.000
07/01/29
585,888
Portfolio of Investments August 31, 2025
(continued)
Arizona
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
2,185,000
Phoenix Civic Improvement Corporation, Arizona, Water System
Revenue Bonds, Junior Lien Sustainability Series 2020A
5
.000
%
07/01/44
$
2,225,217
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5
.000
07/01/33
1,044,755
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5
.000
07/01/37
1,026,653
2,500,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5
.000
01/01/50
2,543,131
4,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2024A
5
.250
01/01/54
4,158,413
1,805,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series
2007
5
.000
12/01/37
1,888,259
1,000,000
Tucson, Arizona, Water System Revenue Bonds, Obligations
Series 2024
5
.000
07/01/44
1,039,771
TOTAL UTILITIES
30,373,172
TOTAL MUNICIPAL BONDS
(Cost $163,086,948)
155,538,654
TOTAL LONG-TERM INVESTMENTS
(Cost $163,086,948)
155,538,654
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  3.0%  
X
4,800,000
MUNICIPAL BONDS - 3.0%  
X
–
HEALTH CARE - 1.9%
$
1,450,000
(f),(g)
Arizona Health Facilities Authority, Hospital Revenue Bonds,
Banner Health Systems, Variable Rate Demand Obligations,
Series 2015C
3
.950
01/01/46
$
1,450,000
1,600,000
(f),(g)
Phoenix Industrial Development Authority, Arizona, Health Care
Facilities Revenue Bonds, Mayo Clinic, Series 2014B
3
.100
11/15/52
1,600,000
TOTAL HEALTH CARE
3,050,000
TAX OBLIGATION/LIMITED - 1.1%
350,000
Salt River Pima-Maricopa Indian Community, Arizona, Variable
Rate Demand Bonds, Series 2005
2
.810
10/01/25
350,000
1,400,000
(g)
Salt River Pima-Maricopa Indian Community, Arizona, Variable
Rate Demand Bonds, Series 2006
2
.830
10/01/26
1,400,000
TOTAL TAX OBLIGATION/LIMITED
1,750,000
TOTAL MUNICIPAL BONDS
(Cost $4,800,000)
4,800,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,800,000)
4,800,000
TOTAL INVESTMENTS - 99.2%
(Cost $167,886,948)
160,338,654
OTHER ASSETS & LIABILITIES, NET - 0.8%
1,300,617
NET ASSETS - 100%
$
161,639,271
AMT
Alternative Minimum Tax
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $10,346,931 or 6.5% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the reporting period.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(g)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
9
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
Arizona
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
155,538,654
$
–
$
155,538,654
Short-Term Investments:
Municipal Bonds
–
4,800,000
–
4,800,000
Total
$
–
$
160,338,654
$
–
$
160,338,654
10
Portfolio of Investments August 31, 2025
Colorado
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.0%   
X
433,963,586
MUNICIPAL BONDS - 96.0%  
X
–
CONSUMER DISCRETIONARY - 0.8%
$
500,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
%
12/01/29
$
508,767
1,000,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/32
1,011,929
2,000,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/35
2,012,927
TOTAL CONSUMER DISCRETIONARY
3,533,623
EDUCATION AND CIVIC ORGANIZATIONS - 4.8%
720,000
Colorado Educational and Cultural Facilities Authority Charter
School Revenue Bonds, Monument Academy Charter School
Project, Refunding Series 2014
3
.625
10/01/29
719,981
2,000,000
(a)
Colorado Educational and Cultural Facilities Authority
Education Revenue Bonds, Colorado, Rocky Mountain School of
Expeditionary Learning Project, Series 2019
5
.000
03/01/50
1,741,990
500,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Aspen Ridge School Project, Series
2015A
5
.000
07/01/36
500,008
500,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Aspen Ridge School Project, Series
2015A
5
.250
07/01/46
474,673
505,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Community Leadership Academy, Inc.
Second Campus Project, Series 2013
7
.350
08/01/43
505,571
215,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Douglas County School District RE-1 -
DCS Montessori School, Refunding & Improvement Series 2012
4
.000
07/15/27
215,130
385,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Littleton Preparatory Charter School,
Series 2013
5
.000
12/01/33
385,138
100,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, New Summit Charter Academy Project,
Series 2021A
4
.000
07/01/41
79,921
100,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, New Summit Charter Academy Project,
Series 2021A
4
.000
07/01/51
70,126
1,000,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, The Classical Academy Project,
Refunding Series 2015A
5
.000
12/01/38
1,000,128
705,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Twin Peaks Charter Academy, Series
2011B
7
.500
03/15/35
705,733
600,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Union Colony School Project, Series
2018
5
.000
04/01/38
607,290
1,000,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, University of Northern Colorado Lab
School, Refunding & Improvement Series 2015
5
.000
12/15/45
920,950
500,000
Colorado Educational and Cultural Facilities Authority,
Independent School Revenue Bonds, Kent Denver School
Project, Series 2016
5
.000
10/01/36
507,671
255,000
(a)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Rocky Mountain Classical Academy Project, Refunding
Series 2019
5
.000
10/01/49
223,838
1,000,000
(a)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Rocky Mountain Classical Academy Project, Refunding
Series 2019
5
.000
10/01/59
844,142
1,000,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
4
.000
03/01/35
1,002,368
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
3,000,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, University of Denver, Series 2017A
5
.000
%
03/01/47
$
3,012,132
400,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, West Ridge Academy Charter School, Refunding &
Improvement Series 2019
5
.000
06/01/49
376,656
1,500,000
Colorado School of Mines Board of Trustees, Golden, Colorado,
Institutional Enterprise Revenue Bonds, Series 2023C
5
.250
12/01/53
1,524,831
1,335,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2017A
4
.000
03/01/34
1,345,685
2,000,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2017E
4
.000
03/01/43
1,794,915
1,000,000
(a)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
988,754
2,000,000
University of Northern Colorado at Greeley, Institutional
Enterprise System Revenue Bonds, Refunding Series 2015A
5
.000
06/01/40
2,002,517
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
21,550,148
HEALTH CARE - 15.0%
1,760,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019A
5
.000
11/15/37
1,839,552
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019A
4
.000
11/15/43
887,763
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2021A
4
.000
11/15/46
867,458
2,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2023A-2, (Mandatory Put
11/15/33)
5
.000
11/15/57
2,207,449
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health System/Sunbelt Obligated Group, Series 2016A
4
.000
11/15/46
862,509
3,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health System/Sunbelt Obligated Group, Series 2018A
5
.000
11/15/48
3,001,245
7,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Children's Hospital Colorado Project, Series 2016A
5
.000
12/01/44
6,919,589
5,250,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
4
.000
08/01/44
4,544,798
270,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
265,934
3,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4
.000
08/01/49
2,478,889
500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.250
11/01/38
528,683
5,095,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.500
11/01/47
5,184,260
4,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5
.250
11/01/52
3,999,782
5,750,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2024A
5
.250
12/01/54
5,730,648
2,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2022A
5
.000
05/15/52
2,002,400
8,055,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2024A
5
.000
05/15/54
8,054,764
2,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sanford Health, Series 2019A
4
.000
11/01/39
1,869,869
3,950,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Sanford Health, Series 2019A
5
.000
11/01/49
3,840,544
3,500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019A
4
.000
01/01/35
3,508,618
1,590,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Valley View Hospital Association, Refunding Series 2017A
4
.000
05/15/34
1,595,903
1,050,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Valley View Hospital Association, Refunding Series 2017A
4
.000
05/15/35
1,051,562
2,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Valley View Hospital Association, Series 2015
5
.000
05/15/45
1,971,343
Portfolio of Investments August 31, 2025
(continued)
Colorado
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
375,000
Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio
Grande Hospital Refunding Project, Refunding Series 2024
5
.700
%
12/01/49
$
347,618
185,000
Delta County Memorial Hospital District, Colorado, Enterprise
Revenue Bonds, Refunding Series 2010
5
.500
09/01/25
185,000
600,000
Delta County Memorial Hospital District, Colorado, Enterprise
Revenue Bonds, Refunding Series 2010
5
.500
09/01/30
581,256
475,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2014A
5
.000
12/01/39
475,860
320,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
5
.125
12/01/50
310,797
440,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
6
.000
12/01/55
460,935
2,500,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.625
12/01/56
2,310,298
TOTAL HEALTH CARE
67,885,326
HOUSING/MULTIFAMILY - 0.5%
180,000
Denver City & County Housing Authority, Colorado, Capital Fund
Program Revenue Bonds, Three Tower Rehabilitation, Series
2007 - AGM Insured, (AMT)
5
.200
11/01/27
180,355
2,000,000
Denver City and County Housing Authority, Colorado, Multifamily
Housing Revenue Bonds, Flo Senior Apartments Project,
Sustainability Green Series 2023A
4
.500
07/01/41
1,948,229
TOTAL HOUSING/MULTIFAMILY
2,128,584
LONG-TERM CARE - 1.3%
500,000
(a),(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
American Baptist Homes Project, Series 2016
6
.125
02/01/46
329,805
1,315,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5
.000
01/01/31
1,317,449
3,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5
.000
01/01/37
2,990,489
1,200,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Frasier Meadows Project, Refunding & Improvement Series
2017A
5
.250
05/15/47
1,143,780
TOTAL LONG-TERM CARE
5,781,523
TAX OBLIGATION/GENERAL - 9.1%
2,000,000
Delta County Joint School District 50 Delta, Gunnison, Montrose
and Mesa Counties, Colorado, General Obligation Bonds, Series
2023
5
.000
12/01/47
2,034,520
3,000,000
Denver School District 1, Colorado, General Obligation Bonds,
Series 2021
4
.000
12/01/41
2,851,377
4,625,000
Denver School District 1, Colorado, General Obligation Bonds,
Series 2022A
5
.000
12/01/45
4,735,294
480,000
Eagle River Water and Sanitation District, Eagle County,
Colorado, General Obligation Bonds, Series 2016
4
.500
12/01/36
488,467
2,500,000
Eagle River Water and Sanitation District, Eagle County,
Colorado, General Obligation Bonds, Series 2016
5
.000
12/01/45
2,507,164
1,220,000
El Paso County School District 20, Academy, Colorado, General
Obligation Bonds, Series 2017
4
.000
12/15/40
1,184,781
600,000
Foothills Park and Recreation District, Subdistrict A, Jefferson
County, Colorado, General Obligation Bonds, Refunding Series
2015 - AGM Insured
3
.250
12/01/29
600,873
440,000
Foothills Park and Recreation District, Subdistrict A, Jefferson
County, Colorado, General Obligation Bonds, Refunding Series
2015 - AGM Insured
5
.000
12/01/30
442,207
1,275,000
Foothills Park and Recreation District, Subdistrict A, Jefferson
County, Colorado, General Obligation Bonds, Refunding Series
2015 - AGM Insured
5
.000
12/01/31
1,281,206
3,000,000
Grand County School District 2 East Grand, Colorado, General
Obligation Bonds, Series 2022
4
.000
12/01/46
2,634,168
655,000
Grand River Hospital District, Garfield and Mesa Counties,
Colorado, General Obligation Bonds, Series 2018 - AGM Insured
5
.250
12/01/34
679,014
1,750,000
Grand River Hospital District, Garfield and Mesa Counties,
Colorado, General Obligation Bonds, Series 2018 - AGM Insured
5
.250
12/01/37
1,786,319
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
3,000,000
Gunnison Watershed School District RE1J, Gunnison and
Saguache Counties, Colorado, General Obligation Bonds, Series
2023
5
.000
%
12/01/47
$
3,051,780
2,000,000
Larimer and Weld Counties School District Re-5J, Colorado,
General Obligation Bonds, Series 2021
4
.000
12/01/40
1,929,933
750,000
Louisville, Boulder County, Colorado, General Obligation Bonds,
Limited Tax, Series 2017
4
.000
12/01/35
752,268
1,140,000
Roaring Fork Transportation Authority, Colorado, Property Tax
Revenue Bonds, Series 2021A
4
.000
12/01/46
1,000,984
2,410,000
Weld County School District 6, Greeley, Colorado, General
Obligation Bonds, Series 2020
5
.000
12/01/44
2,434,944
8,500,000
Weld County School District RE-4, Windsor, Colorado, General
Obligation Bonds, Series 2023
5
.250
12/01/47
8,781,125
2,000,000
Westminster Public Schools, Adams County, Colorado,
Certificates of Participation, Series 2019 - AGM Insured
5
.000
12/01/43
2,011,498
TOTAL TAX OBLIGATION/GENERAL
41,187,922
TAX OBLIGATION/LIMITED - 36.2%
3,690,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2019
5
.000
12/01/51
3,205,257
368,328
Alpine Mountain Ranch Metropolitan District, Routt County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Refunding Series 2021
4
.000
12/01/40
321,526
1,650,000
Anthem West Metropolitan District, Colorado, General
Obligation Bonds, Refunding Series 2015 - BAM Insured
5
.000
12/01/35
1,653,838
1,020,000
Arista Metropolitan District, Broomfield County, Colorado,
General Obligation Limited Tax Bonds, Refunding Convertible to
Unlimited Tax Series 2023A - BAM Insured
5
.000
12/01/48
1,021,871
1,275,000
Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series
2023
5
.000
12/01/41
1,350,312
1,335,000
Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series
2023
5
.000
12/01/42
1,404,680
593,000
Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax
General Obligation Bonds, Series 2020A
5
.000
12/01/40
578,253
500,000
Aviation Station North Metropolitan District 2, Denver County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2019A
5
.000
12/01/48
455,089
2,000,000
Baseline Metropolitan District 1, In the City and County of
Broomfield, Colorado, Special Revenue Bonds, Refunding and
Improvement Series 2024A
4
.250
12/01/54
1,810,636
4,000,000
Brighton Crossing Metropolitan District 4, Colorado, General
Obligation Bonds, Limited Tax  Refunding Series 2024
4
.000
12/01/47
3,514,665
595,000
(a)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
3
.375
12/01/26
585,178
5,055,000
Bromley Park Metropolitan District 3, Adams County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series 2024
4
.000
12/01/44
4,370,687
2,500,000
Bromley Park Metropolitan District No. 2, In the City of Brighton,
Adams and Weld Counties, Colorado, Senior General Obligation
Limited Tax Refunding Bonds, Series 2023 - BAM Insured
5
.375
12/01/53
2,574,644
1,020,000
Buffalo Ridge Metropolitan District (In the City of Commerce
City), Adams County, Colorado, General Obligation Refunding
and Improvement Bonds, Series 2018A - BAM Insured
5
.000
12/01/34
1,064,550
1,000,000
Buffalo Ridge Metropolitan District (In the City of Commerce
City), Adams County, Colorado, General Obligation Refunding
and Improvement Bonds, Series 2018A - BAM Insured
4
.000
12/01/47
854,009
250,000
Canyons Metropolitan District 5, Douglas County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Refunding and Improvement Series 2024A - BAM Insured
5
.250
12/01/59
251,436
1,250,000
CCP Metropolitan District 3, Colorado, General Obligation
Bonds, Limited Tax Refunding Series 2024
5
.000
12/01/53
1,158,883
1,145,000
(a)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/47
1,065,712
500,000
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Improvement Bonds, Series 2022
6
.500
12/01/53
515,324
Portfolio of Investments August 31, 2025
(continued)
Colorado
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
480,000
Cherry Creek Corporate Center Metropolitan District, Arapahoe
County, Colorado, Revenue Bonds, Refunding Senior Lien Series
2015A
5
.000
%
06/01/37
$
480,007
1,725,000
Colorado International Center Metropolitan District 14, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2018
5
.875
12/01/46
1,644,136
2,000,000
Colorado State, Building Excellent Schools Today, Certificates of
Participation, Series 2017J
5
.250
03/15/42
2,027,940
1,000,000
Colorado State, Building Excellent Schools Today, Certificates of
Participation, Series 2021S
4
.000
03/15/41
931,849
5,000,000
Colorado State, Certificates of Participation, Higher Education
Health Sciences Facilities Series 2024A
4
.000
11/01/49
4,230,013
1,780,000
Colorado State, Certificates of Participation, Lease Purchase
Agreement Department of Transportation Second Amended &
Restated Headquarters Facilities, Refunding Series 2020
4
.000
06/15/38
1,732,645
2,000,000
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Refunding Series 2015 - BAM Insured
5
.000
08/01/36
2,002,119
2,295,000
Copperleaf Metropolitan District 2, Arapahoe County, Colorado,
Limited Tax General Obligation Bonds, Refunding Convertible to
Unlimited Tax Series 2020 - BAM Insured
4
.000
12/01/45
2,035,037
1,250,000
Cottonwood Highlands Metropolitan District 1, Parker, Colorado,
Limited Tax General Obligation Bonds, Convertible to Unlimited
Tax Refunding Series 2024
4
.250
12/01/49
1,071,819
2,500,000
Cottonwood Highlands Metropolitan District 1, Parker, Colorado,
Limited Tax General Obligation Bonds, Convertible to Unlimited
Tax Refunding Series 2024
4
.250
12/01/54
2,090,998
1,000,000
Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited
Tax General Obligation Bonds, Refunding Series 2018 - AGM
Insured
4
.000
12/01/45
887,740
2,000,000
Crowfoot Valley Ranch Metropolitan District 2,  Douglas County,
Colorado, Limited Tax General Obligation Bonds, Refunding
Series 2024A - BAM Insured
4
.375
12/01/54
1,714,144
1,250,000
Crystal Valley Metropolitan District 2, Douglas County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020A - AGM Insured
4
.000
12/01/44
1,126,388
920,000
Cumberland Green Metropolitan District, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement Series 2015
5
.250
12/01/45
849,391
1,185,000
Denver City and County School District 1, Colorado, Lease
Purchase Program Certificates of Participation, Series 2015B
5
.000
12/15/45
1,185,669
2,955,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Refunding & Improvement Series 2016A
5
.000
08/01/42
2,969,831
1,000,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Series 2021A
4
.000
08/01/35
1,027,642
1,785,000
Denver City and County, Colorado, Dedicated Tax Revenue
Bonds, Series 2021A
4
.000
08/01/40
1,697,254
120,000
(a)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopment Area,
Series 2018A
5
.250
12/01/39
115,944
2,580,000
Douglas County School District, Number RE1, Douglas and
Elbert Counties. Colorado, General Obligation Bonds, Series
2024
5
.000
12/15/44
2,674,596
5,500,000
Ebert Metropolitan District, Denver Colorado, Limited Tax
General Obligation Bonds, Refunding Series 2018A-1 - BAM
Insured
5
.000
12/01/43
5,534,905
2,000,000
El Paso County School District 49 Falcon, Colorado, Certificates
of Participation, Series 2017B
5
.000
12/15/42
2,013,873
575,000
Erie Farm Metropolitan District, Erie, Boulder County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement, Series 2021 - AGM Insured
5
.000
12/01/41
591,852
1,000,000
Erie, Colorado, Certificates of Participation, Series 2010
5
.000
11/01/37
1,000,401
500,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
6
.000
12/01/38
468,673
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,525,000
Foothills Park and Recreation District, Jefferson County,
Colorado, Lease Revenue Bonds, Certificates of Participation,
Series 2021
4
.000
%
12/01/33
$
1,571,704
890,000
Four Corners Business Improvement District, Erie, Boulder
County, Colorado, Limited Tax Supported Revenue Bonds, Series
2022
6
.000
12/01/52
863,153
500,000
Future Legends Sports Park Business Improvement District, Weld
County, Colorado, Limited Tax General Obligation Bonds, Series
2022A
6
.000
12/01/52
400,301
800,000
Glen Metropolitan District 1, El Paso County, Colorado, General
Obligation Limited Tax Bonds, Series 2016A - BAM Insured
4
.500
12/01/45
800,056
600,000
Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso
County, Colorado, Limited Tax General Obligation and Special
Revenue Bonds, Refunding & Improvement Series 2022A - BAM
Insured
5
.500
12/01/47
620,253
675,000
Green Gables Metropolitan District 2, Jefferson County,
Colorado, Limited Tax General Obligation Bonds, Special
Revenue Refunding Improvement Senior Series 2023A - BAM
Insured
5
.125
12/01/53
657,856
231,756
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-1
6
.000
12/01/43
230,732
330,000
(a)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
318,346
1,125,000
High Plains Metropolitan District, Arapahoe County, Colorado,
General Obligation Bonds, Refunding Series 2017 - NPFG
Insured
5
.000
12/01/35
1,167,071
1,250,000
Hunters Overlook Metropolitan District 5, Severance, Weld
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Series 2024
4
.250
12/01/54
1,118,620
380,000
Jefferson Center Metropolitan District 1, Arvada, Jefferson
County, Colorado, Special Revenue Bonds, Series 2020-A2
4
.125
12/01/40
335,933
3,000,000
Lanterns Metropolitan District 1, Castle Rock, Douglas County,
Colorado, Limited Tax General Obligation Bonds, Refunding and
Improvement Series 2024
4
.250
12/01/53
2,524,268
460,000
Lincoln Park Metropolitan District, Douglas County, Colorado,
Limited Tax General Obligation and Improvement Bonds,
Refunding Series 2018 - AGM Insured
5
.000
12/01/42
466,616
2,000,000
Lincoln Park Metropolitan District, Douglas County, Colorado,
Limited Tax General Obligation and Improvement Bonds,
Refunding Series 2018 - AGM Insured
5
.000
12/01/46
2,011,733
1,330,000
Littleton Village Metropolitan District 2, Arapahoe County,
Colorado, General Obligation Bonds, Limited Tax Refunding
Series 2023 - AGM Insured
5
.000
12/01/53
1,275,807
825,000
Lorson Ranch Metropolitan District 2, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2016
5
.000
12/01/36
831,380
1,805,000
Lorson Ranch Metropolitan District 2, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2016
5
.000
12/01/41
1,792,186
1,000,000
Meridian Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Series 2023 - AGM Insured
4
.250
12/01/48
907,707
650,000
Meridian Metropolitan District, Douglas County, Colorado,
General Obligation Refunding Bonds, Series 2017 - AGM Insured
5
.000
12/01/42
659,349
1,000,000
Midtown at Clear Creek Metropolitan District, Adams County,
Colorado, General Obligation Bonds, Refunding Limited Tax
Series 2023A - BAM Insured
5
.500
12/01/43
1,065,497
1,000,000
Monument, El Paso County,  Colorado, Certificate of Participation,
Series 2020 - AGM Insured
4
.000
12/01/40
958,311
489,000
Mountain Shadows Metropolitan District, Colorado, General
Obligation Limited Tax Bonds, Refunding Series 2016
5
.000
12/01/46
454,690
494,000
Mountain Shadows Metropolitan District, Weld County,
Colorado, Limited Tax General Obligation Bonds, Series 2015
5
.500
12/01/44
493,937
570,000
Nexus North at DIA Metropolitan District, Adams County,
Colorado, Limited Tax General Obligation Bonds, Series 2021
5
.000
12/01/51
499,198
Portfolio of Investments August 31, 2025
(continued)
Colorado
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
709,000
North Range Metropolitan District 2, Adams County, Colorado,
Limited Tax General Obligation Bonds, Refunding Special
Revenue & Improvement Series 2017A
5
.625
%
12/01/37
$
698,300
1,000,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.250
12/01/50
956,942
4,000,000
Northern Colorado Water Conservancy District, Certificates of
Participation, Series 2022
5
.250
07/01/52
4,062,689
755,000
(b)
Painted Prairie Public Improvement Authority, Aurora, Colorado,
Special Revenue Bonds, Series 2019
5
.000
12/01/49
642,390
1,500,000
Park 70 Metropolitan District, Aurora, Colorado, General
Obligation Bonds, Limited Tax Refunding & Improvement Series
2016
5
.000
12/01/36
1,505,991
2,380,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Refunding Series 2015A
5
.000
12/01/45
2,332,687
1,650,000
Park Creek Metropolitan District, Colorado, Senior Limited
Property Tax Supported Revenue Bonds, Series 2019A - AGM
Insured
4
.000
12/01/36
1,643,899
827,000
(a)
Platte River Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series 2023A
6
.500
08/01/53
817,725
2,500,000
(a)
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment
Revenue Bonds, Refunding Series 2013
5
.000
12/01/40
2,448,105
500,000
(a)
Prairie Center Metropolitan District No. 3, In the City of Brighton,
Adams County, Colorado, Limited Property Tax Supported
Primary Improvements Revenue Bonds, Refunding Series 2017A
5
.000
12/15/41
484,042
680,000
Prairie Center Metropolitan District No. 3, In the City of Brighton,
Adams County, Colorado, Limited Property Tax Supported
Primary Improvements Revenue Bonds, Series 2024A
5
.875
12/15/46
695,441
500,000
Prairiestar Metropolitan District 2, Larimer County, Colorado,
Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2021A - BAM Insured
5
.000
12/01/46
504,256
1,550,000
Pueblo County, Colorado, Certificates of Participation,
Community Improvement Projects, Series 2023A
4
.000
07/01/43
1,373,028
235,000
(a)
Pueblo Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, EVRAZ Project, Series 2021A
4
.750
12/01/45
207,494
2,516,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.500
07/01/34
2,515,888
1,864,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
1,607,708
2,500,000
Rampart Range Metropolitan District 1, Lone Tree, Colorado,
Limited Tax Supported and Special Revenue Bonds, Refunding &
Improvement Series 2017
5
.000
12/01/42
2,535,960
1,060,000
Ravenna Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Refunding Limited Tax Series 2023 -
AGM Insured
5
.000
12/01/43
1,070,140
400,000
Red Sky Ranch Metropolitan District, Eagle County, Colorado,
General Obligation Bonds, Refunding & Improvement Series
2015
5
.000
12/01/44
362,019
2,385,000
Regional Transportation District, Colorado, Sales Tax Revenue
Bonds, Fastracks Project, Series 2017B
4
.000
11/01/35
2,402,136
490,000
Reserve Metropolitan District 2, Mount Crested Butte, Colorado,
Limited Tax General Obligation Bonds, Refunding Series 2016A
5
.000
12/01/45
448,305
555,000
Riverview Metropolitan District, Steamboat Springs, Routt
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Tax Refunding Series 2021
5
.000
12/01/41
504,897
1,000,000
Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle
Counties, Colorado, Certificates of Participation, Series 2023 -
BAM Insured
5
.000
12/15/43
1,013,117
1,000,000
Sand Creek Metropolitan District, Colorado, General Obligation
Limited Tax Bonds, Refunding Series 2023 - AGM Insured
5
.000
12/01/37
1,056,830
1,995,000
Sierra Ridge Metropolitan District 2, Douglas County, Colorado,
General Obligation Bonds, Refunding Limited Tax Series 2022 -
AGM Insured
4
.000
12/01/46
1,746,266
275,000
Sierra Ridge Metropolitan District 2, Douglas County, Colorado,
Limited Tax General Obligation Bonds, Refunding Bonds, Series
2022 - AGM Insured
5
.000
12/01/52
272,232
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
532,000
Silver Peaks Metropolitan District 3, Colorado, Limited Tax
Obligation Bonds, Senior Lien Series 2020A
5
.000
%
12/01/50
$
476,610
5,515,000
Sky Ranch Community Authority Board, Arapahoe County,
Colorado, Limited Tax Supported District 1 Revenue Bonds,
Refunding Improvement Senior Series 2024A
4
.250
12/01/54
4,612,741
200,000
Southlands Metropolitan District 1, Colorado, Limited Tax
General Obligation Bonds, Series 2017A-1
5
.000
12/01/37
196,258
350,000
Southlands Metropolitan District 1, Colorado, Limited Tax
General Obligation Bonds, Series 2017A-2
5
.000
12/01/47
319,920
1,000,000
Southshore Metropolitan District 2 Aurora, Arapahoe County,
Colorado, General Obligation Bonds, Limited Tax Improvement
Series 2020A-2 - BAM Insured
4
.000
12/01/46
874,291
495,000
Southwest Timnath Metropolitan District 4, Timnath, Larimer
County, Colorado, Limited Tax General Obligation Bonds, Series
2017A
5
.375
12/01/47
479,976
750,000
Sterling Hills West Metropolitan District, Arapahoe County,
Colorado, General Obligation Bonds, Refunding Series 2017
5
.000
12/01/39
759,897
415,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported District 2, Refunding &
Improvement Senior Series 2020A
3
.375
12/01/30
400,650
595,000
Sterling Ranch Metropolitan District 2, El Paso County, Colorado,
General Obligation Bonds, Limited Tax Convertible Capital
Appreciation Series 22
5
.500
12/01/42
587,449
615,000
(a)
Sunset Parks Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Series 2024A
5
.125
12/01/54
559,854
750,000
Thompson Crossing Metropolitan District 2, Johnstown, Larimer
County, Colorado, General Obligation Bonds, Limited Tax
Convertible to Unlimited Tax, Series 2016B - AGM Insured
5
.000
12/01/46
752,420
1,640,000
(a)
Thompson Crossing Metropolitan District 6, Larimer County,
Colorado, General Obligation Limited Tax Bonds, Refunding &
Improvement Convertible to Unlimited Tax Series 2020
5
.000
12/01/40
1,577,558
770,000
Thornton Development Authority, Colorado, Tax Increment
Revenue Bonds, North Washington Street Corridor Project,
Refunding Series 2015
3
.250
12/01/28
770,163
2,000,000
Thornton, Colorado, Certificates of Participation, Series 2018
4
.000
12/01/39
1,949,208
3,000,000
Trailside Metropolitan District 4, Colorado, Limited Tax General
Obligation Bonds, Refunding and Improvement Series 2024A -
BAM Insured
4
.250
12/01/56
2,489,310
2,000,000
(a)
Triview Metropolitan District 4, Colorado, El Paso County,
General Obligation Bonds Limited Tax Series 2018
5
.750
12/01/48
1,986,745
4,000,000
(a)
Ventana Metropolitan District, El Paso County, Colorado, General
Obligation Bonds, Limited Tax Refunding and Improvement
Series 2023A
6
.500
09/01/53
4,041,686
525,000
Vista Ridge Metropolitan District, In the Town of Erie, Weld
County, Colorado, General Obligation Refunding Bonds, Series
2016A - BAM Insured
5
.000
12/01/28
539,595
1,250,000
Vista Ridge Metropolitan District, In the Town of Erie, Weld
County, Colorado, General Obligation Refunding Bonds, Series
2016A - BAM Insured
5
.000
12/01/31
1,281,337
500,000
Vista Ridge Metropolitan District, In the Town of Erie, Weld
County, Colorado, General Obligation Refunding Bonds, Series
2016A - BAM Insured
4
.000
12/01/36
500,318
1,375,000
Water Valley Metropolitan District 1, Colorado, General
Obligation Bonds, Refunding Series 2016
4
.000
12/01/33
1,272,377
400,000
Water Valley Metropolitan District 1, Colorado, General
Obligation Bonds, Refunding Series 2016
5
.000
12/01/35
393,808
1,190,000
Water Valley Metropolitan District 1, Colorado, General
Obligation Bonds, Refunding Series 2016
5
.250
12/01/40
1,164,491
500,000
Waterview II Metropolitan District, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2022A
5
.000
12/01/41
478,574
1,500,000
Waterview II Metropolitan District, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2022A
5
.000
12/01/51
1,361,701
1,000,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.750
12/01/52
957,859
Portfolio of Investments August 31, 2025
(continued)
Colorado
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
600,000
Westerly Metropolitan District 4, Weld County, Colorado, General
Obligation Limited Tax Bonds, Series 2021A-1
4
.125
%
12/01/31
$
578,331
1,500,000
Westminster, Colorado, Certificates of Participation, Series 2015A
5
.000
12/01/35
1,505,878
1,000,000
Westminster, Colorado, Certificates of Participation, Series 2015A
4
.000
12/01/38
971,346
1,000,000
Wheatlands Metropolitan District 2, Aurora, Arapahoe County,
Colorado, General Obligation Bonds, Refunding Series 2015 -
BAM Insured
5
.000
12/01/30
1,005,017
1,595,000
Wheatlands Metropolitan District 2, Aurora, Arapahoe County,
Colorado, General Obligation Bonds, Refunding Series 2015 -
BAM Insured
4
.000
12/01/38
1,571,493
1,400,000
Whispering Pines Metropolitan District No.1, In the City of
Aurora, Colorado, Limited Tax Convertible to Unlimited Tax,
General Obligation Refunding Series 2023 - AGM Insured
5
.000
12/01/52
1,396,214
TOTAL TAX OBLIGATION/LIMITED
163,607,682
TRANSPORTATION - 9.3%
1,000,000
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Revenue Bonds, Senior Lien Series 2017
5
.000
12/31/56
928,444
500,000
Colorado High Performance Transportation Enterprise, US 36
and I-25 Managed Lanes Revenue Bonds, Senior Lien Series
2014, (AMT)
5
.750
01/01/44
500,177
3,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5
.000
11/15/25
3,013,877
2,115,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5
.000
11/15/26
2,172,388
1,995,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5
.000
11/15/39
2,047,113
3,340,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5
.000
11/15/41
3,381,271
3,585,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5
.500
11/15/53
3,679,237
500,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022B
5
.000
11/15/47
506,056
1,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.750
11/15/45
1,047,924
1,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.000
11/15/53
985,260
2,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/27
2,098,079
1,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/30
1,086,474
6,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
4
.000
12/01/43
5,242,551
10,305,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/43
10,197,266
1,000,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018B
5
.000
12/01/37
1,020,784
500,000
Denver City and County, Colorado, Special Facilities Airport
Revenue Bonds, United Airlines, Inc. Project, Refunding Series
2017, (AMT)
5
.000
10/01/32
499,981
330,000
Eagle County Air Terminal Corporation, Colorado, Airport
Terminal Project Revenue Bonds, Refunding Series 2011A, (AMT)
6
.000
05/01/27
330,494
1,215,000
Grand Junction Regional Airport Authority, Colorado, General
Airport Revenue Bonds, Refunding Series 2016A
5
.000
12/01/32
1,234,573
1,275,000
Grand Junction Regional Airport Authority, Colorado, General
Airport Revenue Bonds, Refunding Series 2016A
5
.000
12/01/33
1,293,278
1,000,000
Grand Junction Regional Airport Authority, Colorado, General
Airport Revenue Bonds, Refunding Series 2016A
5
.000
12/01/34
1,012,756
TOTAL TRANSPORTATION
42,277,983
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED - 4.4% (c)
$
150,000
Boulder Larimer & Weld Counties School District RE-1J Saint
Vrain Valley, Colorado, General Obligation Bonds, Series 2016C,
(Pre-refunded 12/15/26)
4
.000
%
12/15/34
$
153,234
50,000
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5
.000
06/01/37
52,111
1,585,000
Colorado Health Facilities Authority, Colorado, Health Facilities
Revenue Bonds, The Evangelical Lutheran Good Samaritan
Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)
5
.000
06/01/42
1,651,920
3,535,000
Colorado Health Facilities Authority, Colorado, Hospital Revenue
Bonds, NCMC Inc., Series 2016, (Pre-refunded 5/15/26)
4
.000
05/15/32
3,569,440
1,250,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)
4
.000
09/01/50
1,340,571
500,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2016B, (Pre-refunded 3/01/27)
5
.000
03/01/34
519,947
500,000
Colorado State Board of Governors, Colorado State University
Auxiliary Enterprise System Revenue Bonds, Refunding Series
2016B, (Pre-refunded 3/01/27)
5
.000
03/01/41
519,946
1,200,000
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Series 2016, (Pre-refunded 8/01/26)
5
.000
08/01/41
1,228,479
6,000,000
Commerce City, Colorado, Sales and Use Tax Revenue Bonds,
Series 2016, (Pre-refunded 8/01/26)
5
.000
08/01/46
6,142,394
1,000,000
Metropolitan State University of Denver, Colorado, Institutional
Enterprise Revenue Bonds, Aerospace and Engineering Sciences
Building Project, Series 2016, (Pre-refunded 12/01/25)
4
.000
12/01/40
1,003,749
3,410,000
University of Colorado, Enterprise System Revenue Bonds,
Refunding Series 2017A-2, (Pre-refunded 6/01/28)
4
.000
06/01/36
3,567,291
TOTAL U.S. GUARANTEED
19,749,082
UTILITIES - 14.6%
2,000,000
Arapahoe County Water and Wastewater Authority, Colorado,
Revenue Bonds, Refunding Series 2019
4
.000
12/01/37
1,993,170
1,845,000
Arapahoe County Water and Wastewater Authority, Colorado,
Revenue Bonds, Refunding Series 2019
4
.000
12/01/38
1,815,959
3,250,000
Bennett, Colorado, Wastewater Revenue Bonds, Series 2024
4
.125
12/01/54
2,760,251
13,130,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5
.000
06/01/47
13,350,633
3,550,000
Brighton, Colorado, Water Activity Enterprise Revenue Bonds,
Water System Project, Series 2022
5
.000
06/01/52
3,580,582
500,000
Cherokee Metropolitan District, Colorado, Water and Wastewater
Revenue Bonds, Series 2020 - BAM Insured
4
.000
08/01/50
428,019
4,435,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2022B
5
.250
11/15/52
4,560,988
3,270,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2023A
5
.250
11/15/48
3,399,943
4,000,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2023A
5
.250
11/15/53
4,123,640
8,200,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Improvement Series 2024A
5
.250
11/15/54
8,453,182
500,000
Colorado Springs, Colorado, Utilities System Revenue Bonds,
Refunding Series 2015A
4
.000
11/15/35
501,469
1,000,000
Colorado Water Resources and Power Development Authority,
Water Resources Revenue Bonds, City of Sterling Wastewater
Utility Enterprise Project, Series 2023A - AGM Insured
5
.000
09/01/48
1,011,480
345,000
Colorado Water Resources and Power Development Authority,
Water Resources Revenue Bonds, Steamboat Springs Utilities
Fund, Series 2011B
4
.125
08/01/26
346,917
7,000,000
Denver City and County Board of Water Commissioners,
Colorado, Water Revenue Bonds, Series 2022A
5
.000
12/15/52
7,101,489
650,000
East Cherry Creek Valley Water and Sanitation District, Arapahoe
County, Colorado, Water Revenue Bonds, Refunding Series 2015
5
.000
11/15/32
652,496
1,500,000
East Cherry Creek Valley Water and Sanitation District, Arapahoe
County, Colorado, Water Revenue Bonds, Refunding Series 2015
4
.000
11/15/35
1,500,472
Portfolio of Investments August 31, 2025
(continued)
Colorado
20
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
500,000
Erie, Boulder and Weld Counties, Colorado, Water Enterprise
Revenue Bonds, Refunding Series 2015
3
.000
%
12/01/29
$
500,422
1,140,000
Fort Lupton, Colorado, Water System Revenue Bonds, Refunding
& Improvement Series 2017 - AGM Insured
4
.000
12/01/42
1,063,509
8,805,000
Parker Water and Sanitation District, Douglas County, Colorado,
Water and Sewer Enterprise Revenue Bonds, Refunding &
Improvement Series 2022
4
.000
11/01/47
7,654,757
1,080,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.250
11/15/28
1,132,981
280,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6
.500
11/15/38
329,354
TOTAL UTILITIES
66,261,713
TOTAL MUNICIPAL BONDS
(Cost $449,983,348)
433,963,586
TOTAL LONG-TERM INVESTMENTS
(Cost $449,983,348)
433,963,586
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.4%  
X
11,000,000
MUNICIPAL BONDS - 2.4%  
X
–
HEALTH CARE - 2.4%
$
11,000,000
(d),(e)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2024E
3
.900
05/15/64
$
11,000,000
TOTAL HEALTH CARE
11,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,000,000)
11,000,000
TOTAL INVESTMENTS - 98.4%
(Cost $460,983,348)
444,963,586
OTHER ASSETS & LIABILITIES, NET - 1.6%
7,082,434
NET ASSETS - 100%
$
452,046,020
AMT
Alternative Minimum Tax
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $22,692,894 or 5.1% of Total Investments.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
21
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
Colorado
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
433,963,586
$
–
$
433,963,586
Short-Term Investments:
Municipal Bonds
–
11,000,000
–
11,000,000
Total
$
–
$
444,963,586
$
–
$
444,963,586
22
Portfolio of Investments August 31, 2025
Maryland
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.0%   
X
227,243,566
MUNICIPAL BONDS - 98.0%  
X
–
CONSUMER DISCRETIONARY - 2.3%
$
715,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
%
09/01/34
$
720,420
4,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/39
3,880,288
1,000,000
(a)
Maryland Economic Development Corporation, Revenue Bonds,
Chesapeake Bay Hyatt Conference Center, Series 2006A
5
.000
12/01/31
670,000
TOTAL CONSUMER DISCRETIONARY
5,270,708
CONSUMER STAPLES - 1.4%
335,000
Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-
Backed Bonds, Refunding Series 2002
5
.500
05/15/39
339,365
1,005,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5
.250
06/01/32
974,130
355,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series  2016A-1
5
.625
06/01/35
360,582
1,900,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006
5
.000
06/01/48
1,613,530
TOTAL CONSUMER STAPLES
3,287,607
EDUCATION AND CIVIC ORGANIZATIONS - 6.3%
1,000,000
Chestertown, Maryland, Economic Development Project Revenue
Bonds, Washington College, Refunding Series 2021A
4
.000
03/01/36
934,752
1,500,000
(b)
Frederick County, Maryland, Educational Facilities Revenue
Bonds, Mount Saint Mary's University Inc., Series 2017A
5
.000
09/01/45
1,315,593
645,000
(b)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Imagine Andrews Public Charter School, Series
2022A
5
.500
05/01/52
572,338
500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Johns Hopkins University, Series 2013B
5
.000
07/01/38
500,253
2,625,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Johns Hopkins University, Series 2013B
4
.250
07/01/41
2,521,763
500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Loyola University Maryland, Series 2014
4
.000
10/01/39
469,733
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Loyola University Maryland, Series 2025
5
.000
10/01/50
1,959,534
700,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Maryland Institute College of Art, Series 2016
5
.000
06/01/33
702,973
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Maryland Institute College of Art, Series 2024
5
.500
06/01/47
1,958,126
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Stevenson University, Series 2021A
4
.000
06/01/38
920,343
2,010,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Stevenson University, Series 2021A
4
.000
06/01/46
1,666,599
1,100,000
Maryland Industrial Development Financing Authority, Economic
Development Revenue Bonds, McDonogh School Inc., Sereis
2019
4
.000
09/01/43
994,990
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
14,516,997
ENERGY - 0.4%
1,000,000
(b)
Maryland Economic Development Corporation, Port Facilities
Revenue Bonds, Core Natural Resources Inc. Project, Refunding
Series 2025, (Mandatory Put 3/27/35)
5
.000
07/01/48
1,007,892
TOTAL ENERGY
1,007,892
HEALTH CARE - 20.5%
1,455,000
Maryland Health and Higher Educational Facilities
Authority,  Revenue Bonds, University of Maryland Medical
Systems, Series 2025A
5
.250
07/01/52
1,475,246
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds Doctors Community Hospital, Series 2017B
5
.000
07/01/34
1,014,326
500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds Doctors Community Hospital, Series 2017B
5
.000
07/01/38
502,229
90,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/36
90,791
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
1,250,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
%
07/01/38
$
1,257,236
440,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
4
.000
07/01/42
390,247
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist HealthCare Issue, Series 2021B
4
.000
01/01/51
803,619
1,600,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist Healthcare, Series 2016A
5
.500
01/01/36
1,626,476
2,020,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist Healthcare, Series 2016A
5
.500
01/01/46
2,023,787
2,650,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Frederick Health System Issue Series 2023
5
.250
07/01/53
2,612,185
740,000
Maryland Health and HIgher Educational Facilities Authority,
Revenue Bonds, Frederick Health System Issue; Series 2020
3
.250
07/01/39
580,451
175,000
Maryland Health and HIgher Educational Facilities Authority,
Revenue Bonds, Frederick Health System Issue; Series 2020
4
.000
07/01/40
158,555
1,165,000
Maryland Health and HIgher Educational Facilities Authority,
Revenue Bonds, Greater Baltimore Medical Center, Series 2021A
3
.000
07/01/46
826,307
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue Series 2024
5
.000
07/01/54
991,226
2,080,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue Series 2024
5
.250
07/01/54
2,118,437
1,250,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2016
4
.000
07/01/41
1,150,986
500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health Issue, Series 2016
5
.000
07/01/47
493,249
1,015,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health System, Series 2015
4
.125
07/01/47
901,551
1,020,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Medstar Health Issue, Series 2013B
5
.000
08/15/38
1,020,487
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2017A
5
.000
05/15/42
1,000,490
5,625,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2017A
5
.000
05/15/45
5,525,821
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5
.000
07/01/43
2,049,243
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5
.000
07/01/44
2,035,699
3,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Meritus Medical Center Inc Series 2025
5
.250
07/01/50
2,999,931
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Peninsula Regional Medical Center Issue, Series
2020A
4
.000
07/01/48
1,680,753
835,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Trinity Health Credit Group, Series 2017MD
5
.000
12/01/46
829,632
2,500,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, University of Maryland Medical System Issue,
Series 2017B
5
.000
07/01/39
2,527,145
3,250,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2020B
4
.000
04/15/45
2,822,462
7,000,000
Montgomery County, Maryland, Revenue Bonds, Trinity Health
Credit Group, Series 2015
4
.000
12/01/44
6,129,926
TOTAL HEALTH CARE
47,638,493
HOUSING/MULTIFAMILY - 12.9%
2,000,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Columbia Commons Apartments, Series 2014A
5
.000
06/01/44
1,982,789
2,000,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Columbia Landing Project, Refunding Series 2021A
1
.600
06/01/29
1,861,691
3,000,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Orchard Meadows Apartments, Social Series 2024
5
.000
12/01/43
3,002,434
1,655,000
Howard County Housing Commission, Maryland, Revenue
Bonds, The Verona at Oakland Mills Project, Series 2013
5
.000
10/01/28
1,657,603
Portfolio of Investments August 31, 2025
(continued)
Maryland
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,310,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Green Series 2021A
2
.200
%
07/01/41
$
900,050
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Green Series 2021B
2
.100
01/01/41
679,151
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Green Series 2021C
2
.600
01/01/42
728,707
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Green Sustainability Series 2024B
4
.600
07/01/49
933,839
935,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2000A
2
.600
07/01/40
693,409
1,430,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2014D
4
.000
07/01/45
1,239,663
235,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2017C
3
.550
07/01/42
207,775
1,480,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2018A
3
.950
07/01/43
1,335,402
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2019D
3
.200
07/01/44
794,327
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Housing Revenue
Bonds, Series 2020E
2
.150
07/01/40
698,196
1,750,000
Maryland Community Development Administration, Department
of Housing and Community Development, Multifamily
Development Revenue Bonds, Marlborough Apartments, Series
2014I
3
.450
12/15/31
1,750,111
1,000,000
Maryland Community Development Administration, Multifamily
Development Revenue Bonds, Sustainability Villages at Marley
Station Green Series 2024D-1
4
.350
02/01/44
917,997
1,000,000
Maryland Economic Development Corporation, Senior Revenue
Bonds, Provident Group - Towson Place Properties LLC Project,
Series 2024A-1
5
.000
06/01/39
1,010,777
575,000
Maryland Economic Development Corporation, Senior Student
Housing Revenue Bonds, Towson University Project, Refunding
Series 2017
5
.000
07/01/32
585,011
1,000,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, Morgan State University Project, Senior Series
2022
6
.000
07/01/58
1,041,340
200,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, Morgan State University Project, Series 2020
4
.000
07/01/40
181,797
1,150,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, Morgan State University Project, Series 2020
5
.000
07/01/50
1,099,066
500,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, Salisbury University Project, Refunding Series
2013
5
.000
06/01/34
500,073
525,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, Sheppard Pratt University Village, Series 2012
5
.000
07/01/27
525,123
1,140,000
Maryland Economic Development Corporation, Student Housing
Revenue Bonds, University of Maryland, Baltimore County
Project, Refunding Series 2016 - AGM Insured
3
.600
07/01/35
1,081,608
2,000,000
Maryland Economic Development Corporation, Student
Housing Revenue Bonds, University of Maryland, College Park -
Leonardtown Project, Series 2024 - AGM Insured
5
.000
07/01/54
1,964,063
1,250,000
Montgomery County Housing Opportunities Commission,
Maryland, Multifamily Housing Development Bonds, Series
2014A
3
.650
07/01/34
1,239,624
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
750,000
Montgomery County Housing Opportunities Commission,
Maryland, Multifamily Housing Development Bonds, Series
2021B
2
.250
%
07/01/41
$
520,388
1,000,000
Montgomery County Housing Opportunities Commission,
Maryland, Multifamily Housing Development Bonds, Series
2021C
2
.200
07/01/36
792,968
TOTAL HOUSING/MULTIFAMILY
29,924,982
HOUSING/SINGLE FAMILY - 3.6%
2,500,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Series 2014C
3
.200
09/01/28
2,500,505
2,500,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Series 2019B
3
.200
09/01/39
2,125,654
725,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Series 2019C
3
.000
03/01/42
586,629
500,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Series 2021B
2
.100
09/01/41
333,282
2,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Series 2021C
2
.450
09/01/41
1,449,734
1,000,000
Maryland Community Development Administration Department
of Housing and Community Development, Residential Revenue
Bonds, Social Series 2024C
4
.500
09/01/44
968,743
420,000
Montgomery County Housing Opportunities Commission,
Maryland, Program Revenue Bonds, Series 2019C, (AMT)
3
.300
07/01/39
359,513
TOTAL HOUSING/SINGLE FAMILY
8,324,060
LONG-TERM CARE - 4.7%
1,750,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village,
Series 2020
4
.000
01/01/45
1,490,142
2,000,000
Baltimore County, Maryland, Revenue Bonds, Riderwood Village
Inc Facility, Series 2020
4
.000
01/01/50
1,608,597
1,200,000
Gaithersburg, Maryland, Economic Development Revenue
Bonds, Asbury Methodist Obligated Group Project, Refunding
Series 2018A
5
.000
01/01/33
1,218,688
1,250,000
Howard County, Maryland, Retirement Community Revenue
Bonds, Vantage House, Refunding Series 2017
5
.000
04/01/44
1,068,935
700,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Charlestown Community Issue, Series 2016A
5
.000
01/01/36
706,291
835,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Charlestown Community Issue, Series 2016A
5
.000
01/01/45
835,417
575,000
Rockville Mayor and Council, Maryland, Economic Development
Revenue Bonds, Ingleside King Farm Project, Series 2017A-1
5
.000
11/01/30
584,556
950,000
Rockville Mayor and Council, Maryland, Economic Development
Revenue Bonds, Ingleside King Farm Project, Series 2017A-1
5
.000
11/01/32
959,212
100,000
Rockville Mayor and Council, Maryland, Economic Development
Revenue Bonds, Ingleside King Farm Project, Series 2017A-1
5
.000
11/01/37
97,837
1,500,000
Rockville Mayor and Council, Maryland, Economic Development
Revenue Bonds, Series 2017B
5
.000
11/01/42
1,371,022
1,100,000
Rockville Mayor and Council, Maryland, Economic Development
Revenue Bonds, Series 2017B
5
.000
11/01/47
956,008
TOTAL LONG-TERM CARE
10,896,705
TAX OBLIGATION/GENERAL - 11.1%
1,005,000
Anne Arundel County, Maryland, General Obligation Bonds,
Consolidated Water & Sewer, Series 2018
5
.000
10/01/27
1,062,078
1,000,000
Howard County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Project, Series 2020A
4
.000
08/15/39
990,429
3,000,000
Maryland State, General Obligation Bonds, State and Local
Facilities Loan of 2022, First Series 2025A
5
.000
06/01/40
3,230,395
5,290,000
Maryland State, General Obligation Bonds, State and Local
Facilities Loan, First Series 2020A-1
5
.000
03/15/27
5,507,347
Portfolio of Investments August 31, 2025
(continued)
Maryland
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
2,000,000
Maryland State, General Obligation Bonds, State and Local
Facilities Loan, First Series 2024A
5
.000
%
06/01/37
$
2,215,719
1,500,000
Montgomery County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2019A
3
.000
11/01/37
1,332,110
1,000,000
Montgomery County, Maryland, General Obligation Bonds,
Refunding Consolidated Public Improvement Series 2024B
5
.000
12/01/27
1,061,184
5,645,000
Murrieta Valley Unified School District, Riverside County,
California, General Obligation Bonds, Election 2006 Series 2008
- AGM Insured
0
.000
09/01/32
4,517,315
2,000,000
Prince George's County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2024A
5
.000
08/01/39
2,164,896
1,000,000
Prince George's County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2025A
5
.000
08/01/41
1,067,309
1,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
1,065,766
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
1,400,566
TOTAL TAX OBLIGATION/GENERAL
25,615,114
TAX OBLIGATION/LIMITED - 17.2%
1,000,000
Baltimore, Maryland, Special Obligation Bonds, Center/West
Development Project, Series 2017A
5
.375
06/01/36
964,607
385,000
Baltimore, Maryland, Special Obligation Bonds, East Baltimore
Research Park Project, Series 2017A
4
.000
09/01/27
386,449
1,825,000
Baltimore, Maryland, Special Obligation Bonds, East Baltimore
Research Park Project, Series 2017A
4
.500
09/01/33
1,826,248
1,220,000
Baltimore, Maryland, Special Obligation Bonds, East Baltimore
Research Park Project, Series 2017A
5
.000
09/01/38
1,220,490
755,000
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2016
5
.000
06/01/36
758,180
1,300,000
(b)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2019A
3
.500
06/01/39
1,130,812
250,000
(b)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2019B
3
.700
06/01/39
218,091
3,150,000
(b)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2022
5
.000
06/01/51
2,950,355
315,000
Brunswick, Frederick County, Maryland, Special Obligation
Bonds, Brunswick Crossing Special Taxing District, Refunding
Series 2019
4
.000
07/01/29
314,835
334,000
Brunswick, Frederick County, Maryland, Special Obligation
Bonds, Brunswick Crossing Special Taxing District, Refunding
Series 2019
5
.000
07/01/36
335,851
62,000
Frederick County, Maryland, Special Obligation Bonds, Lake
Linganore Village Community Development Series 2001A - RAAI
Insured
5
.700
07/01/29
62,126
1,010,000
Frederick County, Maryland, Special Obligation Bonds, Urbana
Community Development Authority, Refunding Series 2020A
4
.000
07/01/38
969,791
500,000
Frederick County, Maryland, Special Obligation Bonds, Urbana
Community Development Authority, Refunding Series 2020A
4
.000
07/01/39
472,661
295,000
Frederick County, Maryland, Special Obligation Bonds, Urbana
Community Development Authority, Refunding Series 2020B
4
.000
07/01/40
269,902
55,000
(b)
Frederick County, Maryland, Special Obligation Bonds, Urbana
Community Development Authority, Refunding Series 2020C
4
.000
07/01/50
45,456
1,585,000
(b)
Frederick County, Maryland, Special Tax Limited Obligation
Bonds, Jefferson Technology Park Project, Refunding Series
2020A
5
.000
07/01/43
1,510,756
170,000
Frederick County, Maryland, Tax Increment and Special Tax B
Limited Obligation Bonds, Oakdale-Lake Linganore Project,
Series 2019
3
.750
07/01/39
149,822
100,000
(b)
Frederick County, Maryland, Tax Increment and Special Tax
Limited Obligation Bonds, Jefferson Technology Park Project,
Refunding Series 2020B
4
.625
07/01/43
91,597
1,015,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/33
1,021,510
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
500,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
%
12/01/46
$
491,195
750,000
Howard County, Maryland, Special Obligation Bonds, Annapolis
Junction Town Center Project, Series 2024
5
.000
02/15/44
759,220
600,000
(b)
Howard County, Maryland, Special Obligation Bonds, Downtown
Columbia Project, Series 2017A
4
.125
02/15/34
581,426
550,000
(b)
Howard County, Maryland, Special Obligation Bonds, Downtown
Columbia Project, Series 2017A
4
.375
02/15/39
514,711
570,000
Hyattsville, Maryland, Special Obligation Bonds, University Town
Center Project, Series 2016
5
.000
07/01/27
569,994
1,285,000
Hyattsville, Maryland, Special Obligation Bonds, University Town
Center Project, Series 2016
5
.000
07/01/34
1,284,992
2,000,000
Maryland Economic Development Corporation, Maryland, Lease
Revenue Bonds, Reservoir Square Project, Series 2024
5
.000
07/01/56
1,941,742
790,000
Maryland Economic Development Corporation, Special
Obligation Bonds, Metro Centre Owings Mills Project, Series
2017
4
.500
07/01/44
694,810
1,000,000
Maryland Economic Development Corporation, Special
Obligation Bonds, Port Covington Project, Series 2020
4
.000
09/01/50
793,724
965,000
Maryland Stadium Authority, Lease Revenue Bonds, Built To
Learn, Series 2022A
5
.000
06/01/34
1,061,958
3,000,000
Maryland Stadium Authority, Lease Revenue Bonds, Built To
Learn, Series 2024
5
.250
06/01/51
3,080,943
50,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2016
5
.000
05/01/33
50,553
1,000,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Series
2018A
5
.000
05/01/47
1,003,444
1,500,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Taxable
Refunding Series 2022C
0
.000
05/01/51
376,773
1,500,000
Maryland Stadium Authority, Revenue Bonds, Baltimore City
Public Schools Construction & Revitalization Program, Taxable
Refunding Series 2022C
0
.000
05/01/52
356,903
575,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/32
590,950
525,000
(b)
Prince George's County Revenue Authority, Maryland, Special
Obligation Bonds, Suitland-Naylor Road Project, Series 2016
5
.000
07/01/46
500,993
304,000
Prince George's County, Maryland, Special Tax District Bonds,
Victoria Falls Project, Series 2005
5
.250
07/01/35
304,941
39,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/27
36,732
54,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/29
47,415
70,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/31
56,313
78,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/33
57,125
2,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/51
466,831
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
898,028
4,615,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
4,233,147
500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
463,721
3,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
2,588
47,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
41,521
1,000,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2006 - FGIC Insured
5
.000
10/01/28
1,002,904
Portfolio of Investments August 31, 2025
(continued)
Maryland
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
500,000
(b)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6
.000
%
04/01/53
$
495,037
1,000,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Green Series 2021A
4
.000
07/15/46
883,140
1,500,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Green Series 2024A
5
.250
07/15/59
1,531,904
TOTAL TAX OBLIGATION/LIMITED
39,875,217
TRANSPORTATION - 11.4%
120,000
Guam Port Authority, Port Revenue Bonds, Private Activity Series
2018B, (AMT)
5
.000
07/01/33
122,796
425,000
Guam Port Authority, Port Revenue Bonds, Private Activity Series
2018B, (AMT)
5
.000
07/01/34
433,459
1,500,000
Maryland Department of Transportation, Special Transportation
Project Revenue Bonds, Baltimore/Washington International
Thurgood Marshall Airport, Series 2021B, (AMT)
5
.000
08/01/46
1,475,903
7,000,000
Maryland Department of Transportation, Special Transportation
Project Revenue Bonds, Baltimore/Washington International
Thurgood Marshall Airport, Series 2024A, (AMT)
5
.250
08/01/54
7,084,417
800,000
Maryland Economic Development Corporation Economic
Development Revenue Bonds, Terminal Project,  Series 2019A,
(AMT)
5
.000
06/01/44
766,006
1,940,000
Maryland Economic Development Corporation Economic
Development Revenue Bonds, Transportation Facilities Project,
Refunding Series 2017A
5
.000
06/01/35
1,979,035
1,500,000
Maryland Economic Development Corporation, Air Cargo
Obligated Group Revenue Bonds, AFCO Airport Real Estate
Group, Series 2019, (AMT)
4
.000
07/01/44
1,259,662
1,500,000
Maryland Economic Development Corporation, Economic
Development Revenue Bonds, Annapolis Mobility and Resilience
Project, Senior Series 2022A
5
.250
06/30/53
1,489,335
500,000
Maryland Economic Development Corporation, Parking Facilities
Revenue Bonds Baltimore City Project, Subordinate Parking
Facilities Revenue Bonds, Series 2018C
4
.000
06/01/38
435,985
305,000
Maryland Economic Development Corporation, Parking Facilities
Revenue Bonds Baltimore City Project, Subordinate Parking
Facilities Revenue Bonds, Series 2018C
4
.000
06/01/58
214,985
1,275,000
Maryland Economic Development Corporation, Parking Facilities
Revenue Bonds, Baltimore City Project, Senior Parking Facilities
Revenue Bonds, Series 2018A
5
.000
06/01/58
1,198,816
2,915,000
Maryland Economic Development Corporation, Private Activity
Revenue Bonds, Purple Line Light Rail Project, Green Series
2022B, (AMT)
5
.250
06/30/52
2,770,956
2,000,000
Maryland Transportation Authority, Passenger Facility Charge
Revenue Bonds, Baltimore/Washington International Thurgood
Marshall Airport Project, Series 2019, (AMT)
4
.000
06/01/39
1,875,451
1,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2021A
5
.000
07/01/46
1,009,710
3,000,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Series 2021A
5
.000
07/01/51
3,010,861
20,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
20,000
340,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/31
340,003
1,260,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
3
.000
01/01/41
967,967
TOTAL TRANSPORTATION
26,455,347
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED - 1.1% (c)
$
305,000
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding
Series 1998A - FGIC Insured, (ETM)
5
.000
%
07/01/28
$
316,772
455,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,
(ETM)
5
.000
07/01/27
466,994
235,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Maryland Institute College of Art, Series 2017,
(Pre-refunded 6/01/26)
5
.000
06/01/42
239,354
1,500,000
Washington County  Commissioners, Maryland, Revenue Bonds,
Diakon Lutheran Social Ministries Project, Series 2019B, (Pre-
refunded 1/01/29)
5
.000
01/01/30
1,619,991
TOTAL U.S. GUARANTEED
2,643,111
UTILITIES - 5.1%
1,500,000
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series
2019A
5
.000
07/01/49
1,504,040
2,000,000
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series
2022A
5
.250
07/01/47
2,077,953
1,500,000
Baltimore, Maryland, Revenue Bonds, Water Projects,
Subordinate Series 2014A
5
.000
07/01/44
1,496,013
2,150,000
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation Project,
Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
2,212,243
2,000,000
Maryland Economic Development Corporation, Revenue Bonds,
Constellation Energy Group, Inc. Projects, Adjustable Mode,
Refunding Series 2006B, (Mandatory Put 4/03/28)
4
.100
10/01/36
2,046,930
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/30
1,046,929
1,500,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
1,403,225
TOTAL UTILITIES
11,787,333
TOTAL MUNICIPAL BONDS
(Cost $238,475,116)
227,243,566
TOTAL LONG-TERM INVESTMENTS
(Cost $238,475,116)
227,243,566
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.4%  
X
3,300,000
MUNICIPAL BONDS - 1.4%  
X
–
TAX OBLIGATION/GENERAL - 1.4%
$
3,300,000
(d),(e)
Washington Suburban Sanitary District, Montgomery and Prince
George's Counties, Maryland, General Obligation Bonds, Multi-
Modal Bond Anticipation Note Series 2013B
3
.880
06/01/27
$
3,300,000
TOTAL TAX OBLIGATION/GENERAL
3,300,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,300,000)
3,300,000
TOTAL INVESTMENTS - 99.4%
(Cost $241,775,116)
230,543,566
OTHER ASSETS & LIABILITIES, NET - 0.6%
1,405,096
NET ASSETS - 100%
$
231,948,662
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
(a)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $13,385,211 or 5.8% of Total Investments.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
Portfolio of Investments August 31, 2025
(continued)
Maryland
30
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
Maryland
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
227,243,566
$
–
$
227,243,566
Short-Term Investments:
Municipal Bonds
–
3,300,000
–
3,300,000
Total
$
–
$
230,543,566
$
–
$
230,543,566
31
Portfolio of Investments August 31, 2025
New Mexico
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.7%   
X
65,064,347
MUNICIPAL BONDS - 98.7%  
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 9.3%
$
2,235,000
Los Ranchos de Albuquerque, New Mexico, Educational Facilities
Revenue Bonds, Albuquerque Academy Project, Refunding
Series 2020
4
.000
%
09/01/40
$
2,076,732
685,000
New Mexico Institute of Mining and Technology, Revenue Bonds,
Series 2019 - AGM Insured
4
.000
12/01/37
677,440
535,000
New Mexico State University, Revenue Bonds, Refunding &
Improvement Series 2017A
5
.000
04/01/42
537,835
1,000,000
University of New Mexico, Revenue Bonds, System Improvement
Series 2023 - AGM Insured
5
.250
06/01/49
1,031,106
1,700,000
University of New Mexico, Revenue Bonds, System Improvement
Series 2023 - AGM Insured
5
.500
06/01/53
1,771,812
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
6,094,925
HEALTH CARE - 11.5%
400,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2020A
4
.000
02/01/50
328,768
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2 - BAM Insured
4
.000
08/01/49
843,087
1,000,000
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2017A
4
.000
08/01/36
977,466
1,000,000
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2017A
4
.000
08/01/46
859,263
1,010,000
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2017A
5
.000
08/01/46
982,958
240,000
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2019A
5
.000
08/01/44
235,771
1,300,000
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2019A
4
.000
08/01/48
1,099,614
1,500,000
New Mexico Hospital Equipment Loan Council, Hospital
Revenue Bonds, San Juan Regional Medical Center, Refunding &
Improvement Series 2020
4
.000
06/01/34
1,463,716
785,000
New Mexico Hospital Equipment Loan Council, Hospital
Revenue Bonds, San Juan Regional Medical Center, Refunding &
Improvement Series 2020
4
.000
06/01/35
755,211
TOTAL HEALTH CARE
7,545,854
HOUSING/SINGLE FAMILY - 4.3%
295,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2018C
3
.875
07/01/43
266,136
1,380,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2019C
3
.600
07/01/44
1,155,718
745,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021A
2
.300
07/01/46
484,798
115,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021C
2
.250
07/01/46
72,178
1,235,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2022A
2
.550
09/01/42
884,302
TOTAL HOUSING/SINGLE FAMILY
2,863,132
LONG-TERM CARE - 1.9%
1,365,000
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL
Castillo Retirement Residences Project, Series 2012
5
.000
05/15/42
1,282,300
TOTAL LONG-TERM CARE
1,282,300
TAX OBLIGATION/GENERAL - 10.6%
1,000,000
Albuquerque Municipal School District 12, Bernalillo and
Sandoval Counties, New Mexico, General Obligation Bonds,
School Building Series 2018
5
.000
08/01/36
1,032,238
200,000
Albuquerque Municipal School District 12, Bernalillo and
Sandoval Counties, New Mexico, General Obligation Bonds,
School Series 2025A
5
.000
08/01/40
211,219
250,000
Albuquerque, New Mexico, General Obligation Bonds, Storm
Sewer Series 2025B
5
.000
07/01/41
265,144
Portfolio of Investments August 31, 2025
(continued)
New Mexico
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
2,400,000
Central New Mexico Community College, Bernalillo and
Sandoval Counties, New Mexico, General Obligation Bonds,
Limited Tax Series 2023
4
.000
%
08/15/37
$
2,400,586
1,000,000
New Mexico State, General Obligation Bonds, Capital Projects
Series 2025
5
.000
03/01/35
1,075,821
1,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/46
826,491
515,000
Silver City Consolidated School District 1, Grant County, New
Mexico, General Obligation Bonds, School Building Series 2017
4
.000
08/01/37
515,124
675,000
Silver Consolidated School District 1, Grant County, New Mexico,
General Obligation Bonds,  School Building Series 2019
4
.000
08/01/37
679,448
TOTAL TAX OBLIGATION/GENERAL
7,006,071
TAX OBLIGATION/LIMITED - 35.7%
1,195,000
Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,
Improvement Series 2015A
5
.000
07/01/37
1,196,312
755,000
Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,
Improvement Series 2022B
5
.000
07/01/41
791,321
825,000
Aspire Public Improvement District, Albuquerque, New Mexico,
Special Levy Revenue Bonds, Series 2024
5
.300
10/01/53
736,070
515,000
Bernalillo County, New Mexico, Gross Receipts Tax Revenue
Bonds, Series 1996B - NPFG Insured
5
.700
04/01/27
542,585
415,000
Boulders Public Improvement District, Albuquerque, New
Mexico, Special Levy Revenue Bonds, Series 2013
7
.250
10/01/43
415,325
200,000
Boulders Public Improvement District, Albuquerque, New
Mexico, Special Levy Revenue Bonds, Series 2015
5
.750
10/01/44
192,016
600,000
Colfax County, New Mexico, Gross Receipts Tax Revenue Bonds,
Improvement Series 2015 - BAM Insured
4
.000
08/01/35
596,218
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D
5
.000
11/15/39
502,470
250,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.250
01/01/40
260,690
780,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/46
766,264
1,000,000
Los Diamantes Public Improvement District, New Mexico,
Revenue Bonds, Rio Rancho Special Levy Improvement Series
2024 - BAM Insured
4
.125
10/01/53
865,529
125,000
Los Lunas, Valencia County, New Mexico, Gross Receipts Tax
Revenue Bonds, Improvement Series 2016
3
.000
04/01/41
100,564
500,000
Lower Petroglyphs Public Improvements District, Albuquerque,
New Mexico, Special Levy Revenue Bonds, Refunding Series
2018
5
.000
10/01/38
480,069
230,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
229,165
675,000
McKinley County, New Mexico, Gross Receipts Revenue Bonds,
Tax Improvement Series 2023 - BAM Insured
4
.250
06/01/47
607,414
805,000
Mesa Del Sol Public Improvement District 1, Albuquerque, New
Mexico, Special Levy Revenue Bonds, Series 2013
7
.000
10/01/33
805,014
1,000,000
Montecito Estates Public Improvement District, Albuquerque,
New Mexico, Special Levy Revenue Bonds, Refunding Series
2016
4
.000
10/01/37
987,201
3,850,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/46
1,216,821
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
898,028
700,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
642,081
500,000
Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,
Shared Gross Receipts Improvement Series 2025
5
.000
06/01/43
512,337
500,000
Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,
Shared Gross Receipts Improvement Series 2025
5
.000
06/01/44
510,475
770,000
Roswell, New Mexico, Gross Receipts Tax Improvement Revenue
Bonds, Series 2017
4
.000
08/01/34
776,426
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
970,000
Saltillo Public Improvement District, Albuquerque, New Mexico,
Special Levy Revenue Bonds, Refunding Series 2018 - BAM
Insured
4
.000
%
10/01/37
$
960,314
1,015,000
San Juan County, New Mexico, Gross Receipts Tax Revenue
Bonds, Improvement Series 2015B
5
.000
06/15/33
1,016,401
1,080,000
Santa Fe County, New Mexico, Correctional System Gross
Receipts Tax Revenue Bonds, Series 1997 - AGM Insured
6
.000
02/01/27
1,112,219
500,000
Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds
Improvement Senior Lien Series 2018A
5
.000
06/01/36
517,413
400,000
Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds
Improvement Senior Lien Series 2018A
5
.000
06/01/37
412,689
1,000,000
Ventana West Public Improvement District, New Mexico, Special
Levy Revenue Bonds, Refunding Series 2015 - BAM Insured
4
.000
08/01/33
1,000,110
1,760,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5
.000
10/01/32
1,764,629
1,000,000
Volterra Public Improvement District, Albuquerque, New Mexico,
Special Levy Revenue Bonds, Refunding Series 2024 - BAM
Insured
4
.000
10/01/43
892,075
5,000
(a)
Winrock Town Center Tax Increment Development District 1,
Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,
Senior Lien Series 2022
3
.750
05/01/28
5,001
500,000
(a)
Winrock Town Center Tax Increment Development District 1,
Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,
Senior Lien Series 2022
4
.000
05/01/33
481,693
752,000
(a)
Winrock Town Center Tax Increment Development District 1,
Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,
Subordinate Lien Series 2020
8
.000
05/01/40
737,179
TOTAL TAX OBLIGATION/LIMITED
23,530,118
U.S. GUARANTEED - 1.5% (b)
1,000,000
Clayton, New Mexico, Jail Project Revenue Bonds, Refunding &
Improvement Series 2015, (Pre-refunded 11/01/25)
5
.000
11/01/29
1,003,656
TOTAL U.S. GUARANTEED
1,003,656
UTILITIES - 23.9%
1,000,000
Albuquerque Bernalillo County Water Utility Authority, New
Mexico, Joint Water and Sewer System Revenue Bonds,
Refunding & Improvement Senior Lien Series 2017
5
.000
07/01/32
1,036,161
1,970,000
Albuquerque, New Mexico, Refuse Removal and Disposal
Revenue Bonds, Improvement Series 2020
4
.000
07/01/43
1,812,635
750,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5
.000
07/01/37
757,992
1,015,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2016
5
.000
07/01/36
1,021,702
500,000
Guam Power Authority, Revenue Bonds, Refunding Series 2022A
5
.000
10/01/44
500,671
550,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5
.000
10/01/35
601,277
450,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2018D
5
.000
06/01/37
465,197
975,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2020B
3
.000
06/01/40
815,932
1,000,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2022C
5
.000
06/01/42
1,035,276
1,305,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2023A-1
5
.000
06/01/41
1,371,521
1,000,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2023B
5
.250
06/01/48
1,036,053
1,000,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Senior Lien Series 2025A-1
5
.000
06/01/49
1,019,522
715,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Subordinate Lien Series 2024A
5
.000
06/15/44
741,895
800,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5
.000
07/01/33
835,804
705,000
Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds,
Improvement Series 2017 - BAM Insured
5
.000
06/01/37
712,542
Portfolio of Investments August 31, 2025
(continued)
New Mexico
34
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
500,000
Santa Fe, New Mexico, Net Wastewater Utility System
Environmental Services Gross Receipts Tax Improvement
Revenue Bonds, Climate Certified Green Series 2019
4
.000
%
06/01/37
$
500,474
1,500,000
Santa Fe, New Mexico, Water Utility System Revenue Bonds,
Refunding Series 2016
4
.000
06/01/39
1,473,637
TOTAL UTILITIES
15,738,291
TOTAL MUNICIPAL BONDS
(Cost $68,504,329)
65,064,347
TOTAL LONG-TERM INVESTMENTS
(Cost $68,504,329)
65,064,347
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.6%  
X
385,000
MUNICIPAL BONDS - 0.6%  
X
–
HEALTH CARE - 0.6%
$
385,000
(c),(d)
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2008B
3
.950
08/01/34
$
385,000
TOTAL HEALTH CARE
385,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $385,000)
385,000
TOTAL INVESTMENTS - 99.3%
(Cost $68,889,329)
65,449,347
OTHER ASSETS & LIABILITIES, NET - 0.7%
465,428
NET ASSETS - 100%
$
65,914,775
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $2,059,677 or 3.1% of Total Investments.
(b)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(c)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(d)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
35
New Mexico
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
65,064,347
$
–
$
65,064,347
Short-Term Investments:
Municipal Bonds
–
385,000
–
385,000
Total
$
–
$
65,449,347
$
–
$
65,449,347
36
Portfolio of Investments August 31, 2025
Pennsylvania
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.5%   
X
331,806,397
MUNICIPAL BONDS - 97.5%  
X
–
CONSUMER STAPLES - 0.5%
$
1,345,000
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Procter & Gamble Paper Project,
Series 2001, (AMT)
5
.375
%
03/01/31
$
1,499,209
TOTAL CONSUMER STAPLES
1,499,209
EDUCATION AND CIVIC ORGANIZATIONS - 11.6%
1,300,000
Allegheny County Higher Education Building Authority,
Pennsylvania, University Revenue Bonds, Duquesne University,
Series 2024
5
.000
03/01/43
1,320,286
2,000,000
Bucks County Industrial Development Authority, Pennsylvania,
Revenue Bonds, George School Project, Series 2019
3
.000
09/15/49
1,466,549
1,205,000
Bucks County Industrial Development Authority, Pennsylvania,
Revenue Bonds, School Lane Charter School Project, Series 2016
5
.125
03/15/36
1,210,982
305,000
Chester County Industrial Development Authority, Pennsylvania,
Avon Grove Charter School Revenue Bonds, Series 2017A
5
.000
12/15/47
278,655
785,000
Crawford County Industrial Development Authority, Pennsylvania,
College Revenue Bonds, Allegheny College, Series 2016
3
.000
05/01/34
685,404
220,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University, Series 2014
5
.000
05/01/37
210,393
1,430,000
Erie Higher Education Building Authority, Pennsylvania, Revenue
Bonds, Gannon University, Series 2016
4
.000
05/01/46
1,114,231
290,000
Huntingdon County General Authority, Pennsylvania, Revenue
Bonds, Juniata College, Series 2016OO2
3
.125
05/01/34
260,994
210,000
Huntingdon County General Authority, Pennsylvania, Revenue
Bonds, Juniata College, Series 2016OO2
3
.250
05/01/36
183,653
355,000
Huntingdon County General Authority, Pennsylvania, Revenue
Bonds, Juniata College, Series 2016OO2
3
.500
05/01/41
280,948
1,095,000
Lackawanna County Industrial Development Authority,
Pennsylvania, Revenue Bonds, University of Scranton, Series 2017
4
.000
11/01/40
987,324
985,000
Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual
Language Charter School, General Purpose Authority, Series
2023
7
.000
06/01/53
1,025,649
1,920,000
Lycoming County Authority, Pennsylvania, Revenue Bonds,
Pennsylvania College of Technology, Series 2016
3
.000
10/01/37
1,650,274
1,250,000
McCandless Industrial Development Authority, Pennsylvania,
University Revenue Bonds, La Roche university, Series 2022A
6
.750
12/01/46
1,097,520
1,000,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Germantown Academy Project,
Series 2021A
4
.000
10/01/41
864,960
1,000,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Revenue Bonds, Villanova University Project, Series
2024
4
.000
08/01/54
849,470
2,100,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2020A, (AMT)
2
.450
06/01/41
1,892,158
1,020,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2021A, (AMT)
2
.625
06/01/42
904,434
435,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2023A, (AMT)
4
.000
06/01/44
426,549
630,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, AICUP Financing Program-Mount Aloysius College, Series
2016-004
2
.625
11/01/31
564,003
690,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, AICUP Financing Program-Mount Aloysius College, Series
2016-004
3
.000
11/01/42
468,892
250,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, AICUP Financing Program-Mount Aloysius College, Series
2016-004
5
.000
11/01/46
223,658
815,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Bryn Mawr College, Refunding Series 2014
5
.000
12/01/38
815,577
670,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Bryn Mawr College, Refunding Series 2014
5
.000
12/01/44
670,218
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
450,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Drexel University, Refunding Series 2016
4
.000
%
05/01/36
$
429,114
300,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
4
.000
05/01/32
247,156
1,240,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
5
.000
05/01/42
864,886
240,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
4
.000
11/01/39
211,933
1,200,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
5
.000
11/01/42
1,168,912
1,405,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2015A
5
.000
11/01/36
1,405,416
2,350,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Widener University, Series 2021A
4
.000
07/15/51
1,762,134
2,000,000
Pennsylvania State University, Revenue Bonds, Series 2022A
5
.000
09/01/47
2,035,654
1,000,000
Pennsylvania State University, Revenue Bonds, Series 2023
5
.250
09/01/53
1,031,026
2,000,000
Pennsylvania State University, Revenue Bonds, Series 2024
5
.000
09/01/49
2,040,662
1,010,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, La Salle University, Series 2017
5
.000
05/01/37
781,027
1,430,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Saint Joseph's University Project, Refunding
Series 2020A
4
.000
11/01/45
1,161,597
2,000,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Saint Joseph's University Project, Series 2022
5
.500
11/01/60
2,027,003
349,757
(a),(b)
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, University of the Arts, Series 2017
1
.750
03/15/45
174,879
835,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, Revenue Bonds, University of Scranton, Series 2016
5
.000
11/01/37
839,315
1,895,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
5
.000
06/01/46
1,534,317
1,590,000
Washington County Industrial Development Authority,
Pennsylvania, College Revenue Bonds, AICUP Financing
Program-Washington and Jefferson College Project, Series
2017-PP5
3
.375
11/01/36
1,377,294
665,000
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds,
University of Scranton, Series 2015A
5
.000
11/01/32
667,743
260,000
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds,
University of Scranton, Series 2015A
5
.000
11/01/33
261,072
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
39,473,921
ENERGY - 0.1%
400,000
(b)
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Core Natural Resources Inc.,
Project, Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/51
407,404
TOTAL ENERGY
407,404
HEALTH CARE - 18.0%
910,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, Allegheny Health Network Obligated Group
Issue, Series 2018A
4
.000
04/01/44
786,396
5,105,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, Allegheny Health Network Obligated Group
Issue, Series 2018A
4
.000
04/01/44
4,528,391
403,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024A-2
6
.000
06/30/34
419,400
4,209,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024A-3
5
.000
06/30/39
3,771,036
2,702,000
(c)
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024B-1
0
.000
06/30/44
1,895,782
447,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
457,426
5,215,000
Bucks County Industrial Development Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health Network
Project, Series 2021 - BAM Insured
3
.000
08/15/53
3,546,476
Portfolio of Investments August 31, 2025
(continued)
Pennsylvania
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
2,400,000
Butler County Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Butler Health System Project, Series 2015A
5
.000
%
07/01/39
$
2,162,579
1,130,000
Central Bradford Progress Authority, Pennsylvania, Revenue
Bonds, Guthrie Health, Series 2021B
4
.000
12/01/51
934,570
1,000,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Health System Revenue Bonds, Main Line Health
System, Series 2017A
4
.000
10/01/37
976,968
1,000,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Health System Revenue Bonds, Main Line Health
System, Series 2017A
4
.000
10/01/47
847,043
1,000,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2019
4
.000
11/01/49
807,137
965,000
Dauphin County General Authority, Pennsylvania, Health System
Revenue Bonds, Pinnacle Health System Project, Refunding
Series 2016A
3
.000
06/01/33
919,705
1,370,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A. Enhanced Cusips
5
.000
07/01/49
1,361,222
300,000
Dubois Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Penn Highlands Healthcare, Series 2018
5
.000
07/15/48
255,821
1,000,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series 2014A
5
.000
06/01/41
1,000,078
2,625,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2017A-1
5
.000
02/15/45
2,626,270
1,000,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/38
1,025,165
1,000,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/51
971,969
1,730,000
Lancaster County Hospital Authority, Revenue Bonds, University
of Pennsylvania Health System, Refunding Series 2016B
5
.000
08/15/46
1,730,069
1,195,000
Lancaster County Hospital Authority, Revenue Bonds, University
of Pennsylvania Health System, Series 2016A
5
.000
08/15/42
1,197,775
1,000,000
Lehigh County General Purpose Authority, Pennsylvania, Hospital
Revenue Bonds, Lehigh Valley Health Network, Series 2019A
5
.000
07/01/44
975,161
415,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Refunding Series 2016
3
.000
11/01/36
342,918
3,435,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Refunding Series 2016
4
.000
11/01/46
2,710,350
1,950,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Series 2021A
4
.000
11/01/41
1,619,568
1,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
4
.000
09/01/38
932,632
1,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019 - BAM Insured
4
.000
09/01/44
911,303
625,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019
4
.000
09/01/49
502,317
1,600,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
4
.000
05/01/56
1,262,054
2,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B - AGM Insured
4
.000
05/01/56
1,570,098
1,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
5
.000
05/01/57
952,663
2,500,000
Northampton County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health Network
Project, Series 2024A-1 - AGM Insured
5
.000
08/15/49
2,469,302
2,750,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2020A
4
.000
04/15/50
2,289,721
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
900,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1
4
.250
%
11/01/51
$
796,230
3,310,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4
.000
08/15/49
2,797,898
2,000,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2025
5
.000
08/15/55
2,004,623
2,000,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Hospital Revenue Bonds, The Children's Hospital of Philadelphia,
Series 2024A
5
.250
07/01/49
2,067,514
555,000
Philadelphia Hospitals and Higher Education Facilities Authority,
Pennsylvania, Hospital Revenue Bonds, Temple University Health
System Obligated Group, Series of 2017
5
.000
07/01/30
567,339
895,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B
5
.000
07/01/45
877,101
1,205,000
Southcentral Pennsylvania General Authority, Revenue Bonds,
Wellspan Health Obligated Group, Refunding Series 2023A
5
.000
06/01/34
1,353,207
1,500,000
Union County Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Evangelical Community Hospital Project, Series 2018B
5
.000
08/01/48
1,434,312
700,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Excela Health Project, Series
2020A
4
.000
07/01/37
648,307
TOTAL HEALTH CARE
61,305,896
HOUSING/MULTIFAMILY - 0.4%
1,000,000
(b)
Erie County, Industrial Development Authority, Pennsylvania,
Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie
Apartments, Series 2024A
6
.750
09/01/61
936,350
100,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University Properties Inc. Student Housing Project at East
Stroudsburg University of Pennsylvania, Series 2016A
5
.000
07/01/35
95,307
161,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Multifamily Housing Revenue Bonds, Presbyterian Homes
Germantown - Morrisville Project, Series 2005A
5
.625
07/01/35
164,036
TOTAL HOUSING/MULTIFAMILY
1,195,693
HOUSING/SINGLE FAMILY - 12.9%
3,600,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-120
3
.200
04/01/40
2,989,950
5,820,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-121
3
.200
10/01/41
4,746,525
1,520,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-123B
3
.450
10/01/32
1,521,569
3,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-124B
3
.500
10/01/37
2,771,567
180,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-125B
3
.700
10/01/47
147,106
5,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-129
3
.150
10/01/39
4,161,244
4,025,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
3
.000
10/01/46
2,888,326
1,405,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.350
10/01/40
1,030,825
5,255,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.500
10/01/45
3,507,411
5,320,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
1
.850
04/01/36
3,999,567
3,145,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
2
.050
04/01/41
2,154,173
1,930,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
2
.100
10/01/43
1,245,621
3,040,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.250
10/01/41
2,136,921
3,435,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.375
10/01/46
2,271,178
3,925,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.500
10/01/50
2,518,157
Portfolio of Investments August 31, 2025
(continued)
Pennsylvania
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY
(continued)
$
1,250,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-136
2
.550
%
10/01/51
$
794,840
2,250,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-137
2
.600
04/01/46
1,518,175
1,665,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-138A
3
.000
04/01/42
1,320,574
2,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2023-142A
4
.900
10/01/46
1,976,511
135,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A
4
.600
10/01/49
128,170
TOTAL HOUSING/SINGLE FAMILY
43,828,410
INDUSTRIALS - 1.6%
250,000
(a),(b),(d)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills
LLC Project, Series 2020A-1
10
.000
12/01/40
25
250,000
(a),(b),(d)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills
LLC Project, Series 2020A-2, (AMT)
10
.000
12/01/40
25
2,525,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, National Gypsum Company,
Refunding Series 2014, (AMT)
5
.500
11/01/44
2,524,828
3,000,000
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Waste Management Inc., Project,
Series 2011, (AMT), (Mandatory Put 7/01/27)
4
.250
07/01/41
3,014,085
TOTAL INDUSTRIALS
5,538,963
LONG-TERM CARE - 9.4%
1,035,000
Adams County General Authority, Pennsylvania, Revenue Bonds,
The Brethren Home Community Project, Series 2024A
5
.000
06/01/54
930,810
1,000,000
Adams County General Authority, Pennsylvania, Revenue Bonds,
The Brethren Home Community Project, Series 2024A
5
.000
06/01/59
886,041
1,510,000
Berks County Industrial Development Authority, Pennsylvania,
Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,
Series 2017A
5
.000
05/15/42
1,458,332
90,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2015A
5
.000
12/01/35
79,419
860,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2019
5
.000
12/01/51
648,760
3,440,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2021A
4
.000
12/01/44
2,324,408
3,490,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Asbury Pennsylvania Obligated Group,  Refunding Series
2019
5
.000
01/01/45
3,014,276
500,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2015
4
.000
01/01/33
482,149
760,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2015
5
.000
01/01/38
750,772
355,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/28
355,860
1,000,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/29
1,002,288
910,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/30
911,789
135,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
3
.250
01/01/36
117,104
1,430,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
3
.250
01/01/39
1,160,472
285,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A
4
.125
01/01/38
260,187
105,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A
5
.000
01/01/39
103,180
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
635,000
East Hempfield Township Industrial Development Authority,
Pennsylvania, Revenue Bonds, Willow Valley Communities
Project, Refunding Series 2016
5
.000
%
12/01/39
$
634,701
610,000
Lancaster County Hospital Authority, Pennsylvania, Health Center
Revenue Bonds, Saint Anne's Retirement Community, Inc., Series
2020
5
.000
03/01/45
501,451
245,000
Lancaster County Hospital Authority, Pennsylvania, Health Center
Revenue Bonds, Saint Anne's Retirement Community, Inc., Series
2020
5
.000
03/01/50
192,225
1,000,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Landis Homes Retirement Community Project, Refunding
Series 2015A
5
.000
07/01/45
910,752
910,000
Lancaster Industrial Development Authority, Pennsylvania, Health
Center Revenue Bonds, Landis Homes Retirement Community
Project, Refunding Series 2021
4
.000
07/01/51
690,756
1,400,000
Lancaster Industrial Development Authority, Pennsylvania, Health
Center Revenue Bonds, Landis Homes Retirement Community
Project, Refunding Series 2021
4
.000
07/01/56
1,028,856
2,000,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds Meadowood Senior Living Project
Series 2018A
5
.000
12/01/48
1,881,637
2,750,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, ACTS Retirement-Life
Communities, Inc. Obligated Group, Series 2016
5
.000
11/15/36
2,769,692
500,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, ACTS Retirement-Life
Communities, Inc. Obligated Group, Series 2023A
5
.250
11/15/53
481,393
1,100,000
Northampton County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,
Series 2019
5
.000
11/01/49
910,150
1,800,000
Pennsylvania Economic Development Finance Authority Revenue
Bonds Presbyterian Senior Living Project, Series 2021
4
.000
07/01/41
1,604,841
500,000
Pennsylvania Economic Development Finance Authority Revenue
Bonds Presbyterian Senior Living Project, Series 2021
4
.000
07/01/46
411,610
1,000,000
Pennsylvania Economic Development Finance Authority,
Revenue Bonds, Presbyterian Senior Living Project, Series
2023B-2
5
.000
07/01/42
986,724
2,655,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Retirement Community Revenue Bonds, Redstone
Presbyterian SeniorCare Obligated Group, Refunding Bonds,
Series 2021
4
.000
05/15/41
2,108,223
3,345,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Retirement Community Revenue Bonds, Redstone
Presbyterian SeniorCare Obligated Group, Refunding Bonds,
Series 2021
4
.000
05/15/47
2,389,681
TOTAL LONG-TERM CARE
31,988,539
TAX OBLIGATION/GENERAL - 15.5%
2,040,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2018C-77
5
.000
11/01/43
2,066,709
1,080,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/41
1,124,112
1,355,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/42
1,397,053
1,795,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/49
1,824,766
495,000
Allentown City School District, Lehigh County, Pennsylvania,
General Obligation Bonds, Limited Tax Series 2019C - BAM
Insured
4
.000
02/01/36
493,971
1,000,000
Bethel Park School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Limited Tax Series 2024
5
.000
08/01/43
1,026,882
1,695,000
Bethel Park School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Limited Tax Series 2024
5
.000
08/01/44
1,727,728
3,125,000
Chichester School District, Delaware County, Pennsylvania,
General Obligation Bonds, Series 1999 - FGIC Insured
0
.000
03/01/26
3,076,955
Portfolio of Investments August 31, 2025
(continued)
Pennsylvania
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
4,000,000
Coatesville Area School District, Chester County, Pennsylvania,
General Obligation Bonds, Series 2020A - BAM Insured
0
.000
%
10/01/35
$
2,523,921
1,950,000
Coatesville Area School District, Chester County, Pennsylvania,
General Obligation Bonds, Series 2020A - BAM Insured
0
.000
10/01/37
1,083,291
735,000
Delaware County, Pennsylvania, General Obligation Bonds,
Series 2024
5
.000
08/01/46
749,572
1,000,000
Delaware County, Pennsylvania, General Obligation Bonds,
Series 2024
5
.000
08/01/48
1,012,606
855,000
Fayette County, Pennsylvania, General Obligation Bonds, Notes
Series 2021A - AGM Insured
2
.000
11/15/43
501,705
1,635,000
Girard School District, Erie County, Pennsylvania, General
Obligation Bonds, Series 1999B - FGIC Insured
0
.000
11/15/28
1,470,721
1,250,000
Hatboro-Horsham School District, Montgomery County,
Pennsylvania, General Obligation Bonds, Series 2023A
5
.250
09/15/51
1,282,012
900,000
Haverford Township School District, Delaware County,
Pennsylvania, General Obligation Bonds, Series 2025
5
.000
03/15/43
925,326
1,000,000
Lancaster County, Pennsylvania, General Obligation Bonds,
Series 2024
5
.000
11/01/36
1,075,096
1,000,000
Lancaster, Pennsylvania, General Obligation Bonds, Series 2016
- AGM Insured
5
.000
11/01/27
1,014,935
1,000,000
Littlestown Area School District, Adams County, Pennsylvania,
General Obligation Bonds, Series 2023A - BAM Insured
5
.000
10/01/50
1,002,259
1,500,000
Middletown Area School District, Dauphin County, Pennsylvania,
General Obligation Bonds, Series 2023 - BAM Insured
5
.000
03/01/38
1,530,318
600,000
Muhlenberg School District, Berks County, Pennsylvania, General
Obligation Bonds, Series 2025
5
.000
05/15/50
605,823
690,000
(e)
Northampton County, Pennsylvania, General Obligation Bonds,
Series 2025
5
.000
10/01/36
753,817
3,180,000
Pennsylvania State, General Obligation Bonds, First Series 2023
5
.000
09/01/35
3,516,575
10,000,000
Pennsylvania State, General Obligation Bonds, First Series 2023
4
.000
09/01/40
9,586,508
1,500,000
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Green Series 2023B
5
.000
09/01/48
1,494,870
2,785,000
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Refunding Series 2007A - NPFG Insured
5
.000
06/01/34
3,102,964
1,000,000
Pittsburgh, Pennsylvania, General Obligation Bonds, Capital
Improvement Series 2025
4
.250
09/01/44
908,219
315,000
Rose Tree Media School District, Delaware County, Pennsylvania,
General Obligation Bonds, Series 2025
5
.000
04/01/33
356,700
2,000,000
State College Area School District, Centre County, Pennsylvania,
General Obligation Bonds, Series 2015
5
.000
03/15/40
2,000,636
40,000
The Redevelopment Authority of the City of Scranton,
Lackawanna county, Pennsylvania, Guaranteed Lease Revenue
Bonds, Series 2016A
5
.000
11/15/28
40,025
1,600,000
Washington County, Pennsylvania, General Obligation Bonds,
Series 2024
4
.000
09/01/35
1,605,697
1,010,000
West Allegheny School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Series 2021B
2
.000
09/01/26
999,543
900,000
West Mifflin Area School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Limited Tax Series 2019 - BAM
Insured
3
.000
04/01/34
847,189
TOTAL TAX OBLIGATION/GENERAL
52,728,504
TAX OBLIGATION/LIMITED - 4.8%
100,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront
Project, Senior Series 2021
6
.000
05/01/42
102,175
100,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,
Series 2018
5
.000
05/01/33
102,292
925,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,
Subordinate Series 2022
5
.250
05/01/42
919,315
505,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
488,046
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,000,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
%
05/01/42
$
959,442
250,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E
Allen Street Project, Senior Series 2024A
5
.250
05/01/42
236,813
100,000
(b)
Chester County Industrial Development Authority, Pennsylvania,
Special Obligation Bonds, Woodlands at Greystone Project,
Series 2018
5
.000
03/01/38
96,709
5,310,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured
4
.000
06/01/39
5,078,441
1,000,000
Delaware County Vocational-Technical School Authority,
Pennsylvania, Lease Revenue Bonds, Intermediate Unit Project,
Series 2025 - BAM Insured
5
.500
11/01/50
1,027,906
1,500,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate Series
2014A
4
.750
12/01/37
1,519,490
1,000,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate Series
2014A
4
.900
12/01/44
1,003,362
1,500,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4
.000
12/01/51
1,267,446
1,000,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Series 2018A
5
.250
12/01/44
1,005,654
1,012,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
908,805
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
917,258
355,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
313,616
530,000
Washington County Redevelopment Authority, Pennsylvania,
Tanger Outlet Victory Center Tax Increment Bonds, Series 2018
5
.000
07/01/35
522,597
TOTAL TAX OBLIGATION/LIMITED
16,469,367
TRANSPORTATION - 11.0%
1,175,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2021A,
(AMT)
5
.000
01/01/51
1,142,035
5,530,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2021A,
(AMT)
5
.000
01/01/56
5,320,952
4,000,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2025A,
(AMT)
5
.500
01/01/50
4,140,442
1,955,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4
.000
07/01/35
1,955,343
1,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/47
1,001,241
1,715,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Refunding Series 2025
5
.000
01/01/36
1,923,526
1,945,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Series 2018A
5
.000
01/01/37
2,017,702
2,115,000
Pennsylvania Economic Development Financing Authority,
Private Activity Revenue Bonds, Pennsylvania Rapid Bridge
Replacement Project, Series 2015, (AMT)
5
.000
12/31/38
2,107,218
4,375,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.375
12/01/38
4,582,638
665,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2023A
4
.250
12/01/44
626,225
3,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2023A
5
.000
12/01/48
3,023,679
1,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2024A
5
.000
12/01/42
1,027,651
Portfolio of Investments August 31, 2025
(continued)
Pennsylvania
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2024C
5
.000
%
12/01/49
$
1,516,492
2,000,000
(e)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2025B
5
.250
12/01/45
2,098,355
2,180,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6
.250
06/01/33
2,229,119
1,250,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2020C, (AMT)
4
.000
07/01/50
1,034,044
1,625,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
07/01/35
1,752,219
TOTAL TRANSPORTATION
37,498,881
U.S. GUARANTEED - 1.8% (f)
730,000
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2016, (Pre-refunded 10/15/26)
5
.000
10/15/34
749,227
480,000
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2017, (Pre-refunded 10/15/27)
5
.000
10/15/37
504,083
625,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016,
(Pre-refunded 1/01/26)
3
.250
01/01/39
626,166
70,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,
(Pre-refunded 1/01/29)
5
.000
01/01/39
75,367
570,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,
(Pre-refunded 1/01/29)
5
.000
01/01/39
613,703
155,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A, (Pre-refunded 7/01/29)
5
.000
07/01/49
167,807
835,000
Monroe County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Pocono Medical Center, Series 2016, (Pre-
refunded 7/01/26)
5
.000
07/01/41
852,950
50,000
(a),(b)
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded
3/15/28)
5
.000
03/15/45
53,236
2,445,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-
refunded 1/01/27)
5
.000
07/01/45
2,531,503
TOTAL U.S. GUARANTEED
6,174,042
UTILITIES - 9.9%
1,840,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Refunding Series 2015
5
.000
12/01/40
1,848,083
1,365,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Refunding Series 2015
5
.000
12/01/45
1,368,820
2,170,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2018
5
.000
06/01/43
2,195,136
935,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2022
5
.000
06/01/53
930,977
1,000,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2024
5
.000
12/01/42
1,040,447
50,000
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation Project,
Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
51,448
1,000,000
Bucks County Water and Sewer Authority, Pennsylvania, Sewer
System Revenue Bonds, Series 2022A - AGM Insured
5
.250
12/01/47
1,043,053
605,000
Bucks County Water and Sewer Authority, Pennsylvania, Water
System Revenue Bonds, Series 2021 - AGM Insured
2
.250
12/01/44
366,566
1,250,000
Clairton Municipal Authority, Allegheny County, Pennsylvania,
Sewer Revenue Bonds, Refunding Series 2024B
4
.375
12/01/42
1,142,184
430,000
Delaware County Regional Water Quality Control Authority,
Pennsylvania, Sewer Revenue Bonds, Series 2015
5
.000
05/01/40
430,557
1,000,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Series 2024 - BAM
Insured
4
.000
12/01/46
875,654
45
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,325,000
Luzerne County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Pennsylvania-American Water Company Project,
Refunding Series 2019, (AMT), (Mandatory Put 12/03/29)
2
.450
%
12/01/39
$
1,221,519
1,765,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, York Water Company Project,
Refunding Series 2019A, (AMT)
3
.000
10/01/36
1,573,761
3,635,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, York Water Company Project,
Refunding Series 2019B, (AMT)
3
.100
11/01/38
3,106,751
10,450,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, Pennsylvania-American Water Company,
Refunding Series 2019
3
.000
04/01/39
8,683,870
1,000,000
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998
General Ordinance, Fifteenth Series 2017
5
.000
08/01/37
1,015,681
1,500,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2019B
5
.000
11/01/54
1,495,437
1,000,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2022C
5
.000
06/01/38
1,060,275
1,510,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2023A - AGM
Insured
5
.000
09/01/42
1,564,304
1,000,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2023A - AGM
Insured
4
.250
09/01/53
878,413
1,000,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2025A
5
.250
09/01/50
1,030,352
1,000,000
Upper Allegheny Joint Sanitary Authority, Allegheny County,
Pennsylvania, Sewer Revenue Bonds, Refunding Series 2019A -
AGM Insured
3
.000
09/01/44
774,280
TOTAL UTILITIES
33,697,568
TOTAL MUNICIPAL BONDS
(Cost $366,682,646)
331,806,397
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
X
7
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%  
X
–
CAPITAL GOODS - 0.0%
$
64,338
(a),(d)
KDC Agribusiness Fairless Hills LLC
12
.000
09/17/25
$
7
TOTAL CAPITAL GOODS
7
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $64,338)
7
TOTAL LONG-TERM INVESTMENTS
(Cost $366,746,984)
331,806,404
OTHER ASSETS & LIABILITIES, NET - 2.5%
8,567,554
NET ASSETS - 100%
$
340,373,958
AMT
Alternative Minimum Tax
(a)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $4,476,711 or 1.3% of Total Investments.
(c)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the reporting period.
(d)
For fair value measurement disclosure purposes, investment classified as Level 3.
(e)
When-issued or delayed delivery security.
(f)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Portfolio of Investments August 31, 2025
(continued)
Pennsylvania
46
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
Pennsylvania
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
331,806,347
$
50
$
331,806,397
Variable Rate Senior Loan Interests
–
–
7
7
Total
$
–
$
331,806,347
$
57
$
331,806,404
47
Portfolio of Investments August 31, 2025
Virginia
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.8%   
X
512,730,930
MUNICIPAL BONDS - 98.8%  
X
–
CONSUMER STAPLES - 1.8%
$
235,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5
.250
%
06/01/32
$
227,782
600,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5
.625
06/01/47
536,379
6,155,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Series 2007B1
5
.000
06/01/47
5,124,897
4,055,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset-Backed Bonds, Series 2007B2
5
.200
06/01/46
3,512,571
TOTAL CONSUMER STAPLES
9,401,629
EDUCATION AND CIVIC ORGANIZATIONS - 8.2%
1,685,000
Alexandria Industrial Development Authority, Virginia,
Educational Facilities Revenue Bonds, Episcopal High School,
Series 2017
4
.000
01/01/40
1,576,581
1,460,000
Farmville Industrial Development Authority, Virginia, Educational
Facilities Revenue Bonds, Convocation Center Project, Series
2021 - AGM Insured, (Mandatory Put 7/01/43)
5
.375
07/01/53
1,534,053
1,455,000
Industrial Development Authority of the City of Lexington,
Virginia, Washington and Lee University, Educational Facility
Revenue Bonds, Refunding Series 2018A
5
.000
01/01/48
1,459,221
1,500,000
Loudoun County Industrial Development Authority, Virginia,
Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,
Series 2022A
4
.000
10/01/52
1,291,781
2,000,000
Madison County Industrial Development Authority, Virginia,
Educational Facilities Revenue Bonds, Woodberry Forest School,
Series 2021
3
.000
10/01/50
1,424,478
500,000
Montgomery County Economic Development Authority, Virginia,
Revenue Bonds, Virginia Tech Foundation, Refunding Series
2017A
4
.000
06/01/37
498,870
750,000
Roanoke Economic Development Authority, Virginia, Educational
Facilities Revenue Bonds, Lynchburg College, Series 2018A
5
.000
09/01/43
682,898
600,000
Salem Economic Development Authority, Virginia, Educational
Facilities Revenue Bonds, Roanoke College, Series 2025
6
.000
04/01/50
610,765
2,500,000
The Rector and Visitors of the University of Virginia, General
Pledge Revenue Bonds, Green Series 2015A-2
5
.000
04/01/45
2,503,375
9,355,000
The Rector and Visitors of the University of Virginia, General
Pledge Revenue Bonds, Refunding Series 2017A
5
.000
04/01/39
9,520,640
5,000,000
The Rector and Visitors of the University of Virginia, General
Pledge Revenue Bonds, Refunding Series 2017A
5
.000
04/01/47
5,034,466
5,000,000
The Rector and Visitors of the University of Virginia, General
Pledge Revenue Bonds, Refunding Series 2017B
5
.000
04/01/46
5,036,588
1,000,000
(a)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Green Series
2015B
5
.000
07/01/45
767,752
3,000,000
(a)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Refunding Series
2015A
5
.000
07/01/35
2,617,126
4,465,000
(a)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Refunding Series
2015A
5
.000
07/01/45
3,428,011
1,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Regent University Project, Series 2025
6
.000
06/01/50
1,045,451
1,575,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Washington and Lee University, Series 1998 -
NPFG Insured
5
.250
01/01/31
1,712,786
1,790,000
Virginia College Building Authority, Educational Facility Revenue
Bonds, University of Richmond, Refunding Series 2024
5
.000
03/01/49
1,849,083
175,000
Virginia Commonwealth University, General Pledge Revenue
Bonds, Refunding Series 2018A
5
.000
11/01/38
180,346
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
42,774,271
Portfolio of Investments August 31, 2025
(continued)
Virginia
48
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 18.7%
$
1,200,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
5
.000
%
07/01/31
$
1,314,474
1,050,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
5
.000
07/01/32
1,140,971
1,195,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
4
.000
07/01/38
1,178,716
1,075,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
4
.000
07/01/45
952,677
1,465,000
Arlington County Industrial Development Authority, Virginia,
Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,
(Mandatory Put 7/01/31)
5
.000
07/01/53
1,595,149
1,920,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
4
.000
08/01/44
1,662,097
3,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Refunding
Series 2022
4
.000
05/15/44
2,707,105
4,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2018A
4
.000
05/15/48
3,484,974
5,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2024
5
.000
05/15/51
5,041,872
3,000,000
Front Royal and Warren County Industrial Development
Authority, Virginia, Hospital Revenue Bonds, Valley Health System
Obligated Group, Series 2018
4
.000
01/01/50
2,582,379
2,750,000
Henrico County Economic Development Authority, Virginia,
Health Facilities Revenue Bonds, Bon Secours Mercy Health,
Series 2025A-VA
5
.000
11/01/48
2,735,101
3,500,000
(a)
Industrial Development Authority of the City of Newport News,
Virginia, Health System Revenue Bonds, Riverside Health System,
Series 2015A
5
.330
07/01/45
3,347,258
5,000,000
(a)
Industrial Development Authority of the City of Newport News,
Virginia, Health System Revenue Bonds, Riverside Health System,
Series 2017A
5
.000
07/01/46
4,676,740
1,000,000
Isle Economic Development Authority, Wight County, Virginia,
Health System Revenue Bonds, Riverside Health System Series
2023 - AGM Insured
5
.250
07/01/43
1,030,085
4,000,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2017A
5
.000
01/01/47
3,883,322
4,050,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2021
4
.000
01/01/47
3,428,776
3,000,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2021 - BAM Insured
3
.000
01/01/51
1,997,776
5,250,000
Roanoke Economic Development Authority, Virginia, Hospital
Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A
5
.000
07/01/47
5,399,417
6,000,000
Roanoke Economic Development Authority, Virginia, Hospital
Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A
4
.000
07/01/51
5,140,460
1,000,000
Stafford County Economic Development Authority, Virginia,
Hospital Facilities Revenue Bonds, Mary Washington Healthcare
Obligated Group, Refunding Series 2016
5
.000
06/15/32
1,013,434
1,440,000
Stafford County Economic Development Authority, Virginia,
Hospital Facilities Revenue Bonds, Mary Washington Healthcare
Obligated Group, Refunding Series 2016
5
.000
06/15/35
1,453,662
1,600,000
Stafford County Economic Development Authority, Virginia,
Hospital Facilities Revenue Bonds, Mary Washington Healthcare
Obligated Group, Refunding Series 2016
5
.000
06/15/36
1,613,518
1,360,000
Stafford County Economic Development Authority, Virginia,
Hospital Facilities Revenue Bonds, Mary Washington Healthcare
Obligated Group, Refunding Series 2016
4
.000
06/15/37
1,285,726
49
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
6,500,000
Virginia Commonwealth University Health System Authority,
General Revenue Bonds, Series 2017B
5
.000
%
07/01/46
$
6,477,317
8,500,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A
4
.000
12/01/49
7,138,075
5,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A
5
.000
10/01/41
5,105,570
1,415,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A
5
.000
10/01/42
1,433,651
2,800,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Mary Washington Healthcare, Refunding Series
2025A-1
5
.250
06/15/50
2,825,727
1,400,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Mary Washington Healthcare, Refunding Series
2025A-1
5
.250
06/15/55
1,402,240
4,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Sentara Healthcare, Refunding Series 2020
4
.000
11/01/38
3,850,410
1,150,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Sentara Healthcare, Refunding Series 2020
4
.000
11/01/39
1,091,238
1,250,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/32
1,256,961
1,230,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/34
1,235,386
5,000,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
4
.000
01/01/37
4,862,122
1,215,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/44
1,209,685
500,000
Winchester Economic Development Authority, Virginia, Revenue
Bonds, Valley Health System Obligated Group Series 2024A
5
.000
01/01/42
510,901
TOTAL HEALTH CARE
97,064,972
HOUSING/MULTIFAMILY - 5.9%
2,000,000
Fairfax County Redevelopment and Housing Authority, Virginia,
Multifamily Housing Revenue Bonds, Dominion Square North
Project, Series 2023, (Mandatory Put 1/01/28)
5
.000
01/01/45
2,074,725
1,110,000
(a)
Richmond Redevelopment and Housing Authority, Virginia, Multi-
Family Housing Revenue Bonds, American Tobacco Apartments,
Series 2017
5
.550
01/01/37
1,053,842
1,510,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015A
3
.500
03/01/35
1,462,476
1,790,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015A
3
.625
03/01/39
1,598,160
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015C
4
.000
08/01/45
870,697
2,585,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015E
3
.750
12/01/40
2,327,616
1,500,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2016B
3
.350
05/01/36
1,423,029
1,710,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2017A
3
.875
03/01/47
1,494,242
3,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2019A
3
.600
09/01/39
2,676,603
1,250,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2020E
2
.300
07/01/40
897,469
1,745,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2020G
2
.200
09/01/40
1,226,663
2,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2021B
2
.400
03/01/46
1,303,831
2,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2021K
2
.375
12/01/41
1,413,514
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2022F
5
.000
10/01/52
1,000,069
Portfolio of Investments August 31, 2025
(continued)
Virginia
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,895,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2023E
5
.250
%
10/01/63
$
1,902,700
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2024A
4
.450
09/01/44
966,169
2,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2024D
4
.500
08/01/54
1,825,137
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2025C
5
.200
07/01/62
1,006,263
2,750,000
Williamsburg Economic Development Authority, Virginia, Student
Housing Revenue Bonds, Provident Group - Williamsburg
Properties LLC - William and Mary Project Series 2023A - AGM
Insured
5
.250
07/01/53
2,833,668
1,500,000
Williamsburg Economic Development Authority, Virginia, Student
Housing Revenue Bonds, Provident Group - Williamsburg
Properties LLC - William and Mary Project Series 2023A - AGM
Insured
4
.375
07/01/63
1,336,730
TOTAL HOUSING/MULTIFAMILY
30,693,603
HOUSING/SINGLE FAMILY - 1.4%
1,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-4
4
.450
07/01/45
943,972
1,650,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-I
4
.600
10/01/54
1,534,922
850,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-II
4
.400
10/01/44
810,093
1,150,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024D
4
.500
07/01/45
1,097,826
1,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-1
4
.950
07/01/45
994,917
2,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-2
5
.000
07/01/45
1,987,554
TOTAL HOUSING/SINGLE FAMILY
7,369,284
INDUSTRIALS - 0.4%
2,050,000
Amelia County Industrial Development Authority, Virginia, Solid
Waste Disposal Revenue Bonds, Waste Management Inc., Series
2002, (AMT)
1
.450
04/01/27
1,982,538
TOTAL INDUSTRIALS
1,982,538
LONG-TERM CARE - 4.7%
2,800,000
Albemarle County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster-
Canterbury of the Blue Ridge, Refunding Series 2022A
4
.000
06/01/49
2,339,931
1,650,000
Henrico County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster Canterbury
of Richmond, Refunding Series 2020
4
.000
10/01/31
1,703,066
1,000,000
Henrico County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster Canterbury
of Richmond, Refunding Series 2020
4
.000
10/01/50
841,153
1,000,000
Henrico County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster Canterbury
of Richmond, Series 2022A
5
.000
10/01/52
975,643
1,000,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Refunding Series 2021A
4
.000
12/01/50
734,364
250,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
264,204
615,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, WindsorMeade, Series
2021A
4
.000
06/01/41
505,786
1,615,000
Lexington Industrial Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Kendal at Lexington Retirement
Community Inc., Refunding Series 2022. Forward Delivery
4
.000
01/01/42
1,408,227
1,000,000
Lexington Industrial Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Kendal at Lexington Retirement
Community Inc., Refunding Series 2022. Forward Delivery
4
.000
01/01/48
799,945
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
2,180,000
Norfolk Redevelopment and Housing Authority, Virginia, Fort
Norfolk Retirement Community, Inc., Harbor's Edge Project,
Series 2019A
5
.000
%
01/01/49
$
1,868,122
2,665,000
Norfolk Redevelopment and Housing Authority, Virginia, Fort
Norfolk Retirement Community, Inc., Harbor's Edge Project,
Series 2019A
5
.250
01/01/54
2,324,906
2,500,000
Norfolk Redevelopment and Housing Authority, Virginia,
Revenue Bonds, Fort Norfolk Retirement Community, Inc. -
Harbor's Edge Project, Refunding Series 2014
5
.000
01/01/46
2,190,149
1,000,000
Prince William County Industrial Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster at Lake
Ridge, Refunding Series 2016
5
.000
01/01/37
984,121
1,500,000
Prince William County Industrial Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Westminster at Lake
Ridge, Refunding Series 2016
5
.000
01/01/46
1,312,503
2,110,000
Suffolk Economic Development Authority, Virginia, Retirement
Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./
United Church Homes and Services Obligated Group, Refunding
Series 2016
5
.000
09/01/26
2,118,965
500,000
Suffolk Economic Development Authority, Virginia, Retirement
Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./
United Church Homes and Services Obligated Group, Refunding
Series 2016
5
.000
09/01/31
500,377
525,000
Virginia Beach Development Authority, Virginia, Residential Care
Facility Revenue Bonds, Westminster Canterbury on Chesapeake
Bay, Series 2023A
7
.000
09/01/53
569,118
1,000,000
Virginia Beach Development Authority, Virginia, Residential Care
Facility Revenue Bonds, Westminster Canterbury on Chesapeake
Bay, Series 2023A
7
.000
09/01/59
1,078,500
2,000,000
Virginia Small Business Financing Authority, Virginia, Residential
Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A
5
.500
12/01/54
1,948,155
TOTAL LONG-TERM CARE
24,467,235
TAX OBLIGATION/GENERAL - 5.3%
5,000,000
Arlington County, Virginia, General Obligation Bonds, Public
Improvement Series 2023
5
.000
06/15/38
5,383,032
2,000,000
Loudoun County, Virginia, General Obligation Bonds, Public
Improvement Series 2023A
5
.000
12/01/39
2,134,498
1,335,000
Newport News, Virginia, General Obligation Bonds, Refunding &
Improvement Series 2015
3
.000
07/15/33
1,282,461
1,000,000
Norfolk, Virginia, General Obligation Bonds, Capital
Improvement Series 2023A
5
.000
09/01/40
1,067,487
6,715,000
Patterson Joint Unified School District, Stanislaus County,
California, General Obligation Bonds, 2008 Election Series
2009B - AGM Insured
0
.000
08/01/45
2,561,008
2,919,572
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
3,111,580
4,500,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
3,151,273
1,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/33
978,403
3,000,000
Richmond, Virginia, General Obligation Bonds, Public
Improvement Series 2024C
4
.000
03/01/57
2,591,909
2,710,000
Virginia State, General Obligation Bonds, Series 2020A
4
.000
06/01/30
2,902,268
7,110,000
Wylie Independent School District, Collin County, Texas, General
Obligation Bonds, School Building Series 2015B
0
.000
08/15/48
2,185,989
TOTAL TAX OBLIGATION/GENERAL
27,349,908
TAX OBLIGATION/LIMITED - 17.8%
1,485,000
Arlington County Industrial Development Authority, Virginia,
Revenue Bonds, Refunding County Projects, Series 2017
5
.000
02/15/34
1,535,329
1,495,000
(a)
Cherry Hill Community Development Authority, Virginia, Special
Assessment Bonds, Potomac Shores Project, Series 2015
5
.400
03/01/45
1,495,398
3,000,000
Chesterfield County Economic Development Authority, Virginia,
Revenue Bonds, County Mobility Projects, Series 2024
5
.000
04/01/48
3,059,877
Portfolio of Investments August 31, 2025
(continued)
Virginia
52
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
2,000,000
Chesterfield County Economic Development Authority, Virginia,
Revenue Bonds, County Mobility Projects, Series 2024
4
.000
%
04/01/50
$
1,737,621
1,500,000
(a)
Cutalong II Community Development Authority, Louisa County,
Virginia, Special Assessment Revenue Bonds, Cutalong II Project,
Series 2022
4
.500
03/01/55
1,167,139
1,000,000
Fairfax County Economic Development Authority, Virginia,
Revenue Bonds, Metrorail Parking System Project, Series 2017
5
.000
04/01/37
1,016,409
870,000
(a)
Farms of New Kent Community Development Authority, Virginia,
Special Assessment Bonds, Refunding Series 2021A
3
.750
03/01/36
819,465
3,000,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D
5
.000
11/15/33
3,014,821
1,000,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2015D
5
.000
11/15/35
1,004,940
750,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.250
01/01/38
795,952
1,000,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/30
1,019,282
1,000,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/34
1,011,203
3,000,000
Hampton Roads Transportation Accountability Commission,
Virginia, Hampton Roads Transportation Fund Revenue Bonds,
Senior Lien Series 2018A
5
.000
07/01/48
3,008,795
3,000,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2020A
5
.000
07/01/50
3,011,373
2,000,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2020A
5
.250
07/01/60
2,016,816
3,000,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2022A
4
.000
07/01/52
2,571,425
2,405,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2024A
5
.250
07/01/59
2,483,747
3,000,000
Harris County-Houston Sports Authority, Texas, Revenue Bonds,
Capital Appreciation Refunding Senior Lien Series 2014A - AGM
Insured
0
.000
11/15/51
719,049
3,365,000
(a)
Lower Magnolia Green Community Development Authority,
Virginia, Special Assessment Bonds, Series 2015
5
.000
03/01/45
3,078,500
765,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/32
786,220
240,000
(a)
Peninsula Town Center Community Development Authority,
Virginia, Special Obligation Bonds, Refunding Series 2018
4
.500
09/01/28
242,599
1,300,000
(a)
Peninsula Town Center Community Development Authority,
Virginia, Special Obligation Bonds, Refunding Series 2018
5
.000
09/01/37
1,302,429
2,785,000
(a)
Peninsula Town Center Community Development Authority,
Virginia, Special Obligation Bonds, Refunding Series 2018
5
.000
09/01/45
2,604,617
58,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/27
54,626
317,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/29
278,347
210,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/31
168,939
432,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/33
316,385
2,350,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/51
548,527
2,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
1,796,056
9,345,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
8,571,778
2,180,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
2,021,824
61,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
52,613
53
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
31,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
%
07/01/58
$
27,386
1,000,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2006 - FGIC Insured
5
.000
10/01/28
1,002,904
2,240,000
(a)
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Working Capital Series 2014A - AGM Insured
5
.000
10/01/34
2,245,659
2,000,000
(a)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6
.000
04/01/53
1,980,148
800,000
Virgin Islands Transportation & Infrastructure Corporation, Virgin
Islands, Grant Anticipation Revenue Bonds, Federal Highway
Grant Anticipation Revenue Loan Note, Series 2025
5
.000
09/01/43
810,179
2,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, 21st Century Collage & Equipment Programs,
Series 2023A
5
.000
02/01/41
2,108,050
1,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, 21st Century College & Equipment Programs,
Series 2016A
3
.000
02/01/28
1,001,551
2,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, 21st Century College & Equipment Programs,
Series 2024A
4
.000
02/01/44
1,813,330
500,000
Virginia Gateway Community Development Authority, Prince
William County, Virginia, Special Assessment Refunding Bonds,
Series 2012
5
.000
03/01/30
500,588
4,000,000
Virginia Port Authority, Commonwealth Port Fund Revenue
Bonds, Series 2023A
5
.250
07/01/48
4,152,898
1,250,000
Virginia Public Building Authority, Public Facilities Revenue
Bonds, Series 2019B, (AMT)
5
.000
08/01/31
1,333,385
2,500,000
Virginia Public Building Authority, Public Facilities Revenue
Bonds, Series 2019B, (AMT)
4
.000
08/01/35
2,502,771
2,500,000
Virginia Public School Authority, School Financing Bonds, 1997
Resolution, Series 2022B
5
.000
08/01/52
2,547,032
1,000,000
Virginia Resources Authority, Infrastructure and State Moral
Obligation Revenue Bonds, Pooled Loan Bond Program,
Infrastructure Series 2024A
4
.250
11/01/49
917,188
25,000
Virginia Resources Authority, Infrastructure Revenue Bonds,
Pooled Financing Program, Series 2012A
5
.000
11/01/42
25,008
1,330,000
(a)
Virginia Small Business Financing Authority, Tourism
Development Financing Program Revenue Bonds, Virginia Beach
Oceanfront South Hotel Project, Senior Series 2020A-1
8
.000
10/01/43
1,267,176
1,000,000
Virginia Transportation Board, Transportation Revenue Bonds,
Capital Projects, Series 2017
4
.000
05/15/42
925,209
2,000,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Green Series 2021A
4
.000
07/15/43
1,829,972
2,000,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Second Lien Series 2025A
5
.250
07/15/50
2,066,318
9,530,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Green Series 2024A
5
.250
07/15/59
9,732,694
TOTAL TAX OBLIGATION/LIMITED
92,101,547
TRANSPORTATION - 23.2%
350,000
Capital Region Airport Commission, Virginia, Airport Revenue
Bonds, Refunding Series 2016A
4
.000
07/01/36
350,044
3,580,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016 - AGM Insured
5
.000
07/01/41
3,591,199
4,830,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5
.000
07/01/46
4,734,284
3,000,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.750
07/15/32
3,121,963
1,055,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.875
07/15/40
1,062,880
1,755,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B - AGM
Insured
4
.875
07/15/40
1,780,245
Portfolio of Investments August 31, 2025
(continued)
Virginia
54
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
2,695,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Refunding Series 2024 - AGM Insured
4
.000
%
07/15/47
$
2,392,067
1,610,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Refunding & Subordinate Lien Series 2019B
4
.000
10/01/49
1,334,738
2,500,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Refunding & Subordinate Lien Series 2019B - AGM
Insured
4
.000
10/01/53
2,057,447
2,000,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital Improvement
Projects, Refunding Second Senior Lien Series 2022A - AGM
Insured
4
.000
10/01/52
1,678,251
4,200,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Second Senior Lien Series 2009B - AGC Insured
0
.000
10/01/26
4,081,124
5,850,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Second Senior Lien Series 2009B - AGC Insured
0
.000
10/01/34
4,148,475
13,000,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Second Senior Lien Series 2009B - AGC Insured
0
.000
10/01/36
8,214,262
3,300,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail Capital Appreciation,
Second Senior Lien Series 2010B
6
.500
10/01/44
3,458,578
1,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Forward Delivery Refunding Series 2020A,
(AMT)
5
.000
10/01/32
1,067,441
4,100,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2016A, (AMT)
5
.000
10/01/35
4,137,378
625,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2017, (AMT)
5
.000
10/01/34
638,327
3,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2017, (AMT)
5
.000
10/01/42
3,004,575
3,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/31
3,135,309
3,345,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/37
3,405,450
2,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/48
1,950,422
4,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2019A, (AMT)
5
.000
10/01/38
4,064,972
1,450,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/42
1,490,480
2,985,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/48
3,012,063
35,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
35,001
595,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/31
595,005
1,000,000
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series
2019
5
.000
07/01/37
1,040,688
2,740,000
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series
2019
5
.000
07/01/43
2,758,028
2,000,000
Virginia Port Authority, Port Facilities Revenue Bonds, Series 2025
5
.000
07/01/44
2,054,669
5,825,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/49
5,503,564
3,750,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/52
3,502,347
55
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,975,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
%
12/31/56
$
3,679,395
1,265,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/34
1,325,281
1,000,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/35
1,039,105
3,200,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
01/01/37
3,284,814
1,640,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/37
1,675,936
2,000,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
4
.000
01/01/42
1,741,951
2,500,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/47
2,396,657
4,500,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/52
4,263,834
1,000,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/57
939,090
2,365,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/33
2,390,682
1,000,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/38
948,486
2,500,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/39
2,321,513
5,000,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
3
.000
01/01/41
3,841,138
1,000,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
3
.000
01/01/41
782,638
400,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2017B
5
.000
07/01/37
407,814
1,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2018
5
.000
07/01/37
1,019,534
5,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2018
5
.000
07/01/43
5,031,466
TOTAL TRANSPORTATION
120,490,610
U.S. GUARANTEED - 3.5% (b)
1,000,000
Fairfax County Economic Development Authority, Virginia,
County Facilities Revenue Bonds, Refunding Series 2017B, (Pre-
refunded 10/01/27)
5
.000
10/01/34
1,055,538
1,400,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/40
1,478,925
2,100,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/42
2,218,388
1,770,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/43
1,869,784
1,760,000
Hampton Roads Transportation Accountability Commission,
Virginia, Hampton Roads Transportation Fund Revenue Bonds,
Senior Lien Series 2018A, (Pre-refunded 1/01/28)
5
.500
07/01/57
1,893,101
Portfolio of Investments August 31, 2025
(continued)
Virginia
56
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED (b)
(continued)
$
5,250,000
Metropolitan Washington Airports Authority, Virginia, Dulles Toll
Road Revenue Bonds, Dulles Metrorail & Capital improvement
Projects, Second Senior Lien Series 2009C, (Pre-refunded
10/01/26) - AGC Insured
6
.500
%
10/01/41
$
5,470,364
2,045,000
Virginia Port Authority, Port Facilities Revenue Bonds, Refunding
Series 2016B, (Pre-refunded 5/02/26), (AMT)
5
.000
07/01/34
2,080,469
2,000,000
Virginia Port Authority, Port Facilities Revenue Bonds, Refunding
Series 2016B, (Pre-refunded 5/02/26), (AMT)
5
.000
07/01/41
2,034,689
TOTAL U.S. GUARANTEED
18,101,258
UTILITIES - 7.9%
770,000
Alexandria Sanitation Authority, Virginia, Wastewater Revenue
Bonds, Alexrenew Green Series 2024
5
.000
07/15/54
787,782
4,300,000
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation Project,
Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
4,424,487
1,000,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Refunding Series 2024A
5
.000
11/01/39
1,083,666
2,250,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Series 2024B
5
.000
07/01/49
2,298,833
2,000,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2025A
5
.000
07/15/26
2,041,769
3,765,000
Loudoun County Sanitation Authority, Virginia, Water and Sewer
System Revenue Bonds, Refunding Series 2021
4
.000
01/01/33
3,979,866
1,000,000
Loudoun County Sanitation Authority, Virginia, Water and Sewer
System Revenue Bonds, Refunding Series 2024
3
.000
01/01/42
830,415
2,715,000
Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2017
5
.000
11/01/42
2,748,949
3,000,000
Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2024
5
.000
11/01/44
3,129,444
1,000,000
Prince William County Service Authority, Virginia, Water and
Sewer System Revenue Bonds, Refunding Series 2025
5
.000
07/15/42
1,057,425
1,290,000
Prince William County Service Authority, Virginia, Water and
Sewer System Revenue Bonds, Refunding Series 2025
5
.000
07/15/45
1,340,933
4,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
4,209,676
2,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
4
.000
07/01/42
1,727,200
1,000,000
Richmond, Virginia, Public Utility Revenue Bonds, Refunding
Series 2016A
4
.000
01/15/40
945,703
1,000,000
Richmond, Virginia, Public Utility Revenue Bonds, Refunding
Series 2023C
5
.000
01/15/47
1,034,812
3,925,000
Virginia Resources Authority, Clean Water State Revolving Fund
Revenue Bonds, Refunding Series 2014B
4
.000
10/01/27
3,929,669
1,655,000
Virginia Small Business Financing Authority, Environmental
Facilities Revenue Bonds (Pure Salmon Virginia LLC Project),
Escrow Refinancing Series 2022, (AMT), (Mandatory Put
11/20/25)
4
.000
11/01/52
1,656,139
3,500,000
(a)
Virginia Small Business Financing Authority, Solid Waste Disposal
Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory
Put 7/01/38)
5
.000
01/01/48
3,276,725
430,000
(c)
Wise County Industrial Development Authority, Virginia, Solid
Waste and Sewage Disposal Revenue Bonds, Virginia Electric
and Power Company, Series 2009A, (Mandatory Put 10/01/30)
1
.000
10/01/40
430,582
TOTAL UTILITIES
40,934,075
TOTAL MUNICIPAL BONDS
(Cost $529,325,162)
512,730,930
TOTAL LONG-TERM INVESTMENTS
(Cost $529,325,162)
512,730,930
OTHER ASSETS & LIABILITIES, NET - 1.2%
6,485,322
NET ASSETS - 100%
$
519,216,252
AMT
Alternative Minimum Tax
57
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $41,307,460 or 8.1% of Total Investments.
(b)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(c)
When-issued or delayed delivery security.
Virginia
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
512,730,930
$
–
$
512,730,930
Total
$
–
$
512,730,930
$
–
$
512,730,930